Merry Christmas, Happy Hanukah, have a prosperous New Year, and congratulations!!!

Merry Christmas, Happy Hanukah, have a prosperous New Year, and congratulations!!!

If you pay taxes and have a work ethic then congratulations, you are now a new minority in America. In a few years you should be eligible for reparations because throughout American history it was never the lazy and the stupid community activists who built America, it was people like you. As a minority you are entitled to lie cheat and steal and offend anyone you want by saying politically incorrect insensitive things like Merry Christmas and Happy Hanukah!

If you have a work ethic, are from Europe, and are a protestant you are now a protected endangered species and cannot be lawfully plucked or skinned alive any more! Go tell that to Obama's IRS this April. There was a time that this nation had flocks of you old birds and almost 100% of the best-known American Patriots who gave their all to this country and proudly never took a government handout… were from your endangered flock.

In the mean time Obama has made millionaires of the children of all American farmers of his race because he says they are the people who built America. So he gave them $billions in reparations because Obama claimed his flock did not get every government farm handout that was possible.

Socialists/communists in all their writings since Karl Mark say they hate competition and individualism. They think that their politburos of idiot psychopaths do a better job planning their economies than Americans can do with free enterprise. They have no concept of what intelligence is. Lazy socialists work the system, and work stupid to make their jobs last longer. The American way before Obama was to work smart and create new products and industries to create new better jobs.

Unless we stop the socialists cold and stop Obamacare, nepotism, corruption, and the illegal favoritism of reparations for people of Obama's race who claim they did not have every legal opportunity to fleece the USA, America will have African stile justice. When the last African elephant is slaughtered the socialists invite every lazy person from distant villages to the feast. And when the last elephant is devoured the lazy go away and the ones that lived and hunted there starve to death.

Since when is fleecing the USA an entitlement to people of just Obama's race? Why do some of us have to work so that others can be entitled to corruptly work the system? Where is the proof that the people who got Obama's reparations had farm entitlements that were denied them? There is none! Proof of that is harder to find than Obama's original birth certificate. Is it not possible that some of the people of Obama's race were actually proud Americans like the rest of our ancestors and therefore refused government handouts? Why does Obama's administration just assume that Obama' people were always lazy and therefore worked the system for every handout? Couldn't many of them have been hard working tax-paying Americans who like us are too proud to work the system? If Obama assumes the descendents of farmers of his race are entitled to reparations then are not all the white and yellow descendents of early farmers more entitled to reparations since white and yellow farmers did not to get many handouts? If Obama is right in his assumption that his folk were lazy and would have sought every handout possible, then is it not more probable that they got much more in handouts than industrious hard working farmers who were too proud to accept charity. In reality it seems that to be fair, Obama's folk ought to be reimbursing the Agriculture Department, not getting reparations. We taxpayers are being fleeced by Obama and his socialists who are fleecing us now to pay reparations to descendents of Obama's folk who fleeced us in the past. That is the justice of socialist redistribution of wealth. What is worse, 90% of early Americans were farmers so about 90% of Americans should be entitled to Obama's illegal corrupt reparation's scheme.

This Obama racist corruption should go on the front burner of Congress in January along with investigations of the GE/MSNBC/Pravda propaganda machine and the award of government contracts to them.


World Markets:
There is no way to know truth about China anymore. China imprisoned an American and gave him an eight-year sentence because he was in China doing investor research to see if the balance sheets and income statements were truth or a fraud. Seeking truth is now apparently a criminal offense in China. That means that we can no longer trust Chinese financial information because fraud in China cannot be exposed. As long as China supports N. Korea, shows no respect for the rights of investors seeking the truth, and arrests anyone seeking the truth, China will become an increasing risk of total economic collapse. If they continue to hide the truth about their many corrupt businesses that continue to sell worthless stock to ignorant foreigners, China will be heading to a total collapse just as Russia experienced over ten years ago. But this time foreign investors will be burned much more badly.

Economic reports:
MBA Mortgage Applications12/17 Conflicting reports have been published.
GDP - Third Estimate Q3 at 2.6% vs last report of 2.5%.
GDP Deflator - Third Estimate Q3 at 2.1$ vs report of 2.3% last time. About at the FED target
Existing Home Sales Nov 4.68M vs 4.43M last month. Slight improvement
FHFA Home Price Index Oct up 0.7% vs -0.7% last month. Finally a bottom?
Crude Inventories 12/18 5.3M vs 9.85M last month. A cold winter thus far.
Yesterday
Personal Income Nov up 0.3% after increasing 0.5% last month.
Personal Spending Nov up 0.4% the same as last month
PCE Prices - Core Nov up 0.1% after being flat last month.
Durable Orders Nov down -1.3% after being down already -3.4% last month
Durable Goods Orders - ex Transportation Nov Up 2.4% after being incorrectly reported last month.
Initial Claims 12/18 manipulated to be the same as last month 420K by taking 3K from this month and correcting last month up 3K so nobody knows it really got worse again.
Continuing Claims 12/11 manipulated down to 4064K from 4135K by moving 32K around. Still improving as people run out of unemployment insurance.
University of Michigan Sentiment - Final Dec flat at 74.5 vs. 74.8 last month. May be starting down again.
New Home Sales manipulated up to 290K from 283Kby taking 8K from last month. Otherwise flat

Market Outlook Dec 24, 2010
The market is near its high for the year just where the funds want it to be. However on a cash flow basis it is not. At this point cash flow is down 50% from last May. Declines recently have been on higher volumes as trading volume over all has declined this year. That is another negative indication that the market will drop sharply similar to 2004 after the run-up following the dot-com bubble. There is a lot of optimism that a double dip will not occur and the volatility index is below 20 indicating complacency. That optimism and complacency usually precedes a decline.

Obama socialists cast a long shadow over American recovery because socialism attracts and rewards the most stupid manipulative people. The socialist courts will allow a DC socialist to run for Mayor of Chicago because he once lived there and owns property there. The longer the socialists are in power the more ridiculous they make American policies.

Make sure you take all possible losses this year to balance your gains. Obama is requiring securities firms to report not just client purchases and sales but also profit and loss. The securities firms, in doing that, have decided to tell their clients in advance so the clients know that they can take some losses to decrease capital gains taxes to as close to zero as possible. Obama will take it otherwise. It will minimize the amount that investors pay in capital gains this year. In demanding more information to harass some investors, all the investors are getting the information needed to drive their taxes as close to zero as possible. In the past investors did not sell fractions of their under performing investments as much as they will going forward.

GE/MSNBC/Pravda's Jim Cramer loves to pick stocks at their 52-week highs. Socialism means buy high and sell your freedoms short. That is the socialist way, the stupid way. It is the sure way to make everyone equal, equally destitute.

World Markets
Asian markets were down again last night. China's market was down -0.7%, Hong Kong down -0.3%, India up 0.5%, and Japan down -0.7%.

European markets are down this morning in a range of about -0.4% to- 0.1% half way through their day.

US pre-market futures are flat at about 0.1 % at 8:00 AM EST.