This morning Alan Greenspan said the recovery is not happening because the FED and other treasuries (e.g. Britain) are crowding out the private sector

This morning Alan Greenspan said the recovery is not happening because the FED and other treasuries (e.g. Britain) are selling so much debt that they are crowding out the private sector.

We must not only cease our present desire for the growth of the state, but we must desire its decrease, its weakening. Government is an association of men who do violence to the rest of us. L. Tolstoy

U.S. Prisoners Claim $130M in Tax Refunds thanks to the Obama socialist negative tax rate on the lazy, illegal, and the criminals. Pelosi says that is how leftists think we can best stimulate the economy. According to them lowering taxes on the people who create jobs just takes money away from the lazy and the criminals who stimulate the economy. The Obama socialists did not get a clear enough message from the voters.

American taxpayers are the new minority and it is therefore no longer considered racism for this powerless minority (American taxpayers) to protest that Obama is the most racist as well as the dumbest president in American history.

Trial lawyers are heavily involved in government corruption and insurance fraud. If we want to fix the health system we have to get rid of many trial Lawyers and stop the fraud. We Americans have more lawyers per capita than any country in socialist Europe.

When 60 Minutes staged a bus accident in New Jersey a few years back, all the actors got off the bus and the bus filled up with people (mostly of Obama's heritage) who heard about the accident and lied on TV and complained about their subsequent injuries. They quickly had a bus full of fraud. Those people do that because a trial lawyer will net them $30,000 to $50,000 or more every time often out of court. Missouri is the worst state for corrupt judges who give the highest awards.


World Markets:
China imprisoned an American with 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 those of us can no longer trust any Chinese financial reports because fraud in China cannot be reported. That means any investing in China could result in 100% losses when their bubble of Ponzi schemes and other fraud breaks. We would advise getting out of the Chinese markets until all Wall Street reporters are freed from China's prisons.

If there is no transparency and no independent verification allowed in China that means their whole system may be based on fraud. China may now be in danger of a stock market collapse because they find it necessary to lock up the people who try to verify the corporation data. It could be the biggest scam ever perpetrated. China could walk away with much more than they would lose if Obama defaults on the treasury debt they hold.

Economic Calendar
The news is that our economy is still bouncing along the bottom except in manufacturing and retail sales that are nearly fully recovered. Planned layoff have risen sharply again.

This Week
Case-Shiller 20-city Index Sep rose only 0.5% year over year after being up 1.7% year over year last month showing weakness in housing prices. Very bad.
Chicago PMI Nov rose to 62.5 from 60.6 showing increased confidence of Chicago purchasing managers. Managers glad to see socialists lose the election.
Consumer Confidence Nov rose to 54.1% from 50.2% consumers glad to see socialists lose the election.
MBA Mortgage Applications 11/26 down -16.5% after being up 2.1%. Extremely bad
Challenger Job Cuts (y/y) Nov announced 48,711 planned job cuts last month, up 28 percent from 37,986 in October. Very bad employment news for next few months.
ADP Employment Report Nov 93K after 82K last month. Tepid hiring
Productivity-Rev. Q3 up 2.3% slightly better than up 1.9% last quarter
Unit Labor Costs Q3 down 0.1% same as last quarter. Deflation is not good
ISM Index Nov at 56.6 vs 56.9 last month. Manufacturing in decline is not good.
Construction Spending Oct still at 0.7%. No improvement yet.
Crude inventories 11/27 - at 1.07M no change.
Auto Sales Nov rose 17% from the depressed levels of a year ago.
Truck Sales Nov rose 21% from the depressed levels of a year ago.
Fed's Beige Book Dec shows slight improvement in most sectors but financials and housing are still in decline.

Yesterday
Continuing Claims 11/20 rose to 4270K from 4182K even as unemployment is running out. Bad
Initial Claims 11/27 rose to 436K from 407K. Bad
Pending Home Sales Oct rose 10.4% from being down -1.8% the last month. Slight improvement.
http://www.martincapital.com/chart-pgs/Pg_existinghms.htm

Today
Nonfarm Payrolls Nov up only 39K down from 172K
Nonfarm Private Payrolls Nov up only 50K down from 160K
Unemployment Rate Nov increased to 9.8% from 9,6%
Hourly Earnings Nov no change, down from a 0.2$ increase the last time
Average Workweek Nov 34.3 hrs unchanged
Dec 3 10:00 AM Factory Orders Oct down -0.9% after being up 2.1% last month
Dec 3 10:00 AM ISM Services Nov at 55 up slightly from 54.3 last month.


Market Outlook Dec 3, 2010
The weak jobs reports hit futures at 8:30

This morning Alan Greenspan said the recovery is not happening because the FED and other treasuries (Britain) are selling so much debt that they are crowding out the private sector.

The high cash balances now are due to fear primarily fear of the new Obama regulations. For instance rating agencies can now be fined when their ratings are wrong so when Ford first tried to raise cash, they couldn't because no company would rate them.

Also Alan Greenspan said the recovery would not pick up significantly until Obama wakes up and has the banks resolve the real estate meltdown by rewriting the mortgages. He said the unemployment data had too much variance

Once again the GE/MSNBC/Pravda hucksters are again lying to the public to get people to buy at the end of the year so that they improve Obama's appearance. The data continues to show that while retail and manufacturing have had a significant recovery months ago, the housing and employment figures show the economy has been bouncing along the bottom.

The stock market has bounced back up against the 21 Day moving average resistance level. The U.S. market continues in narrow trading range. Today we test the upper range again. If there is no dramatic breakout the market probably will stay relatively high until the end of December and then drop significantly.
http://www.streetsmartpost.com/

Obama wants to eliminate the middle class mortgage interest expense reduction and further destroy the housing industry and the middle class. Obama has wasted two years giving away America's billions to the lazy and derelict voters who supported his socialism. Now he needs more money to continue his waste. He is the president for the liars, corrupt black panther goons, Acorn, sexual deviates who gave us Wiki Treason, thieves who gave themselves $billions in exchange for the Senate Banking Commission/ Freddie Mac handouts to Obama's home folk and finally his many supporters who have had no visible means of support for the past ten years (drugs and hustling).


World Markets
Asian markets were down slightly last night. China's market was down -0.1%, Hong Kong down -0.6%, India down -0.1%, and Japan up 0.1%.

European markets are down this morning in a range of about -0.4% to -0.5% half way through their day.

US pre-market futures were up about -0.5% at 8:30 AM EST.