Trial lawyers are heavily involved in government corruption and insurance fraud.

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 the trial Lawyers and stop the fraud. We Americans have more lawyers per capita than any country in socialist Europe.

When 60Minutes 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 had a bus full of fraud.

Trial lawyers make five times as much fraud money by getting insurance companies to settle out of court. They advise their clients that if they are not seen to be in great pain they are not seen as deserving a great settlement. That is no lie but sends the message that faking injury is very important. The courts sometimes support the fraud when the faker owes the state prison system and the courts a lot of money. A former felon who lives from one injury settlement to the next may get a $150,000 settlement which gets the trial lawyer $50,000 for two days work, the court takes $40,000, child support takes $20,000 leaving the felon with a $40,000 profit.

The US postal system is a target of criminal fraud, by trial lawyers their clients who wait for the mail trucks to pull out and then pull in front of the mail truck and stop quickly. The US government pays quickly and does not challenge this fraud because most of the perpetrators are of the same race as Obama. This is how Obama gets reparations for his people without any accounting for how much it costs taxpayers. This is why Obama and others in the new majority of American indigents and criminals favor socialism. Socialism pays off and does not ask questions. The trial lawyers are fleecing the American Taxpayers. 10% of Americans get more money back than they pay in taxes. In addition more than 40% of the workers pay no net taxes. That means the American taxpayers are the new minority and it is therefore no longer considered racism for the powerless minority (American taxpayers) to protest that Obama is the most racist as well as the dumbest president in American history.

The average fraud perpetrator has three false claims that don't show up in any court records because they settle out of court. When someone does take them to court the previous frauds are all inadmissible evidence. It is just like how thousands of drunk drivers get caught but never convicted because the jurors think it is a first time mistake each time because the previous arrests are inadmissible because there was no conviction. Accident records would help identify accident fraud. The Attorneys keep records of suits against doctors and just one suit now drives a doctor out of business because that doctor with a record now is a lightening rod for false insurance claims. So his insurance rate goes up so fast he is instantly out of business. We need public records of lawyers who encourage client fraud with a record of the individuals and their lawyers that report more than one accident with injuries within a five-year period. Many of you know (as we do) someone or even several persons who have filed several serious injury claims and has no other visible means of support yet skies or sometimes does heavy lifting and shows no pain except when they file a new claim. Once in a while one has an operation and then they claim the surgeon injured them. I am sure many of you know this problem is rampant in the USA and is a major problem for the medical profession that Obamacare will only aggravate.

World Markets:
Quantitative Easing is something the USA discovered during the economic depression that followed the Revolutionary War. About 3% inflation was then set for sustainable growth. The "cross of gold" was repudiated in many elections before President Nixon took America off the gold standard. Perhaps that is the misunderstanding socialists and communists have. The real value of gold goes down as more gold is mined. It only appears to increase when money is devalued. But corporations increase more in real value due to the relative decrease in the value of currencies. Gold and diamond are primarily a way to hold value when an Adolf Hitler or a Stalin rises, or a Kim Jong-il decides to destroy Beijing with an ICBM.

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.

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

Yesterday
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.

Today
Dec 1 7:00 AM MBA Mortgage Applications 11/26 down -16.5% after being up 2.1%. Extremely bad
Dec 1 7:30 AM 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.
Dec 1 8:15 AM ADP Employment Report Nov 93K after 82K last month. Tepid hiring
Dec 1 8:30 AM Productivity-Rev. Q3 up 2.3% slightly better than up 1.9% last quarter
Dec 1 8:30 AM Unit Labor Costs Q3 down 0.1% same as last quarter. Deflation is not good
Dec 1 10:00 AM ISM Index Nov at 56.6 vs 56.9 last month. Manufacturing in decline is not good.
Dec 1 10:00 AM Construction Spending Oct still at 0.7%. No improvement yet.
Dec 1 10:30 AM Crude Inventories 11/27 - at 1.07M no change.
Dec 1 2:00 PM Auto Sales Nov rose 17% from the depressed levels of a year ago.
Dec 1 2:00 PM Truck Sales Nov rose 21% from the depressed levels of a year ago.
Dec 1 2:00 PM Fed's Beige Book Dec shows slight improvement in most sectors but financials and housing are still in decline.

This Week
Dec 2 8:30 AM Continuing Claims 11/20
Dec 2 8:30 AM Initial Claims 11/27
Dec 2 10:00 AM Pending Home Sales Oct

Dec 3 8:30 AM Nonfarm Payrolls Nov
Dec 3 8:30 AM Nonfarm Private Payrolls Nov
Dec 3 8:30 AM Unemployment Rate Nov
Dec 3 8:30 AM Hourly Earnings Nov
Dec 3 8:30 AM Average Workweek Nov
Dec 3 10:00 AM Factory Orders Oct
Dec 3 10:00 AM ISM Services Nov


Market Outlook Dec 2, 2010
The market has bounced back up against the 21 Day moving average resistance level StreetSmart follows.
The U.S. market continues in narrow trading range. Today we test the upper range again.
http://www.streetsmartpost.com/

Most of the good news is still due to Americans being more optimistic now that the socialists lost the election. It says we are bouncing still along the bottom but not yet in recovery. However retail sales and manufacturing appear to have recovered fully.
http://www.martincapital.com/chart-pgs/Pg_hous.htm

This past year seems like a cross between 2003 and 1975. 2003 ended the year with the funds buying feverishly to make their 4th quarter bottom line look good and then the market plunged and went horizontal for six months. In 1975 the USA had a president who had played football too long before buying a helmet. He was almost as dumb as Obama. The market was erratic and Americans left investing in the stock market in droves. By the time President Reagan (the gipper) was elected in 1982 two thirds of former American investors had given up on the American stock market.


World Markets
Asian markets were up last night. China's market was up 0.7%, Hong Kong up 0.9%, India up 0.7%, and Japan up 1.8%.

European markets are up this morning in a range of about 0.3% to 0.9% half way through their day.

US pre-market futures were up about 0.5% at 8:00 AM EST.