N. Korea may be willing to unify with South Korea now. South Korea should offer N. Korea that opportunity. China may be willing to have a unified N. Korea now that China no longer fears free enterprise or Christianity. Christianity certainly is preferred to the holy haters in China who were rioting last year and killing other Chinese by using hypodermic needles and injecting their neighbors with poisons. Who would believe the hate-faith could be that mentally ill?
Snopes says the chairman of Progressive Insurance is Peter Lewis, one of the major backers of leftist causes in America. See:
http://www.snopes.com/politics/business/peterlewis.asp
Foreclosure-fraud class action lawsuits have been mounting against major banks across the country, threatening billions more in losses for the industry. There are also several investigations into the matter, including one by involving all 50 state attorneys general. Worst-case stories have featured homeowners who had to fight foreclosure despite not having any mortgages at all. GE/MSNBC/Pravda's Jim Cramer is in the ozone and says buy the banks now.
World Markets:
China appears to be behind the sudden decline in N Korean hate speech. That is good news. Perhaps China realizes that N. Korea's criminally insane suicidal hate is not a good indication of how China influences its friends and neighbors. We define ourselves by the kinds of friends we have and by how we handle the bullies and haters. This is good but reliability is also an important quality in a friend. Can we count on China as a reliable partner in world peace? How will China deal with the holly haters?
Last week Gold suffered its greatest single day decline in 11 months. Silver prices plummeted. Both are still about 25% overvalued. High energy prices fund the left and the of hate faiths and they buy gold not free world currencies.
Economic reports:
Last week the economic news was better than in recent past.
Factory Orders Nov were up 0.7% after being down 0.7% the previous month.
Auto Sales Jan US auto sales rose 13% in December, making up the entire increase for the year.
FOMC Minutes -Nothing new
Truck Sales Jan up 11% for the year.
MBA Mortgage Purchase Index 12/31 improved 2.3% after being down 18.7% when the FED first froze bankruptcy processing
Challenger Job Cuts Dec -29% after being just down -3% last month means fewer layoffs predicted
ADP Employment Change Dec added 297 jobs vs 93 last week
ISM Services Dec Institute for Supply Management’s non-factory index, which covers about 90 percent of the economy, rose to 57.1 from 55 in November. A reading greater than 50 signals growth.
Crude Inventories 01/01 -4.2M vs -1.3M last week
Initial Claims 01/01 rose to 409K vs 388K as layoffs apparently overwhelmed the first good month of new hiring.
Continuing Claims 12/25 was manipulated by shifting 22K from this week to last week. It was essentially unchanged.
Nonfarm Payrolls Dec increase 103K after last months 39K increase. Still not enough
Nonfarm Private Payrolls Dec 113K after last months 79K increase. Still not enough
Unemployment Rate Dec manipulated down to 9.4% after reporting 9.8% last month just by not counting anyone now unemployed after 99 weeks. They only count you if you collect benefits like the perpetual "be happy" Obama folk before they go on welfare. Welfare people don't want jobs so they are also not counted as unemployed. Eventually when they get 50% doing nothing they can democratically terminate America and have a big party. Obama's administration is either dishonest or incompetent to put out unemployment numbers that drop 0.4% in one month with no net job growth. The Christian Science Monitor puts the actual American unemployment rate at 16.7% who wish to work, not the indolent. When we hear European rates of 20% that is quoted the way Obama quotes it no the Christian Science Monitor way.
Hourly Earnings Dec up 0.1$ with a FED target closer to 0.25% for inflation.
Average Workweek Dec remained at 34.1 hours with all the temporary workers. Many of the temporary workers hold down two jobs.
Consumer Credit Nov was at 1.3B down from 7B that had been revised up from 3.4B. Communists do not understand economics so what they say often does not make any sense.
Today
Jan 11 10:00 AM Wholesale Inventories Nov
Jan 12 7:00 AM MBA Mortgage Purchase Index 01/07
Jan 12 8:30 AM Export Prices ex-ag. Dec
Jan 12 8:30 AM Import Prices ex-oil Dec
Jan 12 10:30 AM Crude Inventories 01/08
Jan 12 2:00 PM Treasury Budget Dec
Jan 12 2:00 PM Fed's Beige Book Jan
Jan 13 8:30 AM Initial Claims 01/08
Jan 13 8:30 AM Continuing Claims 01/01
Jan 13 8:30 AM PPI Dec
Jan 13 8:30 AM Core PPI Dec
Jan 13 8:30 AM Trade Balance Nov
Jan 14 8:30 AM CPI Dec
Jan 14 8:30 AM Core CPI Dec
Jan 14 8:30 AM Retail Sales Dec
Jan 14 8:30 AM Retail Sales ex-auto Dec
Jan 14 9:15 AM Industrial Production Dec
Jan 14 9:15 AM Capacity Utilization Dec
Jan 14 9:55 AM Mich Sentiment Jan
Jan 14 10:00 AM Business Inventories Nov
Market Outlook Jan 10, 2011
World markets are tumbling today after holding a flat first week of the year.
Last week Jim Cramer of GE/MSNBC/Pravda said Bank of America would rise quickly and gave a bald faced lie stating it has a high level of short selling and the shorts are going to be squeezed. That was a bald faced lie. BAC has very little short interest. See:
http://www.dailyfinance.com/company/bank-of-america-corporation/bac/nys/short-interest
Friday MSNMC had socialist guest saying unemployment will now come down with Obama's new "seasonal" adjustments and will not hit 10%. He had it right. Indeed Obama then fabricated a 9.4% number the fastest decline since unemployment statistics were published. Communists prefer to make up their numbers because they do not understand economics but they do understand propaganda and how to exploit working people. You now need to be a communist or a socialist politician who never had any business experience to hold a good government job under Obama.
The Bill of Rights which includes the right to bear arms was written to protect Americans from the tyranny of the majority and the vicious and idle as socialism/communism slowly destroys former free world economies. James Madison in the Federalist Papers, Feb 5, 1788 wrote to the Massachusetts Convention, "but as a just government protects all alike, it is necessary that the sober and industrious part of the community should be defended from the rapacity and violence of the vicious and idle. A bill of rights, therefore, ought to set forth the purposes for which the compact is made, and serves to secure the minority against the usurpation and tyranny of the majority."
Usurp means to seize, grab, appropriate, take, or commandeer.
By mid year we expect state and federal worker layoffs because the socialists have not put their government houses in order and the Tea Party wants smaller government. Many predict a major sell off at mid year when the individual states also are in budget crisis. But typically the stock market is six months ahead of economy. QE2 ends mid year but that is likely to be extended. Today the FED started saying they are saving jobs just like Obama said he did last year.
World Markets
Asian markets were down sharply last night. China's market was down -1.6%, Hong Kong down -0.7%, India down -3.4%, and Japan was closed, Jakarta down -4.2%.
European markets are down sharply this morning in a range of about -0.4% to -1.7% half way through their day.
US pre-market futures are down about -0.5 % at 7:30 AM EST.
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