Warren Buffett said his trust in the Goldman Sucks was betrayed by corrupt insider trading that leaked his confidential business.

Warren Buffett said his trust in the Goldman Sucks was betrayed by corrupt insider trading that leaked his confidential business.

Warren Buffett, who supported Goldman Sachs Group Inc. during the financial crisis with a capital injection and public praise, had his trust in the investment bank betrayed by an insider trading the same day he spoke to them. This is consistent with Goldman Sucks public admission that they like to bet against their stupid clients. Today Buffet mentioned our 16 recessions, which I published here, and last year to show how resilient free enterprise is. It also points out how stupid Obama and the leftists were to say this recession shows the failure of free enterprise. Remember when I pointed out that the USSR never had an economic downturn because it was in one continuous 50-year socialist depression.

GE formerly GE/MSNBC/Pravda is the US architect of crony capitalism. Socialist Imelted is now the chief Obama business advisor telling Obama how to bleed hard working Americans dry to pay off corrupt unions with tax revenue and reward crony capitalists with contracts.
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How to balance the USA budget:
1. Throw out every single Democrat-socialist politician: Federal, State, and Locally.
2. NASA should be cut sharply so they learn to get out of socialist politics and go back to real science. It is now the socialist junk science poster child of our be-happy schools were 40% of the Obama be-happy kids drop out and a work ethic and personal character are considered passe dinosaurs like Jefferson, Madison and Lincoln. Today Lincoln gets one paragraph in American history and Clinton gets two pages just for his gay rights.
3. State, city, teachers, and security/safety workers should not be allowed to have unions just as they did not have unions until the beatniks of the late 1960's. The USA had an excellent school system before 1970 and had no immigration problem from be-happy banana republics until the 1960-70 drug culture took over US education.
4. Lay off 20% of state and federal workers this year and another 20% next year.
5. Break up Goldman Sachs and AIG and return the cash to the American treasury that bailed them out.
6. Withdraw Obama care legislation.
7. Send all the ignorant/criminal be-happy illegal immigrants' back to their socialist banana republic drug cartels where they come from. They don't want to work, they want to sell Mexican drugs and take over Texas. Thousands come to Texas every year just to have their children born in America so they can claim the child as an American citizen and appeal to the lunatic democrat-socialists for their own citizenship plus grants so they can pretend to study but actually drop out and get into the US welfare system. They come to America to go on the welfare and sell drugs not to help America. The derelicts have already destroyed Mexico and Haiti that way.
8. Make it illegal for corporate officers and employee unions to influence their salary decisions other that through the economic performance for the taxpayers and other investors.
9. Since the Federal Energy department and the Education department were created the Federal Commissars have destroyed Energy and Education. Eliminate these to federal bureaucracies.
10. Fire all the Obama Czars and FED commissars and government employees involved in housing, Freddie, and Fannie.

World Markets this week:
Riots continue across the socialist Islamic world as Obama maintains cuts of American production of gas and oil. Obama's former compatriots in Moslem states will return to the Stone Age and will no longer threaten the world when their oil runs out. Obama himself is a stone-age throwback.

Jack Welch former GE president (before GE became a foreign stooge of socialist expansion) said yesterday that Obama unionized 43,000 TSA workers in the stroke of his pen right after he said he would be more pro-business. He said it was a presidential card-check and was another union of government workers. He said the Wisconsin Democrats who fled their state are clueless and irresponsible.

Energy is now the highest tax on the American economy as it has been for years in socialist countries who use energy policy as political power just as Obama does by punishing Americans in the southern energy rich states for voting against his policies of socialism, racism (against people with a work ethic), and stupidity. Obama is punishing Americans in the south for their rejection of his socialism and welfare policies.


US Economy
This week
Personal Income Jan up 1.0% better than last month's 0.4%
Personal Spending Jan advanced a weak 0.2% compared with 0.7% last month
PCE Prices - Core Jan up 0.1% after no increase last month
Chicago PMI Feb up to 71.2 from 68.8 last month, possible political manipulation going on again in Chicago.
Pending Home Sales Dec fell again -2.8%

Yesterday
Construction Spending Jan -0.7% vs. -2.5% last month. That is horrible because the spending is still getting lower after two years of declines. Obama is incredibly incompetent for allowing Freddie and Fannie to continue to destroy this American sector. All the Obama Czars and FED commissars involved should be fired.
ISM Index Feb 61.4 another area the socialists fudge to lie just as all socialist bureaucrats are required to do.
Auto Sales Mar - up relative to last year and on track for 12 million cars down from 16 million before the Obama depression.
Truck Sales Mar - Also up from last year but still down about 25%. High gasoline prices will now begin to hurt car and truck sales.

Today
Mar 2 7:00 AM MBA Mortgage Index 02/25 fell -6.5% after improving last month by +13.2%
Mar 2 7:30 AM Challenger Job Cuts Feb
Mar 2 8:15 AM ADP Employment Change Feb
Mar 2 10:30 AM Crude Inventories 02/26
Mar 2 2:00 PM Fed's Beige Book Mar

This week
Mar 3 8:30 AM Initial Claims 02/26
Mar 3 8:30 AM Continuing Claims 02/19
Mar 3 8:30 AM Productivity-Rev. Q4
Mar 3 8:30 AM Unit Labor Costs - Revised Q4
Mar 3 10:00 AM ISM Services Feb
Mar 4 8:30 AM Nonfarm Payrolls Feb
Mar 4 8:30 AM Nofarm Private Payrolls Feb
Mar 4 8:30 AM Nonfarm Private Payrolls Feb
Mar 4 8:30 AM Unemployment Rate Feb
Mar 4 8:30 AM Average Workweek Feb
Mar 4 8:30 AM Hourly Earnings Feb
Mar 4 10:00 AM Factory Orders Jan


Market Outlook March 2, 2011

The last and first days of the month are days when corporate 401 plan flow money into the stock market. But it seems it did not happen this month because the market fell on 23% higher volume yesterday after the first resistance bounce.

Net cash flow is again apparently out of the market. The market broke through the first 20-dma resistance line last Tuesday but we need to watch for follow through with the 50-dma for an additional estimated 10% decline. We estimate support before the decline hits 16% total. The current 50-dma support could last a few days. But the real problem is profligate Democratic-socialist spending here and abroad. In America the crisis will only grow until the city and state fiscal budgets are approved this summer.

Look at the past year:
http://finance.yahoo.com/echarts?s=%5ENYA+Interactive#chart2:symbo yel=^nya;range=1y;indicator=ema(50,20)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
We expect a small bounce off the 50dma line within days. Then we think the next support level will be way down to Nov 4 levels or lower.

We are prepared to buy individual stocks on significant declines. Some stocks are already buying opportunities and worth taking. But we do not think this bottom is past. That could be another 6.5% lower. However we would buy stocks now on declines whenever opportunity knocks.

World Markets
Asian markets were down last night. China down -0.2%, Hong Kong down -1.5%, Taiwan down -1.2 %, and Japan down -2.4%,

European markets are down this morning in a range of about -0.4% to -1.1% half way through their day.

US pre-market futures are up about 0.2% at 8:00 AM EST.