Obama, "I guess I underestimated the selfishness of some of my fellow Americans."

Bad press, including major mockery of the play by comedian Jon Stewart, led to President Obama abandoning his proposal to require veterans carry private health insurance to cover the estimated $540 billion annual cost of treatment for injuries they received fighting enemies of Liberty. The President admitted that he was puzzled by the magnitude of the opposition to his proposal.

"Look, it's an all volunteer force," Obama complained. "Nobody made these guys go to war. They had to have known and accepted the risks. Now they whine about bearing the costs of their choice? It doesn't compute.." "I thought these were people who were proud to sacrifice for their country, "Obama continued "I wasn't asking for blood, just money. With the country facing the worst financial crisis in its history, I'd have thought that the patriotic thing to do would be to try to help reduce the nation's deficit. I guess I underestimated the selfishness of some of my fellow Americans."

Please pass this on to every one you know. How in the world could a person with this mindset become a leader in Nigeria or Indonesia much less America?

A previously unseen Obama birth certificate was produced when Donald Trump and other doubters revealed that Barack Obama was using an unsigned facsimile claiming it was the real birth certificate. We pointed that out a long, long time ago. The new “real” birth certificate looks real but is it accurate? The picture of Obama with his mother who was an ex-patriot on a trip passing through Hawaii to have the baby looks like Obama was at least 3 yrs old when he was “born” in America. Maybe he was mature for his age and did well in school because he was able to stand and walk when he was “born” in Hawaii just two years after it became a state. In Kenya they don’t keep records but some claim they can run the day they are born.

It is no wonder that Obama was not invited to the wedding of Prince William and Kate today.

World Markets:
It is time for the USA to leave the IMF. The IMF has been giving away America’s future and the BRICS (emerging countries) are totally ungrateful. It is time for America to hunker down and stop support socialist governments around the world and get back to balancing the budget.

The outlook on Japan’s local-currency debt rating, at AA-, the fourth-highest grade, was lowered from “stable,” to negative S&P announced. The company had reduced the rating by one step in January in the first cut since 2002. Moody’s Investors Service said last month the disaster might bring forward the “tipping point” for the country’s bond market.

The yen fell versus all of its major counterparts on speculation the Bank of Japan will signal this week it will maintain monetary stimulus QE policy.

US Market Highlights
Leading Indicators Mar fell to 0.4% from 0.8% last month.
FHFA Housing Price Index Feb fell -1.6% after declining -0.3% last month.
New Home Sales Mar rose to 300K from 270K last month but prices fell again.
Case-Sheller 20-city Index Feb down -3.33% after being down -3.10% last month
Consumer Confidence Apr rose to 65.4 from 63.8 last month. It is about half what it was in 2008.
MBA Mortgage Index 04/22 fell to -5.6 from 5.3 last month
Durable Orders Mar rose 2.5% after declining -0.6% last month
Durable Orders -ex Transportation Mar rose 1.3% after declining -0.3% last month
Crude Inventories 04/23 rose a record 6.156M after declining -2.322M last week.
FOMC Rate Decision Apr unchanged at 0.25%

Yesterday
GDP-Adv. Q1 1.8% down from 3.1% the 4th quarter
GDP Deflator Q1 1.9% says all the Q1 GDP growth was inflation while the last time only 0.4% was inflation
Initial Claims 04/23 429K rose sharply from last week 403K
Continuing Claims 04/16 3641K once again it doesn't compute vs. last weeks 3695K
Pending Home Sales Mar higher 5.1% but prices are still dropping. Better than the last time 2.1%

This week
Apr 29 8:30 AM Personal Income Mar
Apr 29 8:30 AM Personal Spending Mar
Apr 29 8:30 AM PCE Prices - Core Mar
Apr 29 8:30 AM Employment Cost Index Q1
Apr 29 9:45 AM Chicago PMI Apr
Apr 29 9:55 AM Michigan Sentiment - Final Apr

Market Outlook April 29, 2011
Market volume back to normal while testing tops again. The VIX bottomed complacently low, a very bearish sign of overconfidence.

The stock market is continuing to test its head and shoulders. When adjust for the cash flow the market has topped out.
http:// http://finance.yahoo.com/q/bc?s=^VIX&t=1y&l=on&z=m&q=l&c=


World Markets
International trade shows that the world economy has only revived about 25% not the 60% shown by the stock and commodities markets. QE2 is creating the stock market and commodity. That means more than half of the stock market rise from the 2009 lows is unsupportable and could evaporate. See:

http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Asian markets were flat last night. China up 1.3%, Hong Kong down –0.9%, India down -0.8%, and Seoul down –0.7%.

European markets are flat this morning in a range of about –0.2% to +0.4% half way through their day.

US pre-market futures are flat today in a range of about –0.0-2% to 0.1 % at 8:00 AM EST.