Obama celebrates cop killers at the White House. These Obama friends are worse than Rev. Wright is.

Obama celebrates cop killers at the White House. These Obama friends are worse than Rev. Wright is.

http://libertylog.org/?p=2791
http://blog.jetsettingmagazine.com/?p=14311

Taliban bombers kill at least 80 in Pakistan, claiming the attack is the 'first revenge' for the U.S. raid that killed Osama bin Laden.

NLRB joins with European socialists, union communists and OBAMA illegal aliens to demand Boeing nationalization now or face bankruptcy. Boeing is attempting to open a plant in South Carolina but the unions are upset that Boeing is opening a plant in a “right to work” state. Then employees will not be forced to pay a portion of their income to union bosses nor will they be required to tell the leftists how they vote in union elections. The NLRB just said Boeing cannot open the Dreamliner plant in SC. When the government discriminates against states in favor of unions and decides where industry can move that is called nationalization.

Here are two of the many many reasons for American deficits and Obama is doing nothing about it. If American health care is so bad why don’t the people stay in their own countries. Do you know one American who pays to have treatment in Britain, Germany, France, Japan or China? We don’t. Yet we get people from all those countries coming for operations in the USA.

http://www.youtube.com/watch?v=bLJxmJZXgNI

http://www.youtube.com/watch?v=U_ZnX9JRo5M&feature=related


World Markets:
Germany achieved 1.5% growth the first quarter.

Bank of England Governor Mervyn King said that the recent pattern of revisions to the projections over the next year -- downward to growth and upward to inflation -- has continued and there is a good chance that inflation will reach 5 percent.

China is under pressure to relax controls on artists and religious groups to boost creativity so that it is not necessary for China to steal technology. With creative minds they could survive and grow on their own. The People’s Bank of China set the rate 0.06 percent higher to 6.495 yuan per dollar. China reported a trade surplus of $11.4 billion in April with exports surging 30 percent to a record $156 billion. The PBOC governor expressed commitment to currency flexibility and using the yuan to control inflation.”

Greek bond yields and the cost of insuring the country’s debt against default rose to all-time highs amid speculation about a debt write-off or an extension of repayment timelines. Standard & Poor’s cut Greece’s long-term sovereign credit rating by two levels yesterday to B, five notches below investment grade. S&P said the rating may be lowered further. Greeks blaming speculators for debt rating collapse is a sure sign of panic, said Jonathan Weil Thursday.

US Economic Highlights
End of this week summary
Continuing Claims 04/23 3733K up sharply from 3641K even after 18K manipulation
Productivity-Prel Q1 down to 1.6% from 2.6%
Unit Labor Costs Q1 up sharply 1.0% after being stable or a non inflationary -0.6%
Nonfarm Payrolls Apr were up slightly to 244K from 216K. About 400K is needed for recovery to take hold.
Nonfarm Private Payrolls Apr 268K implying that soldiers are returning and are not getting jobs because the private went up but the government went down and Obama is only laying off soldiers as the military cutback continues.
Unemployment Rate Apr increased 9.0% as military draw down continues at 24K per month.
Hourly Earnings Apr increased 0.3% vs 0.0% before Obama manipulation moving the inflation backwards after first reporting.
Consumer Credit Mar shrunk 15% to $6.0B from $7.6B and that should show up as lower sales.
Export Prices ex-ag. Apr up 1.0% and getting worse
Import Prices ex-oil Apr up 0.6% and getting worse.
Wholesale Inventories Mar up 1.1% and rising, not good.

Yesterday
MBA Mortgage Index 05/06 +8.2% much better than +4% last month.
Trade Balance Mar -$48.2B worse still than -$45.8B last month
Crude Inventories 05/07 3.781M still increasing vs 3.421M last week
Treasury Budget Apr -$40.5B deficit spending less than the -$82.7B last month.

Initial Claims 05/07 434K down from 474K last week
Continuing Claims 04/30 3756K up from 3733K last week
ProdPriceIndx Apr 0.8% up from 0.7% last month
Core ProdPriceIndx Apr 0.3% same as last month a 3.6%inflation rate well above the FED’s 2.5% target.
Retail Sales Apr 0.5% down from 0.9% last month.
Retail Sales ex-auto Apr 0.6% down from 1.2% last month.
Business Inventories Mar 1.0% up from 0.5% last month.

Today
ConsumerPriceI Apr 0.4% down slightly from 0.5% last month.
Core CPI Apr 0ndex.2% up from 0.1% last month., and 2.4%/yr now
Michigan Sentiment May 72.4 improved from 69.8 last month.

Market Outlook May 13, 2011
Wider market swings occur as volatility/risk increases. Market ready to begin pullback again.

Geithner keeps changing the date for raising the debt limit making it obvious it is just another game Obama is playing. Every day taxes are flooding in since April 15 implying that after April 15 there is virtually not problem until next year.

One in three investors said they will put more money in cash and 30 percent indicated they would cut commodity holdings, according to a survey of 1,263 market participants, Bloomberg reported. Falling demand for oil, gas and other commodities led to a broad stock sell-off Wednesday with energy and materials companies suffering the worst declines.

The stock market is again testing the lower resistance line. With QE2 ending there is less chance of a bounce. On a cashflow (not price basis) there was now new high after the last breakdown. That is why we are not in at this time.
http://finance.yahoo.com/q/ta?s=%5ENYA&t=6m&l=on&z=m&q=l&p=m20%2Ce50&a=m26-12-9&c=

The American economy is still stagnant because Obama refuses to cut welfare that is an enormous economic inefficiency. Toothless immigrant welfare recipients are seen regularly at gambling casinos cashing welfare checks and illegally exchanging food stamps for cash. American welfare corruption has more than doubled under Obama. Obama gave over $30Billion to black constituents who fraudulently claimed they were owed reparations because their ancestors did not get all the corrupt handouts they were “entitled” to under previous administrations. This Obama corruption of the farm bureau alone is justification for firing that entire government office.

The depressed real estate market is killing the American economy. And homeowners are considered to0 rich to help against the influential banking community that contributes so much to the $1 Billion Obama wants to raise for the next election of socialists. Come-on $1Billion to elect a socialist president? That is obscene like the first $1 Billion dollar bonus package for an incumbent! That is sick greed and selfishness at its worst.

World Markets
International trade shows that the world economy has still only revived about 25% not the 70% shown by the stock and commodities markets. QE2 is created the current stock market and commodity bubble. That means more than half of the stock market rise from the 2009 lows is unsupportable and could evaporate quickly. See:

http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Click on the 3yr chart.

Asian markets were mixed last night. China up 1%, Hong Kong up 0.9%, up down 1.13%, Taiwan down 0.3%, Seoul down –0.1%and Japan down –0.7%.

European markets are down sharply this morning in a range of about 0% to 0.6% half way through their day.

US pre-market futures are up today about 0.2% at 6:30 AM EST.