FED Chairman Ben Bernanke Wednesday quashed speculation about another round of stimulative bond purchases, boosting the dollar and causing stock price

FED Chairman Ben Bernanke Wednesday quashed speculation about another round of stimulative bond purchases, boosting the dollar and causing stock prices to fall.

The cause of the drug war in socialist Mexico that is spreading into the USA has been identified. Obama used the USA tax dollars to train the Mexicans who have become the armed terrorists running the Mexican drug cartels. It is not American gun owners supplying the weapons as the leftist Obama administration claims; it is his appointee Attorney General Eric Holder who masterminded the menace and who wants to decriminalize drug possession in the USA. It expands the Obama base of support when you get them dependent on welfare. Obama/GE/MSNBC/Pravda is ignoring numerous reports of the Obama/Holder arms supply.
http://www.datehookup.com/Thread-688807.htm

http://www.breitbart.com/article.php?id=D9A763HO0


Obama continues to subvert all world free-market democracies. Obama has undermined every Middle East government that favored peace or co-existence in the Middle East after they failed to invade Israel in 1967 and they were unable to kill all the Israelis. The Muslim Brotherhood is no being radicalized. The Obama disaster is only beginning. Obama has been continually undermining America with “Nigerian” type solutions that divide and impoverish every nation that tries his leftist recommendations. Now after criticizing others as isolationists he just called for American isolationism.

Obama should listen to the Clintons:
It’s the economy you are destroying, stupid!

Senator Obama was the first presidential candidate ever to use fear mongering when he said during his campaign that America was in a depression a year before the real-estate banking crisis. It was as if he knew the Senate Banking Committee had unleashed extraordinary real estate risk on the world. We know of a specific case of a person that bought a house last year with no money down, who’s only qualification is being of Obama’s ethnic heritage. It was an immaculate landscaped property that is now being run down destroying the entire neighborhood. Obama’s no money down home purchase plan for people who’s only qualification is being of Obama’s ethnic heritage is a racist and stupid real estate requirement from the leftist run Senate Banking Committee! End it stupid racist!

It is your model communist policies that expand leftist unions, welfare, ignorance, inefficiency, and poverty that expands a leftist voting block to overthrow democratic civil liberties everywhere it was tried, stupid! End those policies stupid!

With all the due respect Obama, as the Clinton’s say, “It’s the economy stupid!”

It’s your leftist tax dodging, GE job exporting business advisor stupid! Get a business advisor who has a brain stupid!
It’s your leftist tax dodging, Treasury Secretary stupid! Get one who has a brain stupid!
It’s your anti-business policy stupid! End it stupid!
It’s your anti-middle class homeowner, and underwater mortgage operative house arrest stupid! End it stupid!
It’s your job killing, pro union anti American, anti Boeing policy stupid! End it stupid!
It’s your pro Jane Fonda, anti-American patriot policy stupid! End it stupid!
It’s your anti-construction policy stupid. End it stupid!
It’s your claimed “Fat, greedy, energy wasting American caused global warming scam” stupid! End it stupid!
It’s your anti-worker, racist pro lazy, pro illegal, pro drug, and pro tax loophole policy stupid! End it stupid!
It’s your welfare state stupid! End it stupid! Make people sweep streets and clean up their garbage for their handouts stupid, like when Clinton made people work for pay in the mid 1990’s.

Trillions of dollars went down the Obama’s toilet bowl using Obama’s trickle up policy. People who by their individual effort produce something people want, those creative people, earn all the wealth naturally rise to the top. Therefore it makes sense that real wealth can only trickle down. Felons, pimps, prostitutes, drug dealers, welfare families, and all people who live from hand to mouth cannot be relied upon to create an economic boom. End it stupid!

The Senate leftists (Rangel, Dodd, Obama etc.) caused the American banking crisis because the risk of American real estate failures rose precipitously when Preside Bush had unemployment was as low as 5%. A minor recession was all it took to collapse the real estate market because more than 30% of mortgages were going to people who could not afford the mortgage payments. The Senate Banking Committee told all lenders they would not have access to Federal backed loans if they asked questions about the applicant’s ability to pay. They were required to accept whatever the applicant said. That is how this last world financial crisis was created. It was intended to help all people of Obama’s ethnic heritage. Obama also gave “his people” ten’s of $billions in reparations in a phony case which claimed past discrimination against farmer’s of his ethnic heritage. The case failed in the court system so Obama and his Senate friends went around the system once Obama was elected.

World Markets:
Northern socialist Europe has given up on southern communist promises. Greek Prime Minister George Papandreou must get austerity measures passed. Private banks have now been warned to prepare for losses because the Dutch and Germans will no longer baby the communist union’s in Greece. Greece is now in danger of a devastating debt default that could spark a financial maelstrom around the world at the same time as the USA debt ceiling is due to be raised. Thousands of Greek socialists and communists still demonstrate in Athens to stop consideration of austerity measures.

The emerging-market initial public offering (IPO) boom, predicted for Brazil, Russia and India, has fizzled as inflation sends interest rates up, share prices down and prompts companies to scale back or cancel sales. Brazil applied the economic brakes of a 12.5% borrowing interest rate.

The dollar strengthened against the yen and Euro, and Asian stocks fell while oil and metals led commodities lower after the Federal Reserve cut estimates for U.S. economic growth and Bernanke didn’t signal any further stimulus.

Fear is beginning to grip world markets as the world realizes that the United States of America is led by leftists and racists that cause the financial crisis by using the Senate Banking Commission to force American banks and thus the entire real-estate industry to provide free “no questions asked” housing to people who have never saved a nickel and who have no credit record. Those racist and stupid Obama- Barney Frank regulations are still in place since Obama was a Senator. The racist policy continues to this day for the targeted benefit of people of Obama’s particular ethnic heritage. The Supreme Court should adjudicate this when the leftist racists are removed in 2012.

Fear is also gripping the world because China has a housing policy that could be as stupid as Obama’s housing policy and we just do not know what will happen to China now the bubble is popping. If China has a real estate bust it could be long and deep and put the world into a depression. China increased the reserve requirement ratio, which dictates the amount of cash that banks must set aside to 21.5 percent, effectively reducing the amount banks can lend. The ratio has been raised six times this year alone and is intended to end the housing bubble.

Many leaders in the Middle East are shameless psychopaths who force their people to live on welfare and study the Koran so that they live worthless lives that they willingly sacrifice for their ignorant and cruel leaders. Obama shamelessly tried to curry their favor and has destabilized all the governments in that region.


US Economic Highlights
The economic reports of the last three months have been dismal, and worse than the forecasts of Wall Street.

Past Week Initial
Continuing Claims 06/04 held at about 3675K via manipulation of data by the administration leftists. Bad
Housing Starts May rose to 560K in spite of a 20% housing overhang and Building Permits May rose to 612K. Not good. See:
http://www.martincapital.com/chart-pgs/Pg_hous.htm

Current Account Balance Q1- $119Billion/month deficit rate is up 5% from last month. Bad
Philadelphia Fed Jun showed a contraction of –7.7 after a 3.9 improvement the previous month. Very bad.
Mich. Sentiment Jun dropped to 71.8 from 74.3 last month. Bad. See:
http://www.martincapital.com/chart-pgs/Pg_conco.htm

Leading Indicators May rose 0.8% but it looks like completely phony Obama numbers this time and not worth discussing.
Existing Home Sales fell 4% in May to 4.8 Million hitting a six-month low in spite of the fact this is usually the peak sales season.

Yesterday
MBA Mortgage Index 06/17 fell again -5.9%. Very bad
FHFA Housing Price Index Apr increased 0.8% finally breaking the free fall. Good.
Crude Inventories 06/18 -1.711M still declining and not good for prices.
FOMC Rate Decision Jun is for no change at 0.25%

This week’s reports
Jun 23 8:30 AM Initial Claims 06/18
Jun 23 8:30 AM Continuing Claims 06/11 -
Jun 23 10:00 AM New Home Sales May
Jun 24 8:30 AM GDP - Third Estimate Q1
Jun 24 8:30 AM GDP Deflator - Third Estimate Q1
Jun 24 8:30 AM Durable Orders May
Jun 24 8:30 AM Durable Orders -ex Transportation May

Market Outlook June 23, 2011
U.S. stocks fell Wednesday on normal volume, as the FED reduced forecasts and confirmed QE3 was dead.

The stock market failed the test of the ceiling limit! On a cash flow (not price basis) it is a lot worse. Looks like the market will now follow the upper limit in a continuing bear market. See:

http://finance.yahoo.com/q/ta?s=^NYA&t=6m&l=on&z=m&q=l&p=m20%2Ce50%2Ce100&a=m26-12-9&c=

The bear market has begun in earnest. The VIX decline continues to say investors are complacent and the bear is alive. The VIX is a measure of concern. Low VIX correlates more with an immanent decline. There is still just very little fear at this point. Look how high the VIX has to go before the bottom is hit! And it is showing more complacency today.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=6m&l=on&z=m&q=l&c=

World trade recovery is another leftist myth. Obama and MSNBC/Pravda have been lying since he got elected. This was Cramer/Lenin/Pravda’s main chart for claiming growth until it showed world stagnation instead. Click on the 5yr chart and see full effect of the slowdown in world dry shipments. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Obama will stop poisoning the world economy with American debt at the end of June. But the FED will not reverse the policy until inflation gets much worse. Obama hates everything America stands for and he would be content to blame an American default on President Bush. Obama is a banana republic dictator in need of a banana republic…future America under Obama for life.

Asian Stocks were mixed last night. China up 1.4%, Hong Kong down –0.5%, India up 1%, and Taiwan down –0.6% and Japan down -0.3%.

European markets are down this morning in a range of about –0.6% to -1.2% half way through their day.

American markets are down about -0.4% at 6:30 AM