MSNBC/Pravda reported that 48% of Americans think we will be in an Obama Great Depression next year.

Obama is apparently deliberately destroying the American economy.
A year ago, Obama said his profligate spending would not exceed the size of the economy until 2014 (in three years). Now it is revealed total debt to GDP will top 102 percent or more his year! That is the first time since World War II that debt exceeded national income. MSNBC/Pravda reported that 48% of Americans think we will be in an Obama Great Depression next year.

Peruvian President-elect Ollanta Humala said he wants to strengthen ties with socialist Obama. Peruvian President-elect Ollanta Humala says he is a national socialist not an international socialist like Obama. The difference is the focus. Obama is focusing on destabilizing all the mid east governments that were friendly toward western freedoms. Ollanta will focus on suppressing the media and opposition groups as Castro and Hugo Chávez did before they declared themselves dictators for life. The difference is that Hitler was a national socialist and Stalin was an international socialist. One has a domestic killing machine the other has a large army to subdue free national democracies.

Where will freedom loving honest working people go if America falls to socialism too? Destroying the American economy while blaming it on freedom loving honest working people who resist nationalization of banks and decline is what is happening right now in America.

Obama should listen to the Clintons:
It’s the economy stupid!
It’s your anti-business policy stupid! End it stupid!
It’s your anti-middle class homeowner, and underwater mortgage 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 “American caused global warming scam” stupid! End it stupid!
It’s your anti-worker, pro lazy, pro illegal, pro drug, pro tax loophole policy stupid. End it stupid!

Greenspan prefers the Ryan Plan with no tax increase and all spending cuts but he is scared to death afraid of a default even of one or two days as the risk to the world economy that we do not want to see. So he would compromise and raise taxes. This problem he says will last 10 years. He said the education of the next generation and their productivity is far lower than the generation of the cold war, which is retiring. He said the economy could not afford the current spending.

Obama has banking and credit tied up with thousands of pages of new government regulations and communist style controls.

World Markets:

Portugal’s and Peru’s stock markets plummeted yesterday as socialist took over and plan to default on commitments and subvert freedoms.

US Economic Highlights
Past Week Initial
Nonfarm Payrolls May fell to from 244K last week.
Nonfarm Private Payrolls May fell to 83K from 268K last week.
Unemployment Rate May increased to 9.1from 9.0% last week.
Job openings in the U.S. decreased in April for the first time in three months, showing companies started to lose confidence in the expansion’s durability even before hiring slumped in May. The number of positions waiting to be filled fell by 151,000 to 2.97 million, the fewest since January, the Labor Department said Tuesday. The number of people hired also decreased. The unemployment rate rose to 9.1 percent in May while employers added the fewest workers in eight months, Labor Department data showed last week. Economic growth slowed.
Consumer Credit Apr was at $6.3B vs. $6.0B in Feb with 1.2B USSR style manipulation of the statistic.

Yesterday
MBA Mortgage Index 06/04 dropped -0.4% again after dropping -4.0% the previous week -
Crude Inventories 06/03 fell -4.845K after increasing 2878K the previous week
Fed's Beige Book Jun says an uncontrolled slow down is coming,

This week to come:
Jun 9 8:30 AM Initial Claims 06/04
Jun 9 8:30 AM Continuing Claims 05/28
Jun 9 8:30 AM Trade Balance Apr
Jun 9 10:00 AM Wholesale Inventories Apr
Jun 10 8:30 AM Export Prices ex-ag. May -
Jun 10 8:30 AM Import Prices ex-oil May
Jun 10 2:00 PM Treasury Budget May

Market Outlook June 9, 2011
While socialist congressman Weiner shows the world his weenie, Obama is succeeding in tying up and destroying the American economy with government paperwork. The only thing we have to fear is fear itself so he is now heading towards using fear tactics. We must stop his welfare expansion program. Why can’t all the unemployed be required to volunteer and get their welfare and unemployment though the municipalities and companies that hire them? That is what Clinton did. When America was formed you did not vote unless you contributed to America and no felons could vote. Of course under those conditions 50% of Obama’s constancy could not vote.

U.S. stocks were down again yesterday as people talk about a Great Depression if Obama continues giving away worker pay to people who get more from doing nothing. The Clintons and Newt Gingrich made people work for municipalities if they could not find jobs. Pretty soon they decided that if they have to work they wanted to find a real paying job that accomplished something. Welfare cost hit a low point then.

The question is when will the stupid leftists declare American Capitalism is dead and recommend communist China’s managed economy. The reason for china’s growth rate is because Americans have about 100 times more wealth and 50 times higher annual income. We can grow that fast too after Obama kills the American economy because when you are close to zero GDP any improvement is a 100% or higher growth rate.

The stock market is well below the support averages! On a cash flow (not price basis) it is a lot worse. A new low support at the 2010 low is coming but it could easily break that as well.

.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 VIX says investors are still very complacent but might be starting to panic. That correlates more with a sharper decline about to happen. There is just a little fear at this point. Look how high the VIX has to go before the bottom is hit!!
http://finance.yahoo.com/q/bc?s=%5EVIX&t=1y&l=on&z=m&q=l&c=

World trade recovery is a political myth. Obama and MSNBC/Pravda have been lying sine he got elected. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Click on the 5yr chart and see full effect of the slowdown. This was Cramer/Lenin/Pravda’s main chart for following China’s growth until it showed world stagnation instead. Obama is poisoning the world economy with American debt. He hates everything America stands for and he would be pleased to have America to default for the first time in America’s history. Obama is a banana republic dictator in search of a banana republic…future America under Obama for life.

Asian markets were down sharply last night. China down –1.7%, Hong Kong down -0.2%, India down -0.1%, and Seoul down –0.6%, Japan up 0.2%.

European markets are flat this morning in a range of about 0.1% to –0.4% half way through their day.

US pre-market futures are up today at about 0.3% % at 7:00AM EST after dropping again yesterday.