Obama gave us a “Global Warming Green energy joke” that gives bureaucrats a license to do stupid things like blow up our oil and gas industries and th

Jack Welch said this morning: Obama gave us a “Global Warming Green energy joke” that gives bureaucrats a license to do stupid things like blow up our oil and gas industries and thus our economy. Obama has all piece meal things and no vision or strategy. Obama health care was no vision; you can’t put 40 million more people on health care programs without sharply raising costs. Jack thinks the vision for America should be productivity and innovation and to grow 3% to 5% per year, not more welfare and more entitlements. Obama is having three fundraisers today. Why isn’t he running the country instead of ruining it.

Nationally, Obama’s overall approval rating is below 50 percent but public opinion surveys show that a large majority disapproves of his handling of the economy and even more believe he has put the economy is in a rut. That means the economy will be a dominant factor in determining how many people vote for president next year.

The US Navy intercepted a North Korean ship suspected of carrying missiles to Burma, forcing it to return to the rogue nuclear state.

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!


World Markets:
The Euro slid to a record low versus the Swiss franc and stayed within a cent of its weakest level this month against the dollar on concern European leaders may be unable to find common ground on a Greek bailout.

Brazil applies economic brakes of 12.5% interest rate to slow accelerating inflation.

Short selling in Hong Kong has risen to the highest level since September 2010 as concerns of slowing Chinese economic growth and further monetary-policy tightening intensify. China’s lending tumbled in May and money supply grew at the slowest pace since 2008, adding to signs that the world’s second-biggest economy is cooling.

Gold declined for a second day in London as investors sold the metal to cover losses in other commodities markets and equities.

US Economic Highlights

Past Week Initial
MBA Mortgage Index 06/04 dropped -0.4% again after dropping -4.0% the previous week -
FED's Beige Book Jun says an uncontrolled slow down is coming,
Initial Claims 06/04 up at 427K vs. 422K last week.
Friday
Export Prices ex-ag. May reose 0.5% after rising 1.0% last month, still more than twice the inflation target of 2.5% per year.
Import Prices ex-oil May rose 0.4% after rising 0.6% last month
Treasury Budget deficit for May -$57.6B lower deficit than last month’s -$135.9B

This week
Jun 14 8:30 AM Retail Sales May
Jun 14 8:30 AM Retail Sales ex-auto May
Jun 14 8:30 AM PPI May
Jun 14 8:30 AM Core PPI May
Jun 14 10:00 AM Business Inventories Apr
Jun 15 7:00 AM MBA Mortgage Index 06/10
Jun 15 8:30 AM CPI May
Jun 15 8:30 AM Core CPI May
Jun 15 8:30 AM Empire Manufacturing Jun
Jun 15 9:00 AM Net Long-Term TIC Flows Apr
Jun 15 9:15 AM Industrial Production May
Jun 15 9:15 AM Capacity Utilization May
Jun 15 10:00 AM NAHB Housing Market Index Jun
Jun 15 10:30 AM Crude Inventories 06/11
Jun 16 8:30 AM Initial Claims 06/11 -
Jun 16 8:30 AM Continuing Claims 06/04 -
Jun 16 8:30 AM Housing Starts May
Jun 16 8:30 AM Building Permits May
Jun 16 8:30 AM Current Account Balance Q1-
Jun 16 10:00 AM Philadelphia Fed Jun
Jun 17 9:55 AM Mich Sentiment Jun
Jun 17 10:00 AM Leading Indicators May


Market Outlook June 13, 2011
Dooms day predictions are that the 2009 low needs to be hit again to form a double bottom. Others say the decline will be over by this October.

U.S. stocks were down Friday on higher selling volume.

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=^VIX&t=6m&l=on&z=m&q=l&c=

World trade recovery is a leftist myth. Obama and MSNBC/Pravda have been lying since 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 stops poisoning the world economy with American debt at the end of June. He hates everything America stands for and he would be pleased to have America 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 Stocks Fall Amid Global Recovery Concern. Asian markets were down again last night. China down -0.2%, Hong Kong up 0.4%, India down -0.1%, and Taiwan down –1.4%, Japan down -0.7%.

European markets are down this morning in a range of about +0.2% to –1.4% half way through their day.

Why can’t all the unemployed be required to work and get their welfare and unemployment payments though the municipalities and companies that hire them? That is what Clinton did for welfare reform circa 1996. Also when America was formed you did not vote unless you contributed to America and were not a felon. Of course under those conditions 50% of Obama’s constituency could not vote. That would certainly help the world recover, it would reduce illegal immigration and would make the USA the world powerhouse as China appears to have run out of steam.