Obama to install the Moslem Brotherhood in Egypt after supporting the overthrow of the Mubarak pro democracy government that kept sharia murderers out

Obama to install the Moslem Brotherhood in Egypt after supporting the overthrow of the Mubarak pro democracy government that kept sharia murderers out of power. North Sudan sharia Moslems continue to bomb Christians in the south who refuse to live under the sharia murderers
.
Speculators in oil have called Obama’s bluff about pumping out oil reserves. Tuesday marked oil future’s highest closing level since Obama made his promise to keep oil prices below $100/barrel. No one believes anything Obama says anymore. He is America’s first lame duck one term president. Insiders say Hilary Clinton will challenge Obama because he is the least competent president since Lyndon Johnson. Insiders say Obama will then withdraw from the race and support Hilary after the New Hampshire primary.

The report released by the president's Council of Economic Advisers late Friday ahead of the July 4 holiday weekend estimated the Recovery Act saved or created between 2.4 million and 3.6 million jobs by the end of March 2011. Spending equaled $666 billion by that time. President Obama's economic advisers showed that jobs created or saved by the stimulus bill only cost taxpayers $278,000 each but unfortunately states are already laying those temporary employees off.

What a great bonus for welfare folks who are of Obama’s special ethnic heritage and approved for handouts of $1.25 billion). There are 30,000 purported descendants (5 times actual proven descendants) of farmers of Obama’s ethnic origin or $417,000 per person.
https://www.blackfarmercase.com//Background.aspx

Mexican investigation continues into the Obama operation that helped send thousands of guns south of the border, after which Obama used it as an excuse to try to disarm Americans. Mexican lawmakers say they'll press for extradition and prosecution in Mexico of Obama officials who authorized and ran the operation. "I obviously feel violated. I feel my country's sovereignty was violated," Mexico Sen. Rene Arce Islas told Fox News. "They should be tried in the United States and the Mexican government should also demand that they also be tried in Mexico since the incidents took place here. There should be trials in both places."

Taxpayers including most seniors want welfare entitlements cut and federal and state employee health benefits, and pensions cut. Retired seniors are still paying more in taxes than Obama’s welfare voting base. Obama keeps threatening to cut taxpayer earned social security to retired taxpayers if Republicans cut entitlements to federal and state employees who constitute dangerously big government like Greece.
The White House released its 2011 report to Congress. Salaries of top aides working for the president $172,000 so no one would pay more taxes under the president’s plan which affects $200,000 or higher.

When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work, because somebody else is going to get what they worked for, that is the beginning of the end of any government. It is called the tyranny of the majority.

Clinton said Obama lacks not only hope and change but also common sense long-term budgeting and planning needed for success. “We’ve gotten ourselves in a position where we’re spending too much money on today and yesterday, and not money enough on tomorrow,” he said during the first panel discussion at the Clinton Global Initiative’s two-day conference in Chicago. “We’re borrowing too much, so that once the economy picks up, we’re creating tomorrow’s problem.” Clinton said the nation needs to find a better mix for the proportion of the U.S. gross domestic product that is represented by federal spending and taxes. “We can’t afford to spend 25 percent of GDP on government expenditures,” he said. “I don’t think we can afford to tax at only 15 percent of GDP, either, which is about where we are.”

World Markets:
China raised benchmark interest rates for the third time this year after inflation accelerated to the fastest pace since July 2008. The one-year deposit rate rises to 3.5 percent from 3.25 percent, effective tomorrow, the People’s Bank of China said on its website today. The one-year lending rate will increase to 6. 56 percent from 6.31 percent. The Obama incompetence has a 0.25% rate and US inflation exceeds US growth. (i.e. real growth is 1.9%-2% = -0.1% Obama net growth).

Moody's Investors Service on Tuesday cut Portugal's debt rating to junk ratcheting up the pressure on euro zone governments to cut government jobs.

Moody’s Investors Service said the Chinese banks credit rating could be cut. Chinese banks’ loans to local governments are about 3.5 trillion yuan ($540 billion) more than the national auditor’s estimate”.

Denmark’s banks face a decline in earnings as the fallout from Europe’s toughest resolution laws sends funding costs higher.

US Economic Highlights
Past Week
Initial Claims 06/25 428K unchanged from first reported last week 429K
Continuing Claims 06/18 3702K from first reported last week3697K
Chicago PMI Jun 61.1 up from 56.6 , good but specious Obama manipulation of data USSR style
Michigan Sentiment - June down to 71.5 from 71.8 last month.
Jul 1 10:00 AM ISM Index Jun up to 55.3 from 53.5 last month. Nothing much, see:
http://www.martincapital.com/chart-pgs/Pg_ism.htm
Jul 1 10:00 AM Construction Spending May down -0.6% from initially reported 0.4% last month
.
Tuesday
Factory Orders May regained 0.8% of the -1.2% loss incurred last month.

This Week
Jul 6 7:00 AM MBA Mortgage Index 07/02
Jul 6 7:30 AM Challenger Job Cuts Jun
Jul 6 8:15 AM ADP Employment Change Jun
Jul 6 10:00 AM ISM Services Jun
Jul 7 8:15 AM ADP Employment Change
Jul 7 8:30 AM Initial Claims 07/02
Jul 7 8:30 AM Continuing Claims 06/25
Jul 7 11:00 AM Crude Inventories 07/02
Jul 8 8:30 AM Nonfarm Payrolls Jun
Jul 8 8:30 AM Nonfarm Private Payrolls Jun
Jul 8 8:30 AM Unemployment Rate Jun
Jul 8 8:30 AM Average Workweek Jun
Jul 8 8:30 AM Hourly Earnings Jun
Jul 8 10:00 AM Wholesale Inventories May
Jul 8 3:00 PM Consumer Credit May


Market Outlook July 6, 2011

U.S. stocks were flat Tuesday on low volume as investors back away. The very old short term hedge fund strategy calls for entering the market by the next to last trading day each month and exiting by the 4th trading day of the following month. It is best at the end of a quarter when the funds want to dress up their returns.

The stock market bubble is up near 2007 levels while real unemployment stands close to 20% and state and local governments have run up many $trillions in deficits that have to be paid back. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=5y&l=on&z=m&q=l&p=e50%2Ce100&a=m26-12-9&c=

and the S&P:
http://finance.yahoo.com/q/ta?s=^GSPC&t=5y&l=on&z=m&q=l&p=m50%2Ce100&a=m26-12-9&c=

and the DJI shows a head and shoulders sell signal forming too.
http://finance.yahoo.com/q/ta?s=^DJI&t=5y&l=on&z=m&q=l&p=e100%2Ce50&a=m26-12-9&c=

Low VIX correlates with overconfidence and immanent decline and now fear must rise substantially before the current market sell-off can be considered over. Look how high the VIX has to go now before the bottom is hit in the past!
http://finance.yahoo.com/q/bc?s=^VIX&t=6m&l=on&z=m&q=l&c=

Recovery is one of Obama’s big lies just like his campaign lie that we were in a depression one year before the leftists destroyed American real estate and banks by requiring US banks give mortgages to people of Obama’s ethnic heritage who had no visible source of income to make the mortgage payments. 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

Asian Stocks were down last night. China down -0.2%, Hong Kong down –1%, India down -0.1%, and Japan up 1.1%.

European markets are down this morning in a range of about –0.9% to –0.2% half way through their day.

American markets are down near -0.3% this morning at 7 AM