The Tea Party seems serious about flushing out the government waste of supporting leftist propaganda machines and government spending on junk science

The Tea Party seems serious about flushing out the government waste of supporting leftist propaganda machines and government spending on leftist junk science. Obama had better smarten up and smell the coffee. Obama needs to compromise and seriously cut his socialist wealth redistribution plans or Atlas may just shrug him off. Finally we have a few elected officials who are not going to do nothing to stop the leftists from flushing down American liberties and our free enterprise system. Obama is looking like the cranky incompetent fool at the head of the old leftist cranky political party. We need to flush the leftists out as soon as possible.

Who are America’s most cranky people? Answer: Barrack Hussein Obama, Nancy Pelosi, and Harry Reid.

As long as people believe in absurdities they will continue to commit atrocities. ~Voltaire
Voltaire would understand why there is Islamic terrorism today. It is what Moslems are taught to believe about infidels.

Hindu mathematicians in the ancient Indian civilization that had successfully stopped Alexander the Great’s invasion developed our current base 10 number system. The Indian numerals were then adopted by the Persian mathematicians in India and passed back to Persia and then to the nomad Arabs. Arab Moslems centuries later claimed they invented the base 10 number system we use today. Crusaders believed the Moslems and called them Arabic numerals and spread their use throughout the world through European trade, books, and technology. Most of the science, math, and art of the Moslem world originated in the East and was brought westward from China and India and took a long time to reach Europe after being discovered by Crusaders and Marco Polo. It is believed that the Pharaohs of Egypt were originally Asian conquerors not indigenous peoples. The civilization collapsed under the indigenous peoples.

The global warming scam will get bipartisan cuts of what is likely to be billions of dollars from the U.S. EPA and the Energy and Interior departments' budgets over the next 10 years if the Tea Party has a say. Only about 10,000 scientists are willing to lie and say they believe in human caused global warming so that they and their university staff can tap into the wallets of the American minority who are now know as income tax payers. More than three times as many scientists in America tell the truth. They know there is no truthful evidence or data that says humans can alter much less prevent the global warming during the second half of the ~100,000 year glaciation cycle. Edward Teller and 31,486 other scientists signed this petition below. It was drafted by Frederick Seitz, president emeritus of The Rockefeller University and a former president of the National Academy of Sciences. See:
http://www.petitionproject.org/index.php

World Markets:
Italian government bonds rose in interest rates to a ten-year high as risk of default rises. Moody is also threatening to lower the rating of Spain again.

China ordered two of their five fake Apple stores to close. China needs to shut down all “knockoff” stores selling fake replica’s of America’s technology.

World markets continue to worsen and are predicting another world wide recession beginning within six months. The 200 and 100 day moving averages have crossed saying the stock markets are about to drop to recession lows. The USA markets are also getting close to a confirmation of the recession the world is now anticipating. All have head-and shoulder sell formations as well.

Emerging markets ready to plummet. Brazil http://finance.yahoo.com/q/ta?s=%5EBVSP&t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=

Asian markets ready to plummet. China
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^SSEC
India
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^BSESN

Europe’s markets ready to plummet. Swiss
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^SSMI

Past Week
Case-Shiller 20-city housing price Index in May fell -4.51% after falling -3.96% last month
Consumer Confidence Jul rose slightly to 59.5 from 58.5 last month
New Home Sales Jun were 312K but down from 319K in May. That is unusually bad for sales.
MBA Mortgage Purchase Index 07/23fell -5.0% after improving +15.5% last month (bad news)
Durable Orders Jun fell -2.1% after improving 2.1% last month (bad news)
Durable Orders -ex Transporation Jun fell 0.1% -0.2% after improving 0.6% last month (bad news)
Crude Inventories 07/23 rose 2.296M after falling -3.727M last month. (Good news)
Fed's Beige Book Jul (nothing left in bag of tricks)

Yesterday
Initial Claims 07/23 398K down from 418K last week
Continuing Claims 07/16 3703K up from 3698K last week
Pending Home Sales June 2.4% down from 8.2% last week

Today
Jul 29 8:30 AM GDP-Adv. Q2
Jul 29 8:30 AM GDP Deflator Q2
Jul 29 8:30 AM Employment Cost Index Q2
Jul 29 9:45 AM Chicago PMI Jul
Jul 29 9:55 AM Michigan Sentiment - Final

Market Outlook July 29, 2011
Free enterprise works because productive people who are no over taxed, harassed, beaten, or shot can help grow economies fast enough to get countries out of debt when free enterprise governments keep budgets down and do not destroy the work ethic with corruption or undeserved welfare for people who have children solely to collect welfare, and for people who don’t work because they think they are worth more than the market will support, etc, etc.

But Obama calls people who work hard “fat cats”. He says they don’t feel enough pain. But why is it the 51% who pay no income taxes and who mostly voted for Obama should feel no pain? Why should Obama’s wife get an executive’s salary at a hospital just because Senator Obama got a bill through Congress that gave the hospital $millions from American taxpayers. Why should American taxpayers pay the salaries of the families of elected officials? Isn’t that called corruption or is that just the Chicago political work ethic?

The problem with cranky Obama socialism is not the 4 to 8 year business cycles but the fifty-year business depression socialism leads to. It took the USSR and China more than fifty years to realize that perpetual economic depression is the socialist/communist answer to the up and down business cycle of free enterprise that flushes our inefficiency and corruption from time to time. The business cycle occurs because free enterprise advances fast and some people who do not continually learn and keep current are left behind. Lazy people want a socialist economy because the government creates jobs for them like demonstrating and waving red flags or killing people who think they are better educated or have better ideas than those who run communist “Cultural Revolutions”. Communist “Cultural revolutions” give the communist pathological thugs the opportunity to humiliate intellectuals and compassionate scientists and artists and kill country people who demonstrate. But free enterprise flushes the corruption and sycophants out every 4 to 8 years.

American socialist politicians are no different from Greek socialists or Russian socialists and they need to be ejected (flushed out) in the 2012 election.

Now is the time to go bargain shopping. Some great technology stocks are beaten down at such times as this. The collapse of prices normally rotates through the market and then the recoveries rotate in behind them. So it is recommended we do not buy any high flyers as the market drops but definitely we have a short buying period now. You can see the VIX rising close to a peak as concern over an Obama credit default increase. It usually peaks at 30 or 40 before a crisis is normally over. That could happen within the week if the Socialist democranks stop being so cranky. This opportunity could be gone in another week if the cranky leftists decide not to destroy America and instead smarten up and realize that Americans can see there is no leftist plan but default further down the road.
http://finance.yahoo.com/q/bc?s=^VIX&t=1y&l=on&z=m&q=l&c=


The last rally still looks like the second shoulder of a classic head-and-shoulders sell signal. If that is the case there could be a sharp sell off. Perhaps it already occurred and the prices are suspended using futures. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=1y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

Recovery is one of Obama’s big lies as he continues to divide America. Click on the 5yr chart and see full effect of the slowdown in world dry shipments. Now most of his supporters are quietly admitting Obama has done nothing as president to help the economy. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Asian Stocks were down sharply again last night. China down -0.3%, Hong Kong down 0.6%, India closed –0%, Taiwan down –1.4%, and Japan down –0.7%.

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

American markets futures are down again today in a range of about -0.3% to -0.4% this morning at 8:30 AM EST