Obama is not letting the housing crisis get resolved because the "liar loan" losses show just how stupid his socialist ideas are.

Obama is barking at the banks hard now for all the “liar loan” mortgages he made them accept from his “chosen people.” He forced Bank of America to buy Merrill Lynch and Country Wide and then destroyed Ken Lewis for living to talk about it. Obama knows that Fannie and Freddie were bankrupted by his “liar loans” but instead of admitting his (and Barney Franks) biggest ever shakedown of American taxpayers Obama instead prolongs their dissolution causing bank stagnation and an inability to fund a recovery. As Obama waits his “chosen people” continue to strip the vacant homes of their copper plumbing and wiring essentially gutting the houses so they become condemned and worthless. Obama is not letting the housing crisis get resolved because the "liar loan" losses show just how stupid his socialist ideas are and have been.

Obama had the Secret Service buy two new $1.1 million Canadian buses just for his three-day slumming trip to see the little people. Obama flew and his buses flew between city stops and then he toured in his bus to prove he uses mass transit like Joe the plumber and saves taxpayer money. Obama is so full of crap. But those buses are so heavy they have to be loaded up on one or more C-17s. Then they are flown to the destination ahead of AirForce-1 and this is repeated for every campaign stop. Obama went to the Midwest to lecture the 'little people' on how they need to live within their means and cutback! Remember when very recently Obama told that family man to GO BUY A $60,000 HYBRID VAN when he said he couldn’t afford to fill up his truck??? Obama's 'carbon footprint' must be about as large as Chicago’s by now. After all that slumming with Americans Obama and his wife then took separate airplanes to his resort at Martha’s Vineyard where it takes 50 secret service cars to follow him around. Eisenhower had four cars in his motorcade. Eisenhower did not worry because he was a popular president.
http://www.snopes.com/politics/obama/bus.asp

The greatest support for the stock market is all the corporate cash on the sidelines that corporations plan to use to purchase their own stock at current bargain prices. Businesses have more confidence in the stock market than they have in Obama stimulating job creation. Lowe’s Cos., the second-largest U.S. home-improvement retailer, said it plans to buy back $5 billion of its own stock over the next two-to-three years.

Many companies are likely to buy back shares at a time when price-to-earnings ratios are low, providing a trigger for a rally of 10% or half the recent 20% decline. We plan to sell when we get a sell signal. It is entirely possible that the rally could reach the recent highs depending on how fast U.S. companies buy back shares since they have high cash ratios and buy backs enormously increase the rise in earnings per share.

World Markets:
Asian Stocks Climb as Exports Rise

Benchmark indexes in Germany, Brazil and Hong Kong have fallen more than 20 percent from their highs, the common definition of a bear market.

Socialist economists from Pacific Investment Management to Harvard say ensuring the euro’s existence may require members to leave the 17-nation currency region. So far the rescue bill includes $524 billion in official loans to Greece, Portugal and Ireland, the creation of a 440-billion euro rescue fund and 96 billion euros in bond buying by the European Central Bank.

World markets may have set lows for now and in some cases they set double bottoms.
China
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart2:symbol=000001.ss;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Germany
http://finance.yahoo.com/echarts?s=%5EGDAXI+Interactive#chart1:symbol=^gdaxi;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

The Swiss government and central bank talks about a possible target for the Swiss franc to halt its gains has failed and the Swiss franc is rising again. The Swiss market has not yet double bottomed and has a way to go.
http://finance.yahoo.com/echarts?s=^SSMI+Interactive#chart2:symbol=^ssmi;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Emerging markets also will fall further before they double bottom.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#symbol=%5EBVSP;range=
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart1:symbol=000001.ss;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


American Economy-
Last week
Existing Home Sales Jul 4.67M flat from 4.77M. bottomed out
Leading Indicators Jul 0.5% up from 0.3%. very good

This week:
New Home Sales Jul 298K down from 312K reported in June

Today
Aug 24 7:00 AM MBA Mortgage Index 08/20
Aug 24 8:30 AM Durable Orders Jul
Aug 24 8:30 AM Durable Orders -ex Transportation Jul
Aug 24 10:00 AM FHFA Housing Price Index Jun
Aug 24 10:30 AM Crude Inventories 08/20

This Week
Aug 25 8:30 AM Initial Claims 08/20
Aug 25 8:30 AM Continuing Claims 08/13

Aug 26 8:30 AM GDP - Second Estimate Q2
Aug 26 8:30 AM GDP Deflator - Second Estimate Q2
Aug 26 9:55 AM Michigan Sentiment - Final

Market Outlook August 24, 2011
The market rally should be somewhere between 50% and 90% of the way to the recent spring highs. After the run-up yesterday there may be consolidation today.

We expect the VIX to continue to decline as the panic of smaller investors subsides similar to after the flash crash of May 6, 2010
. http://finance.yahoo.com/q/bc?s=^VIX&t=2y&l=on&z=m&q=l&c=

We expect a normal advance now of up to at least 50% of the total decline. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=6m&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

Economic recovery the past two years was one of Obama’s big lies as he continued to divide Americans, destroyed the American economy with socialism and corruption, and barked at Congress and the increasing numbers of disappointed voters. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Stock market update:
Asian Stocks were down last night. China down -0.5%, Hong Kong down –2.1%, India down –1.3%, and Japan down -1.1%.

European markets are up today by about 0% to 0.8% half way through their day.

American markets futures are down about -0.9% at 7:30 AM EST

We expect the stock market run-up could be fast now with corporation buying back their own stock at least 50% of the way, possibly to 90% of the recent highs. Corporations have over $500 billion in cash to invest and it does not look like they will invest in jobs as long as Obama socialized medicine and new Obama taxes loom.