Obama abuses government power by using the justice department to attack rating agencies, businesses and Republican opposition who are honest and truthful. Obama had a new dream and the whole world now has a new nightmare.
As soon as S&P did the right thing and downgraded the USA for adopting the Obama-Greek-Solyndra greedy, corrupt, squandering, irresponsible spending policy…Obama attacked the S&P just like he previously attacked Bank of America. And like BAC he had the S&P decapitated. Now he is attacking Hedge funds to get them to implicate the S&P to besmirch S&P further. Attacking wealthy organizations is also the top method used by corrupt political machines to drum up campaign contributions. It is the legal form of coercion socialists like Stalin and Hitler used to get “volunteers” out waving flags and breaking opponent’s windows. Fortunately then Obama had ACORN bus people to picket the personal homes of bank executives; Obama learned a quick lesson that American’s despise those “kristallnacht” tactics.
Obama also has Holden attacking Texas Republicans to maintain absurd Democrat-socialist districts. If you want to see the obscene model of corrupt Democrat-socialist redistricting you have to look at Barney Frank’s district in Massachusetts. That should be used by the US Supreme Court to give the definition of obscenity. Obama-Holden-Frank won’t fix it either. Make sure you view the top of his district that takes a slice of the inner city to control a very large more Republican suburb. Just see Barney Frank's district!
http://www.govtrack.us/congress/findyourreps.xpd?state=MA&district=4
That is the obscene districting model the Obama-Holden people want to use to control Texas and the whole USA using people who pay no taxes and have no Western European or Asian work ethic. Lets face it most of the world does not want to work for a living. They want a nice government job in a welfare office and a plasma TV at home. And they will vote for socialism to get everything for nothing from their neighbors. Ultimately they bankrupt the countries they migrate to.
We jut saw Obama’s welfare infusion that provided 1000 solar panel jobs for one year at a cost to 835million dollars. That was $835,000 per job and the panels were made in China and only assembled in the USA. We commented that the solar cell life cycle neither pays for itself in dollars nor in energy and it is not self-sustaining without continuous borrowing from the government. On the other side of the ocean the Chinese are demonstrating because the plant making those solar cell panels is making so much pollution it is killing all the fish. Obama’s had a new dream and the whole world now has a new nightmare.
http://www.time.com/time/world/article/0,8599,2093740,00.html
Washington government bureaucrat pay, insurance and pensions are the first entitlements that need to be cut. Do it now, 25% across the board. They are the cause of our deficit and they yet do not have a clue about the pain they are causing throughout America.
Remember that we had no signs of a recession until idiot Senator Obama became the first American ever in American history to open his big mouth during his campaign and say his opponent (President Bush) was causing an economic depression. Never before did an elected American make such an irresponsible and stupid remark. Intelligent responsible Americans always knew the “D” word is taboo in America because it causes fear. FDR said, “The only thing we have to fear is fear itself” and stupid Obama was the first American to deliberately use the word “depression” to cause fear. Not long after that, idiot Senator Dodd said there was going to be a run on a California bank and his contemptible fear mongering statement from the Senate Banking Committee caused the run on the bank within a few days. Gradually the Dodd-Frank liar loans destroyed the housing industry and the liar-loan derivatives caused the Lehman Brothers collapse. And yes, idiot Obama with his big mouth fear mongering gets all the credit for the Obama economic malaise we will have until we vote Obama and his socialist cretins out in 2012.
Obama has presided over three years where already $1 Trillion dollars has be squandered on programs that accomplish nothing but corruption and redistribution of American wealth through shadow corporations and false identities into Obama campaign coffers for Obama’s buy up the vote campaign. Obama now buys ads using campaign money that go on the air after commentators like Rush. They are made to sound like someone calling in to Rush.
World markets
S&P on Monday downgraded Italy by one notch to A with a negative outlook, meaning further downgrades are possible. Stock markets and the euro fell as the eurozone’s third-largest economy falls deeper into the sovereign debt crisis. Today the markets are recovering because a default of Greece is believed 100%.
China is pulling dollars out of Europe in retaliation for European disinterest in China’s demand for technology in return for investment. European markets were calmed last week as the US FED, without any authorization from Congress has begun flooding European banks with liquidity to replace private bank funds that were being pulled out.
China hits new lows. http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart1:symbol=000001.ss;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Has Germany bottomed yet? Choose 2 or 5 years. We would say yes.
http://finance.yahoo.com/echarts?s=^GDAXI+Interactive#chart1:symbol=^gdaxi;range=3m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
The Swiss market has also bottomed. Choose 2 or 5 years http://finance.yahoo.com/echarts?s=^SSMI+Interactive#chart2:symbol=^ssmi;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Emerging markets are in recovery.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#chart1:symbol=^bvsp;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
American Economy-
Last week summary
MBA Mortgage listing Index 09/03 -4.9% up considerably from last month’s -9.6%. This is the first of the good news we predicted starting for housing.
MBA Mortgage Purchase Index 09/10 up +6.3% after being down -4.9% last month. Great news again for housing.
Core CPI Aug remained constant at 0.2%… no inflation
Industrial Production Aug increased 0.2% down from 0.9% last month. Still a 2.4% annual rate
Philadelphia Fed Sep -17.5 a big improvement from last months -30.7
Net long-term TIC Flows Jul $9.vs $3.7B means foreign investment in the USA increased.
Sep 16 9:55 AM Mich Sentiment Sep 57.8 up from 55.7 but still very low.
Yesterday
NAHB Housing Market Index Sep was 14 just slightly lower than last months 15. This finally seems to be bottoming out and is more evidence the housing market is turning around. Remember GE/MSNBC/Pravda’s Jim Crammer claimed the market already bottomed in July two years ago. That is the accuracy of MSNBC/Pravda’s commentary.
This Week
Sep 20 8:30 AM Housing Starts Aug
Sep 20 8:30 AM Building Permits Aug
Sep 20 2:15 PM FOMC Rate Decision Sep
Sep 21 7:00 AM MBA Mortgage Index 09/17
Sep 21 10:00 AM Existing Home Sales Aug
Sep 21 10:30 AM Crude Inventories 09/17
Sep 21 2:15 PM FOMC Rate Decision Sep
Sep 22 8:30 AM Initial Claims 09/17
Sep 22 8:30 AM Continuing Claims 09/10
Sep 22 10:00 AM FHFA Housing Price Index Jul
Sep 22 10:00 AM Leading Indicators Aug
Market Outlook September 20 2011
China’s demand for American car technology in return for permission to sell American cars in China is an obscene and corrupt aspect of international communism. GE’s socialist Immelt has already given away aerospace technology to get a GE business deal. If leftist Obama were not the US president the USA would have China already up on World Trade Court charges for China’s corruption and piracy in the Chinese trade policy. Unfortunately Obama’s cowardice now only encourages China to be more aggressive. China could be the kind of WWIII enemy Obama wants to lose to, to destroy free enterprise.
It is good news that foreclosures just rose 30% last month. The sooner mortgage defaults are cleared from the banks the sooner credit ratings will be re-established and the housing segment will recover and create many real jobs. We predicted a rise in home sales is stating and the MBA Mortgage Purchase Index rose last Wednesday by 6.3% breaking its downward trend. We predict business will now begin to use their “war chest” to buy assets that have fallen so far in value due to Obama’s seemingly unlimited ability to destroy everything he touches with Obama’s fear mongering, his contempt for the American Constitution and the American people. Americans are positively sick of Obama’s incessant apologizing to the world for American exceptionalism.
The only thing stopping this emerging economic boom is negative barking Obama and his rules and Obamacrap legislation that the democrats and socialists passed without even reading. When he takes his $Billion campaign war chest and moves it to a bank in Nigeria we will know the Obama malaise is finally leaving the USA.
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=
So far the trading range of equities has not even tested the resistance levels. We expect a normal advance of up to at least 50% of the total August decline. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=1y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=
Bulk trade seems to have bottomed and is finally improving. See 1yr chart at:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Stock market update:
Asian Stocks were up last night. China up 0.4%, Hong Kong up 0.5%, India up 2.1%, Seoul up 0.9%, and Japan down 1.6% because they missed the sell-off Friday.
European markets are up today in a range 0.9% to 2.1% half way through their day.
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American markets futures are up about 0.8% at 8 AM EST.
Corporations have over $500 billion in cash to invest and it does not look like they will invest in jobs as long as Obamacrap socialized medicine and new Obamacrap taxes loom. Obama is just stupid enough to try to destroy the corporate cash position with his harassment tactics. Obama stupidly causes businesses to have to cover themselves for Obama threats rather than spend for creating jobs. Never underestimate Obama’s stupidity.
Obama is the creator of “job killer rules”. Corporate cash can also be used to buy real estate, capital equipment, corporate stock or to fund mergers when it is clear there will be no double dip recession. We predict a recovery with high unemployment beginning now until the stupid Obama socialists are all voted out of office. When Obama leaves, unemployment will drop and corporations will grow jobs. Right now the Obama socialists are just too stupid to see how their rules and regulations kill jobs everywhere.
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