Obama sues 17 large American banks as the first part of a shakedown to meet his $1Billion war chest goal for his re-election bid.

Obama sues 17 large American banks as the first part of a shakedown to meet his $1Billion war chest goal for his re-election bid. WSJ poll says 51% of Americans can’t stand any more of Obama with 73% of Americans saying he is an economic socialist black hole taking the country toward bankruptcy with Obamacrap.

GE’s socialist CEO, Immelt, begins a second decade of using the assets to finance re-education of America for the abandonment of free enterprise and the advancement of gangster socialism to redistribute wealth from those who still enjoy working for a living and crush human motivation to become exceptional.

In 2009, more than a dozen of Obama’s agents with automatic weapons invaded the Gibson factory in Nashville. The Obama Government seized guitars and a substantial amount of materials and records. To date, 1 year and 9 months later, no charges have been filed, yet the Obama gangster government agents still hold Gibson’s property. This is not the first stupid Obama “Russian communist” gangster style raid. Gibson factories have been raided twice, most recently last week, by Obama agents. Obama would make a good Russian Putin but he is just an American moron of unknown origin.
http://online.wsj.com/article/SB10001424053111903895904576542942027859286.html

Deutsche Telekom AG hasn’t prepared any alternative scenarios if Obama shakes them down for contributions. Managers led by Chief Executive Officer Rene Obermann were meeting with Deutsche Telekom’s supervisory board when they heard Obama had Holden arrange to have them sued to block the deal. Obermann, who had previously demonstrated confidence that the transaction would be approved, was taken by surprise, said a person familiar with the matter, asking not to be identified because the meeting was a private call for contributions.

World markets
The report Friday that the U.S. economy failed to add any new jobs in August caused European and Asian stock markets to drop sharply Monday. But the news from Europe was even more discouraging as the interest rates paid on debt by so-called peripheral eurozone countries — Greece, Italy and Spain — rose sharply.

A survey of the services sector Monday showed a slowdown across the European continent for the fifth consecutive month. The purchasing managers' index for the eurozone showed the services sector was barely growing — unlike the sagging manufacturing sector.

Russian officers armed with assault rifles recently raided the Moscow offices of the British Petroleum, carrying out a type of ritual armed search of the white-collar premises. BP’s company has had such problems here for years, its share price often nudges up or down in response to socialist economic police raids or the arrests of employees. Separately, a Russian socialist gangster group sued BP in the Siberian court for damages alleging that BP executives serving on the board of directors of the TNK-BP subsidiary violated their fiduciary obligation to pay gangsters protection money. A similar lawsuit, also filed in a remote Siberian court, in Omsk, crippled the Norwegian telecommunications company Telenor’s business in Russia for years, ending in a large payoff settlement last year. Sometimes, police wielding guns force analysts and economists onto the floors of their offices destroying any sense that Moscow offers law, order, much less justice. In February, masked, armed Putin gangsters raided Deutsche Bank’s main office in Moscow, looking for documents related to a commercial mortgage of a Putin friend. In November, police armed with automatic weapons raided a bank belonging to the billionaire Aleksander Y. Lebedev, of the national airline Aeroflot. Another American businessman had all his corporation assets stolen and his Russian lawyer was arrested and tortured to death for taking his case to court. Sounds like Obama has the same technique as Putin.

World markets may have set their lows for now and in some cases they set double bottoms. China tests last year’s low. 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

Germany resumes decline.
http://finance.yahoo.com/echarts?s=^GDAXI+Interactive#chart6:symbol=^gdaxi;range=5y;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=5y;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#chart1:symbol=^bvsp;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


American Economy-
Last week
Initial Claims 08/27 409K down from 417K Good
Continuing Claims 08/20 3735K up from 3641K Not good
Productivity-Rev. Q2 -0.7% down from -0.3% Not good
Unit Labor Costs - Rev. Q2 3.3% up from 2.2% - Not good
ISM Index Aug 50.6 47.down from 50.9 - Not good
Construction Spending Jul -1.3% down from 0.2% Not good
Nonfarm Payrolls Aug 0K nothing compared with 117K last month. Good thing Obama has come back from Martha’s Vineyard.
Nonfarm Private Payrolls Aug 17K down from 154K jobs created last month
Unemployment Rate Aug 9.1% same as last week 9.1% -
Hourly Earnings Aug -0.1% down from 0.4% increase last month.
Average Workweek Aug 34.2 down slightly from 34.3 last month

This Week
Sep 6 10:00 AM ISM Services Aug

Sep 7 7:00 AM MBA Mortgage Index 09/03
Sep 7 2:00 PM Fed's Beige Book Sep

Sep 8 8:30 AM Initial Claims 09/03
Sep 8 8:30 AM Continuing Claims 08/27
Sep 8 8:30 AM Trade Balance Jul
Sep 8 11:00 AM Crude Inventories 09/03
Sep 8 3:00 PM Consumer Credit Jul

Sep 9 10:00 AM Wholesale Inventories Jul

Market Outlook September 6 2011
Statistically September is the worst month for the stock market so testing of lows could happen for a third or fourth time.

The potential damage Obama gangster socialism can inflict on the world is still unlimited at this point. There is no place for exceptionalism to hide once Obama makes America another gangster socialist state where exceptional people go to jail until they finally give up.

Short sellers are in a panic and are trying to create fear. But some are beginning to cover themselves and that plus corporation stock buy-backs are underlying the market. Insider buying and options distributions are now at a record level. Before August insiders were sellers of their stock in their place of work.

Obamacrap issues have stalled world growth. A welfare dependent voting block now elects socialists and communists across the free world not just China and Russia. Governments became too large in order to manage welfare, social programs, and government worker unions. Social Security has been diverted to welfare. Government investment in business has been diverted to welfare via affirmative action. Government in Freddie and Fannie has transferred $Trillions via affirmative action to welfare people with no visible work ethic or means of their own personal much less child support. We are an Obama welfare state and he will suggest more government hiring. The only program of government jobs that does work in the short run is to put long term unemployed and welfare recipients into to work programs sweeping streets, cutting grass, cleaning rivers and forests, shoveling snow etc as was done under Clinton for welfare reform.

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=5y&l=on&z=m&q=l&c=

We expect a normal advance of up to at least 50% of the total decline. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=5y&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 now barks at the increasing numbers of disappointed voters. But could the bulk shipments finally be getting ready to break out? See 1yr chart at:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Stock market update:
Asian Stocks were down Monday. China down -1.9%, Hong Kong down -2.9%, India down -0.6%, and Japan down -1.8%.
European markets are down Monday Germany down –5.3% France down –4.7%, Britain down –3.6%, Swiss down -4%.

Asian Stocks were mixed last night. China down 0.3%, Hong Kong up 0.5%, India up 0.9%, and Japan down -2.2%.

European markets are up today Germany up 1% France up 0.8%, Britain up 1.5%, Swiss up 4.6% at 6:45AM EST half way through their day.
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American markets futures are down about –1.2% to –1.4% at 6:45 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 Obama’s socialized medicine and new taxes loom. Corporate cash hoards will provide needed liquidity as Obama gangsters disrupts banking. It can also be used to buy corporate stock or fund mergers. Remember if the money multiplier effect is 20:1(the money changes hands 20 times) that $500billion becomes $10Trillion so it would only take 10% of the corporations to buy back and to put $1trillion into the stock market

See:
Obama and the Burden of Exceptionalism
Post-'60s liberals, with the president as their standard bearer, seek to make a virtue of decline.
By SHELBY STEELE
http://online.wsj.com/article/SB10001424053111904787404576532623176115558.html?mod=googlenews_wsj

Summary:
Clearly Americans expected exceptionalism from Obama who could have shown that America had achieved near perfect social mobility… not his assault on America's exceptionalism of scientific, economic and cultural preeminence.
American exceptionalism is, among other things, the result of a difficult rigor: the use of individual initiative as the engine of development within a society that strives to ensure individual freedom through the rule of law. Over time a society like this will become great. This is how—despite all our flagrant shortcomings and self-betrayals—America evolved into an exceptional nation.

Obama was elected to make a stretch toward exceptionalism. It should be held against him that he has done the direct opposite.