While Obama supporters occupy Wall Street, the Washington Post reported that Obama has raised more money from employees of banks, hedge funds and other financial service companies than all the GOP candidates combined. Obama’s fundraising advantage is clear even at Bain Capital, the Boston-based private equity firm that was co-founded by Romney. Romney took in $34,000 from 18 Bain employees but Obama collected $76,600 and he needed only three donors to do it. What is going on? We seem to be losing our country. Notice that the financial world gave Obama nothing until Obama had Holden begin investigating the financial firms putting $billions of potential fines back in the range of possibilities. That is how authoritarian corruption works. You support the corrupt Obama candidate or Obama, he put you out of business, then he investigate you and he throw you in jail for 11 years. It works all the time and it is disgusting that Obama has stooped to this low level of corruption with Holden and “Occupy Wall Street” intimidation to get campaign contributions. So the Obama corruption works both on the poor who want something for nothing and the corrupt liberals who infiltrated corporations and commit economic crimes that are still destroying the middle class homeowners. The corrupt crony corporation liberals then pay off Obama with contributions so that Obama can concentrate on harassing the businessmen who fail to fall in line. Obama crony capitalism is corruption. It is when the corrupt liberal government does favors for the corrupt liberals who they have gotten placed in American industries like GE that depend heavily on corrupting government to get contracts. Corrupt GE/Pravda then bought MSNBC and made it the mouthpiece for corruption, i.e. Liberals. Now obviously Comcast is another corrupt corporation because it took over MSNBC and continues the same socialist crony politics and lies that undermine free enterprise and American rights to the fruit of their labor.
An elderly man had a massive heart attack and the family drove him to the emergency room. After a while the ER doctor appeared wearing a long face. "I'm afraid your Grandpa is brain-dead, but his heart is still beating."
"Oh, Dear God," cried his wife, "We've never had a liberal in the family before!"
Citigroup Inc will pay at least $285 million to settle charges that it defrauded investors who bought toxic housing-related debt that the bank bet would fail. The bank's Citigroup Global Markets unit misled investors about a $1 billion collateralized debt obligation by failing to reveal it had "significant influence" over the selection of $500 million of underlying assets, and that it took a short position against those assets when it advised the investors t buy them. Sounds just like Goldman Sucks. Just another bank run by liberals whom like George Soros love liberals, national socialists, and international socialists.
Goldman Sucks drives oil trades near highest price in a month after and cites further ‘upside risk’. Gee I wonder who is behind the manipulation of oil prices via the manipulation of the futures markets. It couldn’t be Goldman Sucks that big Obama campaign contributor could it? Could it be that corrupt dealer that knew when the fraudulent Liar Loan derivatives were about to implode so they put their former CEO in charge of TARP and they then destroyed Bank of America by forcing BAC to acquire Countrywide, the biggest dealer in Liar Loans.
GE Pravda continues to sell the US short and continues moving American technology out of America.
If Idiots Geithner and Obama could just stay away from Europe for a while instead of posing and displaying their stupid smiles, Merkle would get the message that America will not bail them out through the World Bank. Then finally this crisis would get behind us.
EU officials said that several of the banks involved in Libor loan rates were raided, including UBS AG (UBSN), RBS, Barclays, HSBC, BNP Paribas (BNP) SA EU officials declined to comment about charges the banks are colluding to manipulate bank rates around the world to skim off higher profits.
By buying insurance policies for “Liar Loan” derivatives, Goldman Sucks had the most to gain if the American economy collapsed. They also profited big with the collapse of competitors such as the Lehman Bro’s that took the fall to cover the Washington/Wall Street corruption with a maze of worthless derivative paper. It took big bonuses, golden parachutes and a threat of a claw-back to make sure the villains of Wall Street kept quiet. Wall street flooded Obama with campaign contributions because it was poetic justice for the socialist corruption that made so much profit for wall street and bankrupted so many of the middle class home owners. The demise of the economy would come back to roost on the empty head of a socialist president willing to take the fall for Wall Street and blame it on Republicans and American free enterprise.
World markets
Shares of Morgan Stanley rose after the investment bank disclosed that its actual risk from the European crisis is much less than previously reported. The investment bank said its total exposure to Greece, Italy, Ireland, Portugal and Spain as of September 30 after hedges on net counterparty exposure and lending was approximately $2.1 billion. That was in line with numbers disclosed last quarter.
Bank of England officials voted unanimously to expand the size of their asset-purchase program as strains related to Europe’s debt crisis created a “compelling” case to add 275 Billion pounds to the stimulus.
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Moody's said on Monday it might slap a negative outlook on France’s Aaa credit rating in the next three months if the costs for helping to bail out banks and other Euro zone members stretch its budget too much.
American Economy
The prognosis is that the housing sector has bottomed and is now recovering and could gap upward in valuation any time now.
Last week summary
Initial Claims 10/08 up to 404K from 401K not good
Continuing Claims 10/01 down to 3670K from 3700K not great
Trade Balance Aug grew -$45.6B from -$44.8B worsening
Crude Inventories 10/08 rose 1.344M from the previous decline -4.679M good news
Treasury Budget Sep worsened -$64.0B from a monthly deficit rate of -$34.6B last month. Bad news
Retail Sales Sep rose 1.1% very good news
Retail Sales ex-auto Sep up 0.6% from 0.1% last month
Export Prices ex-ag. Sep stable at 0.3%
Import Prices ex-oil Sep stable at 0.2%
Mich Sentiment Oct 57.5 down again from 59.4 No confidence in Obama.
Business Inventories Aug up 0.5% worse than last month 0.4% increase
Treasury Budget Sep -$64.6B worse than last months -$34.6B
Empire Manufacturing Oct improved slightly to -8.48 from -8.82 better but not good
Industrial Production Sep same at 0.2% good
Capacity Utilization Sep same at 77.4% good
Yesterday
Producer Price Index Sep up 0.8% vs 0% last month. That is just data scatter.
Core PPI Sep 0.2% vs 0.1% last month or a 1.2% low inflation rate. Very good!
Net long-term TIC Flows Aug $57.9B vs $9.5B means lots of investment money is flowing in from other countries. Very very good!
NAHB Housing Market Index Oct was 18 vs 14 last month means housing continues to pick up. Very very very good!
MBA Mortgage Index 10/15 fell -14.9% as the real estate season closes in the north.
CPI Sep 0.3% vs 0.4% last month
Core CPI Sep 0.1% vs 0.2% last month
Housing Starts Sep 658K much better than the 571K last month
Building Permits Sep 594K down from 620K as winter approaches
Crude Inventories 10/15 -4.729M down from 1.344M last month
Today
Oct 20 8:30 AM Initial Claims 10/15
Oct 20 8:30 AM Continuing Claims 10/08
Oct 20 10:00 AM Existing Home Sales Sep -
Oct 20 10:00 AM Philadelphia Fed Oct
Oct 20 10:00 AM Leading Indicators
Market Outlook October 20 2011
Volume was low on both Monday’s and Wednesday’s declines. It was quite high on Tuesday’s rally. That is a good sign the market is ready to surge. It appears the 50 DMA trend line is about to be smashed on the upside. Buyers are complaining that they cannot take a position without causing the stock they want to swing sharply upward.
When the Berlin stripper finally does her act the stock market could gap up rapidly. That show is expected to be over this month.
Stocks could have to rise an additional 3% from here to trigger a short squeeze, but if it does the market could be up more than 20% from the low by Christmas. We do not believe a new market high will be hit this year… but many market losses could be recovered.
We still expect a normal advance of at least 50% of the total recent decline and possibly as much as 90% recovery. For that to happen the 50DayMovingAverage (green line) must move above the 100 DMA (red line). The market is moving though a resistance area now, the 50 DMA. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=2y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=
America has not had a double dip recession. Starting in April, the banks began net loaning of money to small corporations. Since August, international trade continued to recover. See 1yr chart. You may need to cut and paste this in:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Stock market update:
Asian Stocks followed the US down last night. China down –1.9%, Hong Kong down -1.8%, India down –0.8%, Seoul down –2.7%, and Japan down -1%. Asia’s move usually follows America’s move the previous day.
European markets are down today in a range +0.4% to –1.2% half way through their day. Europe’s move usually follows America’s move the previous day and then American futures.
American market futures are up about 0.3% at 7:00 AM EST. US market futures rarely have any predictive correlation.
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