The jobs bills turned out to be Obama bank liquidity and bailout bills, and slush funds for Obama corruption and vote buying.

The WSJ said today that TARP was not a success. The banks used Obama’s 2010 Jobs Bill money to pay back the TARP money. The success of the Obama TARP payback was just another Obama staged illusion. The jobs bills turned out to be Obama bank liquidity and bailout bills, and slush funds for Obama corruption and vote buying. Obama hasn’t a clue. Government is nothing but a wealth redistribution agent. It only transfers jobs and wealth from taxpayers to the politicians favored programs. Job creation can only work when small businesses know that the idiots in Washington have taken their hands out of their pockets and have stopped their regulation profit killing frenzy.

Romney now looks like the Republican candidate. Among other things Wall Street Week credits him with cleaning up the Boston harbor. While in 2003 he supported emission caps for decrepit filthy coal fired plants, in 2005 he made it clear that he did not support a climate change agreement based on “leftist environmental theology.” Over 31000 scientists have joined Edward Teller in signing a petition denying man-made global warming. See
http://en.wikipedia.org/wiki/Edward_Teller
and
http://www.oism.org/pproject/pproject.htm#41

As Greece struggles to avoid a catastrophic default, government “worker pretender unions” in Athens shut down all transportation, tourism, local police security, and commerce and put Greece on the Brink. Powerful Greek unions have exercised their unique state and federal socialist unionization rights and have closed the whole country down. American cruises and tourists once again find themselves stranded in a lawless barbaric stone-age country. In Germany and France there are “pretenders to the crown”. In Greece there are “government pretenders to work.” Obama supporters are now taking to the streets venting hatred of the American financial system that ideally rewards only people with a work ethic so the country does not become like Greece.

Greek unionized socialist parasites don their black masks again to stone people and set fires again to protest the possibility they might have to actually work for a living. The sooner the EU ejects Greece, the sooner world market stability will return. Can you imagine how bad it would be today if the if the zombie fundamentalist who now run the Turkish theocracy had been allowed membership in the EU? They would have used their freedom of movement to invade and occupy Europe with their unemployable zombie population by now. In their backward countries they do not have 15% unemployment they only have 15% employed with meaningful jobs. Terrorism is a product of their backward and suicidal belief system. The Middle East has become an Israeli island in a land of the “living dead.”

World markets
We were right yesterday. Obama/MSNBC/Pravda said yesterday that the sky is falling so that meant it was time to buy equities again because those leftists are full of something, and that something isn’t smarts.

Oil plunged 17% in 3Q, the worst quarter since '08. It is time to buy fuel oil for winter quickly before it goes back up!

American Economy
Last week summary
Personal Income Aug -0.1% declined from 0.3% in July, deflationary
Personal Spending Aug 0.2% declined from 0.8% in July, 2.4% annual, low inflation
PCE Prices - Core Aug 0.1% declined from 0.2% in July, 1.2$ low price inflation
Chicago PMI Sep 60.4 rose from 56.5 in July –good production number
Michigan Sentiment - Final Sep 59.4 up from 57.8 in July –good turnaround
Gold is down 20% in September and the US dollar is again the best horse in the glue factory.

The week so far
ISM Index Sep manufacturing rose 2% to 51.6 from 50.6 in August
Construction Spending Aug rose 1.4% after retreating -1.3% in August
Auto/truck Sales Sep Chrysler sales climbed 27 percent, GM deliveries rose 20 percent, and Ford sales increased 9 percent the companies said in separate statements.
Factory Orders for Aug were down -0.2% after being up 2.4% in July. Not good.

Yesterday
MBA Mortgage Index 10/01 -4.3% after being up +9.3% last month. Not good
Challenger Job Cuts Sept is an indicator of the weakness of the labor market. now 211.5% up from 47.0% last month. Not good
ADP Employment Change Sep 91K the same as last month. Not bad
ISM Services strength Sep was 53.0 down slightly from 53.3 last month. Not good
Crude Inventories 10/01fell sharply -4.679M from 1.915M last week indicating prices will rise again. Not good

This week
Oct 6 8:30 AM Initial Claims 10/01
Oct 6 8:30 AM Continuing Claims 09/24

Oct 7 8:30 AM Nonfarm Payrolls Sep
Oct 7 8:30 AM Nonfarm Private Payrolls Sep
Oct 7 8:30 AM Unemployment Rate Sep
Oct 7 8:30 AM Hourly Earnings Sep
Oct 7 8:30 AM Average Workweek Sep
Oct 7 10:00 AM Wholesale Inventories Aug
Oct 7 3:00 PM Consumer Credit Aug

Market Outlook October 6 2011
StreetSmartPost seems to have called this a bear market already. http://www.streetsmartpost.com/

Our indicators indicate that almost all the cash that flowed out the past two weeks came back in after Bernanke’s last speech. The neckline resistance withheld that latest onslaught and the market advanced on strong volume again yesterday. Pressure has shifted for short sellers to cover their short positions. We expect we will see weaker shorted stock pop-ups to highs and then fall back. That is why it is wise to get out when a stock pops because that quick high could take months to be hit again and you can get back later or into a better opportunity.

We need to fight the good fight, the American just and lawful fight at the ballot box not with violence. The Obama leftist corruption and squandering is done to buy votes. In the USA housing has bottomed and is now recovering. Construction spending appears to have bottomed out, and sales and sales prices are rising again. We are still growing our way out of idiot Obama’s campaign proclaimed “Great Depression.” And then Obama said, “It ain’t my fault.” Obama is going to a $25000/plate diner put on by the president of Solyndra, the Solar Panel company that Obama gave $535million of our taxes to and then it declared bankruptcy.

We still expect a normal advance of up to at least 50% of the total recent decline. But then it will be time to lighten up on equities again. and See: http://finance.yahoo.com/q/ta?s=^NYA&t=2y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

Congress needs to fight Obama and stop the high deficit spending that amounts now to leftist vote buying. If Obama is not allowed to further cripple the US economy we believe America will not have a double dip recession. See 1yr chart at:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Stock market update:
Asian Stocks were up sharply last night. China closed, Hong Kong up 5.7%, India closed, Taiwan up 2%, and Japan up 1.7%.

European markets are up again today in a range 1% to 2% half way through their day.

American market futures are up 0.4% to 0.7% at 8AM EST. US market futures rarely have any predictive accuracy.