What is the difference between the two major parties in this country?
The picture to the left is metaphorical of the US economy and both parties while bickering about what to do, how to do and when to do, have crashed the economy, crushed the economy by their gross INACTION.
Obama has been campaigning since he took office, flying to New York City (my home) several times since he got elected, staying at the Waldorf Astoria and partying until dawn. Having voted for this charlatan in the last election, I now find myself APOLITICAL as I have been following for years the website www.opensecrets.org an excellent resource that shows precisely how Washington DC actually works in terms of funding.
Here in NYC there is a Verizon strike over health care degradation and contract give backs. Obama-CARE was supposed to get health care for all, far from it - now the health care system will become MORE COMPLICATED. Below is a link to the ENTIRE PDF file of the almost 2000 pages of gobbledyGOOK, legal crap ---
www.house.gov/brady/pdf/Obamacare_Chart.pdf
I challenge readers to read it. If you feel a little tired, read the first few pages and you'll be out like a light.
It's BORING stuff.
MONEY FLOWS
According to experts large quantities of money are flowing away from US assets. The so called emerging markets are witnessing collapse as far as negative money flows go.
Italian and Spanish bonds are experiencing strong OUTFLOWS with the German Bund seeing strong INFLOWS. The Swiss Franc is seeing massive INFLOWS and as a result of panic selling across emerging markets, CHF is strengthening by the day. Chart above shows the appreciation of CHF versus USD.
Any recent DOW claw backs are illusions. Today the DOW will fall 150 points or so.
A story on the woes in Europe illustrates how screwed their banks really are ---
http://www.marketwatch.com/story/euro-drops-against-dollar-after-growth-data-2011-08-16
The coming weeks will be a harsh one for several reasons:
#1. PPI and CPI will come in lower than consensus
#2. Jobless claims for 8/13 will be higher than expected
#3. Unemployment numbers at the end of the month will be awful (if you even believe the nonsense way BLS has of calculating these)
Time for a vacation methinks.
http://www.marketwatch.com/economy-politics/calendars/economic?link=skey
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