Market Rally or Suckers Rally
Fed Chairman Ben Bernanke announced that the recession shows signs of ending. The Stock Markets have rallied, helped by his positive statements. The Chairman must have been taking a course in the Power of Positive Thinking. Six months ago he was nothing but gloom and doom with his public pronouncements. He had us all tightening our belts for the possible repeat of the Great Depression.
I make no claim to being an economic Guru but I am confused as to the depth of the recovery and just what has changed Bernanke’s style.
Checking the most recent data shows that retail sales in July are down from June’s figures. Unemployment figures have increased in July and home foreclosures for the first 6 months of 2009 are at all time high rates .The foreclosure rate is continuing to rise according to the latest data.
The retail decline is especially troubling since it included the Cash for Clunkers government give-away and still declined. Housing and retail are the engines of a growing economy and they continue to sputter. I would like to embrace Bernanke’s new found confidence but I do not have a warm feeling about the economy.
The piles of money that is being printed and given away by the Obama administration needs to be factored into any long term effect on the economy. I know that money has a cost and the cost of the Obama trillions being spent cannot have a positive benefit to our future. I think this current stock market rally might be a “suckers rally”
There are economic wheels working within wheels in the economic schemes of the Administration and the Federal Reserve. The Administration needs to be watched very carefully and notes taken. It is hard to remember the promises and the later reversal of direction.
The Administration has taken over the auto industry in America and with that takeover experience is broadening it’s view and ambitions for it’s Statist philosophy. The Health Care Plan has more to do than with health. It has been estimated that health related activity comprises about 1/6 of the Nations economic activity. The government takeover of the Health portion of the economy if the bill is passed will put the Obamanestas in a power position unmatched in our nation’s history.
There are 46 Million people living in America without health insurance. The President uses this figure repeatedly in selling his plan. What is not part of his sales pitch is any figure as to how many of that 46 million are illegal aliens. I have found no creditable estimates but there are those saying that there are millions in this category.
The President this week announced his determination to promote an immigration policy that will create a path to citizenship for immigrants. No definition as to legal or illegal and no border security improvement was part of his announcement. I feel a reelection package being created between the Administration Health Plan and Immigration citizenship plans. Healthcare and Immigration both need sensible attention. Family unification, for admission to the U.S.,is not a valid reason to open the gates. Obama does not seem to be able to separate political from sensible in his plans for America
Obama when campaigning made a promise to give a critical review of the NAFTA agreements. Like so many political promises that one has disappeared. In Mexico last week he made statements that indicated he was interested in strengthening aspects of the agreement. He further promised a review of the trucking agreement that seems to be leading to a plan that will allow Mexican transportation companies to operate freely across our country. I wonder what his Teamster friends will have to say about that idea.
The race by Congress to enact Obama policies has developed a new strategy to handle questions or opponents. To oppose Obama is now being described as un-American. Scary Nancy has labeled opponents with the stigma of being Nazi emulators in their protest activities. What happened to the 1st Amendment? The assault on the American economy, Healthcare and the 1st Amendment are just a few of the wheels being spun by the Obama Administration.
It would help if we had some major media elements reporting on these issues rather than simply expressing fawning admiration over Obama’s daily public performances. I’m thinking of subscribing to the National Enquirer It seems to have become our only paper with courage. Think about John Edwards. All those major newspapers following the campaign and not one told us about Edwards and the question of his love child. Not one newspaper raised the question that the so called Birthers are ranting about Obama’s birth certificate issue. I don’t even want to think about the mess we will have if there is any substance proven in their allegations.
We need a lot of straightening up of various aspects of our society. Town meetings are a start in getting ready for 2010. American citizens will once again find the answer to our crises of confidence by electing people who are ready to serve their Nation rather their own self interest.
PS:
Jerome Corsi wrote Obama Nation which was released during the Pesidential campaign and largely ignored by the media>It is worth reading now and has an Amazon Bargain price.The Obama Nation: Leftist Politics and the Cult of Personality
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