Gartman : Setting the record straight

Dennis Gartman of the Gartman Letter.

“LET’S SET THE RECORD STRAIGHT:

Listening to the Left here in the US during the debates

regarding the debt ceiling increase one might have

thought that the Tea Party-ite members of the Congress

were absolutely intransigent in their positions and that

only the Left was acting in a nicely bipartisan way. Our

European and Asian clients, reading and listening to the

media’s reporting of the circumstances at the time, might

have reasonably thought only the centre-left was acting

reasonably, and we do indeed understand that

circumstance. That is how the media has presented the

case.

We just thought it might be worthwhile noting that back in

’06, before he was President and when he was the junior

Senator from Illinois, President Obama voted against the

Bush Administration’s request for a debt ceiling increase

one time. The other two times he had the opportunity to

do so, he did not show for the votes on the Senate floor.

We thought that interesting.

Worse, the Democrat Majority Leader in the Senate, Sen.

Reid, voted against every single debt ceiling increase

request when the Republicans controlled the Senate

briefly during the years noted above. He was open in his

opposition; he was adamant in his anger with the

Republican demands. Now he has been just as adamant

in his anger with the Tea Party-ites, calling them terrorists

and the like. We just thought everyone should know. It

seems reasonable and bipartisan on our part to do so.”

Thanks to Dennis Gartman for allowing me to print this. Those interested should go to TheGartman Letter.com

Central Wankers

“Confidence in central bankers’ ability to learn from     past inflation is as likely to be misplaced

as it was in their ability to learn from past credit booms. Gold remains the cleanest insurance

against such overconfidence”     Dylan Grice

The past few weeks have afforded an almost unmatched opportunity to observe the venal mendacity of the political class as it exists in Europe and the United States at the current time. Both groups have bent over backwards to avoid doing the job for which they accept pay, all with lips firmly attached to the butt cheeks of their bankster bosses. 

The European contingent after ducking the problem for as long as they could, have proposed a set of solutions that imbue the Euro Currency with the integrity of a pizza coupon. 

Meanwhile back in Washington DC our elected blowhards are in full blow. They are unable to reach an agreement to raise the debt ceiling, a meaningless line in the sand that has been moved 67 times since 1960.  Americans face appalling levels of unemployment, a faltering recovery and runaway debt and Obummer and the 535 elves can’t be bothered to stop running for office.  Rutledge once said if you assume politicians are liars and thieves, you do your best forecasting. So following that logic I continue to be bullish gold as the currency these charlatans cannot debase. A debt ceiling agreement will almost certainly produce a correction in the precious metals and the CHF and JPY safe haven currencies. But it will be only a correction.  Global wealth managers are calling Bull-hit on developed country politicians. and moving  to gold. Betting on political cowardice  is traditional  and a good bet.

Obama, Pelosi, Boehner and company are fixing to lie to us all.

There is going to be a budget deficit  reducing agreement soon. The news will be greeted with great sighs of relief. much of it will be smoke and mirrors as usual. The current crop of self absorbed miscreants in Washington are going to change the way they count and call it budget discipline. Perhaps there will be some real fiscal progress, but, that is not the way to bet.
read more here:

BREAKING: Boehner Says There Is 50-50 Chance A Debt Ceiling Deal Will Be Reached In Next 48 Hours

Read more: http://www.businessinsider.com/breaking-boehner-says-there-is-50-50-chance-a-debt-ceiling-deal-will-be-reached-in-next-48-hours-2011-7#ixzz1RR339Ens

Well Done Mr. President

I am not now nor have I ever been an Obama supporter.  The President does however, get my appreciation and thanks for taking bin laden.  The man was a murderous criminal who wished murder as many Americans as he possibly could without putting himself in danger. Well done Mr. President for pursuing assiduously and bringing to justice a mass murderer.


NEVER FORGET NEVER FORGIVE

Mark Perry: Help Wanted No Real World Experience Required

Mark Perry post on the business experience of Obama's cabinet compared to past presidential cabinets. This is not very confidence inspiring if one is a fan of small government. Also explains the disdain for business in this administration.
Chart from Mark Perry:

Blodgett: Don't Be Snookered By That+3.5% GDP Report

I want to reassert that Obama officals claiming responsibility for this GDP improvement means they now own any setback from this point. This article from Henry Blodgett  illustrates the likelihood of set backs. From Clusterstock:

Good Bye America a Swiss banker's reason for pulling out.

Commentary of Wegelin & Co the Swiss Bank that is pulling out from doing business in or investing in America. The comments present a very interesting view of the rapacious effort of the Obama administration and the IRS to take your money away from you. I suggest you read because the same behavior wil be coming your way locally soon. Good Bye America saved at SCRIBD.

Davidovitz speaks truth to power. (thru Tech Talk)

"We're Going Right Back Into The Tank"

at Clusterstock


I like this guy Davidovitz

Two problems for Obama plans

Bloomberg: Firs this article

California’s Nightmare Will Kill Obamanomics: Kevin Hassett

It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results. Voters will occasionally change their allegiance from one party to the other, but the bacchanal will continue regardless of the names on the office doors.

California has engaged in an orgy of spending, but, compared with our federal government, its legislators should feel chaste. The California deficit this year is now north of $26 billion. The U.S. federal deficit will be, according to the latest numbers, almost 70 times larger.

Bleak Picture

The federal picture is so bleak because the Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form.

and this article

Glut of $4.5 Trillion Will Haunt Obama’s Dollar: William Pesek

July 6 (Bloomberg) -- It’s not a job Barack Obama signed up for, but it’s his nonetheless: Bond salesman-in-chief.

Such is the lot of a U.S. president overseeing an historic increase in debt issuance. Cartoonists are busily churning out depictions of Obama, who partly nationalized automakers, standing on a car lot hawking Detroit’s clunkers. It’s time to begin picturing Obama shilling bonds few may soon want.

These problems are not unrelated. Obama is doing many things wrong but he didn't cause this, nor did his predecessor. These problems are laid at the door of the congress who continue to behave only in their own self interest and never face up to a problem. Senators and Representatives in Washington represent the largest group of unprosecuted con men/women
in the western world. Throw the bums out!!

Tim Price nails situation in makets.

The Price of Everything

It’s not just what you know, it’s who you know. And it’s not just who you know, it’s who you pay off.

Click on the this to read it all.

Also for those people fighting the market uptrend, which is most of the professionals, "it is the stimulus stupid". As I have said again and again the huge stimluls put in by the Bush administration has been cyclcling through the system for almost 8 months and it is leakking steadily into the stock market. The stimulus has a much bigger and faster effect on the stock market than on the economy. The money has to go somewhere and some of it is going into equity investment. Some of a stimulus that large is a lot of money. Later on, 4 to 8 months from now the Obama stimulus is going to have its effect and we get a surge from that too. It is all artificial and will eventually go bad, very bad, when they initiate their huge tax increases on a tiny minority group and simultaneously try to shrink the Fed balance sheet. Better get your skates on for that one.

Here come da Fuzz, the Tax Fuzz

Bloom:berg

President Barack Obama proposed raising money to pay for his health-care overhaul by imposing $58 billion in new taxes on securities dealers, life insurance products and Americans with valuable estates.

The eight new proposals, outlined in budget documents released today, are in addition to more than $1 trillion in tax increases over the next decade the president wants to impose beginning in 2011. Those would include higher rates for top earners and restrictions on tax-avoidance techniques commonly used by U.S.-based multinational corporations.

The President has decided to turn the country into a better smelling version of France. He wants an entrenched aristocracy to have all the power and money and the rest of us can eat cake. At least now that he has got his.I wrote sometime last fall that we had just put in the low, the low in tax rates. Obama's legacy may well be that he made sure far fewer people could ascend to affluence.

Gartman: Who Pays Their Fair Share?

Thanks to Dennis Gartman of the Gartman Letter for this chart and his commentary today on who really benefitted from the Bush tax cuts and who really pays income taxes in the U.S. The statistics from the government show how unfair our system is. but it is not what you have been told by Obama and the Democratic party. They have lied and continue to lie.
from Mr. Gartman:

Further, where the taxes paid by the top 20% was a
new all time high, the taxes “paid” by the bottom 80%
were all time low percentages.
To counter the Left’s thesis that the “rich” are only
paying more income taxes because they improperly
and unwarrantedly “took” too much of the nation’s total
income, we note that the top quintile’s share of pre-tax
income did indeed rise… from 54.8% of the nation’s
total to 55.7%. This, as the math shows, is hardly some
massive leap of good fortune, but is instead an
increase of only 1.6%. During that same period, their
share of federal income taxes paid rose from 81.2% to
86.3%, or an increase of 6.3%; thus their share of
taxes paid rose 3.9 times faster than their share of the
nation’s income.

under the administration's plans this imbalance will be increased and soon more than half the people will et more from the government than they give. Remember any Obama willing to rob Peter to pay Paul can count on the vote of Paul. The formal policy of the Democtatic Party is to use taxes to enslave the wealthy for the benefit of the indigent or slacker. A policy which is the antithesis of everything that made this country great. Time to speak out, join a TEA party.

Where Is Austin Powers When We Need Him?

Gateway Pundit points out this article above The Sun.

Donald Coxe Commentary

Thanks to Preur du Plessis of Investment Postcards From Capetown:
Donald Coxe's latest recommendations at the link plus a link to read his latest Basic Points issue.

Highly recommended so click on through.

Liberal Media Censorship In Action

I was sent this message about video that was suppressed by threat of law suit by Time Warner at the behest of liberal media supporters of the Democrat party and supporters of the Obama campaign:

Object: The video clip that was not allowed in the USA - Pass this on to everyone.

This video shows that George Bush tried to warn Congress starting in 2001 that this economic crisis was coming, if something was not done. But congress refused to listen, along with Barney Frank. This video says it all.

The liberal AMERICAN media did not want this video on You Tube, so they had Time Warner threaten a law suit (proprietary rights) if it was not taken off.

This link is of the same video but is routed through Canada . Everyone in America needs to see this!

video

the video is linked through Canada because it has been blocked for the US by the very people should be the gaurdians of free speech.

From Iowahawk: Hey Barack

Watch the video at Iowahawk. very funny.

An open Letter To Obama

Lionel Chetwynd writes an open letter to Obama. He begins like this:

Dear Senator Obama:

I have now read and reread your speech, understanding you take this to be a “teaching moment,” I have applied myself to its lessons. But some questions have arisen and I need a little more clarification.

You tell me Reverend Jeremiah Wright’s horrendous remarks will take on a different meaning if I will but contextualize them and understand he has seen terrible things in his time, a burden shared by all African-Americans. A fair proposition; from Kant to Auden and beyond we learn we define by comparison and only by internalizing can we grasp true meaning. So I have done precisely that: looked inside myself to understand how hatred might need to be contextualized.

I urge you to read the entire letter.
I would remind Senator Obama that understandable is not a synonym for acceptable.