Obama's Stock Market Weakness

The Dow fell 391 points today while the S&P 500 fell 37 points, 3%, to 1129.  The immediate reason was that yesterday the Fed announced a lukewarm as opposed to a hot easing whereby it is exchanging long term for short term securities.  Take this into account: Federal Reserve Bank Credit has increased over 300% in the past three years. That's the largest money supply increase in American history except when the Continental Congress destroyed the Continental, America's first currency, back in Revolutionary War days.  Given the massive easing, including QE2 earlier this year, one would think that Wall Street would be satisfied. But it isn't.  Dollar inflation isn't enough, and when the Fed announced a lukewarm response to the implosion of European socialism, the American markets crashed.  I've lost a chunk of change because I wasn't expecting QE2 to have had such a weak effect. Plus gold, following a record high within the past few weeks, is in a correction or consolidation mode.  But the strengthening dollar due to the Fed's relative conservatism means that cash has gone up in value, which reduces the losses in riskier assets.

The Obama administration deserves responsibility for recent stock market weakness.  The massive quantitative easing should have had more of an effect on the markets.  It still might. What's holding it back is that the left-wing Obama Democrats have sledge hammered America's economy--the health care bill, environmental regulation, and proposed tax increases frighten investors.  Perhaps Obama and Congressman Maurice Hinchey believe that subsidies to corrupt "green" businesses that quickly fail will somehow stimulate the economy.  Such are Democrats' and America's economics profession's superstitions.  Throwing away money will not stimulate the economy.  We are in for a generation of economic decline because of Obama, Bush and The New York Times.

Robin Yess to Ulster County Legislature: Why No Action on Golden Hill?

TO: Ulster County Legislators

Good evening. Sorry to say – it’s me again.

While I am aware that many of you were not members of the Legislature when the attached report was presented, a fair share of you were. Whether you were or you weren’t, I suggest that you read the attached report and meeting minutes.

In the spring of 2007, Chairman of the Legislature Dave Donaldson authorized the formation of the Blue Ribbon Health Care Services Advisory Panel to address the issues surrounding Golden Hill Health Care Center, a county-run nursing home.  A group of volunteer citizens including Steve Kelley, Anthony Marmo, Francoise Dunefsky, and Peter Roberts spent more than a year researching the solutions for Golden Hill Health Care Center and submitted a written report in July 2008 and formally presented it to the Health Services committee in September 2008. Their findings after more than a year of work suggested first that “The Committee recommends transfer of the 280 nursing home beds at Golden Hill from County ownership to private ownership.”

Also in the Executive Summary of the report dated July 2008 – “Timely consideration by the Legislature will ensure an orderly transition from an outdated facility in need of major costly repair and requiring annual taxpayer subsidies, to new state of the art facilities with the same total bed component, providing better geographic access, without additional cost to taxpayers.”

So I must ask what did the Democrat-controlled Legislature do with this report that took a year of meetings and volunteer time to pull together? Could it be that because the report recommended privatization that Chairman Donaldson and Health Services Committee Chair Rob Parete decided the best course of action is no action at all because too many union jobs exist at Golden Hill? From July 2008 when the report was released until the end of the Legislative session in December of 2009 no action at all was taken.

So now here we are more than three years after this report was submitted and more than four years after the Committee first met and we are no further ahead. You have made no decisions, made no plan for repairs, and made no plan for reducing the taxpayer subsidy.

I would like to ask every Legislator who was serving during the 2008/2009 term and who continues to serve today and all current Legislators  – what do you intend to do to address the problems outlined in this report and the subsequent report from November 2010 titled the Ulster County Golden Hill Special Task Force Report?

What are you going to do now besides vote on a nonsense resolution (#197) that makes only a statement about keeping Golden Hill, but does nothing to address any of the problems?

Read the reports and please, make some decisions that result in taking action!

Robin Vaccai Yess, CFP

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Team Watch 22 Exposes Congressman Hinchey's Extremism

TeamWatch NY 22   has produced this video (h/t Mike Marnell).  TeamWatch NY describes its mission:

We believe one  reason the recent protest movement may not have been as effective as it possibly could have been is that most citizens engaged the process of political  activism as disgruntled Americans.  Many elected officials were more unsettled by the presence of  angry constituents than willing to listen to their many concerns.  With disdain  congressman and senators asked, “Where have you been until now?”

Congressman Hinchey "serves" the 22nd Congressional District in New York.  TeamWatch 22 is a group of fine citizens who have done their homework and taken the time to confront a congressman whose fringe positions have become an embarrassment to his district.

I doubt that Representative Hinchey will respond to TeamWatch NY 22's call for a town meeting.  Simply put, Hinchey lacks the character.  As well, it would be an acid test as to whether he is deteriorating mentally, and he likely does not want to take that test. 

Sharia Law in America

H/t Sharad Karkhanis and The Silent Majority.

H/t Sharad Karkhanis.