You won't notice it until his second term, but once Wall Street is finished making Barrack Obama look like the savior of the U.S. economy, the crazy, kooky, an utterly insane liberal agenda will fly across North America.
I stand by my original opinion that the big liberal money that put Obama in office will make sure he looks like a hero after his first term. And once the economy rebounds, and Americans feel richer with their 401k's and stock accounts, Obama will look like a hero, and be re-elected for a second term.
In reality, the ingenuity of American business, and the spending habits of consumers would make this happen anyway, but, Mr. Obama will be set up to take all the credit.
Market Re-Cap
After reporting a $4 billion profit for the first quarter, the stock market plunged more than 3% yesterday after Bank of America (BAC) said more borrowers are falling behind on payments.
DJIA: 7,841.73, down 289.60
S&P 500: 832.39, down 37.21
Nasdaq Composite: 1,608.20, down 64.90
The bottom-line here is simple. When you offer certain consumers sucker loans (interest only, ARM's), and issue credit to those who don't qualify, what do you think the eventual outcome will be? Sure, there will be more losses to come, but the majority of the loans issued to consumers are in good standing, and are being paid in a timely manner.
All in all, yesterday's bank news was good, but Wall Street took a negative and used it as an excuse to take profits.
Despite the negative tone, the price of oil fell by more than $4 per barrel, and Oracle agreed to buy Sun Microsystems for $9.50 per share.
The day's only economic report was disappointing as the nations leading economic indicators fell 0.3% in March.
Monday's sell-off came on the heels of last weeks option expiration rally. We will know soon enough whether yesterday's decline was a pause to refresh, or the beginning of a more significant decline.
With the power held by the big banks, I found an interesting statement in each of their earnings reports. In each case (Wells Fargo, CitiGroup, Bank of America, Goldman Sachs, JP Morgan) every earnings report said that a portion of their profits came from "trading gains". Oh, Yeah? What were they trading?
Did they buy stocks at the March 6th lows, and sell them into their earnings reports? Exactly, what did they trade and make money on? Were these banks/ investment banks trading against clients like you (not I- I don't do business with these people).
The Rest of the Story
There are a lot of things I see and hear on the news that irritate me. I often feel that this is what the media wants to do ( irritate you and I), but this one really pisses me off.
The Miss USA pageant took place the other day, and Miss California, Carrie Prejean apparently lost because a gay judge asked her for her opinion on gay marriage. She said, "she doesn't believe in gay marriage, and believes marriage should be between a man and a woman".
Whether you agree with her is not the issue. She has a right to her opinion, and it should be respected. This is America after all, and unless we turned into some communist/ oppressive nation, we should all have the right to our opinion.
The gay judge however said that "Miss California lost because she is a dumb bitch."
On top of all this, Keith Lewis, who runs the Miss California competition, tells FOXNews.com that he was "saddened" by Prejean's statement. Lewis went on to say, "As co-director of the Miss California USA, I am personally saddened and hurt that Miss California believes marriage rights belong only to a man and a woman."
OK, I've had enough. I don't mind others having an opinion, and I don't even mind the media spoon feeding me something I don't believe in. But, when the spoon begins to turn into a shovel, I get mad.
I don't know if the gay lifestyle is biologically correct or not. What I do know is this. It is not normal, it is not mainstream, for a man to stick his reproductive organ into the rectum of another man. I could care less what these people do in private, but I don't want someone else forcing me or my kids to believe that it is.
Is that clear enough?
