Capitalism Lives Here -The markets skidded deep into negative territory Wednesday amid worries about the fiscal cliff and rising tensions in the Middle East. The Nasdaq ended the day in correction territory, while the Dow closed at the lowest level since June. Today´s Markets -According to preliminary calculations, the Dow Jones Industrial Average fell 185 points, or 1.5%, to 12571, the S&P 500 dropped 19 points, or 1.4%, to 1356 and the Nasdaq Composite slumped 37.1 points, or 1.3%, to 2847.
This was predictable. The second Obama administration will be bad, very bad for business. No one will put money at risk unless they have insider information. Big business likes big government because of lobbying, cronyism, bribery, regulatory capture and all of the other advantages accruing from a mammoth bureaucracy that is fundamentally dim-witted(otherwise they would be lobbyists or working in private business) and -shall we say- easily influenced in various ways. Not so big business suffers and in some cases goes out of business, which is not bad for really big business. The bigger the business and the banks, the better they get along with -collude and conspire also work here- with big government.
It is all based upon an erroneous understanding of the way things work, so the happy days cannot last for long. But by far the biggest challenge facing Obama in his second term will be the war(s) his naive foreign policy has made inevitable. Like grandiose Democrat social reformers before him, he will soon have his hands full with international problems, including a serious escalation of violence and quite possibly a full scale war. He has given green light after green light to aggressors, who now believe they have nothing to fear and nothing to lose by ramping up their attacks. This, of course, is a mistake. But it is going to cost a lot of lives before it is done.
The huge post-election stock market drop is particularly worrisome since it´s been occurring despite the fact that 26 of the 30 Dow stocks pay a higher dividend than the 1.58% return on 10-year U.S. Treasury bonds.
In fact, fourteen of the Dow stocks pay at least DOUBLE the rate of U.S. Treasuries. Even AT&T´s stock, paying a 5.33% dividend, is being dumped as if it´s become radioactive. And AT&T and the other falling Dow components did not just elect socialist CEOs and are not getting ready to go over cliffs. Something is seriously wrong.
We need to demand a recount and sieze all Vote countings machines as they were rigged. If we let this stand we won´t have a Country in four years Look how he is threating Mc cain and other Senators as they announce that they intend to block Susan Rice´s appointment.
Must be concerns about Greek debt again that drove the market down. Has to be. Can´t be the crushing American debt. Nor worries about obamacare or projected increase in capital gains and other taxes. Ya, Greek debt sounds like a good narrative for zippy. Let´s go with that.
CHICAGO-- Chicago will soon host a sculpture that’s both inspired and angered viewers around the world, reports CBS Chicago. CBS affiliate station WBBM Newsradio’s John Cody reports “Homeless Jesus” will be installed Friday outside the Chicago offices of Catholic Charities. Canadian sculptor Tim Schmalz said Pope Francis has blessed the statue, but two cathedrals have rejected his bronze image of Jesus on a park bench. “Imagine a life-sized figure totally wrapped up in a blanket, or a sleeping bag, with the only thing visible the feet of the figure,” he said. “If you look in the feet, you actually see
Alabama kicker Cade Foster has received a lot of hate since missing three field goal attempts in his team’s stunning loss to Auburn, but he has at least one fan: former President George W. Bush. The 43rd president reportedly sent Foster a personalized letter encouraging him to press on through life’s challenges. “Dear Cade (#43), life has its setbacks. I know! However, you will be a stronger human with time. I wish you all the best. Sincerely, another 43, George Bush,” the letter reads. Foster posted a picture of the letter to his Twitter account Wednesday. Foster was inundated with
The Hollywood Reporter gathered some of the biggest names in the entertainment industry Wednesday morning at the Beverly Hills Hotel for the 22nd annual Women in Entertainment breakfast to honor the Power 100 and present Oprah Winfrey with a leadership award named for former Paramount and 20th Century Fox exec Sherry Lansing. Lansing took the stage at the packed event, sponsored by Lifetime, Gucci, Samsung Galaxy, Audi, Roberto Coin, Guggenheim, City National Bank, the Gersh Agency, Loyola Marymount University and the Entertainment Industry Foundation, to speak about Winfrey, whom she called one of her personal idols. "You conduct your life in
President Barack Obama reportedly plans to nominate Stanley Fischer to be the next vice chairman of the Federal Reserve. The former Bank of Israel Chief would take over for Janet Yellen when she leaves the post to become Fed chairwoman. Fischer, a dual-citizen of the U.S. and Israel, served as the head of Israel’s central bank for eight-years before stepping down on June 30 of this year. Later this summer, the economist sung the Fed’s praises on the Charlie Rose Show. “The United States managed — although it is hard for Americans to believe — managed the crisis better than
Walking out of a private conference room beneath the Capitol Building on Tuesday, Republican House members looked tired. Not the typical "I-had-a-bad-night’s-sleep" tired but something deeper — a look of battle exhaustion. Unlike past meetings in the same place during periods of fever-pitched warfare with Democrats, it appeared — for the first time in a long time — the fire in their bellies that drove them to shut down the government and risk federal default, was, for now, no longer evident. These Republicans had just been briefed on a new, bipartisan budget blueprint that would establish long-term federal government spending
MIAMI- George Zimmerman will not face domestic violence charges because his girlfriend did not wish to pursue the case and there was scant evidence of a crime, a state prosecutor said Wednesday. Samantha Scheibe´s decision not to cooperate and the lack of other corroborating evidence would have made the case difficult to prove, State Attorney Phil Archer in Seminole County said in a statement. "There is no reasonable likelihood of a successful prosecution," Archer said. Zimmerman, 30, had faced charges of aggravated assault, battery and criminal mischief following a Nov. 18 confrontation at the central Florida house he shared with
In a contentious exchange with Health and Human Services Secretary Kathleen Sebelius over her repeated claims that mandated health services do not raise costs for consumers in the form of higher insurance premiums, Rep. John Shimkus (R-Ill.) waved his hand in apparent surrender and said to her, “It’s like talking to the Republic of Korea or something.” Shimkus apparently was referring to North Korea, the Democratic People’s Republic of Korea, where the Communist rulers there spout pro-government propaganda that is then glowingly reported by state-run media.(Video)
When I was a kid, I knew two different Santa Clauses. The first had a fat belly, rosy cheeks, a long white beard, and skin as pink as bubble gum. He was omnipresent, visiting my pre-school and the local mall, visible in all of my favorite Christmas specials. Then there was the Santa in my family’s household, in the form of ornaments, cards, and holiday figurines. A near-carbon copy of the first one—big belly, rosy cheeks, long white beard: check, check, check. But his skin was as dark as mine. Seeing two different Santas was bewildering. Eventually I asked my father what
US President Barack Obama may have moved the masses attending Nelson Mandela’s memorial service with his stirring eulogy, but it was his grinning "selfie" with the Danish and British premiers that set social networks abuzz. In a candid moment captured by a photographer, Denmark’s Prime Minister Helle Thorning-Schmidt can be seen holding up her smartphone, with Obama lending a helping hand, as they pose for a picture with David Cameron, all three of them smiling broadly in their seats at Soweto’s World Cup stadium.(Snip)Mashable, the news and technology website, ran the photograph under the headline: ‘‘Dear Obama: Funerals are no place
Johannesburg - A man who provided sign language interpretation on stage for Nelson Mandela´s memorial service, attended by scores of heads of state, was a "fake," the national director of the Deaf Federation of South Africa said on Tuesday. Asked about the claim by The Associated Press, South Africa´s government said it was preparing a statement. Three sign language experts said the man was not signing in South African or American sign languages. South African sign language covers all of the country´s 11 official languages, according to the federation. It wasn´t immediately clear if the unidentified man was using a
On his way to the podium at the memorial ceremony for former South African president Nelson Mandela, President Obama walked down the line of dignitaries, greeting other leaders there to pay their respects. Among the hands shaken: that of Cuban leader Raul Castro. Obama neither made a special effort to shake Castro’s hand nor to avoid him. A snub might have been awkward: In his speech, Obama praised Mandela’s “greatest gift” as “his recognition that we are all bound together in ways that can be invisible to the eye; that there is a oneness to humanity; that we achieve ourselves by
House Speaker John Boehner (R-Ohio) snapped at conservative groups that have come out in opposition to the budget deal reached Wednesday between Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.). "They´re using the American people for their own purposes. This is ridiculous," Boehner said at a press conference with other members of House Republican leadership on Wednesday. Over the past few days, a number of conservative groups have blasted the deal because it sets discretionary spending levels in the budget higher than previous levels under sequestration. In the past three days, the influential Heritage Action, Club for Growth, Americans
The Obama State Department has finally released a second round of photos revealing the harrowing devastation wrought by a terrorist attack on the U.S. Consulate in Benghazi on Sept. 11, 2012. The new photographs depict rampant damage to the consulate. They show charred walls, smoldering fires, Arabic graffiti defacing exterior walls, and scattered debris throughout. The extent of the damage would lead any reasonably serious person to conclude that this was a cold, calculated attack, carefully coordinated to mark the 11th anniversary of Sept. 11, 2001. Unfortunately for the American people, the Obama-Clinton-Rice cabal that led to the Benghazi cover-up was
A black fashion student says he was brutally attacked by a gang of Hasidic men who shouted anti-gay slurs at him while he was walking through Williamsburg after a night of partying, the Daily News has learned. Taj Patterson, 22, was headed home to Fort Greene around 4:30 a.m. on Dec. 1 when he says more than a dozen ultra-Orthodox Jewish men began assaulting him on Flushing Ave. and yelling, “Stay down, f----t!”