Thursday, October 28, 2010

A few reasons to oppose Obama and the Dems

These are the final paragraphs of Hanson's column "The Great Divider":

A vast new health care monstrosity that will send private insurance rates through the ceiling. The Machiavellian way in which it was slammed through. Failed stimulus. Wasteful pork-barrel spending of hundreds of billions in borrowed money. Persistent near 10% unemployment. Three trillion dollars in new debt in just two years. Record levels of federal spending. The vast increase in the size of government and its share of GDP. Eight years of projected $1 trillion annual budget deficits. Record high foreclosures. Record high usage of food stamps. The Keynesian zeal of Romer/Summers/Orzag followed by their sudden resignations in the wake of failure. Constant talk of higher taxes on “them”— the promised new health care surcharge taxes, the promised return to the Clinton income tax rates, talk of a VAT, talk of lifting the caps on income subject to FICA taxes, new capital gains taxes, new inheritance taxes on the horizon.

The use of extra-cabinet czars to avoid confirmation and audit. The neglect of the law, from reversing the order of Chrysler creditors to announcing a BP $20 billion shakedown and punishments for health insurers who don’t toe the line. The ascendance of ACORN and SEIU. The months-long shutdown of Gulf drilling. The failure to encourage coal, nuclear, and oil and gas new production. The Black Panther voting intimidation mess. The bowing abroad. The apologies. The outreach to enemies, and the snubbing of allies. The unnecessary humiliation of Great Britain and Israel. The Iran serial “deadline” charade. The unnecessary announcement of Afghan troop withdrawal deadlines. “Overseas contingency operations” and “man-made disasters.” The proposed civilian trial of KSM. The Ground Zero mosque mess. The beer summit mess. NASA’s new main mission of Muslim outreach. Stopping the border fence. Suing Arizona and demonizing the state. The apologies to the Chinese over the Arizona law, which was trashed from the White House lawn by the president of Mexico, and sued by foreign governments to the apparent approval of the administration.

The constant “Bush did it” refrain. The gratuitous slurs against limb-lopping doctors. The thrashing of the “rich” going to the Super Bowl and Las Vegas. The artificial divide of them/us based on $250,000 of annual income. The racial divisiveness from a sad cast of characters that gave us “cowards,” “stupidly,” “wise Latina,” and whites polluting the ghetto. Unhinged appointees like Van Jones and Anita Dunn. The occasional unguarded admissions like “never waste a crisis” and “at some point I do think you’ve made enough money.” The wacky behavior from the whining of “like a dog” to the sudden junketing to Copenhagen to lobbying for the Chicago Olympics. The Orwellian cheap damning of the Bush anti-terrorism protocols only to accept or expand tribunals, renditions, Guantanamo, Predators, Iraq, and intercepts and wiretaps. The golf obsession and Costa del Sol while trashing the indulgent rich.

And that's not even a complete list. These last two years under Obama (not to mention four years under the Democrat-controlled Congress) have been disastrous.

Tuesday, October 26, 2010

Call Me Senator

Sunday, October 24, 2010

Up

The stock market has been climbing for two months now, with the S&P 500 index forming a rising channel pattern.


There are reasons to hope for further gains: stock market sentiment has not yet reached optimistic levels, and there have been several occasions in the last century where long-term market rallies began in or near October of a mid-term election year.

On the negative side, price patters like the one the market is in now are typically violated by a price downturn, which could happen at any time. And of course the dividend yield of the S&P 500 - now down to 1.95% - is just getting worse as the index climbs.

Friday, October 22, 2010

Hanson body-slams NPR

It's hard to choose highlights from a column in which every sentence is gold, but I'll give it a try:

NPR is in some part either publicly funded or relies on a public brand to earn cash. Its charter is to promote the free exchange of ideas. That did not happen.

...

Note how the NPR CEO Vivian Schiller herself slanders Williams by suggesting that he talk with “his psychiatrist”—and a subsequent brief apology cleans up her mess.

...

Supposedly intolerant hard-driving Fox News has no problem with liberal Williams working for NPR; supposedly soft-spoken, inclusive NPR has a lot of problems with Williams working for Fox.

...

Note how CAIR, the Islamic advocacy group, pressures NPR on Williams’s remarks, but gives a lifetime career achievement award to the anti-Semite Helen Thomas, who calls for the destruction of Israel...

...

Notice that ideologue and partisan George Soros just offered NPR nearly $2 million to hire 100 reporters—and NPR accepted the gift. Would it have accepted money from, say, a more soft-spoken. but conservative philanthropist such as Charles Koch who might target where NPR needed “help”? And, if it is a publicly-funded agency, why do zillionaires have the right to donate and determine hiring for their pet causes? Maybe Bill Gates can offer to hire some IRS auditors, or Warren Buffet can fund a new branch of the SEC?

Read the whole thing here.

Thursday, October 21, 2010

NPR = Nothing but Propoganda Radio

How biased is National Public Radio? Juan Williams, a mouthpiece for the Left on Fox News, is too far to the Right for NPR's tastes. That's right: Juan Williams has just been fired by NPR.

Sit back and contemplate that for a moment.

Tuesday, October 12, 2010

So much for the "short term top"

The S&P 500 index has officially broken through the multi-month rising upper trend line.

It's now maneuvering in a narrow rising channel, which is usually broken by a decline through the bottom rather than an acceleration through the top. However, sentiment has actually been falling for the past week or so while the market has been rising, which means this rally could continue for a while.

On the fundamental side, the dividend yield of the S&P is now back below 2%, which only proves that the stock market today is a giant casino and not a real investment vehicle. Recall that the yield of the S&P 500 has spent many years above 5%, and has even touched 10% for brief periods; those yields correspond today to S&P 500 index levels of 468 and 234, respectively. For those who only speak "Dow," those high yield marks correspond to Dow 4400 and 2200, respectively.

Monday, October 11, 2010

Party does not always equal Ideology

Here's an ad by a Tea-Party wacko ... oh wait, this is the Democratic nominee for the Senate seat of West Virginia:



Judging by his ad, this guy is more of a Conservative than most Republicans in the Northeast or West Coast. It turns out that his Republican opponent is still ahead by about 5% - too bad he can't run and win in a place like New York or California.

Thursday, October 07, 2010

Why we're not Ottomans (or Muslims)

Today is the anniversary of the Battle of Lepanto, a decisive naval engagement in 1571 between the main fleet of the Ottoman Empire and an allied fleet composed of ships from Spain, Venice, and other European states. The allied fleet lost only 17 ships in the battle, while the Ottomans lost nearly 200 galleys, 20,000 soldiers and sailors, and 10,000 liberated oar-pulling galley slaves.

Just as the Battles of Britain and Midway proved that Nazi Germany and Imperial Japan weren't invincible in 1940 and 1942, respectively, the lopsided outcome of the Battle of Lepanto was a stunning reversal for the superpower of that time, and marked the beginning of the end of the westward expansion of the Ottoman Empire in the Mediterranean Sea and southern Europe.

Tuesday, October 05, 2010

Evil or stupid? Socialism is both.

This is Andrew Cuomo(D), then Secretary of Housing and Urban Development, bragging about forcing banks to loan money to poor people in 1998:
"They would not have qualified [for the loans] but for this affirmative action by the bank, which will be a higher risk. I'm sure there will be a higher default rate on those mortgages."



Another case of Government doing more harm than good.

Monday, October 04, 2010

Looks like a short-term top

The S&P 500 index has been lingering around the rising upper trend line for a couple of weeks now without making a decisive breakout.

In the meantime, price sentiment has become moderately positive, which is a short-term bearish signal. If I had to wager I'd say the trend line will keep holding and that prices will head lower. I'm not going to bet my money on that, however, because I want to see a long-term bearish signal in the charts before investing in a bear mutual fund.