It's been kind of a boring week. There just wasn't that much going on in the world. Until today. Today we got the non farm payroll unemployment report which was a huge miss at zero. Of course it will be reduced to a net loss next week.
This in turn has caused gold to rally 50 bucks because now it appears QE3 is imminent. President Obama who had originally scheduled another hackle raising "win the future" speech to conflict with that of the GOP debate- has agreed to reschedule his speech a day later on Thursday of next week.
Of course, it will be more hollow rhetoric. With some half baked plan that is not designed to do anything but get him re-elected. There is a limited amount of bullshit that John Q. Public is willing to put up with- and Obama is about to find that threshold if he hasn't crossed it already.
Of all the weird things that have happened recently- the one that has left me scratching my head is that the Federal Government has finally decided this week- to sue banks for fraudulent and bad mortgages? The timing of this shows you the absolute desperation of our government. http://www.upi.com/Business_News/2011/09/02/Government-prepares-to-sue-banks-over-mortgages/UPI-31961314974152/?spt=hs&or=bn
The government has had three years to go after banks. Why now?
Three reasons. First and foremost- banks installed our President with massive connections and campaign contributions. Obama's administration has been absolutely complicit in that cover up.
It is re-election time. Sorry bankers, it's every dog for themselves-
Two. The fraud that banks engaged in is so "in your face and wide spread" that only a complete idiot could ignore it and the downstream effects. One of the downstream effects has been stealing QE2 money, giving yourself big bonuses, no lending, and thus- no jobs. We all know that Obama's crappy policies are partially to blame for our bleak jobs picture- but he doesn't see it that way. He is a statist and he is smarter than you. You must understand. It is everyone else's fault.
Three. The government needs money and lots of it. It's a helluva lot easier to try and extort it from big banks than try to wring a few drops out of unemployed taxpayers. Bear in mind that finally using the law to extort some money from the banks is really a very bad idea. In fact, it is downright desperate. Installing the rule of law and restorative justice was something Obama could have done 3 years ago. Any half ass attempt at that now is too late. Oh how I laughed when I read this article at "naked capitalism." The greatest thief of my lifetime, the father of Countrywide and Indymac, Angelo Mozilo, is still free and walking rare earth. I loved this piece. http://www.nakedcapitalism.com/2011/09/dumb-things-bloggers-say.html A stark reminder of just how complicit and crooked the U.S. government can become when emboldened by a President who thinks he can do whatever he pleases. Like ignoring the law. Obama will not escape his fate. He alone is responsible- and he alone will blame everyone else.
Trust Frankendamus. Obama is unbelievably predictable. One last odd, observation of mine. I have watched this dude for three years- closely. I have not seen any signs of personal growth in this man. Most people grow and mature over time. Even over a short period like 3 years. Not this guy. Obama is the same guy that took office in 2008. I don't think he has learned a thing. He is still self centered, self absorbed, and really pretty stupid. He lacks any capacity when it comes to self scrutiny. He dismisses his detractors. It never occurs to him that they might be right. That level of bull headed-ness points to the real intelligence of Obama. When a guy already thinks he is the smartest guy around- what capacity does he have for learning? Ultimately, I see Obama descending in polls. Because he is just too stupid to understand what other people think of him. Too stupid to take responsibility. That is a fatal flaw.
Well, it's Labor Day. The end of summer. Soon, my favorite time of the year will be here. BSU is at Atlanta to exact some long over due revenge- on the Georgia Bulldogs tomorrow. Have a fun and safe weekend.