Markets Today- July 21, 2010- Obama's Financial Regulation, and then there was BEN.

[ 0 ] July 21, 2010 |

The markets today were actually acting well after Obama finally stopped speaking, even going positive on the day. It was an amazing sight to see Obama, Dodd, and Frank there for the signing of the Obama Financial Reform Bill. These are the people who LOOTED America to the tune of $3.7 Trillion and here they are there proudly standing there smiling and taking credit. Now they have the power to continue with this alledged Reform Bill. Who can stop them? There is no accountability anymore. The lunatics now run the asylum. The joke is on US people. That’s why they were laughing- all the way to the bank.

Even after all that this morning, again, when Obama shut his mouth, the market and stocks still looked good. So what happened to create a sell off?. AND THEN THERE WAS BEN! Thats right, Obama’s Fed Chairman caused it all. I was emailing with Fred Lange today and he gave me the OK to post some of his comments on “Barak Bernake”, or ” Ben Obama” here in the post. They explain all. So here you have it:

” Bernanke is the myopic Fed chief that failed to recognize the sub prime crisis in mid 2007 and said that the housing crisis would shortly grind to a halt missing all of the deteriorating signs. Bernanke finally panicked in Feb 2009.”

” Bernanke is proving that he does not have a clue what the economy needs. The speech is a disgrace and proves that his fiscal and monetary policy has not worked to any degree..”
I am sure he could go on for quite a while on BEN. The bottom line is he really is not that smart, nor that good. And you don’t want to get Warren Mosler going on the FED and how the Monetary System works. He has such simple solutions that are so easy to understand, yet these DC morons do not get it. Warren did email me today that the sell off was probably traders who sold the news of the BEN OBAMA show because they expected more from the FED.

I still think what I have recently, higher days are coming soon.

On a real funny note, I was listening to Rush today and he coined the phrase OBAMUNISM. I love it. So I guess then Anyone following Obama is an OBAMUNIST. Even funnier.

Apple, RIMM, Qualcomm, and the S and P 500 plus the Nasdaq futures.

Dinner tonight at Elios, upper east side. Amazing Italian.

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Category: Economics, Markets and Trading, Politics