Many of you must have noticed that the conservative party won a landslide victory in Spain a couple of weeks ago, which was totally unexpected. While I was on vacation, the week of April 18th, I read on the ship that the Liberal Party in Canada was supposed to win in a landslide; the Conservative Party was projected to be a distant third. Well, in fact, the Conservative Party won in a landslide, and the Liberal Party was a distant third. The conservatives are winning in more and more unexpected places and the liberals are losing. And further, Italy, over the weekend, in local elections is reversing course as well.
Socialism has failed in every country in the world (now, I can say that because socialism has failed in the United States as well), but the Socialists just don’t get it. For every failure the Socialists have excuses. “It is not out fault,” they say. But of course for most of the first two years of President Obama’s administration, the Democrats had total and complete control over both the House and the Senate, yet the situation got worse and worse. That’s because socialism fails every time, no exceptions.
Socialism hasn’t failed you say. Alright, where has socialism succeeded? Cuba, Venezuela, Russia, Europe? Try and find some place that socialism has succeeded. It won’t happen. Eastern Europe was falling into the abyss (from socialism and communism) until free market capitalism was launched and then their economies improved. China has embraced capitalism and China is the new powerhouse. Cuba is even embracing capitalism. Capitalism is the only system that works. Period.
Last Tuesday, the Democrats won a special election for a Congressional seat in New York, that historically was considered a Republican seat. The media stated that the reason was due to the Republican Medicare position as espoused by Rep. Ryan. Apparently, the Republicans believed this to be the case because on Wednesday the Republicans were defending their position. As usual, arnold is confused. The Obama health care legislation has passed, and as I write this it is still law. That means that Obamacare is not a position, but law. In the Obama health care legislation there are two really big issues affecting seniors: first a “guarantee” to cut Medicare spending by $50 billion a year for ten years. That means no increase from 2010 forward (even though the numbers will swell from baby boomers) and a net decrease of $50 billion a year. And second a panel of 15 appointed persons to approve all medical expenditures. If seniors (and the rest of the population) understood the law, I do not think that they would like it, but then what does arnold know? Please don’t answer the question.
This week, President Obama is scheduled to meet with various Congressional leaders to sell his new budget. Apparently, Vice President Biden states that the new budget will call for a whopping $1 trillion is savings over 10 years. It is unlikely that this will be $100 billion per year, but let us say that this is the proposal. The projected deficit is between $1 trillion and $1.5 trillion per year. Spending is close to $4 trillion per year; so the savings would be less than 3% per year. That is ridiculous. If we responsibly work at savings, we should be able to save many many times that amount. Yet neither the Republicans nor the Democrats appear to be serious about balancing the budget anytime soon (like in my great great great great great great grandchild’s lifetime).
The DJIA looks lower short term, followed by a further rise.
Gold should rise to maybe $1600 or maybe $1700 the ounce before a significant correction.
Oil looks higher for the time being.
The dollar has strengthened and looks much higher.
Interest rates have been drifting lower.
Real estate continues to fall.
The economy looks much weaker.
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