Arnold has such a headache! Yesterday, Arnold foolishly watched CNBC (as usual) at about 8:00AM to see how the markets were going to open. Instead of market news and commentary, yesterday there was a debate between Congressman Ryan (R) of Wisconsin (the architect of the Republican budget) and Jared Bernstein, formerly Vice President Biden’s chief economist adviser (do Vice Presidents really have their own economic advisers?). Oy veh! Rep. Ryan basically took the Republican position, and Bernstein took the progressive position. It was, well, it was… Arnold still has such a headache. I think it is best described as the defense at the Casey Anthony trial (in Orlando). Confuse the listeners. Arnold understands most economic concepts and after this “debate”, Arnold was incoherent for most of the day yesterday.
There are some extremely important issues going through the courts. The key one is whether the NLRB (the National Labor Relations Board) can dictate where corporations open new locations. This regards Boeing building a billion dollar facility in South Carolina, rather than building it in Washington State. It seems that this 3000 jobs are not in Washington, but in South Carolina, which is a right to work state. Boeing has added over one thousand jobs in Washington. It seems that the NLRB can dictate where jobs are in the US (if the courts agree with them), but can not stop jobs from moving off shore.
• The DJIA looks higher after still a possible correction.
• Gold looks higher to new all time highs.
• Interest rates are still in a trading range.
• The dollar is also in a trading range for now.
• Oil looks as though it is bottoming.
• Real estate looks much lower.
• The economy looks weaker.
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