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Arnold’s Ramblings 9-14-2011

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The 10th anniversary of 9/11 was an important consideration, but while flipping channels, MSNBC in its great wisdom denounced anyone who even considered any Muslim responsible as an Islamophobe. This apparently is the worst crime known to mankind (or at least that is the impression I received from watching MSNBC). Now, I don’t want to be disrespectful, but murder (of 3,000 people or even one), rape, armed robbery, racism, anti-Semitism, etc., are seemingly worse “crimes” than stating the fact that the World Trade Centers were attacked by Muslim extremists. Those extremists even acknowledged their responsibility. And so far, nearly every terrorist attack or foiled terrorist attack on American soil has been orchestrated by Muslim extremists(well, no, except for the Oklahoma City bombing). These are irrefutable facts that the progressives refuse to accept. But what do I know?

The American jobs program was interesting in many ways. The most interesting aspect to me was the proposal that the super committee on the budget add another $445 billion to its plan. Would it not be easier for Congress to pass spending cuts, and shouldn’t those cuts take effect at the same time as the spending would take place, rather than have cuts on proposed increases 10 years out? While I do not agree with most of the jobs plan, if President Obama proposed real spending cuts — all of which would take effect in 2011 and 2012 — my guess is that the plan would pass in Congress relatively easily. Without the spending cuts, we are looking at $2 trillion or more in deficits for fiscal years 2012 and 2013. President Obama rightly attacked President Bush’s deficits, which never exceeded $500 billion in a year, yet President Obama wants to be the first president to exceed $2 trillion in a year. And that is alright? President Obama correctly opposed the increase in the debt limit, describing it as bad fiscal management, which it is. Why is his fiscal management any better? Then President Obama proposed tax increases for 96 percent of the $445 billion in spending. The problem is that the tax increases will be collected over 10 years, while the spending is over one year or so. Again, President Obama needs to match the spending with income offset.

 

? The DJIA looks lower due to all of the European chaos.

? Gold looks to be topping somewhere in this area at or near $2,000 an ounce.

? Oil has been flirting with $90 a barrel. If we exceed $90 a barrel, then we are probably heading for at least $100.

? Interest rates continue to be ridiculously low, but at some point, that should change.

? The dollar has started to rise, and it looks as though the dollar will continue to rise.

? Real estate pricing is still lower in most every market.

? The economy continues to look weak, but could show some strength during the fourth quarter.
 

Arnold
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