Deflecting the public’s attention – Bainers, Felons – LIBOR

By Scott Winchell – More of your ‘fundamental change’ hit the markets again today. Yet, what is the topic on the campaign trail? Bain! So its what allegedly happened ten years ago is what matters, or is it to deflect from this dismal economic picture and Obama’s abysmal record.

In addition to the “Bainers”, we now see the ‘statist’ that is the core of Obama and his uber-left supporters in the media and the Democratic Party. If it were not for the government, no one would succeed in America he believes. But the Obama Campaign took money from Bain then, and now.

Obama gave us this gem in Roanoke, Virginia:

Obama speaks in Roanoke, Virginia

If you were successful, somebody along the line gave you some help.  There was a great teacher somewhere in your life.

Somebody helped to create this unbelievable American system that we have that allowed you to thrive.

Somebody invested in roads and bridges.  If you’ve got a business. you didn’t build that.  Somebody else made that happen.

The truth is, that the government used taxes from the people to set up our infrastructure, so ultimately, it was the people who created their own wealth.

Therefore, individual hard work, innovation, research, educating the self, and the risk-taking are the true engine, while paying taxes to keep the system running.

But the ‘statist’ that is Obama does not see it that way – thus the reason his policies have only made things worse – despite the blame game.

The government can however, ruin things quickly, through mangled economic logic, class-warfare, constrictive over-regulation, and applying the law on an uneven basis.

Picking winners and losers – remember that line in 2009? Well now the left wants to place us in further jeopardy:

Additionally, last week Obama spoke about extending the so-called “Bush tax cuts”:

The battle over the fiscal cliff began last week when President Obama asked for a one-year extension of the Bush tax cuts for those making under $250,000.

How does that fix our flat tires? But that extension is also in jeopardy. Why? Because Senate Democrats are threatening us all with a huge ax.

If the Republicans do not raise taxes, they will make sure there is no budget agreement again. (When was the last Senate budget passed???)

They will ensure ”Taxmageddon” hits all  of us. They want America to fail if the Republicans do not do what they want. So by that twisted logic, the government is responsible for all our successes, yet they want to shut the very same government down.

That my friends is what a ‘statist’ calls compromise.

Today, Senator Patty Murray (D-Washington), Budget Committee member, said this:

“…if Republicans won’t work with us on a balanced approach, we are not going to get a deal.   Because I feel very strongly that we simply cannot allow middle class families and the most vulnerable Americans to bear this burden alone.

“So if we can’t get a good deal, a balanced deal that calls on the wealthy to pay their fair share, then I will absolutely continue this debate into 2013 rather than lock in a long-term deal this year that throws middle class families under the bus. And I think my party, and the American people, will support that.”

The trouble is, they are so very out of touch. Europe’s fiscal bomb is about to explode, unemployment is rampant and getting worse, and now, Americans are stopping their spending. Retail sales, manufacturing, and stocks are all going down. Meanwhile, treasury Secretary Timothy Geithner is now implicated in the LIBOR scandal – he was a Federal Reserve Governor when the banks colluded to hide their true dire health, and he yawned. This directly affected our financial houses here.

The Federal Reserve Governors are supposed to be protecting American economic interests, yet he and the others looked the other way. Toxic mortgages and the entire financial bubble bursting in 2008 was not Bush’s fault – we knew that – it was the international banking collusion, and the Democrats who were supposed to be providing oversight of these very same financial institutions.

Barney Frank and Chris Dodd, along with Geithner should all be headed to Ft. Leavenworth, in orange jump suits and ankle chains.

To listen to Debbie Wasserman Schultz, and Stephanie Cutter – believe their bait, believe Romney is a felon, believe Romney is ‘secretive’, while Obama is an open book – watch the economy go off the cliff as Obama gets re-elected, is their business plan for America?

“Fundamental Change” – here it is in a snap shot of the day:

Stocks fall, corn surges – Here’s What You Need To Know:

Sam Ro – Business Insider

Disappointing retail sales forced economists to slash their outlook for U.S. GDP.

First the scoreboard:

• Dow: 12,727, -49.8, -0.3%
• S&P 500: 1,353, -3.1, -0.2%
• NASDAQ: 2,896, -11.5, -0.4%

And now the top stories:

• The latest read on retail sales was ugly.  In June, retail sales unexpectedly fell 0.5 percent.  Economists were looking for a gain of 0.2 percent.  Even worse, this represents an acceleration from the 0.2 percent decline we saw in May.  Excluding autos, the decline was 0.4 percent.
• Right away, Wall Street’s economics departments – including Goldman Sachs, Deutsche Bank, Nomura, and HSBC – came out and slashed their GDP growth expectations.
• The other big story is corn prices, which continue to soar as historic droughts plague over half of the U.S.
• In earnings news, banking giant Citigroup announced better-than-expected earnings thanks to strength in its North American operations.  “Our core businesses performed well in a difficult environment and are generating solid returns,”  said CEO Vikram Pandit.  “We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services.”
• But what is it to beat earnings estimates?  Rich Bernstein told Business Insider that investor relations departments do what they can to manage expectations so that the company is more likely to beat. In other words, an earnings surprise doesn’t tell us much.  Bank of America’s Savita Subramanian contributed to the discussion, arguing that all analysts are increasingly saying the same thing.  “Today, estimates may be lower quality than normal, given evidence of herding around consensus,” she wrote.

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