The Week In Review

The Republicans won back the House of Representatives on Tuesday picking up over 60 seats. Some pundits likened it to a "Red Tide", sweeping across the country. Though I like the symbolism of it, a red tide is actually an algae that multiplies at such a rate that it eats up all the oxygen ... killing all life in the area. The only things that got chewed up in this tide were Democrats and RINOs.

Republicans fell short of winning back the Senate. They needed to pick-up 10 seats and only got 6. It's very sad that Harry Reid and Patty Murray held on to their seats. But then again, it seemed like the entire Democratic Party apparatus was mobilized to help them. And let's not forget the Unions. I've always felt that if you are unsure of who to vote for in a particular race, ask a union member who the union supports ... then vote against that person. It's a technique that has never failed me.

President Obama has left on a 10 day trip to India, Indonesia, South Korea and Japan. There are reports out there that the trip is costing us $200 million dollars a day ... $2 billion dollars for the whole trip. I find this a little hard to believe and may be a bit of sensationalism (the source for this information was credited as ... some guy in India). This has been billed as a trip to open up trade with these countries, and I am all for more trade (especially exports), but why is the President just going on this trip now. Why has he waited 22 months to try to open up trade and get US manufacturing jobs going? Couldn't he have done this sooner? Like maybe instead of one of the countless vacations he took?

The United Nations Human Rights Council has sat in judgement of the United States. We have been found wanting in the Human Rights arena. Hundreds of suggestions have been offered to address these grievances. This help, in the form of the suggestions (and accusations) has come from our friends across the globe. Mexico says we need to fix our immigration laws ... I agree, we should make them more like Mexico, then we can imprison illegals just for being here. Iran says we violate the rights of women ... Hey Iran ... are you still planning on stoning that woman for adultery? Also chiming in with accusations were Saudi Arabia, Venezuela and of course, that bastion of human rights, Libya. This would actually be hysterically funny except for the fact that the Obama Administration signed us up for it, thinking it would be a good exercise in transparency.

All in all ... it's been a good week. I can't wait to see what happens next.

Sphere: Related Content

Is The Recession Over???

Don't count on the recession being over just yet. We have been hearing about job losses slowing down, factory orders being up, housing sales starting to take off and the stock market chugging away ... but all this can end quickly.

Unemployment always goes down in December, as many retailers hire temporary workers for the Christmas Season. These workers are then let go in January after the sales are over.

Factory orders are up, being led by orders for cars. New car inventories were depleted by the "cash for clunkers" program, and once inventories are replenished, these orders will fall.

Housing sales were bolstered by the $8000.00 tax credit that new homeowners were given last year. Even though the credit has been extended, most of those that were in the market already purchased, and we should see a fall in housing sales.

The stock market is on a high after many companies reported huge earnings. These companies are front-loading their profit and earnings statements because the fear is that taxes will go up next year and they want to report earnings before any new tax rates set in. Wall Street will come to this conclusion fairly soon and the market will over-react, wiping out most of the recent gains.

President Obama will continue to make banks, financial institutions and big corporations his scape-goats, exasperating a hatred between the common investor and the companies that need their capital.

I'm not an economist, but this seems to be a recipe for a double-dip recession.

Sphere: Related Content