Well you take a few days off and the world changes or did it?

I am a little of topic here but not really

  The Obama’s Chief of Staff Rahm Emanuel tells us that the economy is fixed!  What planet is this guy on?  This is amazing that a man in this position would even say such a thing but it happened.

   Obama himself is calling the Cambridge Police Department “Stupid.”  As horrible as that is to have the arrogance to say that we should use this as a “learning moment” is unbelievable!

  The scripted Town Hall Meetings are a joke.  The jig is up.  Everyone in America knows that Obama can not speak his own words.  Why does this man have to use a teleprompter for everything?  Are Obama and Biden much like Milli Vanilli to anyone else?   

  It is going to be a law for us to use only the compact flooresent light bulbs in the near future?  These compact flooresent light bulbs are made in China not the US.  The EPA does not allow these light bulbs to be made on us soil.  Where are we going to dispose of these light bulbs when they burnout?  Does anyone other than me see a problem with this? 

  The already questionable HVCC appraisal process is now being drawn out because the system can not keep up with demand.  The HVCC is yet another shut up and take it cost past onto anyone looking not to use FHA, aka Government, Mortgage.  Big Brother is watching over this issue closely. 

  National Heath Care reform is going to pass?  If this passes then this will be the biggest set back in medical coverage of all time.  It will be much like the movie Logan’s Run.  What is not being told to you is that a Czar will decide if you are too old to get a hip replacement surgery.  The choice will no longer be yours.  Is this the kind of Heath Care Reform that you want?

  Forcing banks to rent back foreclosed home owners.  Good Grief.  Does anyone with a second grade education even think that these people will have money to pay the rent?  Or is Big Brother going to come in and make up the difference? 

  This is amazing that all of this is going one and there is no Media Coverage.  Where is the modern day Deep Throat?  Where is the modern Bob Woodward or Carl Bernstein?  Does Marcus Brauchli have the guts to report what is really going on?  Well Mr. Brauchli come talk to me & my staff if you need facts.  Where is the reporting of the sweetheart loans that Dodd & Conrad got and the current political officials that are letting them off the hook?  I have a tuff time believing that Barry Sussman would let this go.   

  What is the world is going on with the American why of life.  The Obama administration is changing us to a Socialist society and it will take years to correct the damage done.  It is our future I am talking about.  I would like to believe if I work hard I will be rewarded.  Let’s face it, not everyone have the ability to be a doctor or a lawyer but that does not mean that we can not earn a good living.  Has anyone tough about a malpractice lawsuit against public health care?  Unless something else has change you can not bring a lawsuit against the government. 

 Let’s look at all of this nonsense impact on the Market.              

 In a pattern that has formed this week since the first auction on Monday, Mortgage Bonds opened strong and traded higher until the 1:00pm ET auction then fell after the results only to rally back by the close of trading.

 The weak auction results put a dent in prices but Bonds are higher than where they opened on Monday morning. For instance, our benchmark 4.5% coupon opened Monday morning at $99.25 and closed today at $99.75 up a modest 6bp on the day.

 This mornings weak Durable Goods Order report helped to lift prices earlier today coming in at -2.5% well below expectations of -0.6%.

Tomorrow brings the last of this weeks auctions with $27 billion in 7 yr T-Notes.

 Also reported tomorrow will be Initial Claims at 8:30am ET, which could also impact trading.

 Despite the weak economic news and the weak auction results, Stocks held up rather well posting only small losses.

 The Dow lost 26 points closing at 9,070, while the closely watched S&P 500 Index lost 4.47 points to end at 975.

 The tech heavy Nasdaq fell 7 points finishing at 1,967. Oil inventories grew more than expected in the latest week sending crude plunging by $3.88 to $63.35.


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