"President-elect Barack Obama said reviving the U.S. economy will require scaling back on his campaign promises and personal sacrifice from all Americans."
This was the intro paragraph on this article on a Bloomberg article and I think its bad news deluxe...
A lot of the initial rebound in equity markets at the start of January was based on renewed optimism in the US equity markets. Heck - the US is going to keep pissing trillions in an attempt to restart their markets.
Already we've seen markets lose their enthusiasm and if Obama is scaling back promises then we can expect quite a lot more downside.
I'm expecting that the Alsi could give up as much as 20% between now and June and as much as 30% could still get taken off the Dow and S&P.
Reinet
One interesting thing came up on Friday. Media speculation was doing the rounds that Johann Rupert through his Reinet vehicle would be buying up about US$250m of distressed assets from Lehman Brothers.
Market commentators seem to be pretty clueless about what Rupert is actually buying - in terms of what assets are in the Lehman Bros - but are pleased to see Reinet putting money to use.
The share broke R10 which I'm pretty pleased about considering I bought a few last week...
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The nation owes more than thanks to three unlikely modern day patriots: professional poker player, musician, and retired attorney, Leo Donofrio; life long Democrat and former Pennsylvania assistant attorney general, Phil Berg; and Soviet emigree and attorney, Dr. Orly Taitz (she’s also a dentist).
While Mr. Donofrio painstakingly established the airtight case that BHO could not be an Article II “natural born citizen” (at BHO’s birth, dad was British/Kenyan, not American, citizen) Leo’s Stay of the 12/15/08 electoral college vote was denied by SCOTUS as procedurally unripe.
Nevertheless, since no congressman and senator objected on 1/8/09 to Congress’ count and certification of the electoral vote which would have turned resolution of Obama’s eligibility issue over to Congress — rendering moot the Berg and Taitz (Lightfoot) cases — Berg finally does achieve standing on the issue of actual harm, to be addressed at the Friday 1/9/09 SCOTUS Conference on Writ of Certiorari. Obama’s failure to submit evidence of his constitutional qualification for the 1/9/09 conference will mean he cannot thereafter challenge Berg’s request to enjoin the 1/8/09 Congressional electoral count and certification, albeit retroactive, scheduled for SCOTUS conference Friday 1/16/09. Moreover, Chief Justice Roberts has scheduled a full Court conference on the Lightfoot case Friday 1/23/09 in the event there needs to be a Constitutionally mandated action, the Inauguration itself, to enjoin retroactively.
Now that BHO is in checkmate and cannot be POTUS, he can be a patriot as well. He need not subject the nation to the expense and trauma of requiring SCOTUS to overrule his ‘Presidency’. BHO can and should voluntarily step down with Biden becoming Acting POTUS under the 20th Amendment, and under the agreement all potential claims by the Government for itself and on behalf of others against BHO are released.
Thanks for the input.
Not sure I totally understand the importance of what you have posted there but I do believe Obama has his work cut out for him.
By now implying that some pre-election promises may need to be reviewed, he is taking some of the fuel off a much needed stock market rally which was starting to restore some confidence across the world.
There were plenty of people who are expecting Obama to single-handedly turn the world around.
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