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June 07, 2012

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JOBLESS CLAIMS RISE AGAIN--On a day when jobless claims were adjusted up from 377,000 to 380,000 the new number came out at 386,000 climbing closer to that magic number of 400,000; NOKIA announced the layoff of 10,000 more workers adding to the prior 30,000 laid off.

While GM struggles FORD announced the reopening of a plant in the south and the hiring of 4200 workers for 3 shifts in a 24 hour work day.

Meanwhile the PRESIDENT schedules yet another SPEECH on the economy for next week. Perhaps this time he'll know who our leading trading partner is and he'll clarify how well the Private Sector is doing. Maybe he'll mention that the income of the the top 1% of Americans he intends to tax has fallen 41% in the past 3 years. Or, he'll mention that the net worth of middle income Americans has fallen 41% on his watch. Of course because most of middle income Americans wealth is in their home value it's not his fault. Meanwhile in North Dakota where we drill for oil and natural gas unemployment has fallen to 3.5%. My guess is he will not mention that.

Today Mr Kraft mentioned on CNBC that MITT ROMNEY is not only one of the best managers in American business, he is one of the best judges of competant people to surround himself with and one of the most generous people in giving back to the community. His son went further saying that the employees of Bain were all very noteworthy contributors to community welfare and charities.

The ECB and the Bank of England leaked a rumor through the G20 staff that they are ready to provide lquidity if necessary after the Greek election this weekend. Who would have thought anything else? But, based on that revelation the market rallied a couple hundred points. Why does news have to be leaked? I guess the G20 wanted us to know they are on top of things. I feel better now.

And, on GREEK news the polls show it is a toss up between the party who want a bailout and the party who do not. It matters little who wins because austerity will be negotiated away in both cases and Greece will remain in trouble but the ECB will kick the can down the road a little further and bail them out while postponing austerity.

SYRIA---blame it on Russia? It is true that Russia has long been a customer and ally of Syria as well as Iran but then so have France and Germany. It goes back to the Cold War. Syria also has a treaty with Iran. Now, rather than ending this ghoulish affair that has taken more lives than we have lost in Iraq and Afghanistan together Hillary tells the Russians it is their fault for delivering the Syrians helicopters. Assad was just 12 months ago the darling "reformer dictator" of Hillary and the Administration. He's now the world's number one mass murderer. Stop blaming the vultures feeding off the opportunity to make money while they appear to be supporting the guy. They know he's a dead man and he will follow the fate of the other Middle East villans. Let's get it over and stop the stalling for the election.

Saudi Arabia says they will up the production of oil to 12.5M barrels a day. T Boone says there is no way they can sustain more than 10M barrels a day. But, look, these are more dictators pumping away to get money for their coffers to bribe their people into letting them stay in power. They can see the future: an America that consumes 25% of the world's oil beginning to pump more and more at home as well as converting to natural gas that comes from American sources. With Romney on the horizon to open more territory to development in America and with 50% male unemployment at home the Saudi's are nervous. They are saying they will pump to keep oil prices low and pressure on Iran but really it's all about cashflow. Lower prices require more volume and that is where they are. It's a race against the Romney era to get the oil out of the ground and the money in the bank.(or New York comercial properties.) This is the way a benevolent dictatorship "exploits" a country. Put the no fly zone in place, arm the rebels, tell NATO to focus on their banks and send in the special forces--get it over. Maybe we'll get lucky and Iran will jump in and we can end that one too.

A FEW TIDBITS FOR THE DAY:

SPAIN--noteworthy the bailout of Spanish banks was performed by heaping more debt on Italy. Now here is a can kicking move worthy of note. To bailout the Spainish banks the ECB gave the Spanish banks 100B Euros and then allocated it to the EU on a prorated basis. It is scary to note that Italy is so strong as to have been given 22.5% of the debt. Italy as I recall already has 1.92 Trillion Euros of debt and a 1 Trillion Euro economy. Add to that another 22B Euros and we are now nearly at 200% of GDP. Isn't that comforting to know that after Spain and Prtugal Italy comes next in the bailout ladder? Imagine us asking California to take on more debt and bailout Illinois and New York! Meanwhile the politicians from California, New York and Illinois are railing against Ohio,Texas,New Jersey,Virginia,Arizona and Wisconsin for their sinful behavior in eliminating their deficits. If the ECB continues on this trail they will eventually roll up the rug all the way to Germany who will be holding the debt of the other 18 countries. Just as the President would like the rest of the states to fund California, New York and Illinois.

HOW's that GM deal working? Don't get me wrong I give Obama credit for doing something for GM. I prefer Romney's plan but at least it bought time until GM could become a Chinese company but all at the expense of the shareholders and bond holders of GM. Now the "new" shareholders are listening to the CEO of GM explain why the "new" shares are down 25% while Ford's original shares are up 500%. He explains that he is having a difficult time changing the culture of GM. Only 25% of the people have bought in to the new GM. I hate to tell him this but that is the same as the mission would be to change the culture of the federal Government. A long hard drag as any CEO who has ever taken on the change a culture knows. It requires a firm hand, a lot of turnover and a very confident leader.

T BOONE PICKENS--on CNBC today predicting the Saudi's will not be able to deliver on their 12.5M barrels a day production. Oil prices will be on the rise one more time. He also said he was "pissed off" that the US Senators have no clue as to America's energy policy and can't seem to get themselves to buy off on natural gas as the alternative of choice for America's trucks.

SYRIA--what a mess. The Presidnet's in ability to act before the elections has Assad eliminating the opposing population in a race to November. The President appears handcuffed by his reelection desire with no clue the America elected him to lead not stall. This is one action that cannot wait until he "has more flexibilty". The old saying applies here: "lead,follow or get out of the way." I think he is slowly getting out of the way.

FR ANDREW; The most stunning speech I ever by a priest. Might this be the Church's answer to Newt Gingrich; or Romney's VP ? Thanks; nice seeing consequential types speak out on offense..

20,000,000 Americans are out of work and the President says the Private Sector is doing fine. Only the public workers and construction are weak. HELP Where does this man live? Give small business owners a tax break and they will hire--really? --we're going to hire a person we don't need for a tax break? The Feds need to give the states more money to help out--what money? More we print? The man says this while telling us Europe has too much debt? I just don't think Americans are going to buy this any more. That was a rushed press conference with no solutions. Just pass my jobs bill and we are on top of Europe and the "leaks".

Catholics on a mission---

Dick G --Obama has definitely awakened a sleeping dragon. Look at this video:

http://www.stthomasmore.org/parish-clergy/video/invocation

And, this piece from a friend of mine:

I have a very intelligent friend who has been ranting for years about the silent pulpits of America and the need for the church to get involved. I believe it was Faber who coined the words “Christian ethic” to attempt to isolate the main factor that made America different and the most productive and powerful nation in the world. It is my friends and also my opinion that without Church leadership, this country has seen its best days. I applaud the Catholic Church for it’s leadership and I pray it spreads to every pulpit.

A FIRST & HOPEFULLY A LAST; That {video} is the first Catholic message delivered as such since they 'banned a book in Boston' over a half century ago (powerful). Hopefully the last campaign of a Marxist infiltration effort to overturn all three branches of our government. LONG LIVE THE "CONSTITUTION AND THE REPUBLIC FOR WHICH IT STANDS", OF THE UNITED STATES OF AMERICA; SO HELP US GOD.

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