7/28/2014
By Charles Payne

The Hobby Lobby Decision

The Supreme Court’s decision strikes a tremendous blow in the duel movement of atheism and socialism. The central debate over whether corporations should have rights like people can make it easier or make it harder to eventually deem corporate balance sheets and income statements as part of public domain. This is why you hear President Obama and Elizabeth Warren scream, “You didn’t build that,” as justification to find another source for funding their Utopian welfare state.

Noam Chomsky, the heart of the socialism in America, put it this way:

Corporations, which were previously considered artificial entities with no rights, were accorded all the rights of persons, and furthermore, they are "immortal persons," and "persons" of extraordinary wealth and power. Moreover, they were no longer bound to the specific purposes designated by State charter, but could act as they choose with few constraints.

“This obstruction keeps the system rigged for those at the top, and rigged against the middle class. And as long as they insist on doing it, I’ll keep taking actions on my own – like the actions I’ve taken already to attract new jobs, lift workers’ wages, and help students pay off their loans. I’ll do my job. And if it makes Republicans in Congress mad that I’m trying to help people out, they can join me, and we’ll do it together.”

There was another blow to the socialist agenda when the court found that a person cannot be made to join and pay union dues.

There has been a lawless and desperate streak in the administration that pushes the envelope in hopes of getting another Obamacare ruling, but that’s not the case and finally the Constitution matters. The legal decisions of last week and yesterday are vitally important to the economy which is built on the notion of sound law and free markets.

Weekly Radio Address

President Obama

Seeking permission to never have to seek permission, President Obama is painting himself as a maverick and modern day Robin Hood whose great ideas on spurring the economy are being held back by “obstructionists” who are really just proxies for big business. Interestingly, it would stand to reason big business wouldn’t object to a better economy or the government pouring more money into the pockets of spenders. Be that as it may, the non-stop finger pointing and assignment of blame, that ultimately is an indictment of capitalism is getting old and makes matter worse.

But, at this point, there really is no alternative, save for admitting policies have been a failure (assuming that they were ever designed to actually help the economy) than to try to deflect from failure and steer the masses through anger. For me, President Obama’s term has become lame duck and that makes it dangerous.

“Sometimes, I’m supposed to be politic about how I say things, but I’m finding, lately, I just want to say what’s on my mind”

That was President Obama on Friday in a very candid moment that for me has cemented the idea that his presidency has become lame duck.

A president becomes a lame duck during that period after they’ve lost reelection and continue to hold office until the next inauguration. But a president can also become a lame duck when he's lost influence and the ability to move legislation through the system.

Using Gallup polls, there have only been three other Presidents with approval rating below the 48% average at the 22nd quarter of their time in office.

• 37% 1950 Truman
• 27% 1974 Nixon
• 37% 2006 Bush

These second term lame duck periods also coincide with high inflation and the start of slower economic growth. So, while Wall Street is said to love the Washington gridlock, there is some worry about where the economy goes from here.

*Nixon leaves office.

The Second Half of Second Terms: An Update

This morning, the USA Today commented on how difficult the woes of a second term are for an American President. However for Obama they appear to be coming faster and sooner than other two-term presidents in modern history. In particular, most conflicts are centered on international conflicts…and there is certainly a plethora of those. To read the full article from USA Today, click here.

Charles Payne
Wall Street Strategies

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