If Apple Can't Shine...
Market Commentary
By Charles Payne, CEO & Principal Analyst
Three bruising days in a row and Apple lays an egg after the bell. For a while, it looked like many Americans, and certainly the media which are hard at work for a second term for Obama, were happy promoting the idea of Schandenfreude. The narrative is that somehow America is the prettiest horse in the glue factory while shaking our heads at the dismal state of Europe. It's really amazing because many of these commentators point to Europe as doing the right thing when they want to promote even greater social welfare of the income equality. Let's face it, that would only be maybe Norway as a model while the Europe that's failing would be the laundry list we have all come to know all too well:

Greece
Italy
Portugal
Spain
Ireland

Not far from the list is France which will catch the others sooner rather than later with its ridiculous notion of a 75% tax on income above €1.0 million.

But can we take any comfort in the misfortunes of those old welfare nations in Europe that tried to hold onto political stability and former glory through high taxes and uncompetitive rules? Can we take pleasure when the nation isn't living up to a fraction of its potential or its own former glory? Can we take pleasure when the Dow is off 100 points for three sessions in a row? Can we gloat even as President Obama berates a shining example of American exceptionalism for not understanding how to create jobs or success? There is no gloating these days, even for those that would like to suggest we have the right game plan simply because we aren't Spain.

There is a plan to make us into Spain. To hike taxes on regular people under the despicable guise of a Buffett Tax or Millionaires Tax so we can build stuff we don't need and create more entitlement programs we can't fund. As for the idea that we don't have an economy where everybody has a shot to succeed, I would like President Obama to be more specific. I don't disagree that there are a lot of isms out there but the biggest problem, by far, for those that are not successful is a sense of entitlement and lure of not having to do the right thing(s). You can't take homeruns off the board from the guys that work hard and give them to people that do not work hard.

In the meantime, our economy continues to struggle which means it's harder for everyone to succeed.

A Caterpillar to the Rescue

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