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9/27/2012 4:45 PM
Katy, bar the door
By Charles Payne, CEO & Principal Analyst
It was yet another late selloff for stocks after a session that exhibited resolve but never conviction. The fact is we are now back in one of those trends of waiting for the last hour of trading and buckling up as the small hand hits three and the big hand hits twelve. There are many reasons for this renewed angst, chief among them, the debacle that is European politics and economic woes. Yet, the forces of social justice are such that somehow people that don't work or pay little taxes can punish and berate those that foot most of the bill.
When Lide married him - w'y, she had to jes dee-fy
The whole population! - But she never bat' an eye!
Her parents begged, and threatened - she must give him up - that he
Wuz jes "a common drunkard!" - And he wuz, apparently.
Swore they'd chase him off the place
Ef he ever showed his face
Long after she'd eloped with him and married him fer shore!
When Lide married him, it wuz "Katy, bar the door!"
-James Whitcomb Riley
Yesterday Hillary Clinton jumped on this Vaudevillian act, saying the elites around the world must pay more taxes.
"There are rich people everywhere, and yet they do not contribute to the growth of their own countries."-Hillary Clinton
I still don't get how freshly minted millionaires around the world miraculously had money fall into their laps without investing, building, and creating value. This drumbeat is getting louder and more frustrating. By calling them "elite" our Secretary of State hints at people born into wealth. The proper term would be the earners, job creators, innovators, risk-takers, saviors of societies, or even simply, the successful. This kind of rhetoric spawned the Occupy movement, which fizzled because too many people in this country have bills to pay and couldn't afford to stand in filthy parks and fields under clouds of marijuana smoke and wailing bullhorns.
It's a very dangerous game. Instead of searching for real solutions, the administration continues to stoke the flames of anger steeped in jealousy. In Arab Spring nations, such fanning sparked a revolution, but those at the top were elites-government elites. Those regimes took massive amounts of wealth without any skin in the game; in America, rich people overwhelmingly began as not-so-rich people that took chance after chance to grab that brass ring.
The hypocrisy of it all is that Hillary Clinton was able to spend more than $200.0 million to become president of the United States and yet can chide how rich people that earned their money use their earnings.
I think greed backfires, but like free speech, I think it's a wonderful thing for anyone to have the right to make that choice. But the so-called elites in this nation, by and large, are anything but greedy. Hillary Clinton is calling for the elites to "invest" in hospitals and schools and not for-profit businesses. There isn't a hospital I've been in that hasn't been littered with plaques, photos, and acknowledgements of great gifts from the elites. But that's not enough for those that envision a one-world government that sucks dry the private sector to feed a world of citizens. You would think champions of renewable energy would know this much.
Yeah, Yeah, Yeah we've heard it all before.
"I want to see us export more jobs."
President Obama read the teleprompter wrong during a campaign stop yesterday but quickly caught his mistake and joked he was "channeling my opponent." Of course, everyone wants to export more goods and services. It's a joke this kind of stuff is working with so many people. Honestly, Mitt Romney has created jobs, saved large organizations, and sparked new businesses that have employed countless people in America. It's not about wanting to export products, but it is about knowing how to make it happen. Talk is cheap.
Right now, America has fewer manufacturing jobs than it had January 2009. Here's the thing; do we really want low-wage jobs that are now leaving China, or do we want the kind of jobs that demand large salaries all over the world. Bringing home low-skilled work and then demanding businesses make employees unionize is a recipe for disaster. It's what drove the automakers into trouble in the first place. Heck, this celebrated bailout of General Motors (GM) was nothing more than a government-controlled bankruptcy that shifted wealth from investors to unions but did nothing for jobs.
In 1955, GM was the largest employer in America with 624,000 employees and 54% of the automobile market. Back then those jobs could command hefty salaries. Working assembly lines these days isn't the same and is unlikely to ever be the high paying job they once were. In 1979, GM had 618,365 domestic employees and 853,000 worldwide. It was still on top of the world and still able to pay big salaries for jobs that paid significantly less around the planet. In July 2009, there were 91,000 domestic employees at GM, and now that number is down 50%. Yes, this bailout is amazing.
The idea that Mitt Romney is a racist, wants to ship jobs overseas, and isn't generous are sickening bold-face lies that have nothing to do with his qualifications to turn the nation around.
But according to Hillary, the guy that gave $4,000,000 to charity is the problem, and according to Obama, Mitt wants to ship jobs overseas. Ugh!
This is the noise businesses and would-be investors have to listen to and still put their money on the line. The reply has been a resounding "no thanks," we'll buy back shares, increase dividends, and keep the cash offshore. Of course, if all the governments in the world attacked earnings and assets of the elites at the same time, there would be nowhere to run and nowhere to hide. It's been a dream for socialists for more than a century but would be a nightmare for America for eons. I can't take the noise anymore ... Katy, bar the door!
|More right wing conservative half truths/B.S....If I want this crap I'll watch Fox News. With so little attention paid to actual investing, no wonder this service lags broad market etfs.|
Flor on 9/28/2012 3:54:46 AM
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