WASHINGTON, November 14, 2014 – It’s a sad picture indeed when an American president traveling abroad uses his bully pulpit to promote Communist Chinese companies while trashing American companies, the newly-elected Republican Congressional majority, and our close friends in Canada all in one fell swoop.
But that’s what America’s Seinfeld President (no learning, ever) just did in a public statement in Myanmar, a miserable, oppressed country with exactly the kind of autocratic, arbitrary, tone-deaf kind of government Obama would prefer to lead, when not out for a round of golf.
The occasion? The House once again has passed its Keystone Pipeline bill, the one the Senate has resolutely refused to vote on, preferring their own ineffective, earmarked version.
According to ABC News,
Speaking to reporters alongside famous opposition leader Aung San Suu Kyi, President Obama was adamant that, despite mounting GOP objections, he will move forward and take executive action to reform the immigration system by the end of the year because reforms are ‘way overdue.’
With a little compromise, Obama would have found generally craven Republicans more than willing to cave on most immigration issues prior to this election. But no hugging, no learning for this tone-deaf Messiah.
‘I gave the House over a year to go ahead and at least give a vote to the Senate bill. They failed to do so and I indicated to Speaker Boehner several months ago that if, in fact, Congress failed to act, I would use all the lawful authority that I possess to try to make the system work better, and that’s going to happen,’ he said.
No, actually, the House voted on this and plenty of other things, too. They then sent it to Harry Reid’s Senate where all bills that don’t improve the Democrats’ chance for one-party rule go to die. In such imperious pronouncements as this one, Obama proves he has more hubris in his little finger than Oedipus projected during his entire reign.
Asked about pending legislation to approve the Keystone XL pipeline, the president said his position on the issue has not changed and that the ongoing evaluation should be allowed to continue.
Hilarious. The “ongoing evaluation” is the 21st century’s political version of Georgetown basketball coach’s John Thompson’s tried and true (and now illegal) “four corner offense.” Another version is known to most grade school kids as “keep away.” To avoid political fallout, this President simply punts. In so doing, he punts away thousands of union jobs. But no matter. Have to please those eco-fanatics.
In some of his strongest language yet, Obama pushed back against the Republican argument that the pipeline is a ‘massive jobs bill for the United States.’
‘Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land, down to the Gulf, where it will be sold everywhere else. It doesn’t have an impact on US gas prices,’ he said, growing visibly frustrated.
Unlike the Chicoms, who regularly hack and attack America’s vital government and business networks and threaten our allies with military action, Canada is, or was, one of our greatest friends. You remember them, don’t you? The folks whose embassy personnel risked death to smuggle some of our people out of revolutionary Iran back in the feckless Carter presidency? So, let’s understand what Obama’s project is when it comes to Keystone: lie at all costs to keep the environmentalist Luddites happy. And why wouldn’t all this oil, both U.S. and Canadian, not have an impact on gas prices? Have you looked at pump prices lately? Who is this guy kidding?
And while we’re on the topic of jobs, what about those thousands of American union jobs that haven’t happened because they haven’t had the chance to build the Keystone pipeline? And, oh yes, it’s not only Canadian oil that would use this additional pipeline transit to get their oil to the Gulf Coast for shipment abroad. That same pipeline would also pump America’s Bakken Shale oil to the Gulf. Funny the President didn’t mention that. Catholics would call this a “sin of omission.”
‘If my Republican friends really want to focus on what’s good for the American people in terms of job creation and lower energy costs, we should be engaging in a conversation about what are we doing to produce even more homegrown energy? I’m happy to have that conversation,’ he continued.
What Republican “friends”? What conversation? This president has resolutely kept drillers off Federal land. The only reason the U.S. is producing any new “homegrown energy” at all is because all the new drilling is taking part on private land, land this leftist statist President doesn’t control. (Yet.) And, BTW, what this president defines as a “conversation” is a one-sided meeting where only he speaks, only he gives the orders, and where Democrats and Republicans alike bow their heads and say, “Yes, sir, Dear Leader.”
Looking ahead, the president stressed that their disagreements should not prevent the two parties from taking action in areas where they do agree.
And what might those areas be? We can’t think of one.
Why do we go on about this embarrassing nonsense in a column that generally is devoted to the stock market? It’s really quite simple. This market is coming to the end of effective QE stimulus. Presumably, moving ahead, it’s now healthy enough to pick up the slack on its own, rather than giving bankers, hedgies, and other fat cats gobs of taxpayer and borrowed money to pump up the markets for fun and profit.
Absent this stimulus, we’re going to need real, sustained growth, and a return to a low level of unemployment as measured by the more truthful U-6 index, not the phony one that currently telegraphs boom times when a huge number of American workers are still either unemployed or underemployed, but uncounted because they’ve dropped off the official unemployment rolls.
However, with an obtuse, America-hating Marxist in the White House, we’re not likely to get any of this any time soon. It’s what the recent national election was all about, and it’s why the President’s party lost the Senate and faded further in the House—big time. That was the only way voters could send a message.
But Obama has either not heard the message, or he’s chosen to defy the voters the same way he defied them on Obamacare. They’re all stupid, so he ignores them. It’s this kind of breathtaking arrogance that’s been destroying this country since January 20, 2009. It looks like it will persist until January 20, 2017.
And that, perhaps, is what this week’s wobbly market is trying to tell us. We may still get a nice Santa Claus rally as 2014 draws to a close. But 2015 could be a real mess if business doesn’t start growing again and adding real jobs. The situation could be worsened by the clear employment disaster Obama intends to cause by illegally decreeing changes to U.S. immigration policy—something not in his Constitutional purvey.
Markets are getting nervous. And given today’s obtuse and asinine Presidential insult to all Americans, it has good reason for being nervous.
Stocks have traded mostly down on low volume all week, with—surprise—oils and financials bearing the brunt of a bear attack. Expect more of the same Friday afternoon.
No trading tips today.
When the Maven is in a disgusted mood, he only makes bad moves. So best to leave things to next week, probably Tuesday, when we get a better read on a stock market that’s increasingly stymied by the adolescent ideologue that somehow got to occupy the White House for two disastrous terms.
B&G Foods-Ortega recall
In late-breaking news, trading in B&G Foods (BGS) has been halted, as news comes out of a safety recall of certain Ortega Mexican food products. Apparently, one of B&G’s suppliers provided components for its Ortega taco kit products that had been contaminated by equipment that had processed peanuts and almonds.
This is a negligible issue for most people. But not for those with nut allergies. B&G apparently did properly notify government regulators, issuing its own recall. But such incidents can be short-term disasters for any company.
As of this writing, trading is still halted in this high dividend-paying stock, which, unfortunately, the Maven is currently invested in. Stay tuned for updates.
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