While I’m not feeling much better physically, there is actually really good news to report: President Obama has canceled much of the EPA’s “smog regulation,” which was projected to cost businesses at least $90 billion. This will significantly reduce regulatory burdens for the business community, but there are still hundreds of regulations the Obama administration has added that need to be canceled as well.
President Obama makes his long-awaited jobs speech on Thursday. So far, no immediate response? is expected from Democrats or Republicans, which is unusual, but maybe we will get a surprise. What kind of surprise? Well, maybe simplified and lower taxes, reduced regulation, open trade relations, reduced government spending, and how about a balanced budget?
The economy is starting to look extremely weak. The employment report, which indicates no new jobs have been created, and the real unemployment number hovering near 20 percent add up to one really big problem.
? The DJIA looks much lower, breaking the previous S&P 500 low of 1,101.
? Gold looks to be at new highs, but again, I really doubt that gold will exceed $2,000 per ounce.
? Oil is still in a trading range between $80 and $90.
? The dollar has been holding up well.
? Interest rates are continuing to head lower, but at some point soon, rates should start to turn upward.
? Real estate prices are still falling.
? The economy continues to look weak, but with the advent of QE3 (quantitative easing #3), the economy will probably start to rise in the very short term.
Arnold
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