As Predicted, American Corporate Capital Going Abroad
Keeping in mind that financial reform is the next big thing on the Obama agenda (and is being spearheaded by the Senate's #1 enabler of Fannie Mae), take a look at this bit of news about JP Morgan's expansion plans. Notice where the new jobs are and where they ain't? Yup, abroad, not here. BofA MerrillLynch is also focusing, beyond our shores. Peabody Energy, the US's biggest coal company, is looking to buy an Australian coal company. Then, of course, are the examples I've pointed out before.
My prediction from way back is dead on the money, US companies are investing abroad because of the severe chill that has blown across the business landscape since we became blessed with one-party socialist (er, sorry, progressive) rule here in America. Henry Waxman's star chamber tantrum over the large writedowns, such as AT&T's $1 billion, coming in the wake of ObamaCare is a fitting example. Businesses are so demonized, harassed and bloodied via regulation and taxation by our Lilliputian Entrenchocrats, why would anyone expect them to spend their money here on US workers and US-based projects?
The US economy grew over 5% in the fourth quarter and is likely growing at a similar pace now but the jobs picture is feeble and anemic. We should be adding jobs big time, but we aren't because the jobs are going overseas or into machines. While the MSM spins the apparent bottoming in the jobs picture as a good thing, it is decidedly bad news. When 5% growth doesn't give you job growth, your doing something wrong. Everyday that unemployment hovers near 10% is a testament to the anti-business climate that the socialist (damn, I did it again, sorry, progressive) set has brought down upon the nation.
Ironically, this is good for stocks, because companies are still getting growth and generating profits. The US unemployment picture is not a weight on stock market returns at all, but I don't think that your average US worker is too pleased with that situation. I bet the average unemployed or underemployed worker here isn't too thrilled that the policies coming out of Washington has left him/her behind while companies and the stock market are getting back on track in fine fashion.
UPDATE: The Waxman thing is appalling, but this is a pure example of where the disastrous Dems' worldview comes crashing down on people and the economy. My advice to Davanni's...close to two stores (note the mandate is for chains of 20 stores or more, Davanni's has 21) and hand out ObamaCare pink slips. Hate to be redundant here, but a dose of wisdom from C.S. Lewis is more than called for here...
My prediction from way back is dead on the money, US companies are investing abroad because of the severe chill that has blown across the business landscape since we became blessed with one-party socialist (er, sorry, progressive) rule here in America. Henry Waxman's star chamber tantrum over the large writedowns, such as AT&T's $1 billion, coming in the wake of ObamaCare is a fitting example. Businesses are so demonized, harassed and bloodied via regulation and taxation by our Lilliputian Entrenchocrats, why would anyone expect them to spend their money here on US workers and US-based projects?
The US economy grew over 5% in the fourth quarter and is likely growing at a similar pace now but the jobs picture is feeble and anemic. We should be adding jobs big time, but we aren't because the jobs are going overseas or into machines. While the MSM spins the apparent bottoming in the jobs picture as a good thing, it is decidedly bad news. When 5% growth doesn't give you job growth, your doing something wrong. Everyday that unemployment hovers near 10% is a testament to the anti-business climate that the socialist (damn, I did it again, sorry, progressive) set has brought down upon the nation.
Ironically, this is good for stocks, because companies are still getting growth and generating profits. The US unemployment picture is not a weight on stock market returns at all, but I don't think that your average US worker is too pleased with that situation. I bet the average unemployed or underemployed worker here isn't too thrilled that the policies coming out of Washington has left him/her behind while companies and the stock market are getting back on track in fine fashion.
UPDATE: The Waxman thing is appalling, but this is a pure example of where the disastrous Dems' worldview comes crashing down on people and the economy. My advice to Davanni's...close to two stores (note the mandate is for chains of 20 stores or more, Davanni's has 21) and hand out ObamaCare pink slips. Hate to be redundant here, but a dose of wisdom from C.S. Lewis is more than called for here...
posted by Donny Baseball at 9:17 AM
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