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Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
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  • Turning Around the Troops By: Charles Payne 0 comments
    Aug 30, 2010 9:33 AM
    This is going to be a heck of a week. On Friday, Ben Bernanke didn't charge around the corner like the cavalry, but instead blew his bugle loudly. In a way, maybe it's a smart move on his part as the sound of fury suggests the Fed might have more ammunition than it really does; the sound in and of itself might have lifted the troops. But, that sound came from a canyon far away; the battle in front of the nation has a single leader who must galvanize everyone to join the fray. The opposite is happening right now.

    • Many have given up completely, dropping out of the job market, and in effect, America.
    • Investors, according to The American Association of Individual Investors, are less bullish now than any time since March 2009.
    • Millionaires, according to Spectrem Group, are more pessimistic about investing than any time since June 2009.
    It's time to rally the troops...all the troops...all the American troops.

    I say this ahead of this week's jobs report, which will be another disaster in the real world, although consensus is low enough for a positive surprise. Another ugly jobs report means many more people are getting upset and angry. This means much in-fighting and self-loathing. This brings me to the report the Obama Administration presented to the United Nations a week ago. In the report, the President apologized on behalf of all Americans for our human rights violations. Key points in the report included:

    "Although we have made great strides, work remains to meet our goal of ensuring equality before the law for all."

    "High unemployment rates, hate crimes, poverty, poor housing, lack of access to healthcare and discriminatory hiring practices are among the challenges the report identified as affecting blacks, Latinos, Muslims, South Asians, Native Americans, and gays and lesbians in the United States."

    Before I address the implications of this report, let me say presenting this to the UN Human Rights Council which includes China, Nigeria, Saudi Arabia, Russia, Mexico, and Cuba is like someone that took $500 extra for tax deductions or asking Bernie Madoff for a redemption. Even European members like France and Italy have no room to judge America, and don't warrant an apology or explanation. The council itself is a hypocritical joke, and America refused to join in the past because of unfair criticism of Israel.

    There is discrimination in the workplace in America, but considering how far the country has come; those walls will continue to fall. The bigger issue than those pointed out in the report is lack of education from weak curriculum, soaring dropout rates, and a sense of entitlement. These things are being protected, and even promoted, to larger swaths of society in a bid to make more people embrace victimization. We lie to people when we tell them they have no accountability and all their problems were caused by someone else. We set back the greatest nation in the world when we blame it for the shortcoming of many and the tough, even unfair, breaks for others.

    We need to sound the bugle, not ring a bell to fight one another.

    What we are seeing, and what has been promoted by terrible economic numbers, is a philosophy that is closer to the UN charter than our Constitution. In 1941, Franklin Roosevelt delivered his State of the Union address and his idea of four freedoms.

    • Speech & Expression
    • Worship & Religion
    • Want
    • Fear
    The first two are familiar and protected by the first amendment, but freedom from want and fear aren't. While they are nice thoughts, the notion we can all wake up in the morning and everything is laid out for us goes against nature. The most basic of wants must be attained by the man in the mirror, but when that's not possible community should step up. Just as the community should step up when a neighborhood kid drops out of school. Just as necessity is the mother of all inventions, want is the father of wealth and prosperity. It's a good thing to want something, and a better thing to go out and get those things through determination, hard work, sacrifice, and faith.

    Nobody wants to live in fear, so it shouldn't be the cornerstone of policy designed to further agendas or win elections.

    Sentiment and economic data are moving backwards, but the progress in how Americans view each other shouldn't be dragged along for the ride. I was at a dinner in Manhattan about 15 years ago speaking to a woman from Europe, and she said black people in America lived better than the average European. I had never thought about it, and it's no reason to desire more, but she had a great point. This is a heck of a difficult time for everyone and it will not improve by pointing out faults real and imagined. Rather it will improve through renewed belief in the country. The thing about this country is we really don't need fancy schemes or bogus initiatives to rebound.

    I was encouraged by the action in the market Friday, but at some point those pulling the strings must retreat on the notion of giant government and a welfare state. The nation should march to the same bugle of hope, based on past success, not misery or blame. (By the way, saying Arizona's immigration law is a violation of human rights is just not cool. The right to protect borders and enforce federal laws protects the human rights of citizens of the nation unless we are simply giving up sovereignty and self-determination in order to be part of a larger single world order that takes its marching orders from the UN.)


    Disclosure: None
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