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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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  • Better Than Expected By: Charles Payne 0 comments
    Sep 3, 2010 10:06 AM
     
    The President is coming up with another stimulus plan next week. I'm hoping he sees the wisdom in letting people that earn money keep more of it, even those he believes are unworthy of the money because it's too much. Let's also hope the President extends an olive branch to businesses in general, although it would go against every fiber of his being. But, let's hope anyway.

    The difference between an elected president and a king is the former must compromise. Thus far, it has only been "my way or the highway." The White House has only used its olive branch to take business out to the woodshed. We must promote prosperity and the goal of ownership. I think it is nuts for the government to buy homes with taxpayer dollars and give them to people not working, while making it harder for people working to actually attain the American Dream.

    This is also the beginning of the stretch run for midterm elections, so there will be some kind of political angle with any stimulus package. I think the White House will not go "super-bold" as Paul Krugman is demanding, doubling down on stimulus.

    Still, somehow there will be a plan that will play heavy on the heartstrings, and probably try to embarrass businesses at the same time.

    It would be something if the President agreed to extend the Bush tax cuts for everyone, but that is wishful thinking.

    Jobs Report

    Celebrate good times...come on, let's celebrate. Total job losses for August were 54,000, with 121,000 coming from government (114,000 census workers). The private sector hired 67,000, which was well above consensus. There are still serious problems, including the real unemployment number. On the other hand, hourly wages were up $0.03, and that was better than expected, too.
     

    By sector, the employment release was mixed. Healthcare continues to add jobs (40,000 during the month), as it really never slowed down. Construction also showed a surprise increase of 19,000, rising for the first time since the homebuyers' tax credit ended. On the other hand, manufacturing is a concern, posting a drop of 27,000 jobs. That's the first drop in manufacturing in 8 months despite the strong ISM report yesterday.
     


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