Week in review

Quote of the week

“The state is the great fictitious entity by which everyone seeks to live at the expense of everyone else.” – Frederic Bastiat

“Obama! Obama! Obama!” The Crowd Goes Wild.

by Jim Scarantino

“There’s something very un-American about this cult. Something very troubling. Something very frightening. Obama has taken the Cult of W and ratcheted it up to heights never seen in this country. If he steps into power, he will also have the expanded powers W granted himself in his silent sabotage of the Constitution. Has anyone heard anything about Obama wanting to cede any of those powers? No, he’s standing on W’s shoulders and reaching for even more centralized power with every new policy proposal.” more…

Spending the Economy into Oblivion

by Ron Paul

“As Congress begins to consider the third ‘stimulus package’ of the year, we need to realize it is time to start setting priorities. Priority number one should be cutting spending in foreign countries. This does not simply mean Iraq, but everywhere.” more…

The Tales Get Taller

by Peter Schiff

“When inexplicable events perplexed our early forbears, village wise men concocted elaborate and colorful explanations to soothe the populace. Earthquakes, hailstorms, and solar eclipses were all ascribed to root causes that made sense to the villagers and increased the esteem of the story tellers. The recent, unexpected surge of the U.S. dollar has led many Wall Street witch doctors to conjure a series of logic-defying tales to give reason to what is surely the random scramble of a confused herd. Wall Street spun similar yarns during the dot.com and real estate bubbles as investors groped for reasons to justify sky high prices.” more…

In the news…

  • Philip Berg’s lawsuit challenging Illinois Sen. Barack Obama’s constitutional eligibility to serve as president of the United States had been dismissed. He will appeal to the Supreme Court. Good luck with that…
  • Syria is angry about a U.S. bombing of a border village. Iraq is angry too. A hardy, “screw you guys, I’m going home”, seems appropriate right about now.
  • Alaska Senator Ted Stevens was found guilty on seven counts in connection with “gifts”. Stevens provides us with another reason why we should regularly throw out incumbents.
  • With the penalties for drug offenses high some drug dealers in Boston haven given up dealing in favor of prostitution, including child prostitution. Words escape me.
  • Ubuntu Linux 8.10, the Intrepid Ibex, was released this week. Canonical, the company responsible for Ubuntu remains unprofitable but positive.
  • No doubt the envious haters of corporate profitability have already noted that ExxonMobil has reported another record quarter.

And now the numbers

DOW Jones Industrials – 9,325.01 (+946.06/11.29%)
Wilshire 5000 – 9,768.64 (+962.44/10.93%)
CSI 300 (China) – 1,663.66 (-117.94/-6.62%)
BSE 500 (India) – 3,570.07 (+312.28/9.59%)
MICEX (Russia) – 731.96 (+218.34/42.51%)
BOVESPA (Brazil) – 37,256.84 (+5775.29/18.34%)
Gold/oz – 718.20 (-12.10/-1.66%)
Silver/oz – 9.73 (+0.435/4.68%)
Copper/lb – 1.829 (+0.1425/8.45%)
Oil/bbl (Brent) – 65.60 (+3.55/5.72%)
Wheat/bu (CBT) – 5.3625 (+0.20/3.87%)
Corn/bu – 4.015 (+0.2875/7.71%)
Dollar/Euro – 1.2732 (+0.0107/0.85%)
Yuan/Dollar – 6.835 (-0.005/-0.07%)
Yen/Dollar – 98.465 (+4.165/4.42%)
Dollar/Real – 0.463 (+0.0295/6.81%)
3 Month Treasury – 0.38 (-0.46/-54.76%)
2 Year Treasury – 1.56 (+0.05/3.31%)
10 Year Treasury – 3.96 (+0.27/7.32%)
30 Year Treasury – 4.33 (+0.26/6.39%)
Fed Target Rate – 1.00 (-0.50/-33.33%)
U.S. Public Debt – 10,530,893,033,778.19(+6,780,047,975.30/0.06%)

I tried, but I just don’t have anything worth writing about this evening. So I’ll just wish everyone a Happy Halloween and be on my way! Nothing to see here…

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