Tuesday, August 11, 2009

Tempers Flare Over Health Care!

Just a quick note tonight.

I have a busy day tomorrow. I will have full coverage of the FOMC meeting tomorrow evening. There are rumors floating on Wall St that another QE may be announced by the Fed. I expect stocks and bonds to be extremely volatile tomorrow.

Town Halls

I will have a few comments below around the anger that's being expressed by Americans all over the country at various town hall meetings regarding health care. Here is an example of a town hall meeting in Lebanon today that was conducted by Sen. Arlen Specter:

Quick Take:

I gotta admit folks. My first thought is the anger seen here is not really about health care. In a perfect world, free health care sounds great! Right?

I think Americans have had it, and they are using these town halls as a way to release their anger and frustration over their rapidly deteriorating standard of living.

The economy is rapidly collapsing in America despite what the media is telling you. Unemployment is in the upper teens when you include all of the Americans that have lost unemployment benefits or have simply given up looking for a job.

There is no economic recovery. We are just seeing less worse numbers following an economic collapse in GDP. "Less worse" should be expected after such a sharp contraction in the economy.

Losing ONLY 250,000 jobs is a not a green shoot despite what CNBC tells you. What makes me laugh is unemployment supposedly dropped when the economy lost 250,000 jobs. Ummmm....Sounds like the math skills of a 2nd grader if you ask me.

I am sure there is some mumbo jumbo green shoot spinning reason why the unemployment rate dropped during a month in which we lost a quarter of a million jobs. I just don't wanna hear it, and apparantly after seeing these town hall meetings, America doesn't either!

The Bottom Line

CONgress better start listening to their constituents or these town halls will start to get increasingly more violent.

The citizens of this country have had enough of the lying in Washington. They realize that this country is being destroyed by the politicians. Health care is simply a symptom of the disease. The disease is debt and out inability to pay it back.

I detect a serious underground movement that's about to turn Washington upside down.

The politicians better start listening because the torches and pitchforks are right around the corner.


CT-Hilltopper said...

I don't know if all of this anger is exactly over health care either.

I don't think that this many people could honestly think that a vote for this health care plan would be automatically condemning granny to death. That leads me to believe that there has to be an underlying message that people are trying to get out.

People are notorious for saying one thing and meaning another. This could be one of those times.

Peter said...

Jeff, I have the suspicion that a lot of these politicians do not care. Could it be because the progressives think they have secured the ballot boxes into the future with illegal voters, census monkey business and union intimidation. Have you seen the union goons brought out at these events now?

I think you are spot on about Americans being upset. The government and bankers have stolen all their money, destroyed their standard of living and now they want to take away health care. What's left? Add all these things up and this issue is just a proxy for TARP, the Fed and bailouts.

Jeff said...


Couldn't agree with you more.

I am personally shocked at the sudden anger at these town halls.

The sheeple are getting restless and its only going to get worse as things continue to deteriorate.

Jeff said...



All they care about is getting re-elected.

They are in for a rude awakening because I think things are rapidly falling apart.

Some of these arrogantr clowns are going to get clobbered in the mid term elections.

If the market tanks hard soon I think you may start seeing violence. I am picking up a real bad vibe out there and it scares the hell out of me.

Anonymous said...

Funny, I was thinking the same thing regarding the unemeployment situation as I was listening to some "expert investor" when asked if he thought this rally still had room. He mentioned that the jobs numbers are improving, I laughed out loud on that one. C'mon, so were not loosing as many jobs on a monthly basis that hardly says the numbers are good. Were certainly not expanding jobs. I personally have not read up enough on the health care issue to make a comment other then the local town hall meetings have been pretty vocal and a lot of opposition expressed. Again though, where are we getting money to pay for all this, the 10 year auctions today?

Jeff said...

I'll be back at it tomorrow folks.

Been a hectic week.

getyourselfconnected said...

great take, I had not put two and two together but I think you may well be spot on. The pure animosity out there cannot be just due to health care concerns, I think that other issues that people let slide are coming back up through the medium. Great idea!

Anonymous said...

If Uncle Ben thinks the economy has bottomed out, it is time to enter the market guys. After all, he is the expert on our economy right? ;)

Angry American? Maybe they are mad because Paula Abdul is not coming back to American Idol next season?

Jeff said...




John Paulson bought $2.5 billion in BofA.

Looks like another rally in financials is ahead.

I wonder which banks he shorted as a hedge?

Jeff said...


"Angry American? Maybe they are mad because Paula Abdul is not coming back to American Idol next season?"

Thats hilarious!

The Paula Abdul BLack Swann perhaps?

Jeff said...


"Again though, where are we getting money to pay for all this, the 10 year auctions today?"

Thats the million dollar question.

The Fed basically punted today.

Dollar and treasuries got beat up after the Fed passed on announcing any further quantatative easing..

I think Bennie is beginning to feel "boxed in" and is afraid to give a definite answer on further debt monetization via QE out of fear it may disrupt the markets.

What a whimpy statement from the Fed.

getyourselfconnected said...

I am almost done an interesting mental excercise in tonights post. I would be up for Jeff, and anyone else's thoughts.

CT-Hilltopper said...


You wanted to hear about my birthday, so I posted it on my blog. LOL

It isn't what you expected

getyourselfconnected said...

CT, Bravo! Left a comment.

Jeff said...

post up 7ish

getyourselfconnected said...

Left a football note at the top of tonights post.

CT-Hilltopper said...

Put up another post on my blog as well.

I seem to be inspired lately.