WALL STREET P.M. 09.08.09: STOCKS UP, DOLLAR DOWN

DJIA: +56.07 CLOSE 9,497.34
S&P 500 +8.99 CLOSE 1,025.39
NASDAQ +18.99 CLOSE 2,037.77

MERGER TALK BOOSTS ENTHUSIASM
BUSINESS WEEK: Stocks finished higher Tuesday as a rekindling of merger and acquisition activity and strong commodity prices bolstered investors' enthusiasm about the economy . . . Gold futures touched a high of $1,009.70 per ounce in morning trading. . . before finishing up $1.10 to $997.80. Gold prices have surged in the last week amid the outlook for extremely low interest rates, soaring fiscal deficits, and talk of central bank diversification. China has indicated that it could diversify some of its interests into gold, adding to the bullish tone . . . READ MORE

CNN/MONEY: The NASDAQ hit its highest point in almost a year Tuesday and the Dow and S&P 500 also climbed . . . Bond prices sank, raising the corresponding yields, while the dollar fell to the lowest point in almost a year. . . . A more than 4% spike in oil prices and gold prices that briefly topped $1,000 gave a lift to the influential commodities sector . . . READ MORE

WEAK DOLLAR SPURS OIL PRICE HIKE
WALL STREET JOURNAL: Crude oil futures prices ended above $71 a barrel Tuesday after the posting the biggest single-day rise since Aug. 19 on a buying spree spurred by weakness in the dollar . . . "It's been one of the major trades of the past year: weak dollar, buy commodities," said Andy Lebow, senior vice president at MF Global . . . READ MORE

GOLD SURGES ON INFLATION FEAR
BLOOMBERG: Gold rose to the highest price since March 2008, topping $1,000 an ounce, while silver climbed to a 13-month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals . . . Crude oil and all six industrial metals on the London Metal Exchange rallied as the U.S. Dollar Index fell as much as 1.2 percent to an 11-month low. . . . "The market thinks inflation is coming," said Leonard Kaplan, the president of Prospector Asset Management . . . He has been trading gold for more than 30 years and believes gold won't stay above $1,000 for long. "With interest rates so low, money is chasing money and the dollar is getting murdered" . . . READ MORE

ASSOCIATED PRESS: The dollar fell to a low for the year Tuesday as gold prices shot above $1,000 an ounce . . . Published comments from a Chinese government official in a British newspaper knocking the Federal Reserve's policy of buying bonds also drove the dollar lower, said Joseph Trevisani, chief market analyst at FXSolutions . . . READ MORE

WASHINGTON POST: The last time gold topped $1,000 was Feb. 20, as the markets were spiraling toward their early March bottom . . . Gold typically goes up as the value of the dollar goes down against other currencies. The dollar is at a new yearly low against the euro . . . The Fed has flooded the system with new dollars over the past year . . . But more dollars in circulation means each one is worth less, which can spur inflation. The Fed is not afraid of inflation, but others are not so sure . . . READ MORE

• CHINESE OFFICIAL: INFLATION
  DANGER IN U.S. FED POLICY

DECLINE IN CONSUMER CREDIT
POINTS TO SLOWER RECOVERY
REUTERS: Total U.S. consumer credit fell by a record $21.6 billion in July, Federal Reserve data showed on Tuesday, the latest hint household spending would be too weak to drive the economy's recovery from recession . . . "It is one more important sign that consumers are not going to be contributing very much to the economy for the balance of this year and probably for a good part of next year. Consumers will be in the background," said Bernard Baumohl, chief global economist at The Economic Outlook Group . . . With an unemployment rate of 9.7 percent, the highest in 26 years, and incomes falling, households have drastically cut back on spending. Consumer spending accounts for about two-thirds of U.S. economic activity . . . READ MORE

STUDY: CALIF. RECOVERY WILL LAG
KPBS: A new study by the California Budget Project says California won't recover from the recession as quickly as most other states . . . It shows that most of California's workers are still having a tough time making ends meet during the economic downturn . . . "One thing that's troubling is that so many forecasts show that California's unemployment rate will continue to rise in 2010 and will remain in double digits at least through 2011. And, so I think we're going to see a very weak job market for at least several years here in California," says the project's deputy director, Alissa Anderson . . . READ MORE

300 WORDS OR LESS 09.08.09

Van Jones Was No Vetting Problem

The Obama administration is trying to minimize the damage done by Van Jones' appointment. They claim this was a vetting problem. There is a problem with the appointment of Czars, since they do not have to be confirmed by...well, anyone. Cabinet-level staff face an established process. If Van Jones was the only extremist lunatic Obama appointed to his groups of Czars, you could say it was a vetting problem. If Obama's staff and other Democrats hadn't been so vocal about following Van Jones’ great accomplishments for years, you could say it was a vetting problem. If so many members of the left weren't currently talking about the loss of a great man, you could say it was a vetting problem.

The truth is, a large portion of the left (including President Obama) agree with Van Jones, that is to say, a large portion of the left are absolutely bonkers. As William Jacobson points out at Legal Insurrection, Van Jones' beliefs are right in line with many Democrats. A brief overview:

• George W. Bush is evil and possibly had a hand in 9/11.
• White people are evil and spend their time coming up with ways to oppress minorities, or even poison them.
• Global warming/cooling is an indisputable fact and anyone who disagrees is evil and wants polar bears to burn.
• Cops are violent instruments of oppressive white people.
• Due to oppressive white people, America is evil.

It resembles "you might be a redneck". Subscribing to the above...you might be a Democrat. Unfortunately, a large group of people in power now believe all of those statements and worse. Van Jones is gone, but there are plenty of radicals left to continue the legacy of lunacy. Polar bears rejoice.

--Rightofcourse