Good morning.

Looks like the market will open down (notice a pattern here folks?) as the new unemployment data is due out. They anticipate more unemployed in the 650,000 range and for the unemployment rate to rise to 8%.

Get ready for another large sell off in the next few days. There is a growing sense of futility for those still in the market, and we are likely approaching the point of “capitulation”, which is what the technicians call the point where investors throw in the towel, give up on the market, and sell out at any price they can get. The technicians believe that you can’t start rebuilding the market until you hit the point of capitulation. The market is now down over 20% since the Messiah was sworn in and over 30% since he was elected. Private investors have lost trillions in wealth during Obama’s War on Wealth.

Tim Geithner can not get anybody to work for him. Many of his appointees are now withdrawing their applications to work for him.

Treasury secretary’s choice for deputy withdraws

WASHINGTON (AP) — The person Treasury Secretary Timothy Geithner wanted as his chief deputy has withdrawn from consideration, dealing a setback to the understaffed agency as it struggles to address the worst financial crisis in decades.

Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, made “a personal decision” to withdraw from the process, according to a person familiar with her decision.

The decision followed more than a month of intense scrutiny of her taxes and multiple interviews. No tax problems or other issues arose during Nazareth’s vetting, said the person, who requested anonymity because Geithner’s choice of Nazareth was never announced officially.

Obama’s new FDIC chair, Sheila Bair, caused a major run on the banks by talking openly that the FDIC might run out of of money. Rather than quietly deal with any funding issues behind the scenes and then announce the result when the funding was tied down, she comes out publicly with the problem and causes another panic. Bair could not have said anything more damaging to the financial system at this time.

And then there is the Messiah himself, who is now getting caught just outright lying. Yesterday he said that someone goes bankrupt every 30 seconds over medical bills. The 2001 survey that this stat was taken from has since been determined to be false and unsupportable by multiple unbiased reviewers. Basically, Obama is making it up as he goes along now.

I hope those who voted for Obama are happy now.