Second Quarter results are in:...."strong auto and housing sales, a soaring stock market and solid retail sales have helped renew confidence here...economy grew by 7.9 percent in the second quarter of this year..." Wow! Sounds good doesn't it...but it doesn't sound familiar does it? That's because these are China's results not ours.
China is headed in the right direction -- no "cap and trade" and "health care reform" for these guys -- nope! China is interested in jobs and economic growth and they are getting them. Three cheers for China!! Within a generation, China will be leading the world economy by adopting policies that promote economic growth not stagnation. What a great historical irony!
Meanwhile back in fantasyland: House Democrats announced a new $ 100 billion tax on health insurance companies in their continued pursuit of self destruction. I guess that's another in their "no new taxes" concepts and a move to "reduce the cost of health care." Too bad if you need health insurance. Prices are headed up thanks to the Democratic Congrass. Look for the American economy to continue to fade as long as Obama, Pelosi, and Franks are in control. But, the rest of the world is not so foolish...thank goodness.
So, CIT is likely to join Lehman getting no government help. We continue to pick winners and losers. Geithner Bernanke and Company don't like CIT I suppose, so goodbye CIT. And the beat goes on....