"We the people, in order to form a more perfect union…"
"Representatives shall be determined by adding to the whole Number of free Persons, including those bound to Service for a Term of Years, and excluding Indians not taxed, three fifths of all other Persons… When the right to vote is denied to any of the male inhabitants of such State, being twenty-one years of age, and citizens of the United States, or in any way abridged, except for participation in rebellion, or other crime, the basis of representation therein shall be reduced in the proportion which the number of such male citizens shall bear to the whole number of male citizens twenty-one years of age in such State."
On that basis, it seems to me, that Texas should be losing about 10% of the Congresspeople next year – as they have seen fit to exclude close to 1M of their citizens from being eligible to vote.
Of course Texas is already being punished by plunging crude prices as oil hit $75.84 overnight and gasoline prices fell back to $2.06. Low prices at the pump are bound to put consumers in a better mood but, in Texas, a lot of those consumers are in the oil industry or in towns dominated by the oil industry and that industry is in BIG TROUBLE with oil below $80.
It's not just oil that's dropping, copper is off 4% this morning, barely holding $3.01 as there is NOTHING to indicate any rise in demand for materials in our weakening Global Economy.
Nonetheless, Corporate Profits in the US are up 10% this year and, whether it's the result of FREE MONEY pumped in by the Central Banks or spending cutbacks that ultimately damage the economy or finanical engineering like stock buybacks that artificially inflate apparent earnings by decreasing the number of shares or, even if it's just good old inflation creeping into the pricing – who cares as long as they are making money?
That's Capitalism, baby – don't knock it until you've tried it and, after you've tried it, don't complain when you lose – it just means that you and the 99.99% of the people like you didn't work hard enough – better luck in the next life! And, for those of us who win the Capitalism game – don't forget to buy up your local media outlets and turn them into your own personal PR firm to help maintain the status quo.
You say you'll change the constitution
Well, you know
We all want to change your head
You tell me it's the institution
Well, you know
You'd better free your mind instead – Lennon
That version of Revolution is from the fantastic Cirque Du Soleil, a show I highly recommend seeing if you are coming to Vegas to join us for Sunday and Monday's Live Seminar. I go every time I'm here, not because I like the Cirque (which is nice) but because the sound quality of the music is so fantastic – it's like going to a Beatles concert.
I'm in Vegas already and will be doing our regular Live Tuesday Webinar (1pm) from here a bit later. On the whole, it's another watch and wait day and we do expect a post-election sell-off – it's how much of a sell-off we aren't sure about.
We were sure the Nikkei was toppy at 17,500 yesterday and I called a short on EWJ for our Members at 2:33 yesterday afternoon in our Live Chat Room and we felt strongly enough about it to make it a Top Trade Alert as well. Already this morning, /NKD is down 580 points at 16,805, almost 700 points below our call at $5 per point, per contract or $3,500 per contract – our patience in waiting to short the Nikkei has finally paid off!
Don't forget to vote!
