TX Tea Party Candidate Advocates Violent Overthrow Of Government


 

In an interview, Brad Watson, political reporter for WFAA-TV (Channel 8), asked Broden about a tea party event last year in Fort Worth in which he described the nation’s government as tyrannical.

“We have a constitutional remedy,” Broden said then. “And the Framers say if that don’t work, revolution.”

Um, no, dummy, that’s not what the Framers said. Why is it that these so-called Tea Party candidates who profess to be constitutionalists actually know very little about the US Constitution?

Even worse, why do they dislike it so? They want eliminate most of the amendments, the ones don’t suit them. Does the constitution evolve as a breathing living document or should we stick to the original document as Tea Party candidates advocate? The truth is actually found in the Constitution itself as a structure (amendments) was established from the outset to add amendments forever. We currently have 27 and counting for rights not thought of, as they discussed, by the Framers.

There are some Tea Party candidates, such as Art Robinson of Oregon, who would like to replace US Constitution with the Bible.
 

posted by Larry Nusbaum at 10:40 AM

California September Home Sales

An estimated 33,176 new and resale houses and condos were sold statewide last month. That was down 3.1 percent from 34,239 in August, and down 17.5 percent from 40,216 for September 2009. California sales for the month of September have varied from a low of 24,460 in 2007 to a high of 68,114 in 2005, while the average is 44,310. Read full article: HERE

Bay Area home sales fell year-over-year for the fourth consecutive month in September, dropping 27 percent below average, as historically-low mortgage rates failed to nudge many would-be buyers off the sidelines. The region’s median sale price stood 8 percent higher than a year ago, but price signals were mixed at the county level. Read full article: HERE

Obama official says banks can restart foreclosures –
President Obama’s top housing official said Wednesday that lenders are within their rights to resume foreclosures this month despite allegations that they erred in processing documents. But he said the banks could face fines if found to have broken the law. Read full article: HERE
Mortgage rates rise slightly from record low Rates on 30-year fixed mortgages rose slightly from their lowest level in decades, inching up to a national average of 4.21%. Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans was up from 4.19% the previous week. The average rate on 15-year fixed loans rose to 3.64%. That was up from 3.62% a week earlier. Read full article: HERE

Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts. The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its peak-to-trough loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear… full story

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[S.F. – Untitled via Flickr Pool/RChin]

Additional articles that you may find of interest:
  • COSTLY BAILOUTS: Mortgage finance giants Fannie Mae and Freddie Mac could need as much as $363 billion in government payments by 2013, regulators said Thursday. That’s far more expensive than the government’s bailouts of the banks, auto companies and insurance giant American International Group Inc. (CNN Money) MORE HERE
  • SWIFT JUSTICE: A Florida man pleaded guilty Thursday to aggravated murder in the killing of an Ohio real estate agent who was found dead in a vacant home that he was trying to sell. Killers of another Ohio agent also reportedly have confessed. (WaPo) MORE HERE
  • CHEAPER TO RENT: Bay Area housing prices are lower than they once were, but it still costs more to own a home than to rent one there, according to the real-estate website Trulia. (WSJ) MORE HERE
  • FOR SALE OR LEASE: Actress Jane Seymour (Bond girl, “Dr. Quinn Medicine Woman,” etc.) and her husband, actor James Keach, have put their Sherman Oaks home on the market for sale ($2.2 million) or lease ($5,900 a month). (Housing Watch.com) MORE HERE
  • Mortgage Madness Linkfest: (TBP) HERE

 

posted by Larry Nusbaum at 9:29 AM

Pre-Market Open News and Links for FridayChart of The Day: “For some long-term perspective, today’s chart illustrates the Dow adjusted for inflation since 1900. There are several points of interest. For one, when adjusted for inflation, the bear market that concluded in the early 1980s was almost as severe as the one that concluded in the early 1930s. Also, the inflation-adjusted Dow is a little more than double where it was at its 1929 peak and trades 65% above its 1966 peak — not that spectacular of a performance considering the time frames involved. More recently, the Dow has retraced 60% of the financial crisis bear market and is currently testing post-crisis highs. It is interesting to note that the 70% gain produced during the post-crisis rally is actually slightly more than what the inflation-adjusted Dow gained from its 1966 peak to today.” – chartoftheday.com

via chartoftheday.com
  1. The Dow was up as many as 72 points in the first half hour and traded above the April 26th high close of 2010, then ended with a smaller gain. Compared to Wednesday’s session totals, volume totals on Thursday were reported mixed, higher on the Nasdaq and lower on the NYSE. The decliners outnumbered advancers by a 3-to-2 ratio on the Nasdaq while on the NYSE the mix was very close to even. New 52-week highs still easily outnumbered new 52-week lows on both exchanges, and new lows on the NYSE remained in the single digits. 

    SPY DAILY CHART

  2. Selling earnings news seems the order of the day. At the same time commodity markets are being hit on the notion of a dollar rally. The tango between a lower dollar, higher commodity prices and stock market gains was rather weird. It never makes sense while these things are occurring, only well after the fact. Most likely with the election and the next Fed meeting just two weeks away markets may just more to neutral until these two issues are decided.
  3. We’ll have to see if there really is a dollar rally which wasn’t really that pronounced Thursday. But with the market oversold in that regard we could just rally because of that alone. Gold and silver on the other hand sold-off sharply which may have more to do with options expiration at the COMEX.
  4. “For those who follow chart patterns, the Nasdaq Composite had a golden cross today, which is generally considered a positive technical formation. A golden cross occurs when the 50-day moving average crosses above the 200-day moving average when both are rising. For our purposes, any time a moving average line is higher one day than it is the next it is considered to be rising.” – BespokeInvestmentGroup 

    QQQQ WEEKLY

From 24/7 Wall St.:

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