The Business of America Is Business
by Larry KudlowCorporate profits are at all-time highs and bond rates in the Treasury market are virtually at record lows. That’s a good combination for stocks, and it helped trigger a 255 point rally in Wednesday’s trading. What’s more, a surprisingly positive read on the ISM August manufacturing report delivered a strong blow to the double-dip recession pessimism that has plagued investors for many months.
Without question, the jobs picture is going to remain cloudy. There’s just too much uncertainty over the economy and the tax-and-regulatory threats coming out of Washington. Businesses can’t be sure about the costs of hiring. Meanwhile, over in housing — our other weakest sector — an inventory glut threatens further price declines.
But make no mistake about this: Businesses, at least the publically owned ones, are in very good shape. U.S. firms scored a record $1.2 trillion in profits during the second quarter and are sitting on roughly $2 trillion in cash. Our private-sector companies are resilient, and they have recovered significantly from the economic plunge.
And while their hiring is still behind schedule, they have begun the process of investing in equipment, software, and other capital goods. Business investment in the June quarter rose 16 percent above year-ago levels. This is all to the good. Healthy businesses are crucial to the stock market as well as the overall economic outlook.
In fact, since 2001, business profits have doubled, even while the stock market dial has hardly moved. If Washington can just keep its paws off of business and let market processes work, firms will continue to prosper domestically and internationally and will eventually pick up their hiring.
I hate to sound too much like Calvin Coolidge, who after Reagan is my favorite 20th century president, but the business of America is business.
Yes, when second-quarter GDP came out last week, the revised 1.6 percent growth number was universally derided as a step on the road to a new recession. But not so fast.
In a blog titled “What Everyone Missed in the Revised GDP Data,” brilliant Washington economist Alan Reynolds noted that real gross domestic purchases, which are purchases by U.S. residents of goods and services wherever produced, actually increased 4.9 percent annually — a full percentage-point stronger than the first-quarter results. Reynolds blamed a government accounting miscue over falling import prices for a misread on the trade deficit that subtracted about 4 percentage points from GDP.
So import prices actually increased in the second quarter, which lends credence to the idea that the economy is doing better than folks think. And by the way, the bulk of those imports are being used for capital-goods investment, which is a good thing, not a bad one.
Smoothing out the quarterly ups and downs, the real economy is growing about 3 percent year-on-year, with the domestic economy rising by 3.7 percent. This is a tribute to the resilient and durable free-market system in America.
It’s a pity that Team Obama and the Democratic Congress had to waste nearly $1 trillion on ineffectual spending stimulus, temporary tax rebates, cash for clunkers, and temporary homeowner tax credits — all of which have probably slowed recovery and prevented equilibrium in key sectors. And that’s not to speak of our huge and burdensome future debt.
Which brings me to the regime change coming in the midterm elections. That’s another bullish factor. As we speed toward November, the Republican party looks set to publish an agenda of limited spending, regulatory restraint, and low taxes, while momentum is gathering to at least temporarily extend the Bush tax cuts of 2003.
And lo and behold, President Obama and his economic team apparently are talking about additional tax cuts of one kind or another. I’m not holding my breath. They are likely to go for temporary and targeted tax relief, the most ineffectual kind there is. They should go Reagan, by reducing marginal tax rates across-the-board for personal, business, and investor incomes. That’s what they ought to do — strengthen incentives to reignite risk-taking. But the Republican tide is rolling in so strong right now, we just might see Democrats turn to lower taxes.
All this is good for stocks. Using conservative earnings estimates, the S&P 500 looks to be valued at a historically low 11.5 times earnings. That comes to an 8.7 percent yield on shares, compared with only a 2.5 percent rate on 10-year Treasuries.
In other words, profits up, rates down, tax cuts may be coming. In the new political environment, year-end tax-selling by investors may no longer be necessary in 2010 to beat the Obama IRS in 2011.
Let’s have a little optimism for change.
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101 Comments
The Business of America is Business.
That is my favorite Calvin Coolidge quote.
The man was honorable.
There are so many fools that bought into the progressive BS that business is evil and corrupt it will take someone with a big set of balls to undo the damage that has been done. The left will vilify him/her to no end.
Restore Free Markets! Repeal Obama's repressive socialism!
Replace the socialist Congress with fiscal conservatives and we prosper again!
Parody: Politicians Explain Benefits of Big Government in Glossy, Full-Color, Easy-to-Understand Mailer (click image to enlarge) http://optoons.blogspot.com/2010/09/politicians-e...
Another quote of his….
"Industry, thrift and self-control are not sought because they create wealth, but because they create character."
Calvin Coolidge
Character……we are in great NEED of that right now!
Remove Obama/Pelosi/Reid, and their "friends" here & abroad, and their contempt for American freedom!
"Let’s have a little optimism for change."
While I like Larry Kudlow's articles here for the most part, facts are facts, and I disagree with this one.
Simply saying "let's have a little optimism for a change" simply won't work. That is irresponsible talk. It is akin to blowing on a helium balloon, trying to keep it aloft, after the gas has evaporated. Granted, it might work momentarily, but eventually, you run out of breath.
"All this is good for stocks. Using conservative earnings estimates, the S&P 500 looks to be valued at a historically low 11.5 times earnings. That comes to an 8.7 percent yield on shares, compared with only a 2.5 percent rate on 10-year Treasuries."
I further disagree with that statement. I am not an economist, or a pundit. Larry Kudlow is not in the business of business. He is in the business of being a pundit, a pitchman, a talking head. It is his job to chant the mantra "Buy, buy, buy." When the DOW hits 5,000, those who invested today, will watch their pesos go "Bye, bye, bye."
People need to come to grips with the fact that we are bankrupt.
We've weathered the recession pretty well down here, but if this administration doesn't lift the gulf drilling moratorium or God forbid, puts a halt to production rigs, we're going to quickly make Las Vegas look prosperous.
Term Limits, Replace this Fed Administration and bring charges for Abuse of Power,Failure to uphold OATH of Office to enorce the Cnstitution, Return the Govt to "We The People!"
Damn good point.
How long did the socialists think 300,000,000 people would put up with this in a Representative Republic?
Citizens of Obamaville, start packing!
I read your tagline:
"Semi-gruntled Mechanical Reliability Engineer specializing in failure analysis".
Do you reckon you could do a failure analysis on the Obama Administration?
We had a painful 2 year lesson in socialism. We now know who you are, and where you are all over the world. NEVER AGAIN!
Liberals demonize the very idea of business and see it as a necessary evil they need in order to fund their utopian schemes. They are pathologically unable to embrace capitalism and understand its promise of a better life for all.
The People run America, not socialists, Unions, Dictators here and abroad, and not Radical Democrats. Close up the Borders, clean out America of 20 Mil Un-screened Unknown Illegals from 30 countries, and let Free Markets, Freedom & Prosperity return!
Unemployment numbers: http://online.wsj.com/article/SB10001424052748703...
More bad news: http://www.politico.com/news/stories/0910/41727.h...
The heck with stocks. I want to see people employed. The individual taxpayer is the one who pays for the social programs and they also pay the most into the government money pit. Without high employment less monies are available for our spendthrift and trough feeding congress.
http://www.washingtonpost.com/wp-srv/special/poli...
Yet, from the simplified graph I see many ways the budget deficit can be radically cut.
Obama Admin: You were the joke for under-estimating U.S!
We will correct our Textbooks, monitor College professors and MONITOR VOTER FRAUD like hawks! We'll restore our TRUE HISTORY which features the benefits of Free Market, entrepeneurship and caring for those less fortunate.
America was not made for Dictatorship. You'll see the BEGINNING OF THE END in November!
It's not good CB, not good at all.
Recovery summer? Maybe No Bama was talking about India.
To Obama Admin: How do you like the Tea Party type Americans now? We're here to stay! You lose.
That my friend deserves a "just damn" !
Olinsky will target the cuts to the green sector and Crime Inc partners. How about Republicans agree with Olinsky on the green sector as a target BUT, target ALL forms of alternative energy, not just Obamas favorites. Across the board tax cuts to all will allow the cream to rise to the top, coal burning electric vehicles will give way to common sense diesel hybrid trucks, buses and ships. Smart grid funding will give way to lower energy cost and combined heat and power CHP and American natural gas.
Ffuel cells will give way to microturbines and wind will…well wind will just give way and solar may have some potential-eventually.
You bullied U.S. and enjoyed it. Now it's our turn!
States Rights! Term Limits! Subpoenas for Abuse of Power, for Obama Administration!
That is something liberals/progressives will never admit. Is that with as much as they hate free market/capitalist system, they still heavily rely on it. Since they cant get what they want done without it.
Gotta love the hypocricy of the liberals/progressives. Its so thick, that you need a steak knife to cut it.
Time to print more money. Oh, you say we cant print $100 bills fast enough, then print $10,000 ones instead.
Calvin Coolidge, one of our most underrated presidents ever.
Big business is in good shape, after cost cuts, massive layoffs and rounds of inventory reduction. It's what business does when the customers stay home. If you want to see how the recovery is around our place, just drive by any shopping center, and look for the shuttered stores.
Methinks el presidente thinks people will look at stocks and not the unemployed — But the potholes in the economic road are mostly put there by him. Not banking on a recovery until at least 2 years after we dump him.
" The Business of America is Business. "
And, No Bama sure is giving us the business.
Someone or some THING is going through the posts and giving their perceived enemies a thumbs down.
I am honored to be one of the enemy !
May God show whoever it is the error of his/her/it's ways.
No more Pelosi, obama, Reid, Axelrod,Weiner,Frankel, Bloomberg the Mosque lover,Schumer, Clinton, Holder, Rham, Jarrett, Grayson,Czars, Jones, Soros, Hugo, Wexler, Graham, Collins, Snowe, RINOs, Corrupt Big Biz, friends of Obama's, John Morton, Janet Napolitano, Kagan, TERM LIMITS for all! including Supreme Court! Cut the GANGRENE out of our Govt!
Until housing prices stabilize and unemployment abates,
there cannot be a recovery, no matter what rosey picture, "Larry the Optomist", paints..
Yep.
That is happening with ever increasing frequency. Perhaps it is one of Larry's lemmings.
I just read that on Drudge.
283,000 jobs lost over the so called "Recovery Summer."
I like your take on this… you are spot on. After reading the article I wasn't thinking about bankruptcy. I'm glad you brought some reality to the table. We ARE bankrupt and no amount ofoptimism, or percent yield will change that.
Housing has not fully bottomed out.
Commercial Real Estate is just beginning to tank. it will dwarf housing.
Unemployment is going up, because small business credit is non existent. Banks are instead using TARP funds to pay bogus bonuses. It is a house of cards.
For Larry Kudlow, or ANYONE to spew optimism, is unconscionable. Wall Street wants to have stupid money in the market, to bolster it for one last hurrah, to pick the pockets of Mom and Pop, and Main Street America, one last time.
The smart money has left the market.
on purpose,i.m.o.
honesty in government and business, cut spending, cut taxes, deregulate, desoclialize, term limits, close our borders, expell illegals, enforce the law, for starters.
Yeah. I saw numbers in a recent article where other country's economies are doing far better and they have far lower unemployment to boot.
Our boat is sinking and our president is drilling more holes in the hull while he screams "let the water out!"…. (get it? the water is really comin into the boat…)
Corrupt dictatorship Governments will stop at nothing to RULE. Even frame their own citizens……
I pulled you back up from 0. Congrats! on striking the right nerve!
Calvin Coolidge, the exact 180 of Obama.
You spelled it out better than I ever could….
What flavor would you like of "double dip" depression…?
Zimbabwe style baby.
Thank you….
Sometimes, one must take enough steps backward, in order to get the full picture. Not only is the house of cards falling, but it is on fire and the wind id blowing.
Anything but chocolate.
Even kill their own citizens…
I think it is advisable for everyone to have several bushel baskets dollar bills at home. I think in the future, it will make wiping one's arse much easier, as opposed to digging through the couch cushions, trying to find three quarters, two dimes, and a nickel………
The wind is blowing because Washington DC ( had to make that point ) SUCKS.
That is where I disagree with everyone. This is not a "double dip" recession. It is one long, continuous recession. Frankly, I believe it is in fact a depression. In this age of snap your fingers, instant gratification; cell phones, computers, i-Pods and a pampered society, people aren't prepared. They hear on the news it is a recession, yet think, "That doesn't affect me". They are wrong. it does. What affects my neighbors, affects me. My closest neighbor is ten miles away.
Isn't that the truth!
He has always been my favorite president.
Well, true RCFA only works for individual failures, otherwise you end up with too much breadth and no depth, so I'll have to pick one to work with. How about the current miserable presidential popularity rating.
Physical Root would be allowing congress to ramrod policies into law over the objections of the vast majority of the American populace.
Human Root would be a narcissistic worldview that does not allow belief that he could be incorrect when determining how other people should think or act.
Latent Root would be thirty years of indoctrination by the worst possible aspects of our liberal education/media system.
Recommendations:
Physical Root: Repeal all the idiotic legislation.
Latent Root: Eliminate the NEA.
I'm not supposed to make recommendations based on Human Roots, but I'll make an exception in this case and recommend that the POTUS get his Chronic Cranial-Rectal Inversion remedied ASAP.
Not really as funny as I thought, but there it is.
Someone needs to send Barry a memo.
"Suck Barry, don't blow"………..
It's not that business is inherently evil, Gary, it's that business is evil unless they control it..
In that case, everything is f%$*ing ducky.
He has become one my favorite presidents as well.
We need a new Coolidge to move this country away from the distructive progressives.
On a side note, Coolidge in his time did almost get rid of the progressive income tax.
LOL The baskets will be worth more than the cash as the story goes. Larry is good for morale but reality is in our face. We can not escape our debt. We have to face it head on and take it to the ground. We, and that means every living soul in America from the President to the poorest of poor are going to have to accept a tightening of the belt. Sorry Mr. President but that means you may have to hang around the house and work for a change which would be a welcome one.
"it will take someone with a big set of balls to undo the damage that has been done"
Strangely enough, that person may be someone wearing high heels and a skirt.
And I'm not talking about barney frank.
Absolutely!
"You spelled it out better than I ever could….
What flavor would you like of "double dip" depression…? "
You and I both know what it is…Especially if your business is construction and housing related…
Sectors that MUST improve before real growth can begin…
Both my neighbors are 10 feet away…
He was living proof that you can let an economy thrive by going with the exact policies of this administration or any other progressive administration.
On top of that, he turned this country around even after Wilson did a far more damage that Obama has. Although, Obama is well on his way to do more damage than any progressive president before him, he is just not there yet. Now if we can, we can turn it around before that happens to.
Double dip depression/
Ben and Jerry's need to add that as a flavor.
Hell, I feel so upbeat now, I'm going to leave. On my way out the door, I'm going to beat my head against the doorjamb several times, in order to feel better……….
LOL I know…
Bill Ayers and his followers believed that if they could murder 25 million citizens, they would be able to control the rest through fear. This is not hyperbole, it's not a joke. It's part of the "progressive" mentality; "Human life has no intrinsic value."
Try not to damage the casings and the paint…
Enjoy the fleeting days of summer up there..
That's a sign that even the trolls have begun to realize they have no arguments left. We've reduced the arrogant horde to a quivering lot.
Larry,
The business of America is government. If Republicans don't take the house and the senate, and real conservatives don't win against RINO republicans – that con game will continue and we fall apart – freedom once lost is rarely regained.
Joe Doakes
That does not surprise me at all. I would start Impeachment and Interrogation of the entire socialist Obama Admin tomorrow if I could. We're under the grip of marxists who will stop at nothing to destroy U.S. I only hope that those, on the side of freedom, with the legal power, will serve the subpoenas soon. I guess it will be by Darrell Issa in Nov! Can't wait!
Gary,
They are on the attack. They are reporting my posts as "offensive." Thumbing me down and all the rest. No matter if they decide to block my entrance to the polls I'm going to shove my thumb up their ass with a battery cable attached to a car battery.
JD
Thank God you said it, I've been down on this D&P show for months. It has no legs, it is hype for
the sake of traders, wringing the last tid-bit of juice from the lemon we all know we must eat,
rind and all, in my quite uneducated opinion.
No one is better at calling a spade, a spade!
.
This is the first time in quite a while where the AP headline didn't include the word "unexpected". Just wait until tax rates go up. Unemployment will officially be at 12-15% with the real rate being 20-23%
No, he was talking about recovering from a sand trap to salvage par.
They haven't put the final nails in the coffin of the US economy I see.
Read some REAL economists, and their thoughts about gov't stimulus:
http://mises.org/daily/3353 http://mises.org/daily/3535 http://mises.org/daily/3360 http://mises.org/daily/3331
Don't save all the fun for yourself….lol
I don't care about the thumbs up or down, I do like getting under their skin though.
Kudlow, you are one arrogant elitist and need to get you head out of your rear end. If capital investment in small business had really increased 16% last quarter we would have seen an increase in employment and output. The numbers are just as bogus as your privileged upbringing. How dare you, sir? How dare you tell us to eat another bowl of ruling class manure and call it Wheaties? We've listened to morally bankrupt shills like you tell us for the last 100 years that we were living in the land of opportunity, milk and honey. You just neglected the fact that the system is set up so we can be your serfs and now you are telling us that more of the same is the prescription for our economic salvation? How dare you? The banking industry and political class has been lording it over us for their exclusive entertainment and profit and at our exclusive risk and cost since you jammed the Federal Reserve Act down our throats and told us it would be a panacea. Like today, you conveniently neglected to mention the fact that it wouldn't benefit us nearly as well as it did Wall Street and K-Street.
I don't know why you are allowed to have any kind of audience and I can't imagine why Breitbart allows a shill like you to have space to advertise your sick perversions of free-market capitalism, but I fear your honeyed tongue has turned into ashes and you are now at risk of being exposed for being the poster boy for Wall Street narcissism.
I can only hope that the one thing we learn from this recession is that our trust in people like you was the most expensive mistake our country has ever made and will not be rectified until you and your little band of sycophantic economic traitors are run out of our country or into the ground. On that day we can say there is good news. On that day we can say we have a chance at the American Dream. On that day we can say goodbye to the chains of economic bondage and on that day we can start to enjoy real economic opportunity and true free-market capitalism.
Progressive's lack of value for human life reminds me of ethnic cleansing, and also the mentality of Radical Islamists. Their "ideal totalitarianism" supercedes humanty. I.m.o. they are animals that are now marked by their 2 year display of force, and will never pull this off again.
Monitor the revisionists in the Textbook dept, and the teachers in ALL schools. umm umm umm Especially colleges where the student's minds are open & rebelious at that point. (ACORN)
The wind energy makes me think if the billboards in the deep south I saw while driving to my new home a few weeks ago. (Orange Beach, AL was very nice by the way. Beautiful beaches, reasonably priced hotels, and warm water that seemed clean. My kids loved it.) Picture driving through these super humid and hot areas feeling absolutely no breeze to speak of and seeing a huge sign advertising the future promise of harnessing wind power. I was laughing as my husband drove. He didn't get it but oh well.
Somehow I don't think that those areas of Georgia and Alabama I drove through are going to be great producers of electricity through wind farms.
Oh and diesel cars can get amazing gas mileage. My dad drives a vw jetta diesel to work (an hour commute both ways) and can get 600 miles a tank and regularly gets above 550 a tank. Diesel is a bit more expensive and isn't at every gas station but man it would be nice to have that kind of efficiency in my van.
Yes just cause the proverbial credit card company gave us another month to pay only interest doesn't mean the bill isn't coming due.
I'm not going to put a new deck on my home when I can see the forest fire from my window.
The new home buyer credit still makes me a little bitter. My husband graduated from pharmacy school at the end of May. We were looking into a house to buy, but realistically we just couldn't afford it. Even if we would have known for sure which job offer we were going to take. We have almost no savings and don't know how long we would be in an area and don't feel comfortable buying something if we are only going to live there a year or so with housing prices the way they are.
The credit just encouraged people to buy things they couldn't afford. It doesn't make sense for everyone to own a home at every point in his life. But I missed out on some "free" money because I have more sense than many others in the country. Sometimes it stinks to be realistic. (Although my bank account and credit rating will probably thank me in the long run).
Interesting. We have to "be realistic" while they go for the "ultimate lobster experience" and "upgraded severance packages and bonuses" for not growing market share, but for reducing employment to generate a profit. We get to pay for all of it and we get to be made to suffer, but we are told we are doing great and should be thankful. I can't see being thankful until they pay their last full measure first.
Hang in there. We're proud of you and your husband.
The Business of America Is Business; add without government interference!
It really doesn't.
Really. So why do we have laws against murder?
"So import prices actually increased in the second quarter, which lends credence to the idea that the economy is doing better than folks think"……
I am not too much of an expert, but rising import prices could also reflect the falling value of the US dollar.
My economics hero Jude Wanniski taught students at Supply Side University that in order to get a true picture of the economy, you must take into account the unit of account; the dollar.
"http://polyconomics.com/ssu/ssu-970718.htm
"The price of gold is a key piece of information for the ordinary citizen who is trying to get a sense of the economic environment. If the DJIA is 7000 and the price of gold is $300 an ounce, and it then rises to 8000 while the price of gold rises to $350 an ounce, the value of the Dow stocks will have declined in terms of gold"……
No clue. We already kill babies so why not extend forward?
Who is "we?"
You know, with talk like this, you might end up on an obama advisory board. Or the UN "human rights" council.
Serve them with Subpoenas and when they are exposed during a humiliatig trial, they will be impotent. That will dry some tears of those good, hard working, law abiding Americans that the Obama socialists hate, and have tortured. Dictatorship 101 is OVER!
Agreed. The sob's. Good thing I'm not in charge. You would hear the sizzle all the way to Hawaii !
Maybe, but who trusts them? the sob's.
Steven Critchfield is an American Hero! for that Billboard! – - –
"Voted Obama? Embarrassed yet? ……in Missouri.
Democrats are sending him death threats. I send him CONGRATULATIONS!
Corporate profits are great but unemployment is still miserably high? I guess this is what happens when "made in China" takes over "made in America." Thanks Wall Street! Hope you have a great Labor Day in the Hamptons!
Without Wall Street and Corporate profits you wouldn't be sitting at your computer pontificating.
That's what I'm aiming for. Large income with no responsibility. Gotta love America.
Think about it like this. Profits are high, but they are saving up the money for the uncertain future market the current policies have set. If it wasnt for the over regulation, over taxation, and unions, the corporations would be highering alot more along with small businesses.
As for why products are made in China, thats easy. They move production there, as our costs production here stateside are too high for companies, and why else do you think many domestic cars are build in Korea, Mexico, Canada and so on. It is cause of the reasons I stated in my last paragraph.
So please say that you atleast understand that, if not, then dont bring it up.
I'd say your understanding of trade policy is about as strong as your understanding of spelling and punctuation. That is to say, fairly weak.
I would like to hear more talk about Calvin Coolidge. I have studied the Wikipedia article on him and on Harding, his predecessor. It appears they were brought into power by "the Return to Normalcy". Even though this motto seems innocuous, it appears that much the same political mood as we have right now in 2010, had taken over the US electorate in the run up to the 1920 election.
Abuse of power (by Progressives) was rampant. Woodrow Wilson had been in power, aided by the urgency of war, and helped by his party had arrested and using various new acts, imprisoned 175,000 citizens because they had disagreed with the administration, mainly on the subject of war. Also during this time, the Federal Government power and structure was expanded, and the first Income Tax Act had been signed allowing potentially vast funding for this great centralization of power to occur. Suffice it to say the Wilson folks had made lots of enemies.
It appears, despite sparse historical writing about this, that the populace had become fed up with rapidly upsurging government power, and beyond simply rejecting the President, his various decrees, and even his obsession, the League of Nations, the typical American wanted to get back to basics, and flipped open their copies of the Constitution once again. They asked: "Whatever happened to following this document?"
During the Return to Normalcy, the Republicans won by landslides, and began to try and roll back some of the excesses. First orders of business were reductions of Income Taxes (thus sparking the economy). They even reached out and released Communist Party leader Eugene V. Debbs, who had been imprisoned by Wilson, for speaking out against the war.
We do not study this unsettling, early "Progressive" era enough, and also therefore do not understand why Harding and Coolidge were so important. For now, we can suffice to point out that they were the political leaders during a fairly lengthy period of economic growth, now known as the "Roaring Twenties".
Despite the exaggerated criticisms of rampant growth (which, had the government not intervened under Hoover and Roosevelt, might have gone down as a typical business cycle, instead of the "Great Depression"), and likely justified criticism of inadequate disclosure in financial matters during the run up to the 1929 market crash, there is much to be learned from an approach such as Harding and Coolidge used. Coolidge, in particular, was known for his restraint, and reluctance to use the power of the Federal Government. This is what he was brought into political favor for. We needed someone to lead us who understood the wrongs of the Wilson period. Government is the greatest of tyrants. We need someone like that right now. And it cannot hurt to study the life and times of Calvin Coolidge.
May the Lord bless you in your stupidity.
And from your statements, your fairly weak on common logic and sense. But if your best arguement is spelling and grammer, then your arguement must be freaking pathetic.
Besides, you showed no insight on trade policies what so ever. Come on, what is your counter arguement if you have one.
…and when they decide you don't have any further value?
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