8/28 D.C. Rally...

Via Gateway Pundit, the 8/28 Rally in Washington D.C. gathered between 300,000-500,000 people.

Next up? The 9/12 Rally in St Louis.

Comparing 8/28/10 Rally to the 1/20/08 inauguration.

Q2 Economy Re-adjusted Downward From 2.4 to 1.6 percent

It just gets better and better, doesn't it?

The economy turns out to be weaker than we thought, and the outlook for the rest of the year is now looking dimmer.

New figures issued Friday show the economy struggled this spring, growing at a meager 1.6 percent annual pace. The initial estimate was 2.4 percent, and even that was anemic. Analysts say the summer should be disappointing, too.

Shortly after the government's revision, Federal reserve chief Ben Bernanke said the Fed was ready to take additional steps to prevent a second recession, if the economy deteriorates further. But he stopped short of promising any action.

The Fed "will do all that it can to ensure continuation of the economic recovery," he said.

Umm.... okay... what?!... another "stimulus" bailout?... print more paper money?... drop interest rates close to zero like Japan did in the late 80s?... *sigh*

Dow Jones back under 10k...

The Dow Jows closed under 10,000 today.

More importantly as an indicator, the S&P 500 is inching towards going under 1,000. It's come close several times. And, if it does so and remains there, THAT could be a sign of bad things to come.

Three Biggies Leave the Golden State...

EBay (the on-line auction giant), EA Games (possibly the biggest PC computer game software company) and Adobe (makers of Photoshop, Illustrator and Acrobat PDF software) are all leaving California for a better business climate. Kinko's left in 2001 for Texas before being sold to Tennessee-based FedEx..

Housing Crash 2.0

I hate to say it, but... I told you so.

Per the AP today:

"Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

The plunge in home sales also magnified fears about the broader economy.

"The housing market is undermining the already faltering wider economic recovery," said Paul Dales, U.S. economist with Capital Economics. "With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse."

Sales were particularly weak among homes in the lower- to mid-priced ranges. For example, in the Midwest, homes priced between $100,000 and $250,000 tumbled nearly 47 percent.

The weakness follows a strong spring, when now-expired government tax credits sparked sales, especially among first-time buyers of lower-priced homes.

The tax credits caused many of those buyers to speed up their home purchases. Sales have weakened since the credits expired on April 30.

As sales have slowed, the inventory of unsold homes on the market grew to nearly 4 million in July. That's a 12.5 month supply at the current sales pace, the highest level in more than a decade. It compares with a healthy level of about six months.

One reason the market is hurting is that buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices. And buyers are hesitating because they think home prices haven't bottomed out." [bold emphasis mine]

Thursday Headlines...

Obama bans the sale of collectable guns.

Soros bails out of the stock market.

Unemployment benefits rise "unexpectedly" to 11/09 levels.

The market's getting hammered again.

Families of the 9/11 victims think Pelosi has lost her marbles.

GWB is more popular than "The One" in democratic swing districts... by 6%.

The NRSC has a greatly effective ad.

"The One" Pi**es Off L.A. ... now THAT takes talent!

Ace reports.

As does Gateway.

Even Ray Bradbury (one of my all-time favorite writers) is not too keen on the current administration and big government.

Economy Update (surprise, surprise)...

Jobs market goes south as unemployment rises.

Mortgage rates hit another new low. But that doesn't do much for potential buyers.

U.S. trade gap is at a 20-year high.

U.S. dollar falls to a 15-year low against the yen.

The Fed tries to "fix" the economy by using cash from maturing mortgage bonds to buy more debt. (???)

Stock market (Dow & S&P) drops 3-4% over the last few days, and oil (which has been volatile) dropped from approx. $83 to $76 in a week.

UPDATE: Summer sales numbers are slumping compared to last year (which had a false boost with the "Cash For Clunkers" gimmick).

Ground Zero Mosque Updates...

Via Ace, NYC panel cleared the way for the 15-story mosque at Ground Zero.

Via HotAir, a muslim columnist says "yes" it is a provocation to have it built there.

A Canadian muslim wonders aloud why it would be built there (funny, but Mayor Bloomberg and The One don't question it at all).

Even muslim victims of 9/11 say it should be built somewhere else.

So, in the name of dialogue and tolerance, someone decided that a muslim gay bar should also be opened up right next door to the mosque. (Hah!)

Apparently, the mosque builders aren't too happy about that. (hehehe)

UPDATE: Gateway Pundit had this tidbit in June about the mosque's links to the Gaza flotilla.

Additional questionable funding here.

Also, guess what?! WE also are paying for it with our tax dollars! Niiiiiiiice.

My take on the whole thing... when a Jewish synagogue and a Catholic cathedral are built, protected and respected in Mecca... THEN we can have a mosque built at Ground Zero. (I ain't holdin' my breath for that to happen, though.)

Meanwhile............ the Obomination Administration removes the Taliban from the list of terrorist organizations.

Hmmm... the November election's gonna be verrrrrrry interesting.