Market Comment (DJII 10286)

Do you remember the old saying "What's good for General Motors is good for America?" How things have changed. This morning we learned that Delphi Automotive is bankrupt, and we have a first mention of the possibility that GM will declare bankruptcy. In my opinion the DJII should have tanked on such speculation.

But then problems of this magnitude are not new to the greatest nation of our age. I was shocked when the American steel industry was left to die in the waning years of the previous century. It seemed to me that steel would be essential when the time came to build tanks to defend precious freedom. To add insult to injury, the steel stocks were removed from the Dow Jones Industrial Average and replaced by Peter Pan (Here I refer to Disney of course). What has Disney to do with the industrial backbone of the greatest nation on earth?

Next, I watched as the U.S. began losing control of its energy supplies, and today I see Americans tipping on the verge of voting to abandon the areas of the world that are essential to prevent the lights from going out in their own homeland.

Of course you don't need GM if you have no steel to make tanks and you have no fuel for the tanks. So I guess it's some sort of eerie logic that brings us to the point where GM might go into bankruptcy.

This is not a joke, because it's an ugly world we live in. If you cannot make steel, and you have no fuel, and you can no longer build tanks (GM builds tanks), you're a sitting duck.

Frankly, I didn't believe the story about how Rome fell from greatness in a single generation until I realized I might be witnessing an identical tragedy in my own lifetime. Deja Vu. Am I the only one to realize that the emperor has no clothes?

The United States is still the greatest nation on earth. In our age, Great Britain laid out the roadmap for freedom, and the U.S. followed that map to show the world the meaning of greatness. What manner of blindness has overtaken the citizens of the Blessed Land?

Our entire planet will plunge into chaos if American freedom goes down the drain. I see it happening before my eyes. There's nothing I can do about it. America's detractors, both within and without, should realize that there are no winners in the struggle to topple the world's greatest nation. If they win, they lose. Everybody loses ... everything.