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b'Summary:
\\nMy recent trip to Las Vegas for The Freedom Fest provided some interesting lessons. \\xa0My observations that we are paying more for less were illustrated by the theft of my luggage, \\xa0as there are no more luggage security checkers in baggage claim exits. \\xa0Also, for the first time, major Las Vegas hotels are charging from $15 - $18 for parking. \\xa0This is causing hotel valet workers to lose money, as customers are less likely to leave a generous tip (or any tip) if they are already paying quite a bit to park. So the Las Vegas experience is changing; we\'re getting less for more money. \\xa0Prices are going up and wages are going down.
\\nTaking Credit for Phony Statistics
\\nThis is the real U.S. economy. Forget about all these phony U.S. statistics. The real world reflects the truth about the economy and why Donald Trump is President. \\xa0I wish candidate Trump would come back; I would rather see the President questioning phony government statistics instead of embracing them. I\'d like to see the President talking about the stock market being a bubble rather than a bull market and claiming credit for the increase.
\\nWeakness in U.S. Dollar
\\nThe big story is the continued weakness in the U.S. dollar, in fact this morning the dollar index hit a new low for the year. It\'s now back in positive territory as I am recording this podcast, but the low this morning was 93.64 on the dollar index. \\xa0Remember, the dollar index rose about 6% between the election of Donald Trump and the Inauguration, and the reason for the rally was the optimism for economic growth as a result of tax cuts, de-regulation, fiscal stimulus and a tighter Fed.
\\nSenate Backing Away From Repeal
\\nAt the time, I argued that that was nonsense, and so far I am being vindicated. \\xa0We\'re six months into the Trump Presidency and nothing has happened. They haven\'t even been able to repeal Obamacare, nor are they going to. \\xa0The Senate already backed away from the version that I said would not work. \\xa0Trump did a press conference yesterday talking about Obamacare, assuring everybody that pre-existing ban is going to stay. The very essence of Obamacare is that insurance companies can\'t charge sick people more for insurance than they charge healthy people. That\'s the essence of Obamacare that doesn\'t work and that\'s what Donald Trump and many Republicans want to preserve.
\\nPreserving the Essence of Obamacare
\\nOf course, in order to achieve that goal, they had to have employer mandates and penalties. \\xa0These are the only things the Republicans want to get rid of. But they want to preserve the very essence of Obamacare and that\'s the mandates and penalties were designed to deliver. So now they have to come up with another way to deliver the promise of Obamacare.
\\nCurrency Markets Get the Message
\\nThe point is, the currency markets have figured this out. \\xa0The dollar has dumped better than 10% since the Inauguration, but the stock market has made new highs. The Dow Jones is at a new high today; the NASDAQ hit a new high yesterday, so it\'s a disconnect. \\xa0The initial rally in the stock market happened for the same reason the dollar rallied. \\xa0The currency traders have connected the dots. What\'s the problem with the stock traders? \\xa0Why are they oblivious?
\\nDollar Weakness Spark Commodities
\\nThe weakness in the dollar is also sparking a rally in multinationals, in commodities. \\xa0Look at the move today in Freeport-McMoRan a major copper producer; that stock is up better than 13%. \\xa0Oil prices are coming back up; oil is up better than a dollar today. Emerging markets are strong.
\\nBullish Conditions for Emerging Markets
\\nI have been saying that a weak dollar is extremely bullish for commodities. Why?\\n\\nOur Sponsors:\\n* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.com/ \\n\\nPrivacy & Opt-Out: https://redcircle.com/privacy'