Change! Dems Run Out of Hope for Obama Stadium Speech

The already shortened Democrat convention in Charlotte just shrank a little bit more. Convention officials announced this morning that Obama's acceptance speech at Bank of America stadium is being scrapped and moved inside the vastly smaller convention hall. The stadium seating capacity was 75,000. The hall? About 20,000. Democrats are blaming the move on the "weather." 

Forecasters are saying there is a 40% chance of rain tomorrow in Charlotte. Earlier this week, a convention spokesman said the speech would take place "rain or shine." Today, however, they site fears of lightening as the reason for the move. (Perhaps God is mad the Democrats took him out of their platform.)

Of course, this comes amid what had been building concern over whether the Democrats would be able to fill the large stadium. Convention staff had recently been aggressively offering tickets to anyone. There were also plans to bus in thousands of supporters from neighboring states to ensure a full stadium. Fortunately, the Democrats won't have to worry about that now. 

Democrats had months ago taken the unprecedented step of canceling the first day of the convention, mostly due to problems with fundraising. A giant celebration at the massive Nascar track in town was also scrapped, replaced by a quaint "street-festival." 

2012 is looking increasingly like the year of diminishing returns for Democrats.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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