In The Midst of the Crash: GREAT NEWS!
DriftingByTheStorm
Posts: 8,684
Super Losses, Super Layoffs, Super Bailouts
By Bob Chapman
Of The International Forecaster
July 23rd
Financial sector statements dont add up, FDIC reserves pounded hard from IndyMac debacle, bailouts will soon come at the expense of the consumer, bond market watch, realities of a debtor nation, financial institutions given protection from shorting
So far this week we saw Wachovia get socked for an $8.86 billion loss with a layoff announcement of 10,750 employees, while Washington Mutual got hammered for a $3.3 billion loss and increased its beleaguered loan-loss reserves by $3.74 billion to $8.46 billion as it announced expense cuts and asset sales. This is nothing. This is just the beginning. This is just window dressing to protect incumbents. Together with the science fiction and fantasy we got last week from the banking sector, these latest financial statements from the banking sector should receive a Nebula Award from the Science Fiction and Fantasy Writers of America. Gene Roddenberry could not have dreamt up financial statements that were more phantasmagoric.
All these bank losses, as terrible as they are even in their understated amounts, are pathological accounting lies aimed at keeping the sheople from going ballistic on the incumbent scum-bags in Congress so that these corrupt reprobates and sociopaths can continue in office and maintain their rape, pillage and slaughter of the sheople of the US unabated on behalf of their evil, malevolent and rapacious Illuminist masters.
The stock markets, the bond markets, the derivative markets and the entire financial system would collapse if people knew the real truth about the balance sheets, income statements and debt-to-equity ratios of virtually all the major commercial and investment banking fraudsters of Wall Street. So the devastating truth will be withheld most likely until the final quarter which ends in December, because a good portion of the earnings results for the third quarter are going to be announced prior to the US general elections which would normally be held in early November, barring some false-flag attack. Until then, the huge whitewash reservoir behind the "creative accounting" dam will be sucked dry. We're not sure if there is enough whitewash left on the planet to cover up the losses for Q3, however.
Wait until the Pick-and-Pay loans all run their course. Ugly does not even begin to describe what is going to happen to many large banks when this jumbo variety of toxic waste comes home to roost on their financial statements. We doubt that the FDIC has enough funds to cover even the first ten to twenty banks that fail out the many hundreds that are expected, especially if a large bank like Wachovia goes under in the early going. Already, IndyMac has wiped out 10% of the FDIC's reserves. Depending on how the IndyMac liquidation goes, that percentage could go higher. And remember, IndyMac was not even on the FDIC's watch list. If that doesn't scare you, nothing will.
What will happen if the FDIC runs out of money? Will they get a big government bailout like the rest of the fraudsters? Of course not. That would benefit the banks' customers instead of the banks themselves. We certainly could not have that now, could we? Will the FDIC bailout money come from the source it is supposed to come from, meaning from the fraudsters themselves, most of which are now insolvent and bankrupt? It's a stupid question, of course, but we had to ask it for rhetorical purposes.
What is the real reason behind all these gargantuan bailouts for the fraudster banks and GSE's? We'll tell you what this about. This is about saving the dollar from sudden collapse, stopping the many trillions of dollars held by foreigners from returning to our shores and creating hyperinflation reminiscent of the Weimar Republic, and simultaneously violating all sense of moral hazard by saving the fraudsters at our expense while keeping their cost of funds low in light of the fact that the fractional reserve banking multiplier has collapsed due to the rampant fraud, lack of regulation and lack of transparency that has frozen credit markets. That is what this is really all about. The ultimate goal is to consolidate more power into the hands of a few by moving the US inexorably closer to a corporatist, fascist state, but the devastation they intended to wreak on everyone else is now coming back on them and they are trying to save the system, and themselves in the process, so that there is something left to consolidate when the dust settles. We believe that the Illuminati have destroyed themselves, and their "Chaos" henchmen, in the process of destroying us, and that their bid for a corporatist, fascist state will ultimately fail. Only their gold and silver failsafe hoards will rescue the head Illuminists from financial ruin and even bankruptcy. They really blew it this time. Their diabolical plans have been pushed back by half a century.
The Fed, the cartel and their Illuminist masters are trying to have their cake and eat it too. Of course, this is pure foolishness and it will not work, but they are going to try it anyway. They want to keep interest rates low for the fraudsters so they can make money on spreads from investments with higher yields in a futile attempt to save their balance sheets, but low rates are what drive inflation, speculation, improper allocations of capital and over-leveraged investments while simultaneously pushing money out of dollar-denominated bonds and treasuries into real assets such as commodities and real estate due to artificially low, even negative, rates of return in light of increasing risk and inflation. So they are saving the banks and destroying the economy, and the destruction of the economy will ultimately in turn destroy the banks anyway, and in more spectacular fashion to boot. The delay game they are playing only delays the inevitable, which is their complete and utter destruction.
The elitists want the bailouts to come at our expense because there is no other source remaining except from the big Illuminist players themselves, such as the Rockefellers, the Rothschilds and the Black Nobility of Europe, from their individually-owned and/or controlled assets, especially considering that their henchmen have mostly gone bust. Even the Fed looks like it may go under because the economy will collapse before they can create and monetize enough treasuries to absorb all the toxic waste collateral by exchanging it for treasury and agency paper. The only remaining alternative is the saving of the dollar as the world's reserve currency, the elitists' collective, comprehensive, corporate failure and the purging of the system. Of course, since the elitists and their transnational conglomerates are the ones who stand to get purged, that is not an acceptable alternative to them. However, for us peons, it is the only sensible, though painful, alternative. We doubt that the dollar can still be saved as the world's reserve currency, but it's still worth a try since success could make recovery much faster and easier. We either take the path to purge the system, or we ourselves will be purged by the Illuminati, albeit not to the extent that they had hoped due to their inept bungling of just about everything. NO MORE BAILOUTS USING TAXPAYER FUNDS!!!
We told you the key to analysis is the bond market, and the government bailouts are all aimed at saving all segments of the bond market, which includes treasuries, because it is the source of elitist power. Only the suppression of gold and silver has an equal priority at this point, but that priority will eventually be abandoned in favor of delaying the destruction of the bond markets when it is no longer feasible to save the bond market while simultaneously suppressing precious metals.
The elitists want to save the bond market because that is where all the excess dollars are parked overseas, and the return of these parked dollars to our shores could put us in the Mugabe Million Percent Club when it comes to hyperstagflation. They want you to bail out Fannie and Freddie GSE bonds worth many hundreds of billions of dollars that have been acquired by Japan, China, Russia, the Middle East (through British banks as proxies), the European Union nations and India with the same money these greedy nations have stolen or extorted from you using manipulated, artificially low domestic currencies to boost exports, uncompetitive, artificially high cartel oil prices to make ludicrous profits, as well as monies ransacked from us through use of globalization, free trade, off-shoring, outsourcing and both legal and illegal immigration, which incidentally have been used by the elitists to gut our economy, especially our manufacturing sector, in order to weaken us into accepting a one world government. These nations have therefore acted as willing henchman for the Illuminati to bring America to its knees.
And the same holds true for the Fed's forced, taxpayer-sponsored, $500 billion per month provision of money and credit through various facilities to bail out banks and their holdings of other non-GSE real estate bonds and derivatives, as well as other types of asset-backed bonds and derivatives and municipal bonds, which foreigners also own in the hundreds of billions. These bonds and derivatives were acquired by these same foreign nations using the same funds obtained by the same nefarious methods of beggaring the US public as were used to acquire the GSE bonds, all so that the elitists could control us, and so that the Black Nobility of Europe could turn us into their feudal serfs once again. If the fraudsters fail, that means liquidation, and liquidation means forced sales, which would lead to abysmal prices for these bonds and derivatives.
And then there is the counter-party risk and liability on credit default swaps and interest rate swaps, which will soon become a quadrillion dollar market, that would be in jeopardy if the Fed did not bail out the Wall Street bankster fraudsters, who are counter-parties on these swaps. The other end of these swaps, to the tune of trillions of dollars in notional principal, are also owned by these same foreign nations who collectively turned the US into the greatest debtor nation of all time when only a few decades ago it was the greatest creditor nation of all time.
The crux of the matter is that the Illuminists know that if they cannot convince the US public to bail out these various bonds and derivatives and their various owners and counter-parties, the system will collapse and all those trillions in treasuries hanging around in the forex reserves of these nations will come back to roost with a vengeance as foreigners stampede to unload their treasuries and their remaining toxic waste in exchange for commodities and other tangible assets before they become worthless and/or to force the Illuminists to lobby for a public bailout of the tanking asset-backed bonds and derivatives under threat of a treasury boycott or hyperinflation-inducing treasury flood back to the US. That is their greatest fear, because such an event would destroy them and their precious system, especially the bond market, which is the main source of their power, a fact which we cannot overemphasize. They are trying to manage the dollar down gradually by use of a beggar-thy-neighbor policy, and the failure to win these public bailouts would collapse the system and take them all down with it before they have a chance to bail out of stocks, bonds and other paper assets through the dark pools of liquidity known as Project Turquoise and Baikal and into commodities and other tangible assets.
You must not allow them to dupe you into bailouts at taxpayer expense. Let them bail themselves out, if that is what they want to do, since the need for a bailout was caused by them exclusively, through their own deceit and fraud. They made their beds, and now they can lay in them! Let the system fail and they will be destroyed with it. Then we will be rid of them once and for all as we remove all the corrupt, incumbent, scum-bags from Congress, except for Ron Paul!!! IT'S TIME TO START OVER AGAIN!!! It is a painful, but absolutely necessary, process. We won't have to push them out with rifles and swords this time. Their own evil and greed have destroyed them. LET'S TAKE BACK THE SYSTEM AND RESTORE THE CONSTITUTION!!! Otherwise, what will our children and grandchildren be left with? The Fourth Reich?!
The SEC will now enforce their rules against naked-short selling, but only against naked short-selling of the stocks of 19 named Illuminist fraudster financial institutions. The rest of you can kiss off with your naked- short-selling complaints. We'll add you to our handy dandy list of companies we know are being naked-shorted just to tick you off. So what if the criminal elitist scum can sell stock that does not even exist and ruin your company at will, and hammer the value of your stock while they laugh in your face. Stop whining and complaining, America. It's just a "mental recession" after all. And now it's just a figment of your imagination that many of your resources stocks are being illegally naked-shorted with impunity. Tits on a bull have more utility than the SEC which is more corrupt than the fiendish crooks they ignore while picking on small brokers and trumping up charges against newsletter writers. We want to puke every time we hear the SEC's commentary on the radio. Their blatant hypocrisy is deafening. The CFTC is no better. Former Senator Phil Gramm should head up both. He's the perfect sociopath for the job. Mr. Gramm's wife, Wendy, can advise him, as she was the Chairwoman of the CFTC when Enron was allowed to run amok with special exceptions. She later served on Enron's board of directors to complete her rampage of corruption. We now need a new federal agency to investigate the SEC investigators, who levy puny fines against wildly corrupt Illuminist criminals, allowing them to profit from their crimes without serving any time in jail. Only in America.
=========================================================
GOD I FUCKING LOVE BOB CHAPMAN.
No one has got shit on this guy when it comes to calling a spade a spade.
This man lays it OUT.
WOW!
Hip hip!
By Bob Chapman
Of The International Forecaster
July 23rd
Financial sector statements dont add up, FDIC reserves pounded hard from IndyMac debacle, bailouts will soon come at the expense of the consumer, bond market watch, realities of a debtor nation, financial institutions given protection from shorting
So far this week we saw Wachovia get socked for an $8.86 billion loss with a layoff announcement of 10,750 employees, while Washington Mutual got hammered for a $3.3 billion loss and increased its beleaguered loan-loss reserves by $3.74 billion to $8.46 billion as it announced expense cuts and asset sales. This is nothing. This is just the beginning. This is just window dressing to protect incumbents. Together with the science fiction and fantasy we got last week from the banking sector, these latest financial statements from the banking sector should receive a Nebula Award from the Science Fiction and Fantasy Writers of America. Gene Roddenberry could not have dreamt up financial statements that were more phantasmagoric.
All these bank losses, as terrible as they are even in their understated amounts, are pathological accounting lies aimed at keeping the sheople from going ballistic on the incumbent scum-bags in Congress so that these corrupt reprobates and sociopaths can continue in office and maintain their rape, pillage and slaughter of the sheople of the US unabated on behalf of their evil, malevolent and rapacious Illuminist masters.
The stock markets, the bond markets, the derivative markets and the entire financial system would collapse if people knew the real truth about the balance sheets, income statements and debt-to-equity ratios of virtually all the major commercial and investment banking fraudsters of Wall Street. So the devastating truth will be withheld most likely until the final quarter which ends in December, because a good portion of the earnings results for the third quarter are going to be announced prior to the US general elections which would normally be held in early November, barring some false-flag attack. Until then, the huge whitewash reservoir behind the "creative accounting" dam will be sucked dry. We're not sure if there is enough whitewash left on the planet to cover up the losses for Q3, however.
Wait until the Pick-and-Pay loans all run their course. Ugly does not even begin to describe what is going to happen to many large banks when this jumbo variety of toxic waste comes home to roost on their financial statements. We doubt that the FDIC has enough funds to cover even the first ten to twenty banks that fail out the many hundreds that are expected, especially if a large bank like Wachovia goes under in the early going. Already, IndyMac has wiped out 10% of the FDIC's reserves. Depending on how the IndyMac liquidation goes, that percentage could go higher. And remember, IndyMac was not even on the FDIC's watch list. If that doesn't scare you, nothing will.
What will happen if the FDIC runs out of money? Will they get a big government bailout like the rest of the fraudsters? Of course not. That would benefit the banks' customers instead of the banks themselves. We certainly could not have that now, could we? Will the FDIC bailout money come from the source it is supposed to come from, meaning from the fraudsters themselves, most of which are now insolvent and bankrupt? It's a stupid question, of course, but we had to ask it for rhetorical purposes.
What is the real reason behind all these gargantuan bailouts for the fraudster banks and GSE's? We'll tell you what this about. This is about saving the dollar from sudden collapse, stopping the many trillions of dollars held by foreigners from returning to our shores and creating hyperinflation reminiscent of the Weimar Republic, and simultaneously violating all sense of moral hazard by saving the fraudsters at our expense while keeping their cost of funds low in light of the fact that the fractional reserve banking multiplier has collapsed due to the rampant fraud, lack of regulation and lack of transparency that has frozen credit markets. That is what this is really all about. The ultimate goal is to consolidate more power into the hands of a few by moving the US inexorably closer to a corporatist, fascist state, but the devastation they intended to wreak on everyone else is now coming back on them and they are trying to save the system, and themselves in the process, so that there is something left to consolidate when the dust settles. We believe that the Illuminati have destroyed themselves, and their "Chaos" henchmen, in the process of destroying us, and that their bid for a corporatist, fascist state will ultimately fail. Only their gold and silver failsafe hoards will rescue the head Illuminists from financial ruin and even bankruptcy. They really blew it this time. Their diabolical plans have been pushed back by half a century.
The Fed, the cartel and their Illuminist masters are trying to have their cake and eat it too. Of course, this is pure foolishness and it will not work, but they are going to try it anyway. They want to keep interest rates low for the fraudsters so they can make money on spreads from investments with higher yields in a futile attempt to save their balance sheets, but low rates are what drive inflation, speculation, improper allocations of capital and over-leveraged investments while simultaneously pushing money out of dollar-denominated bonds and treasuries into real assets such as commodities and real estate due to artificially low, even negative, rates of return in light of increasing risk and inflation. So they are saving the banks and destroying the economy, and the destruction of the economy will ultimately in turn destroy the banks anyway, and in more spectacular fashion to boot. The delay game they are playing only delays the inevitable, which is their complete and utter destruction.
The elitists want the bailouts to come at our expense because there is no other source remaining except from the big Illuminist players themselves, such as the Rockefellers, the Rothschilds and the Black Nobility of Europe, from their individually-owned and/or controlled assets, especially considering that their henchmen have mostly gone bust. Even the Fed looks like it may go under because the economy will collapse before they can create and monetize enough treasuries to absorb all the toxic waste collateral by exchanging it for treasury and agency paper. The only remaining alternative is the saving of the dollar as the world's reserve currency, the elitists' collective, comprehensive, corporate failure and the purging of the system. Of course, since the elitists and their transnational conglomerates are the ones who stand to get purged, that is not an acceptable alternative to them. However, for us peons, it is the only sensible, though painful, alternative. We doubt that the dollar can still be saved as the world's reserve currency, but it's still worth a try since success could make recovery much faster and easier. We either take the path to purge the system, or we ourselves will be purged by the Illuminati, albeit not to the extent that they had hoped due to their inept bungling of just about everything. NO MORE BAILOUTS USING TAXPAYER FUNDS!!!
We told you the key to analysis is the bond market, and the government bailouts are all aimed at saving all segments of the bond market, which includes treasuries, because it is the source of elitist power. Only the suppression of gold and silver has an equal priority at this point, but that priority will eventually be abandoned in favor of delaying the destruction of the bond markets when it is no longer feasible to save the bond market while simultaneously suppressing precious metals.
The elitists want to save the bond market because that is where all the excess dollars are parked overseas, and the return of these parked dollars to our shores could put us in the Mugabe Million Percent Club when it comes to hyperstagflation. They want you to bail out Fannie and Freddie GSE bonds worth many hundreds of billions of dollars that have been acquired by Japan, China, Russia, the Middle East (through British banks as proxies), the European Union nations and India with the same money these greedy nations have stolen or extorted from you using manipulated, artificially low domestic currencies to boost exports, uncompetitive, artificially high cartel oil prices to make ludicrous profits, as well as monies ransacked from us through use of globalization, free trade, off-shoring, outsourcing and both legal and illegal immigration, which incidentally have been used by the elitists to gut our economy, especially our manufacturing sector, in order to weaken us into accepting a one world government. These nations have therefore acted as willing henchman for the Illuminati to bring America to its knees.
And the same holds true for the Fed's forced, taxpayer-sponsored, $500 billion per month provision of money and credit through various facilities to bail out banks and their holdings of other non-GSE real estate bonds and derivatives, as well as other types of asset-backed bonds and derivatives and municipal bonds, which foreigners also own in the hundreds of billions. These bonds and derivatives were acquired by these same foreign nations using the same funds obtained by the same nefarious methods of beggaring the US public as were used to acquire the GSE bonds, all so that the elitists could control us, and so that the Black Nobility of Europe could turn us into their feudal serfs once again. If the fraudsters fail, that means liquidation, and liquidation means forced sales, which would lead to abysmal prices for these bonds and derivatives.
And then there is the counter-party risk and liability on credit default swaps and interest rate swaps, which will soon become a quadrillion dollar market, that would be in jeopardy if the Fed did not bail out the Wall Street bankster fraudsters, who are counter-parties on these swaps. The other end of these swaps, to the tune of trillions of dollars in notional principal, are also owned by these same foreign nations who collectively turned the US into the greatest debtor nation of all time when only a few decades ago it was the greatest creditor nation of all time.
The crux of the matter is that the Illuminists know that if they cannot convince the US public to bail out these various bonds and derivatives and their various owners and counter-parties, the system will collapse and all those trillions in treasuries hanging around in the forex reserves of these nations will come back to roost with a vengeance as foreigners stampede to unload their treasuries and their remaining toxic waste in exchange for commodities and other tangible assets before they become worthless and/or to force the Illuminists to lobby for a public bailout of the tanking asset-backed bonds and derivatives under threat of a treasury boycott or hyperinflation-inducing treasury flood back to the US. That is their greatest fear, because such an event would destroy them and their precious system, especially the bond market, which is the main source of their power, a fact which we cannot overemphasize. They are trying to manage the dollar down gradually by use of a beggar-thy-neighbor policy, and the failure to win these public bailouts would collapse the system and take them all down with it before they have a chance to bail out of stocks, bonds and other paper assets through the dark pools of liquidity known as Project Turquoise and Baikal and into commodities and other tangible assets.
You must not allow them to dupe you into bailouts at taxpayer expense. Let them bail themselves out, if that is what they want to do, since the need for a bailout was caused by them exclusively, through their own deceit and fraud. They made their beds, and now they can lay in them! Let the system fail and they will be destroyed with it. Then we will be rid of them once and for all as we remove all the corrupt, incumbent, scum-bags from Congress, except for Ron Paul!!! IT'S TIME TO START OVER AGAIN!!! It is a painful, but absolutely necessary, process. We won't have to push them out with rifles and swords this time. Their own evil and greed have destroyed them. LET'S TAKE BACK THE SYSTEM AND RESTORE THE CONSTITUTION!!! Otherwise, what will our children and grandchildren be left with? The Fourth Reich?!
The SEC will now enforce their rules against naked-short selling, but only against naked short-selling of the stocks of 19 named Illuminist fraudster financial institutions. The rest of you can kiss off with your naked- short-selling complaints. We'll add you to our handy dandy list of companies we know are being naked-shorted just to tick you off. So what if the criminal elitist scum can sell stock that does not even exist and ruin your company at will, and hammer the value of your stock while they laugh in your face. Stop whining and complaining, America. It's just a "mental recession" after all. And now it's just a figment of your imagination that many of your resources stocks are being illegally naked-shorted with impunity. Tits on a bull have more utility than the SEC which is more corrupt than the fiendish crooks they ignore while picking on small brokers and trumping up charges against newsletter writers. We want to puke every time we hear the SEC's commentary on the radio. Their blatant hypocrisy is deafening. The CFTC is no better. Former Senator Phil Gramm should head up both. He's the perfect sociopath for the job. Mr. Gramm's wife, Wendy, can advise him, as she was the Chairwoman of the CFTC when Enron was allowed to run amok with special exceptions. She later served on Enron's board of directors to complete her rampage of corruption. We now need a new federal agency to investigate the SEC investigators, who levy puny fines against wildly corrupt Illuminist criminals, allowing them to profit from their crimes without serving any time in jail. Only in America.
=========================================================
GOD I FUCKING LOVE BOB CHAPMAN.
No one has got shit on this guy when it comes to calling a spade a spade.
This man lays it OUT.
WOW!
Hip hip!
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
Post edited by Unknown User on
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Comments
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/18/cnrbs118.xml
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Part 1 of AJ with Bob Chapman
part II
Part III
SILVER IS DIPPING BACK DOWN IN TO THE LOW $17 range.
BUY BUY BUY
$16.5 was the LOWEST it went in the last year, since all this kicked up.
TWENTY TWO was the highest,
so $17.5 is a steal.
BUY BUY BUY.
If I opened it now would you not understand?
I could see that easy.
I could see it hitting 900 or 850.
Keep in mind this was written before IndyMac, before Freddie\Fannie, and before the Fed said it was freaked out about inflation and wants to raise rates.
Fannie looks like she is still "ready to go", and if that goes down ... or GM, or Ford, or Wachovia or Merril, or Lehman (or god forbid Citi or BoA)... WATCH OUT BELOW!
If I opened it now would you not understand?
I was always under the impression that capitalism was a means to an end for these guys, and that communism was the ultimate goal.
The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
You're nuts!
You're calling BOTTOMS here?
No thanks sir.
I'll let you stand in front of that bear train.
Smart money is SHORT THE MARKET right now.
The WHOLE market.
Getting in on real estate right now could be the most catastrophic move you could make.
Wait 3 to 6 months, and see if the dust is starting to settle.
Chances are you will then see that buying real estate probably looks more sensible somewhere around mid 2009 or later!
I heard a guy on CNBC make a great point.
"I'd rather wait a few months and miss 10% off the bottom, than get in a month too early and lose 50% off the top!"
Smart man right there.
If I opened it now would you not understand?
given that seeing films is one of the cheapest forms of entertainment, i wouldn't put too much faith in that.
thing is though, it's all cyclical no? can't ride a wave of prosperity forever, and given the political climate and all we have spent the last 8 years, it really is no surprise. there is soooo much work yet to be done to get things at all back on track. whoever is the next president, the next few years at least will be hard and rocky. me, as a wise man once wrote, i'll ride the wave where it takes me.
btw - i recently read somewhere that added in inflation, a movie ticket today is actually 'cheaper' than it was back in the 1930s. go figure......
Let's just breathe...
I am myself like you somehow
Lol.
Jlew: 12,600 is a bottom, i'm buying.
Me: You're crazy.
Market as of Today: 11,240
Jlew: WTF?
Me: Duh.
:sigh:
If I opened it now would you not understand?
We closed at new lows.
Usualy (or often) the market reverses course at around 3-3:30 to come off of the lows or highs.
Today we went from being down 160 (Dow) at 3:300 to being down 240 at the bell -- new lows for the day.
That means we'll probably see more lows tomorrow.
YIKES.
DOW: 11,131
SP: 1,230 (down 23)
Not looking good folks.
And gold is starting to hold around 930,
which means baring a new IMF dump, we will probably see it hit 1000 again by end of August, if not sooner.
The Fed says it thinks a good idea would be to "set an inflation target of 2%" ... apparently someone forgot to hand them the memo that says "we are currently at 13%, not gonna happen, bub."
Oh well.
Hey,
on the bright side,
Obama is meeting with Google executives and Warren Buffet in an attempt to prove he is Mr. Economy.
Good luck Obama,
you'll need it,
but it won't help.
:(
If I opened it now would you not understand?