Well, the bloom is off the rose.
Today's financial numbers appeared spectacular. GDP was huge, unemployment was stabilizing, and interestingly enough, the dollar keeps creeping up. Earnings reports were good.
So with all those great numbers, you'd think the market would be up. Wrong. It was down. Why? Because people who are knowledgeable and who are paid to make sound investment and well timed decisions know the best news is already baked into this market. Its time for strong hands to transfer stock to weak hands.
For months, I've said this market was overbought and that there is simply no place to put your money and make any kind of return on it. So the stock market became the investment of default. Gold is overpriced. Many commodities are overpriced. Real estate is still overpriced and far from stable. Banks still aren't lending or paying anything. Bonds are scary as hell.
And we still have real unemployment a helluva lot closer to 20% than 10%- despite the bullshit figures the government continues to spew out.
What's next? Well if we are done trying to artificially stimulate the economy and running up the greatest debt in US history, like Obama says, then either deflation or inflation are coming to a theater near you. I actually think we could still have a brief period of deflation say 6 mo. to a year, followed by rapid inflation. It's kind of fun to watch- because there is very little left for us to do but wait. And this scenario is unprecedented. They have just about fired every bullet they have at this mess. And one day, we all run out of bullets. And you will come begging for more taxes to pay for your blunders. The taxpayers say no more. We will vote every one of you miscreants out of office which just might happen in November. And all we'll have to show for this economic mess is a huge deficit and a tax bill that will make our eyes water. In fact, you'll need to sell stock to pay taxes but don't expect a lot of buyers. They are selling now.
And now the secret about AIG is out. The counter party claims, a helluva a lot more than anyone knew, went to pay Goldman Sachs and their cronies. And there was that big bald headed Paulson, former CEO, lying about what he knew to the Senate on TV Wednesday. Never has commented on how much dough he had tied up in Goldman and stood to lose if they went under.
When is a Federal Prosecutor going to grow some balls? When is the SEC going to investigate Geithner and Paulson? The greatest ripoff of my life occurred in the fall of 2008. Are you waiting until the statute of limitations passes? Shrug your shoulders? Or do you spineless bastards just focus your efforts on nameless, defenseless drug dealers and ninnies? Maybe some poor colored folks?
Maybe the oath of office you swore to uphold only stated that you promise to uphold the laws of this country as long as the target/bad guy was an easy one. No political clout.
Don't ever swear or take an oath that your cowardly asses can't possibly comply with.
The SEC report.
America is pissed off. We grow weary of your lies and thievery. Real Americans are patriots. Most of you don't know what that means. Look up the word "patriot." Elected and appointed folks. Gather your belongings and collect some boxes. It's election year. And by the time this year winds down, a lot of you greedy self serving cowards are gonna have to pack up your offices and return to your homes. Not soon enough for me. It's going to be fun to watch.