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 f
Showing posts from January 24, 2010
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A couple of updates... I received this crazy email circulating on the internet that states Senate bill 2099 is a bill that requires all gun owners to declare what firearms they own and state so on an IRS tax return. It subjects us to a 50 dollar tax. It claims implementation in 2009. I don't know how garbage like this begins- but it circulates and people actually start believing it. Raising fear and unrest. I went to the Senate site and clipped this; http://www.senate.gov/reference/common/faq/SB2099.shtml Ya' know I try to research stuff, to be as accurate as possible. Getting burned more than once gets a little embarrassing. So this morning I watched Geithner and Paulson tiptoe thru the "rigorous" questioning they were getting from the committee investigating the bailout of AIG. Hank looked like he was scared shitless throughout the whole ordeal. I waited for just one Senator to ask him just one question. But of course it never came. A simple one. If Goldman Sachs fa
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Tomorrow two fascinating dog and pony shows will take place. The first will be Treasury Secretary Geithner defending the 100% bailout of big banking interests by funneling 170 billion thru AIG. Of course Geithner, et. al., could have negotiated a 75 or 50% payment on behalf of taxpayers. But you see, it's simple. They don't give a shit about you. What's better yet, they are never held accountable. They simply leave office with you holding a giant tax bill that spans decades. They know that. Just listening to Geithner pisses me off. I don't know what it is about that guy. Maybe he doesn't have the full blown BS lingo polish of Obama or Bernanke down yet. Which leads me to... The second dog and pony show which will occur when President Transparency gives his state of the union address. We will undoubtedly hear more bluster and bullshit, vague plans about this or that, littered with his hope message. Just once I'd like to hear Obama tell the truth. "I don'