Like many of you, I have been waiting for this time. The time when accounts finally get settled. I cannot believe it has taken this long.
Late last week, the DJIA tanked over 800 points. An even bigger scale loss (%) occurred on the Nasdaq. You know it's serious when CNN headlines tout a "correction." They use the term "correction" to hedge their bets and to do their part in keeping the millions of lemmings locked long into the equity markets. I heard another calm, soothing voice on the radio say the "correction" would be healthy for the resumption of the"bull" market. Where do they find these people?
These are the kinds of statements that occur when people get really nervous. They don't want you to panic because they know if you beat them out the door, they will be left holding it. He who panics first- panics best.
I'm not sure that people understand that the world, with all of it's various markets and currencies, is a giant economy unto itself. People are able to trade internationally and when one or two giant economies sneeze, the other people in the room are about to catch the same cold. We are all connected. Here's a list of countries where markets are collapsing. http://etfdailynews.com/2015/08/18/23-nations-around-the-world-where-stock-market-crashes-are-already-happeni
I've been waiting for this for 6.5 years. The most fraudulent recovery ever- complete with counterfeiting, false numbers, and the suspension of generally accepted accounting principles- is about to be exposed. The great lie, the only thing Obama can lay claim to, is the ridiculous notion that this last 6.5 years has actually been some sort of a normal, healthy, economic recovery.
All that remains to be seen is what extraordinary things our government and the FED will do to try and stem the bleeding. Trust me, what ever insignificant rate hike the FED may or may not have planned for September- is off the table. The substance matters not- the perception of raising rates right now- would completely destroy any last traces of credibility that this administration has left.
I cannot tell you how much I am looking forward to this week. I can almost hear the whine now.