Saturday, April 18, 2009

Americans Are Getting Restless

Good Afternoon Folks

Before I begin a little housekeeping here:

I will be out on business this week. Feel free to discuss the capital markets in the comments section. I will try to add a few myself in there. I also plan on putting some things up on Twitter throughout the week if anything big occurs. You can link up to me on Twitter in the upper right hand side of the site.

I wanted to share a few videos today. I never really discussed the tea parties last week. I was very proud of our citizens on tax day 2009. I planned on attending one myself but I wasn't able to due to prior commitments that I had made. I do plan on attending the next round of these parties and trust me folks there will be more.

The fact that the business and political elite of this nation are transferring trillions of dollars in taxpayer money into their own pockets is beginning to infuriate Americans. The pro Obama press is trying to muzzle this grass roots campaign by calling it a radical right wing movement.

This is a crock of crap. I see equal anger among Democrats and Republicans. Both sides of the aisle are watching their 401k's vanish along with their jobs.

Check out the video below of a Republican Congressman Barrett speaking at a Greeneville NC tea party. This guy voted yes on the TARP and was practically booed right off the podium despite coming from the right. The tea parties are not about politics folks. Its about right and wrong.

They also represent the anger and frustrations of ordinary people who are struggling. People are tired of being ignored by the politicians in Washington. Americans were 100-1 or more against the TARP. Despite this Congress passed the bill anyway and then proceeded to donate the $700 billion dollars of OUR money to Wall St. Anybody here think they got their monies worth? Yeah me either.

The TARP went right into the bankers pockets and was never seen again. Don't let the MSM fool you. The tea parties are not about the taxes that we are paying today. They are about the taxes that we will be paying down the road in order to pay off this mess. What infuriates Americans most is most of us were totally against these bailouts. Almost all of us were against the TARP. Congress is supposed to represent their constituents and they clearly failed.

You need to ask yourself: Is this taxation without representation? This colossal fraud must be cleansed from the system before we begin to recover from this. There will be no recovery as long as the people who created this mess are still in power. The roaches on Wall St must be exterminated in order to get this country back on its feet.

If we fail to do this the economy is going to get worse and worse and the risk of social chaos will become very real. The tea parties should represent a shot across the bow to our politicians. A revolt is brewing if you continue to play these games.

Are you listening Washington?







I of course am not alone when it comes to worrying about social chaos. Take a look at Gerald Celente here from trend forecasting. Please note that I do not agree with everything that's being said on here especially around the military.

However, Gerald does do a nice job describing why social chaos is potentially right around the corner. Whats happening here among our oligarchs is morally and ethically flat out WRONG!

Could this spark a revolution? I hope not but maybe this needs to be put on the table.





Part 2


13 comments:

johndaniels said...

good to see the overall tone of this post, jeff. you are right on target, and ive seen you go from moderate bear to extremist bear; and its my belief this is where we as americans need to be.

now every investment is in doubt. i am hoping china buys gold and gains more leverage over the international bankers and US;; they deserve it.

they put their money in tech and infrastructure; we put it into corrupt banking systems. whos future is brighter? china.

so get into some yuan currency and invest in the emerging chinese middle class consumer.

thats where the smart money is going.

i am in china now and the only weakness is the censorship.. now youtube is 100% blocked; i dont know why they do this; it is a bit medieval tactic. the people are not a threat; nor are their opinions. look at the US; we are armed and have first amendment right and still... no true revolt. i doubtthere willl be. americans are fucking sheep; and the elites know this.

Jeff said...

JD

Thanks

Yeah I get more bearish by the day regardless of what the market is doing.

Interesting comments on China. I would love to hear more about your trip when you get home.

I think they will come out of this better then we will. They are already creating alternatives that make them less dependant on the US dollar.

They can also transform their economy and focus on their consumers instead of ours like you said.

Our country is a mess. I can't believe how out of control our country has reacted to this crisis.

None of this is going to end well unless they make a 90 degree turn on policies.

If I had watched Gerald Celente 5 years ago I would have written him off as a moonbat.

Today I think he pretty much has it right although he is a little more extreme then I am.

Sadly I think you are right about the sheeple here. They are too busy watching American Idol to actually try and stop this fraud.

I think if unemployment gets up to 12% or do thats gonna change. People will start freaking out when they have no money to eat.

Safe travels in China and enjoy!

Jeff said...

Wow

Backdoor nationalization? This is big news. It appears It will be interest to see what the financials do tomorrow.

It appears we the taxpayer are now going to own a bunch of insolvent banks!

Somebody just shoot me now!

"In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock.

Converting those loans to common shares would turn the federal aid into available capital for a bank — and give the government a large ownership stake in return."



http://www.nytimes.com/2009/04/20/business/20bailout.html?ref=business

johndaniels said...

Jeff; thanks, i will. i am really paying attention to how the purchasing power of the yuan reaally comapres to the dollar...

so far; ive seen no significant difference, besides street level vendors for food. they cannot afford a currency inflation, but the fundamentals are so much better in china; they are just better managed.

backdoor nationalization makes sense. its like all these assholes got together a year ago and just planned it all out. public sector paying for the mistakes of private corporations; yet again.

i am disengaged; going into default on credit cards and basically may renegotiate in a 6 mos or a year and pay em .10 on the dollar. fuck em; they're crooks and i refuse to play their games anymore. china is a great spot to hole up, believe me lol.

Jeff said...

The bear bit back today.

Bank of america's credit losses were ugggllyyy.

Bank stress test worries stressed out wall st!

Ibm just missed on revenues!

Minton Mckarkquey said...

Hey Jeff, *WE'RE* getting restless. We need your crack... :-)

Jeff said...

Minton


I hear ya!

I am restless as hell.

I should be back with a post tomorrow or friday.


The market looks very unstable to me. The and market looks nervous.

Jeff said...

Oops I mean the BOND market looks nervous!

Anonymous said...

Hey Jeff watched Bubble Vision this morning interviewing Kevin Ferry who I respect as being a straight shooter and not one of the Mustard Seed pushers on CNBC. Can you review and maybe comment, because I couldn't get a handle on what he was implying. My sense is that he thinks the spreads point to something bad and not good in the Treasury spreads.

http://www.cnbc.com/id/15840232?video=1101295201&play=1

PS. Need a rant fix Jeff, maybe tonight??????

Alex

Jeff said...

Alex

I will try travelling today. It will be late if I get one up. I have a long flight

Jeff said...
This comment has been removed by the author.
Jeff said...

Hi all

I will be back with a post tomorrow.

Things are getting really dicey out there. It appears the wheels are about to fall off.

More tomorrow.

Jeff said...

post up around 6