Before I start, I wanted to let everyone know that The Housing Time Bomb was just recently certified by the prestigious financial website Seeking Alpha.
I want to thank Seeking Alpha for their certification and I want to thank all of my loyal readers for being so supportive since this blog began a little over 1-12/ years ago.
I really didn't know what to expect when I started my journey into the blogosphere. What I do know is its been extremely rewarding. This voyage has far exceeded my expectations, and I look forward to many more posts!
Let's get back to biz!
You gotta watch this clip from MSNBC's Dylan Rattigan this morning. Dylan pretty much went postal on Tom Donohue from the US Chamber of Commerce.
Tom pulled out the typical Wall St "Capitalism talking points" when he was asked how America can begin to create new jobs. Mr. Rattigan simply didn't want to hear it today. Tom's answer was a load of crap and you will understand what I mean after you watch the video.
Let me add before you continue reading that Mr. Dononue's organization grabbed $20 million out of the AIG bailout kitty. Need I say more about this lying piece of garbage?
In response to Mr. Donohue, Dylan accurately points out below that NO ONE has been allowed to fail on Wall St, and the "safety net" of the taxpayer backstop has refueled the same wild speculation that led to the banking collapse in 2008.
If we don't change out bubble blowing ways, we will undoubtedly see another collapse that will be far worse then the one we saw last year because we are now trillions in debt.
There will be no money for a second round of bailouts this go around when the market rolls as a result of another speculative mania on Wall St.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Quick Take:
Dylan is pissed and he has every right to be. All you need to do is look at JP Morgan's blowout quarterly announcement of a $3.6 billion in profit this past quarter for proof that Wall St is back to its fraudulent speculative ways.
I warned a few of you yesterday in the comments section a few days ago that the big banks could report blowout earnings this quarter.
Why wouldn't they be making a fortune? They are making a KILLING in the bond market, and they don't have to mark their bad assets to market.
The bankers will once again throw billions more into their pockets in the form of bonuses at the end of the year as the fraud rolls on. Meanhile the rest of Rome continues to burn.
The world is clearly starting to see right through this sham depite Wall St's profits: The dollar broke tesistance to the downside and is now hitting new lows for the year.
The thoughts by the leader of the Chamber of Clueless above almong with the others in Washington and on Wall St will eventually destroy this country. Just look at the currency folks. That says it all.
Today's developments only confirm that the elite remain firmly in power, and it's becoming increasingly obvious that they could care less about the little guy.
Are you angry yet America? If not now, WHEN?
Disclosure: No new positions at the time of publishing. Long precious metals via GLD and SLV in longer term accounts.
14 comments:
http://alturl.com/yf8y
Congrats Jeff on your certification from Seeking Alpha, your site deserves it.
Congrats dude!
How do we know though, that there will not be any more money for another bailout?
Some of today's comments...
“Intel and JPMorgan are two major bellwethers, so if the most significant semiconductor
company and the most significant bank are blowing out their numbers and guiding higher,
that has a positive implication for the entire economy”
“Real estate is your key collateral behind many of these banks’ loans, and if collateral
values start to stabilize, that should help stem the tide of write-offs,” said Dietze,
who helps manage more than $100 million. If that happens, “Earnings growth will be phenomenal.”
“Six months ago, if you tried to envision these headlines, people would say, ‘You are crazy,’
but here we are,” Vanden Boogard said. “The big question is, what are headlines going to be
six to nine to months from now? Will they be saying demand is even better? I think it will
be better.”
"If the market keeps moving higher it will be because the earnings continue to surpass expectations"
"The problem is that it is consensus that we need a selloff and consensus is rarely right"
"Market breadth was positive. On the New York Stock Exchange, winners beat losers five
to two on volume of 1.35 billion shares. On the Nasdaq, advancers topped decliners by nearly
three to one on volume of 2.38 billion shares."
"The U.S. equity market's advance continues to befuddle those who are waiting for a sizeable
price decline before putting their money back to work"
“The recovery in exports is one more piece of evidence that the global economy is getting stronger”
“The data coming out is clearly pointing to a global recovery”
“The export figure is better than expected”
"It seems like we have dealt with the Dow 10,000 hurdle a hundred times in the past decade"
"Despite a huge rally since March's closing low of 6,547.05, the Dow in late September slowed
its push toward an important psychological level: The big 10,000. Breaking through that barrier
could lure in more of the enormous reserves of cash sitting on the sidelines."
“We continue to see small pullbacks followed by rallies on expanding volume, signalling equity
buyers are still waiting on the sidelines to get on board the train”
===
So, it seems to be just beginning ;D
Government Sucks and other banksters have raped once again his slaves ;D
PRINT, PRINT, PRINT... BUY, BUY, BUY... America's Happy Days are back again. Great! ;D
*their slaves (i.e. J6Ps), ofkorz ;)
Anon
Schiff is great keep em coming..
Tmorris
Thanks a lot.
Getyourselfconnected over at Economic Disconnect got the Seeking Alpha bowl rolling.
Thanks Get!
Herb
Oh they can do another bailout.
The problem is the dollar will be down 50%from these levels as a result of our ridiculous deficits.
You will then see $150-200 oil and the cost of anything imported will go through the roof.
At some point its time to pay the piper when you borrow borrow borrow. The Fed has run out of options.
if they keep up this spending binge the dollar is going to get crushed and interest rates will soar because no one will want to buy our debt!
Anon
Yep!
Party on!
When the music stops its going to be ugly...
Oh and BTW...Dollar is falling hard after hours and sits at 75.27.
Yikes!
I'm not sure that the Fed can think that far out. I think you give them too much credit.
It has seemed like Greenspan & Bernake couldn't see more than a year or so out and have been totally blindsided by the entire financial crisis.
I think bailout is the only solution the Fed can come up with.
Herb
In a perfect world another bailout would be great.
unfortnately we have no money to bail anyone one out! We are now trillions in debt. Essentially we are broke!
the only way we can bailout out right now is by borrowing. The currency cannot handle another round of bailouts.
I wish it could but the dollar will get creamed if we spend additional trillions.
The bailout game will continue at the expense of the dollar. Eventually the inflation as a result will wipeout the economy.
Best
J
"The dollar will rise in value by immersing itself in a pool of corruption, and by destroying its shareholders, those who hold their savings in it, while oligarchs loot the financial system. Unless the US can turn its trade balance positive overnight, while raising interest rates, and maintaining a growing domestic economy based on consumption, it is not going to happen. The US is running out of degrees of freedom.
Wall Street holds the US public and government hostage by threatening financial armageddon if they do not get what they wish. We would anticipate a similar threat to the global economy based on dollar debt at some point, asking for a global monetary regime controlled out of New York and London, with perhaps a few associates.
Nothing goes straight up or down. There will be more sucker rallies and bubbles, but the train is starting to come off the rails a little more with each wrenching turn of this cycle.
The banks must be restrained, and the financial system reformed, and balance restored to the economy before there can be any sustained recovery."
This came from Jesse's Cafe' Americain. Like I said in the comments section on Get's site: The more the market shrugs off and the government and the Fed papers over and ignores the bad news, the worse this is going to be for us.
But then again, I am preaching to the choir.
There is a gaping hole opening up underneath all of this wonderfulness that is being manufactured to get suckers to come into the markets. Not only is the train refered to in the post above going to go off the rails, it's going to go through that gaping hole.
Then we will be starting over.
And starting over isn't going to be easy to do. We have a country that is accustomed to getting handouts instead of doing hard work.
We have a country that is used to turning on Dancing with the Stars and American Idol, rather than dealing with the serious problems that they have in their lives. Denial is not just a river in Egypt. You can see that in some of the anonymous comments that show up in the comments section now and again. They buy into this recovery hook, line, and sinker. What are people like this going to do when they have left all of their money in this market, expecting to make easy money?
Congrats on your certification from Seeking Alpha, Jeff. I hope you don't mind if I just stick to reading you here. Seeking Alpha is far too time consuming for me. I have it on my reader, and in my favorites, but I always end up just coming here anyway. LOL
Jeff,
Glad the SA certification cleared. A great addition to the assembled thinkers, congrats!
C-T,
Great comment, nothing else to say.
CT
No problem..lol
I always appreciate your contributions here in the comments section.
Get
Thanks a lot. I appreciate you bringing me to SA's attention!
Hey Jeff - did you see Meredith Whitney... http://www.youtube.com/watch?v=L3Aa54zNrjI
**25% downside on housing to come**
Thank God for Meredith's honesty.
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