Gonna start posting a few of the better articles I read. Just to make myself feel better via sharing my pain with you all. Honestly there are so many I'm not sure how this report will develop. It is quite comical in a sick kind of way. Please click on the feedback buttons or leave a comment to let me know if this is worth the time or not.
Post 1) From Mish - Leaking and Reeking of Stress - best quote, "So now we can prepare for a "week of leaks" starting Friday, where good news lies are spoon fed to the public in a hopeless attempt by the biggest liars on the planet to gain credibility."
Post 2) From Zero-Hedge - Tim Geithner To Put Chrysler In Bankruptcy Next Week - best quote - "Nothing like using Chrysler with its millions of worker as leverage in negotiations with GM's bondholders. Too bad there is no Chrysler public stock that can be short squeezed to oblivion."
Post 3) From Credit Writedowns - German Press: Fiat to sign a deal with Opel, not Chrysler - best quote - "I want to make clear the significance of the Treasury’s Chapter 11 bankruptcy plan for Chrysler if Fiat pulls out. It will mean massive job losses and and a huge down-tick in consumer demand. There will be no second half recovery. Geithner and Obama will look very much like greenhorns and lose a lot of credibility."
Post 4) From Mish - Fannie Freddie Delinquencies Soar (and they are going to get much worse) -best quote - "A key point for the above charts is that Fannie and Freddie loans are now blowing up at a faster rate than the entire universe of loans!' NOTE: see more awful housing information at Calculated Risk.
Post 5) From Calculated Risk - Unemployment Claims: Continued Claims at Record - best quote - "Continued claims are now at 6.14 million - the all time record."
To sum it all up - (and I left credit card issues and the great earnings of American express off the hit list) - we got a bunch of people unemployed, I mean bunches (over 6 million) and the true number is not being reported to you and me by the likes of CNBS or our government. Those revised numbers seem to be getting worse every week. Well, all of these people are defaulting on their mortgages at a pace that is astounding. Chrysler is going under and will most likely take GM with it. (maybe this will be good for jobs?) Timmy says the banks are well capitalized and the stress test results will prove once and for all that our financial institutions are A OK! All this good news and the DOW was up 70 points today. I don't need to rehash how much bull shit is flying around out there. I'm really at a loss for words. Think about it this way. for years (really decades) China and Russia have lied to the world about the state of thier economies, now it is our turn.
Oh lets not forget this one - California today sued investment subsidiaries of Wells Fargo & Co. for securities fraud, alleging that the San Francisco financial services company misled investors by selling $1.5 billion worth of risky securities that it peddled as being as safe as cash.