I'm still pissed and may be perma-pissed this time. I'm not happy. You do realize that these assholes mortgaged your grand children's future and screwed up a great country just to save the collective asses of the big banks in the good ol boy system. No it can't be reversed now. They have started the time bomb ticking and 007 ain't comin to save the day.
We get the pleasure of eating crap for 50 freaking years because of the greed of the banking system, the lack of competence of our government officials and mainly because we are the stupid fucks that allowed it all to happen while we sat on our asses and watched CNBS lie to us on our new 52" plasmas sucking fruity drinks in our La-Z-Boys eating fucking Cheetos (Not mentioning what was playing on the plasma and the Cheetos - if you remember that old joke about the orange ... never mind). I'll be at the beach this weekend without the kids and may post some sort of induced rant (probably similar to redneck video dude).
Now to the Green Shoot news of the day.
New SHANKY 1000 POINT 5STAR PARLAY POST OF THE DAY - Let's start with the gem of the day EMPIRICAL PROOF: Obama Stimulus = FAIL from Market ticker. "How dumb can you be, America?" ROF LMAO. He's almost as pissed as I am.
U.S. consumer debt falls by $15.7 billion "Consumer credit fell by $15.7 billion, or 7.4% at an annual rate, to $2.52 trillion. It was the second largest decline in outstanding debt on record, exceeded by March's $16.6 billion drop." Let's do the math increased savings rate, job losses out the ass, take credit away, lower home values, increased oil/commod prices (for no good reason) and GS analysts are raising earnings estimates. Give me a freaking break. Bueller? Bueller? HELLO?
And I had a commenter from last night throw this at me, "Just because you've called it wrong doesn't mean the market is "being manipulated"!! It's you who have manipulated yourself into thinking that the S&P should be going in a specific direction. Get a grip!" I almost beat my dog after reading that one. And you wonder why I am so pissed? "It's not manipulated Shanky you moron. You just suck". Don't think so pal. FnA it's not manipulated. You get a grip.
The ignorance and brovado of the average American, and the lack of the spirit this country was founded on is astounding. I'm afraid we've lost the will to be Americans. I watched a documentary about the coal miners in West Virginia last night that fought for their right to have unions so the asshole establishment would not keep screwing them. These folks fought, like formed sides and had guns and died fighting for their rights. It was inspirational. We just ain't got that any more and we need it now more than ever to put these banking bastards and crooked politicians and special interest groups and lobbyists in their place. Not with violence, but with a vote and a loud voice in this case. (Note: the term redneck came from these miners solidarity when they all wore red bandannas around their necks). This is where my rants are based. Not in market performance, but in the impotence of the American society.
In Mish's Oakland California Ponders Bankruptcy you get, ""We're going to try to avoid it, but am I going to say it would never happen? I can't say that," Brunner said." So CA will just fall apart in chunks now.
Mish also has Bankruptcy Filings Reach 6,000 A Day. Oh, goody, goody! This is old (covered in the redneck rant), but I never posted it for prosperity. OBTW this number is increasing monthly.
Prag Cap has MUST READ: A TWO PART CREDIT CRISIS. It is a good post. What would make it better? Some serious emotion and passion that is required to get the point across to the ignoramuses out there that need to have reality beamed directly into their conscious brains (if that is even possible). Can't get around the visual of the Batman/Riddler/CNBS brainwash thingy going on - can't you see it? All those beams from the GE tower in NYC spreading out around the globe. I'm getting tired of the sterilized financial data reporting from the drones of the system. Throw some hot sauce on it and spice it up for goodness sake.
That is enough for now. I feel a little better after the rant last night and this blow off top. Speaking of blow off tops - LOL - like that's gonna happen LOL. Thanks for the many comments and your understanding. It appears that a bunch of you have something to get off your chests as well. Lots of frustration out there and when things get worse, I'm afraid that we'll all be in the streets raising hell at some time. I'm planning an O/Govt bashing to beat all bashings. Too bad I started this blog after Bush left office. Easy pickings right there.
GL trading.
You should watch "The Century of Self", I haven't seen the whole thing, but from what I have, this should clear up how it got this way...
ReplyDeleteI wonder if you would be happier if the market was collapsing like it should have already.
ReplyDeleteI am 100% short as it could happen at any moment, and once it starts there will be little to stop it. It should have happened by now, and the pitiful volume suggests few are buying long up here.
I'll see you in hell.
Mortgage Bankers Association just came out at 0700am and said they had a 14% drop in mortgage applications. We are seeing what happens when the interest rates have gone up even a little bit past 3-4 weeks. Today we have 10YR treasury auction, 1030am Oil inventories. 2pm Fed Beige Book. I am expecting inventories will probably be up a little as no big holidays happened to dramatically increase the use of gasoline in the US. The Beige book will be interesting to see as I am completely at a loss as to what to expect there. The 10 yr treasury auction I expect to be a disaster. If yields blow past 4% then the housing recovery is officially DOA and we the housing bust will explode even harder. Shanky it ought to be an interesting day...especially since oil is popping and gas prices will hit consumers harder. Look forward to your post after close...
ReplyDelete-Michael
This is like Mardi gras. More people out on the balcony while the party rolls-on. One of these hours there will be one too many fat chicks out there swinging her tits and begging for handouts, and then it all comes crashing down.
ReplyDeleteon the cons credit...did you know that the March figure of 16.6 billion had originally been reported by the Fed to be approx 11 point something billion and was revised by approx 50%?? i guess the fed is learning a few things from the BLS in regards to unemployment figures. deadhead.
ReplyDeleteShanky, just for you buddy... thought of you immediately and it's how I feel when I try telling friends and family about what's to come.
ReplyDeletehttp://4.bp.blogspot.com/_t9-yCCTPwBg/SekHEDsk70I/AAAAAAAAAco/o9fX-TzH-5o/s1600-h/company_economist.PNG
(Annoyed)
Thank you annoyed. That may get promoted.
ReplyDeleteShanky....did you love the close? Was down -125 and bounced off the trendline and closed at -24 dow. We had a terrible treasury auction (3.99% yields), bad economic news (not dropping as fast), lower inventories of oil (?), and a 14% drop in mortgage apps last week due to the interest rate rise...yet we almost close green today...WTF was that? Dollar up, mortgage rates up AGAIN today and we almost rallied back to close green? Shanky today was red as I expected but didn't close as red as I expected. Hopefully you have more info than I do as I am at a loss....look forward to your post tonight.
ReplyDelete-Michael
Shanky, a correction: This past week was a 7.2% drop of mortgage applications and was 14% drop the previous week. Per Bloomberg "U.S. mortgage applications fell last week to the lowest level since February as a jump in borrowing costs discouraged refinancing and signaled that Federal Reserve Chairman Ben S. Bernanke’s efforts to cap rates is stalling.
ReplyDeleteThe Mortgage Bankers Association’s index of applications to purchase a home or refinance dropped 7.2 percent to 611 in the week ended June 5, from 658.7 the prior week. The refinancing gauge fell 12 percent. The purchase index gained 1.1 percent. "