Enough of the charts and graphs. Enough of the giddyness we have all been feeling searching for the top of this meaningless recovery. For you P3 fanatics, the bad news is coming at a fast and furious pace and the 38% retracement of the market fall has now legally opened the door for P2 to end.
The news has been so bad over the last week that I'm actually a little freaked out. The run was fun to rant about and made for many good jokes, yet it may not be so funny when the proverbial shit hits the fan. Hey, who gives a shit? Lets laugh in the face of danger. We ain't gonna have shit to laugh at when it is all over anyway.
Time to ax yourself the question - If two wrongs don't make a right, then how come two negatives make a positive? Or in the case of this market, how come many negatives equal a 40% rise in market value? Who the fuck knows? Those were dumb questions anyway.
Remember, all of the following happened within the past week.
When the blind leadeth the blind, get out of the way.
Or as I would say, If you have a blind person leading you, you are one dumb as POS. Let's talk about the Fed leading the Primary Dealers down the primrose path. Chris Martenson laid the wood to Benny when he did a little creative journalism in The Fed Buys Last Week's Treasury Notes. So what the fuck was Ben thinkin? Please tell me? I'm actually speechless. Of course you know this is the worst possible news, cause cash for clunkers will now have to be ditched and the bubble reflation is now in danger. Denninger did good on this one - BLATANT Monetization Uncovered
Ever stop to think, and forget to start again?
Thank you TD - Cornyn On The White House Stasi Solicitation, Or Would McCarthy Love firstname.lastname@example.org? (Hint: Yes). So what the fuck was Rhom thinking? Well, sum bitch has demonstrated that he does not really think much, as creating a Fascist state does not require much brain power and he's doing a damn good job so far. So go tell on me or your neighbor if we poo poo the HC bill. Did you ever think that Alex Jones would be made to look like a prophet? Well, Rhom, you're doing a kick ass job at that too.
In life, there is no backspace button.
Timmay! Timmay! Naked Cap comes thru in Geithner Bullies Financial Regulators to Accept Fed as Top Dog. " Timothy Geithner tongue-lashed Federal financial services regulators over their bucking the Obama Administration initiative for the Fed to become The One Regulator to Rule Them All." (Anyone connecting the dots of this post yet?) Uh, power trip! Shuh, like, dude, you can not just go and shit on everyone to get your way. Stupid me, that is the way Timmay was coached up by Hankey Poo when he bullied ALL OF FUCKING CONGRESS, so Timmay thought the banks would be an easy target. Hey, Timmay, you own 'em already dumb shit. Ya ain't got to do nothin but tell 'em what to do. Ron Paul, you better light a fire under 1207. Where is that backspace button anyway?
If it weren't for the last minute, nothing would ever get done.
Here is where I offer a sacrifice of myself to the God Rham and say bad things about health care. OK, simple. If Ben is busy monetizing the debt we have now, and you guys are looking to sell another $500 billion or so to fund the reflation project, what the fuck are you thinking trying to get this passed right now? So in the last minute you try to cram a 1,000 page bill - that you thought up in the last few months - that is gonna solve the problems of our HC issues for ever more - that you are having to threaten the public to keep their first amendment rights to themselves - so you can get your fucking glory shot at history - before your ratings are lower than the yield of those T-bills Ben is buying from you. O-tay! News flash - Toto, you ain't in Chicago anymore.
I am running out of space, so here is the blitz -
Mish - Wages and Salaries Fell 4.7%, Most On Record - Note to Obama - No jobs and wage deflation is a horrible time to think about anything but creating more jobs. No more to big to fail shit. Sometimes you gotta make sacrifices. Now is your moment. You wanted the job, congratulations, it is yours.
Calc Risk - Foreclosures: One Giant Wave, Still Building. Dude, gnarly waves and some cool bud. My dad's got a bitching set of tools. We can fix it. Note to Obama - FNM lost another 14b and their leader this month. Housing ain't fixed and the only fucking thing you give a shit about is your mark on history and your HC bill. Get a clue dude. You still have three years to get he HC bill passed (and fix MC and SS and hope that all the pensions don't blow up and that there is not a run on the severely underfunded FDIC and .....)
ZH - A Few Pictures Are Worth A Thousand Mortgage Mods See above.
Naked Cap - More on Dubious News Versus Cheery Data Out of China Wait a minute. I thought Cramer said all was well in China. Well, it will be just fine when they ask for all of their money back.
Bloomberg - Sotomayor Is Confirmed to Be First Hispanic Justice This is just fucking great. At least she did not have a tax problem. Her issues with white males won't be a problem either. Phew, I feel better now.
ZH - Judge Rakoff Pours Cold Water On BofA-SEC's Little Complicit Scheme. Note - pay close attention - this is REAL GOOD NEWS. Yes, here is proof that all is not lost (YET). Let's hope this judge is around when the indictments come down from all this mess in a few years.
ZH - TrimTabs Continues Throwing Sand In The Eyes Of Fake Economic Data. If anyone was ever questioning the integrity of the data coming from your fine leaders, now is your chance. Not sure how they are gonna cover this one up now that it is out in the open. Leave it up to CNBS, they can gloss over anything.
The Big Picture - Why CNBC’s Ratings Are Down No shit? You knew things were bad, but when the leader in financial news coverage in the most critical time in our history is losing viewership, you know things are bad. Maybe this is cause no one has a fucking home to live in to watch TV anymore. With the DB forecast of 48% being underwater, the remaining homes might have to give up their plasmas which will further damage viewership. Their reporting of the "facts" of the crisis surely could not be the problem.
See, I told you it was a busy week. That is like 5 years worth of really bad shit in one week. You got it all, fraud, fascism, the raping of the constitution, economic collapse, lies, deceit and all from our government. You would think in a week like that CNBS's ratings would be thru the roof? Maybe they are missing the story all together? Nope, the market was up and all is well.
Seriously, I am freaked out. The Timmay deal, Rahm, Ben's monetization, Han Sotomayor, housing, OMG I left out HFT and GS's record trading profits and the liquidity masters of the universe - well, you get where I am coming from. We're fucked, and this nation I am afraid will not be restored to its former glory (as manufactured as it was) for a long long time. The people are getting rightfully upset and my internal fear gauge is spiking. I believe it won't be long till we're all in the streets looking for redemption. That might not come soon enough. One thing is for sure, the market will be just fine.
UPDATE - from CNBS - Obama: May Be Seeing Beginning of Recession's End. "Our financial system is no longer on the verge of collapse. The market is up. Housing prices are up for the first time in nearly three years. So we may just be seeing the very beginnings of the end of this recession," Shuh, Right.