Summer Hiatus

Monday, May 25, 2009

As you may have noticed the posts have been less frequent over the last few months. Over that time, I’ve been contemplating a new blog (about which I am undecided).

In any case, for the moment, I’m just going taking a break.

So, I may post a few times over the summer as the mood strikes, but I won’t be posting regularly. Enjoy yourselves and keep an eye on the Obama/Bernanke debt and money-printing roll of the dice.

And prepare yourself for harder days ahead.


Sickening

Thursday, May 21, 2009

If there was such a thing as Satan, the Catholic Church would represent his order.

Today’s news about the physical and sexual abuse of hundreds of Irish children entrusted to the care of the church is sickening. Here is the report.

This costumed sham, this coven of child molesters and duplicitous sleaze, should be destroyed. Arrest the pope!

Disgraceful. Shameful. EVIL.


Market Manipulation and the Bear Rally

Wednesday, May 20, 2009

The proof is there. Is the SEC investigating? (watch the Fox Business News video via Zero Hedge)

Something strange happened during the last 7 or 8 weeks. Doreen you probably can concur on this — there was a power underneath the market that kept holding it up and trading the futures. I watch the futures every day and every tick, and a tremendous amount of volume came in a several points during the last few weeks, when the market was just about ready to break and shot right up again. Usually toward the end of the day – it happened a week ago Friday, at 7 minutes to 4 o’clock, almost 100,000 S&P futures contracts were traded, and then in the last 5 minutes, up to 4 o’clock, another 100,000 contracts were traded, and lifted the Dow from being down 18 to up over 44 or 50 points in 7 minutes. That is 10 to 20 billion dollars to be able to move the market in such a way. Who has that kind of money to move this market?

On top of that, the market has rallied up during the stress test uncertainty and moved the bank stocks up, and the bank stocks issues secondary – they issues stock – they raised capital into this rally. It was perfect text book setup of controlling the markets – now that the stock has been issued…


Healthcare is the New BMW

Wednesday, May 20, 2009

Link Rodeo: Larry Summers, Test Bias, and Entitlement Apocalypse

Monday, May 18, 2009

American Ponzi…Larry Summers doesn’t practice what he preaches:

But defering to big banks and prefering fiscal expansion is very much a decision in the hands of Treasury and the White House. They may feel this is essential to restoring confidence, but that is not the general experience of countries facing major crises. The usual advice – given by the IMF, often at the behest of the US Treasury – is: manage an insolvency process for failed banks, precisely to reduce fiscal costs now and in the future, and to help restore confidence in the economy. Come to think of it, wasn’t this exact point made – forcefully and publicly – by Summers to the Japanese government during the 1990s?

John McWhorter on test bias against blacks:

Zora Neale Hurston had some apt words in her autobiography, Dust Tracks on a Road: “It seems to me that if I say a whole system must be upset for me to win, I am saying that I cannot sit in the game, and that safer rules must be made to give me a chance. I repudiate that. If others are in there, deal me a hand and let me see what I can make of it.”

We’re running out of money…fast. Social Security will exceed revenues in 7 years:

The Social Security Board of Trustees reported Tuesday that costs will exceed revenues in 2016 — a full year sooner than expected just last year. And total assets — including more than 70 years of “surpluses” built up in the “trust fund” — will be completely gone by 2037 — four years earlier than in last year’s report.


New York City Real Estate to Fall Another 35%

Friday, May 15, 2009

At minimum, according the Deutsche Bank (courtesy of Clusterstock). Goldman Sachs has them falling another 58%.

And this with prices already down 20-25% (though DB has them down only 8% as of Q4 ’08).


Retail Sales Drop .4% in April

Wednesday, May 13, 2009

.4%, with a revised to a 1.3% drop in March. This, against analyst estimates of a flat or small gain in sales.

They’ve been smoking the green shoots, of course.

In a related note, here’s Andy Kessler on the sucker’s rally. If you bought in the last few weeks, sell now. Take your profit and run.

Or not. In this time of magic realism, the Obama team could pull off anything.