Here's your bill for $3,333 -

[KC Scott]

But yeah, it's not a bad time to cut losses.

And so we identify a fundamental difference in our approach - I'm for taking profits early and you're for cutting loses late

Seriously - I couldn't advise anyone in good conscience to sell now, if they've taken this ride down.
But yet that's what many will do tomorrow and create the Interim bottom.

We'll check back a month from now and see where the markets are from this point:

Dow 10,365
SP500 1,106
Nasdaq 1,983

[RadioFan]

...yet no one really knows what will happen if we do nothing;

I know exactly what will happen. It's the same thing that happens when you don't make your car payments... the repo man comes and takes it right out of your driveway.

No shit. But to what extent? Nobody knows.

[Tom In VA]

Well there it is, an opportunity. Become a REPO man. Capitalism is all about responding to current needs and capitalizing on situations.

[War Wagon]

Fuck professor Scott for making me do research (i hate that shit) during MNF...

I need the under, btw.

The following product categories were America’s leading Exports in 2007. These categories represent about 38% of total U.S. exports during the year.

Semiconductors ... US$50.2 billion (4.3% of US total Exports, down 4.3% from 2006)
Complete civilian aircraft ... $48.8 billion (4.2%, up 19.6%)
Automotive parts and accessories ... $44.2 billion (3.8%, up 2%)
New and used passenger cars ... $43.7 billion (3.8%, up 28.6%)
Other industrial machines ... $38.3 billion (3.3%, up 17.1%)
Pharmaceutical preparations ... $35 billion (3%, up 13.2%)
Telecommunications equipment ... $31.4 billion (2.7%, up 10.8%)
Organic chemicals ... $31.4 billion (2.7%, up 15.7%)
Electric apparatus ... $31.1 billion (2.7%, up 4.2%)
Computer accessories ... $29.4 billion (2.5%, down 18.7%)
Plastic materials ... $29.1 billion (2.5%, up 15.6%)
Medicinal equipment ... $23.8 billion (2.1%, up 5%).

[RadioFan]

Pharmaceutical preparations ... $35 billion (3%, up 13.2%)

Well, those should be up.

Under "legal" guise, of course.

[Dinsdale]

You do realize that America still exports a fair amount of goods internationally, right? You do realize these exports create and sustain jobs, right?

Uhhh....... What are these goods of which you speak?

Agricultural products... chemicals, fertilizer, and the like.

Construction materials. If it weren't for Mexico, Central, and South American customers this past year, we'd have shut our doors and I would indeed have been out of job. $50 mil worth of concrete forming equipment.

Seriously -- you're so fucking ignorant, I actually feel sorry for you.

If they dump $700,000,000,000 into the economy, it decreases the buying power of the dollar (and the value of everything you fucking own, you moron).

With a worthless dollar, take a big guess what, idiot...

We won't be buying imported goods, since we won't be able to afford them any more. But alas, we'll be exporting all kinds of shit...

Because we'll be the new fucking China, you flaming fucking retard.

Pay your own fucking bills, and take care of your own backyard, commie. Whatever you do, just stay the FUCK out of my wallet, you deplorably immoral communist.


There's been a $400,000,000,000 annual trade deficit, you brainless doucheknuckle.

[KC Scott]

Semiconductors ... US$50.2 billion (4.3% of US total Exports, down 4.3% from 2006)

Thanks for finding that Wags - that reminds me of another key Long Term indicator - Semiconductor sales

The Philly semiconductor index (SOX) is shit right now - a 3 year low:



But for anyone wanting a pretty reliable indicator of when the next "bull Market" will begin - it's when the SOX breaks out of that descending channel (Blue Lines)

The theory being that when business starts investing in technology again, it's the signal the new business cycle is begining.

What you don't see in that Chart is that SOX double topped Feb 2006 and a lower high in Aug 2007.
Going back 2 years, that was a "signal" and then a confirmation of the pending bear market.

No coincedence that when I wrote that first "Pending Market Crash" post two years ago it was pretty heavily influenced by the Semiconductors fall -

[War Wagon]

We won't be buying imported goods, since we won't be able to afford them any more.

We won't?

Dins steps up to the plate, and whiffs.

Ahh... people will probably keep shopping at WalMart. American consumers drive the entire world economy, you clueless simpleton. If the American economy catches cold, the whole world gets the flu.

Nice rant, though. Lotsa cute insults in there. Almost rackable, if you had any idea what you were pontificating about.

[KC Scott]

If they dump $700,000,000,000 into the economy, it decreases the buying power of the dollar (and the value of everything you fucking own, you moron).

Not exactly Dins.
They are not printing 700 Billion and putting it into circulation - they are loaning 700 Billion vs. future tax revenues.
When they sell Treasury bills at auction to finance the debt? Same thing
We will pay interest to the holders of the T-Bills

Interesting - but the dollar bottomed in March and is headed back up now.
It's another reason I think the market is going to rally

[Dinsdale]

If they dump $700,000,000,000 into the economy, it decreases the buying power of the dollar (and the value of everything you fucking own, you moron).

Not exactly Dins.
They are not printing 700 Billion and putting it into circulation - they are loaning 700 Billion vs. future tax revenues.
When they sell Treasury bills at auction to finance the debt? Same thing
We will pay interest to the holders of the T-Bills

Yes, I understand the concept.

It still involves putting 700 billion mythical bucks into the economy, does it not?



So, see if I got this right...

Americans had an "economic party" by essentially borrowing money that didn't exist, so they could buy a SUV with their equity. Average Joe's credit was extended beyond what could ever be paid back, since the money never actually existed (for all intents and purposes).


This caused some problems with the financial institutions that were loaning out this money that they didn't actually have.


So, the genius solution to this problem of starry-eyed, rampant greed that had so many people borrowing money they didn't have...

Is to cover these outstanding debts of mythical dollars...

with...

more mythical dollars?


Are these assclowns serious?


Maybe we, as a nation, should sign our names to one of those unsolicited credit cards that shows up in the mailbox, and use it to pay off our other credit cards. I mean, so what if the letter that comes with the new Visa doesn't exactly detail the terms and conditions in detail... who the fuck reads that shit anyway? We could even finance this massive communist debt with an ARM, since it seems like that's a great way to go for a few months.



OH, WAIT... that's EXACTLY what the asshats in charge are talking about doing.


And some of the reallyreallyreally stupid people are buying into it. Ponderous.


Gee, I wonder if this benefits the Federal Reserve Mafia, and no one else in the country? HMMMMM........

[Dinsdale]

And I have a sincere question for Whitey, or any of the other members of the Communist Party here...


I didn't sign an ARM. I haven't defaulted on a loan in my life. None of this country's outstanding debt lies with me.


So, that said...


How on fucking earth do you believe that I should be responsible to pay YOUR DEBTS out of my pocket? What possible reasoning could you possibly be using to somehow justify taking MONEY THAT BELONGS TO me... money I've earned, fair and square, and give it to extremely wealthy people and institutions to cover their gambling losses?


I only ask because the fucking filthy anti-American shit that comes out of your hole will be humorous because it's so immoral and sad.

[Cuda]

what's the stock market doing today, imo?

the problem with the bailout bill is that it's a (all together now) bailout. that baldheaded fuck, paulson, wants unlimited authority to spend tax money to buy whatever debt he sees fit to buy that includes, by the way, delinquent credit-card debt and student loans that are in default. clearly the notion that this is all just about bad home mortgages is a fucking lie.

jsc is right that SOME kind of a bailout bill is going to pass. whatever passes MUST be restricted to home mortgages, must NOT be a direct cash bailout (i'd favor requiring the buyout-ees to borrow the money from the fed and be required to pay it back) and MUST require paulson to be fired.

[KC Scott]

So we've hit bottom? That 7% hiccup yesterday was the "Armageddon" we were warned about?

The 7% drop yesterday was the interim bottom - IMO

Dow for example: From the October 11 high of 14,280 to yesterdays low of 10,365 thats a 37.77% drop - it's the only way to measure

As I've mentioned several times, I don't think that's the final bottom - it's forecast to hit somewhere in Q1 2009

But I think we are now going to rally - either multi-week or multi month - It's why I was buying yesterday.

[Felix]

How on fucking earth do you believe that I should be responsible to pay YOUR DEBTS out of my pocket?

The theory is that the damage to the economy will take more out of your pocket than this tax increase and socialism is the only answer.

It's a bullshit theory, but that is the operating assumption.

after my swig of the Warren Buffet/George Bush kool-aid and upon further research, I'm back on the "let them fucking die" bandwagon

this is a sham being sold as a solution to a problem that's really just putting off an inevitable (and necessary) market correction that won't affect nearly as many people as I'd originally thought

I apologize for being lured into the "fear mongering" Bush and Co. are trying to sell the Americans

[Mikey]

There are still economists out there predicting that if Congress doesn't come up with some kind of comprehensive bailout on Thursday (nice of them to take a couple of days, off, BTW), the entire US economy will come to a grinding halt. I'll have to admit that after a couple of pretty scary days, and even while watching my 401Ks evaporate, I'm thinking that any but the most limited and targeted "bailout" is sheer idiocy. The American public is a lot smarter (at least in this case) than the politicos give them credit for. The economy will come back healthier without this boondoggle. So what if my retirement horizon just receded out of sight.

(At least the OL has been smart enough to keep most of her $$ in insured tax free munis and CDs)

[Tom In VA]

I apologize for being lured into the "fear mongering" Bush and Co. are trying to sell the Americans

It's all part of the process. Rest assured, the world won't end, but we'll all feel the hurt for awhile. I actually got the chills listening to some dude on the radio today. He reminded the radio show he called into that the founders actually sacrificed and pledged (many gave up) their fortunes, their families, and pledged their sacred honor to get this country started. This dude said that he was willing to lose his 401K, feel the hurt, take the pain and press on - for the sake of doing the RIGHT thing within the context of the founders principles. Inspirational.

When I sent the email to my reps to compel them to say "NO" to the bailout packaged, I pretty much abdicated any right to bitch when the hurt comes. And some hurt will come, a lot for some.

But listening to that dude on the radio, it's worth it. I know I've been skating far too long without sacrificing for anything in this country, it's high time I did - if that's what is required. I'm getting ready.

The RIGHT thing based on principle is the right thing to do. If they do something, let it be guided by that - rather than political expediency and convenience.

I'm up for a complete overhaul in Washington come November. Whatever I can do to send that message, I'm prepared to do.

As long as it doesn't involve me getting naked and streaking down the mall in Washington while screaming "RACK THE FUCKING TROLLS" or anything.

[JayDuck]

It's all part of the process. Rest assured, the world won't end, but we'll all feel the hurt for awhile. I actually got the chills listening to some dude on the radio today. He reminded the radio show he called into that the founders actually sacrificed and pledged (many gave up) their fortunes, their families, and pledged their sacred honor to get this country started. This dude said that he was willing to lose his 401K, feel the hurt, take the pain and press on - for the sake of doing the RIGHT thing within the context of the founders principles. Inspirational.

When I sent the email to my reps to compel them to say "NO" to the bailout packaged, I pretty much abdicated any right to bitch when the hurt comes. And some hurt will come, a lot for some.

But listening to that dude on the radio, it's worth it. I know I've been skating far too long without sacrificing for anything in this country, it's high time I did - if that's what is required. I'm getting ready.

Oh what a crock of shit. A bunch of morons, all over the place, fuck up things and its "patriotic" of us to suffer for it?

[Mikey]

It's all part of the process. Rest assured, the world won't end, but we'll all feel the hurt for awhile. I actually got the chills listening to some dude on the radio today. He reminded the radio show he called into that the founders actually sacrificed and pledged (many gave up) their fortunes, their families, and pledged their sacred honor to get this country started. This dude said that he was willing to lose his 401K, feel the hurt, take the pain and press on - for the sake of doing the RIGHT thing within the context of the founders principles. Inspirational.

When I sent the email to my reps to compel them to say "NO" to the bailout packaged, I pretty much abdicated any right to bitch when the hurt comes. And some hurt will come, a lot for some.

But listening to that dude on the radio, it's worth it. I know I've been skating far too long without sacrificing for anything in this country, it's high time I did - if that's what is required. I'm getting ready.

Oh what a crock of shit. A bunch of morons, all over the place, fuck up things and its "patriotic" of us to suffer for it?

No, but moving to Canada and then suffering is.

[Felix]

I took mvs's advice and started thinking about how this relates to my particular position and guess what, it won't have much of an impact on me if these Wall Street douchecanoes meltdown or not...

I work in a relatively recession proof industry, the majority of my savings are protected by the FDIC (assuming they remain solvent), my retirement system is operated by one of the best run most profitable pension funds in the country, my mortgage is almost paid off and is held by a bank that is pretty solvent, I don't borrow much money, my mutual funds are diverse enough that even if certain sectors of the economy shit the bed, they should still perform relatively well (or at least hold their own)

so in the final analysis, it won't effect me much if at all

[Tom In VA]

No, but moving to Canada and then suffering is.

Who say's I'll be suffering ? Lot of hot chicks in Montreal. And Hockey too. Chicks and Hockey, there'll be no suffering.


Ligthen up Jay Duck. If you think a bailout is the right thing to do, I respect your opinion.

[Mister Bushice]

I took mvs's advice and started thinking about how this relates to my particular position and guess what, it won't have much of an impact on me if these Wall Street douchecanoes meltdown or not...

I work in a relatively recession proof industry, the majority of my savings are protected by the FDIC (assuming they remain solvent), my retirement system is operated by one of the best run most profitable pension funds in the country, my mortgage is almost paid off and is held by a bank that is pretty solvent, I don't borrow much money, my mutual funds are diverse enough that even if certain sectors of the economy shit the bed, they should still perform relatively well (or at least hold their own)

so in the final analysis, it won't effect me much if at all

I'm fairly safe as well, but I still called the congressional representative offices in two areas where I own property who voted yes on this piece of shit (one of them even had a statement on their website saying they "demanded" that some provision be included that homeowners would be protected from losing their homes, and yet the prick voted Yes anyway)

I just let them both know I was not happy about their yes vote and that we shouldn't be bailing out private companies with our Tax money.

Not sure if it will do any good, but better than nothing.

And one of those two dipshits isn't getting my vote next go round.

[Felix]

Not sure if it will do any good, but better than nothing.

this from page 5....

(not that I think it'll do any good, but it made me feel better)

Don't think that. They do react to pressure from constituents if you keep at them.

'No deal' on Bush bail-out plan
3 hours ago

President George Bush's emergency meeting to solve the economic crisis in America failed to reach an agreement, a top senator involved has said.

Senator Richard Shelby told reporters outside the White House that he did not believe there was an agreement and that the proposals by US Treasury Secretary Hank Paulson constituted a "bad plan".

http://ukpress.google.com/article/ALeqM ... ZyrJhVDH6w

the no vote would seem to support mvs's observations

I just sent more emails to my "representatives"

[Whitey]

Your politicians will turn this into a "look what I did to help America out of this mess" without mentioning what they did not do to allow us to get into such a mess.

Read Congressman Barney Frank (the pedophile bisexual prostitute escort service guy)'s bio in Wikipedia:

As Chairman of the House Financial Services Committee, Frank "sits at the center of power".... During the 2008 Session, Frank was instrumental in negotiations for the $700 Billion Stock Market Plan.
http://en.wikipedia.org/wiki/Barney_Frank

Think about it. He claims to have sat in the center of power while this catastrophe was allowed to occur and now claims to be INSTRUMENTAL in negotiations to fix this mess by making taxpayers bail out the mess.

Of Course, all of Congress and Senate will continue to make their salaries, earn their incredible pensions, get their healthcare... while the taxpayers suffer!!

When will we revolt??

****************
The current salary (2008) for rank-and-file members of the House and Senate is $169,300 per year.

Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension.

The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.

***
When will we revolt??
NEVER- because there are too many SHEEP!

BOHICA

[Tom In VA]

When will we revolt??
NEVER- because there are too many SHEEP!

BOHICA

We're all consumers of the information available at any given time. Typically views and conclusions on that info can be classified into different "camps". Democrat, Republican, Green, etc.. etc..

Much of it is misinformation provided by the media and the lies and equivocations of the "leaders".

If you're up for a Half a Billion American March on the Mall in Washington, I'm up for that. Pitchforks and torches ? (although they'd probably have to be fake to get a permit) Should we register the domain and get started ?

[RadioFan]

Much of it is misinformation provided by the media and the lies and equivocations of the "leaders".

Not necessarily this time, Tom.

As mvscal and a few others have said, the public has caught on to the bullshit this time and the elected representatives finally listened.

We'll see if the Senate (or at least 40 members of it) have the political fortitute of the House tomorrow. I doubt it, but we'll see.

[Mister Bushice]

Dude,

Those assholes in congress "representing" us Americans are spinning their asses off to add enough ornaments to this Christmas tree from hell to hide the fact that we taxpayers are going to take it up the ass and like it, because they "know what is best for America".

This isn't lipstick on a pig.

This is makeup on AP.

[RadioFan]

Dude,

Those assholes in congress "representing" us Americans are spinning their asses off to add enough ornaments to this Christmas tree from hell to hide the fact that we taxpayers are going to take it up the ass and like it, because they "know what is best for America".

This isn't lipstick on a pig.

This is makeup on AP.

If you know it, than the American public sure does as well.

Faith? ('sup 'tart?)

We'll see.

[KC Scott]

Here's another fearless forecast -

Market finished flat today - I expect a big up day tomorrow (Thursday) to confirm the new rally kicked of Tuesday.

Gee..... conincedence this will correspond with a compromise on the bailout

For anyone that may be interested.

[Mister Bushice]

This isn't going to be one of your "Republicans will kick the Dems ass" mid term election type predictions, is it?

You know, the one where you said the repubs would clean house, and instead they got reamed?

That would suck. Really.

I hope you're right, but the embedded media is spinning it the other way.

[RadioFan]

I expect a big up day tomorrow (Thursday) to confirm the new rally kicked of Tuesday.

That didn't work out so well.

The bailout -- even if it passes -- isn't going to do shit other than fleece the American public.

[War Wagon]

There isn't going to be any compromise. There might be a few rules tweaks here and there, but there isn't going to be any bailout. The Senate can't do shit without the House and House isn't going to move.

Oh... Ok.



Idiot.

http://news.yahoo.com/s/ap/financial_meltdown

[BSmack]

There isn't going to be any compromise. There might be a few rules tweaks here and there, but there isn't going to be any bailout. The Senate can't do shit without the House and House isn't going to move.

Oh... Ok.



Idiot.

http://news.yahoo.com/s/ap/financial_meltdown

Yep, that mv is a real top notch prognosticator.

http://news.yahoo.com/s/ap/meltdown_bush

[RJ]

mvscal, do you honestly think there will not be a bailout?

Nope. Public opinion is running 80% against. The only surprise is that it got as many votes as it did. We will see increasingly polarizing partisan proposals kicked around this week, but they will have even less overall support. There is no party discipline on either side of the aisle and the chickens are running scared.

Keep hammering your Congressman. Don't let up for a second.

there isn't going to be any bailout

Bump.

Dont see why this so goddamn funny to some of you cunts......

Dins and Mv nailed it-this 'approved' assfuck of the country is an absolute nightmare to anyone with a modicum of intelligence. Once again, our government fucked us raw dog style, and the majority of you dumbfucks just took it hard and deep with a mile long smile. Fuck you, traitor cunts.

[BSmack]

What's even funnier is that you all are going to vote for the asshole who just robbed you and passed the single most destructive piece of legislation in our history.

It's made even more puzzling by the fact that Wank Wagon is the only one here dumb enough to believe that the solution to a financial mess created by mountains of bad debt is to borrow more money.

Enjoy your laugh....and your recession.

We're already in a recession.

http://news.yahoo.com/s/ap/20081003/ap_ ... au2B1v24cA

Yea I know, 2 or more quarters of negative growth blah blah blah.

This quarter will be the first of the 2.

[Mister Bushice]

And Dinsdale and Poptart think ANYTHING we do or say matters.

[Mister Bushice]

ltr - Congress, we the people trying to get them to listen to us.

[RJ]

Almost there...

I'd love to see it happen, but it wont. We are a nation filled with spineless, handwringing pussies who would rather put thier hands over thier eyes and pretend the government dick isnt plowing thier ass instead cutting it the fuck off and shoving it back down thier goddamn throats.


In other words, our forefathers were 100 times stronger men than these past few generations could EVER imagine being, and it makes me fucking sick.

We've come full circle from our beginning.

[Cuda]

Somebody tell Ahnold he's a fucking day late and a dollar short

Land of Fruits and Nuts Wants a Bailout Too
While the government is using the mortgage crisis it created as a pretext to pass out hundreds of $billions of OUR MONEY to its friends, a certain RINO Governator thinks California should get some too, perhaps as a reward for the state's responsible management:

California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent. […]
"Absent a clear resolution to this financial crisis," Schwarzenegger wrote in a letter Thursday evening e-mailed to Paulson, "California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing."

run through the checklist:

• Sky-high taxes — CHECK
• Lavish Spending on Public Employees — CHECK
• Draconian Energy Regulations — CHECK
• Hostility to Business — CHECK
• Bankrupt — CHECK

Who is going to bail out the federal government when moonbat economics drive that into bankruptcy too?

Hat tip:Michelle Malkin.

fucking priceless

[poptart]

ltr - Congress, we the people trying to get them to listen to us.

The irony is pretty strong here.


Ron Paul listened to the people ... and the Constitution.




But yes, you cast that ... MUST ... vote for B.O. or John McFlame.



YOU GO GIRL!!

[poptart]

Scott's right, they'll dress the bill up somehow, the media will keep hammering away at doom and gloom, public opinion will sway toward passage of some socialist measure, and it will pass.