How ridiculous is this? How insane is it that we, a supposedly free people, are subject to one man, Ben Bernanke?
How did that happen?
And, no, I'm not going let this go. Today, you got your fill of "debate" and "questions" and "theories" about:
A) Will 'the fed' lower rates?B) If so, how much?C) And, what will 'the fed' say about the economy?D) What if they only lower 1/4 point?E) What if they lower 1/2 a point or more?F) Is this the start of many more rate cuts?
I AM SO SICK OF THIS.
And, all these "bulls" begging for ben bernanke to lower interest rates to "save" the market. It's always funny to listen to the "capitalists" of the world say how a "free market economy" is the "best path to prosperity", but only if the "free market" includes a bailout from "the fed".
The level of "2 plus 2 equals 5" thinking right now makes me think that maybe this is all a bad dream. Check out what Larry Kudlow said on his sitcom today: "Don't you think a 'free market', resilient, durable economy, and global financial systems can absorb this?" (The question was in reply to a guest describing that regardless of how much 'the fed' cuts rates the markets may move up UNTIL the the next 'financial crisis'.)
FREE MARKET? RESILIENT? DURABLE? Yeah, right. This is the same "free market", resilient, and durable economy that Larry says needs a 1/2 point rate cut to the "federal funds target rate" and ANOTHER 3/4 point cut to the "discount rate".
Gotcha.
Now, I'm no PHD. I dropped out of economics 101 in my brief college stint. And, heck, I've never even read one of Jim Cramer's books.
I know, however, that a "free market" does not include an entire economy guessing, debating, hoping, and rolling the dice on whether one man, ben bernanke, decides it's time to make it easier for the last few people not already in debt up to their eyeballs, to mortgage their grandkids' future to buy more plastic junk from China.
No matter how many times you hear a "bull" call for a rate cut, and, extoll the virtues of our "free market", it is still a load of HONKY DONKY.
One big, smelly, messy, pile of HONKY DONKY.
The part that angers me is that there is not a SINGLE counterpoint to these whores. Not one person on CNBC today even raise the question about whether or not it's in our best interest to allow one man, ben bernanke, to hold sway over our entire economy.
Again, I'm not Milton Friedman, or Adam Smith, but I gotta believe it's probably an okay question to ask, right? I mean, there is SOMEONE out there who still believes it's okay to ask questions, right?
Maybe not. I think that the vast ocean of "investors" are oatmeal-loving, swill-swallowing, Cramerites. The doe-like timidity of the average "investor" leaves them in a perpetual state of "buy and hold" because it's just easier that way. You know, the way wall street says to do it.
You think I'm harsh, maybe? If so, that's because you are one of the sheep. To you, I say, "Boo Yah!" (Note, I said "IF SO". Please don't email me to complain that I called YOU a "sheep". But, if you do send me an email complaining that I called you a sheep, then, yes, you are a sheep.)
Speaking of HONKY DONKY, how about ol' Alan Greenspan? What, was today "Alan Greenspan Day"? What a coincidence! CNBC's hype machine about tomorrow's fed meeting just so happens to be in full swing as 60 Minutes airs their interview with "Mr." Greenspan. And, just so happens to coincide with the release of "Mr." Greenspan's new book. And, just happens to coincide with CNBC's own "look" at the "historic" fed chairman in the hour-long special tonight, "Power. Money. The American Dream."
AMERICAN DREAM?
That MONKEY TATER rooked an entire generation of Americans out of THEIR dreams. The way Alan Greenspan's 'fed' jacked up the stock market into "the bubble" of 2000, dropped the market and evaporated trillions of dollars in 'wealth', only to then jam interest rates down to 1% to pump people into a crooked mortgage banking system (and by people, I mean, "anyone with a face, and regardless of credit history, employment record, or citizinship"), ought have gotten his FLOPPY BOTTOM thrown in jail.
Now, we are all going to pay - one way or another - for Alan Greenspan's "American Dream". Except that "dream" is the nightmare of foreclosures, our dollar falling like a rock, and an economy on the precipice as our foreign creditors slowly back away from the teller window at the drive-in bank.
Note: Alan Greenspan is married to NBC's very own "reporter", Andrea Mitchell. So, that "may" have something to do with the love affair CNBC has with "Mr." Greenspan.
By the way, you might have missed the little story about the banks in England and Ireland. Yeah, guess what, one of their banks had a good old fashioned RUN. The culprit? SUBPRIME MORTGAGES. The very same "subprime" that was A) not supposed to be a big deal, B) certainly not going to be a GLOBAL problem, and C) easily contained with a few injections of "liquidity". Here's a link you should read: http://www.bloomberg.com/apps/newspid=20601087&sid=aGYyGu4XZhQ8&refer=home
Pay close attention to that picture of people standing in line to get their money out. That's coming to a bank near you in the US.
You want to know what's going to happen tomorrow? Well, "the bulls" say the market will scream skyward. I've heard nothing to the contrary. So, I'll go with that "thesis".
What will the market do tomorrow? I don't know. Maybe it rockets up. Maybe it rockets down. I'm not psychic, so I can't tell you what happens tomorrow.
The longer-term outlook, though, if "the fed" starts cutting rates is DOWNTOWN, CHARLIE BROWN. Mabye that move starts tomorrow. Maybe next week.
But, start, it will, young Jedi.
I plan to fade whatever move we get TOMORROW. If 'the fed' cuts rates and the market zooms up, I'll be shorting like a madman. If market zooms down, I'll go long. These moves will be for intraday trades.
Hey, maybe none of this means anything to you. I don't know. I'll keep on believing that we NEED a FREE market, we NEED some people with integrity in the media to keep our elected (and, in the case of "the fed", UNELECTED) officials in check, and we need the market to drop before I'll get all bullish and stuff.
I know. I know. Why must I be so "negative"? If you think I'm "negative", you must not remember that I told you these things were coming. Now, that the fun has started, I am not "negative", I am HOPEFUL that some of you will take SOME SORT OF MEASURES to protect your assets.
Good luck tomorrow. Hope to see you in my chat room. I'll be in my live trading room helping people make money no matter WHAT 'the fed' does...
...or doesn't do.
No comments:
Post a Comment