Markets rose Thursday for the 3rd straight day. While champagne corks should stay stoppered, that’s still something that hasn’t happened for a long-ass time (January, if we’re going to get technical). [Bloomberg] (Photo: sdsparks)
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Way to hex it.
@ViperBorg – Facebook is the new AOL.: Just like that “airlines haven’t had a single plane crash in X years” post…
The DOW is on sale! Buy, buy, buy!!!
It’s so pathetic that people are getting so excited over getting above 7000. How long ago was it that the Dow was at 13000? Still good news is good news, let’s all hope the trend continues.
@MBEmom: Let’s be real. As soon as the next round of layoffs are announced, the Dow is gonna go right back into anaphylactic shock.
@smackswell: Next time Obama speaks it’ll take another dump…
@Con Seannery wants the azure F back!: …Or Jim Cramer.
IMHO this is a sucker rally.
It will not be long until we learn how Citi managed to generate a profit (on paper) after they received 50+ Billion in bailout money.
The banks are rapidly learning the new methods of book cooking so that they can declare that they have fixed the system (emphasis on fixed).
Anyone who trusts the folks who got us into this mess to get us out deserves to lose the rest of their money.
@DadCooks: You realize that the countries top 9 banks were forced to take TARP money, right? You realize that many banks want to give their TARP money back but the Fed doesn’t have a procedure in place yet to recieve the money? You realize that many banks, seeing how their counter parts our dragged through the mud by the media, are asking the Fed to pull their TARP applications out of the que?
/listened to a lecture from the KC Fed Executive President last night
@HIV 2 Elway Resurrected: [baselinescenario.com]
Hoenig is saying a lot of things lately since he is also for letting the big banks fail like they should have in the first place.
@snowmoon: Wasn’t Hoenig I listened to, but one of his direct reports. I wish I had a copy of her presentation, I left feeling a lot more optimistic (and I’m already an optimistic guy).
Obviously this is due to the Jim Cramer/Jon Stewart feud. With that culminating tonight, look for a down day tomorrow as post-whackass depression sets in.
It’s definitely coincidence. It’ll drop soon enough. Don’t get your caviar out just yet.
No happy tax cat?
you mean dead tax cat bounce?
Pretty easy. Most of their cashflow is coming from selling off assets–sub-divisions and the like.
I think of this as one of those fireworks that sparkles as it goes up and you think that’s it…..then BOOM!
It must be Jon Stewart. It must be!
OK, here goes. DOWn, baby, DOWn!
It goes up and down. We’ll see what happens over a longer period of time say at least by June.
It doesn’t matter if the market rises. If I look out the window and see a dark cloud, it’s probably going to rain.
Read what Peter Schiff, President of Euro Pacific Capital, said in late 2006, when asked why he thought a recession was coming and how long it would be:
“I think it’s going to be pretty bad, and whether it starts in ’07 or ’8, I think is immaterial. I also think it’s going to last not just for quarters, but for years.
See, the basic problem in the U.S. economy is that we have too much consumption and borrowing, and not enough production and savings. And what’s going to happen is that the American consumer is basically going to stop consuming and start rebuilding his savings, especially when he sees his home equity evaporate. And when you have the economy 70% consumption, you can’t address those imbalances without a recession. You know, rather than the recession being resisted, it should really be embraced, because the disease is all this debt-financed consumption. The cure, is that we stop consuming and start saving and producing again, and that’s a recession. And sometimes, you know, medicine tastes bad, but you gotta swallow it.”
Here’s what he said in December, 2006, about the housing market:
“Well, today’s home prices are completely unsustainable. They were bid up to these artificial heights by a combination of temporarily low adjustable-rate mortgage payments; by a complete, you know, absence of any lending standards; and by speculative buying. And what’s going to happen in 2007, is a lot of these artificially low ARM payments are going to be reset upward. You’re gonna start to see both the government and the lenders re-imposing lending standards and tightening up on credit. And you’re gonna see a lot of the speculative buyers turn into sellers. And these sky-high real estate prices are gonna come crashing back down to Earth.”
He’s been predicting the Dow would be worth 1 ounce of gold. Enjoy the rises, but I’d keep the champagne in the basement for a while.
@MooseOfReason: Peter Schiff is a raging goldbug. While I think there’s some merit to that argument, his judgment is somewhat compromised by his fixation on that particular PM. This isn’t an uncommon problem by any means, but I’d think twice before I unfailingly believe everything he says.
My own personal favorite oracle is Mike Shedlock, better known as “mish”. He’s a little better at the big picture.
@MooseOfReason:
Yeah, all that arguing and Euro-Pacific lost a fortune last year because it was early on commodities. His clients got killed because of his “genius.” It’s one thing to be an investor and quite another to play one on YouTube.
It’s sickening that people try to tie this disaster to Obama. *Sigh* three short years and all this will be 100% his fault in hindsight.
@jrizos: He is the new Herbert Hoover. What’s more sickening is that people think he’s the Messiah going to fix everything with a wave of his magic wand.
Stoppered. I love that word. I shall use it at least once today.
@Erwos, Was he right because he was a goldbug, or right because he knew what he was talking about?