Wednesday, October 13, 2010

It's October 13th...

Except for the Chilean miners, news all around has been fairly bleak.

Employment figures as predicted are actually much worse than the gov has been letting on.

Bankruptcies are matching the 2005 high.

And we've heard that waitresses and floor sweepers make up the paid professionals, that have been reviewing and signing off on foreclosure documents. I've been saying for many years our financial professionals don't understand their own paperwork and financial instruments, and it turns out, I was correct.

But the stock market ignores all of this and remains resilient in the face of poor economic tidings. Perhaps the fact that Goldman Sachs has now put a freeze on foreclosures because of the massive fraud uncovered in it's own robo-signing departments has been uncovered, is the reason?

There are only 18 more days left in the month. Though the economic news is as crappy as I expected it to be, we haven't seen any sort of recognized downturn. So far, my prediction has not come true.

It would be nice if it didn't, and the fundamentals improved. Still, even if I missed this call, the continued degradation just increases the severity of the correction to come. It's better for us to take our lumps as they come, rather than put them off until they become disasters. But that not how we do things in the USA.

3 Comments:

At 5:36 PM, Anonymous edgar said...

Hello Weaseldog,

"We" will indeed take "our" lumps. "They" will indeed inflict said lumps. One of these days maybe we'll get even.

 
At 9:35 AM, Blogger Weaseldog said...

No doubt Edgar.

I continue to read articles that describe just how much worse things are this month, than they have been in years. Yet happy talk continues because the market stays up.

At Zero Hedge commentors are saying the market is up because currency is getting a beat down.

All they have left is the continued outpouring of Fed money into the $144b in bank bonuses, and the stock market. They've lost control of everything else. If they don't keep spewing free money to the banks, the to big to exist banks will suffer a severe correction. If they don't stop, the economy gets drowned in that proverbial bathtub...

 
At 9:09 AM, Blogger Dave Dubya said...

October 13th was bleak here at my house as well. Our dear old German Shepherd Lucy Jean passed away that day. We were blessed with our very good shepherd almost 16 years, but recently her time with us was spent suffering, limping, and falling down. We had a going away party the night before with steak, chicken and ice cream. Her wonderful life-long vet kindly assisted her gentle passing, and her light and spirit have returned to the universe from the comfort of her home. She was licking the formerly forbidden chocolate ice cream as her head sank for the last time in my hands.

At least the horror and debacle of the outside world loomed in the background for a change.

 

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