Tuesday
Jun292010
Examining The Market Decline -- China Craters 5%, Europe In Disarray Over ECB Funding FAIL, Dow Down 3% (LINKS)
Video: Greatest bankrupt/bailout clip ever -- Clarke & Dawe
Bankrupt governments bailing out other bankrupt governments bailing out bankrupt banks. Definitely a winning formula. Borrow, print, extend, pretend, spend and pray. And the prayer part isn't working out so well.
Here's what's going on:
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Europe is down 2-3%, as are the Dow, Naz and S&P 500.
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Plus there's this gem:
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Finally, the antidote:
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Screenshot
Reader Comments (14)
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Volcker Rule May Give Goldman, Citigroup Until 2022 to Comply
http://www.bloomberg.com/news/2010-06-29/volcker-rule-may-give-goldman-sachs-citigroup-until-2022-to-curb-funds.html
The European Central Bank’s latest attempt to sterilise its government bond purchases has landed with a resounding thud. Results from the ECB’s Tuesday one-week fixed-term deposit (FTD) auction, in which it planned to drain the €55bn of extra liquidity created by its €55bn of bond-buying, are in.
http://ftalphaville.ft.com/blog/2010/06/29/273606/ecb-fixed-term-deposit-fail/
http://www.marketwatch.com/story/ecb-faces-massive-liquidity-challenge-2010-06-29
http://www.businessinsider.com/consumer-confidence-june-2010-6
http://dailybail.com/home/brilliant-satire-clarke-dawes-on-the-insanity-of-european-de.html
No wonder the bonuses are extreme.
It is not an accident...
Most financial pundits scoffed, of course. Then they all got on board the good ship Euro.
And now these "experts" are all looking around nervously for the exits.
One of the hardest things for young people to learn is that they can't trust experts, which is the same thing as saying they don't know who to listen to.
And then, when they finally get to the age when they start to know something no one will listen to them either.
I wrote this at least two years ago and I've been thinking it for at least twenty but no one listened then and if people listen now it's only because they will say I'm just repeating what some expert said:
It isn't clear at all that Europe will be economically stronger than the United States in the near-term future.
Europe faces several problems that the United States does not. Linguistic and cultural disunity is the first. The related disunity over economic policy is the second.
Europe will have (and has had in the past) a very difficult time coming to agreement on a unified fiscal and monetary policy, not to mention other economic problems.
The European Union is only one more attempt, in a long history of such attempts, at unifying Europe. If history is any guide, this union will be just as problematic as the others.
Think of the difficulty we have in the United States over problems of water distribution among the western states California, Nevada, Arizona, etc., for example, and the political battles we face with different interest groups within the various states.
Multiply those battles by ten and you have Europe.
USA break up is possible too now as Federal Government has sucked all Taxation Blood and don't have Balance a Budget?lol
States must Balance Budget but what now? LOL
Can they Balance Budget by slashing Jobs?
Teachers, Fire Fighters, Police?????????
Federal Government and Private Federal Reserve Terrorists Bailed out their Banker Thugs but what about states now?
AMEN
THE COMING BREAK UP OF AMERICA:
Thomas W. Chittum, author of, "CIVIL WAR II: THE COMING BREAKUP OF AMERICA," brings concrete historical evidence to the impending conflicts in America. By looking around, you, the average American, can see this tragedy building.
If you’re not living in California, Arizona, Colorado, Texas, Miami, Florida, Georgia, New York, Nevada, North Carolina, Detroit, Michigan and Chicago, Illinois—you might not see it—but it’s coming and it’s coming fast.
Chittum states, "Street gangs will doubtless form the core of future black and Hispanic urban militias…consider the following…they are well financed by drug trade…they are ethnically oriented…are heavily armed…organized and disciplined…and numerous beyond belief."
That statement is born out by latest statistics whereby 29 percent of our state and federal prisons are filled with legal and illegal immigrants.
This was from Russian Professor last year:
http://boingboing.net/2009/01/02/the-breakup-of-the-u.html
You are probably a Russian Communist and that's fine. I've always thought the Cold War was an unnecessary paranoid delusion and a massive waste of resources and that the Soviet Union would collapse under its own weight, as Nicolas Berdyaev http://en.wikipedia.org/wiki/Nicolas_Berdyaev and many other great Russians said. (Ronald Regan had nothing to do with it. He was just an actor.)
Drug gangs practice a form of unregulated capitalism (kind of like derivatives trading) and they are mostly typical Americans. The reason so many of them are in jail is that they get caught stealing from and killing each other and the police need to do something to earn those good salaries and retirement benefits because they can't do anything at all about all the burglaries. (I'm not sure why that is, but I do know the robbers have a saying: "If you leave your front door unlocked then you don't really want what's inside your house.")
I suggest you calm down with some vodka. After you are feeling better, send us another post.
I just had Jack Daniels on the Rocks
LOL
@DB
what clown debating?Lol
or Bashing?lol
Cheers James "the Comrade" LOL
Here is spin for your brain:
The story is about the Jewish people living temporarily as foreigners alongside the Egyptian people in Egypt. This was necessary for the survival of Jewish people, during a famine in the rest of the world. This was the initial stage of “coexistence.” Through mutual understanding, trust, and boundary recognition, life went on quite well for everyone. In the beginning, both sides trusted each other to keep it going. Over the years, Egyptian leadership changed, and fear began replacing trust. “Coexistence” began declining, and headed for collapse with one sided oppressive dominance. The relationship test was failing. What can we learn from that bold, but unsuccessful attempt to coexist?
We learn that fallen human nature cannot sustain peace. Mankind’s spirit is “non relational” with God and one another. This fatal flaw began in the Garden of Eden, when Adam chose “self,” replacing God. Dead religion had displaced life giving relationship. This inherited spiritual death led to Cain killing Able, and carries down the generations to this day.
In the same way, applied to the national level, Egypt declined to heed the will of Jehovah God. On the other hand, Israel would do what the Lord commanded. These two responses bring different results. Egypt would be cursed, and Israel would be blessed.
Egypt’s part of relationship with Israel had deteriorated becoming the secondary stage of “tolerance.”
Destructive slavery was instituted and the command to kill all the baby Jewish males. Now “Coexistence” had become “non existent.”
Pharaoh’s will confronted Jehovah God’s will, communicated through the mouth of Moses, assisted by his brother Aaron. They command Pharaoh to release the Jewish people. Each time, Pharaoh refuses, hardening his heart and bringing on himself and his nation the judgment of God. The story recalls ten plagues on the Egyptian people, including the final one, death of their first born. At the pleading of his own advisors, Pharaoh finally, releases the Jewish people, only to attack them later as they begin their Exodus. While Pharaoh and His army are pursuing them, they are utterly destroyed in the Red Sea. God’s will, as always, eventually will be done.
History is replete with man’s “guaranteed to fail” attempts at coexistence.
Coexistence is a reality God’s way. First, individually, by trust and faith in His Son’s first coming. Secondly, universally by faith and trust in His Son, at His second coming.
The Lord’s way is entirely void of any human effort. It is the “free” offer of God Himself, coming in the presence of His only Son. He became the perfect Passover lamb, the final sacrifice, removing all sins permanently. Then, fallen human nature and “religion” is replaced with God’s nature and “relationship.” Redeemed coexistence.
AMEN
Comrade
LOL
Good take on the Soviets, Have you ever read the Iron Mountain report?