Surprise, Surprise!! Stock market is… Dead Even!!
Posted on | September 19, 2008 | 8 Comments
Paul Kedrosky‘s recent flash: Stock market for the week is DEAD EVEN.
| Component | **9-12-08 CLOSE** | **9-19-08 AFT** |
| S&P | 1252 | 1251 |
| DOW | 11422 | 11391 |
| 2YR | 2.21% | 2.13% |
| 10 YR | 3.72% | 3.75% |
| 6MO BILLS | 1.55 | 1.51 |
| FN 30 5s | 98-20+ | 98-20 |
Well, just to refresh your memory, we started our week with a Bloddy Sunday, as Lehman Brothers filed for the largest bankruptcy in US history, and soon to be followed by government bail out of AIG to avert a potentially even larger bankruptcy.
So this week just witnessed the worst day in the past six years, and also the best two days in the past eight years, and we arrived exactly where we started it.
Something does change, though… National budget deficit is up $85 this week, and potentially hundreds more in the following days.
On the side note, I was right. Obama’s rating started to improve in polls.
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8 Responses to “Surprise, Surprise!! Stock market is… Dead Even!!”
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September 19th, 2008 @ 10:29 pm
This is not a market. It’s a rigged Casino that covers big losses incurred by high rollers at the expense of the Joe Schmoe gamers and casino staff.
Hey – I lost a couple of thousand on lotto tickets last week – does this mean Paulsen and Berskanki are going to cover my losses too?
A guy from Moody’s was on CSPAN demagoguing through his lying a*s Talmudic Dandy Teeth. Moody rated all those high rollers, who made bad bets and got all the sweet heart comp deals, as buys, when retirement fund managers should have been dumping those investments like twice used toilet paper. That folding a prayer in a crack in the wall dandy should be getting his round brown pummeled by a hulk name Bubba Joe in Rikers!
The law as been broken, yet no one is getting the Jose Padillo treatment – or the Roland Carnaby bullet in the back.
FASB instructs money houses to maintain cash reserves at a ratio relative to any assets held at market values that are less than their costs.
And they had a whole bunch of them. I am pretty sure FASB does not say anywhere in any fine print that taxpayer dollars can be substituted for any cash reserves that paid executive bonuses.
Did you hear that bone head at FNMA got a 22 Million Dollar BONUS! What did FNMA do when the house bubble popped – well they upped the JUMBO mortgage they would underwrite from 400K to 800K – WHAT A SOLUTION!
The Money Houses were getting positive ratings from Moody and insurance from AIG and the A-OKAY from the SEC and FASB and the FED with a portfolio of investments that no one could figure out the market value of.
IF YOU CAN”T COMPUTE A MARKET VALUE – IT HAS NO VALUE – IT’S JUST COST – PURE AND F*CKING SIMPLE.
Goldberg at AIG was able to game the FBI to put the hurts to Spitzer – MSNBC and CNBC were complaining about poor poor AIG being all misrepresented by Spitzer’s accusations. As it turns out, Spitzer was right. We were right.
As long as Barney Fife Franks gets some young “franks” to chomp on, he ain’t going to do nothing – why – cause Jeff Gannon is pummel pleasuring his hysterical round brown as well.
It’s not a market – it’s fraud – it’s extortion – it’s bovine excrement.
IT’S TREASON. RON PAUL WAS RIGHT – SOMETHING BIG IS GOING TO HAPPEN – WE’RE BURNING DOWN THE HOUSE!
DO SOMETHING!
September 20th, 2008 @ 1:36 am
DO SOMETHING!>>
Is it too late to open another AIG?
September 20th, 2008 @ 7:13 am
Cadavre is absolutely correct and couldn’t be any closer from the truth that this so called “Market” is nothing but a rigged casino! I being rather a sporting man myself suspected all along that everything has been nothing but a scam. The government doesn’t do anything unless it is in their favor and a sure win for the money laundering elitists.
Three years ago the writing was on the wall. Politicians did nothing because they had a bigger plan to rip off the every player walking
through the door before they even sat down at the table. Like Deadwood in the 1800′s, Mark my word, this is only the beginning. There will be bodies stacked up all over the place in the future over this mess because it’s already asshole deep to a tall indian! I think it’s about time to get out of Dodge.
September 27th, 2008 @ 11:45 pm
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October 6th, 2008 @ 10:19 pm
great post hope to see some additional comments next Monday…adios
October 13th, 2008 @ 3:46 am
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Here’s our market view on American stock market for 10th October, 2008
The stock market has collapsed – since Sept. 19 the DJIA is down 25% and the S&P 500 is down 28% and down 42% from a year ago.
How can this happen so quickly and so dramatically when so many good things have occurred? Oil is down to $82 a barrel; interest rates are very low; the dollar is up; valuation levels are extremely attractive among many blue chip stocks.
What’s the real problem? The problem that is killing the stock market is a lack of hope about the future.
Hope springs from optimism that is based on facts and history. Look at the history of America and really all of mankind. Life is full of setbacks and problems – that’s just the deal. But this too shall pass, as all scary periods have.
Doomsayers have been around forever and their batting average is zero. Buying stock is based on hope – hope for the future. If one doesn’t have hope, they shouldn’t be in this business.
So what is the best service we, as professionals, can provide for our clients?
First, discuss the fact that we are dealing with serious problems but it is not at all like 1929. The Federal Reserve and the Treasury Department are doing many things to restore confidence in the financial system. There is global coordination in attacking the problem, which is lack of confidence.
Tell your clients to look at history of our great nation and what has happened since 1776 when we faced very serious problems. The stock market actually rose steadily about six months after Pearl Harbor and until the end of WWII even though the outcome was not at all clear for several years.
No one knows when the stock market will bottom and a new bull will commence. We do know that stocks and mutual funds offer the best values we have seen since Black Monday, Oct. 19, 1987.
Almost all Americans have hope about the future of our nation, but they need help to control their normal fears.
ThePowerStocks.com Team
Get 56 days free trial on ThePowerStocks.com exclusive newsletter. Offer Limited.
http://www.thepowerstocks.com
November 11th, 2008 @ 2:28 am
I think we are yet to see the worst. I can bet on it.