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The Last Dead Bull on Wall Street

 
UnwanteDreams
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User ID: 224913
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11/12/2007 02:58 PM
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The Last Dead Bull on Wall Street
This is a good artical, I just wanted to share.
[link to www.informationclearinghouse.info]


11/11/07 "ICH" --- - Whew! What a week for the stock market. On Wednesday the market took a 360 point nosedive followed, two days later, by a 220 point belly-flop. By the time it was over, the trading pits looked more like a sausage-packing plant than the world’s financial epicenter. After the bell, downcast traders could be seen tiptoeing through the carnage on their way to the local liquor store to load up on "Stoly" and boxes of Franzia---anything that would steady their nerves and put the week behind them.



Everyone could see it coming; the train-wreck. It was mostly carry-over from the night before when Asian stocks took a thumping on reports of slower growth in the US and growing troubles in the credit markets. That put the first domino in motion. Fed chief Bernanke’s announcement that the economy will face “a sharp slowdown from the housing market's contraction” and an “inflationary surge from sharply higher oil prices and the weaker dollar”, didn’t help either. His remarks triggered a blow-off in the currency markets while equities were frog-marched to the chopping-block.



The Shanghai market took the worst hit dropping nearly 5% before the trading-day ended. Taiwan and Hong Kong followed suit, sliding 3.9% and 3.2% respectively. Share prices in Japan fell 2%. The next morning, Wall Street crashed. It was a massacre.



This is a bear market now. The last bull was dragged from the Street on Friday with a harpoon in its chest.



The subprime contagion has now spread beyond the US and Europe to markets in the Far East. No one is fooled by Bernanke’s sunny predictions that the economy will bounce back next year with a strong showing in the first quarter. That’s baloney and everyone knows it. The economy has stumbled down the elevator shaft and is just waiting to hit bottom. Consumer confidence is flagging, housing is falling, foreign capital is fleeing, and the greenback is one flush away from the sewage-treatment plant. Bernanke’s soothing bromides are meaningless.
"You've felt it your entire life, that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad.

“The war we fight today is more than a military conflict,” Mr Bush said. “It is the decisive ideological struggle of the 21st century.”


You are a slave..., like everyone else you were born into bondage. Into a prison that you cannot taste or see or touch. A prison for your mind."
UnwanteDreams (OP)

User ID: 224913
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11/12/2007 02:59 PM
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Re: The Last Dead Bull on Wall Street
I don't see any significant change in the broad holdings of dollars around the world. Dollars remain the dominant reserve asset and I expect that to continue to be the case," Bernanke said to the Congressional Economic Committee.



Really? So why is the greenback plummeting if people aren’t dumping it, Ben? What an absurd comment. The dollar has lost 63% against the euro and dropped to record lows against a basket of world currencies. Foreign central banks and investors have been ditching it as fast as they can before it loses more value. The dollar’s tumble has been the most dazzling currency-flameout in modern times and Bernanke is acting like he’s still asleep at the switch. It’s madness.



The greenback is getting clobbered by the Fed’s "low-interest" snake oil and the gargantuan current account deficit. If Bernanke clips rates again to bail out the stock market, the dollar will slip into irreversible respiratory failure. Food and oil prices will shoot to the moon overnight and the remains of the greenback will be carted off to the nearest boneyard.



September’s trade deficit was another blow to the waning dollar. The Census Bureau reported on Friday that the deficit clocked in at $56.5 billion. That’s $684 billion per annum! Bush has been crowing about the “shrinking deficit”, but the numbers are nothing to boast about. We’re still borrowing more than we’re producing. We’re still living beyond our means. The lower numbers just reflect the decline in home construction which is import-intensive. The fact is, we’re addicted to debt-fueled consumption and forgotten that, eventually, the trillions that we’ve borrowed from foreign creditors, will have to be repaid. If the dollar is replaced as the world’s reserve currency, then we’ll have to pay back $9 trillion of outstanding debt. We might as well hang out the “Foreclosed” sign right now and get fitted for Chinese workers-suits.



This is from Bloomberg News:



“As the dollar tumbles, concern is growing that its weakness may augur the end of the U.S. currency's 62-year reign as the world's specie of choice for trade, financial transactions and central-bank reserves…..The dollar owes its position as the world's premier international currency to its status as a haven during times of turmoil, the absence of a suitable rival, weak domestic demand in other countries and plain old inertia. Geopolitics also play a role.”



Nonsense. Who believes this rubbish? The dollar is the so-called “international currency” because the Federal Reserve and its well-heeled patrons are the directors of the US-Euro-Japan banking cabal which is at the center of the global Fiat money scam. There’s nothing more to it than that. Notice the recent “unilateral” clamp-down on Iran by the US-led banking syndicate. The action was initiated without UN approval for the simple reason that the UN, the World Bank, the IMF, the WTO and thousands of NGOs are just more of the Central Banks’ prime properties. Don’t expect the father to ask the child for permission to punish one of his errant children. The banks are the one’s who really call the shots and—behind the curtain of feigned respectability---they are the driving force behind the endless wars.



The Fed’s plan to “devalue” our way to prosperity appears to have hit a few ill-placed speed-bumps. The stock market is hanging by a thread and consumer confidence is at its lowest ebb since the start of the Iraq War. The falling dollar is expected to put a damper on Christmas spending and knock equities for a loop. That can’t be good for economy---especially when 72% of GDP comes from consumer spending.



We’ve already begun to see the telltale signs that the consumer is loosing ground and about to slip into a debt-induced coma.



According to data from the University of Michigan:
"You've felt it your entire life, that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad.

“The war we fight today is more than a military conflict,” Mr Bush said. “It is the decisive ideological struggle of the 21st century.”


You are a slave..., like everyone else you were born into bondage. Into a prison that you cannot taste or see or touch. A prison for your mind."
Anonymous Coward
User ID: 325416
United States
11/12/2007 05:29 PM
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Re: The Last Dead Bull on Wall Street
AT LAST....DOOM.....DOOM AT IT'S BEST....

NOTHING LIKE THE SMELL OF DOOM EARLY IN THE MORNING.

O WHAT A BEAUTIFUL DOOMSDAY,
O WHAT A BEAUTIFUL DOOM,
I HAVE A WONDERFUL FEELING
DOOMSDAY IS COMING OUR WAY

hf
Anonymous Coward
User ID: 318092
Australia
11/12/2007 06:58 PM
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Re: The Last Dead Bull on Wall Street
yes i agree the is the kinda DooM we need arnd here

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