Time Is Up Congress - And America

[seemslikeadream]

http://market-ticker.denninger.net/archives/602-Time-Is-Up-Congress-And-America.html


This is not good.

But the worst news is not in the stock market. It is in fact in some of the other indicators in the market which were indicating potential capital flight, along with still-extreme levels of stress.

I must caution everyone - if you are not prepared for six months to two years of unemployment, you need to be. If you are dependent on credit to survive (that is, if you couldn't make it without your credit cards) you need to fix that now.

Like today now.

Several times I have said "raise cash, get out of debt, be prepared."

I must reiterate this advice and emphasize it, as we may see a bond market dislocation and concurrent stock market crash at any time, without warning. It could be as early as today, in fact.

No, what happened the last three days isn't a crash, although it has now hit my full "bear market" target - 1070 - and in fact exceeded it.

Unfortunately what happened the last three days forces me to reset that target to the 2003 lows, and perhaps as low as four hundred on the S&P 500, 4000 on the DOW.

Needless to say if that happens it will be on the back of an economic catastrophe of a scale similar to the 1930s.

Bernanke's latest load of crap with an "SIV" for commercial paper is just another example of "more of the same" stupidity.

Bernanke and Paulson need to be indicted and jailed for criminal negligence (at best) and put in the stocks where the people can serve up some rotten tomatoes.

This evening we were "treated" to both political candidates shooting their mouths off on matters economic, but saying nothing of substance. Neither candidate was willing to admit the truth - that this "bailout" hadn't worked, that in fact the market had crashed by 15% since it was voted on, and that there is a zero chance of it having any positive impact on one American household.

But no, not even the "moderator" was willing to ask those tough questions, nor was anyone present.

These "debates" are a sham, a fraud and a gigantic waste of time.

[hendo]

1. K&R n/t

[Poseidan]

2. fuck the stock market

It is a glorified Casino. I have no more remorse for those who lose their money on Wall Street than those who lose their money in Vegas.

The problems with Congress have been known for years. They must be addressed (the more correctly the better).