DOW Below 6700 10:17AM CDT 6,679.19 Down 196.65 (2.86%)

Yahoo Finance ^ | 3/5/2009 | DOW

[Dallas59]

But like Dear Leader says...We shouldn't worry about the daily "gyrations" of the Stock Market.

[semantic]

More:

The snake will do anything to avoid eating its own head, including eating you. Forget it. If DC doesn't change direction NOW it simply isn't going to matter - within days. We are that close to going over the falls; once the pension funds and annuity companies start eating their seed corn (they may have already begun to do this, but are forced into it as the market continues to decline) the game is over; the outcome can no longer be changed.

It is like a nuclear explosion - once supercritical mass is achieved the picoseconds necessary for enough atoms to split for the energy release to be "noticed" is a finite amount of time, but there is nothing you can do to change the outcome. We are very, very close to that supercritical event. A major equity market crash, which now looks nearly certain, goes far enough over the edge that nothing the government can do will matter.

Any insurance company that sells annuities (that would be all of them) is absolutely f#cked, without exception.

[AngelesCrestHighway]

Don’t worry!.....Obama is not concerned with daily gyrations in the market! From now on I am calling the stock market “Bozo Obamas daily gyrations”.

[George from New England]

Me thinks that someday really soon, Obama will get the wall street hackers to “redo” the DOW average and change the stock profile to reflect his wishes. Can’t have these banks stocks hurting the average. Turn the entire average upside down to reflect a composite that makes Him look good.

[roses of sharon]

Excuse my ignorance, but is your post about Denninger being a genius sincere?

Should we take his posted concerns seriously?

Thanks!

[Dallas59]

Do the Obama Gyration...

[Attention Surplus Disorder]

This is destroying so many people. Yesterday’s bounce was such a suck-in. Very cruel, is all I can say.

This grind, grind, grind down is ABSOLUTELY NOT the kind of market that produces bounces. It just sucks in lower and lower levels of bargain hunters who wake up the next day down their expected gains for a year. Very cruel.

[Nervous Tick]

>> It is like skydiving, without a chute: The first thousand feet you hardly notice the ground coming up. It is more obvious in the last 500 feet. We are in the last 100 feet, I think.

You posted that to me a couple weeks ago... pretty vivid analogy. Now I wake up dreaming it. Thanks a LOT! :-)

P.S. I note your starting altitude gets lower and lower...

[NEMDF]

They probably have defined benefit pensions, which we will be asked to bail out soon enough, due to the shortages in the plans. That will be one of the next big hits, having to bail out retirement plans for all kind of union and government workers whose plans have lost money.

No one will be bailing out the rest of us who have lost 50% of OUR life savings...

[Bobalu]

[Gator113]

Now down 238.

Obama continues to fail.

[Oldeconomybuyer]

A broker friend says 6,500 is the panic point.

[Nervous Tick]

>> government will go down the hole when their funding capacity is cut off, and it will be

He sounds like you. Or you sound like him. Or something.

[NonValueAdded]

Yesterday the market thought the Chinese would do something concrete to repair the economy, likely having given up on anything substantiative coming out of Washington. When that didn’t pan out, down we go. Just another fit and start, folks, nothing to see here.

[silverleaf]

“Will the line stop going downward when it bangs into the bottom of the graph?”

I think we’re going to need a bigger graph...

[wbill]

I dunno about this guy Denninger.

Some of the stuff he says sounds plausible. I'm no economist, but I did stay at a Holiday Inn last night.

Pensions are in trouble. FDIC is in trouble. Are they going belly up totally? I doubt it. Tax receipts will be down, but that's stating the obvious: less GDP this year + higher tax rates = less tax revenues for the gov't.

I've heard rumblings about tax deferred assets (401k's, etc) being seized. I don't believe that'll happen for the simple reason that the lynch mobs will show up in Washington. What might happen is that if the pols can figure out a way to get you to *voluntarily* give it up...that's a possibility. Or, they may do away with the programs. But just walking up and taking what's in your account? Ain't gonna happen.

The last three points, I just don't see occurring. They're contigent on all the other gloom and doom happening first.

Certainly, things are not good. But these aren't financial endtimes, either. Not yet, anyway. But Obama+Pelosi+Reid and their merry band of thieves aren't done yet, either.

[semantic]

Regardless of hyperbole, I can't name one prediction he's made that hasn't come true. He's an analyst - he simply reads the information available from multiple different published sources (the math as he calls it), you know the stuff NO ONE actually reads, and pulls it all together.

Not particularly difficult in its own regard. The genius is the insight into relationships, and knowledge of historical market events that all follow the same credit expansion -> debt-deflation cycles, which in turn allow him to make spot on predictions.

Here's one he's made within the last hour:

Nearly half of our population is DEPENDANT on some form of entitlement check, whether it be public (e.g. SS, Medicare, Public Pensions, etc) or private (private pensions, annuities, etc) That will ALL disappear, leaving 50% of the population homeless, jobless, and penniless. How long do you think that will remain "peaceful"? Hours? Maybe?

[silverleaf]

Denniger is the Thomas Paine of our financial time- but documenting our slide into oblivion. :-(

[steelyourfaith]

Are you better off now than you were a year ago?

[McGruff]

Obama Says He Isn’t Focused on Stock Market Gyrations

It's Disco night at Whitie's House tonight.

[Nervous Tick]

>> Are you better off now than you were a year ago?

As a matter of fact, I believe I am. Except for the increased blood pressure from the Bambi administration.