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will soon be six inches long?
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Posted on 08/02/2011 11:48:41 AM PDT by voicereason
2:19 PM ET 8/2/11 | Marketwatch
NEW YORK (MarketWatch) -- U.S. stocks fell to their lowest levels of the session Tuesday as investors worried about the health of the economic recovery, even after the Senate approved the debt-ceiling bill and avoided a potential government default.
"The recent round of economic data has been disappointing," said Fred Dickson, chief investment strategist at Davidson Cos., pointing to a "small but growing risk that the economy might slide back into a very shallow recession."
Helping foster such fears, the Commerce Department reported consumers trimmed their spending in June for the first time in almost two years. Read more about June data on consumer spending, prices and personal incomes.
Extending its longest losing streak in more than a year, the Dow Jones Industrial Average (DJIA) dropped 158.58 points, or 1.5%, to 11,951.91. It touched a low of 11,941.85 after the Senate vote.
It might be useful, when speaking about it, NOT to place the blame on any party in particular, since BOTH have contributed, but just to point out that the growth in spending is unsustainable, and we need to start having a national conversation about that.
Savvy investors know this deal to “cut” spending over the next 10 years actually locks in a minimum of $7 to $10 trillion in budget increases in that period.
But they know none of that is real anyway because the President and Congress will just keep spending, spending, spending without regard for budgets, deficits or the growing national debt.
Ouch!
Right Back Where We Started From
Maxine Nightingale 1975
Ooo and it’s alright and it’s comin’ ‘long
We got to get right back to where we started from
Love is good, love can be strong
We got to get right back to where we started from
Oh-ohhhhh
Do you remember that day
(That sunny day)
When you first came my way
I said no one could take your place
And if you get hurt
(If you get hurt)
By the little things I say
I can put that smile back on your face
Ooo and it’s alright and it’s comin’ ‘long
We got to get right back to where we started from
Love is good, love can be strong
We got to get right back to where we started from
A love like ours
(A love like ours)
Can never fade away
You know it’s only just begun
You give me your love
(Give me your love)
I just can’t stay away
I know that you’re the only one
(Chorus)
I’m surprised, maybe someone could fill me in.
No significant spending cuts
Tax hikes coming in 2013, killing economic growth
No real incentives for companies to hire
Manufacturing dead
Consumer confidence dropping
(Government) business as usual.
That’s why the market is plunging.
From the same time, apropos too for what Washington is trying to convince us of:
Ooh, how do you like your love
Ooh, how do you like your love
But if you want to know
How I really feel
Just get the cameras rolling
Get the action going
Baby you know my love for you is real
Take me where you want to
Then my heart you'll steal
(Chorus one)
More, more, more
How do you like it, how do you like it
More, more, more
How do you like it, how do you like it
More, more, more
How do you like it, how do you like it
And if you want to know
What it means to me
Just hear the rhythm grooving
Get your body moving
Baby you know my love for you is true
Any time you want to
Do what you gotta do
(Chorus two)
More, more, more
How do you like it, how do you like it
More, more, more
How do you like it, how do you like it
More, more, more
How do you like it, how do you like your love
Baby you know my love for you is real
Take me where you want to
Then my heart you steal
(Chorus two repeat fade)
I must be a horrible person because I am laughing my *** off. Have a nice birthday tomorrow, Mr. Dithers, and spin THIS.
Prices still not that low. I see some stocks that might be OK to buy, but no screaming buys.
“Have a nice birthday tomorrow, Mr. Dithers, and spin THIS.”
#####
All VERY easy when you have a compliant CommieMedia, and an economically ignorant public, half of whom are already fully on board with the Marxist state.
“More stimulus money, more government programs to “stimulate” the economy.”
And its inbred, buck-toothed cousin of fiscal illogic:
“Things would be much worse if those Tea-Partiers got their way.”
bump.
“..If they do not stop...and it looks like they will not... the market will eventually stop them!”
Monday, August 1, 2011
The Con Game Continues
By Gary Kaltbaum | TradingMarkets.com | August 01, 2011 12:23 PM
http://www.tradingmarkets.com/stocks/commentary/the-con-game-continues-1577833.html
I just watched the President come out and state Washington was on the verge of $1 trillion in spending cuts over 10 years. I also heard him say it was the lowest level of spending since Eisenhower. I also heard him say things got done because of Americans whose voices Washington heard. HAHAHAHAHAHAHAH!
Let me get this straight, since Obama became President, annual spending has gone up about $1 trillion/year...and now we are going to get cuts of $100 billion/year...and of course, a committee to form a committee to look at other cuts. Again...hahahaha!
Nothing has changed. The con game continues. As I told you, there will be no default as the debt “ceiling” is going to be raised again, averting the made-up default. Yippee...yeah...yeah.
Before I talk about today’s nonsense, I must go backwards to show you how we got here. It was easy.
Take a few pretend conservative Republicans, a crisis that brought TARP together, a Democratic House, Senate and Presidency and a dishonest mainstream media and you have a simple recipe’ for $16 trillion in debt.
LET ME REPEAT THAT. THIS COUNTRY HAS INCURRED $16 TRILLION IN DEBT WITH NO END IN SIGHT. This has all been done on purpose.
Federal Government outlays have almost doubled in 10 years...thus your deficits. I don’t want to hear it was because of Bush tax cuts. The fact...and let me repeat...THE FACT is that revenues soared from 2003-2007.
It’s about the spending stupid and Bush was no angel! Under Bush, yearly deficits ran anywhere from $150 billion to $450 billion. That was bad enough. The Republicans could have done something about those deficits but did nothing. Back then, Republicans were ok with deficits. They did nothing.
Enter Barack Obama.
And I quote:
“When I’m president, I will go line by line to make sure we are not spending money unwisely!”
The President immediately rammed through an $800 billion stimulus and if I recall correctly, a $400 billion supplemental spending bill.
And I quote:
“We Can’t Treat Tax Dollars Like “Monopoly Money”
And I quote:
White House budget director Peter Orszag : “The President strongly believes that as the recovery strengthens and job growth returns, we will have to take the tough steps necessary to return our nation to a fiscally disciplined and sustainable path.”
Of course, all lies.
This President has taken the deficits into the stratosphere. Accrued debt was $6.3 trillion upon the Obama inauguration. At the end of fiscal 2009, accrued debt was $7.5 trillion. You know where it is now.
This from a new President that said he was going to be fiscally responsible. This also does not include his healthcare bill in which we are told will cost $1 trillion...just multiply by 5-10 times.
Deficits happen on purpose. This President promised to unwind the massive deficits but didn’t. This President said one thing and did the exact opposite. He could not have done it alone. The mainstream media, as usual, fell on their swords. No longer were they watchdogs, they were lapdogs.
Many who excoriated George Bush over his deficits now said deficits were not only needed but were too small.
I get a kick out of every time I see Paul Krugman call for higher spending. These people don’t even care that they are on the record from years before. And I quote:
“We have a world-class budget deficit,not just as in absolute terms, of course — it’s the biggest budget deficit in the history of the world — but it’s a budget deficit that, as a share of GDP, is right up there...comparable to the worst we’ve ever seen in this country.... The only time postwar that the United States has had anything like these deficits is the middle Reagan years, and that was with unemployment close to 10 percent.”
The deficit at that time in 2004, $417 billion.
Fast forward to the last year...and I quote:
“These days it’s hard to pick up a newspaper or turn on a news program without encountering stern warnings about the federal budget deficit. The deficit threatens economic recovery, we’re told; it puts American economic stability at risk; it will undermine our influence in the world. These claims generally aren’t stated as opinions, as views held by some analysts but disputed by others. Instead, they’re reported as if they were facts, plain and simple.”
And I quote:
“And fear-mongering on the deficit may end up doing as much harm as the fear-mongering on weapons of mass destruction.”
Deficits now...a measly $1.5 trillion. Yup...$417 billion is a horror show...$1.5 trillion is not a problem and just fear mongering.
Enter the tea party:
While the massive spending occurred, many became angry. Out of this anger, a new “party” was born...the Tea Party. Their words and their thoughts started to gain traction...so much so that they affected the elections in a major way. Republicans took back the house and almost the Senate.
How did the media react? Did the media embrace these ordinary Americans they cared so much about? Nope...they tried to turn these people into racists and extremists. I will not bother you with some of the quotes. They are nauseating.
The amazing thing is that these quotes didn’t just come from non-events like a Bill Maher but they were parroted on a daily basis by numerous hosts on a cable station owned by NBC. They were trumpeted by journalists from important newspapers like the NY Times. Imagine, people who care about the fact that this country will never ever be able to pay back these debts that have been incurred over the past decade...and have gone into hyperdrive in the past few years..and you are a racist and the extremist.
THE DEBT CEILING
There isn’t any debt ceiling. There is only debt and no ceiling. The debt ceiling is going to be raised again and again and again. There wasn’t any deadline. It was purely conjured up out of thin air...nothing more than a scare tactic.
That’s what these people do. There was a very good chance to use some leverage and all that was done is a measly $1 trillion cut OVER 10 YEARS and some sort of a committee on more cutting. Don’t p-—s on me and tell me it is raining.
I have watched this year at the State of the Union, Obama said “now is the time to act” on the debt. Instead, he produced another debt-laden budget. Think 97-0 voted down.
I have watched incredible scare tactics against the elderly by the President himself. The media said nothing.
What do you think they would have done if that was George Bush scaring the crap out of the elderly?
I have watched the word “compromise” used hundreds of times. The mainstream media has been blaming the Tea Party all week for not wanting to compromise. How was the compromising when the Dems had the White House, Senate and the House?
Does anyone remember, “we won...get over it?” I judge a politician by what he or she does with unfettered power. You saw what this man did when he had such power.
I have watched journalists call ordinary Americans terrorists. One called a good woman a slut. Why? All to protect an administration that has run amok with taxpayer dollars.
This President just does not care. When he had the ultimate power, he could have done wonderful things. He was loved by many. Those that were skeptical, were hopeful. He could have got anything done. He sure did!
Instead of using the bully pulpit to put this country on better footing, he has ripped the taxpayer apart for years to come. But we could not get here without the Republicans. There is no victory here.
As I told you last week, there would be no default. I am telling you now there will be no cuts. They will just be replaced with more spending.
The only hope at this point is that there are 300 million people in this country. Somehow, some way, we need to find almost 535 people out of that 300 million that will actually do something about what we are seeing...and that is the destruction of future taxpayer earnings.
This remains nothing more than a con game where they tell you to watch the right hand but they rip you off with the left. The con artists continue to treat you like you are idiots.
The ceiling is lifted once again with many taking victory laps. Washington is again acting like they did something good for the people. Washington only does good for Washington. Amazingly, I am reading that the left is mad at Obama for supposedly giving in.
I have news for the anyone on the left who loves massive government spending. You should be doing cartwheels and lighting cigars at this deal.
The markets will react well just to the fact that the fake default will not occur. Just don’t blink. If they do not stop...and it looks like they will not...the market will eventually stop them!
Gary Kaltbaum is an investment adviser with over 25 years experience, and is a Fox News Channel Business Contributor. Gary is the author of The Investors Edge. Mr. Kaltbaum is also the host of the nationally syndicated radio show “Investors Edge” on over 50 radio stations. Gary is also editor and publisher of “Gary Kaltbaum’s Trendwatch”... a weekly and monthly technical analysis research report for the institutional investor.
<>
Gary Kaultbaum Tuesday, 08/02/2011
http://www.tradingmarkets.com/stocks/commentary/yuck-1577848.html
YUK!
The market remains in trouble...and in spite of oversold conditions, continues to get rocked. A few more things sticking out for me:
The Transports are in imploding mode. Not good.
The German DAX continues to implode...not to mention other European markets. The DAX has been a pretty decent leader of moves.
Some stronger retail names now look like they are starting to roll over.
This is on top of all the other nausea I have talked about.
Again, a clean break of the 200 day moving average and the next leg down will be assured. A few indices are already below with the rest on the cusp. If that occurs, expect something akin to last year when major averages dropped 15-20% from their highs. The worry this time is that the Transports are indicating recession. I knew the economy topped months ago but looks like it is getting worse.
bttt
DJI 11,866.62 Down -265.87 -2.19%
Those Were the Days
Music and Lyrics by Russian composer Boris Fomin
Mary Hopkin
Once upon a time there was a tavern
Where we used to raise a glass or two
Remember how we laughed away the hours
And dreamed of all the great things we would do
Those were the days my friend
We thought they’d never end
We’d sing and dance forever and a day
We’d live the life we choose
We’d fight and never lose
For we were young and sure to have our way.
La la la la...
Those were the days, oh yes those were the days
Then the busy years went rushing by us
We lost our starry notions on the way
If by chance I’d see you in the tavern
We’d smile at one another and we’d say
Those were the days my friend
We thought they’d never end
We’d sing and dance forever and a day
We’d live the life we choose
We’d fight and never lose
For we were young and sure to have our way.
La la la la...
Those were the days, oh yes those were the days
Just tonight I stood before the tavern
Nothing seemed the way it used to be
In the glass I saw a strange reflection
Was that lonely woman really me
Those were the days my friend
We thought they’d never end
We’d sing and dance forever and a day
We’d live the life we choose
We’d fight and never lose
For we were young and sure to have our way.
La la la la...
Those were the days, oh yes those were the days
Through the door there came familiar laughter
I saw your face and heard you call my name
Oh my friend we’re older but no wiser
For in our hearts the dreams are still the same
Those were the days my friend
We thought they’d never end
We’d sing and dance forever and a day
We’d live the life we choose
We’d fight and never lose
For we were young and sure to have our way.
La la la la...
Those were the days, oh yes, those were the days
Oy....now you’re dating your self ;-)
How about this one:
Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air.
Send in the clowns.
Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move.
Where are the clowns?
Send in the clowns.
Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours,
Making my entrance again with my usual flair,
Sure of my lines,
No one is there.
Don’t you love farce?
My fault I fear.
I thought that you’d want what I want.
Sorry, my dear.
But where are the clowns?
Quick, send in the clowns.
Don’t bother, they’re here.
Isn’t it rich?
Isn’t it queer,
Losing my timing this late
In my career?
And where are the clowns?
There ought to be clowns.
Well, maybe next year.
Meaning of title
The “clowns” in the title do not refer to circus clowns. Instead, they symbolize fools, as Sondheim explained in a 1990 interview:
I get a lot of letters over the years asking what the title means and what the song’s about; I never thought it would be in any way esoteric. I wanted to use theatrical imagery in the song, because she’s an actress, but it’s not supposed to be a ‘circus’.... [I]t’s a theater reference meaning ‘if the show isn’t going well, let’s send in the clowns’; in other words, ‘let’s do the jokes.’ I always want to know, when I’m writing a song, what the end is going to be, so ‘Send in the Clowns’ didn’t settle in until I got the notion, ‘Don’t bother, they’re here’ which means that ‘We are the fools.’[1]
In a 2008 interview, Sondheim further clarified:
As I think of it now, the song could have been called ‘Send in the Fools.’ I knew I was writing a song in which Desirée is saying, ‘aren’t we foolish’ or ‘aren’t we fools’? Well, a synonym for fools is clowns, but ‘Send in the Fools’ doesn’t have the same ring to it.[2]
As an aside, copy paste was the greatest invention evah!!
>>BOHICA!
I hope they bought a lotta K-Y..................<<
What ? For us? We don’t need it. We’ve been reamed out so any times in the past two years, I doubt a fisting would disturb our sleep.
>>Well then, it’s time for the Tea Party to start talking about truly lowering government spending, since THAT seems to be what the problem is. It’s obviously NOT the debt ceiling, since that was addressed in the legislation.
It might be useful, when speaking about it, NOT to place the blame on any party in particular, since BOTH have contributed, but just to point out that the growth in spending is unsustainable, and we need to start having a national conversation about that.<<
Can we throw some legislators in the harbor first? From the hand of the Statue of Liberty? Any that don’t make it, well we’ll just try again, kinda like they do with us.
I’d say its more effected by lack of growth policies and the realization that bush era tax cuts will most likely expire.
*snort*
Ok, thanks, very sad.
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