Posted on 08/26/2015 4:45:15 PM PDT by SkyPilot
On Wednesday we witnessed the third largest single day point gain for the Dow Jones Industrial Average ever. That sounds like great news until you realize that the two largest were in October 2008 – right in the middle of the last financial crisis. This is a perfect example of what I wrote about yesterday. Every time the market crashes, there are huge up days, huge down days and giant waves of market momentum. Even though the Dow was up 619 points on Wednesday, overall we are still down more than 2,000 points from the peak of the market. During the weeks and months to come, we are going to see many more wild market swings, but the overall direction of the market will be down.
Sadly, the mainstream media is still peddling the lie that everything is going to be just fine. So millions upon and millions of Americans are just going to sit there while their investments get wiped out. In the six trading days leading up to Wednesday, Americans lost a staggering 2.1 trillion dollars as stocks plunged, and the truth is that this nightmare is only just beginning.
Early on Wednesday morning, CNN published an article entitled “Why U.S. stocks aren’t headed for a crash“. I had to laugh when I saw that headline. If CNN is going to make this kind of a claim, they better have something very solid to base it on. But instead, these are the five reasons we were given for why the stock market is not going to collapse…
(Excerpt) Read more at theeconomiccollapseblog.com ...
1. “The U.S. economy isn’t on the verge of a recession.”
2. “China’s effect on U.S. is limited.”
3. “American businesses are doing pretty well (outside of energy).”
4. “The Federal Reserve sounds cautious.”
5. “Stock prices aren’t crazy high anymore.”
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Snyder's rebuttal (summarized) is:
1. “The U.S. economy isn’t on the verge of a recession.”
This is exactly what all of the “experts” told us back in 2007 and 2008 too. In America today, the homeownership rate is at a 48 year low, 46 million Americans go to food banks, and economic growth has slowed to a standstill (and that is if you actually buy the highly manipulated official numbers).
2. “China’s effect on U.S. is limited.”
Really? Go to just about any major retail store and start reading labels. You will likely find far more things that were “made in China” than you will American-made products.
3. “American businesses are doing pretty well (outside of energy).”
Actually, they were doing pretty well for a while, but now things are turning. Many large corporations are reporting declining orders, declining revenues and declining profits. Unsold inventories are beginning to pile up and the pace of layoffs is starting to increase.
4. “The Federal Reserve sounds cautious.”
This is laughable. Ultimately, it isn’t going to matter much at all whether the Federal Reserve barely raises rates or not. The era of “central bank omnipotence” is at an end.
5. “Stock prices aren’t crazy high anymore.”
There is some truth to this last point. Instead of stock prices being really, really, really crazy now they are just really, really crazy.
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Most Conservatives know instinctively when the media are lying to them. If the subject was "gay marriage" or "white priviledge" - they would call BS. But on the economy, many are buying the bovine refuse because they don't want to face the horrifying possibility that a global economic collapse may be in motion. Today's schizophrenic stock market swoon should only tell us how really unstable this behemoth is. But I don't think most Americans will listen until things really start to unravel.
This is exactly what they said in 1930. Never expect the Fed to come out and admit bad news.
really? cnn confirmed this?
we’re doomed
That last sentence says it all.
With the miserable ratings of this network, the best advice is do think exactly the opposite.
Who to believe....... CNN or Glenn Beck? Neither has a brain
This is the kiss of death for the market.
Bookmark this thread.
You will find it amusing to reread before your power is shut off.
TWB
No rumor is true until it has been officially denied.
Well that does it.
If CNN says happy days are here again, I’m inventorying my stash and heading for the basement.
One could always print out a hard copy...
Now I’m worried.
CNN said this in 1930? The year after the 1929 Crash?
(Gulp!) Now I am scared.
You are having fun with this, aren’t you? ;-)
I’m loving your posts, btw :)
You make it all worth it! (HUGS!)
Not long ago I remember the media telling us that China’s economy was doing great.
Dow 13000
I think that the fed believes that the market can exist without a market economy.
The Dow was 6 and change in 2009. Does anyone really believe our economy is 2 1/2 times stronger than 6 years ago? Of course not. The Fed “pumped” in Trillions, and much of that ended up in the markets. I fear the coming crash will be so deep, global, and shocking that the world will not hesitate to adopt a one world currency and government. We are basically now living under a post-Constitutional quasi-fascist tyranny, ruled by The One. But we ain’t seen nothing yet.
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