Posted on 07/05/2010 10:23:53 AM PDT by advance_copy
Edited on 07/05/2010 12:17:25 PM PDT by Admin Moderator. [history]
The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.
(Excerpt) Read more at cnbc.com ...
We are in a depression. The gulf oil spill is the 21st century dust bowl. And we have a President weaker than FDR. All he knows how to do is spend, spend, spend, and spend everybodys money.
That is exactly the wrong thing to do. The way you fix the economy is to make tax cuts permanent, reduce (not increase) regulation, and cut government spending.
The U.S. government budget, outside of social security and defense, should be cut in half. The government wastes so much money it is unreal. And government spending does not increase GDP. Wasteful government spending reduces our economy. That is a fact.
Some people complain about crony capitalism -- wrong. The problem is CRONY GOVERNMENTISM. Government cronies have gotten hundreds of billions from the U.S. They orchestrated a crisis and are keeping that crisis going so they can bleed us dry.
Once again Make the tax cuts permanent, reduce regulation, and cut government spending.
It's time to turn back.
"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"
"Fascism should more properly be called corporatism because it is the merger of state and corporate power."-- Benito Mussolini
While we have Obama in the WH nothing good can happen. Our only hope is to get back the House and Impeach him in time to avoid catastrophic meltdown.
If you want a better Primer look to Goldberg’s Liberal Fascism. Forgotten Man and LF go hand in hand.
Or go over to Heritage and watch his speech
What is telling is that all of that stimulus spending and quantitative easing has had no effect on turning around the economy. What a surprise.
The pattern that I saw indicating a depression happened in 2008 when obama a democraps got elected.
If the pattern held precisely true (based on the peak price and date of the “head”) then the Dow will be at 5745 in less than four weeks and 1150 in May of 2013.
Or, maybe the prices are based on real factors in the economy, and not magical patterns that allegedly predictably repeat themselves.
Chartists are, as Fred Shwed called them, pretty occult professors generally.
You're funny.
If forgot to mention that running up the debt, over taxing and patronizing the unions is enough to bring us down.
We don't have time for that anymore. It would simply take too long. We will be ruined long before then.
The comments after the article are edifying.
Amen. Technical Analysis accurately predicts the market's future moves....until it doesn't.
back in 1929, 30, 32, they did not have computers and programs designed to manipulate the market like today
watch this short piece by Denninger as he watches manipulators (the “plunge protection team” or PPT) in action
http://market-ticker.org/archives/2474-Market-Manipulation-On-Display.html
Has this pattern occurred any other time in history, and if so what were the conditions and results?
Ms. Schlaes nails it. I read it too, and plan to reread soon. Highly recommended for those who want to understand why 0bama's policies are so destructive.
*ping*
“Has this pattern occurred any other time in history, and if so what were the conditions and results?”
Head and shoulders chart patterns are very common. Sometimes they mean something, and sometimes they do not.
Further dramatic losses in the market are assured AFAIC. With no credit available, businesses can’t expand (or even maintain) current revenue, and they have stretched their productivity to the max.
I’ve been expecting it for some time. I hope everyone has taken advantage of the last 15 months to prepare for the coming meltdown (the stock market will be the least of worries).
http://www.freerepublic.com/focus/f-bloggers/2289314/posts#31
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