The Kennedy assassination had Oswald, Giancanna and Castro, Hillary Clinton blamed a right wing conspiracy theory when Slick Willie was going down, we blamed a fat finger a couple of weeks ago for the market crash, but the real devil in the details is Europe right?. The cradle to graver’s on the other side of the pond are to blame aren’t they? We must blame someone, something. Was the market’s collapse really all Europe? Maybe. 24/7 coverage of angry union workers that are about to get decoupled from the government teet can scare anyone. Socialists hate austerity. As Maggie Thatcher said “the problem with Socialism is that eventually you run out of other people’s money”.
It’s not like “our” unions are cuddled or coddled or find themselves immune to the same laws and occasional concessions that effect you and me, perish the thought. It’s not like we’re pissing away money faster than a meth head at a keg party or anything. It’s not like everyday, another layer of bureaucracy gets created by this government. Geez, you would almost think for a second that everyone would get free health care here or something, silly you. It would be even sillier if that free health care wasn’t available for a few years but you would have to start paying taxes on it now. LMAO, you’re just out of control now. Could you imagine??????
You would think that a good majority of our jobs came from the government ,or that taxes were going to go way up. You are now completely off the hook, silly you. You might even think that many of our public companies were on the cusp of being regulated, taxed or owned by the government in some shape or form.
What do you think, we’re Europe???????????
We had an 850 point range on the DOW last week. Traders loved it, and buy and holders (are there any left?) are still removing the glass from their eyes. 401k’s got closer to 101k’s again and the confusion rivaled Father’s day in Appalachia.
Five and ten year treasuries are back to 09 levels and financial reform was clotured and passed in Congress. We have issues on that front and it needs to be seriously address but not the way this went down. Money will be tighter, taxes will be increased (passed on to you). Sarbanes looks like life saving legislation compared to this massive fail. Not a rating agency was mentioned.
But there is always CNBC to walk you through the battlefield. Joe “of” Terranova and Karen “of” Finerman are there to lead you and placate all your fears. Doug Kass came out of the woodwork for another “generational” call, even though as far as I can tell he shorted, not bought, every dip in this market. Pays to know a producer at a major network. Seriously, how could you let a guy that voted for Ralph Nader every year for the last 20 run your money? I forgot, he’s on TV. Cramer is bearish and Kass is bullish so expect a flat market. Ha.Charlatans all. I could do better handcuffed and duct taped while getting rogue tortured by Jack Bauer.
The heads of the five families in the oil patch, RIG, BP, HAL, SLB and DO all pointed fingers at each other and the Indian chiefs in Europe all ass bit and blamed each other. Fun stuff, Rome burned while the drama unfolded. The Euro imploded and the greenback traded like a biotech with a cure, financials and materials were disemboweled and short term confidence was shattered.
Maybe the Indian chiefs will do something swell this weekend and instill some confidence. The Gulf is a mess and now we find out that BP is doing secret oil deals with the Iranians. Class act that company. Waiters and waitresses aren’t asking you if you want your fish blackened or grilled, but regular or unleaded. I joke, but it is a disgrace and I feel from the pit of my gut for those folks. It ain’t right , but I guess shit does happen.
We killed the market again last week on my Premium Site both short and long (not one down day) and I can’t wait for next week. Become a member and check it out. Tomorrow’s commentary and video for ‘The Week Ahead” is published Sunday at 7PM EST.
Enjoy the links and have a fantastic weekend.
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