Feb. 29 (Bloomberg) -- The yen rose to the highest in almost three years against the dollar after Federal Reserve Chairman Ben S. Bernanke said some U.S. banks may collapse. __________________________________ Humm, "some" banks huh? Do you think Uncle Ben is trying to stay off a panic by speaking out in the media now? To slowly de-sensitise to the coming bank failuer of XYZ banks? I was fucking short from the Last Fed Cut till two fucking days ago. I was forced to cover go long and walk away yesterday after the failed rally. I did well, but If I had the BALLLLLLSSSSSS to stay fucking short..........FUCK FUCK FUCK!!!!!! We are in a very bad situation but it will not come to play until after the elections. Uncle BUSH says.....NO RECESSION!
How's this for a blast from the past? Kinda sounds like today. Enjoy President Jimmy Carter.....Dan Aykroyd President Jimmy Carter: Good evening. On Tuesday, we Americans will have the opportunity to exercise our role as citizens in a free democracy. Yet, only a third of the eligible voters will actually cast ballots. The other two-thirds are, in a sense, very lucky. Because they do not know what's going on. Last week, I delivered a message on inflation. Since then, the dollar has dropped in value, the stock market has sustained record losses, and the whole sow price index increased 0.9%. In other words, our economic system is screwed, blued and tatooed! We just have to face the fact that there is simply no way to fight inflation in a capitolly-intensive, highly-technological, conflict-riddled, anything-for-a-thrill world of today. That's why, tonight, I want you to try to look for in inflation, an entirely new word: Inflation is our friend. For example, consider this: in the year 2000, if current trends continue, the average blue-collar annual wage in this country will be $568,000. Think what this inflated world of the future will mean - most Americans will be millionaires. Everyone will feel like a bigshot. Wouldn't you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car? I know I would! But what about people on fixed incomes? They have always been the true victims of inflation. That's why I will present to Congress the "Inflation Maintenance Program", whereby the U.S. Treasury will make up any inflation-caused losses to direct tax rebates to the public in cash. Then you may say, "Won't that cost a lot of money? Won't that increase the deficit?" Sure it will! But so what? We'll just print more money! We have the papers, we have the mints.. I can just call up the Bureau of Engraving and say, "Hi! This is Jimmy. Roll out some of them twenties! Print up a couple thousand sheets of those Century Notes!" Sure, all these dollars will cause even more inflation, but who cares? Everyone will be a millionaire! In my speech last week, I said that America would have to undergo an austerity program, but since this revolutionary new approach welcomes inflation, our economy will be free to grow, and we can spend, spend, spend! I believe the watchwords for the 80's should be "Let's Party!" And in that spirit, I'd like to say, "Live, from New York, it's Saturday Night!"
2 People are still crowding consumer electronic stores and walking out with flatscreens, topshelf restaurants are still packed at night and I see people still leasing loads of BMWs,Lexus,Mercedes.
Stuff you didn't have 10 years ago: - Cell phone. - Hi-speed Internet. - Flat screen TV. - Cable w/DVR. - Multiple computers, at least one of which is a laptop. - Online trading account, and even if you had one ten years ago, it wasn't one with the ability to trade in multiple markets all over the world. Not many of you have had to give up any of that. Three, at worst, and by next year at this time, one, and complaining about the new taxes you'll have to pay under a Dem administration while trading overnight in the Asian and European markets, while your wife spends it on the stuff she saw on some hi-def shopping channel on that flat panel TV. Yep, world's coming to an end.
I would give us a 3 as for the most part things are good overall. employment is high and soup kitchens are not running dry. What worries me is the heros in DC have already put us on a path that we currently spend over 11% of our budget on interest payments for debt. This number is going up and there is no talk about lowering the deficit in any meanful way. All I hear is 'free' health care or hanging out in those death sand boxes on the other side of the rock. Baby boomers are about to massively collect SS and the income from the to the governemtn will lower at the same time. Medicare costs are going to explode beyond anyones imagination (unless of course you buy into the government numbers and that it will be containable) I dont feel anyone in DC has real answers to the real problems and that the three card monty will not be able to continue
Why don't you just drive off a cliff this weekend? I know there is some nice back country out there. Just find a nice sharp cliff, race your motor and you will be flying.... everything will be alright.
I just came back from a fancy Thai Resturant and had a nice meal without any worry. Oh yeah I drive a nice ride ... You live your life the way you can. But here are the facts : "At 0.6% growth, the report on fourth-quarter gross domestic product was not revised higher from a preliminary estimate, as some economists were expecting. Bear Stearns chief U.S. economist John Ryding noted that only strong trade numbers prevented the economy from shrinking, as domestic demand fell 0.3%. U.S. initial jobless claims rose 19,000 last week to 373,000, and the prior week's claims were revised 6,000 higher. The increase in claims raises "some red flags on the economy, though the levels still aren't in the 400,000 recessionary area," Action Economics says."