+749 Points Today! Ron Paul & Marc Faber on 23 Jul 06. "You Know The Banking System Is Unsound When...."
Today abitarecatania climbed to #6 in overall points. I am not sure if there is a more sucessful point chaser given the 12 month time frame in CAPS. abitarePERFECT up 800 points today is working on the accuracy abitarecatania lacks.
For the record I think there will be a lot money made/transfered here in the next couple years, as the US reaches a unique point in its history. I think it is very important you pay attention to the geo-political issues, which are driving much of the market today. Many believe FED credit expansion and FED credit contraction caused the Great Depression. It seems we are in the same enviroment, throw in a possible war with Iran and you a sizable financial storm building. Obama is in Israel. He appeared in the front page of the FT his statement "the world must prevent Iran from obtaining nuclear weapons". I think you had better prepare yourself financially for what he is implying. Iran is not Iraq. The Straits of Hormuz will be closed in the event of a war. Oil may reach $200-400 a barrel. How is that Long position in __________ going to hold up with $10-20 a gallon gas?
Intrade has its predictions for war
here: http://www.intrade.com//?request_operation=main&request_type=action&checkHomePage=true Barack Obama Speaking to AIPAC. George Galloways throws in Comments:
Here is some wisdom worth listening to:
Ron Paul Discusses the Housing Bill 7/23/08 Marc Faber: Fannie, Freddie Should Not Get Aid - P1 Marc Faber: Fannie, Freddie Should Not Get Aid - P2
Mish Shedlock has had two great posts worth reading also:
You Know The Banking System Is Unsound When.... "1. Paulson appears on Face The Nation and says "Our banking system is a safe and a sound one." If the banking system was safe and sound, everyone would know it (or at least think it). There would be no need to say it. 2. Paulson says the list of troubled banks "is a very manageable situation". The reality is there are 90 banks on the list of problem banks. Indymac was not one of them until a month before it collapsed. How many other banks will magically appear on the list a month before they collapse? 3. In a Northern Rock moment, depositors at Indymac pull out their cash. Police had to be called in to ensure order. 4. Washington Mutual (WM), another troubled bank, refused to honor Indymac cashier's checks. The irony is it makes no sense for customers to pull insured deposits out of Indymac after it went into receivership. The second irony is the last place one would want to put those funds would be Washington Mutual. Eventually Washington Mutual decided it would take those checks but with an 8 week hold. Will Washington Mutual even be around 8 weeks from now? 5. Paulson asked for "Congressional authority to buy unlimited stakes in and lend to Fannie Mae (FNM) and Freddie Mac (FRE)" just days after he said "Financial Institutions Must Be Allowed To Fail". Obviously Paulson is reporting from the 5th dimension. In some alternate universe, his statements just might make sense. 6. Former Fed Governor William Poole says "Fannie Mae, Freddie Losses Makes Them Insolvent". 7. Paulson says Fannie Mae and Freddie Mac are "essential" because they represent the only "functioning" part of the home loan market. The firms own or guarantee about half of the $12 trillion in U.S. mortgages. Is it possible to have a sound banking system when the only "functioning" part of the mortgage market is insolvent?"
The list goes to 25, it is worth reading.
here UN Inspector Scott Ritter: Fools would Bomb Iran Faux News on Iran
FYI-Gary Noth has some free posts worth reading
here: http://www.lewrockwell.com/north/north-arch.html 1. Iran’s Pre-Emptive Strike A Worst-Case
2. Scenario for Obama (and Us)