Most Popular on Reuters = Jim Rogers calls most big U.S. banks "bankrupt"
Top Three Articles on Reuters 12 Dec 08:
1. Jim Rogers calls most big U.S. banks "bankrupt"
2. Focus back on Washington in auto bailout saga
3. Bernard Madoff arrested over alleged $50 billion fraud
The market is holding up well despite of this news, not to mention the huge sell off in Asia and Europe.
1. We have found A bottom? - Not "the bottom"....A bottom
2. Short covering before options expiration? - Yes, continued fear of legislative intervention on options expiration next week.
3. Plunge Protection Team behind the curtain...booo!
FYI - Bloomberg 12 DEC 08: Fed Refuses Bloomberg Request to Name Recipients of $2 Trillion in Lending
4. Investors are trading infinite fiat currencies for limited # of stock shares?
FYI - Jim Rogers on Bloomberg: In-Depth Look: Auto Rescue Fails 12 Dec 08
I am getting a little tired of JR, Roubini and Schiff on TV almost everyday. I have been reporting on them for 12+ months. I am still a Bear, but I am getting tired of everyone pilling on the story now.
FYI - It is a Bullish sign these BEARS on TV everyday.
Once Fast Money and Mad Money are canceled for lack of viewers, then we will be closer to the bottom. Seriously, once these 2 shows have net 0% viewers we will be closer to the bottom. Currently, when the shows tours the US, the audience is full, enthusiastic and vibrent. When these shows tour and the audience is a PAID infomercial audience clapping like idiots and going crazy over lousy advice or when a public audience becomes to violent and riotous towards the shows, we will be closer to a bottom.
These shows will be replaced with TV shows How to make _______ from your home (or tent). Or paid Government announcements on how good things really are...somewhere.
At some point, being a Stock market cheerleader or paid liar will become hazardous toward your health. LEH CEO Fuld got off easy, IMO. I expect many of these people will be looking over their shoulders and living like hermits the rest of their lives. (Ref: Richard Fuld, the disgraced head of Lehman Brothers, was punched in the face in the office gym amid the bank's collapse.)
Although I think most Americans are optimists and are still holding out, I do think much of the sell off has taken place. Those piling on the Bear story, I think missed the biggest move. Stocks will likely continue to fall, but the quick and big money made from the sell off happened in Oct and Nov. I expect gradual deflation, with continued interventions by the corrupt FED and government.
The more the government intervenes the worse the "blowback" will be. I expect civil disturbances and possibly greater wars. My peer at work, who has a Masters Degree, understands 3 languages and spent years in Asia, expects some form of civil war to break out in the US. I am not that bearish. But civil war is the most bearish you can be. On 13 Oct 08, Marc Faber has said on Bloomberg internationial "the US will go bankrupt, this I guarantee, sooner or later"
I hope Fools are smart enough to start savings money and cutting expenses. Also, I recommend some real assets outside of the nominal and paper economy. Got food? How much?