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Sign of a Market Bottom? Bonehead gets Bearish on Everything?

Recs

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October 28, 2008 – Comments (1)

You all may remember this cranially-challenged kid, Casey Serin, who lied on mortgages (and admitted to it in a blog), defrauding banks of millions of bucks to buy real estate "investments," and watching it all crumble to nothing. (Good summary here.)

His blog was a media darling for a while. After his star faded and his wife left him, he has tried various other schemes, including the "self-help book," the penny-stock gold-mining scams. Now he's become loudmouthed "truther," Christian financial-crisis survivalist, predicting end times.

I suspect that when boneheads like this go from "you can't lose!" to "you can't win!" we're approaching the bottom of the cycle.

Really, take a look at the amazing and hilarious rundown of this kid's career on Caseypedia.com.

Sj

1 Comments – Post Your Own

#1) On October 28, 2008 at 10:08 AM, russiangambit (29.36) wrote:

I was thinking the same after I watched Gartman yesterday on Fast Money and he was saying something like, you have to sell any rally for the next 20 years. Since I pretty much never agreed with anything he said, including yesterday, I thought , - may be it is the bottom.

I like Guy on that show. And he said something that I thought was true. He said, - we are in a range between 7500 and 8500 and we are better hold it or we are going all the way back to 6000. A few other people, like Mish, who are saying we will go to 6000 eventually and that will be the bottom. At this point, for most people, 7500 or 6000, - who cares, let's be done with it.

At this point I am inclined to think we are at the bottom for the foreseeable future. I know, consumers are a time bomb. But these are American consumers we are talking about. It will take  at least a 5 year recession to take spending out of physhe of an American consumer. We are not there yet. For this reason I think this is it.

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