AdirondackFund (< 20)

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The End is Nigh.

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June 29, 2009 – Comments (5) | RELATED TICKERS: RED , HOTT

This Poll proves yet again what is most important to the safe conduct of Wall St. as a going enterprise. Everything depends on the 'full faith and confidence of the american people'...NOT. The real truth is actually somewhat more Bizarre. Wall St, profits when america is sleeping. Just as I knew it was time to sell my Gold Holdings a month ago when Bearish Gold sentiment hit only 6%, lets give a good look at what the average american is thinking about his stock market....shall we?

This Poll today from MSN Money:

MSN Money poll

Do you think we've seen the worst the recession has to offer?

Yes. 27% No.73%

Do you think the markets have bottomed?

Yes. 35% No. 65%

What do you think poses the biggest threat to our economy?

Falling housing prices. 5%

Inflation. 16%

Job losses. 45%

Lack of credit. 6%

Stock market upheaval. 4%

Taxes. 16%

Other. 8%

25220 responses

Please take particular note that while 65% of respondents thought markets have not bottomed, only 4% were concerned about a Stock Market Upheaval. How many times does this dog and pony show have to be held for people to understand that their lack of Vigilance proves fatal everytime??? Twice as many people (8%) thought anything else would be more likely to occur than a 'Stock market upheaval'. Presumably this would include a San Fransisco earthquake, which statistically isn't likely to occur at all. Four times as many people feared 'taxes'??? Eleven times more people were concerned about jobs. Is it that we choose to look the other way from danger or is it that we are Conditioned by the Media to look the other way?

It looks like the 'green shoots' and 'Weapons Grade Balognium' applied by the Press has indeed worked this time around...again. You would think that most people would be more vigilant after losing half their nestegg in the last decline, but apparently I am wrong in assuming that they are, or that they should be.

5 Comments – Post Your Own

#1) On June 29, 2009 at 4:18 AM, sopsychobilly (< 20) wrote:

The thing is... most Americans aren't invested in the stock market at all and if they are, they don't personally manage it. They probably only recieve a quarterly update on their 401K or IRA from the brokerage firm that that was chosen by their employer. Half the time, they probably don't even open it and look.

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#2) On June 29, 2009 at 4:20 AM, automaticaev (28.25) wrote:

lose 3x as many jobs in june as we lose in may lol

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#3) On June 29, 2009 at 10:56 AM, VintageCat (< 20) wrote:

For the average citizen losing a job is a "game over" financial blow to their household. As sopsychobilly pointed out, most people's IRAs and 401Ks are hypothetical to them at best, somewhat like Social Security. Not seen, not well understood and as many experienced in 2008/2009, potentially gone or severely diminished overnight due to an array of forces well outside of their control, losses that are possibly not even preventable given the confines and nature of their individual plans..

Of more immediate concern to most is keeping that job working for a company/government entity skating on thin ice that has begun shooting out pink slips like a Pez dispenser, or the inability to sell a home if need be to raise cash or move to another locale to find work or finally the rising costs of food, fuel, utilities, property/income taxes that erode the bottom line insidiously stretching the paycheck or benefits already stretched to their limits.

Many Americans are feeling trapped, betrayed and financially vulnerable, even those that still are relatively unaffected by the events of the past year or two and the ranks include even those fairly sophisticated in their financial approach, that "did everything right", that saved, lived below their means, were responsible debtors and should have weathered the storm intact. They are leaving Wall Street to the devil at this point, rightly or wrongly.

People are prioritizing the more immediate and visible threats. More telling to me are the first two responses to the survey. I would not want to be in retail right now...

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#4) On June 29, 2009 at 8:12 PM, PrestonCheek (35.91) wrote:

Great blog Ad.

I hope you come back to CIL and chat with us, I really enjoy your take on things. I am nothing in this CAPS world but I hope to hear more of what you have to say.

Thanks again

Preston

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#5) On July 01, 2009 at 6:10 PM, AdirondackFund (< 20) wrote:

Thnx preston. I'll be back to cil. I was there for a time today, but my machine got so locked up it wasn't funny. Everything froze after attempting to get in there each time. I don't know what the problem is and others seemed to have the same trouble with it again today. But I will be back. Things are so active and dangerous right now, how could I miss it.

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