The market has rallied and CNBC has had an orgasm...

[Hosnon]

Who else thinks the worst is yet to come?

Commercial real estate, T-bills, more defaults...and the Citi rise is a classic "pump and dump", in my opinion.

[Hugabear]

1. We haven't seen nothing yet.

The stock market will collapse. Completely. By the end of the year, there will barely be anything left of the stock market.

[Hosnon]

2. Damn irresponsible idiots who took out mortgages they couldn't afford.

If only...

[JDPriestly]

21. I suggest you read the Harper's magazine article entitled "Infinite Debt"

by Thomas Geoghegan

http://www.harpers.org/archive/2009/04/0082450

It's in the April 2009 copy of Harper's. You can buy it or get it at a library. You have to subscribe to get it online. I love the magazine. It is one of a couple of magazines to which we subscribe.


I quote
"First, we removed the possibility of creating real, binding contracts by allowing employers to bust the unions that had been entering into these agreements for millions of people. Second, we allowed those same employers to cancel existing contracts, virtually at will, by transferring liability from one corporate shell to another, or letting a subsidiary go into Chapter 11 and then moving to 'cancel' the contract rights, including lifetime health benefits and pensions. . . . . No wonder people in our country began to live for the moment and take out loans and start running up debts.

And then we dismantled the most ancient of human laws, the law against usury, which had existed in some form in every civilization from the time of the Babylonian Empire to the end of Jimmy Carters term, and which had been taken for granted that no one ever even mentioned it to us in law school. That's when we found out what happens when an advanced industrial economy tries to function with no cap at all on interest rates.

Here's what happens: the financial sector bloats up. With no law capping interest, the evil is not only that banks prey on the poor (they have always done so) but that capital gushes out of manufacturing and into banking. When banks get 25 percent to 30 percent on credit cards, and 500 or more percent on payday loans, capital flees from honest pursuits, like auto manufacturing. Sure, GM is awful. Sure, it doesn't innovate. But the people who could have saved GM and Ford went off to work at AIG, or Merrill Lynch, or even Goldman Sachs. All of this used to be so obvious as not to merit comment. What is history, really, but a turf war between manufacturing, labor, and the banks? In the United States, we shrank manufacturing. We got rid of labor. Now it's just the banks.

Which is why the middle class is shrinking. . . . .

[Tangerine LaBamba]

3. The market is meaningless,

except as a place where people may make or lose money. That's all. Everyone wants it to be an indicator of one thing or another, but the truth is that it's about as reliable and credentialized as a Ouija board.

It means nothing, and, yes, I agree that we haven't bottomed out yet. Not by a long haul.

It's going to get much worse. Because we have nowhere else to go. Obama's revitalization plans aren't going to do much very quickly, and, in the meantime, all the bucks going to prop up AIG and other suckholes are draining away from what I wish were new WPA projects and stuff like the New Deal.

Citi means nothing, too. They're just biding their time. Again, nowhere to go but down.......................

[Hosnon]

4. Ironically, however, I'm in agreement for perhaps the first time with many

of my conservative friends.

And if Obama effs this up, he's going to have to fight for at least my vote in 4 years.

Edit: This post was a rant on the AIG bonuses...not the economic climate in general.

[Tangerine LaBamba]

9. Do you remember

when Chimpy Fucknuts first wanted bailout money, back in, what was it, September?

They did it on a Friday - the White House sent Paulson and Bernanke to Capitol Hill with - I'm not kidding - a three page document that was supposed to get them billions for the first bailout.

How's that for arrogance?

The lawmakers sent them back to 1600 with a request for additional information. I must say, Congress surprised me.

It's time for Obama to invoke antitrust law and start breaking up these outfits that are "too big to fail." This is precisely the scenario the antitrust laws were designed to prevent ........................

[Hosnon]

14. Yeah I remember the 3-pager...more scary than laughable in retrospect. nt.

[stillcool]

12. No one will be voting for Obama..

four years from now if he 'effs this up'..I guess it all depends on what you, and your conservative friends think 'effing up' is.

[Hosnon]

15. Oh save it. Living in a liberal echo chamber is no better than living in a conservative one. nt.

[amerikat]

5. as long as short selling is legal....the worst is yet to come

Good companies can be ravaged by short sellers...for a quick profit with no regard
for the overall health of long term markets. Shorts kill long term investment.

EOM

[Hosnon]

7. But, but, but, PROF! It makes the market more efficient! nt.

[amerikat]

10. you forgot the sarcasm smiley

A whole new sustainable economy can be built......no shit it really can.

[Hosnon]

16. Sarcasm smilies can't be put in subject lines...nt.

[amerikat]

19. True

[Luminous Animal]

6. I'm with you. Pump and dump. (n/t)

[RoyGBiv]

8. Cramer thinks the rally is real ...

So of course the DOW will fall below 6000 in the next few days.

[amerikat]

13. Cramer is an idiot

and should be accountable for his crimes.

He admitted them over the airwaves on John Stewart's show.

We all know there are way to many folks in jail/prison in this country.

It seems to me that we are holding the wrong folks in jail.

One joint and you can go to jail.......steal billions as long as drugs or guns weren't involved
you go free. There is something very wrong here.

[RoyGBiv]

20. Yup ...

I have nothing really to add.

Just wanted to say "yup."

I've always loathed him. I hate accidentally running across is ranting.

[Hosnon]

17. Hahaha...that has got to be the funniest shit I've read in quite a while.

Is there a Greek or Roman god/dess that began each day anew?

[Skink]

11. Bear market rally. Keep watch on your investments.

buy low sell high.

[leftstreet]

18. 'The Market' can kiss my ass. We need jobs! n/t