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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Tuesday, December 2, 2008

Retesting lows

Monday was a bloodbath, I expeded DOW -400, but over 600, wow.
In any event, if S&P index closes below 780, I'm concerned, and if DOW closes below 7,552, I may panic out of many positions.

But for now, I am staying long, and buying a little extra on the dip.
And to show how on-the-ball the media & financial experts are, today the US was declared in a Recession! Yes, until today, the us wasn't in a recession. BTW, this declaration is backdated to December 2007. I assume we'll know if the USA is in a depression about the time the depression is ending.......

Today the Market Ticker Blog has a particularly great rant on how the Fed, Treasury caused this mess, and have taken NO responsibility for their actions to day.

News
California declares financial emergency - My Spin - California GDP ranks 9th in the world as a COUNTRY, so this is serious stuff. but in general small potatoes, 25 billion short? Ha! Feds giving away trillions.
Credit card companies may cut 2 trillion in credit - My spin - Great depression if this happens, the fed can't print enough money to counter this level of deflation.
Hedge funds approaching lockdown on all withdrawals - My Spin - Let them rot, hedge funds with 20x leverage created this bubble, they can suffer the consequences.
Freddie Mac issues 1 Billion in debt notes at 2.8% - My Spin - Didnt the fed give these guys over 300 billion dollars?
Citibank to buy Spanish highway for 10 billion - My Spin - People give GM crap for asking for handouts without changing their bottom line? What about the banks? Buying ROADS? Yea, GM's planes are a problem, but banks buying roads, its an investment.
Manufacturing fell at fastest pace in 27 years in November - My Spin - The US has manufacturing left? I guess printing presses count as manufacturing......but then again the US doesn't need to actually print physical money, just add1,000,000,0000 to the computer account.

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