This mess just keeps getting deeper and deeper. You just cannot make this stuff up as the Bloomberg article 'The Fed Defies Transparency Aim in Refusal to Identify Bank Loans' makes abundantly clear.
Further we get news the AIG bailout is now topping 150 billion. If you are buying stocks on this news, you truly deserve what is in store and I can assure you there will be no bailout for you.
$600 billion stimulus plan out of China you say? Yeah that will fix everything now won't it? Comical if it were not so juvenile in it's thinking. Sure buy stocks on the news, like trained seals. Did I mention you deserve the pain that is coming for buying stocks on hope rather than rational sound basis. Just keep listening to the shills like Bob Doll from Blackrock, who is loaded to the gills with stocks and worse yet, illiquid private equity speculations. Yup, he needs a buyer, question is are you gonna be the sucker. Yeah we need stimulus like a hole in the head, but hey just give the addict (the economy, the consumer) more heroin (cheap money, cheap credit. cheap interest rates) that will surely fix everything.
We are so far off our collective rocker I have to pinch myself to make sure Rod Sterling is not next to me with the theme music playing as we have entered the Twilight Zone. Many may laugh at this but this has become no laughing matter as I truly fear for what is ahead. Financially, socially, and economically.
How long will the masses continue to stand for what is transpiring. The founding fathers most surely are rolling in their graves at the spinlessness of the minions.
I came across a website called Envast Gold recently and had a chance to poke around it. They have an interview with Eric Sprott, of Sprott Securities out of Canada posted. If you click on the link above and go the the November 1 interview entitled Eric Sprott talks about gold. I bring this up because in the interview Mr. Sprott, who is worth listening to, brings up the Argentinian nationalization of private pensions along with the disaster going on Iceland.
His comment on both situations was this, " in both cases if you had held gold (physical) you would have been okay". As my open positions indicate I have no position in gold but I do own physical gold and silver. I would think it PRUDENT to hold such given global circumstances and the men at the helm such as Paulson, Bernanke, Greenspan, Frank, Dodd, et al.
As I mentioned on many previous occasions, the phrase govern yourself accordingly has never rung truer than it does now. Well, are you?
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit of Ultrashort Russell 2K ticker TWM $93.10 stop @ IWM $56.31
Short 1 unit Apple ticker AAPL at $110.90 stop @ $113.53
Short 1 unit Salesforce.com ticker CRM @ $56.05 stop @ $34.31