Hooray again, Dow up 3 days running

Wile I know this is not a final indicator that the market has turned around, where are the naysayers of doom based on Obama’s financial policies? The way you were acting (and whining), this must be the turn around!

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Odd to see Jay celebrating.

If the stock market went up today, that means some people made money.

If some people made money, it means that other people now have less money because according to dumb liberals (especially the ones manning the news media) there is a fixed amount of wealth that exists….and it is of course “distributed” unevenly.

Maybe Jay will change into his costume and launch out of a phone booth to come take the money from anyone profiting by the market going up today. Then he can redistribute as he sees fit, because Democrats know best.

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To DBGwennitian:

Hey buddy, I tried to reply to you on something but I think the site/thread was acting up yesterday.

You weren’t very polite to me the other day on one of your comments. You know I prefer polite debate to personal attacks.

Anyway, here is the list of sites I review each morning:

Channel 11 (Atlanta), AJC, Drudge Report, ABC, CBS, CNN
CNN Political Ticker, Yahoo News, MSNBC, USA Today, Boortz, Michelle Malkin, Dick Morris, The Red & Black (UGA), The Alliance Defense Fund, SCOTUS (Supreme Court) and Sports Illustrated.

I think that’s a pretty balanced list …………..

By the way, most of the negative news accounts I have been posting over the past few days regarding President Obama have come from “liberal” news sources.

Sorry, the truth sometimes hurts …………..

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Representative Maxine Waters, Democrat of California, requested the September meeting on behalf of executives at OneUnited, one of the nation’s largest black-owned banks. Ms. Water’s husband, Sidney Williams, had served on the bank’s board of directors until early last year and has owned at least $250,000 in stock in the institution. Treasury officials said the session with nearly a dozen senior banking regulators had been intended to allow minority-owned banks and their trade association to discuss the losses they had incurred from the federal takeover of Fannie Mae and Freddie Mac. But Kevin Cohee, OneUnited’s chief executive, instead seized the opportunity to plead for special assistance for his bank, federal officials said.

The $12 million in aid surprised some bank analysts because the bailout was intended for healthy banks, and OneUnited was then considered to be in precarious condition.

Aahhh, yes, another democrat crook caught red handed, although that is not the surprising portion of this disgusting tale-

In addition, it had been harshly criticized by regulators in 2007 for failing to give a sufficient number of loans to lower income residents in Miami, while favoring wealthier customers there.

Criticized by whom?

Hmmmmmmm?

Barney Frank, the Banking Queen?

Community Reinvestment Act, anyone?

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HEADLINE: “President considers request to deploy National Guard to U.S. – Mexico border, saying it’s ‘unacceptable if you’ve got drug gangs crossing our borders and killing U.S. citizens.’”

I call ‘em as I see ‘em. If he will do this, he will have my full support on “this” issue …. an area in which President Bush disappointed me.

P.S.

My submitted AJC “vent” for today:

“The fact that liberals favor taking away the secret ballot for union representation voting shows their true soul is anti-democratic.”

I call ‘em as I see ‘em …………..

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Another day and another federal rethug congressperson–this time a thug ugly babe–Beverly Masek, a former member of the state House of Representatives, pleaded guilty today to conspiracy to commit bribery, in connection with cash payments she received from oil-services contractor Bil Allen, in exchange for using her position to take actions that benefited Allen’s company.

Go Bev–you’ll make a great biotch like all the rest of the200 plus male rethug biotches who all lacked the cojones to go to trial.

The NYT has hired a total idiot to replace total idiot Bill Kristol. I give the new idiot about half the time as the old idiot.

Congrats to former Senator and current election loser Normy Coleman whose web site’s lack of security just exposed 5000 donors to ID theft. Coleman is in violation of state law which requires immediate notification of risk of ID theft, since he knew about this back in January. He is guilty of IT stupidity, since he put sensitive financial information which included credit card numbers of his donors on the same server as a web site.

It appears that Coleman’s donor financial data was not properly encrypted. This will significantly impede his ability to raise money to pay for his ongoing futile litigation.

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um, no Corporal,

Additionally, your’e also wrong about the union/secret ballot issue.

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Dire emergency cancelled! Ecomony not as bad as we think….

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NRB

March 12th, 2009
6:12 pm

More money to buy obsolete newspapers.

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But does it mean the bear market is over? If it just holds today’s gains tomorrow, I’ll say YES!

From O!:

“Government has to intervene in a crisis, but the goal should always be to right the ship and let private enterprise do its magic,” he told a group of more than 60 business leaders from top U.S. companies.

And he even took questions afterward.

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Mr. Douglass- The CRA began back in 1977 but did not get the boost it needed to really start festering until the mid 1990’s, when Klintoon was president. It started out with low income buyers, which inevitably failed to pay their mortgages, duh. The nanny state governmental agencies Freddie Mae swooped in and “rescued” the lenders. The lenders, from then on, made note that special code words and procedures used in mortgage making would cause liberals to swoon, and when those risky loans did fail, the libs backed them up with limitless US Treasury dollars.

The lenders, not being sullen dimwit liberals, started calling ALL of their customers low income borrowers and to make nanny state socialists especially happy, did not “discriminate” against these “low income” borrowers by checking their credit history or any mean stuff like that.

It got them a biscuit for being good liberals.

So now everybody wanted to be a “low income” borrower and to get in on the action, or “become greedy, selfish nasty people for taking advantage of government largess” as Bookman laughingly called it (Aahhh, the irony.) Thus demand for houses went up, thereby raising prices. This increased loan amounts. Freddie Mae said no problem, “bring it on,” and the Banking Queen Miss Frank said “mission accomplished” as she landed on the, uh, deck.

Prices up, ARM’s out, Banking Queen open for business.

See where this is headed?

US mortgage giant Freddie Mac has posted record annual losses of over $50 billion. The fourth quarter of 2008 accounted for nearly half of that figure. According to the AFP, the company’s 2008 net loss was more than 16 times larger than the $3.1 billion of red ink for 2007. Freddie Mac – which was nationalised by the American government – said it had a fourth quarter net loss of $23.9 billion, having suffered due to the collapse of Lehman Brothers, and the worsening global economic climate. The company also revealed it was set to ask the government for a further $30.8 billion in funding as part of its bailout, after shareholders’ negative equity reached $30.7 billion on December 31.

And you thought I made that up, didn’t ya?

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Jay, I’m with you. I can take all the good news I can get. Hopefully the good news will keep on coming.

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Sy Hersh is reporting Cheney ran a covert assasination ring.

Hersh: ‘Executive assassination ring’ reported directly to Cheney

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Corporal,

I know all about picking and choosing.

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My call is that this is a dead cat bounce that will last into the end of the month before tanking again. The bounce was triggered by a severely oversold condition as well as the banks claiming that they were “operationally profitable”, which means cash before things like taxes (some) and credit imparement (whole lots) and such. Nothing has changed in the toxic nature of their assets and the CEOs of those banks are just talking up their books so they can raise some money before the “stress test” shows that they are really zombies in suits.

Don’t be surprised if the S&P 500 index makes it into the 850 range. Use 800 or so as a point for buying puts in any of the banks or the SPX and you will be rewarded as the markets retest their lows. Fair value for S&P 500 is around 600 right now, so no bull market can start from here… but a good bear rally can happen.

You don’t have to be long to make money in this market, just willing to play both sides as needed.

RW: Jeopardy blog??

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LOL, RW

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My 401K is now only down 47% (change we can believe in….)…

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Taxpayer

March 12th, 2009
8:06 pm

But has the bear market ended?

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Recovery

March 12th, 2009
8:17 pm

I hope you’re contributing as much as you can at these low levels, then you’ll be much better off when it recovers.

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Three straight days that Wall Street is moving up, and now we get the consumer spending news. Welcome to the Obama boom…

http://www.political-buzz.com/

Nice Pelosi article there as well.

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Corporal, I try to be polite, but when you post soggy old crap that you should’ve had the good sense to leave on the doormat, well, what do you expect? I mean, I’ve seen those dopey union-song lyrics about 60 times, give it a frickin’ rest already.

I kid because I love.

Anyway, as for your list of sites you frequent, I’m not going to pass judgment on the veracity of the pile you’ve presented, because I figure one will go where one wishes to seek information, free country and all that.

That said, none of the places you listed would be considered “progressive” by any progressives I know. I’m not saying you need to go lurk at kos, atrios, digby, pandagon, firedog lake, democratic underground et al, but those are the progressive sites; that’s where the left’s ideas are hashed out. Not at CNN or MSNBC (although I’d guess Maddow’s got a blog up there, and Olbermann posts there too, so those would be excepted.)

By the way, I mentioned popular progressive sites, but I don’t go to all of them myself, just some, when time permits. Notice I didn’t mention moveon.org? it’s ’cause for all the attention it seems to get by righties, I can’t remember the last time I was even there… no idea what’s going on there these days.

And yeah, I do pop in from time to time over at Freerepublic.com to see what chatter’s going on; I have a look at American Thinker and the Corner sometimes too. I think it’s mostly laughable stuff but I do read it.

later, all.

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Old Newty-Newt Gingrich is at it again.

This time he wants teen girls to be paid not to get pregnant.

Hmmm, smacks of government-sponsored prostitution there now, doesn’t it?

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G

March 12th, 2009
8:25 pm

Georgia is the exception.

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TnG: Oversold happens when you have too many sellers and not enough buyers and is a temporary condition. It has nothing to do with the underlying value of the stocks and everything with market sentiment.

Fair value is based on historical P/E ratio of the market. Right now, anticipated S&P 500 earnings for 2009 are right around $40 (and falling). Historical fair value is around 14 – 15, so you can do the math at the level the S&P 500 needs to be to reach fair value. Markets cycle between bull and bear when the market is overvalued or undervalued. Was seriously undervalued in 1982 (P/E was below 9) and that was the start of the bull. Was seriously overvalued in 2000 (P/E was over 50) and that was the start of the bear. Is still not undervalued today. Either earnings have to go up or the market has to go down; either way, we don’t start a bear market with P/E at 16.5.

Bear markets have wild swings and you can get strong rallies in bear markets, but the defining characteristic of a bear market is increased volatility but not real gains over long periods while the P/E ratio slowly drops below its long-term mean.

There are lots of books and blogs on this topic.

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Haven’t heard that about Newt I did hear that Pelosi wanted pregnant teenage girls to get paid to take vitamins….both ideas are pretty “out there”.

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