“Are You Ready? The Government Doesn’t Give A Damn
I hope you are.
Today proved one thing – oversold doesn’t mean jack. The ~20 handle pop into the open was sold into immediately, despite the market’s severely-oversold condition.
A condition that is worse than during the height of the 08/09 crash.
Drill that into your head folks: The government doesn’t get it, exactly as they didn’t get it in early 2008. They are, right now, squandering the opportunity to take effective action. I know this for a fact because the Republican Caucus has refused to address the issue and I know they’re aware of it.
This weekend I listened to McCain with his condescending bullcrap on talk TV. Let me remind you, this is the same Senator McCain who I sent this letter to in 2008 predicting what was going to happen in the election if he did not act. He did not, and he lost. In fact, today he still claims that he couldn’t see it coming. Not only did he see it coming, his campaign manager was in receipt of that letter and Governor Ridge personally told me at that campaign event that they knew full well it was all driven from greed and scams. In short, not only did he lie about what he knew at the time he’s still lying.
This is the GOP. This is what it has done and is doing. The GOP is proving time and time again that it will not get in front of these issues because doing so means kneecapping the banksters that have trashed our economy and continue to do so today.
Not that Obama, Pelosi and Reid are any better, of course.
The GOP doesn’t care, the Democrats don’t care, and you’re going to get creamed.
There is no way to avoid what’s coming. We have added roughly $4.5 trillion in debt to the Federal balance sheet trying to paper it over and have failed. Even the “good” banks like JP Morgan and Goldman are failing to make progress. The poorer ones such as Citibank, Morgan Stanley and Bank of America are seeing their market prices collapse. The XLF, the composite of the large banks, is back to where it was in the summer of 2009. Should it break below these levels it is likely going for the spring 2009 lows.
All the fraudulent accounting games, shifting Granny’s earnings on her CDs to the banks through zero-interest rates and money printing have been used up as policy tools. There are few if any weapons left in the arsenal to combat what is coming.”