Archive - Oct 10, 2011 - Blog entry

3 big questions for anyone supporting the China Currency Bill 

Bubbles, especially if supported by governments and central banks, wreak havoc when they burst. And in China, there are new ominous signs.

No ... Only True Public Servants

No and Yes ...

"Why is the man who invests all your money called a broker?"--George Carlin

Europe’s banking system is in far FAR worse shape than anyone over there is admitting. The stress tests were complete and total fiction. And the market is starting to figure this out.

The protest that started nearly a month ago in the Battery now has a name – Occupy Wall Street — and we’re sorry we didn’t think of it first, since the catchy title – “Occupy (fill-in-the-location)” — seems destined to go viral worldwide. We’re not sure whether the demonstrators’ demands will eventually skew right or left politically, or perhaps in neither direction, but Mr. Obama and Rep. Pelosi have not wasted any time getting the jump on the Tea Party and GOP frontrunner-by-default Mitt Romney by presenting the demonstrators with verbal fruit baskets and bouquets – everything but the key to the city, which as of this writing was still in the safekeeping of Mayor Bloomberg.

Michael Lewis’ latest piece in Vanity Fair, “California and Bust,” begins with a lengthy defense of Meredith Whitney’s prediction that there would be a wave of defaults in the municipal bond market. I was not planning on writing a response to his article – frankly, defending Whitney’s call at this point is very much like defending Harold Camping’s prophesy on May 22^nd, after even the most gullible people have realized that they euthanized their pets for nothing. Who really cares about the intransigent believers that remain, for whom a forceful narrative has always been more relevant than facts?

Important Charts and levels to watch, as shorts feel the pain.

Some thoughts and Pics from OWS

All you need to read.

Do I have a lot of confidence in this outlook? Uh… no.