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Art Cashin: "This Is Going To Be A Long, Hard Slog, Not A V-Shaped Recovery"
Art Cashin shares some of his as always pragmatic market views this morning: "Yesterday was a good day for bulls and a great day for hat makers." And on the 10,000 cross: "there was some artificially induced euphoria... It's only about the 29th time we've crossed 10,000 so it's not that significant - we did it 10 years ago." And on the most important issue: "The economy is just not living up to these numbers."
As for Joe Kernan's question on "who is trying to talk the market up" - we didn't know CNBC also did slapstick comedy.
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Things are coming along. The currencies are the wild card, that's where the problems are likely to show up. Look at sterling, people are buying that because of an end to QE, but what happens to Gilts if the BOE is no longer a buyer? One or two problems I suspect for sterling. I think sterling has a pretty high crash risk.
Man that show's funny! What's it called? "Squat Box"? "Hawker Snot on the Street"?
I don't listen to Oblame, did he actually announce after 10k dow that he, I mean the stimulus is working?
OT; but if anyone wants to watch Free Practice 1 live from Interlagos here is the link http://p2p4u.net/watch-live-sports.php?id=6791&link=2
Cheeky, I love you. Thanks!
yo jdoo; you can catch the second practice at the same place at 12:00 EST
Awesome. Who's your tip for the championship, CB, think Rubens can come back?
yes im cheering for Rubinho to take the title. Button will have a chance next year, and it is still to early for Vettel to take it. So, go Rubinho; he sure the hell deserves it ..
Joe Kernan has killed more people than Hitler--evil scum.
Joe Kernan was once kind of cool (for CNBC), now he just comes off as a holier than thou asshat.
Does anyone remember years ago when he and Faber used to do an afternoon schtick. Everyday, Kernan would spout something like: "after the break we'll discuss a small cap biotech firm up 133% today." Boom, get to the ILX, find the stock, buy it, and sell it as soon as he spoke. It was always pure feed for daytraders because they knew their audience.
The guy knows exactly what pumping is all about, it's how he has made a living. I get the feeling that now that he's older he thinks he should be taken more seriously.
I wish Art had said "yeah, fucking Steve Lies-man is talking up the market, everytime he takes a shitty economic report or survey and turns it into a huge green shoot."
Dun dun dun...
10-16 08:55: US University of Michigan Confidence (Oct P) M/M 69.4 vs. Exp. 73.5 (Prev. 73.5)
They sure are taking this 2 game losing streak pretty hard.
Dixie, I totally agree, Joe was awesome before and realized his core audience are traders. Now he is a curmudgeon shrill for CNBC. I don't know what happened to "the market" as well. It used to crush novices, it's almost the dumber you are, the more money you make by buying this abortion of a market. Whatever happened to retracements or common sense? I think I would rather be poor than buy this "fools paridise". I am on my way :(..
Old saying:
Paralysis by Analysis
New saying:
Analysis ..... wtf
The CNBC crew are corporate tools for GE and cant really function in a non biased world. They think for themselves within given parameters (spoken or not) that the truth is less important than keeping the rose colored glasses on.
They are for entertainment purposes only, like Rush Limbaugh ,or a soap opera. Find a channel that takes your mind off the market like the reporters (corporate tools) at CNBC do.
Joe Kernan is a clown in a suit. He may not look like Bozo but he sure sounds like him. As for the anchorbabes, they'd be a whole lot cuter if they smiled. Are you listening CNBC? It takes more than Botox to turn middle America on.
As for Cashin, I don't get it. I'm starting to think he's just another tool, sort of like Kernan and Botoxbabe.
Squat box LOL! Good old Art - "This market is tougher
than a $2 steak."
It seems to me that the huge loss of jobs isn't getting enough attention. When my grandfather used to talk about the Great Depression, he barely mentioned loosing the house, or his failed investments, or about gold. His face would display an intense pain and anger, and he would talk about how he couldn't find a job anywhere in the country. It haunted him for life and it gives me the feeling that we downplay joblessness at our own peril.
Did he never find one?
When did he? How long did he experience the real effects and not the paranoia of that debacle? What did he do? Were you born by then?
How did life turn out over time for hi
Most of the conversations were in the late 70's, early 80's when I was a teen. Born 1898, on a small PA farm, he traveled and worked TX oil fields, worked barges, and settled in Chicago working the railroads. The railroad laid him off, and he traveled around but was unable to find steady work. He returned to PA, to the farm at first, but married a woman whose family was connected to a glass works where he took a job. Eventually, as things improved, he invested his earnings and partnered into a new glass factory where he rose to manage it. In the end, the factory was successful, and he was well regarded in his community, not only as an important employer, but as a charitable and sensible person, a benevolent force to his community, a person modest in habit and lifestyle. A large crowd attended his funeral.
Basically, he married into a job, and was a success in an old school capitalist way. He would always say, "It isn't what you know, it's who you know."
I don't have many details unfortunately, but he kept several gardens into late age, canned food, claimed that during the depression they ate what they could grow because there was little grocery money, and railed at his inability to find a job at that time. My take is that he was a hard worker with varied experience who came of a belief system that anyone willing and able will find work. Willing and able was inconsequential in the darkness of 1931-32 and that really angered him.
Art Cashin's situation reminds me that the process of supplanting the knowledge of certitude of the young for the wisdom of human experience continues to be a quality poker tell that the kids are running amok.
+1
btw, i got a tin foil hat thought on the fdic's slowdown in takeovers....i'll get it to you later, gotta do an errand with the wife.
I'll be out for a bit myself. Check the latest from the IRA for a snack...
http://us1.institutionalriskanalytics.com/pub/IRAstory.asp?tag=387
A crop of brand-new orators we grew,
and foolish, paltry lads who thought they knew."
Gnaeus Naevius ca. 264-201 BC
I stand enlightened. Thank you
I saw this posted over on CR. It shows the jobs losses in animation thru july 2009.
http://tipstrategies.com/archive/geography-of-jobs/?fark
What?!
No FDIC bank failures for a SECOND week?
Proof that they are out of cash?? Or are all of the banks now ok....nah!! So now we have insolvent banks continuing to trade, so matters are worse.