Well that escalated quickly...
- advertisements -
Contact Information:
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Suggested Reading:
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.
How to report offensive comments
Gartman'd again! and for only $400/month!
Sometimes I think Gartman believes that he lives in LALA land.
$10 oil, here we come.
slippery all the way down.
At this point, is there anything left that needs to be said?
I made that statement about five/six years ago. I even had a moniker called "Tsar Pointless", because it was all pointless, and we were back to naming "Tsars" to take over this or that agency or investigation or whatever at the time.
I think Bob Pissonme is starting to read Tylers "Market Breadth" charts.
The blowhorn, blowhards are realizing that large exposure FANTASY FANG stocks are catching down to the rest of reality.
Last week I suggested covering long AMZN positions. Down over 5.00% today.
TRANSITORY people, its all TRANSITORY. Fuck the FED.
New Obama big oil stimulas planning coming soon. Everyone drives around their block until they get dizzy.
Someone is bailing as fast as they can but can't keep up. At some point even the institutional investors are going to batten down. Soon idle money becomes a big, big problem. Break-the-buck, withdrawl gates and NNNNNNNNNNNNNNNNNNNiiiiirrrrrrrrrrrrrrppppppppppppppppp on the horizon.
$2 oil and $2 silver. Me likie!
Cash for Volts and Prius will fix it...
Yup, get a free Hummer + $5,000 cash.
and a "Support Our Troops" bumper sticker... oh wait that was 2004, and they supported our troops by driving an ugly POS that got 10 mpg
Lookout below!
Bruce Springsteen said it best: "Going down down down down, going down down down..."
I don't like Bruce
Jeff Beck Group played it besthttps://youtu.be/s5ID15mv0gA
or 2012 Jeff with the Stones - https://youtu.be/Peg0mTWO13Q
Don Nix wrote it and Freddie King popularized it - https://youtu.be/qy-ivQHf3O8
I think I will drive around and waste gas today.... I'm doing my part...
Reddit thread "Oil falls below $30 /barrel..." and this commentor explains why its wonderful for the economy:
"It is awesome for the US economy. Car sales are expected to have their best year ever. People have extra money to spend because of lower fuel bills. I'm saving about $30 a week on gasoline from just a few years ago. Plus it is cheaper to heat your house this winter, that right there will save most homes $100 a month. Everything that requires oil is cheaper to make. Airlines are already offering cheaper flights. It is good for everyone except those working in the oil and gas industry"
What an idiot. Any savings at the pump is eaten up by the rising cost of healthcare. Not to mention the cost of housing, rent, and tuition are rising faster than incomes.
Redditt = Idiot
I think people should add up their monthly bills for all insurances they currently pay per month. Then do a little math to see how much of their monthly net income in a percentage is paid for insurance. Most will be shocked.
Very good point. Obamacare is my specialty and it is a huge net loss to the economy. Huge. It is double and triple cost for "insurance" with no extra healthcare going out. None. That removes a large amount of money from being productive. Housing, rent and tuition along with Obamacare are all related to government policicies, mostly at the Federal level.
So tell me again about government genius and caring.
More money left to pay of the debt or buy silver
They can keep the car, I cycle to work which is better for my health
I've been driving the same car for 9yrs. Same difference. Takes oil to make a new car. A new car that I will not be purchasing. Takes 4yrs worth of gasoline burned to make 1 car. Do the math. I applaud your cycling.
Same here, the price of oil is irrelevent to me now, bike to work, Rocket Stove wood burner, upgrade to home insulation - I swear to you savedeposit, my oil consumption is a tiny fraction of what it used to be. On top of that I have been reducing energy consumption in my workplace by tens of thousands of kilowatt hours with just a few simple changes, I think I can increase that 10 fold over the course of this year, most of our energy production here in Ireland is fossil fuel. My next step is to only eat locally produced food which will take a bit of time but is totally doable. I applaud all the bicycle wankers out there!
His post is not so bad except for the word, "awesome". All trades have two sides and they are roughly equal. Yes, there is a positive aspect of declining oil prices for the average consumer. Everything in the country moves on energy so lower oil prices have the ability to lower prices and/or increase margins. That is the good part. No point in arguing that.
On the flip side, my state had a large oil and gas industry and layoffs are rampant. A realtor told me about 20% of the office space in my city is used by oil and gas. So, if you are tied directly or indirectly to the oil industry, including loans you are suffering.
The third rail is what falling oil prices mean. It means that the economy may be tanking. So, while you are saving money on gas you may be just about to lose your job at which point gas is still expensive.
I read that same thread and exact comment yesterday too. I keep telling myself that all the really dumb comments are from .gov trolls. It seems the biggest idiots have the highest self opinions.
And there goes S&P 1900.
about 1899 to go then i buy
Run on $CDN right now. $0.6964. I think 70 was a pit stop to $0.66 (2002 low). But, my point is simply this. I think the $CDN taking it on the chin has more to do with outstanding debt and debt servicing obligations, than it does with the price of oil. I mean, for sure, oil is part of it, but, we had $45 oil for over 20 years (1985 - 2005). I think FX is calling out both Provincial and Federal debt, with the expectation that like China, Canada is going to have to monetize its debt as well which has no other effect than to devalue the $CDN - or as Ron Paul noted years ago - is just another way of "technically" defaulting.
Anyhow. shit is getting expensive here, like food and what not. Anticipated tax increases are not going to help matters much either.
Its getting increasingly tough and very quickly - for a lot of folks here in Alberta - though most parts of the country aren't faring any better - really.
Long term hurt coming and for many its already here.
Even here in Eastern Canada you can feel the hurt. Plenty of friends of mine came back from Alberta after the layoffs started, and they're looking for jobs that don't exist. Long-term unemployment is going to get ugly, even if oil prices rise again - the jobs won't come back immediately. And at this point, even the minimum wage jobs here are getting really scarce. All of this being bad in it's own right, of course - but now, not only are people lacking the income to spend, but those who can spend are being slammed by the low dollar. Groceries have gone through the roof, especially fresh fruit and vegetables, and meats.
But it's OK - Trudeau's gonna save us. Right?
I was just there (down east) earlier this week. Cab driver saying shit was bad. Many service based busineses closing. Lots of retail heading out.
Good times.
"But it's OK - Trudeau's gonna save us. Right?"
Yup...
I just don't know how they are going to finance all of this.
Ontario in the can for 300B.
The feds? 615B and rising....just think, Ontario is in hock half of what the feds are....
BC, 65B,
Alberta, 15B
Manitoba, 35B,
Quebec 180B
New Brunswick, 13B....how does a province th esize of 3 counties in AB get 13B into debt?
Nova Scotia, 15B same as NB,
So Canada wide, NOT including municipalities we're looking at 1.2Trillion with a new savior in Ottawa.....
Hmm........
Squid
Further attempts to bring Russia to its knees?
I think it's been proven in no uncertain terms at this point that oil prices have fuck all to do with Russia... this is a multi-year price manipulation winddown, plain and simple...
buy FCX.
> 99c gas within 1 year.
> Won't need the car for work after losing job.
I graduated high school on 2004. Purchased my first full tank of gas in 2002 for $18. The good ol' days.
Well maybe I'm dumb and I might be naive, but what if the oil price was never supposed to be as high as it was in the last decade? It feels like we get closer and closer to the actual, real prize of oil.
Idiot in Chief said the reason gas was so cheap when he took office was because the economy sucked. Hmmm.