In less than a week, a couple of hundred people (maybe less) scattered around the country in data centers will decide who wins elections for the US House and Senate and other important elections, state-wide and local.
Do you think that's an absurd proposition made up by somebody overusing Zanax or other mind-altering drugs? Perhaps you haven't been keeping abreast of developments via the Brad Blog, Verified Voting or Bev Harris' Black Box Voting.
These and other web sites - no, you'll find nothing about actual vote manipulation anywhere in the mainstream media (MSM) or even on Fox News (who only make hollow claims that ACORN or other "liberal" groups are effecting voter fraud) - have been detailing our fully-rigged elections systems since the fiasco of 2000 in Florida. Or have you forgotten that George W. Bush was never elected, but rather, appointed to the Presidency by the Supreme Court in 2000 and that the 2004 election was largely stolen?
OK, take whatever meds you need to make you believe that all is well in our great union, but I'm here to tell you - again - that the country is being run by a criminal gang masquerading as politicians, funded by the gangsters of Wall Street, otherwise known as "banksters", who have defrauded millions of Americans over and over again through fraudulent mortgages, fraudulent assignments of mortgages (I personally own one of these), baseless foreclosures, phony mortgage-backed securities (MBS) which were sold around the globe, but also to pension funds to which YOU may be contributing.
I used to say the wheels are off, but it's worse than that now. The ship of state is floundering in a seas of fraud without a rudder. Consider our fates when abject morons such as Sharon Angle may actually defeat senator Harry Reid in Nevada, when a total business failure such as Carly Fiorina may defeat senator Barbara Boxer in California. Not that I'm a fan of either Boxer or Reid - they are integral parts of the rampant criminality of Washington, DC - but their proposed replacements are nightmares.
As a nation, we are well on our way to complete and total ruination at the hands of an oligarchy run out of control. Massive criminality is no longer prosecuted; indeed, it is likely praised behind closed doors. The government's preferred choice of action is to settle with criminals, taking money in lieu of prison terms, as in the case of Countrywide CEO Angelo Mozilo.
In normal times, deals like this would be categorized as bribes, but today the are SOP (standard Operating Procedure). In fact, our federal Attorney General, Eric Holder, hasn't led a sucessful prosecution of anybody involved in banking or the BP oil well explosion in the nearly two years be's been in office. The man just doesn't do his job and should be impeached, that is, if anyone can find him (he's nearly invisible).
To qualify that the US is off-course and headed for the rocks of desperation, depression and dissolution, a few headlines and stories should be required reading for today:
Run, Turkey, Run - PIMCO chief Bill Gross calls the Fed a Ponzi scheme
No Mr. President, Larry Summers Did Not Resolve the Financial Crisis for a Pittance, He Just Papered Over the Problem - William K. Black rips Larry Summers and calls President Obama a fraud.
Halliburton Knew About Bad Cement Job Before the Spill - Mother Jones reports that the company that former VP Dick Cheney once was CEO of, has been hiding the truth, again. Making matters worse, the company is now headquartered in Dubai, so even if we could locate Mr. Holder, the chances of prosecuting this rogue company are nil.
And of course, this: Leave Vera Baker Alone. She Did Not Have An Affair With Obama. - the internal US security apparatus may have the president by the short hairs. Nothing surprises us any more.
Not enough? We have witches running for Congress, a proposal to legalize marijuana in California being beaten back by the liquor lobby, other candidates who dress up in NAZI garb, others who invoke the Taliban when speaking of their opponent, and enough crazies running for office - like Carl Paladino, who threatened to "take out" a reporter - to make the original cast of One Flew Over the Kukoo's Nest appear completely normal.
On top of that, computers execute over 70% of all trades on Wall Street without any human intervention, and Joseph Murin, former head of Ginnie Mae, losing all credibility in this CNBC video, by first saying that now is the best time to buy a home and that the robo-signing scandal is "not about fraud, this is about process inadequacy." Incidentally, guest host Ken Langone's posturing that people are moving out of their foreclosed-upon homes into cheaper apartments and renting out the homes, is 100% pure falsehood.
How the markets responded to this crush of madness was the usual miasma of mix-up: The NASDAQ, S&P and NYSE were up, the Dow down, all marginally. Volume was normal, meaning, lousy.
Dow 11,113.95, -12.33 (0.11%)
NASDAQ 2,507.37, +4.11 (0.16%)
S&P 500 1,183.78, +1.33 (0.11%)
NYSE Composite 7,504.85, +23.98 (0.32%)
NASDAQ Volume 1,910,478,375
NYSE Volume 4,771,915,500
As such, there were 3152 advancing issues, 3205 decliners. New highs beat new lows, 413-58.
JP Morgan and HSBC Bank are being sued in federal court for manipulating the silver market [PDF]. Got coin? Silver exploded to the upside today, gaining 45 cents to $24.01. Gold was up $19.10 on last print, to $1344.10. Crude oil futures on the NYMEX closed up 24 cents, at $82.18. Note that above $80 per barrel is now the new normal, as is $3.00/gallon gas in many locales.
It's a mess, and come Tuesday, it's only going to get messier as we're likely to have a lame-duck congress followed by a completely stalemated one, with Republicans controlling the House and Democrats with a narrow (unable to override vetoes) majority in the Senate. Dr. Utopia will still reside in the White House, and, at a time when the nation needs leadership in the very worst way, we will have none.
Tomorrow, the initial estimate of third quarter GDP will be announced at 8:30 am ET.
Good luck with that!
Showing posts with label William K. Black. Show all posts
Showing posts with label William K. Black. Show all posts
Thursday, October 28, 2010
Wednesday, October 27, 2010
Stocks Take a Little Ride; Fraudclosure-gate Shuffled to Back Burner
With mid-term elections now less than a week away, politicians are in no mood to deal with serious issues (are they ever?) like the ongoing fraud in bank foreclosures that began to unravel three weeks ago and has continued to gather momentum.
That issue has been shelved for the time being by politicians and the bankers at the heart of the scandal. In fact, Bank of America was one of the top-performing stocks of the day, on a day in which the major indices took a serious turn to the downside only to be salvaged by furious buying into the close.
Silly me. I thought for a moment that the markets weren't rigged and losses could occur. Apparently, and almost assuredly, this is not the case. Nobody wants to talk about mortgage put-backs and fraudulent foreclosures. That's so... last weekend. We all need to pay attention to the events of next week - the elections and the FOMC meeting, and of course, how could I forget, Halloween is Sunday.
That's the level to which the markets and politics have sank. Bad news is simply not acceptable over any extended period. Breaking the law will be tolerated, as evidenced by the disappearance of our US Attorney General, Eric Holder, who has chosen the path of least resistance: prosecutions for nobody, no matter what, and especially if you're rich, well-connected or a complete snobbish troll.
As for stocks, they hit their lows of the day just after 1:00 pm ET, but then began a miraculous comeback on no news - as usual - to shave a nearly 150 point loss on the Dow down to just over 40 by the close. Nice job, fellas. We're sure there's a special place in hell for the cheating rats who now completely control Wall Street and their HFT computers, though most of us out here in teaming-masses-land would prefer to see you get your just desserts here on earth, as in a nice long prison sentence in a federal penitentiary and clawbacks and restitution of the billions you've strangled away from the US public.
But I digress. These titans of financial ingenuity, the Blankfeins, Dimons and Pandits of the world, they've brought us such wonders as 17% real unemployment, $3.00 per gallon gas and a complete rejection - at the federal level - of the constitution and the rule of law. We should thank them as they are whisked away in their limousines, for they have done the nation a great service: they robbed it blind.
Oops, there I go again; trying really hard to be objective, though it's difficult in the face of such overt criminality. Thankfully, I am not alone in my outrge. At least there is William K. Black, who sent thousands of dirty bankers to jail in the S&L scandal. He thinks Ben Bernanke and Tim Geithner should be fired, many bankers indicted and the twelve largest financial institutions put under federal receivership.
Is anybody listening?
Dow 11,126.28, -43.18 (0.39%)
NASDAQ 2,503.26, +5.97 (0.24%)
S&P 500 1,182.45, -3.19 (0.27%)
NYSE Composite 7,480.87, -49.93 (0.66%)
Losers dominated winners, 4180-2216, a nearly 2-1 margin. New highs came in at 294, to just 54 new lows. Volume was a bit stronger than previous days this week and last, though it was still not at levels normal in the mid-00s, prior to the financial meltdown of 2008.
NASDAQ Volume 2,027,671,625
NYSE Volume 4,904,105,500
Commodities trended lower on the day, with oil losing 61 cents, to $81.94. Gold fell $16.00, to $1,322.60, while silver shed 43 cents, to close at $23.40 the ounce.
That issue has been shelved for the time being by politicians and the bankers at the heart of the scandal. In fact, Bank of America was one of the top-performing stocks of the day, on a day in which the major indices took a serious turn to the downside only to be salvaged by furious buying into the close.
Silly me. I thought for a moment that the markets weren't rigged and losses could occur. Apparently, and almost assuredly, this is not the case. Nobody wants to talk about mortgage put-backs and fraudulent foreclosures. That's so... last weekend. We all need to pay attention to the events of next week - the elections and the FOMC meeting, and of course, how could I forget, Halloween is Sunday.
That's the level to which the markets and politics have sank. Bad news is simply not acceptable over any extended period. Breaking the law will be tolerated, as evidenced by the disappearance of our US Attorney General, Eric Holder, who has chosen the path of least resistance: prosecutions for nobody, no matter what, and especially if you're rich, well-connected or a complete snobbish troll.
As for stocks, they hit their lows of the day just after 1:00 pm ET, but then began a miraculous comeback on no news - as usual - to shave a nearly 150 point loss on the Dow down to just over 40 by the close. Nice job, fellas. We're sure there's a special place in hell for the cheating rats who now completely control Wall Street and their HFT computers, though most of us out here in teaming-masses-land would prefer to see you get your just desserts here on earth, as in a nice long prison sentence in a federal penitentiary and clawbacks and restitution of the billions you've strangled away from the US public.
But I digress. These titans of financial ingenuity, the Blankfeins, Dimons and Pandits of the world, they've brought us such wonders as 17% real unemployment, $3.00 per gallon gas and a complete rejection - at the federal level - of the constitution and the rule of law. We should thank them as they are whisked away in their limousines, for they have done the nation a great service: they robbed it blind.
Oops, there I go again; trying really hard to be objective, though it's difficult in the face of such overt criminality. Thankfully, I am not alone in my outrge. At least there is William K. Black, who sent thousands of dirty bankers to jail in the S&L scandal. He thinks Ben Bernanke and Tim Geithner should be fired, many bankers indicted and the twelve largest financial institutions put under federal receivership.
Is anybody listening?
Dow 11,126.28, -43.18 (0.39%)
NASDAQ 2,503.26, +5.97 (0.24%)
S&P 500 1,182.45, -3.19 (0.27%)
NYSE Composite 7,480.87, -49.93 (0.66%)
Losers dominated winners, 4180-2216, a nearly 2-1 margin. New highs came in at 294, to just 54 new lows. Volume was a bit stronger than previous days this week and last, though it was still not at levels normal in the mid-00s, prior to the financial meltdown of 2008.
NASDAQ Volume 2,027,671,625
NYSE Volume 4,904,105,500
Commodities trended lower on the day, with oil losing 61 cents, to $81.94. Gold fell $16.00, to $1,322.60, while silver shed 43 cents, to close at $23.40 the ounce.
Monday, April 6, 2009
Wall Street Crooks Steal from Both Sides
Upon which side of the debate do you fall? Do you believe this is a bear market rally or the beginning of a new bull?
Whatever your opinion, the big money which flows from the major brokerages has you covered. Today was a serious case in point of how the brokerages steal from both sides. Stocks began the day with losses, hit bottom at 12:30 and gained the rest of the day, finishing close to the best levels of the session, with minor losses.
The Dow, in particular, outperformed the other indices by a wide margin, likely owing to the fact that three of the major failed, insolvent banking institutions - Bank of America, JP Morgan Chase and Citigroup - are included in the average. Throw in American Express, General Motors and General Electric and you have what prosecutors would call means and motive for manipulating the Dow currency close to the break-even line, which is exactly what occurred on Monday.
Dow 7,975.85, -41.74 (0.52%)
NASDAQ 1,606.71, -15.16 (0.93%)
S&P 500 835.48, -7.02 (0.83%)
NYSE Composite 5,250.10, -68.65 (1.29%)
Apparently, financial outlooks were poor in the morning, but markedly improved in the afternoon. I prefer to believe that the major brokerages, which can exert as much or as little influence as they like, prefer their markets to be rigged in their favor. In any case, what the charts are yelling, loud and clear, is that the rally of recent weeks has run out of steam, having hit a trading and volume top on Thursday of last week and followed up with what amounts to churning the following two days.
Of course, I've been proven wrong before and there's a high probability that the Wall Street fixers will say, "to hell with the technicals," which are pointing upwards at heavy resistance, and just pump the indices right on through, declaring a new bull market, the end of banking problems and a new day in America.
There are more than a few detractors to the view, though the general tone of the lap-dog media is that conditions are improving, even though the only evidence of that are a couple of minor bounces off bottoms by a few random economic indicators and the actual stock market rally itself (which you can't count as a sign it's getting better and also use as the ultimate discounting mechanism).
Looking at market internals, it is notable that declining issues outnumbered advancing ones, 4497-1963, a 5-2 margin, which is much worse than the headline numbers suggest. Additionally, new low continued ahead of new highs, 66-18, a narrow edge, but one that has yet to flip over after favoring the new lows on a daily basis for more than 16 months.
Volume was down again, as it was Friday, suggesting a dearth of buying enthusiasm, not surprising after the giant run-up which has stretched to four weeks without interruption.
NYSE Volume 6,221,203,500
NASDAQ Volume 1,976,220,500
Commodities traded in a more realistic fashion, with oil down $1.46, to $51.05, though it traded below $50 briefly during the day. Gold's losses continued to mount, losing $24.50, to $872.80. Silver was also beaten down 63 cents, to finish at $12.11, a near-term low and a distinct buying opportunity.
Some have questioned my penchant for silver under $13.00 an ounce, so here's my rationale, simply put: At $13.80 per ounce, 90% silver coins, of which are the widest variety in the US, have a melt value exactly 10 times their face value, so it's an easy calculation, but, more importantly, if US greenbacks lose their value entirely, silver coins may become the currency of choice, and the 10X face value may become the accepted rate of exchange, though there's some room for thinking that the number could be 20X face value, which would be even better.
In any case, buying at $13/oz. or less, you will eventually be a winner when the US economy fully disintegrates. Whether it's by currency devaluation and resultant inflation, or, runaway deflation, silver coins will still maintain solid value either here or abroad. Don't get me wrong. I'd love to buy more pre-1964 Washington quarters and Morgan and Peace dollars at $6/oz., though sadly, those days seem to be long gone.
The metals and most other commodities continue to display classic deflation conditions. In such a scenario, investors and traders alike are victims of slack demand and consequent oversupply. The argument for deflation continues to gain traction as the Fed and treasury desperately try to inflate, though their efforts are largely staunched because they continue to throw money down the black hole that consists of the nation's five largest banks, plus AIG.
Another does of reality, courtesy former bank regulator, William K. Black:
An exceptional interview with Mr. Black was aired this past weekend on Bill Moyers Journal
Whatever your opinion, the big money which flows from the major brokerages has you covered. Today was a serious case in point of how the brokerages steal from both sides. Stocks began the day with losses, hit bottom at 12:30 and gained the rest of the day, finishing close to the best levels of the session, with minor losses.
The Dow, in particular, outperformed the other indices by a wide margin, likely owing to the fact that three of the major failed, insolvent banking institutions - Bank of America, JP Morgan Chase and Citigroup - are included in the average. Throw in American Express, General Motors and General Electric and you have what prosecutors would call means and motive for manipulating the Dow currency close to the break-even line, which is exactly what occurred on Monday.
Dow 7,975.85, -41.74 (0.52%)
NASDAQ 1,606.71, -15.16 (0.93%)
S&P 500 835.48, -7.02 (0.83%)
NYSE Composite 5,250.10, -68.65 (1.29%)
Apparently, financial outlooks were poor in the morning, but markedly improved in the afternoon. I prefer to believe that the major brokerages, which can exert as much or as little influence as they like, prefer their markets to be rigged in their favor. In any case, what the charts are yelling, loud and clear, is that the rally of recent weeks has run out of steam, having hit a trading and volume top on Thursday of last week and followed up with what amounts to churning the following two days.
Of course, I've been proven wrong before and there's a high probability that the Wall Street fixers will say, "to hell with the technicals," which are pointing upwards at heavy resistance, and just pump the indices right on through, declaring a new bull market, the end of banking problems and a new day in America.
There are more than a few detractors to the view, though the general tone of the lap-dog media is that conditions are improving, even though the only evidence of that are a couple of minor bounces off bottoms by a few random economic indicators and the actual stock market rally itself (which you can't count as a sign it's getting better and also use as the ultimate discounting mechanism).
Looking at market internals, it is notable that declining issues outnumbered advancing ones, 4497-1963, a 5-2 margin, which is much worse than the headline numbers suggest. Additionally, new low continued ahead of new highs, 66-18, a narrow edge, but one that has yet to flip over after favoring the new lows on a daily basis for more than 16 months.
Volume was down again, as it was Friday, suggesting a dearth of buying enthusiasm, not surprising after the giant run-up which has stretched to four weeks without interruption.
NYSE Volume 6,221,203,500
NASDAQ Volume 1,976,220,500
Commodities traded in a more realistic fashion, with oil down $1.46, to $51.05, though it traded below $50 briefly during the day. Gold's losses continued to mount, losing $24.50, to $872.80. Silver was also beaten down 63 cents, to finish at $12.11, a near-term low and a distinct buying opportunity.
Some have questioned my penchant for silver under $13.00 an ounce, so here's my rationale, simply put: At $13.80 per ounce, 90% silver coins, of which are the widest variety in the US, have a melt value exactly 10 times their face value, so it's an easy calculation, but, more importantly, if US greenbacks lose their value entirely, silver coins may become the currency of choice, and the 10X face value may become the accepted rate of exchange, though there's some room for thinking that the number could be 20X face value, which would be even better.
In any case, buying at $13/oz. or less, you will eventually be a winner when the US economy fully disintegrates. Whether it's by currency devaluation and resultant inflation, or, runaway deflation, silver coins will still maintain solid value either here or abroad. Don't get me wrong. I'd love to buy more pre-1964 Washington quarters and Morgan and Peace dollars at $6/oz., though sadly, those days seem to be long gone.
The metals and most other commodities continue to display classic deflation conditions. In such a scenario, investors and traders alike are victims of slack demand and consequent oversupply. The argument for deflation continues to gain traction as the Fed and treasury desperately try to inflate, though their efforts are largely staunched because they continue to throw money down the black hole that consists of the nation's five largest banks, plus AIG.
Another does of reality, courtesy former bank regulator, William K. Black:
An exceptional interview with Mr. Black was aired this past weekend on Bill Moyers Journal
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