Wednesday, October 22, 2008

It Will Get Worse And It's NOT THE BOTTOM!!!

So tired of saying it, and so tired of people coming out EVERY- SINGLE- DAY- CALLING A BOTTOM THAT ISN'T THERE!!!!!!!!!!!!!!!!!!! We're going lower, probably 1000 points maybe 2000 at the very least. We will bounce, as that is what happens in extreme bear markets, but we are going lower. 1987 had nothing on this bear. This is a full blown panic, get me out at any price bear market and I think we're in the fourth inning.

I do love that the ratings agencies are getting there asses fried in front of Congress, because just as the analyst community they are FREAKING USELESS!!!!!!!!! It's days like this that I'm glad I have a blog so I can vent my thoughts on the pathetic state of affairs that we find ourselves in. The mindless pundits who call the bottom at every turn, only to be proven wrong again, and again and again, the fat useless bureaucrats that make policy, yet haven't a clue about the time of day, the phonies in Washington that pretend they are for the taxpayer, when in fact they are just jockeying for position and are trying to just get reelected at our peril. They are all truly clueless but it is still the best system on the planet. We could be Iceland or Argentina......nah I won't go there.

Kudlow is pontificating the wonders of low oil prices, does the man even have the guts to say why? He's part of the problem. We have massive deleveraging, demand destruction brought on by a global recession. Gee Larry, low gas prices are really helping. I'd like to shove a TED spread up his ass. Moron. Even Bernanke can't say RECESSION, just won't say it. What a leader. Where's Paulson? Hey, where's Howard Dean, haven't seen him in a year, pulling his best Jimmy Hoffa. Speaking of Kudlow, he's off my viewing list as he is a liability to the everyday viewer. Just not fair, just not right.

Why am I so pissed when I am making a fortune being short this bear? Because I am getting sick of the system. It's broken and screwing people. My sisters, my friends and relatives. Folks I know listen to the bullshit and keep taking the bait, every freaking single day. I'll take advantage of it as long as it lets me but people feel they just can't trust anybody. I'm a Republican but Bush is a joke, Obama will be proven to be our worst nightmare and our Congress and Senate have never been more self serving and ignorant.

This time is different because all the players are clueless.

12 comments:

Sia said...

lol, Obama < Bush ???? come on now. carrot > Bush ... carrot top > Bush

John said...

Obama is a Chicago politician. Nothing more , nothing less. Before his rise to the national scene, he had nice chrysler 300c with rims and wheels.

upsidetrader said...

an empty suit but a professional orator

ECD said...

BRAVO, BRAVO....

ECD said...

BRAVO, BRAVO....

Pete, your Tour Guide said...

Couldn't agree more. The entire political/financial system is just rotten to the core and completely and utterly broken in every way imaginable.

The media? Not much better. CNBC should be taken off the air and Kudlow and Cramer should be taken out back for the ass-kicking they so righteously deserve. And Erin Burnett. OK, she's dumb but she's cute. We can leave her out of it.

Every time I see Bernanke, it looks like he swallowed all of his Depression textbooks and then got them stuck coming out the other end.

Obama? McCain? Does it really matter? Christ, I'm moving to Tonga. At least there I can probably pay for stuff in seashells. At least until the Fed figures out how to print those, too.

keoni said...

Agree 1000%!

upsidetrader said...

hey pete

FUNNY STUFF LOL

oulous said...

rather odd to speculate on obama being our worst nightmare when the looting of life force administration just finished being the worst nightmare.

my guess is you are the type that would rather see the economy fail further if it meant obama being a failure. why dont you give a chance to a new government after the last disastrous 8 republican years.

upsidetrader said...

oulus,
I am not a fan of bush, and I certainly do not get goose bumps with mccain, but contrary to my liberal counterparts that actually DO want wars to be lost and economies to fail to advance their own agenda, I feel obama is truly a socialist at heart, a guy i would have a beer with, but not a guy for the times we are in, no one can kick his ass as a community organizer though

Paul V. said...

who really cares which one gets elected. that person or his policies don't control country. the $600m raised during the campaign by obama means that he owes 600m favours. and the same goes for mccain. when will people realise that the democracy that we know may have come from pure intentions, but its been bastardised to the Nth degree and it is corrupt at its core. the bureaucrats, special interest groups and corporations control the country, not the political faces which are familiar to us.

upsidetrader said...

true one person doesnt run it, but the hose,senate and judiciary do, and thats what is scary

About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.