Economic Apocalypse USA, Day 6

--- DIARY FROM DAY 6 ---
Mon 10 Nov 2008 | 8:48 EST
Good Morning From Main Street!


Hello again from my Apocalypse Watchtower In ATS! New week is at beginning, only 40 minutes before forecast center in NY, and our favor band: "Boys In Dow" start their weekly yelling concert on Wall Street.

Weekend has past with the mood of New World Order, and possibility of coming "New 911"... Both has been high on headlines, that next weekend will come with new rules to the table, but now in monday, our focus is still on US economics and local news.

Friday closed to, what Fox&Friends called "High Jump" at...

DJIA 8,943.81 +248.02
Nasdaq 1,647.40 +38.70
S&P 500 930.99 +26.11
- And our Arabic League still eating their rags with...
Oil 61.59 +6.88%
- ... Oops, there has come rise from Friday! because it was at Friday on level:
BRENT CRUDE $57.30 $-0.13
- ... So little bit more for sheiks today! But long way to their dreams at 150$...


So, what can we expect from this week?

If wee just look to numbers, we dont see the truth. Apocalypse is behind news, its in mass empoloyment, job cuts, bancrupts... Hell, I even read this weekend that Fed is now broken! Car Industry is leading in cuts, but also its at wait, what will happen in retail shops, states, and in other services too. What can we expect?

Is this the time, when we have to look also to crime-indicators, coming strikes, and civil unrest too? Or is "Obamania" still taking its place, giving hope to people who will suffer soon? Yep, lets see...

I will post today my findings from breaking news, blogs, and of course I will collect best Quotes from days announcements and articles. I dont expect any dramatic news, like I havent expect those from any of the first days either, but still every has been colored by head shaking founds so far...

... I even think that Dow will rise today, because of the job cuts, usually only rises the value of company, and their future predictions in stock markets. But reality is usually different than we thought, like we seen on Friday. When those terrible news coming everywhere, but Dow was still up, all day. (Fox promised that, and everything went just like AP said it would...) I call those days "Boogiemans" days, because only Boogieman can order those anti-natural numbers to Dow, and drive news headlines to wrong conclusions...

In time of war remember, "dont trust, no one"

I hope you enjoy this continuing On-Line thread, and I wish you good coming day! This thread is closed from my part when Dow close itself at afternoon. You will find Diary from first days with same tittle... And please, dont ask, why this is Day nr 6! Answer is in previous posts...

I hope your founds, comments and talk to this thread too! So... Its 15 minutes to weeks opening right now!

I predict now that,

Dow will end to -187.
Nasdaq will end just below 1600.
Oil will fall to under 60$ (Sorry To A.League...)

Lets see what is our "Boys In Dow" answer

The Dow is going to surge high today after word that the Chinese government has approved a $550+ billion bailout package.

Markets across the world soared.

About five minutes into the open, the DJIA is up 200+ pts.

My prediction is DOW closes +400 today.

reply to post by MOFreemason


With all of the bad news coming today, I have a hard time believing that the Dow will be able to sustain the gains throughout the day. We'll see what happens.

Show's you where all the confidence and money is, now doesn't it.

Funny, though, watching all the jobs that have crossed the pond to the Pacific Rim and seeing that they too have to get into the 'bail out' arena.

By the way . . . how does one get 'bailed out' in a Communist system?

reply to post by Karlhungis


The conventional wisdom definitely says so...but it also gained high last Friday amidst the poor reports.

As you said, we'll all just wait and see. I can't figure this market out anymore.

Ya i agree with prev posters,an up day today, prolly down tomorrow(have crystal ball)

Yeah, Boys In Dow likes taxpayers money, they will sing their concert fot you my friends...

Markets Stimulated at Start

The markets kicked off the week with a boom as Wall Street cheers a $580 billion economic stimulus package set to be enacted by China.

www.foxbusiness.com...

Maybe I was just too pessimistic in my predictions, first I put plus sign, but I change that to minus... I am bad in all bets. So, also AIG-Greenspan aid from government was something bankers wants to share... But day is long, and there can be something behind the table for this day too...

By the way . . . how does one get 'bailed out' in a Communist system?

reply to post by GoalPoster


The same way they do in a capitalist system.

We still, for the most part, live in the Dark Age.

Circuit City is restructuring and this is before the beginning of the Holiday Season.

No worries today either boss.

As I've said before, the stock markets have already compensated for the upcoming 6 months of deep recession. They have already discounted 40% from the market, which is a huge correction + factors in a steep decline in GDPs for all countries. The reality is that GDP will fall at worst by about 2% (which is massive in financial terms), but did not really warrant a 40% stock market correction.

To give you an idea of how insignificant the downturn will be compared to the losses already sustained on the markets; they are claiming that if China's growth figures drop from 9% to 7%, that will be the worst case scenario. At the end of the day, 7% growth is still growth.

IMO these concerns are unfounded.

Neel Kashkari will be speaking about the TARP at 10am EST - about 10 minutes from now.

Let's see if the markets like him or not.

Dear Diary,

I have now taken overlook to morning headlines, and there is not much to be happy about. Tone of news has been more like Apocalypticals... As you can see.


HEADLINES IN MORNING DAY 6


Circuit City files for bankruptcy

NEW YORK (Reuters) - Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday just a few weeks before the start of the key holiday shopping season, becoming the largest retailer to file under Chapter 11 this year.

www.reuters.com...


Nortel to clamp down on costs, posts large loss

TORONTO (Reuters) - Nortel Networks Corp reported a large quarterly loss and announced a round of sweeping cost-cutting on Monday that includes laying off another 1,300 people as the economic downturn eats away at its business and strains its balance sheet.

www.reuters.com...


Deutsche Post to slash U.S. operations, cuts jobs

BONN (Reuters) - Deutsche Post will spend more than planned and cut an additional 9,500 jobs to turn around its U.S. express business, which has been hit by the global economic crisis and hurt third-quarter earnings.

www.reuters.com...


Fannie reports $29B loss in 3Q as defaults rise

Washington-based Fannie Mae posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion non-cash charge to reduce the value of a tax asset and $9.2 billion in expenses resulting from falling home prices and surging defaults.

biz.yahoo.com...


More Job Cuts Seen For U.S. Banks

BOSTON -- The financial sector will see more job cuts as Wall Street banks scramble to reduce costs as a result of further market turmoil and economic worries, according to a published report Monday.

www.foxbusiness.com...


GLG Quarterly Profit, Assets Under Management Decline

Nov. 10 (Bloomberg) -- GLG Partners Inc., the hedge fund founded as a unit of Lehman Brothers Holdings Inc., said adjusted profit and assets under management dropped in the third quarter after most of its 48 funds lost money.

www.bloomberg.com...


Fed Defies Transparency Aim in Refusal to Identify Bank Loans

Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

www.bloomberg.com...


- So here is the bad news, witch continues without any break after first say of Apocalypse, The day after election day. Market is still calm, but I cant see any rising there, when remember that markets went 1000 points down last week... But situation in forecast center is now at,

Mon 10 Nov 2008 | 10:25 EST
DJIA 9,098.33 +154.52
Nasdaq 1,660.33 +12.93
Oil 60.5 +5.21%

What can we say, Bail Outs dont work as stimulus?

BREAKING EDIT:

This came just up >

GM shares down 30 percent after broker downgrades

Barclays' analyst Brian Johnson downgraded GM to "underweight" from "equal weight." Deutsche Bank also cut GM to "sell" from "hold," and saw an equity value of $0 for the stock, according to a report on theflyonthewall.com. Reuters could not immediately verify the report.

www.reuters.com...

Doesnt look good for GM, and this news can also pull Dow to - xxx minus today!



[edit on 10-11-2008 by JanusFIN]

More breaking news...

Nobel-prize winner Myron Scholes froze his biggest fund!

The managers, like many in the $1.7 trillion hedge-fund industry, were caught in a downdraft of market declines, client redemptions, demands from lenders for more collateral and forced asset sales that accelerated after Lehman Brothers Holdings Inc. collapsed in mid-September.

www.bloomberg.com...


- "Daddy, can you loose your Nobel, if you then make bankrupt?"

reply to post by anachryon


You seems to be right with TARP, after his speech, + "boom" (by Fox) is going to the zero...

Mon 10 Nov 2008 | 11:07 EST
DJIA 8,984.12 +40.31

Lets see... Mostly it has been GM pulls it down now, what I know...

Market is not all it seems to be. But I have in the past seem even lower numbers ahead for the DOW. Now the price of Oil. This can only help people in the long run. Being lower and providing extra cash to pay their credit cards and or morgage. Yesteryday price of unleaded was 2.08 a gallon, I saw big super Cadilac SUV's filling up. Not that I would want one of those, but still they must have extra cash to do so. Being more cost trifty is what is happening. No longer willing to pay for cheap items that will break, but for more items that will last. It makes sense. Yes the money owned by us is a tremendous task we must take on , but we CAN do what is nessasary to preserve and to repair what has taken place. I can not just drink a glass of vodka and say this or that and provide links to articles to provide you with, but I can tell you of the people who work hard and do what they have to do, to help each other to do what is nessasary. I see that we have the fastest electric car around, yet no one can afford it yet. I want one, but will have to save. Can not really save when the interest rates are low can we. Once the interest rates go back up, people will save and people will use that interest rate to produce new wealth. But first we have to endure what is ahead, and that is our money that is provided to us from foriegn sources, who collect interest from us on every dollar that is produced. Meaning , the federal reserve. This must be abolished and our own money provided through our great wealth in metal. We have more than what has been taken, and we have more that has yet to be removed from the earth. Now nationalism in different countries has produced you line of thinking, may be what is needed to get our butt moving, but more than just faulty education in your part may be , what we can show you that you are not as good as you think you are. I have noticed by your threads you have posted on this site that you have only gloom and doom outlook for us the American people. Thinking in your own mind that it will not effect your outlook. I beg to differ, as that is still a right that we have. The market will go down, yep. Getting rid of car companies that produce cars that we do not want, to people who want them. Have you noticed the other car companies, bringing in their cars to be built here. Its not only labor cost. I now for a fact that something built here, is allot more viable than one built in a less labor place in the world. Just the education of our employees who build and do the work, should interest your line of thinking and repost about how we are dumbed down with our education system. People here can do the work, and are highly trained to do so. Not thrown into a dark factory to produce a product that has no system of reliablity. Like it or not, we produce the best, and better products than you can get anywhere. Except maybe Vodka.

Well now the DJIA is negative again.

Go figure.

going to go to the pawn shops in my town and see if i can buy any gold or silver trinkets...if there are any left to buy. they may soon be worth more then the cash i have in my hand today. went to costco and bought about 100 bucks worth of the economy packs of tuna and spam. chuck round meat in the grocery is now at 5.99 a lb. and this is far from a good cut of beef. bought 6 cases of 24 each of ramen, at 10 for a buck. also have plenty of cash on hand, just in case that the market starts to really crash, so i can quickly drive down to the supermarket and stock up. it might come down to who is prepared and who is not!!

Originally posted by jimmyx
going to go to the pawn shops in my town and see if i can buy any gold or silver trinkets...if there are any left to buy. they may soon be worth more then the cash i have in my hand today. went to costco and bought about 100 bucks worth of the economy packs of tuna and spam. chuck round meat in the grocery is now at 5.99 a lb. and this is far from a good cut of beef. bought 6 cases of 24 each of ramen, at 10 for a buck. also have plenty of cash on hand, just in case that the market starts to really crash, so i can quickly drive down to the supermarket and stock up. it might come down to who is prepared and who is not!!

AT this point, I'm agreeing with you . . . there just doesn't seem to be any light at the end of this tunnel. Bad news coming out from everywhere.

I can't believe GM is trading at about $3 a share. HOw the mighty have fallen.

reply to post by zman


Thanks and starred!

I am sorry that I cant find any indicator, or news to back you up, not anymore, but I do see your point. IF the future is up to people, all your words would have value, and very natural causes and effects, BUT its not the way future will come. Nothing can replace the job cuts they make now, nothing.

Debts are too huge to pay back, and without work, the income of USD to pay Feds loans, task is impossible. You need rising consumer markets to just stay alive, and that is now broken. Thats why I see this pessimistic and eminent.

You have to look over these mass employment news, and what is coming straight after, when those are put to action. How much crimes will it rise, killings, stress, depressions... How much strikes it will cause? Civil unrest and riots? Think over this time, and see how over streched are state bugets, and what happen if police, teachers and firemans will not get their paid?

Its good to keep positive state of mind, but still I dont see any reason to be optimist in here, what does that help, it certainly will not change any facts. All great empires has vanished in times, and so is USA vanishing now. Usually empires collapses because war upkeep costs has over debt states, and so is USA today standing.

You have three lethal wars going on every single minute, and those wars are only profiting few hundred bankers, who have already made too many greenbacks from US debt, witch you have to earn back with your labor. You are sucked to zero, and now bankers are looking another, more easy places to continue their crusade with wealth, earned from US continent.

You see that you have country what you love, and you expect that those who are in power, loves that too.... But you must see, nobles are living in much larger view, and state of life. Their family and fortunes are all over the world, they maybe have mansion in NY, and some plant in Texas, but their Village is in Uruguay, summer house in Filippines, estate in Holland and their privat yaht is in black see... You see my point?

I have live my life with Nobles, married with one. I sure you, they dont have home country, thats only for public, and way too unsophisticated to even think so. Do you think that Noble raise for hurray, if somebody wins, because he is from some country? Really?

They have each others, and world is made for them. If one of their yards has to go, so what? There is allways places more nice for their childrens to grow. I could talk about this issue for 5384 characters more, but I rest my case in here.

But I will talk with you more if you want...

Dont let go your hope, it has its great value!

Originally posted by GoalPoster

Originally posted by jimmyx
going to go to the pawn shops in my town and see if i can buy any gold or silver trinkets...if there are any left to buy. they may soon be worth more then the cash i have in my hand today. went to costco and bought about 100 bucks worth of the economy packs of tuna and spam. chuck round meat in the grocery is now at 5.99 a lb. and this is far from a good cut of beef. bought 6 cases of 24 each of ramen, at 10 for a buck. also have plenty of cash on hand, just in case that the market starts to really crash, so i can quickly drive down to the supermarket and stock up. it might come down to who is prepared and who is not!!

AT this point, I'm agreeing with you . . . there just doesn't seem to be any light at the end of this tunnel. Bad news coming out from everywhere.

I can't believe GM is trading at about $3 a share. HOw the mighty have fallen.

Why buy ramen?. A box of ceral would have been better. Just looking at your answer of no light at the end of the tunnel, made me think, that the end of the tunnel has a way to go. Maybe the end of 2009, when we start to get out of this defeatest attitude. We do have with out, out sourcing, technological new industries, that will produce. I still think the hydrogen from water idea was a great start. Producing electric cars like the Tesla is inspirational. The car companies, as usual look at profit instead of products that are viable. I do not think we should bail out anyone. The car companies, have with the support of their board members, have basically said to us, that we will build these cars in other countries, that want their product. Given that, these other countries are far behind us in understanding the technological and want our left over tech. The boards see profit and send them to produce what we do not want to others who want them.It reminds me of televeisions we produced at the beginning. We produced them that lasted and worked well. We then sold the companies and let them be prchased by lower grade tech to produce the televisions we have now, using our tech. To give you a better piont, I have 30 year old consols, that where in a barn here, I plugged them in, and they still work just fine. That is our tech. Now, being that we can produce great products, we have to re-tool to a new product. This is a breaking point to new tech, that has not been mass produced. Like when we produced from the last great depression. I know its hard for us now, but it will be much better, than complaining about yours and mine quailty of life. People in other countries would die for our quailty of life as it is. Improvements in our new industries can not happen until the old leave. We have other ways to produce new and improved vehicles of transportation and will take time to re-tool.