Some of you may wonder about my obsession with the fools on Wall Street. Well, there are two reasons for that. One is that Wall Street now seems to be basically running the country (having turned a strange kind of leftist--or maybe not so strange, since most leftist leaders, especailly, are in it for their own power and success).
The fact that Wall Street (and big business) has joined the people who want the government to solve all of their problems is actually very important. It shows how close this country is to the "ipping point", where we can no longer recover from this attitude (if we have not already reached that point). Yes, I am saying that Wall Street, Larry Kudlow, and the people at CNBC are no different from the people at the Obama press conference last nigth.
Oh, yoiu did not notice the people at the Obama press conferece that I am talking about? Then w are wrse off than even I thought One person (Henrietta Huges--sp?--who cares) thought the Federal Government should make sure she got a ahouse, kitchen, and a car. You might remember that trying to give EVERYONE a house is what primarily created the housing "bubble" and our present economic mess--proving that we now do not even learn from last year's "history" anymore). . The second person at the press conference wanted unemployment to pay him the same amount as his job--leaving open the questiion I hafe raised in this blog as to whether people who work hard, and take responsibility for themselves, are the SUPID people in the Age of Obama. That would make this guy one of the "smart" people in the Age of Obama. The third person at the press conference (no one could make these people up, although Obama evidently thinks they are, indeed, the archetypes for the Age of Obama, along with the illegal immigrants)--the third person asked whether the government could not do something about McDonald's (one of those companies not being bailed out). Yes, the guy--seemingly a professional student--has worked for McDonald's for 4 an done half years, and yet has not "advanced" in pay and benefits. Yep. The guy wanted the government to "bail him out" by making McDonald's adopt policies that let him get ahead, even though he is still working the same entry level job. Don't worry about how this guy's story must be false (or the "selling" of the minimum wage increase wrong), in saying that there has been no change in salary and benefits over the pat 4 1/2 years (not counting the TWO "stimulus" checks and all of those other Federal laws and "benefits", including the costly "changeover" to "green" technology).
Yes, all of the above is probably the main reason I am "obsessed with the newly minted fascists/Commmunists on Wall Street (referring to almost all of them, and not the avowed leftists) However, y MAIN reason for my constant obsessioin with Wall Street is that it increass my accuracy rating My audited accuracy rating (stole this conceit from Rush, naturally) is 99.2%--up from 99.1% (and higher than Rush's 98.8%),
Every time I call the people on Wall Street "The Stupidest People on Earth", my accuracy rating goes up. They prove it every time. Don't dare doubt me on this. Yes, last week I did it again. I again called Wall Street traders the "stupidest people on Earth", when th eDow went up 240 points or so on one day, and about 350 points in a two day periiod--seemingly as a sort of "encouragement" to pass the Obama pork/spending/"stimulus" bill. At the very least the excuse for the market going up was that Obama was adopting enough Wall Street "bailout" policies to help out Wall Street, and Wall Street favorites. I told you (foresight--not hindisght) that this kind of dramatic rise in the market, like every other such rise since the Paulson panic in Octover, was FICTION (almost sure to be reversed). The question I have asked since October is: How stupid do you have to be to keep buying stocks during these dramatic rises, when you absolutely know that the market is likely to reverse quickly. My answer has been that you have to be on eof th stupidest people on Earth and that this applies to almost all of the people on Wall Street (and commentators on Wall Street). I have correctly told you that almost all of these large magnitude ("irrational" is the correct word, instead of "large") moves, whether the moves are up or down, are not the result of fudnamental economic factors. They are the result of a SICK market which emphasizes computter program, momentum trading based on "technical analysis". Yep. Jim Cramer plays this game, even while pretending he does not. All of Wall STreet--essentially--now plays this game. You add in hedge fund "strategies" and short selling, and you get a market out of contrl--where only the grossest of long term events matter to market movements--such as this recession, although the dirty iittle secret is that the "stock market" HAS NOT MOVED SINCE OCTOBER (even though the economy has gotten markedly worse, indicating both an irrational market and the lack of a real connection between short term market movews and the real life economy.
I have told you since October. The "market" is in a trading range--computer gaming "sound and fury, signifying nothing". That "trading range" is buit into the computer programs, and it is actually difficult to get out of it. But that still does not explain people how continue to buy on short term up moves, and continue to sell on short term down moves. As I said, Wall Street people are the stupidest people on Earth.
Oh. Did I mention the present evidence? Shortly before I typed this (I do not keep up minute by minute), the Dow was DOWN 346 points. It is not a coincidence that the Dow was up those 350 points on those two days last week. I predicted it last week, while it was happening. Nope. It does not matter if the Dow recovers that whole 350 points before trading ends today . That would just further prove that the "market" is now totally irrational (except in terms of using "computer gaming" to make money for those nimble enough) Even if the "market" went back up today, you could still have bough stocks today at the same (overall) prices that you could have bought them before the short term up move last week. These short term, excess moves (I don't predict which way the market wil, or should, move--only that these computer program moves are basically "fiction") are merely a "trap" for people who buy at the top of the short term moves, or sell at the bottom. Yes, there will come a time when the economy does show signs of recovery, and where the "market" may make a large up move over a longer term (or a large down move if present expectations that all of this government "action" will work--for the first tie in the history of central planning on this scale).
Now you knkow. That is why I have entry after entry calling Wall Street people the "stupidest people on Earth." It increases my accuracy rating, the more often I repeat it. Yes, I do count each new correct prediction as a new prediction. After all, Wall Stree could change. NAHF!!! I don't believe it either.