Wall Street: The Stupidest People on Earth (as I Again Telll Rush Limbaugh: "I Told You So")

Do you remember how the Stupidest People on Earth (Wall Street) had supposedly "learned" from the casino gambling of the dot.com craze, where analysts cynically kept selling what they knew was FICTION (comapnies without any earnings prospects touted at billions of dollars of market cap)? Do you remember Hentry Blodgett and Mary Meeker--dot.com gurus who were trashed for doing what every single, stupid, crooked person on Wall Street, and in our financial system has done ever since? Well, I remember. And ist is opnly in this blog, and a very few other places, that you hear the truth about Wall Street. You certainly do not hear it from Rush Limbaugh, who has made a perfect ass of himself on tis "issue" (first touting Wall Street as an infallible barometer to President Obama's economic policies, when stocks were falling, and then making himself an obvious hypocrite as stocks have risen by refusing to take the same attitude). Yep. This blog TOLD LIMBAUGH SO, IN FORESIGHT (hindsight is for lesser mortals).


Did you know we are now in a "bull market"? By "traditional standards, dating from when it took at least 6 months for a stock market index to move 20%, and usually longer than that, a 20% move represents a "bull market". While the economy bumps along the bottom--"improving" only in the sense it is no longer in free fall to oblivion--the Stupidest People on Earth have engaged in computer and moentum hype tradeing (NO different than the fictional trading in the dot.com "bubble") to drive the stock market staright up. This has already happened THREE TIMES since the debacle of last October (not to mention the "bubble" of October of 2007 when the Dow set a RECORD as the economiy was already showing ths sings of the debacle to come in the next year--as "analysts" were still advising peple to "buy" in a performance fully as bad as in the dot.com bubble).


Nope. The Stupidest People on Earth (Wall Street) have not learned a damned thing. That is the mark of really stupid people. They are incapable of learning. They are too stupid. Yep. We ARE in yet another "mini-bubble", as the computer gamers on Wall Street have pushed the market to an unreasonable advance on momentum, computer trading, and total hype (hype promoted by the Obama Administratiion, by the way, which switched from panic mode to "optimistic" mode).


Oh, the "market" probably should have gone up from the momentum, computer gaming lows. But there is NO fundamental, economic justification for this kind of up move==amd tje Stupidest People on Earth KNOW IT. They are being just as cynically opportunistic as the false gurus of the dot.com bubble ever were. A 5, or perhaps even 10, percent move up might have been indicated in the market indexes. The actual move--especially in the Standard and Pooors 500, which has risen to basically the HIGHEST level of last October--is total lunacy. But it is lunacy repeated over and over again by the computer gamers who now constitute the Stupidest People on Earth.


This is total specualatioin. My brother, whose trucking company went under, still talks to people in the trucking industry The economy is NOT "improving" substantially. It is simply "stabalizing" to a degree, as was inevitable--given the MASSIVE amounts of Federal money being pumped into the economy. BUT, that same federal excess is likely to DERAIL any recovery, and Wall Street has no idea how the economy will look a year from now. It is all computer gaming HYPE, as Wall Street "assumes" that a "recovery" is already certain which is nothing more than total hype and speculation. Wall Street has already made the "gains" which MIGHT have been justified over the next YEAR, IF things had gone well over that time. In other words, on an economic basis, we are in a stock price bubble where there is no direction to go but down (not to say that shrot term, computer gaming trading cannot drive the market further up, as it did during the dot.com bubble well past the point when it was obvious the market was too high, and as it did in October of 2007).


Yes, I AM personally selling into this rally. However, I am still 70% invested (long). So this entry hardly is a matter of selfl-0interest. It is my honest assessment of where we are, and of the Stupidest People on Earth.


Now "many" Wall Street "smart guys" are saying that indeed the market has gone "too far, too fast". Does that mean these are turly "smart guys"? Yes and no. Yes, if traders are nimble enough they can make money on the STUPIDITY of others. However, have you ever heard of killing the goose that laid the golden egg? The computer gamers are fast KILLING the U.S. (and global) stock markets. There are few "investors" anymore, because it is obvious to everyone that the short term, computer gamers are determining how markets move. This is eventual DEATH for the stock market.


The ride will be a wild one, and will keep getting wilder. The end result (death) is virtually guaranteed (as, unfortunatelely, is probably true of our economy as a whole).