Thursday, August 4, 2011
Honestly, that's how I feel about Wall St.
In Sept. 2008, the markets were crashing and everyone was pretending the world was coming to an end. So in a panic, Congress passed one piece of legislation after another essentially helping banks, financials and major corporations, both here and abroad (Yes, US taxpayer $ went to bail out Europe and Asia) And the most important goal for the government was the strengthening of Wall St. Nothing came second. That is why since March 09, the market has had untold Trillions pumped into it so stocks would rise 33% from where it was.
Now suddenly these cockroach coward investors and 'experts' are getting more and more nervous about a 'double-dip' and need for more QE-- all of which I've addressed in previous postings.
Found this interesting paragraph in a Yahoo! Finance article (it was written by a professional writer, not a Yahoo! Contributor) -- "There's a growing realization among even the most optimistic investors that the United States is entering a new recession -- a dreaded "double-dip." Adding to the pain is the sense that the government and Federal Reserve are out of both ideas and ways to stimulate the economy. Corporate America is sitting on record amounts of cash but is refusing to make new investments with so little end demand for its products. Consumers and corporations are hoarding cash, and the economy appears to be seizing. The debt ceiling debate was a fiasco, snuffing any remaining confidence traders had for help from Washington, D.C."
Now I guess I am supposed to be upset or worried?? Or maybe feel some Stockholm syndrome sense of empathy toward Wall St. that they're weakening??
A&G's response is more like Finally.
Let's cut the nonsense and get to some basic truths:
1) There has been no recovery.. never has been. For 2yrs every media outlet has done its readership a great disservice and tainted their reputations by pushing that lie. And for the record, until its made 'official' that recovery never happened, they'll keep saying it did.
2) If the economy gets worse, it will not become a double-dip because that gives credence to a 'recovery' which never took place. It will just be a 3+yr Recession that's gotten worse.
3) Maybe I am alone in this feeling but if 98% of the nation is in a recession, whether it be moderate or severe, I don't want to see the top 2% Happy and making profits. I don't want to see traders and investors making a good living while others can't even get hired for menial McDonald's level jobs. I don't want to see strong, vibrant corporations using skeleton working crews and temps while hoarding billions of dollars in profits.
The corporation's fiduciary is to its shareholders- you hear people on financial news say this often and proudly. A corporation owes no loyalty nor should it make decisions with the benefits of the government or the citizenry of the nation is is located in. And yet it begs like fucking dogs to the Government for breadcrumbs and table scraps every chance it gets. And once the corps get its QE or other free govt assistance, it then focuses upon expanding its overseas markets meaning pushing the Fed to weaken the US dollar as much as humanly possible to maximize those profits.
No self-respecting person should be rooting for the market to rise or for Wall St to be strong.. No one. I don't care if you have a 401k or a few thousand dollars in some stock. The reason there's been no recovery is the US Government's singular focus on helping Evil, morally corrupt people and corporate entities make more n' more money while Completely ignoring the jobs picture and home price stabilization.
So when the market drops 515pts like today, I am very happy... and if it dropped 1000 pts I'd be buying champagne. Because only in a Stockholm syndrome society like ours do you openly want those who've caused the downfall of the US economy, to be propped up and strengthened, while everyone else stays in the gutter.
Posted by Susquehanna at Thursday, August 04, 2011