to All, Interesting stuff on tv this afternoon. On Kudlow and Cramer, tonight just Cramer, they had a bull/bear debate. A few interesting ideas and some incredible crapola. Cramer dumped on gold big time. It only works during a nuclear war. Odd, I remember it working well during the 70s and early 80s. Part of that time I was an action officer for The Dept. of Defense. I am pretty sure in that position of responsibility, somebody would have told me if we had a nuclear (or nucular, in Dubya-speak) war. They usually kept me informed of that sort of thing. <g>
Doug Kass, who used to be bright, is buying the overpriced crapola for a big run. Nary a word about valuations.
Hank Greenberg mentioned that everyone fired Arthur Andersen and the chicken-sh-t new auditors don't want to get arrested, so they're turning over lots of rocks and finding multitudes of scorpions. Of course, that is only at the AA cos., which is about a 15% market share. So, I suppose the other 85% are still scamajammin'.
Cramer ranted and raved about the Brooklyn Bridge incident, blaming it for the downturn. I think the market was down before that hit the news. He didn't mention the phony rally about Osama's capture, because that would contradict his belief that bulls are sane and bears are nuts.
"In Yo Face, PBS" with Louis Ruyckeyser was on. He went around the table and the first geek, Ralph Acapulco, was bullish. Then another guy, whose name I don't know (it is so white middle class for me to say "the black dude.") mentioned that the Nasdaq was way down at 50 times forward eps and that the S&P was at 22 times forward eps, and nobody in his right mind thinks the forward eps makes sense.
BTW, does anyone anywhere believe that a lowball offer for Tyco's CIT from its investment banker is a serious bid? Talk about your marketing flim-flam. Mikey Milken used to do stuff like this before he went to prison.
Happy Memory Loss Day Weekend. |
