he is an evil wall street pimp and moronic main street whore
Yes, he is all that....on a good day.
Here is a cogent view of the US economy from someone who is not:
safehaven.com
The takeaway;
1. If the Fed acts now to save the funny money financials, I will personally cast everything aside and rush to the gold store. I doubt that it will cut rates, Cramer notwithstanding.
2. Housing in the US is kaput for a minimum of 2 years. One of the graphs in the piece I linked vividly shows the positive correlation between GDP growth and the withdrawal by the consumer of mortgage equity. With a huge amount of ARMs resetting early next year, and with housing going kaput, no one will be withdrawing equity b/c no sane bank will lend except at usurious rates. But b/c other sectors of he US economy are OK, the recession may be mild.
3, Japan, Japan, Japan, everyone forgets about Japan, but not me, as I am starting to invest in the Yen as crash protection.
4. He failed to discuss commodities, where we will see a muli-year superspike similar to the ongoing oil superspike. I am thinking more and more about these. I think the safest and best way for a nonspecialist like me to do so without assuming the risk of a bust in a particular comm. and still make good long term superspike money is to buy into a commodity basket index like DBC. I am probably going that route.
And, yes, I am in cash, 65% excluding Yen stock bet which is as good as cash, IMO, since I wrote on 7/21.
Locked and loaded.
Bring teotwawki on! |
