David,
All fair commentary. I had trouble getting all of Charles charts up, so it does not look that great, but just have everyone check out what he has to say. His Financial Fairy Tale at the Hemingway Table is right on, in my opinion.
Of course, I would like people to come to my Cafe. But, I am a relative old timer. Nobody wants to hear this stuff when all is well. When the S hits the fan, you will not be able to get a reservation at a Table.
Just the way it always is.
It is there for the looking at Le Metropole. If tanko comes, many on this thread will know where to go.
This press release will go out nationwide at 5 AM on Tuesday.
Time will tell.
Bill
Le Metropole
lemetropolecafe.com
January 18, 1999
Le Metropole Inc.
1079 Ocean Boulevard
Rye, New Hampshire, 03870
USA
For Immediate Release
Contact:
Bill Murphy
Le Metropole Inc.
603 433 9389
midasnh@aol.com
Peabody, Tice and Murphy Predict Coming Chaos in the Financial Markets
Three of the prominent contributors to www.lemetropolecafe.com have issued commentary, alerting Le Metropole members to severe financial market stress that looms on the very near horizon.
Charles Peabody is one of the most highly regarded banking analysts on Wall Street and is often quoted by Alan Abelson, Editor in Chief of Barrons. Peabody, in his recently posted commentary at the Hemingway Table:
" As for the fundamental themes, I shifted my emphasis earlier last fall when the Fed began to ease in an effort to bail out the capital markets and when the world's government bodies set out to rescue Brazil. As I state back then, significant changes in government policies will create unintended consequences and it is our job as analysts to anticipate when the next sea change will be"…..After a brief Fed-induced rally, bank stocks are likely to resume their descent….I see no value in bank stocks and at current levels and expect at least two more years of price weakness and 60% to 80% of downside….it will unfold in the form of a CRASH".
David Tice is often seen on CNBC, articulating the bear case. He has a vast array of institutional clients and also is the portfolio manager of the Prudent Bear Fund, which was the number one performing mutual fund in the United States in the third quarter of last year. Tice, in his recently posted commentary at the Dos Passos Table:
"Recent data provide clear evidence that Japan and Asian economies are still in depression, Latin America is quickly sinking into recession and acute financial stress, European (and particularly emerging East European economies) economies are slowing rapidly, and the American manufacturing and agricultural sectors are faltering".
"The reality remains that the global crises has made it very close to home just as we have reached the climax of an unprecedented speculative mania and economic bubble. We are in the very early stages of a Latin American crises that will prove much more troubling for the US financial markets and economy than the bulls believe today".
Bill Murphy was written up in the Wall Street Journal in August 1988: "Trader Bill Murphy's Correct Call On Rise in Price of Copper Pays Off". He also thinks we are headed for financial market turmoil and believes that after many years of benign neglect, both the gold and silver markets are poised for dramatic bull market moves.
It is his opinion the gold market has been controlled by "officialdom and their henchmen" for some time, but that there are very recent signs that times could be changing. In his commentary at the James Joyce Table, Murphy has presented a great deal of anecdotal evidence over a period of time that Goldman Sachs ( Secretary Treasury Rubin's former firm ), for many reasons, has led a price capping attack on gold along with other New York financial institutions.
The first sign of a change of this environment was the recent break out in silver. Second, is a recent Goldman Sachs foreign exchange department release predicting a " a gold breakout". Third, is a Goldman Sachs conference call calling for a major fall in the dollar. Fourth, is the urging by U.S. officials to the Brazilians to devalue their currency after congratulating the Chinese for not doing so.
To review all this commentary:
lemetropolecafe.com |
