Steveg's Account Talk

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There is much truth in that statement. Most of our problems are not the CEO's but the politicians who most likely know that there is trouble but turn a blind eye the other way. Then when things get rough they want to puff up and point fingers at the CEO's while all the while they have been helping themselves to kickbacks and taking money under the table from lobbyist and special interest groups; padding their own pockets; they are hipocrites. We the people however are the real problem we keep electing these same politicians that supposedly represent out states right back in office, then we scream loud because of the mess that has been made. We the people are the only ones who can make real change. I'm tired of paying for that DAMNED TEA!:) Eigth year limits and your out. And if you're not doing your job the people of that state calls you back home and you are replaced. Of course that will not happen as long as we continue to accept them making the laws that benefit them. Every government controls it's people ours is no different.:mad:
 
ezmoney --

I agree with you about the politicians; problem is, it seems that the folks who show up on the ballot often aren't the type that could really effect meaningful change. Just more of the "insiders" and "good ol' boys" instead of some truly different candidates who would actually do what is right for the country. I know that's a negative, cynical, depressing point of view, but I honestly have never in my life felt that my vote meant less than it does right now. The "right" choices simply do not seem to appear on ballots...

Steve
 
All people who run for political offices (Insiders and Outsiders) have motives other than public service.
Unfortunately the ones who have the puriest intentions tend not to have the financial backing to compete with the big dogs.
We generally do not get the cream of the crop to choose from. Local elections bear great politicians but to build political clout over time to run for higher offices they have to shake hands with some snakey cats.

It's a vicious cycle, once in a blue moon one breaks through but then they have to dig in the garbage to build a team.
 
Apparently the 27 year old daughter of VP Biden was photgraphed putting something in her nose - why is it that most of these liberals like the white powder?
 
WorkFE --

I fully agree with your take on this...couldn't agree more.

Birch --

I hadn't heard that, though it doesn't surprise me. I think to answer your question about why the liberals...well, never mind. I don't want to make any enemies with anyone here ;). After all, we could veer WAAAAAAY off topic if we start THAT discussion! :laugh:

Steve
 
Off subject, Market started to retreat but there was a nice little push there at the end.:nuts:
 
WorkFE --

Yeah, there was a big jump in the markets late yesterday, and we've opened way up today -- not sure what the impetus for that is. The initial jobless claims report was bad -- I would have thought that would have weighed on the market.

Steve
 
After the gains in the overseas markets last night, today is a good day to be an I funder if the market can finish positive today.
Hiding in the closet is getting old and there has been more positive reporting over the last few weeks than in the preceding 6 months. Or maybe the Bear is trying to draw the sucker out of the woods.
 
Yeah, there has been more positive news here lately, WorkFE. While I think long term, we are in big-time trouble -- hence the Titanic mention I made in a previous post...I am beginning to think that this rally may continue some more, as Obama "tells the band to keep on playing." Though I don't know the intricacies -- it appears that whatever changes were made to the mark-to-market accounting today were deemed, by the markets, to be a good thing in the short term. I haven't seen the details, but as I understand it, what has apparently been done is to allow banks to consider some of these "toxic" assets on their books as being "worth more" than the prior rules were allwoing them to do. This means that, with a simple change in accounting procedure, that TADA!! Banks suddenly have less debt and more assets. Seems like nothing but playing games, to me.

Seems to me that this would be analogous to someone saying -- "hey, because of recent home sales in my neighborhood for $100,000, my house has been forced to be marked at a value of only $100,000. And thus, I need to continue to carry PMI on my $99,000 mortgage. However, if I can get someone to pass a law allowing me to "mark" my house's value at $150,000 -- whether it is actually worth that or not -- then I won't need to carry PMI anymore."

However, the really insidious part of this whole situation, as I see it, is that with our government "buying" these toxic assets to "help" the financial institutions (on the taxpayer's dime, of course), it FORCES up the demand for them -- and thus the price. So, as my limited understanding permits, it seems that A. we the taxpayers are buying a huge pile of "toxic" assets (i.e. WE are left "holding the bag,") and at the same time we are also allowing financial institutions to mark up the value of any of these assets that they retain -- making these institutions appear "less in debt" and "more profitable;" and oh, by the way, we are also thus EXCUSING them, penalty-free, from these shady, or even illegal, dealings that surround these "toxic" assets IN THE FIRST PLACE -- i.e, how they came into existence, how they were packaged and sold, ETC. Where is the accountability here?

Is my understanding off, here, or no? It very well may be, because I'm certainly no economist. But, if my understanding is even close to being correct, then this seems like nothing but a big sham that will NOT help ANYTHING in the long run, but in fact will make things worse.

Steve
 
You posted some very good points - but the market doesn't care. All the negatives have already been priced in - remember we are down over 8,000 points at the bottom of 6547 on the Dow. Price at the bottom was not reflecting the fundamentals of the companies - better days are coming. The transports were telling today.
 
Transports telling today, thats an understatement. They were a runaway train. Ya gotta love it.
 
Birch --

You are right -- the market doesn't seem to care...at this point. And yes, alot of negativity has already been priced in. Enough, so, I think, that we will continue to rally some more. But, if the phony BS that is going on bites a couple of big-name companies where the sun don't shine -- and I believe FULLY that it will, sooner or later (probably on the time frame of months) -- then the market WILL care, and in a big way, I think.

In the mean time, I think I might try to ride the rally -- dance here for a bit on the deck of the Titanic, while the band is playing. But, I am ready to jump into a life raft as soon as it looks to me like the deck of the ship might be ready to go under. I just hope I don't wait too long.

By the way, Birch and WorkFE -- I know nothing at all about the Dow Transports that you mentioned; can you enlighten me as to what you are referring to, and what you saw that was "enlightening"?

Steve
 
Thanks KD, I have no idea how to put a chart on here. Have made several attempts with no luck.

Steve,
That is a US Market Index that gauges the American transportation sector. Yesterday it was on fire.
 
Down two days in a row? If it gets low enough, I might push a few more chips into C and try to gain a quick few percent; need to decide what level might make that attractive...

I think the next week or two will be interest, with earnings coming out and ALCOA worse than anticipated today...

Steve
 
OK, folks.

I found something that I think explains and substantiates what I've been trying to say in this thread -- in terms of why I think we're "riding on the Titanic," and why we are NOT beginning a bull run. I keep saying that it seems to me that the BS needs to be shaken out of the system before we can hope for any true, sustainable recovery. One can post all the charts and graphs and technical indicators that one wants to; however, until all the fraud and deceit and greed gets shaken out, we have not really FIXED anything. There can be no true recovery until we see laws passed, executives jailed, and high-ranking government officials impeached. Instead, all we're doing is tossing money at the problem, trying to maintain the status quo. It's the status quo that has gotten us INTO this mess, the way I see it...

Anyway, here is the support for these assertions -- it is a PBS interview between Bill Moyers, and a guy named William Black, an apparently well-known banking regulator who helped see us through the Savings and Loan crisis. This interview is 28 minutes long -- but WELL worth it. Or, you can read the transcript. Either way, I think this is a must see/must read for ANYONE in this country -- especially those investing money.

When you have 28 minutes to commit, watch this -- it will likely amaze you...

http://wbal.com/apps/news/templates/smith_show.aspx?articleid=24746&

Indeed, we are on the deck of the Titanic, while the ship's captain continues to doing nothing but tell the band to keep on playing, and to keep us all dancing happily. We NEED someone to shut down the band, admit that we are sinking, and then deploy some life-saving measures. Who will it be?

Steve
 
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