Global Correction

[flying]

I wonder if this would be interesting to anyone?

http://www.contrahour.com/contrahour/files...inArmstrong.pdf

This was written from prison I guess?

I am just reading it & thought it was interesting.

Martin Armstrong is brilliant. I've been reading him for years. Just finished reading that one yesterday. I don't like to see him get too much exposure though.

Thanks LB Now I will pay attention.

I found page 50 very interesting.

Edit PS page 50 in pdf but page 45 of his writing

Edited November 10, 2008 by flying

[ace]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

Edited November 10, 2008 by ace

[LaoPo]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

0....zero....niente.....

"- General Motors Corp. plummeted as much as 31 percent and moved toward its lowest level in 62 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

I've been telling that GM could go under for quite some time now. The point is if the new President-elect Obama will let it go that way. It's not exactly something he's been waiting for, especially because GM is in his backyard so to speak. If GM would go under, 260,000 employees would walk and I'm not yet talking about all the workers in the supplying industry.

But, the American car industry is in a very bad shape, that's for sure.

LaoPo

[VegasVic]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

0....zero....niente.....

"- General Motors Corp. plummeted as much as 31 percent and moved toward its lowest level in 62 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

I've been telling that GM could go under for quite some time now. The point is if the new President-elect Obama will let it go that way. It's not exactly something he's been waiting for, especially because GM is in his backyard so to speak. If GM would go under, 260,000 employees would walk and I'm not yet talking about all the workers in the supplying industry.

But, the American car industry is in a very bad shape, that's for sure.

LaoPo

The world automotive industry has been in bad shape for the past 6 months or so, the U.S. automotive industry has been in bad shape for the past 30 years, the deutsche bank proclamation is not exactly earthshattering news. I agree that GM common shares will be worth 0 at some point in the not too distant future, but the pf and the bonds will maintain value and the company will go on!

[LaoPo]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

0....zero....niente.....

"- General Motors Corp. plummeted as much as 31 percent and moved toward its lowest level in 62 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

I've been telling that GM could go under for quite some time now. The point is if the new President-elect Obama will let it go that way. It's not exactly something he's been waiting for, especially because GM is in his backyard so to speak. If GM would go under, 260,000 employees would walk and I'm not yet talking about all the workers in the supplying industry.

But, the American car industry is in a very bad shape, that's for sure.

LaoPo

The world automotive industry has been in bad shape for the past 6 months or so, the U.S. automotive industry has been in bad shape for the past 30 years, the deutsche bank proclamation is not exactly earthshattering news. I agree that GM common shares will be worth 0 at some point in the not too distant future, but the pf and the bonds will maintain value and the company will go on!

I certainly hope the company will survive, one way or another and restructured. Nobody wishes to see that giant down...

tough times ahead.....in stormy weather.

LaoPo

[bingobongo]

uh oh , we just may get that death cross 50 MA moves below 200 MA, if it happens, the next leg down will be quite painful......globally

Edited November 11, 2008 by bingobongo

[VegasVic]

uh oh , we just may get that death cross 50 MA moves below 200 MA, if it happens, the next leg down will be quite painful......globally

BB, I am expecting for the 7881 level to be tested later this week as the mandatory hedge fund redemtions escalate through Fridays close, however I see a bounce from that level. Should 7881 be substantially breeched, then you will absolutly be correct-LOOK OUT BELOW

[VegasVic]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

0....zero....niente.....

"- General Motors Corp. plummeted as much as 31 percent and moved toward its lowest level in 62 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

I've been telling that GM could go under for quite some time now. The point is if the new President-elect Obama will let it go that way. It's not exactly something he's been waiting for, especially because GM is in his backyard so to speak. If GM would go under, 260,000 employees would walk and I'm not yet talking about all the workers in the supplying industry.

But, the American car industry is in a very bad shape, that's for sure.

LaoPo

The world automotive industry has been in bad shape for the past 6 months or so, the U.S. automotive industry has been in bad shape for the past 30 years, the deutsche bank proclamation is not exactly earthshattering news. I agree that GM common shares will be worth 0 at some point in the not too distant future, but the pf and the bonds will maintain value and the company will go on!

I certainly hope the company will survive, one way or another and restructured. Nobody wishes to see that giant down...

tough times ahead.....in stormy weather.

LaoPo

It will be an ugly 3-4 years for GM and Ford and their will some massive retooling, but they will rebound stronger than ever with a mix of CNG, Hydrogen fuel cell, and Battery autos ( mandated by the Obama administration) !

[midas]

In New York, General Motors dropped almost 30% (!) on Monday morning after opening of the stock market. GM was downgraded by important brokers such as Barclays and Deutsche Bank.

LaoPo

I guess you know what price target Deutsche bank downgraded GM to.?

Something wicked this way comes.....

0....zero....niente.....

"- General Motors Corp. plummeted as much as 31 percent and moved toward its lowest level in 62 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

I've been telling that GM could go under for quite some time now. The point is if the new President-elect Obama will let it go that way. It's not exactly something he's been waiting for, especially because GM is in his backyard so to speak. If GM would go under, 260,000 employees would walk and I'm not yet talking about all the workers in the supplying industry.

But, the American car industry is in a very bad shape, that's for sure.

LaoPo

The world automotive industry has been in bad shape for the past 6 months or so, the U.S. automotive industry has been in bad shape for the past 30 years, the deutsche bank proclamation is not exactly earthshattering news. I agree that GM common shares will be worth 0 at some point in the not too distant future, but the pf and the bonds will maintain value and the company will go on!

I certainly hope the company will survive, one way or another and restructured. Nobody wishes to see that giant down...

tough times ahead.....in stormy weather.

LaoPo

It will be an ugly 3-4 years for GM and Ford and their will some massive retooling, but they will rebound stronger than ever with a mix of CNG, Hydrogen fuel cell, and Battery autos ( mandated by the Obama administration) !

Hold on Vic. Over the next few years for the vast majority of cash-strapped Americans,

buying a replacement car will not be like buying a new mobile ! Despite the promotion of

environmentally friendly vehicles many people may have to continue to drive their existing

cars into the ground so it doesn't mean these fancy products will sell quickly

[flying]

Hold on Vic. Over the next few years for the vast majority of cash-strapped Americans,

buying a replacement car will not be like buying a new mobile ! Despite the promotion of

environmentally friendly vehicles many people may have to continue to drive their existing

cars into the ground so it doesn't mean these fancy products will sell quickly

Maybe

Bernanke so does not want deflation at any cost.

He will soon start dropping currency on the US via helicopters.

When that does not work he will send in the bombers.

That will work as so much money will be dumped on us.

We will be able to pay our mortgages with probably half a days wages.

Then the fun will really start

Gallon of milk? $2000

Bread? 1 loaf $1200

Edited November 11, 2008 by flying

[glyph]

"Bernanke...will soon start dropping currency on the US via helicopters."

We all saw the "Bernanke Action Figure" poised next to a helicopter. It's funny only if you do not understand the difference between the Fed and the Treasury, and assume that he is the Secretary of the Treasury. He is not.

[think_too_mut]

Bernanke so does not want deflation at any cost.

He will soon start dropping currency on the US via helicopters.

BEN BERNANKE once spoke of dropping money from helicopters, if necessary, to save an economy in distress.

The Economist January 19. 2008

[flying]

Bernanke so does not want deflation at any cost.

He will soon start dropping currency on the US via helicopters.

BEN BERNANKE once spoke of dropping money from helicopters, if necessary, to save an economy in distress.

The Economist January 19. 2008

Yup

[churchill]

Obama urging Bush to back a rescue plan for GM -

Thatcher took the right step with British Leyland , letting it go down - Pain in the short term but the best long term solution - Perhaps GM etc are too big to fail - yet again .

[Pakboong]

I was asking because perhaps naively I wondered....

Sorry if it is too basic for TV member or perhaps I misunderstand your wit?

Especially the gun remark???? Where does that come from?

The Fed use to report via the M3 every year since 1959 till 2006

But then they decided to hide that info & stopped publishing it.

Why?

I have read that the M3 currency is approx 14 trillion I have also read that since 2000

the FED increased the currency supply by 112%

I will receive a 5.8% retirement raise next year after 19 years of never getting more than 2.something %

Edited November 11, 2008 by Pakboong

[midas]

Obama urging Bush to back a rescue plan for GM -

Thatcher took the right step with British Leyland , letting it go down - Pain in the short term but the best long term solution - Perhaps GM etc are too big to fail - yet again .

Its also sentiment- they are one of the names and badges behind the once infamous American

car but we should move with the times and let more efficient countries with lower costs

build the vehicles of the future. The same with Alitalia. Another company they are

keeping on life support just because of its name when it has absolutely nothing going for

it . If it dies you could just as easily start a smaller slimmer new Italian airline

with new planes and younger more attractive cabin crew

[midas]

though I didnt support McCain - to use his words

" these people just dont get it "

After Bailout - Let the Good Times Roll at Taxpayers' Expense!

After Bailout, AIG Executives Head to Resort

Less than a week after the federal government offered an $85 billion bailout to insurance giant, AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.

Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.

"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said. "We will ask whether any of this makes sense. " See full article at this link:

http://voices.washingtonpost.com/livecover...mail/components

and

Less than two weeks after Uncle Sam gave American International Group (AIG) an $85 billion loan - staving off financial collapse - execs from one of its insurance subsidiaries, AIG American General, gathered for a conference at the uber-swank St. Regis Monarch Beach Resort, billed as “California’s only Mobil Travel Guide Five-Star Resort,” where ocean-view rooms start at $565 a night and “world class luxury” is the rule.

On Friday, before the presidential debate got under way, caterers for the St. Regis were setting up dozens of tables on the grounds of Mission San Juan Capistrano for AIG American General’s sumptuous off-site dinner. Tables were draped with soft Tuscan-gold tablecloths that cascaded to the grass; elegant fresh flower centerpiece graced each table; and what appeared to be fine crystal stemware, at least from a distance, glistened in the fading light.

Workers set up a lengthy bar stocked with bottles of liquor. A half-dozen tall space heaters stood sentinel in case the evening turned cool. There was a large center stage with lighting and a sound system, and once the sun went down, the whole scene took on a magical patina as tiny white lights twinkled in the trees.

Source: current.com

Edited November 11, 2008 by midas

[AlexLah]

Dunno if you guys have read it, but I found it amazing.

http://www.321gold.com/editorials/casey/casey111108.html

[ace]

............................................

It will be an ugly 3-4 years for GM and Ford and their will some massive retooling, but they will rebound stronger than ever with a mix of CNG, Hydrogen fuel cell, and Battery autos ( mandated by the Obama administration) !

That's the best case scenario.

I think they will try and save GM, they shouldn't / can't, and they'll fail. Then you'll have your avalanche !

FWIW cashed 33% of my equity exposure today.

[lannarebirth]

When The Chickens Come Home To Roost:

http://www.investorsinsight.com/blogs/john...e-to-roost.aspx

[flying]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

[Pakboong]

When The Chickens Come Home To Roost:

http://www.investorsinsight.com/blogs/john...e-to-roost.aspx

Interesting article lann, well worth the time to read. Things do not look good.

[siamamerican]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

You really don't believe this ridiculous fearmongering article. Congress isn't and will never have hearings about confiscating IRAs and 401Ks. It was a hearing to discuss retirement ideas and one participant ( Teresa Ghilarducci) had an idea of creating a retirement account that would use tax credits to guarantee a lifetime income stream.

Actually not that bad of an idea, but nothing was said about confiscating a 401k or IRA. The article is complete crap!

[siamamerican]

When The Chickens Come Home To Roost:

http://www.investorsinsight.com/blogs/john...e-to-roost.aspx

I've been saying for months now that European banks are in worse shape than the US. It seems many are in denial, but the next 12 months will open most people's eyes to the truth. Europe isn't in a better possition than the US to weather this crisis.

[lordofdelusion]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

A bit over the top isn't it? "Above top secret . com"?? A bunch of concocted rumors and the predictable string of ranting comments from the loonies. Argentina did this recently. I think they got confused.

Those talking about Obama and how he is ruining the country already, need to take a step back. He hasn't taken office yet. When he does he will inherit the economic nightmare of a lifetime. Let's see how he does before going bah mak!

Incidently, recently on Fox news, the bastion of liberal politics, I heard 2 surprising comments. The first from Karl Pove saying that Obama is our president and we should wish him well. If he succeeds we all succeed. The other was from Donald Trump. When some anchor asked him how he thought Obama and the Democrats would do with the economy he replied that they couldn't possible do worse than the Republicans. He went on about how the Republicans had been rightfully run out of town until they changed the subject. I think smart people know what is at stake and they know the enormity of the problem. It will take a global effort and not a lot of lunacy coming from the right or the left.

[Naam]

When The Chickens Come Home To Roost:

http://www.investorsinsight.com/blogs/john...e-to-roost.aspx

I've been saying for months now that European banks are in worse shape than the US. It seems many are in denial, but the next 12 months will open most people's eyes to the truth. Europe isn't in a better possition than the US to weather this crisis.

does it for us individual investors really matter which banks are in a better or worse shape? the only thing important for most of us is that due to the various state guarantees our cash is safe. cash is the only endangered asset if a bank goes belly-up. as far as everything else is concerned we are all sitting in the same boat drifting through uncharted waters.

[Naam]

It will be an ugly 3-4 years for GM and Ford and their will some massive retooling, but they will rebound stronger than ever with a mix of CNG, Hydrogen fuel cell, and Battery autos ( mandated by the Obama administration) !

i agree that most probably they will rebound. but the rebound will be based on wiping out the holdings of share- and bondholders!

Edited November 12, 2008 by Naam

[midas]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

[midas]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

[flying]

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

Actually I had read/heard it for awhile now. I feel sorry if it happens for the folks with something they earned to lose.

I am not involved since I have been self employed my whole life (except for a year as project management ) So have no 401k/IRA to lose.

I no longer say or think...Oh That could never happen