This is really awful. They've artificially pumped & actively manipulated the stock market in an effort to convince consumers that all was well and it was safe to gorge on new debt & spending. That was their whole game plan (well, also articially holding down interest rates to keep housing on life support). They have failed because they did not account for the same problem that vexxed everyone in the 30's ... UNEMPLOYMENT.

They've effectively done nothing to promote actual productive employment because they've spent almost evwerything on propping too-big-to-fail zombie corporations, thereby slamming the door on leaner & meaner competitors that could have stepped into the void.

I do wonder where the talking heads get their kool-aid. I want some!

We don't see any improvement, at all. All in line with your summary.
By the way, the forecasted retail order book for December is 4% below 2008. In value terms it is about 8% below. So fewer purchases around the holiday season using much fewer dollars.

At LSTA (Loan Syndication and Trading Association - i.e., the bankers directly involved in the ticker), quick survey:

The recession is over, on the road to pre-crisis levels - 2.63%
The recession is over, but in for a long process of modest recovery - 52.63%
Will remain in poor condition - 18.42%
The worst is not behind us - 15.79%
Another economic meltdown is forthcoming - 10.53%

The last category is extremely telling.....

Wouldn't all this lying cause the market to tank faster than it has risen. If I were a trader who just bought recently based on the improving economy, I would pull out pretty quickly seeing this information. Thank goodness I have been following you Gen to see through the lies. I am looking for a pretty quick pullback.

They had an opportunity last fall. They kicked the can. And now it will be worse.

The look on LIESman's face was priceless. He couldn't figure out why the numbers were so lousy.

Wolfpack if your greedy enough nothing will stop you from investing.

My brother in law told me last night that he was going back into mutual funds in his 401(k) today, after riding out the past six months in cash.

Yes, he went to cash at the bottom, and is now going long again.

The public has bought into the idea - or wants to buy into the idea - that the economy is improving. They want to go out and spend again. This is not going to end well.

But what about the second derivative? </sarcasm>

Tsberts: I've had 3 friends do the same in 401k's once the S&P was over 10xx

Yep, confirmation that hype, hope and ignorance have been the market propellants since March.

If you believe the hype, share the hope and ignore the fundamentals go ahead and have at it.

I posted yesterday that durable orders were sandbaged.
With respect to last month 5.1 expectation was for 0.5
Oh well they even missed that by wide margin.
Considering this was august and don't have to tell you what part of the year preparation is that for.
I am affraid to see the oct/nov
With all of that and rimm the jewel down $13 from yesterday closing, futures are down just a little
I think the new home sale number worse than expected, will send another green shoot buying spree to wall street.
Dow only down 120 point for the past two days, after any pause for the run that it had, everyone looking to buy the famous dip again

LIEsman saying one bad point doesn't make a trend, the last two months were up

Can someone show a link to the 8:30 segment to cnbc with Liesman? I missed it. Im dying to see his face.. Thanks

Quote:

LIEsman saying one bad point doesn't make a trend, the last two months were up

I heard that as well, and immediately woke up my neighborhood with laughter.

He's the same guy who always claims that one piece of good news "could be starting a new trend."

****ing assclown.

Any predictions as to how many retailers go under after Christmas?
I know I my own gift giving plans are Amazon gift certificates, if I give anything at all...

Walmart will go under.

Quote:

They want to go out and spend again

Like I've said before, you're talking about a "born into", ingrained mentality people have. Of course they want to spend, they are dying to spend. In fact, I'm withholding temptation myself...I miss a little retail therapy. But gotta stay strong.

Quote:

Any predictions as to how many retailers go under after Christmas?

Christams will be a last hoo-rah. It's 2Q earnings that are to be worried about.

Quote:

Walmart will go under.

Walmart is the epitome of "Too Big to Fail"

If Walmart fails, it will have a bigger impact on the day-to-day lives of more Americans than any other single firm.

And please, please, don't give gift certificates to anyone for Christmas. I predict there will be a lot of worthless gift certificates in Americans' hands on January 30, 2010. On top of that, gift certificate sales just help retailers kick the can a little longer. Starve the beast: spend your current gift certs, buy necessities and hard goods on sale, use coupons and rebates.

I think I will just stick with amazon for my holiday shopping.

Thanks again Karl, even the so called "doom and gloom" bloggers like Marc Faber et al have been calling a recent bottom. I still don't see it, but hey what do I know?

If the economy is getting better, call your local animal shelter and ask how many empty kennels they have. Interesting article here in the twin cities yesterday about how things keep getting worse for them, and at an increasing speed.

Regifting, anyone? ;)

This link of Liesman is Priceless. I will add this to my video folder side by side with my Ernest Borgnine and " Educational" videos.. Thanks