Does anyone understand this nonsense?
The Stock Market is up. Oil is up. Gold is way up! Where's the catalyst? Where's the money coming from?
People, nationwide unemployment is almost at 20%. Yes, I meant to write 20%, not the bogus 10.2% figure quoted by most in the media and government. With so many folks out of work there has to be less money floating around to buy things. Remember, even the Cash for Clunkers and First-time Home Buyer tax credit is not an influx of cash into the market. They are an increase in the indebtedness that we cannot pay back.
Many economists already predict that there will be massive repossessions within six months, in part because the fools who fell for the Clunkergate did not realize how much their insurance would go up for a new car versus the more than likely liability coverage they carried on their paid off clunkers. This only adds to how much they will have to fork out to keep paying on their new car. Not to mention that they still need to pay their rent/mortgage, put food on the table, and gas in that car.
Recently it was reported that home buyers are already in arrears for homes they bought just this year. Come on, we're gutting ourselves here! Mark my words, if we don't stop this keeping-up-with-the-Joneses mentality our world is going to come crashing down hard and fast.
Things are very bad, folks. Very bad.
Still, the consumer robots are running around to all of these so-called Bleak Friday sales (yes, you read right). Buying flat screen TVs because they can, because they want one. I guarantee you these same folks have a perfectly functioning CRT TV in their homes right now. What are they going to do with that? Read one of my earlier blogs to get the gist of how I feel about HD and all that. My CRT TV happens to be over ten years old. I will NOT buy a flat screen TV until I absolutely have no choice. Yes, that means my CRT TV will have to go out completely. Dead. Kaput.
I spent today with family thankful for them and only them on this Thanksgiving Day. I am not thankful for my government, I am not thankful for the greedy and selfish among us, and I am not thankful for the apparent stupidity that is working to destroy this the greatest nation on earth.
Gold at 1200. Please!
