The market was slammed to the mat again today. Although the market was down big early, it fought valiantly to get back up; but when Mr. Market gave up his back, the bears put a choke hold on him to end his day. The market closed on the low.
You may wonder - What is causing this weakness? OK, not you - but your friends and family members are wondering this. Of course the main reason is that the entire rally was a faux rally - a bogus move fueled entirely by government spending and thus does not have legs. There is no long lasting growth when the government manipulates the markets. So...what was in the news today?
Leading economic indicators were worse than expected. (Economists are wondering how this is possible since they drank the government kool-aid so many months ago.)
Weekly jobless claims increased - again. (Economists are wondering why this is STILL HAPPENING. They drank the government kool-aid and believed all the drivel).
Europe is falling apart. (Economists are wondering why this is happening. After all, they announced a $1 trillion Keynesian bailout of their banks and other debt.)
South Korea will formally accuse North Korea of destroying their navy ship that blew apart a few weeks ago. If so, North Korea says its WAR. (Idiot economists wonder why the Koreans don't spend 10 to 100 their incomes and just be happy.)
Global central bank currency manipulation failed miserably today after the $1 trillion announcement failed. (Economists wonder why the governments aren't winning and are getting depressed.)
MASSIVE Federal Reserve currency swaps - using your dollars to bailout Europe - went down in flames today. (Economists wonder why the kool-aid isn't working.)
BUT DON'T WORRY FOLKS; TAX-CHEATIN-TIMMY IS GOING TO EUROPE TO SET 'EM STRAIGHT. HE'S GONNA GIVE 'EM MORE KEYNESIAN RELIGION.
Pfheeeew - we're all saved now. I feel so much better.
May 20 (Bloomberg) -- Treasury Secretary Timothy F. Geithner will visit Germany and the U.K. next week to discuss the European debt crisis, the Treasury Department said today in a statement in Washington.
Geithner “will meet with European officials to discuss the economic situation in the region and the measures being taken to restore global confidence and financial stability and to promote continued recovery,” the Treasury said.
Geithner’s trip to Europe will follow his visit to Beijing for the U.S.-China Strategic and Economic Dialogue, the Treasury said. He will meet with U.K. Chancellor of the
Exchequer George Osborne in London on May 26.
The same day, Geithner will travel to Frankfurt to meet with European Central Bank President Jean-Claude Trichet. The next day, he will meet with German Finance Minister Wolfgang Schaeuble in Berlin, before returning to Washington.
Behold the age of infinite moral hazard! Today is the 413th day of legalized accounting fraud on a grand scale. April 2nd, 2009 was the day CONgress forced FASB to suspend rule 157 in favor of deceitful accounting.
Trade well and follow the trend, not the so-called “experts.”
Trade well and follow the trend, not the so-called "experts."
