Sentinel

Obama to Automakers: Ultimatums with Teeth

And what a damn shame that it took a Socialist Democrat to finally say to these giants of corporate capitalism no more coming to Uncle Sam with your hand out for taxpayer money. Let the marketplace be the judge.

Only reinforces the PRECEIVED....let me repreat.....the PRECEIVED notion that Obama and the Socialist Democrats are better at policing out of control, rapacious capitalism than the Republicans.

Exclusive: Big Banks' Recent Profitability Due to AIG Scam?

Yep, and all you idiot Cornucopians who started this sucker's rally will see going into the "Summer of Hell" that the Banks are STILL just as insolvent as before as their REAL profits become non-existant when the bailout money dribbles to a close as AIG gets completely nationalized.

Or mass unrest insues when the bailout of the Banks through AIG continues unabated and we finally wake up and realize the continuance of the scam.

Either way.....Dow 4000 or less here we come.

The Geithner Plan FAQ

Viverus burped out this comment above...

"i don't understand why everybody is so negative... really. so what, economy is down 5-6% and unemployment is 11%. so what? i tell you it's only in the near-longer term is making the economy more efficient and productive. as to people who "lost" their jobs let them retrain and do something useful with their lives. trust me qualified workers they don't lose jobs, when they do, they get even better ones."

Yeah....lots of people are retraining as we speak.....at Hamburger University. They're really useful to you as you pull away with your minivan full of Whoppers.

Oh...hope you are one of those "qualified" workers you mentioned. Better yet....you had better hope that YOUR BOSS thinks you're a qualified worker AND getting paid less than what YOUR PEERS in the OTHER COMPETING CORPORATION are getting paid AND YOUR CORPORATION IS NOT DOWNSIZING BECAUSE THEY ARE FAT AND LAZY COMPARED TO YOUR COMPETITION!

Otherwise you could be as qualified as anyone and still be fired to make room for some snot-head out of college who will work for peanuts and be a part of a much smaller benefit package because YOUR COMPANY thinks you're more a "QUALIFIED COST" than an LOWER OVERHEAD ASSET.

Then I'll see you after YOU graduate from Hamburger University.

Yes....I WOULD like fries with that !

The Geithner Plan FAQ

This FAQ is absolutely correct and factual...........

If....and only if....you believe that.....

1) The Best Possible Scenario (BPS) economically plays out and the dreams of the Cornucopians of another Bull Run for 2 decades occurs after we come out of our "downturn" (thanks to Bush The Stupid for that moniker) sometime at the end of 2009-early 2010.

2) The Fed can reabsorb the 10's of trillions of dollars they have only begun to pump into the economy to fight off deflation....that is to say.....to bribe investors to buy stocks in distressed companies instead of letting them go bankrupt and to outright buy toxic assets that most if not all SMART companies are not touching with a ten-foot pole and a suite of lawyers.

3) The money "We The People" will make either at the end of maturity or at the time of sell will be worth anything if the Fed CANNOT REABSORB the ten's of trillions of dollars they are pumping....printing...... the economy.

4) The Obama Stimulus.....The Obama New and Improved New Deal.....The Obama 2nd Stimulus.....The Obama Grandfather Clause Bonus Claw-Back....The Obama Health Care Takeover....The Obama National Energy Overahul.....The Obama Tax Hikes.....The Obama 3rd Stimulus....etc..etc..... will NOT Bankrupt the Nation and will NOT convince the Chinese and any other country who holds our debt to unload our Treasuries like a bad case of the runs when it is finally on the front page of every newspaper that the National Debt (at least the Debt that is "officially" trotted out for publication) has finally reached parity or is more than that year's GDP (in 2007 GDP was 14.5 trillion and Federal Debt was @9 trillion....it is now 11 trillion and climbing with a bullet and we ARE DEFINITELY NOT making 14.5 trillion this year or years to come. PLUS we are already at 350+% over GDP if you really do an honest accounting of the ENTIRE debt which comes to 88 trillion....this according to the President of the Dallas Fed....and we will DEFINITELY reach 100 trillion before Obama either leaves peacefully or is ousted due to a special recall vote.

5) The Government can actually orchestrate all of this in a better manner than the market or the private sector (And by the way, I'm no fan of the "market"....the psychosis of the Wall Street Whores and the lazy idiocy of us..."We The People"... proves to me we are screwed either way...just we will be screwed with no KY by the Gov.)

So....yeah....this will work itself out just fine if you can believe all the above and wash it all down with a glass of El Don chasing a Qualude.

Will IBM Use Sun to Counter Client Computing Competitors?

Thomas Gordon above said....

" I don't know why everyone is obsessed with StarOffice. IBM has Lotus, why would they do anything with staroffice? Microsoft won the desktop tools contest for any group of customers that matters, and until whole new devices come out that make Microsofts desktop tools obsolete that isn't going to change. "

Not exactly true. After IBM dropped development of Lotus Smartsuite, they have begun development of a new open-sourced suite known as Lotus Symphony......which is nothing more than a gussied-up version of StarOffice or what is also known as OpenOffice (StarOffice is what you get when you buy support from Sun....OpenOffice is the free version with no support).

Now they will own the code lock stock and barrel....if the deal goes through. There will be some interesting ramifications particularly if IBM were to integrate Sun's JAVA more fully than even Sun has done in Symphony/StarOffice/Op... A full blown cloud version of this would be interesting.

Why Chrysler Represents the Ills of the New America

" Business believes the biggest profits go through sleight-of-hand – We have entered the wacky Bizarro world of business. Profits are no longer generated organically but through trickery and balance sheet manipulation. Cerberus represents the new way forward where you make money manipulating, not making things. "

That statement should be nailed to the door of everyone of the SOB politicians who wake up every morning thinking of some new way to help businesses offshore our one time best of class manufacturing and to the doors of everyone of the Cornucopian Globalist shills at CNBC, Bloomberg, et. al. like Luther's 95 theses.

This article cuts like a laser through butter.

Excellent... and so terribly true.

Preview from Europe: The Horror Show's Alive and Well

Yes the horror show continues. It's the fact that 400 trillion dollars of derivative asset valuation takes a long time to wash out of the system. And government intervention makes it worse and longer.

And it couldn't be a better director than Sam Raimi. Looks like he is finally returning to his horror film roots with "Drag Me To Hell". The old hag even looks a little like one of his zombies from the original "Evil Dead" movie which launched his career and eventually took him to the "Spider Man" franchise. The first "Evil Dead" movie is still one of the most disturbing films ever made. Glad to see him take on the "hell" that is the world of mortgage finance.

Although I would have explored another title for the movie. If you literally translate the word "Mortgage" is means.....

Death Pledge

Citigroup: Will Pandit's Optimism Lure Investors?

Yeah....

Lure them to their doom if they are not careful.

I've got more negative comments when I express how the banks are insolvent and the recovery will not show up for at least a year if not two because of the other shoes to drop like continuing foreclosures partcularly in the Alt-A and Jumbo market and eventually Prime, consumer credit that is cratering and the National Layoff Festival that is continuing apace.....

Well, search my comment stream after you guys get a load of this and see if you want to vote negative again.

(UBS) revises up its 2008 net loss to 20.9B Swiss francs ($18.06B) from 19.7B francs to include a large U.S. tax fine and extra writedowns. Earnings "remain at risk for some time to come" on exposure to "illiquid and volatile markets."

Goldman cuts American Express (AXP) to Sell from Neutral, adding shares to its Conviction Sell List. "Consumer credit seems to be deteriorating by the day," it says, noting delinquencies at AXP are accelerating relative to the broader industry. AXP -6.7% premarket.

Completed foreclosures surge to a new crisis high of 122K, up from 73K in January, according to Foreclosure.com. Pre-foreclosure filings also struck new highs of 208K, from 167K in January. "Many homeowners are in trouble and rising unemployment continues to threaten to intensify the problem."

This should be enough to start the convincing process for most of you that what he have setting up is a sucker's rally.

You Cornucopians.....well.... continue to go all in.

When Unemployment Peaks, The Bottom Should Follow

You had better hope to God that peak is just that and not a plateau.

I've been unemployed since May of 2008.

If I am anywhere indicative of the time it is taking laid off people to find work again, then your bottom will be flat and long.....like an L.

Has the U.S. Layoff Trend Turned?

It's not JUST about the number of layoffs.

Just like the time it takes to sell a home has increased to 13 months, how long are these laid off people STAYING unemployed?

I've been unemployed since MAY of 2008! I have 14 years of retail sales and management experience and 10 years in the television industry including 5 years as a weatherman. I've put in over 500 applications.

And take a read of this story of the janitor position at a local school in Perry Township, Ohio.....

700 HUNDRED APPLICANTS AND COUNTING !!

www.cantonrep.com/news...

This is why I tell folks who tell me that there are lots of jobs out there...."Sure, but there are MANY, MANY MORE people than there are jobs. Just like you have never won the lottery in Florida not because you don't play a lot, but because the odds are millions to one."

2009 Depression Will Be Nothing Like 1929

Jeez, this guy was so close......

Yet this Cornucopian is still not ready to totally give up the Cornucopian Lie.

He correctly calls this a Depression. And yes it is not like any other Depression.

BUT.... then he goes on to quote two of the ol' sawhorses that Cornucopians trot out....

WE HAVE TECHNOLOGY AND SMARTS!!!!!

Well....that's precisely why this Depression is happening and happening so quickly. We thought we were smarter and invented ALL kinds of magical ways to sell debt as if it were gold AND our technology is increasing the speed in which everyone is learning that the Economic Emperor has no clothes.

And to joshuaodonell above....

Even during the Great Depression the majority of people had jobs and homes. Please do yourself a favor and educate yourself a little about the Great Depression and the Long Depression of 1873.

The Rally, When It Comes, Will Be a Doozy

Oh yeah!!! WOO-HOO! BIG BOUNCE COMING!!!!

Sure, we could see a sucker's rally to 10,000.

Then the wheels fall off to 2000 when everyone sobers up and realizes that in 2010, even more Alt-A's are going to explode, the 10 miilion people unemployed are still looking for work, unemployment benefits (for those states that still have any without asking for more bail-out money) will be running out for people who have exhausted EVEN their extensions and still can't find a job......

<DEEP BREATH>

AND.....We continue to run 1 trillion dollar deficits, the dollar starts to look like a banana starting to go bad, Chrysler is gone, GM is gone, 401k's are shredded, pensions are being tapped into by desperate states, insurance companies are going under due to CDS's (let's not forget Hurrucane Season....State Farm hasn't....that's why they bailed on Florida).....

<DEEP BREATH>

AND.... Banks continue failing because of default rates in consumer credit like credit cards and car loans, banks are failing because they still have 100's of billions of dollars of houses they can't unload, banks are failing because they still haven't washed 400 trillion dollars of derivative valuation out of the system.....

<DEEP BREATH>

AND....Obama is still pushing Socialism

Obama is still pushing Socialism.....

DId I forget.....Obama is still pushing Socialism.

The Republicans still have their thumb firmly implanted in their Wall Street Whores' asses and still don't have a vision for America.

Sure! LET THE RALLY BEGIN! Let's ZOOM back to 14,000!!!

And as soon as we do Peak Oil rears its ugly head (you thought oil just magically refilled itself in the ground because it's at 30-40 dollars a barrel?) and we grind to a halt yet again as it reaches 150/barrel yet again.

Let's Party Like Its 1999 !!!!




















<DEEP BREATH>

AND....Larry Kudlow is still planting mustard seeds, AND Cramer is saying "BUY, BUY, BUY!!" my new book, and the realization that Medicaid is broke (at least on paper) by 2014 at the latest and the total Federal Debt has reached 100 trillion dollars (if you do real accounting and not hide Social Security, Medicaid, VA Benefits, Gov. Pensions)

Daily Pundit on the Dodd $500B FDIC credit line bill: "If an appendage of the banking industry like Chris Dodd is being instructed by his owners to increase their credit line by 1700% (!!!), it’s a dead (pardon the term) giveaway as to what shape the bankers think their businesses are in."

As I have said for weeks and weeks, the top 20 banks in this country are insolvent.

There was 400 Trillion dollars in derivative valuation. If just 5% of that was real, (and that's a VERY low ball estimate) then that's 20 trillion dollars.

That's more than the total assets of the top 20 banks combined.

Let's say that 20% percent was real (that's 20 CENTS for each dollar) then that's 80 Trillion dollars.

That's about the valuation of the ENTIRE WORLD'S STOCK MARKETS COMBINED.

Ol' Dodd and Gang(sters) in Washingtonland know the score. So does the FDIC.

Look for another bail-out before the end of the year.

U.S. Mortgage Delinquency Rates Setting More Records

Whoop de doo!

Sub-prime MAY be abating (don't count on it) but what about all those no-doc alt-A's and the Jumbos?

Tsunami II is coming! We have 4 more years of crap mortgages to go (the wave should peak around 2012-13).

Alt-A's are much larger percentage wise than even sub-prime. And with the economy headed for depression look to Prime mortgages to start failing as well because of the National Layoff Festival.

Preview from Europe: Stocks Go Cliff Diving Again

Yeah....

But are the stocks wearing those cute little Speedos?

That Daily episode where he rips apart CNBC with their own "experts" own words is absolutely priceless!