Market Update: Averages close lower…
We gave some back, naturally, after yesterday’s big gain…no bombs dropped in the hearing today with Geithner and Ben, I think markets are holding their breath and waiting to see what the ‘tone’ of TOTUS address tonight is as well as what direction the Crazed Critters and the Crippling Budget take..
IMO they are going to try to push this cap and trade through – TOTUS loves him some green, he sees it as his legacy, LOL, 65 days in, economy in the shixxer and TOTUS is going to kill all production to burnish his future statuary….
DOW closes down 115 to 7660
S & P down 16 to 806
NAS down 39 to 1516
GLD pulled in quite a bit in two days, down 26 today to 925, almost low enough for MiM to pull the trigger again;
MiM mantra is that everyone should have some insurance in their portfolio in GLD either via an ETF or physical shiny stuff in your safety deposit box…we are more conservative than most in that we want 20% in GLD but surely no one is denying you need to have some GLD at this point…hey dont call me shirley..
MiM will NOT be watching TOTUS live, LOL..we will cover the reviews manyana..We do not want to be exhorted to do our part and be a bridge over troubled waters after they lambasted executives last week….or hear the calls to tax all carbon or cost contain medical treatment..not after the CBO estimates, it’s completely irresponsible to stick to this budget plan and they know it….frakkers
Marty Feldstein was all over it again today..suggesting recession will last well into 2010, which is the MiM call, Yeah I’m a negative Nelly so sue me….
The recession in the United States will stretch well into next year, probably raising the need for another fiscal stimulus package at least as large as the first one, prominent economist Martin Feldstein said on Tuesday.
Feldstein, a Harvard University professor who is a member of President Barack Obama‘s Economic Recovery Advisory Board, told Reuters that the stimulus would offset only a relatively small piece of the likely fall in spending, exports and construction.
“I’m afraid that the economy will continue to slide down well into next year,” Feldstein, a former head of the National Bureau of Economic Research, said in an interview in Beijing where he was attending a conference.
“I don’t know when it will end, but the forecasts that it’ll end later this year I think are too optimistic,” he said of the recession…..
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