Its (still) the economy, stupid.

[allvol123]

What is worse than the economy? The media coverage of the economy, that is what. These people are ridiculous. I really don't watch his show but do manage to stop on it for a few minutes while scanning channels sometimes, Bill O'Reilly. What a fool! He had some economic guests on and was asking(suggesting) if the public should be selling their stocks and getting out of the market. What a buffoon. He even said that even though he was wealthy enough not to be impacted by high gas prices, he is driving less because he is just "mad at those people". Terrific reasoning, idiot.

[oklavol]

No one is exagerrating the state of the U.S. economy. Just look at these headlines from this past week alone:

*Largest Bank Failure in U.S. history
*The dollar a record low against the Euro
*Oil prices at an all-time high
*Looming 5 trillion bailout of Fannie Maye
*General Motors for the first time in more then 80 years is not paying a dividend on it's stock, and announces more layoffs, plant slowdowns.
*Looming 90 trillion shortfall in social security

[allvol123]

Originally Posted by oklavol

No one is exagerrating the state of the U.S. economy. Just look at these headlines from this past week alone:

*Largest Bank Failure in U.S. history
*The dollar a record low against the Euro
*Oil prices at an all-time high
*Looming 5 trillion bailout of Fannie Maye
*General Motors for the first time in more then 80 years is not paying a dividend on it's stock, and announces more layoffs, plant slowdowns.
*Looming 90 trillion shortfall in social security

Ummm...actually...that is exactly what they are doing with some of this.

I did not hear one peep about oil dropping yesterday and Droski has repeatedly told you it is not a 5 trillion dolalr bailout, but you like the media, love telling everyone how it is. Chicken Little.

[droski]

Originally Posted by allvol123

What is worse than the economy? The media coverage of the economy, that is what. These people are ridiculous. I really don't watch his show but do manage to stop on it for a few minutes while scanning channels sometimes, Bill O'Reilly. What a fool! He had some economic guests on and was asking(suggesting) if the public should be selling their stocks and getting out of the market. What a buffoon. He even said that even though he was wealthy enough not to be impacted by high gas prices, he is driving less because he is just "mad at those people". Terrific reasoning, idiot.

I tend to agree. i've had way too many comments from clients saying "i heard on foxnews/cnn/whatever that you are going bancrupt." and then when you rationally explain to them that they are wrong they assume you are blowing them smoke up their butt. all this is doing is freaking out the average person. and the fact is that anyone who has bank stocks better not sell them now since i'd say there is a very good chance they are selling them right at their lows. O'Reilly has been downright horrible. Particurally his idiotic stance on the oil companies.

[oklavol]

Originally Posted by allvol123

Ummm...actually...that is exactly what they are doing with some of this.

I did not hear one peep about oil dropping yesterday and Droski has repeatedly told you it is not a 5 trillion dolalr bailout, but you like the media, love telling everyone how it is. Chicken Little.

5 trillion is the amount of debt Fannie Maye has. No one is saying it's all bad debt, but it is still the amount the govt will have to assume if they decide on a takeover.

Those headlines are factual, they are not exaggerations or misrepresentations. Which ones are not?

[droski]

they don't say that though. they say the govt may have to have a 5 trillion bailout which is just plain wrong

[myrobbins7]

Originally Posted by droski

I tend to agree. i've had way too many comments from clients saying "i heard on foxnews/cnn/whatever that you are going bancrupt." and then when you rationally explain to them that they are wrong they assume you are blowing them smoke up their butt. all this is doing is freaking out the average person. and the fact is that anyone who has bank stocks better not sell them now since i'd say there is a very good chance they are selling them right at their lows. O'Reilly has been downright horrible. Particurally his idiotic stance on the oil companies.

I couldn't agree more about O'Reilly..Hey Droski I was going to avg. down a little in the next hour of trading on "C". I think it's kind of hard to go wrong here. What's your take?

[allvol123]

Originally Posted by oklavol

5 trillion is the amount of debt Fannie Maye has. No one is saying it's all bad debt, but it is still the amount the govt will have to assume if they decide on a takeover.

Those headlines are factual, they are not exaggerations or misrepresentations. Which ones are not?

They are completely exaggerated. They are meant to be sensational and make the average consumer think, "oh no..the government needs 5 trillion dollars to keep this thing afloat".

As I said, I did not hear one outlet mention oil falling yesterday. Fear sells better.

[droski]

Originally Posted by myrobbins7

I couldn't agree more about O'Reilly..Hey Droski I was going to avg. down a little in the next hour of trading on "C". I think it's kind of hard to go wrong here. What's your take?

buying the banks IMO is not a matter of price, but time. C and BAC are at ridiculously low valuations, but the fear is such that they could easily continue to drop. Smith Barney just by itself is probably worth more than Citi's current price. I think the banks and tech like CSCO and INTC are near their bottom, but i'm not convinced they wont drop further. I haven't seen the typical indicators in the market that show a bottom (i.e. mutual fund outflows, spike in the VIX), but i do think if you bought those things a year from now you would be happy you did so. Did I hedge my bets enough?

[myrobbins7]

Originally Posted by droski

buying the banks IMO is not a matter of price, but time. C and BAC are at ridiculously low valuations, but the fear is such that they could easily continue to drop. Smith Barney just by itself is probably worth more than Citi's current price. I think the banks and tech like CSCO and INTC are near their bottom, but i'm not convinced they wont drop further. I haven't seen the typical indicators in the market that show a bottom (i.e. mutual fund outflows, spike in the VIX), but i do think if you bought those things a year from now you would be happy you did so. Did I hedge my bets enough?

Thanks...

[myrobbins7]

Ok Droski thanks man..My order was filled this morning for 1,300k "C" @ $15.10 and I just sold 1,300k @ $16.05 about 10 mins. ago. Made me a little lunch money for today. Do you think it will pull back tomorrow and play this game again? TIA.

[lawgator1]

Originally Posted by myrobbins7

Ok Droski thanks man..My order was filled this morning for 1,300k "C" @ $15.10 and I just sold 1,300k @ $16.05 about 10 mins. ago. Made me a little lunch money for today. Do you think it will pull back tomorrow and play this game again? TIA.

Uh .... 1,300k is 1.3 million?

[BigPapaVol]

Originally Posted by oklavol

No one is exagerrating the state of the U.S. economy. Just look at these headlines from this past week alone:

*Largest Bank Failure in U.S. history
It was absolutely not the largest bank failure in US History and it was precipitated by a Dem Senator being a complete nimrod. Moreover, the do gooder crowd forcing loans down the banks' throats with garbage like CRA and risky mortgages is effectively death for big thrifts in downturns of this nature. Largest is also in a nominal dollar comparison, not an real dollars. This downturn is projected to see roughly 150 banks fail. The last one saw 800+ banks fail. Single large banks failing are nowhere near as problematic and large numbers of smaller banks failing.
*The dollar a record low against the Euro
that's a mighty large sample you have from which to call something a record. It's akin to me recording my high score after one game and calling that a record.
*Oil prices at an all-time high
Bubble gum is at an all time high as is per capita income. Why is that not one of your "headlines?"
*Looming 5 trillion bailout of Fannie Maye
This is an outright lie. There is no $5 trillion bailout of anything happening. The GSEs are paying the piper for providing massive liquidity into the home mortgage market. Much of that liquidity needed to be curtailed long ago, but the universal home ownership bug is rooted deep in the clowns running those shops.
*General Motors for the first time in more then 80 years is not paying a dividend on it's stock, and announces more layoffs, plant slowdowns.
This is because their piss poor management and bowing to unions over the past 40 years is finally coming home to roost. They have been uncompetitive for years and this is the eventual to all companies unwilling to innovate and adapt to the market forces that dictate in their space.
*Looming 90 trillion shortfall in social security
this one might have some legitimacy, but I'm not doing the homework to prove your lunacy. Sounds like a massively inflated number, but either way, cut the program back and tell people to expect to fend for themselves when they reach 75.

This garbage was not remotely fact. A 5 trillion bailout and 90 trillion shortfall are pure conjecture. The rest of the headlines were little more than sensationalism that used to sell papers.

[VolByBirth]

Originally Posted by BigPapaVol

This garbage was not remotely fact. A 5 trillion bailout and 90 trillion shortfall are pure conjecture. The rest of the headlines were little more than sensationalism that used to sell papers.

Dead on. It's all about the dollar (and I don't mean the value of it)....I'm talking about profit (or lack thereof). In a time when we have so many news outlets they've resorted to sensationalism to try and win readers. The irony behind distorting or misleading information to lure in more readers is biting.

[droski]

Originally Posted by myrobbins7

Ok Droski thanks man..My order was filled this morning for 1,300k "C" @ $15.10 and I just sold 1,300k @ $16.05 about 10 mins. ago. Made me a little lunch money for today. Do you think it will pull back tomorrow and play this game again? TIA.

i think we will see a pullback tomorrow but who knows. lots of short covering near the close.