WE HAVE HAD THE HAPPY FACE AND HAPPY TALK PHASE OF THE ECONOMIC DEPRESSION...
NOW IT'S TIME FOR THE SECOND PHASE... A BIT OF GRIM REALITY IS GOING TO BE COMING BACK TO THE MARKETS STARTING NEXT WEEK...AND FOR THE REST OF THIS SUMMER OF OUR DISCONTENT.
THINGS ARE FAR FROM RIGHT...OR OVER....EVERYONE KNOWS THAT...
WE HAVE ALLOWED THE FED, THE TREASURY AND OBAMA TO DO A "VICTORY LAP" JUST TO RESTORE "HEADLINE" CONFIDENCE....AND HAVE THEIR "HONEYMOON" ....
BUT THE REAL PROBLEMS HAVE BEEN IGNORED MIGHTILY BY THE STREET AND WASHINGTON.... RECORD UNEMPLOYMENT...THE MASS BANKRUPTCY OF THE STATES...THE DUAL DEFICITS WHICH WE NEVER TALK ABOUT...AND THE PHONEY BALANCE SHEETS OF THE BANKS AND BROKERS...
NOW COMES THE HARD PART...
THE FIRST PART OF THE CRISIS IS OVER... AND WE MANAGED TO BULLSHIT OUR WAY THROUGH IT...
BUT WE'VE BEEN BULLSHITTING FOR NINE MONTHS...!
AND THE DEEP STRUCTURAL PROBLEMS ARE STILL GETTING WORSE NOT BETTER...
THE HYPER-LIQUIDITY PHASE IS OVER... THE BUBBLE IS BACK...
THE DOLLAR IS DOWN...BONDS ARE CRASHING...AND GOLD AND OIL ARE A MOONSHOT...
THE "JUMP AT THE PUMP" WILL HELP FOCUS AMERICANS ARE THE REAL PROBLEM...
THE US ECONOMY IS A FAKE...A FRAUD...A PONZI SCHEME... AND YOU JUST CAN'T BULLSHIT THAT AWAY...
MY HUNCH IS THERE IS A 1000 POINT GIVE BACK LOOMING FOR THE DOW... AS REALITY SETS BACK IN ON WALL STREET AND IN WASHINGTON...
AND THE CALIFORNIA AND STATE BUDGET DEBACLE WILL BE WHAT BRINGS THIS HOUSE OF CARDS AND PLAY MONEY DOWN...BEFORE THE END OF JUNE.
