Quote from Pa(b)st Prime:
As often you're totally correct. This is a BIG one to get right gnome. The media is ridiculously complicit. How many "just like 1929" stories have you seen the past week. It's NOTHING like 1929!
1.We ALREADY had the GREAT CRASH. It was 2000-2002. Anyone thinking this will be an identical repeat will be WAITING IN VAIN.
2. I haven't noticed depository banks closing, soup lines, folks jumping out of windows, increased apple carts on street corners.....
3. Last night 36,000 people watched a meaningless late season baseball game in beleaguered Detroit Michigan. Trust me: In 1931 American sports teams weren't playing in front of sold out crowds.
4. This is the 1970's. Nothing new but the dollar amounts are bigger. So is the wealth bigger.
5. While many have been hammered MOST of America is chugging along as usual.
6. I hope I get a bunch of ET losers arguing with me, calling me stupid ect. Last week you guy's gave me perfect cover to make 27k in about a half hour on a puny ES long.
1) That was not a crash. It was cleaning the idiots out of the market; said idiots those who paid 300xE for junk companies.
2) They're closing. Open your eyes. Food pantries across the nation are out of food because of increased demand. Tent cities are popping up. Suicide is way up from people loosing everything. Never heard of an apple cart.
3) Detroit is still an incorporated American city? Wonder how long that will last!
4) I agree there is more wealth then in the 1930's or 1970's. More wealth means the welathier have a greater chance to survive. But to the naive uneducated consumer who read an advertisement for a $250k mortgage with 0 down and $400/ month, he will never have credit again. Those are the "main street" people we're talking about - working class people victim to Wall Street - not Rodeo Drive where the poodle gets one less manicure per year.
5) Most = >50%. I think we all agree MOST people are chugging along paying $4 for a gallon of gas under the Bush Empire. Just hope MOST people don't want to buy a new house - because credit is a thing of the past.
6) I'm not calling you stupid. I just think you're a diehard republican defending your party and also a person who is unaware of what is really going on in the lives of working class Americans - our neighbors, families, fellow countrymen, all because of the Republican greed, deregulation and Wall Street greed. I nailed that reversal last Thursday and rode it Friday too. Sounds like you did a similar trade. Seems we paid $T's for a 1.5 day rally. Equitable? I don't think so.
A year ago I was shorting everything. All my friends & family were calling me chicken little while they were still long in the markets. They were asking if I had become a "converted bear" and asked when I would be going long again. I said when we cut 50% off the snp and they laughed and said it could never happen. Now most of them are done and I'm doing better then ever. Is this how I prefer to make money? Absolutely not. I would much rather make half as much while my fellow countrymen are fully employed, able to send their kids to college, and having plenty in their pension accounts. But we have what we are dealt by those whom we elect and by those whom influence those whom we elect. Our choices are to live with it or leave. And I have considered leaving. It's disgraceful what condition this country is in relative to what Bush inhereted.
lol. 