"We're clearly in some sort of liquidation phase. It's broad mass liquidation. It's selling regardless of value, regardless of net worth."
- Eric Cinnamond, Intrepid Capital Funds, November 20, 2008
"The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king."
- Manias, Panics and Crashes
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16 comments:
Jim Rogers has been SCREAMING this in every interview for months and all the talking heads can manage to ask him is, 'so when we will hit bottom" and "what are you doing with your money now".
Jeezus, this MSM news media is worse than Hitler-Goebbels in '39.
Ride it all the way into the ground, fools.
America, turd world nation of nothing.
DIE U PIGS
Here'the only answer you need to know.
It's called the Bernanke-Paulson-Greedspan-Bushco method and it will become the satndard by which all others are compared with...
http://www.youtube.com/watch?v=Q52peCKBLLQ&ref=patrick.net
DIE U PIGS
What happened to....
Aww... Screw it, we're toast?!?!
I guess it is a new day or something?
C Stock is already down to 3.70 today.
Are they going under or something?
Financials worth pennies or nothing?
This market is sooooo crazy.
Peter Schiff was on Fast Money last night.
He said we are going to keep going down.
Meanwhile, Gold is up over $30 at 10:30 am EST.
Keith,
I told you were still in panic, but you refuse to believe it. Now do you believe?
Deflation Poses New Economic Threat(!!!)
Yes, it is certainly terrible to pay much less for everything.
Unless, of course, you owe a big sum and now have to pay it in more valuable currency.
Witness the contempt for the saver.
But, but but, Gregg Swann is giving away free blogs now. Doesn't that mean we're on the road to recovery?
How much 'fictitious wealth' did the housing/ emerging economy / derivative BUBBLE?
Was it $2 tr or $62 tr?
Nobody knows, but the bottom hasn't been reached until the phoney paper wealth is gone.
Smart policies, like dropping cash on consumers now, will make that bottom occur sooner.
The bailout was a bailout to selected Big Bank elite millionaires, to escape the Free Market lesson they deserve for taking on too much risk.
RE: "The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king."
Not so fast!
Won't President Barack Obama come to the rescue with The Change We Need? Hasn't our new president promised to save America?
Yeah, right!
It looks like the Obama administration will be largely composed of criminals from both the Clinton and Bush crime syndicates. It's going to be more of the same, only much worse.
The Obamanoids will be emotionally devastated in six months when they discover that their anointed one is a lying New World Order traitor. "But you promised that you would restore our liberties, give us free health care, pay our rent and utility bills, reduce our taxes and give us all high-paying, prestigious jobs!"
These people have the same mentality as those who followed Jim Jones to his South American paradise.
P.T.
The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.
If you really want to know what is in store for you just ask the Russians. Been there done that:
Comparisons between the U.S. collapse and the Russian collapse.
The Five Stages of Collapse
by Dmitry Orlov
Stage 1 Financial Collapse
Stage 2 Commercial Collapse
Stage 3 Political Collapse
Stage 4 Social Collapse
Stage 5 Cultural Collapse
...I was born and grew up in Russia, and I traveled back to Russia repeatedly between the late 80s and mid-90s. This allowed me to gain a solid understanding of the dynamics of the collapse process as it unfolded there. By the mid-90s it was quite clear to me that the US was headed in the same general direction. But I couldn't yet tell how long the process would take, so I sat back and watched.......
Link to the future here:
http://tinyurl.com/66wmhw
I'm going to wait a bit longer, but right now I can buy a Cadillac Escalade stickered at $47,000 brand new for $36,500 --- about 25% off.
And I have my eye on a nicelittlehouse in Sacramento that sold during the ridiculous days for $400,000. I think I can get it for less than $200,000 if I wait a few more months.
I liquidated stocks and a home at the top. Now, CASH IS KING!
People have lost trillions in the stock market in the last couple of months . People have lost trillions
in the real estate market in the last couple of years ,and this is World wide .
How anyone can be talking about investments is a joke .
Two of the Banks I bank with failed today . This melt down is just so much fun .
BAC is more than 90 percent down from its high of 55.05 and some say thats not the bottom?
Mania and Panic for sure.
Panic the new bubble, mania for precious metals going on, I say bubble.
I've been working on building up on silver (I am not on an Au budget) but, holy smokes it is nuts...
Premiums are wild some up around ~130% over spot. The best prices are found if you buy 10 100oz bars but even then it's ~40%-50%.
Doesn't seems sane to me. I am not convinced on the COMEX is being manipulated and is artificially low even though silver is in short supply argument. I heard that about houses too. I mean Schiff has been 100% right so far but, I don't see his view on PMs coming to fruition, not for a bit yet.
Smells like speculation and bubble to me. By paying the premiums now I'd have to be counting on huge run up to the March 08 high to break even and back the the 80's high to make it worthwhile, I am not seeing where that can happen.
Deflation will rule for at least the next 18 months, beyond that hyper inflation? who knows. PMs will swing wildly for sure but, I see a downward trend.
For now I am on the sidelines waiting for the bubble to pop and premiums to evaporate. It wasn't that long ago that a dealer was lucky to get spot on Ag on a given day let alone a premium.
I could be wrong but, I am sitting it out until the panic bubble pops.
Am I wrong?
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