One more rally before the markets collapse

[NoStateofMind]

Originally posted by: BeauJangles

Originally posted by: PC Surgeon
and no one pays attention.....

Because you and others on this board have been predicting catastrophe for years, to the point that you and the OP are basically gloating right now even though you made no predictions of any value. Instead, you posted the same crap over and over again about how we're all doomed and, suddenly, when a crisis you couldn't predict stumbled into the market you expect us all to bow down and suck at your collective teat. No thanks.

The market might get hammered, but it isn't the end of the world, it won't be the end of America, and it certainly won't be a guns and ammo doomsday scenario.

No gloating at all. We are all in the same boat.

 

[First]

Originally posted by: SleepWalkerX

Last 6-9 months? Try 2002 when he predicted the collapse of Fannie Mae and Freddie Mac.

http://www.youtube.com/watch?v=6epCVUppjJM
http://www.youtube.com/watch?v=AMe_7-hmHHY
http://www.youtube.com/watch?v=RgCq75g_M7Q
http://www.youtube.com/watch?v=fCnzr566RR0
http://www.youtube.com/watch?v=xTljuxZYJ9I
http://www.youtube.com/watch?v=NgK0vHZtwno
http://www.youtube.com/watch?v=1c9G_XuIX_A
http://www.youtube.com/watch?v=8e9sPjflrxc

So in 1983 (and years before that, btw, I just don't have the video at the moment) when he was claiming that the very crux of the financial system (fiat, the Fed) should be abolished in favor of no Fed (at all!) and gold-backed dollars using fixed exchange rates. So, how long did it take for Paul to get it right about the entire financial system collapsing? And even in its current darkest hour, I can guarantee this is nothing but a temporary recession as long as the bailout goes through.

What was his doing for the past 25 years? He was promoting the return of sound economic policy ever since he stepped into office. He lived through Nixon's closing of the gold standard and immediately began raising awareness against it. As quoted from Wikipedia,

"He clearly remembers August 15, 1971, when President Richard Nixon closed the "gold window" by implementing the U.S. dollar's complete departure from the gold standard, as the day he realized what the Austrian school economists wrote was coming true.[32] That same day, the young physician decided to enter politics, saying later, "After that day, all money would be political money rather than money of real value. I was astounded."[25]"

And as the multiple links above show, he was wrong, dead wrong, for nearly 3 decades. He has been saying the same stuff about gold-backed dollars and the Fed since the mid-to-late 1970's. He has been wrong for 30 years, wrong about the increase in money supply, wrong about rising standards of living and wages, wrong about the 90's boom, wrong wrong wrong. He happened to get something right (housing crash), for the wrong reasons. Those wrong reasons being the following; Paul claiming GSEs misled investors because of "foolish government interference in the markets", when in reality he has it totally ass backwards, totally missing the boat on the fact that the GSEs shouldn't have been deregulated to begin with, specifically the lack of oversight on income statements and credit. It doesn't help that these banks have been incentivized to give subprime loans to those that don't deserve it. Again, Paul misses the boat, and got it right for the wrong reasons.

Ron Paul is such a man of great conviction that even John McCain (back when he wasn't a neocon) said, "You're working with the most honest man in Congress." (citation)

Definitely an honest man, no question. He's just dead wrong here.

 

[HeXploiT]

Originally posted by: Evan Lieb

Originally posted by: SleepWalkerX

Last 6-9 months? Try 2002 when he predicted the collapse of Fannie Mae and Freddie Mac.

http://www.youtube.com/watch?v=6epCVUppjJM
http://www.youtube.com/watch?v=AMe_7-hmHHY
http://www.youtube.com/watch?v=RgCq75g_M7Q
http://www.youtube.com/watch?v=fCnzr566RR0
http://www.youtube.com/watch?v=xTljuxZYJ9I
http://www.youtube.com/watch?v=NgK0vHZtwno
http://www.youtube.com/watch?v=1c9G_XuIX_A
http://www.youtube.com/watch?v=8e9sPjflrxc

So in 1983 (and years before that, btw, I just don't have the video at the moment) when he was claiming that the very crux of the financial system (fiat, the Fed) should be abolished in favor of no Fed (at all!) and gold-backed dollars using fixed exchange rates. So, how long did it take for Paul to get it right about the entire financial system collapsing? And even in its current darkest hour, I can guarantee this is nothing but a temporary recession as long as the bailout goes through.

What was his doing for the past 25 years? He was promoting the return of sound economic policy ever since he stepped into office. He lived through Nixon's closing of the gold standard and immediately began raising awareness against it. As quoted from Wikipedia,

"He clearly remembers August 15, 1971, when President Richard Nixon closed the "gold window" by implementing the U.S. dollar's complete departure from the gold standard, as the day he realized what the Austrian school economists wrote was coming true.[32] That same day, the young physician decided to enter politics, saying later, "After that day, all money would be political money rather than money of real value. I was astounded."[25]"

And as the multiple links above show, he was wrong, dead wrong, for nearly 3 decades. He has been saying the same stuff about gold-backed dollars and the Fed since the mid-to-late 1970's. He has been wrong for 30 years, wrong about the increase in money supply, wrong about rising standards of living and wages, wrong about the 90's boom, wrong wrong wrong. He happened to get something right (housing crash), for the wrong reasons. Those wrong reasons being the following; Paul claiming GSEs misled investors because of "foolish government interference in the markets", when in reality he has it totally ass backwards, totally missing the boat on the fact that the GSEs shouldn't have been deregulated to begin with, specifically the lack of oversight on income statements and credit. It doesn't help that these banks have been incentivized to give subprime loans to those that don't deserve it. Again, Paul misses the boat, and got it right for the wrong reasons.

Ron Paul is such a man of great conviction that even John McCain (back when he wasn't a neocon) said, "You're working with the most honest man in Congress." (citation)

Definitely an honest man, no question. He's just dead wrong here.

Now that you mention it...it is absolutely amazing we made it this long without a collapse. And now watch and see just how much greater this collapse will be due to the massive amount of correction needed.
For all your complaining and defensive attitudes I have yet to see you post anything right. :laugh:

 

[The-Noid]

I sold the last of my book today, and bought back my LIBOR contracts I had out for this month.

It is fairly obvious at this point that government is going to try their best to put in a market bottom, but when you can change the rules at any point I am out.

I did however take 1% of my book and buy some October Straddles that are in the money at 1190 and 1120 as a hedge against passing or failing.

You traders can have your fun, but anyone that has a full book in this environment is playing the lotto on a bill passing and that is it.

 

[Dissipate]

Originally posted by: Yoxxy
You traders can have your fun, but anyone that has a full book in this environment is playing the lotto on a bill passing and that is it.

Yet somehow the markets being reduced to a legislative lottery is a good thing. Just ask LegendKiller, Vic and RichardE.

 

[miketheidiot]

Originally posted by: Dissipate

Originally posted by: Yoxxy
You traders can have your fun, but anyone that has a full book in this environment is playing the lotto on a bill passing and that is it.

Yet somehow the markets being reduced to a legislative lottery is a good thing. Just ask LegendKiller, Vic and RichardE.

damnit i didn't get a callout.

 

[StageLeft]

Gold lacks much real actual "value" except that it can be a good investment because it cannot be reproduced easily and so is fixed and given its history as currency, people are in a general state of agreement about it.

I think Schiff's doom and gloom was not just the case of always crying wolf and finally getting it right. He specifically said that we were in a housing bubble two years ago and a big crash is coming and it has come. He continues now to preach an expansion of that crash.

 

[LunarRay]

Originally posted by: PC Surgeon
Some think they are market guru's but in reality have no idea of their own idiocy.

Yet some others don't care. Why post?

Everyone hates themselves.

That is an astute observation predicated on the obvious but none-the-less a valid conclusion mainly because of the ideosyncratic nature of the forum and that is axiomatic.