Panic Tuesday (Musical Tribute)

Til Tuesday - Voices Carry


They've got a loss, they'd like to read Ben's mind
Banks are frightened of the cash they can't find
Oh, are there more bailouts he's thinking of
To fund them today-a-ay?
Does he still think that inflation's the rub?
Why does he say-a-ay?

Flush flush, can't drop cash now, trades don't carry
Flush flush, can't drop cash now, trades don't carry
Oh oh

We try so hard not to dump assets
Even though we may have some future regrets
But he tells us risks are to the downside
It's something we hear, oh yes
So we try so hard to sell as it slides
And there's so much fear

Flush flush, can't drop cash now, trades don't carry
Flush flush, can't drop cash now, trades don't carry
Oh oh

He drops cash, but only part of the time
He drops cash, but just to keep "it" in line

Rush rush, he might drop some, the trades carry!
Rush rush, he might drop some, the trades carry!
Rush rush, as banks fail, the trades carry!
Rush rush, choppers flying overhead!
Rush rush, the trades carry!
He screams, "DROP NOW!!!"
He screams, "DROP NOW!!!"
"OH GOD WE MUST DROP CASH NOW!!!"
The trades carry!
Oh yes! The trades carry!

How we wish he could drop some more!

The Capitulation Stages of an Optimist

Stage 1: Lean Towards Safety

September 4, 2007
"Safe" is a happy word

"Safe" is a happy word.

Stage 2: Consider Panicking

August 19, 2008
Don't Panic

First, panic! No, just kidding. First, don't panic.

So, again, don't panic.

Do not panic if your overseas investments tank for a time.

Eighth. Panic. Oops. I did it again. Nope, don't panic.

Then, panic! Ooops. I did it again.

Stage 3: Admit Defeat

October 6, 2008
How to Ruin the U.S. Economy

There, that should do it.

Sorry Ben, but deep down you probably knew it was coming. As seen in that first stage...

I love following the stock market. In the very long run it's a beautiful thing, at least in the postwar world, and I hope it doesn't turn around and bite my head off the way it did in the tech crash. - Ben Stein, September 4, 2007

Panic Monday (Musical Tribute)

See Also:
Panic Monday (Musical Tribute)

The Markets Kopprasch'd! (Musical Tribute)

The 300 point "relief" rally in the DJIA faded today and it ended down 150 points.

I used acoustic guitars as a tribute for Monday's crash. I released the electric guitars during yesterday's crash. As promised, I'm now releasing the tubas (both electric and acoustic) from the Strategic Musical Tribute Reserves (SMTR).

The following video is for those who think we've finally found a market bottom and are looking to celebrate.

Electric Tuba: Kopprasch #56


This next one is for those who think we're continuing to slide into the next Great Depression.

Acoustic Tuba: Kopprasch #56


And lastly, here's one for those who are "still" believers in the second half of year recovery. There's not much tuba in it though.

Kudos to Art Cashin and Rick Santelli

I watched Art Cashin offer three scenarios for the markets earlier today. It was pointed out that all three of them were bad.

Needless to say, one of his scenarios played out.

Cashin's Comments On Bailout Bill

Would the negative vote and following vicious selloff be the worst scenario? Traders have another thought. Suppose the bill passes easily and a rally quickly erupts in the stock market. What if that rally were to roll over and then turn negative? That, traders fear, would be the worst scenario. Will it happen? Who knows. But as Pasteur said – "Chance favors the prepared mind."

Hello worst scenario.

There are a few people on CNBC that always get my attention. One is Art Cashin. The other is Rick Santelli. In my opinion, they are both quick to call a spade a spade.

Here's Rick Santelli in action a month ago. I'd say hindsight is being extremely kind to him especially as it regards commodities, the near-term future of interest rates, and the dollar.



Here's another video from January.

Employment

Employment Situation Summary

The unemployment rate (6.1 percent) was unchanged in September, following a 0.4 percentage point rise in August.

The rate was 6.05% in August. The rate is now 6.12%. Behold the power of rounding.

The number of unemployed persons was little changed at 9.5 million.

The number of unemployed persons was 9.376 million in August.
The number of unemployed persons is 9.477 million in September.

That little change is over one hundred thousand people. Should the trend continue that little change will add up to an extra million people in ten months.

Manufacturing employment fell by 51,000 over the month, bringing the decline in factory jobs to 442,000 over the past 12 months.

Construction lost 35,000 jobs over the month.

Employment in retail trade dropped by 40,000 in September and by 250,000 over the last 12 months. Department stores lost 11,000 jobs in September and 70,000 over the last 12 months.

Employment in transportation and warehousing declined by 16,000 in September and by 57,000 since its peak 12 months earlier.

In September, employment in financial activities fell by 17,000, with nearly half of the decline occurring in securities and investment firms. The financial activities industry has lost 172,000 jobs since its employment peak in December 2006.

Employment in professional and business services continued to trend down over the month (-27,000), largely reflecting further job cuts in employment services.

Health care and government both expanded though. Too bad we can't figure out a way to pay for either of them.

Nuttier Than a Stuckey's Pecan Log Roll

Six financial stocks that still rate a buy

I have but one simple question. What is that "still" word doing there? The stocks either rate a buy or they don't. That's the kind of disclaimer the captain of a ship might say after hitting an iceberg. She's "still" floating!

To that end, he suggested buying American Express (AXP: 32.14, -3.20, -9.0%) , Capital One Financial (COF: 46.78, -4.64, -9.0%) and Discover Financial Services (DFS: 12.96, -0.82, -5.9%) , noting that of the three he is the most optimistic about the fortunes of American Express.

Yeah, American Express was only down 9% today. Nice timing. So what explains my headline? Someone left a comment on the news site.

Anyone who recommends buying stock in a credit card company in this environment is nuttier than a Stuckey's pecan log roll. - TokyoPlumber

For the record, TokyoPlumber seemingly got his comment in BEFORE the stock crashed today. Well done!

This is enough to make me want to write a book about looking for keywords when investing. I'm absolutely amazed at the power of that word "still." There must be some part of the brain that is forced to use it when things don't quite seem right. I'm dead serious. I've been watching that word a lot in the last four years and it rarely disappoints (unless you are an investor). I offer one example out of many.

September 15, 2008
MCCAIN: ECONOMY STILL 'STRONG'

Still was much more important than strong in that headline, using the power of hindsight. Wouldn't you agree?

Or how about the following gem...

January 24, 2003
Bush's Backing, Still Strong, Shows Steady Decline

It just doesn't get any better than that! Seriously, it doesn't get any better.

The Hint of Red October (Musical Tribute)

Didn't I already do a stock market crash tribute this week?

Ambassador Andrei Lysenko: There is another matter... one I'm reluctant to...

Dr. Jeffrey Pelt: Please.

Ambassador Andrei Lysenko: One of our submarines, an Alfa, was last reported in the area of the Grand Banks. We have not heard from her for some time.

Dr. Jeffrey Pelt: Andrei, you've lost another submarine?

Oh well, I'm sure Congress can FIXX it.

Red Ink


Red ink's a fright
Oh no... oh no no no no no no no
Red ink's a fright
Oh no... oh no no no no no no no

Should have taken warning
It's just savers mourning
Bank runs... hiding loss
We can't find... a safe place to go

So it's...

Red ink's a fright
Oh no... oh no no

Should have taken warning
It's just savers mourning
Bank runs... hiding loss
We can't find... a safe place to go

So it's...

Red ink's a fright
Oh no... oh no no no no no no no
Red ink's a fright
Oh no... oh no no

Congress is taking over
And it looks like they're spending
Just for you
Someone said we could be broke by morning
Someone cries, "Oh no!"

Leaving...

Red ink's a fright
Red ink's a fright
Oh no... oh no no no no no no no

Red ink's a fright
Oh no... oh no no no no no no no
Red ink's a fright
Oh no... oh no no no no no no no


I'm glad I kept the electric guitars in reserve. I know what you might be thinking. I must be completely out of ammunition now. No worries. I've got electric tubas lined up in case there's a Red Storm Rising tomorrow. I'm trying to stay ahead of this credit crisis as best I can. It isn't easy though. Nobody really knows what might be coming out of the prosperity spigot next.