May 7, 2008 7:20PM
The Big 3: Blood and Leeches, No Bottom In Sight, and Pain Is Bad
By Cody Willard
1. Bloodletting Central Bankers Cometh
2. No Housing Bottom ‘Til NYC Tanks
3. Release The Pain
Here’s what i was stalking in my own head today:
1. So after creating and then giving a trillion dollars to the rich bankers on Wall Street, the Federal Government’s now making noise about wanting to have more disclosure and transparency from rich bankers on Wall Street. Wall Street’s shortsighted greed is gonna come to haunt them for decades as the socialist Central Bank leeches ever more.
2. How often have we heard this question: Is the housing bottom in? The answer is still no. As I said on ANS last night (Tune in and watch my boy David Asman tonight if you haven’t been BTW), the bottom won’t come till NYC’s been hit for 20% and at least one public homebuilder goes bankrupt.
3. Did you guys feel pain during today’s ugly sell off? Then you’re still too long. I told you last week to take money out of stocks again and I meant it. Stay cautious on equities in year six of an ever more shaky economic boom.
Check it out on YouTube
Comment by Justin
May 8th, 2008 at 1:49 pm
I was reading out of the Firefox books (Appalachian folk tales filled with wisdom about faith, family, living modestly, and being self reliant) and some old timer said something along the lines of, “When everything falls apart, land will always have value. A man can make it through the hardest of times if he can fall back on it and learn to live off it.” I’m so glad I was born country. Us “bitter people that cling to our guns, religion, and anti illegal immigrant sentiments” will be the very people that sustain the “enlightened” urban and suburbanites. Through our charity and grace, we will provide for the very people that looked down on us with malice.
Sincerely from proud native Texan,
Justin