Presidents Give Warning of New World Order
October 12, 2008 – 2:38 pm
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From my cold, dead hands…
October 12th, 2008 at 3:01 pmThe stupid thing about the Amero is that why bother creating a different currency? Why not just have Canuckistan and Meh-hee-ho convert to dollars? It’s not like those two other countries would have problem using the stronger (for almost a century now) American dollar.
The fact that Huckabee is in the CFR shows how much of a joke it is.
I, for one welcome our New World Order Overlords.
But only if they put Kissinger in charge, because he has the best “Dr. Evil” voice.
And he’s a doctor already.
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October 12th, 2008 at 3:36 pmJake,
do you know anything about force majure?
October 12th, 2008 at 3:41 pmHere’s my question:
let’s say shit hits the fan and I short the DOW futures.
markets are halted, we are stuck.
should they declare the dollar has collapsed
the DOW should go to zero or damn close to it, but then they declare “force majure”
Can they can erase our trades?
just curious.
October 12th, 2008 at 3:46 pmOh boy. Cramer is talking about a drop of a few thousand points by Tuesday. What the fuck?
Why I’m Negative Now
By Jim Cramer
RealMoney.com Columnist
10/12/2008 2:02 PM EDT
URL: http://www.thestreet.com/p/rmoney/jimcramerblog/10441974.html
Editor’s note: Jim Cramer will present his 2009 stock outlook for the first time at TheStreet.com Investment Conference on Saturday, Oct. 25. Click for details.
As I write, it appears that the finance ministers of the industrialized countries have not been able to come up with a plan for what to do about the equity and fixed income markets. Our own response now smacks of total panic. There is the recognition that the U.S. Treasury’s original rescue plan is not going to solve things fast enough and that a more direct investment in banks is needed.
But without some sort of deal that would force these banks to loan the invested capital, there is little hope that this new plan will matter.
In fact, the best hope is a cordoning-off approach where the government agrees to invest huge amounts in the big well-capitalized banks — Bank of America (BAC) , Wells Fargo (WFC) and JPMorgan Chase (JPM) — and the big stretched banks — Citigroup (C) (really important because it’s in danger of being obliterated), Goldman Sachs (GS) and Morgan Stanley (MS) , the latter two because of a need to keep them alive next week.
This strategy, which I presume will not be adopted, but which makes the most sense, would allow for shotgun weddings for all the weak banks to eliminate the bleeding. Without this kind of action I am reverting to a downside target of 6,700 for Monday and then 4,700 for Tuesday in keeping with the hopeful ‘87 playbook.
Why am I so negative? Because the forced selling is just beginning, the only people being margined out now are the most stretched, and in the ensuing weeks we will discover that most annuities cannot meet obligations as the piecemeal nature of the insurance reports will inspire even less confidence than the government.
That means we are not in a “fear itself” moment, because the losses haven’t begun to take their toll.
The newspapers are filled with stories saying there are buying opportunities and stocks selling at incredibly discounted prices. They are incredibly discounted only if unemployment does not skyrocket. My take is this: Without a comprehensive worldwide plan you should still be thinking about buying only small amounts into desperate selling tomorrow, and then Tuesday commit more into what could be a concluding gap down.
To be more aggressive about buying is impossible given the inability to take off the table a 1929-1932 scenario with an almost a total wipeout of capital. Don’t forget that we had an 80% decline in the Nasdaq 100 in 2000-2003 without a recession. Why is that less likely? Because there are too many dividend-yielding names that will cushion the blow and eliminate that kind of decline unless we get the severe depression scenario that comes with unemployment and major bank closings.
This is a work in progress. Stay tuned for more; an analysis beyond Tuesday seems reckless at this point.
At the time of publication, Cramer was long JPM, GS and MS.
October 12th, 2008 at 3:51 pmgiven the fact Cramer is often wrong, i am happy to be bullish.
October 12th, 2008 at 3:54 pmAh, yes force majeure. In my lawyer days in the early ’80s I was involved with force majeure and International Standby Letters of Credit as it related to various American corporations and Iran (Islamic Republic of Iran as they were referred to in the suits). All of the litigation revolved around the taking of the American hostages by Iran and the subsequent breach of contracts between US Corps and Iran.
October 12th, 2008 at 5:21 pmThe whole mess eventually wound up in The International Claims Tribunal at the Hague.
At least it was a little different than doing real estate closings.
Caddy,
just the person i need to talk to..
what happens to us traders if FM were to be declared?
October 12th, 2008 at 5:53 pmNasdaq futures up huge!
October 12th, 2008 at 6:03 pmGod damn it would be nice to see the market RIP higher tomorrow.
I hope the futures stay up.
October 12th, 2008 at 6:26 pmRC- If you are referring to your above comment re: shorting the DOW and the subsequent closure of the markets. FM is a clause in contracts that generally states that the failure of one party’s failure to perform due to FM, usually defined as matters beyond it’s control such as acts of God,fire, governmental controls or restrictions,strikes, etc., would not be a breach of contract. It would have to be an impossibility to perform and not an “unable” ability to perform.
October 12th, 2008 at 6:29 pmOne is subject to the rules of the exchange when a stock is purchased and although you don’t have a written express contract at the time of a stock execution (you may in the fine print when you open an account) it could be argued that you have an implied contract which is just as good in most cases.
I am sure that the exchange rules contain something about FM and one would thus be subject to the FM condition contained in the rules when the stock is purchased.
So, if FM is declared by the exchange due to something like governmental restriction then the “short” would be off due to FM and everything unwound.
Just an opinion without knowing the exchange rules, etc.
Make sense TC.
Thanks for the quick response.
October 12th, 2008 at 6:37 pmHere is a sample legal disclosure one consents to when signing up for a brokerage account. It talks about FM in para. e under Disclaimer of Warranties. The Brokerage isn’t responsible, but I am sure it says somewhere in there about you being subject to the rules of the appropriate exchange and I am sure FM is covered in the Rules.
October 12th, 2008 at 6:44 pmhttps://wachseconline.wachovia.com/LD_AccessOnlineAgree.html
Relax. Any losses you incur resulting from an inability to perform obligations set forth in a contract with your broker due to FM is covered by the brokerage’s insurance issued by AIG.
October 12th, 2008 at 7:07 pmGood one Anton.
October 12th, 2008 at 7:11 pmlol.
October 12th, 2008 at 7:12 pmdo you know anything about force majeure?
You mean as a legal concept? Sure, it’s in a lot of contracts.
Trying to get out of that wedding?
__________
October 12th, 2008 at 8:10 pm…markets are halted, we are stuck.
should they declare the dollar has collapsed
the DOW should go to zero or damn close to it, but then they declare “force majeure”
Can they can erase our trades?
“They” meaning the US gummint? Sure, why not? They have the power of the state behind them, and they’ve certainly pulled more egregious shit, recently.
Still, you’d likely have your day in court…
_
October 12th, 2008 at 8:12 pmIt’s looking like those who carried their battered balls into a long position over the weekend will be richly rewarded in the morning. The Dow futures are +290.
Lets hope that no one from the administration speaks in the morning before the market opens … better yet, let’s hope they keep their Fly traps shut all week!
October 12th, 2008 at 8:18 pmRC,
Force manure, is when you take a constipated cow, and you put on a rubber glove.
You then shove the hand up the rectum, evacuating the cow…
rectum, it damn near killed him!
October 12th, 2008 at 8:20 pmDonny…whats 290 in this market? How bout futures up 777 or something that suggested the barn door was open.
I just don’t see how the etfs are going to go anywhere without GE F, GM , MS, GS, AXP, C, fill in 50 more… all of this shit is going to zero it appears. Sure SSO looks good for a trade sort of like the Cowboys today.
October 12th, 2008 at 8:28 pmDonny I agree.
If Bush speaks in the morning, just sell.
I dont care if we are marching higher and higher, stocks will quickly turn around and head south.
Happens every fucking time.
October 12th, 2008 at 8:33 pmwhy when I view this blog on my mac is everything cryptic with certain word replaced with
October 12th, 2008 at 8:37 pm_LongTerm_?
I emailed the Fly to ask him he replied simply
Shut up. He’s such a nice guy!
October 12th, 2008 at 8:38 pmKC — that Crackboy loss was something beautiful to behold.
I’m sitting there going “I can’t believe the fucking Crackboys are going to pull this one out of their ass. I seriously think the Cardinals are cursed. WTF was that coach thinking?*”
Etc, etc. Then to see that punt blocked. Only a tearful T.O. press conference (”Hey, that’s my kicker man, that’s my kicker!”) would make this any sweeter.
_____________
*I’m seriously considering petitioning the NFL to have that “last second time-out” call banned. It’s the very essence of poor sportsmanship… the equivalent of “Noonan!” on the putting green….
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Torre’s Dodgers (ie, “the West Coast Yankees”) are just blowing this thing out in the first inning… 5-0.
October 12th, 2008 at 8:49 pmwhy do I feel like this is just leg down #1, and that this leg down might not even be done yet?
October 12th, 2008 at 8:53 pmJake,
i too was happy to see the Cardinals win.
IMO, The Saints are th best team in the league.
Matt,
Don’t take it personal he does the same to me.
October 12th, 2008 at 9:02 pmJake-
*I’m seriously considering petitioning the NFL to have that “last second time-out” call banned. It’s the very essence of poor sportsmanship… the equivalent of “Noonan!” on the putting green….
LOL- “noonan”
October 12th, 2008 at 9:23 pmIMO, The Saints are th best team in the league.
Why, bless your bruised, parasaol-toting little heart.
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October 12th, 2008 at 9:36 pmJake,
The Saints remind me of SKF in the beginning of the year, ready to rip.
October 12th, 2008 at 9:43 pmFrom Stockbee,
How to play the bounce:http://2.bp.blogspot.com/_xHfnIRO0T_Y/SPKKwX1Il_I/AAAAAAAAAz8/R135m1BltHY/s1600-h/qld.PNG
I really like DXO here.
October 12th, 2008 at 10:19 pm@Donny: Remember, we were up 290 on Thursday morning, too. Look where that got us.
I’m slightly delta positive, so I’ll take a positive open…but will be keeping a tight leash on all those calls.
____________
How about those Chargers? Looking good, finally.
October 12th, 2008 at 10:29 pm“Torre’s Dodgers (ie, “the West Coast Yankees”) are just blowing this thing out in the first inning… 5-0.”
Last I checked former Red Sox now playing for the Dodgers include Garciaparra, Lowe and Ramirez.
The owner, Frank McCourt though raised/schooled in NY became a resident and real estate investor in Boston. His grandfather was a partial owner of the Boston Braves and also started The Jimmy Fund.
Other Red Sox connections include former third baseman Bill Mueller who retired after the 06′ season with LA and Mgr Grady Little who retired and was replaced with Torre including his former asst coaches, Mattingly and Bowa.
Lots of ties to NY and Boston there …. guess it’s a draw … Red Sox West or Brooklyn Dodgers?
October 13th, 2008 at 2:20 amI love this people are starting to pay attention…
October 13th, 2008 at 11:00 amI’m not sure they will get the Amero off unless the dollar completely collapses as a currency. Who knows if and when that will happen.
bought SRS@108
October 13th, 2008 at 12:24 pmWho Are the Puppet Masters?
Here are some key members of the Bilderbergs managing the US credit crisis (from the Official 2008 Bilderberg Participant List):
Alexander, Keith B. Director, National Security Agency
Bernanke, Ben S. Chairman, Board of Governors, Federal Reserve System
Daschle, Thomas A. Former US Senator and Senate Majority Leader
Geithner, Timothy F. President and CEO, Federal Reserve Bank of New York
Gigot, Paul Editorial Page Editor, The Wall Street Journal
Graham, Donald E. Chairman and CEO, The Washington Post Company
Paulson, Jr., Henry M. Secretary of the Treasury
Rice, Condoleezza Secretary of State
Rockefeller, David Former Chairman, Chase Manhattan Bank
Rose, Charlie Producer, Rose Communications
Schmidt, Eric Chairman of the Executive Committee and CEO, Google
Wolfowitz, Paul Visiting Scholar, American Enterprise Institute for Public Policy Research
The point of highlighting these individuals is to show key players who are compromised and leveraged. They had foresight of the impending collapse, are on record for being warned about it, and have kept silent. This is key to understanding why the collapse was engineered and for what purpose.
http://www.gamingthemarket.com/2008/10/end-of-monetary-system-videos.html
October 15th, 2008 at 12:39 am