As previously announced, both Citigroup and General Motors will officially get the boot from the Dow Jones Industrial Average this morning.
Replacing them were Travelers Corp. and Cisco Systems, respectively.
So long . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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June 9th, 2009 at 4:15 pm
The only surprise is how long it took the people at Dow Jones to face reality with regard to GM.
June 9th, 2009 at 4:33 pm
when does BlackRock catch an Invite?
June 9th, 2009 at 4:41 pm
So much for an industrial average… time to rename the index.
June 9th, 2009 at 4:43 pm
>>So much for an industrial average… time to rename the index<<
How about DJFI? (dow jones favorite index)
June 9th, 2009 at 4:46 pm
Welcome back, Hoffer. PIMCO will be right after BlackRock.
June 9th, 2009 at 4:52 pm
No funny comments about Travelers and its histroy with Citi???
June 9th, 2009 at 4:56 pm
@MEH: welcome back.
Well hey, it begs the question, how long before Travelers needs help?
June 9th, 2009 at 5:02 pm
Robert,
do you mean something like: those that manage to survive w/o 100′s of Billions of U$D from the USG, don’t even get to keep their Umbrella?
Jeff,
Thanks, good to see BR keeping a Lamp lit..to his, previous, point re: Rukeyser, he might as well Volunteer. G-d knows there’s a Shortage of those willing to speak it Plain, might as well be Him.
June 9th, 2009 at 5:08 pm
[...] Oh, and in case you haven’t noticed yet, Citigroup and GM are now officially worthless. [...]
June 9th, 2009 at 5:12 pm
alfred e,
Thanks~ also, be sure to see this http://cryptogon.com/ on occasion, as well.
this http://cryptogon.com/?p=9066 via Wired, is a telling story..
June 9th, 2009 at 5:37 pm
hoffer-
excellent- welcome back- after I had trained myself to read and understand your unique style- I was worried that it would go to waste if you no longer bothered to opine from time to time
June 9th, 2009 at 5:59 pm
alfred e,
Thanks, also, this http://cryptogon.com/?p=9066 is another good one.
ahab,
U2~ though, worry not about ‘training’ going to Waste, each and every has their own–thereby, it’s broadly applicable..
this http://finance.yahoo.com/q/cp?s=%5EDJI , though tells its own tale..
June 9th, 2009 at 6:00 pm
alfed, ahab,
posts have been WP’d, just now..though, ~!~
June 9th, 2009 at 6:12 pm
@mhm
We could rename the index…or we could restore this country as the world’s industrial powerhouse as per the President’s agenda. I prefer the latter!
June 9th, 2009 at 6:37 pm
@frankie: the President’s agenda????? And exactly what might that be other than feeding the banking oligarchy and campaigning for re-election????
Come on. Get real. Look at where the stimulus money is really going. And the lack of readily available metrics on job creation. Cake. But won’t happen. Money down a re-election hole. Chicago style.
June 9th, 2009 at 6:39 pm
Plus Cisco. Saw the spectacular YouTube of the guy crashing the CRT.
“Cisco? Cisco? Hell they’re not an American company. All their manufacturing is in China.”
Correct.
June 9th, 2009 at 6:53 pm
Franklin:
Industrials (things we no longer make, or cannot make at a competitive price):
Steel
Textiles
Milling (timber and steel products)
Manufactured goods (cameras (optics), fishing reels, toasters, irons, golf clubs, hand tools, power tools, vacuum cleaners, furniture, etc…)
Plastics
Paper (milling & manufacture – not Dunder Mifflin)
Cars and Trucks (including the parts needed to make them)
Shoes
Electronics (TVs, sound equipment, medical devices, telecom hardware, etc.)
Electric motors
and the list goes on . . .
Show me where we’re a powerhouse in any of these things. Show me where globalization hasn’t made us dependent on cheap labor. Show me how we return to our former status.
June 9th, 2009 at 6:57 pm
I don’t understand why people would conclude Obama’s policies are entirely political. Imperfect? Sure. Not the way you would handle it? Okay. Entirely political? Well, in the sense that many people are looking for the government (led by Bush and then Obama) to bring us from an uncontrolled dive into a stable descent, then “yes, it’s political”.
I disagree(d) with the GOP on so many items the prior 8 years. But, at least I knew “why” they were doing most of what they were doing and that much of it was earnest and not cynical.
…
The Ben Bernanke anti-deflation plans are in motion, for better or worse. I’m just trying to figure out how to invest/trade around it (and not at a later time discover that I’m an InvestTool).
June 9th, 2009 at 7:03 pm
Why isn’t ADM in the Dow?? What’s more American and industrial than “corn”??
June 9th, 2009 at 9:26 pm
I’m dubbing this as the new Eggshell Economy.
Geithner, BB, and the ‘O’ Man are walking on eggshells so as not to break this fragile economy.
June 9th, 2009 at 10:01 pm
wun,
You forget to add “holed”.
June 9th, 2009 at 10:53 pm
LOL… you said “hole”…huh huh… ;-)
June 9th, 2009 at 11:36 pm
Good riddance to bad rubbish. Citi fraud was the largest donor to the abominations inaugeration and what a joke this is…
http://www.businessinsider.com/exclusive-the-new-york-fed-has-been-captured-by-citigroup-top-obama-official-complains-2009-6
Give me a break they are in bed with tax cheat tim and the obamination!
http://www.businessinsider.com/tim-geithner-is-protecting-vikram-pandit-2009-6
They should be Seized!
http://www.businessinsider.com/seize-citi-2009-6
June 10th, 2009 at 12:08 am
The Dow Jones folks are such a great contrary indicator in their worthless “average”, it would seem a safe bet to buy the car companies that are still standing and short CSCO as a hedge….for the next several years.
Travelers for Citi? Anyone else see the irony?
AT
June 10th, 2009 at 1:00 am
@Marcus Aurelius,
I think you underestimate our vast manufacturing skills in making things that go boom.
BOOM, BLAM, BAM, USA, USA, SHOCK AND AWE!!!