No Change in Rates or Statement
No change — in anything.
Even the statement looks the same:
Today (June 24):
Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.
The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.
In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.
FOMC statement
June 24, 2009
March Meeting:
Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time. Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.
In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.
In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is facilitating the extension of credit to households and businesses and supporting the functioning of financial markets through a range of liquidity programs. The Committee will continue to carefully monitor the size and composition of the Federal Reserve’s balance sheet in light of financial and economic developments.
FOMC statement
April 29, 2009
June 24th, 2009 at 2:25 pm
Treasuries went ouchie.
June 24th, 2009 at 2:31 pm
No deflation. No inflation. No flation at all. It’s a perfect world.
Oh wait…. no growth. It’s Zero Hour.
June 24th, 2009 at 2:36 pm
You gotta love the irony here… I realize it could all reverse in a heartbeat, but you gotta love that the Fed comes out to say all is good and going according to plan…
Yet:
Yield on the 10’s spike… and the market reverses lower off of key resistance.
Probably not exactly the reaction they had in mind.
June 24th, 2009 at 2:37 pm
Stay the course. Good thing.
Traders no like. Good thing.
June 24th, 2009 at 2:40 pm
Meanwhile in other action…
Credit Suisse tries desperately to save their ass on their big IYR position… only to find that they, themselves, are the only bid around.
June 24th, 2009 at 2:48 pm
possibly entering the ned beatty period, where the economy must squeal for more help from its master, the fed.
June 24th, 2009 at 2:53 pm
Treasuries down, euro down, sterling down, yen down, gold down, oil down, stocks down.
Shorts win.
June 24th, 2009 at 3:04 pm
However, the Chinese consumer announced that he/she was getting damn tired of saving and getting rich slowly, and have adopted American methods of wealth accumulation…
http://www.marketwatch.com/story/chinese-increasingly-overdue-on-credit-cards
China’s overdue credit-card debt increases
SAN FRANCISCO (MarketWatch) — Despite China’s reputation as a nation of savers, the central bank said this week that Chinese consumers are increasingly falling behind on their credit-card payments, suggesting a move toward Western-style spending.
China’s credit-card debt at least six months overdue rose 133% in the first quarter, though the total overdue debt was still at the relatively modest level of 4.97 billion yuan ($727.7 million), the People’s Bank of China was reported as saying in a state-run media report……
…Now where did my T-bill purchase order go?…I must have mislaid it somewhere…….?
June 24th, 2009 at 3:15 pm
they’d never say what they really should which is that they are so afraid of deflation and they know they can’t stop it. I suppose this is the next best thing.
Since all of our policy actions to date are almost exactly like what Japan did we know this sounds good in theory, but in real life it probably won’t work:
Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.
Until the Fed goes after the problem, not the symptoms of the problem, they will be destined to fail.
I had a very interesting conversation with a client yesterday that is originally from India and still spends several months there each year. Bruce, it goes right along with what you are posting above. Clearly he was just telling me about people he knows there, and in a nation of over 1bil that’s not much but he said many people started to use a lot of credit in India to buy homes, etc. Credit is going to contract much further everywhere. Hope people are paying attention.
June 24th, 2009 at 3:27 pm
Not much of a move in bonds really compared to what we have seen. I do think that the high yield is in for the 10-yr for a few months at least. TIPS are off today on the ‘no inflation’ call, and could be a buy here.
Schadenfreude’s trading desk used the morning euphria to add to our SRS position. Also shorting oil and gold in anticipation of a resumption in the dollar’s upward move. Some FAZ and DUG on hand also until we kiss 880.
June 24th, 2009 at 3:30 pm
saw this on CR today. Do you think the TARP fund aka fed owns this house?
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/23/AR2009062303500.html
June 24th, 2009 at 3:32 pm
Ben,
I agree. Given any likely scenario, Japan seems like the best fit.
I was also wondering last night…in the GD, did it seem like life went on like before, except there was just a little less of everything going on as the months went by?
Kinda seems that way around here…
June 24th, 2009 at 3:38 pm
EUR:USD chart looking ugly. That’s encouraging for shorties and other dollar enthusiasts.
“except there was just a little less of everything going on in the GD as the months went by?”
Except soup kitchens, Bruce.
I can now see why Gov. Sanford turned down stimulus funds for the State of South Carolina. He already had a little stimulus of his own going on. A little Porteña companion to light up the night. Hypocrisy is beautiful.
June 24th, 2009 at 3:42 pm
Bruce,
My great grandmother lived through the depression. I’ve asked her about it but she was just a kid so hard to say. The thing I remember her telling me when I asked her if they ate well she said “when we were hungry we’d just go outside and kill one of our chickens, I was never too hungry”
that made me laugh, a few of my oldest clients though, two of them moved in with relatives as the parents couldn’t afford to feed them. Not sure how much of that is going on right now.
June 24th, 2009 at 3:46 pm
LB,
Re: Euro:USD
No surprise at what is developing here. On a very simple level you just had extreme levels of dollar bears and Euro bulls. Once again the herd gets it wrong. Shocking.
My fav. way to measure it is with the MF Clown Crew (wholesalers) when they come to the office for the last two months they all say the same thing:
Buy High Yield Bonds (the spreads!)
Buy Intnl Bonds (the dollar is going down much further)
Buy Floating Rate Funds (the yields!)
Buy Muni’s (best deal’s we’ve ever seen in muni’s, AMBAC will pay if they default)
Got to hear this story over lunch today from Eaton Vance. Took a lot just to sit there and stay silent, but I did it.
June 24th, 2009 at 3:54 pm
@ben: Those EV boys know what they are doing. At least when it comes to the commissions. If Cali defaults it will take a lot more than Ambac to float the debt of the world’s 8th largest economy.
The weakness in oil was a big tell yesterday that the reflation trade is over. With the $ being creamed, oil actually did nothing. Fundamentals, a $ rally and seasonality will combine to produce a big pullback in crude before long.
Bought some TIP on weakness today. They will benefit from future flight to safety trades or more inflation talk. Generally it was a bit of a ho-hum day but we seemed to read the momentum correctly for a change.
June 24th, 2009 at 3:54 pm
Did people read the DRI info today? The high biz for them is getting killed. This seems to be going on at most if not all of the higher end discretionary businesses. What consumers then will spend? The middle class? I think not.
If we are setting up for a final push up here people may want to try to pick up a trade in MON. I’ve been out of there for a while but made some decent money picking that up in the mid 60’s and then selling mid 80’s. Maybe not the largest % gain in the world but could be worth taking a look at again as it gets closer to 70.
BA just took a beatdown the last two days. I’m going to see if there is a short term trade opp there as well.
June 24th, 2009 at 3:56 pm
b22/bruce-
I am in the deflation camp with you guys- however- there was a great article Jesse’s Americain Cafe regarding the inflation/defaltion debate (he’s on the inflation side, actually stagflation)- it is well written and well laid out- would post it but can’t access from my office- if you get a chance- read it and let me know what you think-
but included in what he was saying was that Japan made a conscious decision for deflation- and that is the farthest thing desired by the Fed and the USG because of of this country’s debt burdened populace-
his impression was that deflation was a remote possibility as long as the USG had the ability to create debt
June 24th, 2009 at 3:59 pm
@LB,
Is that what you are actually using in that space, TIP? I have a small position in tips and that’s what I used for it.
The muni comment was the hardest one for me to keep quiet on. I’m happy to say though I didn’t flip out or try to embarass him like I do most of these guys anymore. We met this time last year, he advised us to buy all the same stuff, would have lost about 40% had I followed him.
This guy that reps them in my area is a real gem. He was rocking some loud suspenders today and a blagojevich hair style which made the investing ideas even more entertaining.
June 24th, 2009 at 3:59 pm
Ben22 – You’re making us all feel old now. My grandparents lived through the depression – they were in their teens when it began. My grandmother’s parents lost their farm and she had to drop out of high school to move to another town to live with her older sister. My grandfather finished high school and “rode the rails” his first summer out, working to harvest crops around the midwest. He went into the army in the fall of 1933 because as he was so fond of telling us – it was either that, or starve to death. I think one of the biggest differences between now and then is that back then most people were poor by our standards, the depression just made them poorer.
Today we’re dealing with a totally different dynamic. I think many many people saw themselves as middle to upper middle class when they were actually lower middle class to poor. They lived beyond their means via credit and are going to fight tooth and nail to give up their old “lifestyle”.
June 24th, 2009 at 4:08 pm
@ben22: TIP for trades and a Vanguard fund, VIPSX, for the long haul. There will eventually be modest inflation, because the pain to debt holders in the US would be so great without any currency debasement at all. I am with DL and Karen on that one, but I am with you on the crushing weight of debt deflation being dominant for now.
LOL on Blagojevich selling munis.
June 24th, 2009 at 4:09 pm
Loud suspenders and a Blagojevich hairdo…
Priceless.
June 24th, 2009 at 4:13 pm
Wow, that was an interesting day in the market, eh? A lot of bulls got all charged up and we end up sitting just above the 200 SMA and 50 EMA which are both at 897. Another lower high, now we need to check in on 880ish tomorrow for a lower low. That would be the ticket for my short position.
June 24th, 2009 at 4:14 pm
That’s probably Blago’s next gig! Salesman of some kind anyway. Not far from being a politician anyway.
June 24th, 2009 at 4:17 pm
Depression story- my Grandfather was a saver and lost everything he had deposited in the bank. He was a teacher and got paid with Government I Owe Yous. That will never happen again – well except maybe in California — starting this summer!
June 24th, 2009 at 4:19 pm
ahab,
I just read the article. Thanks, I’ve never really gone to that site but I might start to check it out a little more often.
It’s making me think, but he gives way too much power to the Fed imo. People that are calling for it now seem to be getting suckered by this rally into thinking that the Fed’s policies are working. If they had the type of control he seems to imply would we have gone this far? The Fed started cutting rates at the end of 2007 and coming up on 2 years later they have failed to bring back inflation and the markets didn’t just not hold up, they got killed. Was the deflation that happened last year a policy decision? I don’t think that it was at all. I’d also like to see a little more open mind when he says the only way deflation is technically possible has to do with (his words) a: rather conspiratorial line of thought.
he’s making the easiest call on the planet calling for inflation and then saying it is much more probable. Simple logic based on external causes does not work in predicting financial markets.
June 24th, 2009 at 4:31 pm
@gordo,
I just saw a video with the CA controller and he said that’s exactly how they will start paying in about a month (IOU) if they can’t get a legit budget with real world assumptions together. But hey, Lloyd Christmas says those are just as good as money.
@LB,
I think DL and Karen are eventually going to be right also, they are inflationists, or maybe Faberists? I’m sure both of them will do fine regardless. They are both smart. After the credit deflation, inflation is a different story.
June 24th, 2009 at 4:34 pm
b22-
I always check that site once every couple days- I think what I found interesting is his call that deflation was a policy prescription that was used by Japan after the bubble burst- and that deflation in this country would be a crushing outcome w/ far different ramifications than what happended in Japan-
I think that’s probably true
June 24th, 2009 at 4:34 pm
Ben and Gordo – wouldn’t be the first time the state has paid with IOU’s, they did in the early 90;s for a couple of months. I’ll bet they hammer it out before then though, we just went through this mess earlier this year, if they drag it out too long this time I think they realize many of them will be voted out of office next term.
June 24th, 2009 at 4:39 pm
b22-
also- his impression- was that as long as the US can create debt than deflation was a less likely outcome- and that a low velocity of money also results in low demand for money- and that inflation only requires that money is in excess of demand regardless of velocity-
I am not an economist by any means- but seemed to be fair arguments
June 24th, 2009 at 4:39 pm
BTW, mucho respect to the often criticized US soccer team – who just beat world #1 Spain 2-0 with goals from Altidore and Dempsey. Credit where credit is due.
June 24th, 2009 at 4:40 pm
Stocks down? The S&P500 was up over half a percent today.
June 24th, 2009 at 4:43 pm
@ LB:
TD over at zerohedge is all over this… but an interesting read on the Euro, Franc, and Dollar action today.
http://www.ft.com/cms/s/0/1c23c088-60c3-11de-aa12-00144feabdc0.html?nclick_check=1
June 24th, 2009 at 4:43 pm
VennData-
and the nasdaq was up 1.5%
June 24th, 2009 at 4:45 pm
And way to spill the beans on the game I have recorded on my DVR Leftback- I’ve been deliberately avoiding all news on account of that.
Well, I called it yesterday, it was a good R/R for the red white and blue. I’m glad we kicked their ass.
June 24th, 2009 at 4:45 pm
ahab,
i can’t disagree with that line of thinking. If we have real credit deflation here it is going to destroy a lot of people. I think it would be way worse than having to try and deal with higher inflation.
Thor,
I’m glad you are optimistic about your state’s leaders abilities to get it right. I hope they do work it out. I’m just glad I live on the other side of the country.
June 24th, 2009 at 4:50 pm
Ahab:
Through finally at the salt mine (God what a day)…but I’ll try to read it tonight.
June 24th, 2009 at 4:53 pm
Ben22 – I wouldn’t call it optimism, I’d call it a familiarity with the politics here. Don’t buy into everything you see from the MSM. And hey, if I end up being wrong, you can all give it to me in spades
June 24th, 2009 at 4:59 pm
Many people hold two contradictory thoughts:
1) Inflation will happen because of the Fed.
2) The Fed will support the banks no matter what.
Inflation will kill the banks legacy assets, MBS, CMBS etc… so the Fed will not allow inflation if they “support” the banks. You can’t have it both ways, either the banks will do great or we’ll get inflation.
Of course, the “Third Way” …things might just slowly return to normal for banks doing OK and back to 1-2% inflation, which is denied by the WSJ so it must be the right one.
June 24th, 2009 at 5:00 pm
Paul Desmond from Lowry Research was on CNBC late this afternoon and the video is posted at CNBC.com He’s looking for new bear market lows, BELOW the March lows. Said the last 2 Mondays were 90% down days and any bounces should be sold into. Said if we can’t have a strong, healthy, sustained rally from the March lows, we will have to go lower to attract demand. He didn’t give any timeframes or targets. In my opinion, Lowry’s is always right but usually early.
June 24th, 2009 at 5:01 pm
Sorry I-Man, but now you can order in extra beers and make a big night of it.
I owed them a shout out after ripping on the team after the Costa Rica debacle.
LB has been relaxing in the sunshine, but the Big Apple is calling again tomorrow.
June 24th, 2009 at 5:04 pm
What nobody seems to have picked up on other than hints from lefty is that we have NEGATIVE real interest rates and we still can’t seem to lay the foundations of genuine economic growth other than re-stimulated consumer borrowing and spending. As Ritholtz points out day after day, fundamental change seems to be missing.
As for Chinese consumers having discovered the wonders of credit card debt, that is not a good thing.
Collectively, we could build a more sustainable (in every sense of the word) tomorrow, but instead we borrow to maintain the illusions of the past.
June 24th, 2009 at 5:06 pm
Thor,
If I was buying what the MSM was selling I wouldn’t be worried about your state would I? Do I sound like somebody that draws conclusions from the MSM? I get that a lot on here. What the hell.
Becky,
count me with Desmond on the new lows idea. It won’t just be a retest imho. I don’t think it’s about attracting demand though. No, there won’t be much demand for equity if what I think is coming happens.
June 24th, 2009 at 5:07 pm
@Becky: Paul Desmond must have been reading Steve Barry and Andy T.
By the way, here at TBP we have chosen idiosyncratically to refer to the March lows of SPX 666.79 at 3.35 on 3/6/09 as The Leftback Bottom™ for reasons of historical accuracy.
June 24th, 2009 at 5:10 pm
@CNBCS
We all see that (no real econ growth). It’s so clear it’s not even worth bringing up for anybody paying attention.
BTW, your posts lately have been great. I know I can get a laugh out of your posts daily lately. I think when you try to be a bit more serious you do have some good stuff to add.
June 24th, 2009 at 5:10 pm
@leftback: Funny you mentioned VIPSX. When I closed my Emerging markets and Oil funds in my 401k (2 weeks ago), guess where I moved my money into?
Today was another great trading day. I was pretty sure market will drop after Fed announcement. Played $COF and $DUG both from long and short side.
June 24th, 2009 at 5:17 pm
inflationists, deflationists … it doesn’t matter which side wins out if things dither here in no-mans-land for long enough. (I refer to this region between UP and DOWN as “no-mans-land” — unless you believe that the bottom has definitively landed and we are in the next Great Bull Run to new all-time highs, in which case we lack the basis for a dialog)
As the master (of the pithy quote) Keynes said, “In the long run, we are all dead”.
If you can’t time this stuff, you may as well use what credit you have today to purchase a tombstone, you can inscribe it with “In the long run, he was right” (or “she was right” in the event it is karen).
If we are indeed to follow the Japanese, then we ought be seeing the indices making new lows before year-end. But I don’t think that the Japanese ever managed to goose their equities markets the way we have. For the first several years for them, it was pretty much a sleigh-ride to Hell, with substantial rallies only appearing much further down the slope.
The gummint cannot keep dancing on air forever, but it’s a pretty talented buncha scoundrels we got behind the curtain, so I’m not at all sure that anyone will be able to out-last them if they make a stand right now.
That’s why the wiser folks (lb and others, you know who you are) are staying mostly liquid, catching a few waves here and there, but not doing any wide-open commitments while the wizards are dancing.
June 24th, 2009 at 5:17 pm
No worries Left- I just thought it was funny… I deliberately avoid google news and espn all day, fight off phone calls from coworkers, and dont turn on a tv… and then when I least expect it… in the last place I expect it (save from you anyways)…
I find out the score.
Oh well, might have to down a few extra IPA’s tonight to make it more fun. Sierra Nevada Torpedo Extra IPA, perhaps.
Looking forward to the finals game. Should be a good match… for the Brazilians anyway… (snark)
June 24th, 2009 at 5:18 pm
Ben22 – Do I sound like somebody that draws conclusions from the MSM? – No, you don’t at all, perhaps I was reading too much into your “I’m glad I live on the other side of the country” statement.
June 24th, 2009 at 5:20 pm
Lefty – you’ve mentioned your prediction a couple of times. From what I’ve seen of your postings here in the last month, I’m not at all surprised you nailed it. Do you have the link to your original post?
June 24th, 2009 at 5:21 pm
Just for curiosity’s sake, anyone want to try a (for fun only) poll of the high/low/close for the S&P 500 index through the rest of 2009? My guess is that the results would make a magnificent scatter plot (splatter plot?).
June 24th, 2009 at 5:21 pm
I-Man: LOL. Put a couple of IPAs out on the porch for LB.
You can’t beat the Brazilians for artistry, by the way, although Gov Sanford put in a word for the Argentinians.
June 24th, 2009 at 5:28 pm
CNBC sucks Says-
” we still can’t seem to lay the foundations of genuine economic growth”
my opinion is that trying to acheive growth for growth’s sake is a waste of time- when enough is enough-
“At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch 22 over its whole history. Heller responds, “Yes, but I have something he will never have . . . Enough..”
also- I am about 1/3 the way through The Road
June 24th, 2009 at 5:30 pm
I wonder how many staunch Republican politicians are sitting at home right now praying that its at least a hot Argentine chick who he was shacking up with…
and not a young Argentine male.
Just curious.
June 24th, 2009 at 5:30 pm
The Road is an amazing book – I can imagine it’s especially poignant for you since you’re a father.
June 24th, 2009 at 5:39 pm
@Thor: A wager made with Bruce. I also made a call at 3.45pm on the same day just after the SPX666.79 low.
leftback Says:
March 6th, 2009 at 12:44 pm
@ Bruce: A bear market rally smells like Mr Shorty on toast. Or a burger fresh off your grill, sir.
Market no lower than SPX 660 on this leg. 10% higher by the end of March. SPX 740 or higher. Deal?
June 24th, 2009 at 5:45 pm
well- to tell you the truth Thor- I am not a big fiction reader- although I did re-read Heart of Darkness here lately- more into the real stuff – like- “Into Thin Air” by Jon Krakauer-
however- CNBC kept talking about it so had to check it out for myself- started off a bit slow but seems to be coming together now
June 24th, 2009 at 5:46 pm
here is the actual post:
“Low:666.79 Folks, the bottom is IN, at least for March 2009.
Another up day over here at Schadenfreude Asset Management.
Watch out Mr Shorty, they love to do a spot of intervention over the weekend.”
June 24th, 2009 at 5:49 pm
Very impressive LB!
Ahab – The book get’s better, keep reading. I’m more a Sci-Fi, History guy myself.
June 24th, 2009 at 6:00 pm
I think we have seen the bottom and top on S&P for the year. It will close somewhere between 700 and 800.
June 24th, 2009 at 6:05 pm
LB – have been going through the archives reading your old posts, you’re pretty f***ing good with your calls.
June 24th, 2009 at 6:07 pm
Leftback is a High Priest here at TBP
June 24th, 2009 at 6:12 pm
@ahab –
into thin air is a great read – amazing story, well written
June 24th, 2009 at 6:21 pm
Thor – Lots of posters here seem to make good calls quite frequently and there are many good chart readers who stop by from time to time. That’s one of the things that makes TBP worth the price of admission
Andy T is the man as far as wave analysis, and Barry is the master of calling the turns – he is all over the sentiment extremes like very few commentators you will read.
June 24th, 2009 at 6:22 pm
Wes-
I know- I read the initial accounts in Outside magazine (where he was an editor I believe)- the book is pretty gripping- hard to believe anyone made it
Thor-
I am not a Scifi person- but have read a bit of Philip K Dick- the dialougue is a bit dated at times- but “A Scanner Darkly” is a pretty good read- read it on a train from Prague to Krakow- pretty funny at times. The movie is a trip- rotoscoped- check it out if you get a chance.
June 24th, 2009 at 6:26 pm
No changes?? Cool… I’ll hold my positions.
June 24th, 2009 at 6:27 pm
…and Moby Dick, he, he, he
speaking of he, he, he
did you see BR’s comment on the NAMB “club” of Louisiana?
June 24th, 2009 at 6:29 pm
Wes-
I especially love that first line from Moby Dick- also-
you mean the NAMBLA comment- I did- BR’s a funny guy
June 24th, 2009 at 6:29 pm
Prague to Krakow – I went the other way – (Krakow to Prague) in the middle of the night, during a huge rainstorm, stuck in a sleeper car with the window locked and three smelly Brits. Ah, Memories.
My absolute favorite are the alternative history sci-fi guys. Harry Turtledove is among the best, he’s a Historian so his alternative futures work is top notch.
Will have to check out A Scanner Darkly, tried watching the movie but my two least favorite actors were in it (Winona and Keanu).
June 24th, 2009 at 6:31 pm
ahab, that would be it
June 24th, 2009 at 7:22 pm
well if we don’t get job growth after teh recovery…we will back where we are today….or there never will be a recovery…
June 24th, 2009 at 7:53 pm
@I-man @lefty
Was that game not brilliant?
From about the 65 minute mark on, the USA was looking so tired…It was like a shooting gallery there in there own box but somehow, someway, somebody put a head or tow on everything that came in…
Feilhabe was a GREAT substitution…He gave some legs and good ball control (and I think was the reason behind Dempseys goal despite Donovans flick)…
After that goal, even though they were tired, they managed to take it up a notch on fumes…It was like OMFG what are we doing here?
It’ll be hard to match that intensity for the finals but that was BY FAR the best moment in USA Soccer history!
June 24th, 2009 at 7:54 pm
their…toe…Feilhaber…
my keyboard is f-ed
June 24th, 2009 at 8:07 pm
BTW lefty-
You know I’m with you on a lot of trades…
These days you have to be pretty quick with trades it seems…I mean, I was buying S&P puts on Friday, I sold those and went long SSO yesterday, and sold those today…
I’m with you on SRS…(that I held onto)…I bought it at 20.60 Monday at the open, held thru the rally, and didn’t panic through the 100% pullback…I’m looking maybe to add…Did you see they’re pricing in 1-1 on a $40 handle, and there’s even action at the 80 strike into October? Plus, “The Street.com” had this article today about how that was the WORST ultrashort on the planet…So it sounds like a BUY to me then…:-)…
I’m still in the camp (I’ve said this before), that we’re not going to do much between now and July 6-7…
Well, let me clarify that…
880 stays supported (until then)
903 thereabouts is the 6/30 close (because it would be FLAT on the year)…
MM’s ‘bark up’ the 2nd half recovery at the 4th of July barbecues…
FIBO retrace up to 922 on July 6th (as soon as Joe Stupid is invested)
oil keeps tanking (making the overall market difficult to rise)
short term money flows into EXPENSIVE stocks (like Google & Apple that trade in 3 digits)…
Market takes out 880 the the downside after July 7th…
Tiny support at 840
Tiny support at 776
Tiny support at 740
Retest of 666
FAIL
576
Happy Halloween…
Then…
TARP 2
Stimulus Package 2
etc. etc.
June 24th, 2009 at 8:09 pm
Another depression story. From my father, 95 and still kicking. Born when WWI started. His mother died in the flu epidemics and his father died later, not sure when, so he was sent to the city (NOLA) to live with an aunt. A story I still remember from having heard many times is how he was so hungry that he tried to steal a big spoon of peanut butter while his aunt was not around. Almost choked to death because he couldn’t get it down. My mother is still around too, the main thing I hear from here is how much cheaper things used to be.
The history still shows. They are the cheapest people you ever want to meet. Or don’t want to meet. House paid for, pretty decent SS and pension. Reasonable chunk of cash in the bank and pretty good health. They live back near NOLA out in the sticks and had little food in the house recently and nobody to give them a ride that day, so I told my mother I could get her a cab, but she’d have to pay for it. “Oh, don’t do that!”
Another family story from my mother or her sister is about the extended family moving in together to save on rent. I’ve been hearing about something similar with adult kids moving back in with parents.
In my own readings, I’ve seen that the familes of farmers who didn’t lose their farms ate well at any rate.
June 24th, 2009 at 8:12 pm
BTW, Dr. Marc Faber advises buying a farm and living on it. Terrorist attacks will hit big cities, not you. And you can eat. Trouble is, who will save you when the zombies come?
June 24th, 2009 at 8:18 pm
zombies – dude
the zombies are here
GS, CIT, JPMS, BofA….
June 24th, 2009 at 8:20 pm
@Mike in NOLA
That is what I’ve been saying my brother…
- I bought my farm…with cash
- I installed renewable energy on it (solar & wind)
- My truck runs on natural gas (which I have a huge storage container for on my property)
- I have a storage bunker filled with food.
- I grow my own food (and have ’seeds’ for regeneration)
Yet people (on this site even)…call me the UNABOMBER…
I don’t have a solution for the ZOMBIES yet…I’m working on it
June 24th, 2009 at 8:22 pm
cv – u no una bom ber – no freakin way – u r cool in my mind
June 24th, 2009 at 8:35 pm
@cvienne: agree wholeheartedly that we will see a TARP 2 phase. Another major bank will be nationalized (hint BAC).
BTW cvienne: Do you have a blog or some place where you wrote about how you implemented your self-sufficiency plan in detail? I love to get more info.
Nice reverse hammer on UUP. Oil goes down taking the overall market with it tomorrow.
June 24th, 2009 at 8:39 pm
all you TA folks-
you follow the charts and you make your predictions- but can’t data itself – news or other relevant information- make it all meaningless-
for instance- the charts tell you a bull market to SPX whatever- but news comes out saying GDP is way less than expected- unemployment claims higher than expected- bankruptcy of major known retailer happens unexpectedly- sales #’s less than expected-
so how can the chart predict when we don’t know the unknowns that may happen-
just wondering- I am starting to believe that the charts actually reflect the fears and hopes as measured by candlesticks and trends- so are really no more than a measuring tool to where people’s heads are at any given time
June 24th, 2009 at 8:43 pm
@ahab: you look at the charts everyday and adjust your expectations based on what you see. I personally use Candlestick only for my swing trades. For long term I look at a mix of things, Macro Economic fundamentals (reason why I read TBP), Technicals, Industry strength, Company fundamentals etc..
June 24th, 2009 at 8:44 pm
I keep trying to retire from this blog, but I just can’t. Whom else am I gonna talk to about this crap? This blog is about some of the most important things that will affect our lives, but NOBODY ELSE CARES.
cvienne – I love your trading thesis. Love it, love it, love it. If only it were true. It’s not gonna happen. You don’t have a money UNprinting machine in your garage, do you? Americans are back to their old ways of being blissfully ignorant of the world outside their lives, slacking off as much as possible at work, staying as mediocre and fat as possible in body, heart, and soul, and being damned PROUD of it. And the US and state governments are there to back them all the way and make sure they stay dissolute sheeple. The status quo is safe until decoupling occurs.
Mike in Nola – You talk about Marc Faber? You talk about someone who was “so hungry that he tried to steal a big spoon of peanut butter while his aunt was not around”? Please, man. Doomsday is not for another ten years.
Everyone on this blog is hoping for a small, manageable, TRADEABLE, profitable doomsday now when what we are really working up to is one massive, ugly reckoning for all in our lifetimes. And for those of you who think you can prepare for this sh*t, like cvienne, you should know from reading The Road that the first thing you will run out of are bullets.
Until that time, get with the program and decide: Are you emo or indie?
June 24th, 2009 at 8:46 pm
@CNBCSucks: Agree about a need for a fundamental change/direction in our culture and lifestyle. If we don’t do that now, we are heading towards the society you see in the movie Idiocracy. It’s not far fetched if you think about it.
June 24th, 2009 at 8:58 pm
CNBC sucks-
doomsday is Dresden and Berlin- utter destruction- death, homelessness, starvation- but- yet- they survive and prosper today- so- I am willing to concede that the American charade can in fact collapse- but as long as where I live is not being fire bombed to ashes or crushed by Soviet tanks- I am unafraid- let us collapse- probably the best thing that could happen to bring on a better society
June 24th, 2009 at 9:01 pm
manhattanguy-
thanks dude- I know you need to stay light on your feet with the charts- but everyone always seems to say the same thing- regardless of new information- reading the tea leaves- but- there is something to it- because I have seen too many calls that proved correct- unless- of course-
it is all group think- and what happens is all based on all the traders making the same assumptions
June 24th, 2009 at 9:40 pm
Ahab Says: “I am unafraid- let us collapse- probably the best thing that could happen to bring on a better society”
You and me both, this country needs the biggest kick in the balls it’s ever had. I (still) have faith that we’ll come out of the other end of this ok but to come out stronger and smarter, we absolutely need it to get bad, what we’ve seen so far is nothing compared to what we need.
Mike – Thanks for your story, made me think of my grandmother who recently passed away (93). Your parents sound a lote like my grandparents (born in 1914 and 1915) They were fairly wealthy (real estate investments in the 50’s) but you’d never know it. They lived in a decent three bedroom two and a half bath house. Their only extravagance was a new Cadillac every 5 years – always white, always red interior. Well, that, and they spoiled their grandchildren rotten.
Most of that generation was like that – they knew what it was like to have nothing, to go without, and to be hungry. As much as I hate to see people suffer, I’m going to have to agree with Ahab 100% that we’re going to have to see that kind of pain again to get our house in order.
June 24th, 2009 at 9:49 pm
Cvienne: I didn’t catch the Unibomber reference – heh, and after getting to know you a bit you sound like a really decent guy. You have to admit though, without knowing anything about you, other than those tidbits, it does sorta sound like the unibomber
June 24th, 2009 at 9:52 pm
@manhattanguy
“BTW cvienne: Do you have a blog or some place where you wrote about how you implemented your self-sufficiency plan in detail? I love to get more info”
No I don’t have anything dedicated to that purpose…FYI – I’ve chronicled my own story as I’ve made my moves (understand that these moves started as far back as 2004)…I’m more Jim Rogers than Jim Rogers, and more Faber than Faber himself (yet I find myself disagreeing with them from time to time as to ‘timing’)…I swear, if people ON THIS BLOG would not criticize me for preparing the way I do, I’d be happy to share insights from to time…However, I don’t feel it’s right to do it…This is BR’s BLOG…It is unique, and it is the BEST thing I’ve ever read…I think some of the smartest people on the planet frequent this blog…So basically all I can say is this…I am a WEALTH of information on the subject of survival (most of it is easier & CHEAPER than most of you can imagine, and would not even impact your lives in a major way if you would endeavor to take a few simple steps)…I’ll pass it on as situation dictates, but ONLY in a way that would not INTERCEPT the worthwhile focus that BR’s conscience brings to this blog…Fair enough?
@CNBC Sucks (8:44)
Thank you my friend… I welcome a hearty rebuttal to the theme I propose (a very arrogant one if I might add)…
To be clear though, that’s my THESIS of the moment (based on a combination of technicals, sentiment, and basically WTF I feel like at the moment)…I’m flexible…If the tape tells me to trade differently, I WILL…But my strategy is to always have a GAMEPLAN going in…If it goes awry, I resort to plan B, or plan C…..etc, etc…I’ll give you a concrete example…In March, I thought the BOUNCE would never extend 740…WRONG…Then I upped my target to 850…WRONG…Then I started factoring in ben22’s forecast of 965 – 1k (which I’ve held to recently…)…At 956 I was still 95% with that call…even on the selloff two Monday’s ago I was on that call…THIS Monday, I changed my viewpoint…I think 956 WAS the top for 2009…(so LB you presently have the bottom, now I’m calling the TOP)…I still think we can do a technical retrace…922-930 until 7/6 – 7/7…Failure is curtains…That’s my THESIS (until it changes…AGAIN)…Fair Enough?
June 24th, 2009 at 9:57 pm
@Thor
No problem about the unabomber reference…I have a way with words sometimes (acerbic)…
Before that day you were a ‘watcher’ but not so much a poster…It seems that something I said got your blood boiling in a way that you had to chime in…This blog is BETTER for it (as I’ll underline myself that I’ve liked your contributions)…
In a way, that’s how I think things should be…I don’t hold back comments…Sometimes, I INTENTIONALLY say things just to piss people off…For me, it’s the best way to start a hearty debate and get to the center of solving problems…
Stay thirsty my friend
…
June 24th, 2009 at 9:57 pm
Cvienne: “I swear, if people ON THIS BLOG would not criticize me for preparing the way I do,”
Look at it this way, what are the drawbacks from your preparations? None really, if the worst case scenario does end up coming to pass then you’re going to be way ahead of the game. If it doesn’t – well, it sounds like you lead a pretty satisfying and happy life right now, so who cares?
June 24th, 2009 at 10:08 pm
cvienne-
I have to agree with Thor- mucho respect for buying a farm and enabling a simpler life- no criticism that I know of-
Manhattanguy was just impressed with your wherewithal and was interested in how you put it all together-
as we probably all are
June 24th, 2009 at 10:10 pm
CV: May I have directions to your farm for when I see Mad Max drive by? BTW, why aren’t you watching the LSU game? Or are you in your chair with your laptop like yours truly.
Ahab: Agree on the TA. I’m something of a skeptic on it. Really bullish numbers on the GDP tomorrow followed by more really bullish numbers on important stats would render all the charts meaningless. What the charts are probably measuring, to the extent they measure anything, is the mood of the crowd. What we are seeing now is the effect of less bad numbers being spun hopefully but with no followup good numbers which we would have seen had the hopeful numbers been based on something more than hope.
June 24th, 2009 at 10:16 pm
ben,
During the depression a trio of what my mother called bums, ate her Persian cat. My grandmother saw them and said they were up to some “skulduggery”. The next day my mother found the fur and bones. One cat for three men? That’s some hard times.
June 24th, 2009 at 10:19 pm
a little cartoonery-
http://1.bp.blogspot.com/_H2DePAZe2gA/SkKdDr7aR4I/AAAAAAAAJTQ/O_36karKUmQ/s1600-h/1f214c.png
June 24th, 2009 at 10:23 pm
@Thor (9:57) @ahab (10:08)
Do you want to know something guys? I don’t take ANY peculiar pleasure in having done what I’ve done…
It’s WEIRD when you fancy yourself NOAH…
I mean think about it…In retrospect, Noah was a GENIUS…(and if you could retrofit all happenings to what Noah was doing, you’d have thought of him as some kind of prophet)…But in his time, Noah was probably your basic KOOK…People laughing at him all the time, etc…
That’s what I notice…I hardly bother telling others about what I do (save for a blog like this that nobody can look in my eyes, and point their fingers at me with a group of their friends)…I mostly care about my FAMILY ( and BELIEVE ME, half of my family still isn’t convinced about what I’m saying)…
So I just go it alone…I figured out a long time ago that people are distracted and disinterested…You have to understand (once you’ve played the role I’m playing), that other people think of you as PESSIMISTIC and a DOOMSDAYER…It’s the opposite of the truth…I actually feel more VIBRANT understanding that I’m trying to live without making a giant footprint on the planet…
I think it was one of the MATRIX movies that said that humans most resembled a VIRUS more than any other organism…A virus is the only organism that, to live, consumes it’s host, then attempts to move on…I don’t want to be like that…So I’ve decided to try and do it differently…
There are 6 billion humans on this planet…It’s probably too many…I think if we can take it down to about a half billion (full of the types who post comments on this site – especially if they have strong enough backs to stick a shovel into the ground and plant some corn), we’ll be OK…
June 24th, 2009 at 10:26 pm
cvienne – You do know that I was sincere in saying I love your thesis? Jim Rogers and Marc Faber are two of my favorite market observers. I just think they are premature in their predictions. The US government is still able to borrow and print lots of money, the Chinese are still happy to accommodate us for the foreseeable future, and from the standpoint of relative economic stability and non-violence, this is all a good thing. Maybe, just maybe, nothing really bad will happen in our lifetime and we can just default peaceably.
I am now reminded by this thread and The Road: Count your blessings daily. Things can always be worse. And if I may be humored this bit of sentimentality – you guys, and I do mean guys, are a blessing!
Double nickle…
June 24th, 2009 at 10:27 pm
@Mike in NOLA
That 6th inning was just too tough…I’m all worn out from the USA-Spain soccer match (then teaching two GF classes back to back after)…
Havin a beer…HOLD THAT TIGER! HOLD THAT TIGER!
June 24th, 2009 at 10:35 pm
@mike in NOLA
Want directions to my farm?
Actually, there’s no reason to go there as we speak…I just got re-doing the floors to sunken heart pine (but the trim is not on yet)…I need to re-do the kitchen, & two bathrooms…I only got the place 6 months ago so give me time…
But you can go on GOOGLE MAPS…Focus in on the Harpers Ferry zone (confluence of Potomac & Shenendoah rivers)…Center in the ENGLE & BAKERTON areas (at about 5 clicks zoom)…Draw a line between the two, trace 3 & 4 squares SE of that and that’s my farm!
June 24th, 2009 at 10:40 pm
>> I keep trying to retire from this blog, but I just can’t. Whom else am I gonna talk to about this crap?
F’n tell me about it… Aside from my wife, YOU folks are my “social life”. I can’t talk with anyone at work about this stuff.
It’s 50-60 hrs/week at work (in a software mill). That leaves 10-20 hrs/week for investing, which requires (IMO) reading blogs — including these edutaining comments — to stay current and have some fun.
June 24th, 2009 at 10:40 pm
CV:
I was busy frying some burgers and forgot to turn it on til the 6th was almost over.
GF classes? I’m sure I’ll feel stupid after I read your answer.
June 24th, 2009 at 10:42 pm
Cvienne Strangelove wrote: “I think if we can take it down to about a half billion (full of the types who post comments on this site – especially if they have strong enough backs to stick a shovel into the ground and plant some corn), we’ll be OK…”
Especially if we can have a ratio of ten females to each male, with the women selected for their sexual characteristics!
We would have to reverse the male-to-female ratio of our little community here by three orders of magntitude, so get crackin’.
June 24th, 2009 at 10:47 pm
So, it’s not the Illuminati, it’s GS:
http://www.scribd.com/doc/16750352/Goldman-Sachs
June 24th, 2009 at 10:58 pm
@CNBC
LOL – That works for me…& definitely for the procreation of species aspect of it…
But please don’t let ourselves discriminate from the start…
I mean, after ALL…If we’re going to burn down the house “Noah Style”. (or flood it in that case) at MINIMUM two of each type are AT VERY MINIMUM welcome on the ark…
June 24th, 2009 at 10:59 pm
CNBC – sounds like a pool part I went to the summer before last. Ratio’s were flipped though.
June 24th, 2009 at 11:04 pm
I’ve started getting unusual tenants: older business owners who have either lost their house or are renting them to make ends meet. One owns a pub and said he’s most likely toast within a year. A RE girl I know, is going to fail. I don’t have the heart to tell her. She’s 30 and is about to take the big one. She bought two houses and some rental property at the top of the bubble, and asked me what mistakes she’d made. Maybe I was that stupid at one time, but good God almighty! Now her houses aren’t rented. She has about $2m in loans and her father has been helping her, so he’s about to take it up the stovepipe too. In fact one of her tenants is now renting from me at 1/4 what she was getting for her house. The South, except for Florida, so far has escaped a lot of the carnage, but we are starting to feel it. But the mini construction boom gives me hope for the future!
June 24th, 2009 at 11:05 pm
@Mike in NOLA
In retrospect, the sixth inning wasn’t unusual (in amateur athletics- READ AMATEUR STOCK INVESTING vs. PROS)…
It started with a simple walk (NEVER a good sign if you understand what I mean)…
- Change in leadership (pitching)
- an error or two
- all of a sudden a two run lead
- confidence is lost
- things fall apart
11-4 final score…
Sounds kind of like the S&P (which, in the sixth inning – June – is TIED – 900 – then falls apart)…
HOLD THAT TIGER!
June 24th, 2009 at 11:06 pm
Maybe I missed the mention, but by coincidence, Dr. Stangelove is on right now on TCM.
June 24th, 2009 at 11:14 pm
@ MIKE IN nola…
My personal favorites…
Dr. Strangelove: Sir! I have a plan!
—
General “Buck” Turgidson: Doctor, you mentioned the ratio of ten women to each man. Now, wouldn’t that necessitate the abandonment of the so-called monogamous sexual relationship, I mean, as far as men were concerned?
Dr. Strangelove: Regrettably, yes. But it is, you know, a sacrifice required for the future of the human race. I hasten to add that since each man will be required to do prodigious… service along these lines, the women will have to be selected for their sexual characteristics which will have to be of a highly stimulating nature.
Ambassador de Sadesky: I must confess, you have an astonishingly good idea there, Doctor.
—
And this…IN MY OPINION REFERRING TO BLACK BOX TRADING
Dr. Strangelove:
Mr. President, it is not only possible, it is essential. That is the whole idea of this machine, you know.
Deterrence is the art of producing in the mind of the enemy… the FEAR to attack. And so, because of the automated and irrevocable decision-making process which rules out human meddling, the Doomsday machine is terrifying and simple to understand…
and completely credible and convincing.
June 24th, 2009 at 11:30 pm
@CNBC
Oh…& basically I have to say this…I LOVE YOUR POSTS BROTHER…(emo vs. indie is what it’s all about)…
I made this post a couple of days ago (but it was late & I’m not sure if it was picked up)…Here it goes again…It’s MY CALL on the S&P “after” either 7/6/09, or, 922-930 FAILURE…
Lyrics by DEVO…Song you should download for fun & reference (those guys were prescient)…
HERE TO GO, 1984, Album – Shout
If you smell the smoke
You don’t need to be told
What you got to do…
Yet there’s a certain breed
So very in between
They’d rather take a vote…
Running short on time
Still they can’t decide
But we already know…
That we are here to GO
We are here to GO
We are here to GO
We are here to GO
We are here to GO….
What is really mine?
Who’s at the top of the pile?
Where does he draw the line?
Let them figure it out
Go on and step across
Just remind yourself…
That we are here to GO…
When it grows too long
The tail wags the dog
The hand that bites gets Fed…
Troubles multiply
The crowd begins to cry
For some COMMON SENSE…
Let them all dig in
When the odds are NO WIN
Head for the nearest door…
Cause we are here to GO!
Go!
June 24th, 2009 at 11:48 pm
Think I made this point in another thread: there are so many homeowners deliquent but not foreclosed on that inventory figures are meaningless.
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/23/AR2009062303500_2.html
June 25th, 2009 at 12:27 am
somebody mentioned Jim Rogers above, i’m sure he loves this:
Moodys rates the USD AAA (says there is no alternative)
http://www.bloomberg.com/apps/news?pid=20601109&sid=aGlxDLf7cVZY
And china keeps buying – http://www.bloomberg.com/apps/quote?ticker=HOLDCH%3AIND
Can’t they at least make it AAA*?
Some would say there are no alternative/better associations than NAMBLA, but am I still gonna rate it AAA?
June 25th, 2009 at 12:29 am
1. If the Fed isn’t adding to its Treasury purchases will the bond market send the 10yr to the stratosphere?
2. Who just pushed the S&P futures $8 in five minutes at 23:05? It was having trouble getting above 900 and then BAM!!!
June 25th, 2009 at 12:31 am
Ahab said: “all you TA folks-
you follow the charts and you make your predictions- but can’t data itself – news or other relevant information- make it all meaningless-”
There are occasional curve balls, but generally speaking the smart players know what the “news” is going to be and have place bets accordingly. Thus, the market is rarely “surprised” by reports, etc. This past two years have presented TWO events that were completely surprising….
1) In March 2008, the Fed intervened in the capital markets to save Bear Stearns. (when an arbitrary major decision gets made by a few people on weekend it’s safe to say the markets was surprised)
2) The Tarp Announcement/Ban on Short selling panic squeeze in late Sep 08.
It should be noted though that both of those “surprise” events merely caused short term fluctuations and the market eventually went to where it was going to go anyway…..
The only other time I’ve seen a market caught completely unaware was when Hurricane Katrina took a weird path that no meteorologist was predicting…wiping out major NatGas/Oil platforms.
There are no coincidences and Mr. Market is rarely “surprised.”
June 25th, 2009 at 12:35 am
Here’s a decent explanation on why the indirect bids have been having larger numbers: http://acrossthecurve.com/?p=6613
June 25th, 2009 at 5:43 am
Why, oh why, do I ever put on the sound on CNBC? Up early, so figured I’d flip on CNBC and see the European version, which has generally been better. They have on someone, think the the head of Ericsson, and someone in London and someone in NY cross examining him to get some positive statement. All loaded questions suggesting the answers, more or less along the lines of “Where do you see improvement?”
June 25th, 2009 at 6:53 am
Long day today, but take note of the European equipment orders….not pretty.
June 25th, 2009 at 9:19 am
“Manhattanguy was just impressed with your wherewithal and was interested in how you put it all together-
as we probably all are”
I am looking to go self sufficient as well in the near future. That’s the reason why I asked Cvienne for tips. But I didn’t get what I was looking for. Never mind.