Thursday, May 17, 2012

The future's not ours

What grandiose and nefarious plans are about to be bestowed upon our unsuspecting souls? I polish my crystal balls and have a gander (I have several you know). Never failing in their laser accuracy of events soon to be. Well most of the time anyway. Need to adjust their time clock once in a while.

Chase that bastion of honest banking has reported another billion flushed down the crapper of worthless paper. Oh it's only a paper loss nothing to see here as your 401K vanishes like a morning fog. The Fed for all its' worthlessness is debating on whether to lower interest rates once again. You'd think their zero key for creating imaginary money would be worn out by now. No printing press necessary these days.

We watch as Greece just won't be forced to swallow. Much to the flusterment of the IMF (I like making up words too Randal). Maybe they should be called the IMMF as in I'm a Mean Mother F****** because who else would agree to such terms? And of course Spain Italy and some others are in the same bed waiting their turn for a little S&M. You'd think a pimp had at least a few scruples. Unfortunately this stable is a bit over the hill. Anybody up for buying an aging Acropolis? I hear you can get it on the cheap.

The usual talking heads are bewildered that such nations aren't up for the deal. No conflict of interest there noooo. And the market gurus downplay the damage because what's a few billion here or there? It's not their money they're talking about. That's safely tucked in a Swiss account. Got to churn and turn the money pot or nobody makes a dime. Those hedge funds don't make money by themselves you know. Somebody has to stir the pot.

So after reading the tea leaves and gazing into the crystal balls I see a Recession 2.0 coming somewhere between August and October unless we are fortunate to dodge the bullet momentarily and make it to January of next year. As I said my clock needs adjustment in these matters. Think there won't be another bail out? Think again, these are all FDIC insured banks we're talking about and none of the rules have been changed.


BBC said...

Have never had a 401K so I don't give a fuck.

Went into the bank today and something about banking came up and one of the minor managers said that Well's Fargo was one of the more honest banks.

"Yeah, right, but you have never screwed me out of a penny because I don't trust you."

Considering how I do my banking it's not likely they have ever made much off of me either being as I pay up my credit card up each week.

In fact they pay me to use it, go figure.

S.W. Anderson said...

If France's new president goes for stimulus is able to get it passed and implemented, so that unemployment declines and the economy grows, the rest of Europe will have to take note. Here's hoping.

A mid- or late-year recession? The stock market usually undergoes a "correction" some time between July and October. I suppose if it's a big enough retrenchment, that plus jitters about Greece et al could cause an uptick in layoffs and a setback for the jobs recovery. Don't discount the possibility that the GOP's big-money backers, especially in the financial industry, could jigger things so there's a slump. They want Obama out and a vulture capitalist who scared of people like Grover Norquist in, so I wouldn't put it past them.