Stocks: Market Crash Looming

[Sarge]

Riots in Greece with bank burning.

"*PORTUGAL'S Aa2 RATINGS MAY BE CUT BY MOODY'S"

"LA on the brink of bankruptcy by 2014 or before according to the WSJ." Remember the April sales tax receipts tanking? And I don't think the article is taking into consideration what happens if they get a big earthquake before 2014.

And the health care plan that was going to start saving us so much money is starting to cost us some much money.

"Feds offer $5B to shore up early retiree coverage.'' I hope they consulted Timmy. OH wait, he is offering the World Bank 1B.

Last but not least, big State budget cuts are on the way as the stimulus money has run out. All is well.

 

[Sarge]

They are saying 3 bank employees dead in riot in Athens when the bank was set on fire.

Then Zero Hedge reporting this,

http://www.zerohedge.com/article/ba...the+survival+rate+for+everyone+drops+to+zero)

Rumored bank holiday for Greece and Portugal

 

[Sarge]

Here they come.

"Pennsylvania collected $2.9 billion in General Fund revenue in April, which was $390 million, or 11.8 percent, less than anticipated. Fiscal year-to-date General Fund collections total $22.8 billion, which is $1.1 billion, or 4.6 percent, below estimate."

"April receipts, released Monday, that pushed Idaho's estimated budget deficit for the current year to $13.5 million."

Look what AR did. Robbed the rainy day fund and kicked the can on other funds. Just trying to survive two months. What happens after two months?

http://www.thecitywire.com/index.php?q=node/9852

NY ready to do an Illinois routine. "New York state’s cash shortage, projected to reach $1 billion by early June, may be solved by delaying payments rather than borrowing, Lieutenant Governor Richard Ravitch said." When in trouble pretend and delay.

And Timmy just woke up and is going to borrow fresh cash due to falling tax receipts. Ahhhh Timmy, does that mean print new money?

http://www.zerohedge.com/article/78-billion-coupons-deck

While we wait on word from Illinois on their April tax receipts we must not forget that pesky little volcano in Iceland that is starting to act up again.

 

[Sarge]

"On Friday, Texas Comptroller Susan Combs sent $265.7 million in sales tax allocations to Texas cities, down 3.6 percent compared to April 2009 allocations."

Oakland likely to go BK. Mish article.

http://globaleconomicanalysis.blogs...lysis+(Mish's+Global+Economic+Trend+Analysis)

Why doesn't the whole State just do it all at once instead of city by city. Until they deal with the pensions it is going to just get worse.

 

[Sarge]

Is everyone ready to cough up another 10 plus billion of your tax dollars?

"Freddie Mac seeks $10.6B in aid after 1Q loss
By ALAN ZIBEL
AP Real Estate Writer
WASHINGTON (AP) -- Freddie Mac is asking for $10.6 billion in
additional federal aid after posting a big loss in the first three
months of the year. It's another sign that the taxpayer bill for
stabilizing the housing market will keep mounting.

The McLean, Va.-based mortgage finance company has been
effectively owned by the government after nearly collapsing in
September 2008. The new request will bring the total tab for
rescuing Freddie Mac to $61.3 billion.

Freddie Mac says it lost $8 billion, or $2.45 a share, in the
January-March period. That takes into account $1.3 billion in
dividends paid to the Treasury Department. It compares with a loss
of $10.4 billion or $3.18 a share, in the year-ago period."

CUT THEM OFF. LET THEM DIE. Next quarter they will want another 10B.

Ben and Tim should be prosecuted.

 

[Sarge]

Well Illinois didn't disappoint.,

"2010 YTD vs. 2009 YTD
---------
-8.1% Personal Income Tax
-22.3% Corporate Income Tax
-8.1% Sales Tax
+34.9% Federal Sources
+0.3% Total Federal and State Sources"

Read page 4 close. Kicking the can with money sweeps.

They don't see things improving. No kidding. Try paying the 4.5 B in bills you have not paid yet.

http://www.ilga.gov/commission/cgfa2006/Upload/0410revenue.pdf

 

[ChooseLiberty]

Can you watch the number of hits this thread gets to figure out market psychology?

 

[HOLLYWOOD]

Can you watch the number of hits this thread gets to figure out market psychology?

GOLD up $25 / once $1200+

This GREEK shit, about to blowup... turn on any channel. Getting ready to storm the parliment building

Market down 200+ points

HOPING the British elections gets the Liberal Democrats a big slice of the pie... Clegg and his party can expose the racket of the left/right paradigm of Brown/etc...

 

[Original_Intent]

GOLD up $25 / once $1100+

This GREEK shit, about to blowup... turn on any channel. Getting ready to storm the parliment building

Market down 200+ points

HOPING the British elections gets the Liberal Democrats a big slice of the pie... Clegg and his party can expose the racket of the left/right paradigm of Brown/etc...

Wow went from 200 down to 300 down (DJIA) pretty fast there.

 

[ChooseLiberty]

Thread hits slow down at the top.

This European debt thing is going to blow.

The Greeks are basically fighting the banking cabal and they've always had issues about their freedom.

Good luck Greeks.

GOLD up $25 / once $1100+

This GREEK shit, about to blowup... turn on any channel. Getting ready to storm the parliment building

Market down 200+ points

HOPING the British elections gets the Liberal Democrats a big slice of the pie... Clegg and his party can expose the racket of the left/right paradigm of Brown/etc...

 

[ctiger2]

I think this is the beginning of the end. Markets getting hammered.

 

[ChooseLiberty]

Well this WSJ article thread got moved to hot topics so maybe they'll move this thread to hot topics now. LOL.

One of every five men 25 to 54 isn't working

Let's do some simple math -

US population = 300 MM
Workforce population = 150 MM
Male Workforce = 150 MM * .6 = 90 MM
One fifth male workforce = 18 MM

Approx. Illegal Mexicans in US = 20 MM




http://online.wsj.com/article/SB2000...417489846.html

..."Even more alarming, the jobs that many of these men, or those like them, once had in construction, factories and offices aren't coming back. "A good guess…is that when the economy recovers five years from now, one in six men who are 25 to 54 will not be working," Lawrence Summers, the president's economic adviser, said the other day. "...

 

[Original_Intent]

DJIA -343 and in free fall.

 

[Original_Intent]

-411 brace for impact. Nasdaq down 4.5% +

 

[ChooseLiberty]

PPT / Goldman Sux not stepping in.

Looks bad.

 

[Original_Intent]

DJIA -578....bottom?

 

[pahs1994]

Wow down like 200 in what? 15 minutes?

Edit: nevermind more like 500 in 5 minutes

 

[Original_Intent]

yeah it went down more than 1000 for the day at one point - when do the backstops kick in?

 

[tmosley]

Well, looks like we finally got our market crash.

 

[AmericasLastHope]

Dow down almost 700 Points!!! WTF!