Sunday, August 31, 2008

President Bush Says Happy Days Are Back Again

Pretty funny right?

Aug. 30 (Bloomberg) -- President George W. Bush (reminds me of the guy in picture) said the U.S. economy is 'beginning to improve,' and he credited the $168 billion stimulus this year with helping to ward off a recession.

Bush, in his weekly radio address today, cited several economic indicators that he said show signs of improvement: the decline in home sales has leveled off and sales are rising in some parts of the country. Orders for some durable goods are increasing, and the economy grew at an annual rate of 3.3 percent in the second quarter, he added.

'There are signs that the stimulus package will continue to have a beneficial impact on the economy in the second half of the year,' Bush said.

Likely Truth

Basically, the president wants the average, uninformed public investor to start buying and provide some liquidity for the institutional traders. The above pretty much hints a high probability of markets declining in the near future.

Saturday, August 30, 2008

A Simple Question

"Why is it that with all the technological advances, free trade, democracy... that the average American today works longer hours for lower pay compared with 20 years ago?"

Paraphrased from the documentary, "Orwell Rolls In His Grave"

Thursday, August 28, 2008

FDIC Looking to Tap Treasury

This is bad, they KNOW it's gonna get ugly with the banks.

Friday, August 22, 2008

"Analyst Accuracy" Should be an OxyMoron

Just saw this at Bloomberg, Analysts' Accuracy Forecasting U.S. Profits Worst in 16 Years

By Lynn Thomasson. As most of us are aware, Bloomberg does not function as a charity organization, every message it sends holds some form of purpose. Obviously this article was meant to discredit those who correctly forecasted the economic downturn that America has embarked upon.

It's gonna get worse, a whole lot worse, as over $200B worth of Fannie and Freddie bonds are due to mature next month and they are very broke. Don't just take my word for it, Mike Shedlock elaborates on this along with warnings of several other companies to short, or at least not long.

Brace yourselves!

Common Sense

Your work is going to fill a large part of your life, and the only way
to be truly satisfied is to do what you believe is great work.
And the only way to do great work is to love what you do.
If you haven’t found it yet, keep looking, and don’t settle.
As with all matters of the heart, you’ll know when you find it.

~ Steve Jobs

My thoughts-
Isn't that just common sense? We're all born to pursue whatever we love doing, why did we need Steve Jobs to remind us? Wouldn't the solution lie in prevention of forgetting one's dreams?

Thursday, August 21, 2008

Bill Miller in a World of Hurt

In a volatile market, a fine line stands between winners and the weak.


When Bill Met Freddie

On December 31, Freddie Mac shares were worth $34.07 apiece, and Bill Miller owned 15 million of them.

By March 31, Freddie Mac shares had fallen 25% to $25.32 each, and Bill Miller owned 50 million of them.

As of July 31, Freddie Mac shares had collapsed all the way to $8.17. And Bill Miller owned 80 million of them.

Anybody else getting the impression that Bill Miller is one of the world's worst bear market fund managers?


Monday, August 18, 2008

Mrs. Fields Filed Chapter 11 Bankruptcy Protection

The (very) large US cookie chain Mrs. Fields is having a rough ride.

"Mrs. Fields, based in Salt Lake City, Utah, was started in 1977 by Debbi Fields, a young mother who made cookies from scratch at her first location in Palo Alto, California. The company began franchising stores in 1990 and in 2000 it gained control of TCBY, which stands for "The Country's Best Yogurt," through a $140 million cash buyout with Capricorn.

The company has struggled with declining sales throughout the past year. In two separate transactions since 2007, the company sold its Pretzel Time, Pretzelmaker and Great American Cookies brands to NexCen Brands Inc (NEXC.O) for more than $100 million in cash and stock."

This is sad, I loved those cookies.