The full moon was very bright last night. With all the snow cover it was bright enough to read by moonlight around 10pm last night. Pretty wild.
Too Much Going On
Got home a touch late and I have really been swamped trying to get caught up on my reading. Add to this that developments are coming fast and furious as I write, and I simply cannot put together anything coherent this evening. Some quick hits of some things I am looking at:
-from CNBC: 'Bad Bank' Is Dropped From Financial-Rescue Package
Headline is misleading; it seems that the "Bad Bank" idea will not extend to thrifts and insurance companies, but bad asset disposal onto the taxpayer is still in place.
-Old News for Gold Bugs
Latest article by "The Mogambo Guru". As he says, this investing thing is easy!
-I was thinking today that within the next 5 years you will bank at Bank of America, shop at Wall Mart, buy electronics at Best Buy, and get books at Barnes and Noble. All other stores will no longer exist. No choice and no competition.
-When IS Nationalization going to occur?
Jesse's Cafe Americain has some thoughts on this that include a rumor of a bank holiday coming soon.
-Reading some mainstream media and listening to some CNBC I get the feeling that even though the mess we are in has been going strong for around 6 months now, most seem of the opinion that in two quarters things will turn around. Hope is not a plan.
-I caught Obama at the town hall he held in Indiana today. I could sum up with the following line: "The only thing we have to fear is that you all are not fearful enough!" He did not sell the stimulus plan very well at all.
-What happens in California over the next 4 months will show exactly how the United States is going to end up. Call it a free preview.
-One question nobody asks is :"If 1 trillion is going to save us from the economic abyss, why not spend 2 Trillion? Why not 3 trillion? What about 10 trillion?" The answer is both revealing and scary.
-The possible dropping of some aspects of the "Bad Bank" plan should show you once and for all why trading this market with overnight positions is a sure loser. If you were long the banks thinking this plan was in, maybe the banks get clobbered tomorrow on this news. If you were short, maybe this will be seen as positive for the banks in the sense that they do not need the help. Either way, any position is subject to the whim of government intervention. Stay nimble!
-Kevin Depew's 5 Things to Know is a must read today. Number 3 bears careful reading. Remember, the government right now is using authority never before seen. Not good.
Have a good night.