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IDS World Markets Thurs 6th January 04


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Day of Reckoning

Precious Metals May Not Be Spared

 

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Here come the criminally timed positive defense sector news stories (with short interest at epic highs):

 

United Defense Industries (UDI: news, chart, profile) said it has won a $34.3 million contract to supply systems technical support and other services to the U.S. Army Tank-Automotive and Armaments Command

 

BE Aerospace Inc. (BEAV: news, chart, profile) said it received orders valued at $125 million from two major airlines to supply cabin interiors and seating.

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Debt? Not a problem

 

``In a world where household net worth is rising at a phenomenal pace, I don't understand all the hand-wringing over the low savings rate,'' says Ram Bhagavatula, chief economist for North America at The Royal Bank of Scotland in New York. Household net worth (assets minus liabilities) rose by almost $8 trillion in the two years ended in the third quarter of 2004, a 9.8 percent annualized increase.

 

``Why focus on one side of the balance sheet?'' Bhagavatula says. ``Assets are rising faster than debt.''

 

It really doesn't matter ``whether the consumer is saving out of current income or because his assets are going up in value,'' he says. ``It's an extension of the permanent income hypothesis. Permanent income is consistent with wealth.''

 

 

How permanent is "permanent"?? :unsure:

 

Typical moronic mainstream economist ignores the fact that the increase in assets is a derivative of the leverage effect of the credit bubble. When the bubble deflates, asset values will deflate 5 to 10x because of that leverage. If your current asset value is 20% of the total value of the asset, when the total value of the asset drops 20%, you are left with...

 

ZEEE RO!

 

Morons. Every last goddam one of them.

 

Idiots. Pikers. Shitheads. Jerks. Schmucks and putzes. Assholes.

 

What more can I say. God, stuff like that pisses me off.

 

Such mainstream ecnomist statements are so moronic that they leave me wondering if they were purposely manufactured to encourage US consumers to continue their high-risk behaviour - to the ongoing benifit of the banks.

 

And I'm certainly no conspiracy theorist. ;)

 

PS The new centre-justified text look is cool. :lol:

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