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Historical Turning Point?


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#1

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Posted 07 January 2004 - 08:13 AM

. . .Schwarzenegger used his first statewide address to call for reforming the workers' compensation insurance system and preparing Californians for major spending cuts in virtually all government services, including education. The proposals could be pivotal in drumming up the support he will need to get through the difficult economic period.

"We have no choice but to cut spending, which is what caused the crisis in the first place," Schwarzenegger said. "These are cuts that will challenge us all. But we cannot give what we do not have. If we continue spending and don't make cuts, California will be bankrupt." . . .


If you can catch a repeat of his half hour address on C-Span or elsewhere it's well worth seeing and recording.

And as per the IDS rulz any extended comments and discussion of this would best be made on LOB where a thread has already been opened on the topic.

#2 Hiding Bear

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Posted 07 January 2004 - 08:28 AM

China Announces New Bailout of Big Banks

For those that would like more details on China'a $45 bailout of two banks, the NY Times has a good story. However the interenet version is shorter and leaves out important details. Basically they said the $45 billion US$ would be held in $s for a while and will be converted to yuan later time at an exchange rate of 8 to 1.

The central bank has been printing yuan on a vast scale to buy dollars and prevent its appreciation. It has then taken some of the extra yuan out of the financial system by selling bonds and withdrawing from circulation the money used to pay for them.

#3 chibear

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Posted 07 January 2004 - 08:32 AM

Good morning, Glad and all others.

Read Arnold's speech and am sure that the folowing lines from the speech were penned for Arnold by our wndy:

"....California, I believe, is an empire of hope and aspiration.

Never in the history have such big dreams come together in one place.

Never in the history has such an array of talent and technology converged at one time.

Never in the history has such a free and diverse community of people lived and worked under one political system..."

Familiar cadence, no?

#4 DrStool

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Posted 07 January 2004 - 08:36 AM

I just got this note from one of your quieter fellow stoolies.

Doc,
I am your dedicated lurker here but it might be time everyone starts to know me.

My hubbie is going into the hospital today to have his intestines and colon removed.I am in need of a prayer request from all of you.

I have 3 small kids and trade full time because of my love for the market.I need strength and friendship at this time.
Thanks,
Ouch(Karen)



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#5 DrStool

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Posted 07 January 2004 - 08:39 AM

Golden Stool is posted Yesterday looked like a reversal day for a number of cycles.

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#6 ZGTrader

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Posted 07 January 2004 - 09:10 AM

Butt wipe managed to stay green overnight. Futures are down. Several of my priced based indicators are hitting their ceilings. They show that the majority are on one side of the boat. The next couple of days are important....... time will tell....

Anything can happen!!!

#7 GregFokker

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Posted 07 January 2004 - 09:13 AM

My prayers are with you, Karen.

...A declining spenglerian carnival of Colossaalism united with Inflation where the numbers one through 10 are forever banished as worthless arithmetical detritus from a bygone age... - Beardrech

Naturally we believe the govt numbers... and Boobus Americanus sleepwalks off the edge of the energy-crisis cliff clutching his shares of "Crisco", Yoohoo and GooGah munching on his Yum Yums and Ho Hos. Future historians will have a hell of a time figuring out what the hell Americanus neanderthalus was thinking and exactly what brought on his sudden demise... - Henny Penny

Well, good night everyone. I gotta go lube up for tomorrow's regular end-of-week Gold Slapdown and Stock Index Bear Punishment Rally Weekend Greenprint. ...Probably another Shock-and-Awe Gap-Up-Open and Wire-to-Wire Meltup Runaway Bull Charge Mo-Mo Spike to Fresh New All-Time Lifetime Highs, culminating in a 4:15 yelping scalded dog runoff with panic short-covering and legal not-held bad double fills due to fast market conditions, plus quote system freeze-ups and trading platform lock-outs along the way. *yawn* typical gov't Friday. - Shorty


#8 wndysrf

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Posted 07 January 2004 - 09:22 AM

Schnitzer Steel getting hammered in the Pre-Market

Down $7.50

But they are taking the money and using it to Boner Up a couple old favorites:
SNDK and JBLU.

No money is leaving the market. Epic Speculative Blowoff conditions in the capital markets continue.

If you want proof, check out the DRAMATIC PLUNGE in corporate credit spreads the last two weeks.

http://www2.standard...=4&s=4&ig=56&i=

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#9 ChainGangOf22

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Posted 07 January 2004 - 09:24 AM

I pray that all goes well for your husband, and for you and your family Karen.

#10 mjkst27

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Posted 07 January 2004 - 09:25 AM

Schnitzer Steel getting hammered in the Pre-Market

Down $5.00

But they are taking the money and using it to Boner Up a couple old favorites:
SNDK and JBLU.

No money is leaving the market.  Epic Speculative Blowoff conditions in the capital markets continue.

If you want proof, check out the DRAMATIC PLUNGE in corporate credit spreads the last two weeks.

collapsing corpse credit spreads? hmmm... the credit markets look to be approaching a perfectly entropic lukewarm pea soup where anyone's credit is as good (bad) as anyone elses, all backstopped by Team Green. Astronomic researchers could learn a lot about the future of the universe by watching this market :grin:

#11 Ned38

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Posted 07 January 2004 - 09:33 AM

You and yours are in our prayers here Karen

#12 wndysrf

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Posted 07 January 2004 - 09:36 AM

Its Do or Die for Crude today.

API inventory reports coming out this morning.

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#13 bigsky

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Posted 07 January 2004 - 09:39 AM

Karen,

I wish the best for your hubby and your family.

#14 wndysrf

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Posted 07 January 2004 - 09:40 AM

More trouble for Matrix Paper Pushers

Record short position on the COMEX. Amazingly, short positions were INCREASED yesterday, and open interest was unchanged.

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#15 HiHat

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Posted 07 January 2004 - 09:41 AM

I will short SnP today. Only a question of from what level.

Full Moon.......time for a little FEAR





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