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MARKET CRATERS (DJIA -279) ON MOUNTAIN OF HORRIBLE NEWS: Here's What You Need To Know
TBI ^ | 6-1-2011 | Joe Weisenthal

Posted on 06/01/2011 2:46:20 PM PDT by blam

MARKET CRATERS ON MOUNTAIN OF HORRIBLE NEWS: Here's What You Need To Know

Joe Weisenthal
Jun. 1, 2011, 4:00 PM

Finally. The market craters.

But first, the scoreboard:

Dow: -276.85
NASDAQ: -65.84
S&P 500: -29.97

And now the top stories:

* The easiest place to start, when describing what happened today, is by pointing out that economic data has been weakening for sometime, but the market has really been holding up just fine. Everyone's been wondering: When will that give? That may have begun today

* Because it was PMI day around the world, there was quite simply, a huge pile of news. Chinese PMI was below expectations. Aussie GDP was below expectations. PMIs across the Eurozone were consistently disappointing. The biggest sore spot, the UK, was a total debacle, as a double dip seems now all but confirmed.

* After a decent start to markets, everything turned negative in anticipation of data from the US.

* And the data in the US did not disappoint the doomsayers. The ADP jobs report was a disaster, which is very inauspicious for Friday's Non-Farm Payrolls report. Later on the ISM clocked in with a sizable whiff, though everyone seemed to know the whiff was coming.

* Suddenly everyone was screaming QE3! Gold soared. Stocks tanked, signalling the belief that even if the Fed were inclined to do more easing, all the water has been squeezed from the stone, and that it would be purely inflationary without any benefit.

(snip)

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: djia; economy; fed; government; markets; obamanomics; qe; qe3; stocks; thecomingdarkness; trade; unexpected

1 posted on 06/01/2011 2:46:27 PM PDT by blam
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To: blam

Watch: Blaming it all on Republicans who voted down raising the debt ceiling in 5...4...3...2...1


2 posted on 06/01/2011 2:48:12 PM PDT by Attention Surplus Disorder (Tired of being seen as idiots, the American people went to the polls in 2008 and removed all doubt.)
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To: blam

All I need to know is that Obama is in the White House. We are Doomed.


3 posted on 06/01/2011 2:48:30 PM PDT by screaminsunshine (Socialism...Easier said than done.)
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To: blam

Buy Greek bonds! Look at the return on them!/s


4 posted on 06/01/2011 2:50:48 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: blam

Doesn’t the Insider usually shill for the Regime?


5 posted on 06/01/2011 2:52:39 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: blam
Gold soared.

I wonder why silver tumbled downward around 3-4pm EDT?

6 posted on 06/01/2011 2:57:04 PM PDT by OB1kNOb (Paradox: To dumb down the citizenry so they won't think for themselves, the government educates them)
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To: blam

Profit taking. Soon it will be going back up. The news does not mater. They have the stock market all under control.


7 posted on 06/01/2011 3:04:07 PM PDT by Revel
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To: blam

Why the market is above 6,000 is beyond me. Well sorta...

I’m sure it’s related to individual stocks (the DOW 30) and not the actual health of Wall Street or the economy. Still, 12,500? Whackadoo.


8 posted on 06/01/2011 3:04:10 PM PDT by DoughtyOne (Tell me you haven't asked yourself what mistake Obama made, that wound up causing Laden's death?)
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To: OB1kNOb

At times the metals can tank because it looks like industrial need may be extremely weak. I have noticed that silver is somewhat detached from gold lately. It’s strange traditionally for me to see them go in different directions, but then I’m not watching the market all the time either.


9 posted on 06/01/2011 3:07:17 PM PDT by DoughtyOne (Tell me you haven't asked yourself what mistake Obama made, that wound up causing Laden's death?)
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To: DoughtyOne
Why the market is above 6,000 is beyond me.

Because US stocks are valued in dollars. When the dollar weakens, stocks strengthen. That's it right there.
10 posted on 06/01/2011 3:09:01 PM PDT by Antoninus (Fair warning to the GOP--nominate a RINO and I'm going 3rd party.)
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To: blam

You must be doing something right. My stocks rose 1.5% net
today:)


11 posted on 06/01/2011 3:10:12 PM PDT by Cold Heart
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To: Antoninus

Well, I’m sure that’s part of it.


12 posted on 06/01/2011 3:18:34 PM PDT by DoughtyOne (Tell me you haven't asked yourself what mistake Obama made, that wound up causing Laden's death?)
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To: blam

No problem for gold today.


13 posted on 06/01/2011 3:22:04 PM PDT by grumpygresh (Democrats delenda est)
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To: blam
From what I read, the only good news that sent stocks up yesterday was that Greece was able to get more loans. Now I would think the fact that Greece still needs to borrow money would be bad news, but not according to the investors.

Today, reality must have sunk in.

14 posted on 06/01/2011 3:27:44 PM PDT by TwelveOfTwenty (Compassionate Conservatism? Promoting self reliance is compassionate. Promoting dependency is not.)
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To: blam

There will certainly be more QE. The government’s not going to shrink willingly. Only the climax of the default will do that. The slide will probably be long, slow and very deep.


15 posted on 06/01/2011 4:28:23 PM PDT by familyop (Shut up, and eat your brains!)
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To: blam

One World Currency......it will save us all.

16 posted on 06/01/2011 4:35:12 PM PDT by SkyPilot
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To: blam; All
The worldwide deflationary depression is getting worse. QE3 is problematic, Bernanke must know it can't work or even extend the denouement now. The administration is in fantasy land, as is most of congress. Obama is worried about his short game. The first Greek buyout should have bought two years. It's only been one. The dominoes are wobbling.

I've been preparing for quite some time, but its still disturbing to stare this in the face.

17 posted on 06/01/2011 4:51:59 PM PDT by SaxxonWoods (Throw away your papers, blow up your TV...and set yourself free.)
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To: blam

The TBTF banks have enough reserves stockpiled (a few trillion) at this point thanks to Ben exchanging taxpayer dollars at 0% for toxic assets marked up at full value. Ben lets the market tank for two reasons: 1) Oil prices are crushing the middle class before an upcoming election, which is bad for keeping the career politicians in place to keep rubber stamping the ponzi scam called the FED and 2) Ben is starting to sweat that the FED may not make it out of this mess intact if he keeps blatantly doling out trillions of dollars to the international banking club behind closed doors.

Once the market tanks and oil goes down, Ben fires up the QE3 presses, Wall St. and the TBTF banks snap up everything on the cheap with their reserves and watch them shoot back up due to the FED funded rigged market. Ben avoids any political fallout because he is saving the politicians by saving the market (this is the same leverage they used to hammer out TARP against overwhelming voter dissent). It is a perpetual ponzi scheme conveyor belt of wealth for the crony capitalists that now are blood sucking us dry. The end game will be when the dollar ceases to be the world reserve currency. But by then, these guys will have moved on, leaving us to pick up the pieces.


18 posted on 06/01/2011 5:32:52 PM PDT by Gen-X-Dad
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To: SaxxonWoods
Off to buy some eggs and milk...
19 posted on 06/01/2011 6:04:51 PM PDT by Neidermeyer
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To: Gen-X-Dad
"Once the market tanks and oil goes down, Ben fires up the QE3 presses, Wall St. and the TBTF banks snap up everything on the cheap with their reserves and watch them shoot back up due to the FED funded rigged market."

Another year, two?

20 posted on 06/01/2011 7:29:55 PM PDT by blam
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To: blam

21 posted on 06/01/2011 7:31:37 PM PDT by blam
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To: OB1kNOb
I wonder why silver tumbled downward around 3-4pm EDT?

Hang on to your bullion and get out of paper silver. Comex is playing games again today.
22 posted on 06/01/2011 7:54:02 PM PDT by PA Engineer (SP/AW12: Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: SaxxonWoods
I've been preparing for quite some time, but its still disturbing to stare this in the face.

Agreed. Prepping for years. Mortgage finished in three months and zero debt. Watching this unfold as I thought it would is making me sick.

If QE3 is announced I'm out with penalty on one of my retirement funds and into 100% bullion. The remaining retirement investments are in commodities and ag. Helicopter Ben certainly has created a mess in what to do with those.

The Fuhrer is golfing in the bunker while Berlin is in flames, commanding the Keynesian socialists to stay the course.

We know how this is going to end for those willing to see. There is going to be horrible suffering.
23 posted on 06/01/2011 8:10:35 PM PDT by PA Engineer (SP/AW12: Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: SaxxonWoods

Time to buy commodities and I am not talking gold and siver (thought those would be nice if you can efford them) I am talking food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.

I think that we are at the very least in for a collapse much like that of Argentina’s ( http://www.youtube.com/watch?v=7yerKMQc7-w&feature=grec_index), but as a armed society with a very large entitlement minded population our collapse will be much more violent and I see many many small business wiped out by flash mob looting, and large scale violence (look at what happened just this past weekend). I see what I call ‘Pocket Pogroms’ taking place in many big ‘Blue’ cities and if you aren’t Amish it’s going to get Reginald Denny bad for you very quickly.

For those who haven’t prepared and would like to start or for those that have and are just interested you may download my Preparedness Manual at:

http://www.tomeaker.com/kart/preparedness1i.pdf

As the LDS say “When the emergency is upon us the time for preparedness has past.”

Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3


24 posted on 06/01/2011 8:41:13 PM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: blam
Savage today was talking about the crooked billionaires and bankers....we are doomed...

I wonder if its just better to get off the grid.....pay off your bills when you can...get your house free and clear....live cheaply...don't work....and pay less tax...

I guess cheat too....

25 posted on 06/01/2011 8:49:02 PM PDT by cherry
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To: blam
Asian shares slide on signs of slowing US growth
26 posted on 06/01/2011 8:56:30 PM PDT by blam
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To: cherry
"I wonder if its just better to get off the grid.....pay off your bills when you can...get your house free and clear....live cheaply...don't work....and pay less tax..."

You just described me. I don't owe anyone anything...been that way for almost 20 years.

I'm prepared for most anything too.

The biggest thing in my day is walking with my dogs in the woods daily.

27 posted on 06/01/2011 9:05:19 PM PDT by blam
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To: blam

You lucky dog ... er, dog walker.


28 posted on 06/01/2011 9:10:34 PM PDT by MHGinTN (Some, believing they can't be deceived, it's nigh impossible to convince them when they're deceived.)
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To: blam
Suddenly everyone was screaming QE3!

Yeah, that's what we need - - another scumbag Democrat slush fund for bailing out government union pension funds and corrupt city governments. Yeah, that'll help.

29 posted on 06/01/2011 9:20:05 PM PDT by Lancey Howard
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To: Kartographer; PA Engineer
War Zones: As The Economy Dies, Murders, Shootings, Robberies And Looting Erupt All Over America
30 posted on 06/01/2011 9:25:03 PM PDT by blam
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To: blam

It’s a beautiful thing. Our house is nearly free and clear, debts are minimal, kids are grown, and we have ten+ acres of woods and a creek and a garden. Plenty of deer around, too, since a big state park is next door. There’s plenty of room here for my kids to come back if they have to.

I’m watching the world go by with bemusement. It does seem like the parasites finally outnumber the hosts. The Democrats have won. It will be interesting to see what happens next.

As far as my Rottie goes, well, she’s blind and deaf now, and doesn’t get around much anymore, but she’s family. I hope she lasts the summer.

FRegards,
LH


31 posted on 06/01/2011 9:28:37 PM PDT by Lancey Howard
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To: Lancey Howard
"As far as my Rottie goes, well, she’s blind and deaf now, and doesn’t get around much anymore, but she’s family. I hope she lasts the summer."

Sorry to hear about Rottie. My Tut, a Yellow Lab, is the same way but he can't even walk any more.(click on my name to see my dogs).
I built a wagon with bicycle wheels and pull Tut through the woods trail each day. He probably won't make it through the summer either...he's family.

32 posted on 06/01/2011 9:50:08 PM PDT by blam
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To: dynachrome
Buy Greek bonds! Look at the return on them!/s

Remember GMW, GM's $25 7.25% minibond, due in 2041?

In March, 2009, it was priced to yield about 90%. I hope you didn't buy any. Or, if you did, that you found a greater fool in time.

33 posted on 06/01/2011 9:51:33 PM PDT by cynwoody
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To: blam
Thanks. I was following the violence this weeked. It is going to be a long hot summer. Stepping up different kind of preps now.

Have three months left on the mortgage and will be completely out of debt. Watch for QE3. That is my signal to boost my investment strategies from 20% to 40% bullion. All other preps are almost complete (12 years prepping).
34 posted on 06/01/2011 9:54:29 PM PDT by PA Engineer (SP/AW12: Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: PA Engineer
Good for you. Debt free, nothing like it.

I'm done prepping...just continuing to tweek around the edges. I just received another $200.00 in antibiotics yesterday. (Goes to cold storage)
I have a gun permit an carry everywhere I go.

35 posted on 06/01/2011 10:03:06 PM PDT by blam
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To: blam

That’s a good thing that you have several dogs. My son always said we should keep at least two dogs - - sort of cycle in a new one every five years or so. Good luck to Tut. I always hope the pets go peacefully in their sleep.

In fact, I hope I go peacefully in my sleep. Not anytime soon, though.

FRegards,
LH


36 posted on 06/01/2011 10:03:14 PM PDT by Lancey Howard
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To: blam
Good for you. Debt free, nothing like it.

In Western Pa we were never caught up in the real estate bubble. I guess you could say my rural community is rather wealthy, however I had a disturbing discussion with my mortgage bank manager today. The bank is local and has an excellent rating based on lone risk. They were thorough in our loan and reconstruction applications and I was impressed (if not frustrated) during the process.

Today I went in to make a payment to bring it down so I could present my better half with the title during our anniversary. There were complications with their software and I apologized about the problem and the trouble I was causing. The manager literally yelled; "Don't ever apologize about paying your debt off". Woah! Alarms went off. I looked around and the rest of the employees were looking down doing their work so as not to be noticed. When she came back from the phone to check the problem I asked if we could talk.

I went into her office and we talked. I didn't like what I heard. Remember this is a good bank with high ratings. I asked her if there were issues with underwater mortgages. No. There were issues with home equity loans. How much? One percent below the national foreclosure averages. Silence. We literally sat their for a minute. I laughed and explained that at least they were not going to experience the commercial loan default crisis that my other "national" bank was experiencing. She laughed at that. The discussion ended up with a discussion in local investments when the mortgage is paid off (with private banking counseling). Read foreclosures converted to rentals with the occupants staying put and bank guarantees. Interesting.

I was troubled by all this and have thought about it all day, night and now morning. This problem at the moment is invisible. This is a problem resulting from unemployment and inflation (not to mention bad financial decisions). This is not an issue about underwater mortgages. This is an issue that is greater than the underwater mortgages.

This was a very fine person who was under considerable stress. I guess this is a heads up to a problem that is being covered up or ignored by our media and government. Why? Everything about this country is about deceit and manipulation of public opinion.

I have tried to always be optimistic without allowing my darker side to be a cassandra. I think it may be time to give into the cassandra. Well I guess you will understand if I tell you to keep your powder dry.
37 posted on 06/01/2011 10:45:11 PM PDT by PA Engineer (SP/AW12: Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: PA Engineer

lone = loan


38 posted on 06/01/2011 10:52:17 PM PDT by PA Engineer (SP/AW12: Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: PA Engineer
" Well I guess you will understand if I tell you to keep your powder dry. "

Indeed. Thanks for the insightful info.

39 posted on 06/02/2011 7:17:06 AM PDT by blam
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