Friday, August 31, 2007

Eat This Bastid

MarketWatch - 30 minutes agoBy Sarah Turner, MarketWatch
LONDON (MarketWatch) -- European shares advanced at midday Friday on reports the Bush administration has readied measures to assist with mortgage defaults and before a speech by Federal Reserve Chairman Ben Bernanke.

Ah yes, living in the Land Of No Responsibility. Rumor is that Bush will banish money and declare everything is free. No one will ever have to work again. Big Brother will take care of everyone. [Imagine the stampede at our Southern Border]

Surely I jest... I hate making my mortgage payment every month. Is George Bush going to make mine for me too, or will I have to let it go into default first? What a can of worms.

Sad thing is, mortgage default IS NOT what's causing the global credit crisis. The sub-prime contagion is a symptom of a much larger monster devouring the commercial credit markets. It's a multi TRILLION Dollar monster pile of credit depravities that because of a tsunami of mortgage defaults has been exposed as literally worthless. George Bushes bailout response is merely a response to the financial "headlines of the day" and a psychological crutch for those drowning under the weight of their derivative loses.

It sure is good for Gold and Silver. When was the last time Silver was UP 30 cents over night? Of course, it's 8:18AM est as I type this. It remains to be seen how the Vermin of the COMEX react to this impending ass whuppin to their short positions in both Gold and Silver.

As I drew up the two charts posted above, The Vermin have attempted their usual opening take down of both Gold and Silver. Have been able to knock only $2 off Gold's high of the day, but it's only 8:45AM est. I continue to marvel at this DAILY COMEX effort to suppress Gold and Silver at the open. It really borders on criminal, and perhaps probably is. For now though let's enjoy this move...and secretly root for the Mother Of All Short Squeezes. Let us not forget that today is the END of the month and be mindfull of "the games people play."

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