Brunswick on Deathwatch
Motley Fool has Brunswick Corp. on death watch. This is no surprise to me; the only thing that is surprising is that they’ve managed to hang on this long, and that anyone would be stupid enough (GE Credit) to lend them the money to hang on. They’ve rated Brunswick, based on S&P data, as among the top five most likely to start pushing daisies in the near future.
Whistling past the graveyard
Perhaps it’s not surprising that a number of these companies are tied to the housing sector, and when you think about how many speedboats people will actually be able to buy these days, it’s understandable that Brunswick has shown up here as well. While MarineMax (NYSE: HZO) and West Marine (Nasdaq: WMAR) also report sliding sales, Brunswick’s stock has fallen 60% over the past year as it has piled up losses and simply rolled over its long-term debt. That’s led to liquidity concerns at the ratings agencies.
I have made the case for nearly two decades that boat building should never have been organized into s corporate kingdom, and that it was pure stupidity to do so. Of course, without their friends in the financial mafia, this could never have been done. The banker’s strategy is, and always has been, to suck every last dime out of a national economy and put everyone in debt slavery to them. Unfortunately, they have succeeded to a very large degree, thanks to the hotshots who succumbed to the allure of easy credit on their quest to monopolize boat building.
Greed leads to a virile form of self-induced blindness that is now playing out in this and other nations. This is just one more in an endless stream of historical cycles of the rise and fall of nations and empires. The process playing out now is called debt liquidation, a process that has only just begun. It has a very long way to go because the mountain of unserviceable debt has never in history been bigger.
California Issues Rubber Checks
Rubber checks, post-dated checks, worthless promises to pay, call them whatever you like, but the lunatic state of California is now trying to pay its bills with non-negotiable pieces of paper, mere promises. Its going to be very interesting to see how long this goes on since the state does not have the money to pay up on its promises.
Ah, such is life in la la land. This is the state that supports no borders and sanctuary cities where foreigners flocked by the millions to take advantage of the Hollywood liberal free lunch. Problem is, it isn’t free; somebody has to grow the food, manufacture the goods, and cook the lunch. Only in a state of pure fantasy can an economy function without money, and that is what the dreamy folks of the golden state have done, and are still trying to do.
California needs a new nickname. It should be called the freeloader state since it has spent the last 30 years pretending that you can have your cake and eat it too at virtually no cost. It gets away with this charade by passing the costs onto others in a myriad of disguised forms. But eventually, the suckers wise up and withdraw from the great game. That is now happening to California — the suckers are now pulling out enmasse, leaving the dreamy liberals to bask in the glories of their self-created utopia, albeit without tax revenues and the money to pay the bills.
Even so, they still haven’t woken up to the fact that delusions have consequences. They continue to beggar the nation to pay their bills for them. If nothing else, it makes for amusing entertainment. Will the state become the first to be taken over by the Feds? Nothing surprises me anymore.
And even though the state is flat ass broke, the rating agencies still give it a BBB rating when it should be FFF. That’s like an individual going bankrupt and defaulting on everything but still retaining a 760 FICA score. Nothing has changed, the same insanity and corruption that caused this mess continues full bore.
Manipulation of Markets Now Legal in US
If you are one of Washington’s preferred paymasters, that is.
Now we know why the NYSE published data omitting Golden Sacks from the program trading data. The silly boys just made an error, that’s all. Somehow they managed to omit the single largest trader from mention, and yet have the trading data remain correct. Corrected data shown below.
Our good friends at Government Sacks last week traded a paltry 2.8 BILLION shares, or a mere 16% of the NYSE total trades. And this is the same outfit that required a bailout? Wonder where they got the dough. Its nice to know that we live in a nation of laws, not men, and the SEC and Justice Department are ever-so-dillegent.
Those fifteen financial mafia families now control 48.3% of the entire NYSE trading.
Global Cooling, Not Warming
If you’re headed up north this weekend, be sure to pack a jacket for its only in the 60’s in the great lakes area. Yep, July and the high temps are in the 60’s. If that doesn’t seem to conform to Al Gore’s fears of burning up, maybe that’s because it is now growing cooler.
We have a new joke that says, if global warming gets any hotter we may all freeze to death. Below is the latest chart of satellite data.
This data doesn’t conform at all with the data that global warming’s crowd uses in its campaign to end capitalism and free markets by eliminating carbon based energy. The above is satellite data which is much more reliable than man on the ground reading thermometers placed in the wrong place. We’ve all read about how that data is manipulated all around the world, even by the Russians who wanted to use it as a weapon against the US.
Satellite data, yeah, I’ll accept that until someone can prove otherwise. And that data shows the earth cooling off just a tad for the last couple years.
So what’s new? Not a thing. Here in Florida we are having record high temps while others are having record cool temps. And the earth keeps on turning.
Meanwhile, if the Obamanation has their way, the wheels of commerce will continue slowing quite a bit. Let us appreciate our new president, a real Gulliver tied up in all his Liliputian strings of every stripe and color. The man refuses to even accept his own goverment’s data in his quest to make sure you will pay as much as possible for energy and transfer most of that price hike to him in taxes.
An inconvenient truth ever there was one.
Gotta Luv Dem Banks
From Yahoo Finance,
Get used to being nickled and dimed by the banks (even more than usual), says Diane Garnick, investment strategist at Invesco, who notes deflation has hit every other asset class in the past year, save ATM fees.
“We’re going to get hit with all of these small fee coming from the banks,” she says, noting banks’ institutional customers are both smaller in number and much more cost conscious after the credit bust. “The way we’re going to see these fees really come about will be on the retail side.
They’re saying, the people who borrowed from Mastercard to pay Visa — the little guys — we’re going to bump those fees all the way up.”Higher credit card fees: Think of it as just one more way of Wall Street .
No problemo, Kemosabe. I’ll just stop using those services and get back to a cash basis. You want the economy to improve? Then squeeze the shit out of the little guy who’s already in hock up to his ears. Here you got Bernanke who’s trying to pump out more consumer credit, and the banksters who are trying to end it. That’ll work.
Imagine That!
Stocks open lower after surprise increase in last week’s jobless claims
* By Madlen Read, AP Business Writer
* On Thursday June 25, 2009, 9:46 am EDT
NEW YORK (AP) — An unexpected rise in jobless claims is causing investors to sell again.
A day after the Federal Reserve expressed confidence in the economy, the government said new jobless claims rose by 15,000 to 627,000 last week. The market had been expecting a decline.
Unemployment has been one of the most closely watched gauges of the economy throughout the recession as it affects many drivers of economic growth — most importantly, consumer spending.
Unexpected? By whom, and on what basis was this unexpected when there is virtually NOTHING in all the economic data to suggest that employment would do anything other than continue to decline? The only ones surprised would be the fools who listen to the endless stream of propaganda put out by the Federal Reserve.
UPDATE: Mr. Market as of noon is up 150 points on news that unemployment continues to skyrocket. Last I heard, crashing employment means the economy is doing the same. Does Mr. Market like paying more money for stocks with crashing dividends; that is, paying more for less? What do you think?
Or is there something else going on here? Wouldn’t be Senior Banana Ben Bernanke funnelling money to Mr. Market via is countless giveaway programs, now would it? Just how much longer can this game go on?
Answer: Until the foreign central banks decide to pull Uncle Sam’s credit cards. Then the great game irrevocably ends.
How and Why
When somebody can say something better than you can, its best to defer. Here’s a quote from Elaine Supkis that I couldn’t possibly improve upon.
One thing is absolutely certain: the systematic looting of the lower working classes is a harbinger of economic collapse. When the working class is reduced to penury and hounded into being in debt more than a year’s wages, they lose economic power and an entire sector of a civilization vanishes as the working class no longer can participate in markets. Then, the destruction spreads to the middle class that needs the financial flows from the working class, to survive. Eventually, there is a huge spread between the elites and the rest of a civilization and it falls, often, very rapidly.
The ruling elites, if they wish to survive, must keep the working class capitalized. The minute they set into motion, a system whereby the working class no longer saves but instead, accumulates debts, we are on the downside of a civilization’s growth cycle.
The problem with truth is that it has a bad habit of sounding like, well, the truth!
Withered & Died
Even Joe Sixpack don’t see no green in dem shoots.
Consumer confidence back on the elevator to the basement. Nothing like being raise up only to get smashed down again.
Detailed Explanation
People like myself who attack the criminality of the establishment are commonly referred to as “whackos.” This is but one means of it trying to protect itself from revelation of its activities. In my expose’s I have intentionally avoided going into great detail owing to the complex web the banking cartel has woven. Few people have the patience for wading into complex financial shenanegans.
Here is a more detailed account of how the cartel works for those who may be interested. Click here : http://market-ticker.denninger.net/
What we call the financial markets have now literally become a new form of casino which, like all casinos, the game is stacked in favor of the house. This no mere opinion but a provable fact. You get one guess as to who the “house” is.
The New Robber Barons
Goldman Sachs will pay record bonuses this quarter. So reports the FOREIGN MEDIA but not US media. At a time when the economy is in the dumpster, millions of citizens are out of work, and an unbelievable corrupt goverment saw fit to steal taxpayer money to bail out the banking mafia, the bloated pigs on Wall Street have become the new robber barons. They have become elitiest vampires sucking the blood of the US economy utterly without shame.
Add all the other banks to the list of robber barons. The big money corporate media, owned by the likes of General Electric, Disney, Time Warner and Fox Media, is the propaganda front for these vampires. Virtually all major media is owned by this cabal.
Wake up folks, what you didn’t think possible in America is actually happening. Wake up from your media induced hypnotism and see what is being done to you. We are rapidly approaching the point of no return. The Washington/Wall Street cabal just about has you completely sewn up in a web too tight to ever escape from.
We have been intentionally duped by bread and circuses.
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