Are we there yet?
The banking systems is still fucked up! Yeah, Citi and Bank of America came out this past week and said they're profitable again. The market was desperate for any sign of good news so it rallied for four straight sessions. All of sudden the talking heads on TV are telling folks all is going. In our view, one should continue to keep your money under mattress for now. Don't be fool by this recent rally. Our take is the big boys will come back and start selling next week and laugh at the poor suckers that jumped in to fuel the recent rally. Easy money.
Housing market is still in decline. People are still walking away from their homes. Banks are still foreclosing. Until this works itself out, things will continue to be bad. In this country, everything is tied to the housing market. Nothing is for sure in this area. The only sure thing is AIG will continue to get government help because they're "too big to fail". Whatever the Fuck that means! Now the CEO of AIG will get $100 million of our money as reward for ruining this economy. Only in America.
Job market remains tough. It's the "in" thing now for companies to go cheap! That means cutting heads and no spending. In corporate meetings across America, managers are being praised for how much money they can save. They'll work their employees to death before they consider hiring extra help. Our prediction is the job market will remain weak through 2009. Companies will continue to cut back.Those that currently have a job should appreciate it! Nuff said.
Whatever do decide to do, be careful out there. Don't get too greedy if you're in the money. Remember to sell and take that profit whenever you can. Don't listen to those stupid "experts" that encourages you to buy and leave it there for the long term. Long term my butt! Just look at Xerox, Kodak, Bear Sterns and ..... well, you get what we mean.
