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Madam Zelda! Madam Zelda! Is it true this house is haunted?!

A Stars Hollow Gazette

SILENCE!!!  The spirits are about to speak…

You know, I don’t just spend my time railing at our craven capitulationist Congress and their blow dried Beltway butt kissing Bozo court stenographers.  No siree.  I reserve a certain amount of bile for our corporate criminal culture of greed is good conmen and thieves.

When last we looked in the crystal ball, 18 trading days ago, my prediction was grim-

I expect a rally in anticipation of rate reduction from the next Fed meeting.  I expect a rally after they confirm market expectations.

I expect the fundamentals to remain the same.

Look for big Friday sell offs, why be long over the weekend?  What should you do in the mean time?

I feel the spirit of Jim Cramer…

Sell!  Sell!  Sell!  Sell!  Sell!  Sell!  Sell!  Sell!

Buy at the dips and sell into strength.  This market will not be done dropping until it bottoms out on the intraday lows, 6K to 7K.  For long term investments look at dividends and p/es, if you have the cash and the time.

Scary.

I think that over the next couple of days we’re going to test the market lows.  We might start hitting those 6Ks I talked about.

I’ve heard some gloom and dooming on CNBC about how Dow 4K is ‘the Great Depression all over again’, but I don’t agree that things are that dire yet.  I expect some serious defict spending and it’s all good (some types are better than others of course).

Anyway, at some point earnings and dividends are going to get more attractive than just leaving your money in your mattress.  There will be a bottom.

If you are liquid then you will pick up some bargains in the long run, there is no reason to believe that in 2 or 3 years values won’t approach historic levels.  And by historic I mean historical average growth, not tulip market prices.

Should have bought potato futures.  At least you can eat them.

I don’t pretend economic wisdom, but I see patterns in the data.  I use the DJIA as a broad indicator.  I don’t claim poblano prescience or accuracy, but if you want to see some brightly colored tables join me below.

The Morning News

The Morning News is an Open Thread

From Yahoo News Top Stories

1 Big 3 carmakers beg for  5B, warn of catastrophe

By JULIE HIRSCHFELD DAVIS, Associated Press Writer

11 mins ago

WASHINGTON – Detroit’s Big Three automakers pleaded with a reluctant Congress Tuesday for a $25 billion lifeline to save the once-proud titans of U.S. industry, pointedly warning of a national economic catastrophe should they collapse. Millions of layoffs would follow their demise, they said, as damaging effects rippled across an already-faltering economy.

But the new rescue plan appeared stalled on Capitol Hill, opposed by the Bush administration and Republicans in Congress who don’t want to dip into the Treasury Department’s $700 billion financial bailout program to come up with the $25 billion in loans.

“Our industry … needs a bridge to span the financial chasm that has opened up before us,” General Motors Corp. CEO Rick Wagoner told the Senate Banking Committee. He blamed the industry’s predicament not on management failures but on the deepening global financial crisis.

Lieberman

You know you want to talk about it.

The Stars Hollow Gazette

File under things I just don’t get and yet can’t let go of.

So Atrios has this item tonight.

Umm…

That’s Luke Smith, and he’s played by an actor named Tommy Knight.  Chris Hayes is the Washington Editor of The Nation.  Outside of a superficial facial resemblance there is no connection at all.

Now I’d sure like to tell Duncan that The Sarah Jane Adventures is “a big, full-blooded drama; that nobody should ever think of it as ‘just’ a children’s programme.” but I’m not quite sure how to do it.

259 Comments and counting and they’re not nested and you can’t even search the Haloscan window.

How do these people communicate?

The Henry Ford

The Henry Ford

The Henry Ford, a National Historic Landmark, (also known as the Henry Ford Museum and Greenfield Village, and more formally as the Edison Institute), in the Metro Detroit suburb of Dearborn, Michigan, USA, is the nation’s “largest indoor-outdoor history museum” complex.

Weekend News Digest

Weekend News Digest is an Open Thread

From Yahoo News Top Stories

1 US supply line threatened by Pakistan truck halt

By RIAZ KHAN and FISNIK ABRASHI, Associated Press Writer

1 hr 19 mins ago

PESHAWAR, Pakistan – Pakistan temporarily barred oil tankers and container trucks from a key passageway to Afghanistan, threatening a critical supply route for U.S. and NATO troops on Sunday and raising more fears about security in the militant-plagued border region.

Confirmation of the suspension came as U.S.-led coalition troops reported killing 30 insurgents in fighting in southern Afghanistan and detaining two militant leaders – both in provinces near Pakistan’s lawless border.

Al-Qaida and Taliban fighters are behind much of the escalating violence along the lengthy, porous Afghan-Pakistan border, and both nations have traded accusations that the other was not doing enough to keep militants out from its side.

Weekend News Digest

Weekend News Digest is an Open Thread

49 Stories.  Now with U.S. News.

From Yahoo News Top Stories

1 Election spurs ‘hundreds’ of race threats, crimes

By JESSE WASHINGTON, AP National Writer

26 mins ago

Cross burnings. Schoolchildren chanting “Assassinate Obama.” Black figures hung from nooses. Racial epithets scrawled on homes and cars.

Incidents around the country referring to President-elect Barack Obama are dampening the postelection glow of racial progress and harmony, highlighting the stubborn racism that remains in America.

From California to Maine, police have documented a range of alleged crimes, from vandalism and vague threats to at least one physical attack. Insults and taunts have been delivered by adults, college students and second-graders.

The DocuDharma benefits package

Most regular users get the benefit of UNLIMITED COMMENTS! and UNLIMITED ♥ & WRONGS!  After a single day they get the one time only BONUS OFFER of two (count ’em) TWO ESSAYS A DAY!

Yay!

But tell them what’s behind the curtain Johnny.

The Stars Hollow Gazette

The Democrats of 2002 and 2007 haven’t gone anywhere

by Glenn Greenwald

Wednesday Nov. 12, 2008 15:28 EST

We know there are going to be major wars — not with Republicans, but among Democrats, and especially the party’s leaders — over things like closing Guantanamo, imposing an absolute ban on torture, restoring habeas corpus, withdrawing from Iraq, reducing executive secrecy and increasing transparency, imposing mild limits and oversight on the surveillance state, returning the Congress to its proper role, and especially investigating prior crimes of high government officials.  More generally, there’s going to be immense pressure for Obama to prove that he’s “centrist” by making only minor modifications, not major changes, to prevailing Bush policies — a view that is a principal motivating belief of the Democratic Party.

Yesterday’s vague and poorly-sourced Wall St. Journal article reporting that “Obama is unlikely to radically overhaul controversial Bush administration intelligence policies” is not, in my view, evidence of what Obama will do, but it is definitely compelling evidence that people close to him — those whom he has chosen to be influential — are pushing him in that direction.  Notably, the article actually describes minor modifications to (as opposed to wholesale overhaul of) Bush’s torture policies as the “centrist” and “pragmatic” approach.

It’s just a fact that there are all sorts of people close to Obama who have enabled those Bush policies and who are mobilizing now and attempting to ensure that nothing meaningful occurs in these areas.  It simply is noteworthy of comment and cause for concern — though far from conclusive about what Obama will do — that Obama’s transition chief for intelligence policy, John Brennan, was an ardent supporter of torture and one of the most emphatic advocates of FISA expansions and telecom immunity.  It would be foolish in the extreme to ignore that and to just adopt the attitude that we should all wait quietly with our hands politely folded for the new President to unveil his decisions before deciding that we should speak up or do anything.  

Politicians respond to constituencies and pressure.  Constituencies which announce their intention to maintain respectful silence all but ensure that their political principles will be ignored.

The Morning News

The Morning News is an Open Thread

Our Top Story Tonight-

World marks 90th anniversary of Great War

by Philippe Alfroy, AFP

Tue Nov 11, 1:29 pm ET

DOUAUMONT, France (AFP) – Europe on Tuesday marked the 90th anniversary of the end of World War I, with the handful of surviving veterans at the vanguard of commemorations for the fallen of “The War to End All Wars.”

Leaders from the powers that fought the war, now allies, gathered at the site of the 1916 Battle of Verdun, where 300,000 men were slaughtered over 11 months of bloody trench warfare.

French President Nicolas Sarkozy paid homage to the sacrifice and suffering of the war’s “eight and a half million dead, 21 million wounded, four million widows and eight million orphans.”

The Stars Hollow Gazette

Re-Flex Praying to the Beat

Good Germans

Orin Kerr and the responsibility of elites for the last eight years

by Glenn Greenwald

Sunday Nov. 9, 2008 08:40 EST

Prime responsibility for those actions may lie with the administration which implemented them and with the Congress that thereafter acquiesced to and even endorsed much of it, but it also lies with much of our opinion-making elite and expert class.  Even when they politely disagreed, they treated most of this — and still do — as though it were reasonable and customary, eschewing strong language and emphatic condemnation and moral outrage, while perversely and self-servingly construing their constraint as some sort of a virtue — a hallmark of dignified Seriousness.  That created the impression that these were just garden-variety political conflicts to be batted about in pretty conference rooms by mutually regarding elites on both sides of these “debates.”  Meanwhile, those who objected too strongly and in disrespectful tones, who described the extremism and lawlessness taking place, were dismissed by these same elites as overheated, fringe hysterics.

Some political issues, including ones that provoke intense passion, have many sides, but not all do.  Not all positions are worthy of respect.  Some actions and policies require outrage and condemnation, to the point where it becomes irresponsible to comment on them without expressing that.  Some ideas are so corrupted and dangerous and indefensible that they do reflect negatively on the character and credibility of their advocates, on the propriety of treating those advocates as though they’re respectable and honorable.  Most of all, elites who seek out an opinion platform have a responsibility to accept that their ideas and arguments have consequences and they should be held accountable for what their actions spawn (see Atrios’ related point yesterday about Tom Friedman’s responsibility arising from his advocacy for the Iraq War).

Over the last eight years (at least), we have not only crossed the line of what ought to be within the realm of reasonable, respectful debate, but we have crossed it repeatedly, severely, and with great harm to our political system and huge numbers of people.  And one of the prime reasons that happened is because those with the most vocal platforms and with the greatest claims to expertise failed in their responsibility to oppose it passionately and to describe its extremism, and, instead, eagerly served as apologists for it.   Those who seek now to depict their tepidness in the face of all of that as some elevated form of enlightened reason are merely illustrating one of the key mechanisms that enabled all of it to happen.

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