Just heard some of Bob Brinker's Moneytalk show on the radio today. He sounded just like the commentators on CNBC. Bitching and moaning about Obama, Geithner, Bernanke etc. Obama has been President for 6.5 weeks and he is supposed to have solved this disaster by now. This complaining coming from the fellow that publishes the MARKETTIMER newsletter who missed the biggest drop in the market in decades. These bitter "Masters of the Universe", with their gigantic egos, are looking for someone, anyone to blame for their total misreading of the economy.
Unlike all of these Wall Street egomaniacs, I will be patient and see what the Administration can do over the coming months.
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I thought the "transition team" and the "Office of the President Elect" had been working on the problems/issues since Nov 5th! I do not have the ability to judge the results or impact of what has been done thus far (and a lot has been done) but IMO unless someone steps up and creates some optimism pretty soon we will probably see, at best, a stagnant economy/stock market, for a good while longer. I have several Grand Kids moving into the job market in the near future - my hope is that they will be able to prosper.
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Hard to imagine what he's complaining about ... he could "retire" at 72 with the annual fees he collects for MarketTimer. No need to sweat the decade lows he missed.
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Duh - what part of 'The Invisible Hand' did Brinker fail to grasp?
Hey! I'm a Democrat and my Sister a Republican - whom I get to razz now cause 'WE' won plus Brett Farve 'may' be finally retired or not and the Pat's are still a good football team even if they missed the playoffs and it is not football season.
Do you really expect the government to fix the problem? Expect strenuous effort to throw a lot against the wall to get something to stick - But to 'magically untangle' the unentended consequences of the recent financial past is a stretch.
I figure the Saint's may make the Superbowl before we see DOW 14,000 again.
But then I'm an optimist.
heh heh heh -
'God Looks After Drunkards, Fools and The United States of America.'
I'll give the economic stimulus package the same patience that I gave the Iraq War, so in short, I predict we'll be done with the current mess in 3 months.
His record was actually pretty good before the last year and a half, but like so many "gurus", the luck ran out.
__________________ "Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
Actually Brinker's all in "QQQ" counter rally call in 2002 wiped out selling 65% in 2001 but somehow that is not counted in his return for that period.
Brinker and the other Wall Street "geniuses" want the quick fix. Well...they are not going to get it from this President. He is aiming at shoring up the foundations not giving them an unsustainable sugar high they crave so much. AFP: Obama sees 'pillars' of recovery in place this year: report
Brinker and the other Wall Street "geniuses" want the quick fix. Well...they are not going to get it from this President. He is aiming at shoring up the foundations not giving them an unsustainable sugar high they crave so much. AFP: Obama sees 'pillars' of recovery in place this year: report
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Brinker and the other Wall Street "geniuses" want the quick fix. Well...they are not going to get it from this President. He is aiming at shoring up the foundations not giving them an unsustainable sugar high they crave so much. AFP: Obama sees 'pillars' of recovery in place this year: report
Well, he better hurry up cause the foundation is cracking and unless the market comes back soon its going to crumble.
....... Bitching and moaning about Obama, Geithner, Bernanke etc. Obama has been President for 6.5 weeks and he is supposed to have solved this disaster by now. This complaining coming from the fellow that publishes the MARKETTIMER newsletter who missed the biggest drop in the market in decades. .
I'v been a big fan of Bob. He's probably just grouchy because a lot of subscribers to the Marketimer Newsletter are not renewing (including me).
__________________ "there is reasonable money to be made in lending people money to buy houses. I refuse to believe that there is, really and sustainably, enough money in it for the originators and the servicers and the insurers and the bond underwriters and a hundred different tranche buyers and swap dealers and my pet kitty to take a piece of the interest." -Doris Dungey (Tanta) of Calculated Risk
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Quote:
Originally Posted by lightwaves
Brinker and the other Wall Street "geniuses" want the quick fix. Well...they are not going to get it from this President. He is aiming at shoring up the foundations not giving them an unsustainable sugar high they crave so much. AFP: Obama sees 'pillars' of recovery in place this year: report
I think that when Barak has a clue, he'll take more action. For now, he's stuggling to even pick a Treas Sec that knows how to pay his own taxes.....
In the meantime, he'll just keep saying "we're aiming at shoring up the foundations.........".
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Quote:
Originally Posted by lightwaves
Just heard some of Bob Brinker's Moneytalk show on the radio today. ...
Obama has been President for 6.5 weeks and he is supposed to have solved this disaster by now.
lightwaves, did Brinker *really* say that he thought Obama should have *solved* the problem by now? I listen to Bob quite often, and that does not sound like him. I heard part of the show, and I think he is saying what many others have said (paraphrasing):
The plans presented by the Obama administration do not instill confidence in the market. Very many people believe that these plans are not going to help the economy in the near, mid, or long term. In response, the market has dropped.
As I've mentioned in other threads, this is not opinion, if the plans instilled confidence, you would see it in the market. The market is a leading indicator.
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He sounded just like the commentators on CNBC. Bitching and moaning about Obama, Geithner, Bernanke etc.
Looking back at your recent posts, most of them have to do with complaining that people are picking on ( or should I use your words "bitching and moaning about"?) Obama. He's in the kitchen now, just as you wanted, he has to take the heat. I also looked back at your posts in the Soapbox, you didn't seem to have any problem dishing it in the opposite direction.
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Unlike all of these Wall Street egomaniacs, I will be patient and see what the Administration can do over the coming months.
I see now that you started this thread in the "FIRE and Money" forum. Yet, I don't see anything from you about money, all I see is defense of the Obama admin, and a lot of name calling against those critiquing him. I might suggest that it be moved to "FIRE Related Political Topics", but w/o any real money analysis, I don't see how that fits either. Maybe this would help:
"Every time someone in the Obama admin talks about the economy and their plans, my Net Worth drops, and impacts my FIRE status. When is the Obama team going to present a plan that inspires confidence?"
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Quote:
Originally Posted by youbet
For now, he's stuggling to even pick a Treas Sec that knows how to pay his own taxes.....
just as he struggled to pick a Secretary of Health and Human Services, a Chief White House Performance Officer, and a Labor Secretary that didn't have problems with taxes.
This does not bode well for getting more taxes out of the top 2%, does it? We have a precedent that "taxes are hard" and I guess you can't really be expected to pay them. Odd that these tax "mistakes" and "complexities" always seem to result in underpayments? I would think there would be a 50-50 chance that we would see a news headline "Cabinet appointee found to have overpaid taxes for the past 3 years". I guess we will see that when we see "Fortune Teller wins the Lottery".
You know, having tax cheats in the admin *is* a FIRE and Money topic. It could well "justify" more tax cheating across the general public. There are two ways this could affect our money, depending how you play the game. Perhaps I'll start a thread....
I will agree with you that my comments belong in a Political thread so I will stop posting this type of commentary in this forum. Will stick to retire early topics going forward. But I have to comment on one thing you said:
"As I've mentioned in other threads, this is not opinion, if the plans instilled confidence, you would see it in the market. The market is a leading indicator."
Just remember that the Dow was at 14000 a while back. Was that a leading indicator for the real economy? If that was not a false positive, I do not know what is. Don't you think that the market at 6500 could very well be a false negative?
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