Stock Market Crash!

“

Stocks Slump on Record Oil Prices

Stocks slumped Monday, as record high oil prices unnerved investors, one session before an expected interest-rate hike. Warnings of militant attacks in Saudi Arabia, and worries about refinery outages in the United States sent oil soaring to a record high. Meanwhile, the central bank's policy makers are meeting Tuesday and are widely expected to boost short term interest rates for the 10th consecutive time.

----------------------

That is the CNN front page.

Meanwhile the Dow dropped ONLY 20 points. Think they are trying to slant opinion?”

“It's a Liberal! Media! Crash! Bang! Thang!”

“leave me out of it”

“Over bought from last wed. and thur..No biggie yet. Sell oil-buy cotton.”

“Plunge protection team pulled it out of the fire today.”

“Another rotten day on Wall Street. You would never know it listening to these guys. I really desire to see a long lasting Bull Market but these cheerleaders are the pits.
Bateaux



PAUL B. FARRELL: The Official Language Of Wall Street Bulls? B.S.


By Paul B. Farrell
ARROYO GRANDE, Calif. (Dow Jones) -- One of the most salient features of our culture is that there is so much B.S., says Princeton Prof. Harry Frankfurt, writing in a none-too-subtly-titled bestseller that does not make use of the less offensive initials most print journalists are constrained to use for his topic.
And B.S. is nowhere more pervasive than on Wall Street, where it's the official language. Want proof? The most obvious is the fact that Wall Street analysts scream "buy" about 95% of the time. They're born B.S.ers! Wall Street is relentlessly bullish in both the bull and bear phases of bull/bear cycles. Wall Street is addicted to B.S., its official language.
The "official" quality became obvious while reading "Bull! 144 Stupid Statements from the Market's Fallen Prophets." Published in 2003 during the recession, it was recently sales-ranked #508,557 on Amazon. Why so low? Because "Bull's" message was so threatening that Americans mentally block it.
Nevertheless, "Bull!" should be republish, updated as a sequel. Why? In three short years many of the "Fallen Prophets" have resurfaced, like those zombies, vampires and ghouls in "Night of the Living Dead." They've come back as "Newly-Resurrected Prophets" to haunt and taunt us American investors with more B.S.
As you read the following dialogue from "Bull" imagine you're sitting in a dark theater watching a horror thriller, like "Fright Night," "Friday the 13th" or "Halloween." Sense the déjà vu. Sense your repressed memories. Slowly recall how terrifying it was back in 2000.
See this old horror story in wide-screen Technicolor and pounding music with high-tech graphics: Hopefully the experience will exorcise the B.S. buried deep in your subconscious, and remind you of the trauma of those dark days right after the Millennium celebrations, when stock P/E ratios fell from the stratosphere, when the 100% dot.com returns vanished -- and yet Wall Street tried to hide the bear and recession under endless B.S.
We selected 16 of the best quotes put together by Greg Eckler and L.M. Mac Donald, the authors of "Bull!," reshuffling them in logical time sequence. They tell a fascinating story about how B.S. drove the 1999 run-up. And how, even after the bubble exploded and the bear was mauling them, Wall Street kept B.S.ing America, incapable of stopping its addiction to the official language.
As you read this script, note that although specific facts are different today than six years ago, the dramatic motivation driving today's dialogue is the same as earlier for all these B.S. artists. Also remember, the Dow peaked at 11,722 in January 2000 and didn't bottom for 32 months, in October 2002 at 7286, losing $8 trillion in market cap along the way.
So please sit back in your theater seats folks and enjoy the popcorn. Listen closely for the consistent subtext and the plot driving Wall Street. Listen especially to all the B.S. that makes today's bull cycle a rerun of all prior cycles droning on late night television, because nothing really changes for Wall Street bulls, thanks to the consistency of their official language:
March 1999: Harry S. Dent, author of The Roaring 2000s
"There has been a paradigm shift." (Translation: "This time it's different, a New Economy!")
October 1999: James Glassman, author Dow 36,000
"What is dangerous is for Americans not to be in the market. We're going to reach a point where stocks are correctly priced, and we think that's 36,000 ... It's not a bubble. Far from it. The stock market is undervalued." (Warning, don't choke on your popcorn!)
December 1999: Joseph Battipaglia, market analyst
"Some fear a burst Internet bubble, but our analysis shows that Internet companies account for only 7% of the overall Nasdaq market cap but carry expected long-term growth rates twice those of other rapidly growing segments within tech." (The Internet Index lost two-thirds in the next six months.)
December 1999: Larry Wachtel, Prudential
"Most of these stocks are reasonably priced. There's not reason for them to correct violently in the year 2000." (Fact: The Nasdaq lost 50% in 2000.)
December 1999: Ralph Acampora, Prudential Securities
"I'm not saying this is a straight line up. I'm not saying you can't have pauses. I'm saying any kind of declines, buy them!" (He also predicted a 14,000 Dow by the end of 2000 and an 11-year bull.)
February 2000: Larry Kudlow, CNBC commentator
"This correction will run its course until the middle of the year. Then things will pick up again, because not even Greenspan can stop the Internet economy." (He's still an economist, hosting his own show.)
April 2000: Myron Kandel, CNN
"The bottom line is, before the end of the year, the Nasdaq and Dow will be at new record highs." (Later in September he predicted a rally to 12,000 by election day.)
September 2000: Jim Cramer, CNBC commentator
"SUNW probably has the best near-term outlook of any company I know." (Within four months Sun Microsystems went from $60 to $30, down to $10 in a year, below $3 in two years.)
November 2000: Louis Rukeyser on CNN
"Over the next year or two [the stock market] will be higher, and I know over the next five to 10 years it will be higher." (We crashed, fell into a recession, and in two years tech lost 70%.)
December 2000: Jeffrey Applegate, Lehman strategist
"The bulk of the correction is behind us, so now is the time to be offensive, not defensive." (That's a sucker's rally.)
December 2000: Fed Chairman Alan Greenspan
"The three- to five-year earnings projections of more than a thousand analysts, though exhibiting some signs of flattening in recent months, have generally held firm. Such expectations, should they persist, bode well for continued capital deepening and sustained growth." (And the curtain opened revealing the Wonderful Wizard of Oz.!)
January 2001: Suze Orman, financial guru
"In the low 60s here, I think the QQQ, they're a buy. They may go down, but if you dollar-cost average, where you put money every single month into them, I think, in the long run, it's the way to play the Nasdaq." (The QQQ fell 60% further.)
March 2001: Maria Bartiromo, CNBC anchor
"The individual out there is actually not throwing money at things that they do not understand, and is actually using the news and using the information out there to make smart decisions." (Yes, she's serious.)
April 2001: Abby Joseph Cohen, Goldman Sachs
"The time to be nervous was a year ago. The S&P then was overvalued, it's now undervalued." (Unfortunately, the markets continued down for another 18 months).
August 2001: Lou Dobbs, CNN
"Let me make it very clear. I'm a bull, on the market, on the economy. And let me repeat, I am a bull." (Within a year the Dow and Nasdaq lost a third more).
June 2002: Larry Kudlow, CNBC
"The shock therapy of decisive war will elevate the stock market by a couple thousand points." (He also predicted the Dow would hit 35,000 by 2010.)
The Dow didn't bottom until October 2002. The Iraq War started in April 2003. Soon after, Enron, Spitzer and Sarbanes-Oxley were distracting us from all the B.S. of the 2000 crash, the bear market and the 2000-2002 recession.
And today we must listen to reruns, replayed over-and-over in B.S., the official language of all Wall Street cycles.”

“i bet i think this thread is about me dont i dont i”

“They're all about you, CB.”

“LOL>...in 1980 the top selling business book was SURVIVING THE CRASH (How to survive the market's destruction) or somthing


in 1986 at the height of the explosion of the greatest PEACETIME growth in HISTORY....a similar book was number one in business

Liberals (Monty Python Parody here) "ALL WAYS LOOK FOR THE CRAP SIDE OF LIFE" (whistling) .....

Tell you what, you keep looking for disaster I will look for Success (we can both succeed in what we want.)”

“Um Lt. Bateauxdriver isn't what I'd call a liberal. [whispering] He's one of us....”

“I would like to say,'this time is different'.”

““Um Lt. Bateauxdriver isn't what I'd call a liberal. [whispering] He's one of us....”
Nigal

LOL, anyone who disagrees with XL is a Liberal.

Around here it's the right wing wack jobs that are talking about the black helicopters (NATO is gonna take over, don't ya know), a Russian sub in Shasta Lake (along with 2000 troops)and the world coming to an end (Christian Fundamentalists)

Both sides have their wack jobs,it takes a fool not see it, LOL
last edited: 7/08/06 1:09:18 PM”

“I agree Mtn....but once again I stopped listening to the "experts" they keep reminding me of the "Call this number and make millions" TV commercials. LOL....it always seems the "investment experts" aer no where in the Millionaire list”

“Point taken :-)”

“Yep XL - you do have to ask, if they have such great investment ideas, why aren't they making a living of of using their own ideas - instead of posing as experts.

I can think of only three people who have been touted as investment experts and have really put together incredibly impressive real life track records - and they aren't the ones who keep peddling their expert opinions.

In other words, they make their living off of acting off their expert analysis - not off of peddling it to others.

Warren Buffet
Peter Lynch
John Templeton”

“Around here it's the right wing wack jobs that are talking about the black helicopters (NATO is gonna take over, don't ya know), a Russian sub in Shasta Lake (along with 2000 troops)and the world coming to an end (Christian Fundamentalists)

Both sides have their wack jobs,it takes a fool not see it, LOL
last edited: 7/08/06 1:09:18 PM”
mtnsteve
1:05:40 PM
7/08/06

Hee Hee Hee
Steve, Steve, Steve....
Haven't you read anything BB has posted?
LOL”

“Yea, and I've shared his food and drunk his whisky. I would gladly stand at his side and cover his back.

But then I would probably do that for you as well. Depends on what you call good whisky ;-)


last edited: 7/08/06 8:10:29 PM”

“Last week end had my wifes sisters' family of six from Israel stayed at the house for 4 days. Never would I find six in this country I could live with like that. All atheist beer drinkers that think the USA should stay out of their business and stop giving money.
Great people , great beer and great soccer.
Sell short to survive.”

“"All atheist beer drinkers that think the USA should stay out of their business and stop giving money."

From my experiences the religious Jews want the same thing. Just make sure the beer's kosher.”

“I would consider myself a Social Libertarian/Fiscal Conservative. I am for live and let live, I hate all forms of waste and big government. I've been a registered Republican for all my voting life but, I am loyal to no party.

The cheerleaders I mentioned are nothing but used car salesmen of the stock market. They pump and pump stocks and the market in general at all times. The worst has got to be Larry Kudlow, that guy makes my skin crawl. Take Sirius Radio for example. I remember these guys pumping this stock as the new paradigm in radio. I admit Sirius is a neat product just not a profitable one. A good market timer may have made money but the long term investor would have gotten burned buying this turd. Look at the ten year chart, it is a total disconnect from the product running up to 2001. You have a better chance in Vegas. I like stocks that have a long term up trend. Ten year trend here is turdville.

http://finance.yahoo.com/q/bc?s=SIRI&t=my

(SIRI) Net Income: Or should we say loss! In thousands.

31-Dec-05(-$862,997)

31-Dec-04(-$712,162)

31-Dec-03(-$226,215)


But oh was it a darling of the cheerleaders. I didn't buy the stock or the product. It just doesn't appeal to me personally. I tend not to buy stock in products that don't appeal to me. I know that is rather amatuerish but that is how I am.



Now take a gander at this stock. This is what a long term trend should look like. This is a stock you can put to bed and night and pet in the morning. Thank you Mr. Buffett for showing us the right way.

http://finance.yahoo.com/q/bc?s=BRK-A&t=my&l=on&z=m&q=l&c=


Net Income: In Thousands

31-Dec-05 $8,528,000

31-Dec-04 $7,308,000

31-Dec-03 $8,151,000

I've been trying to afford a share of Mr. Buffett's stock all my life. You can buy pieces, but I want my own share. There was a book I read a few years back called, Invest like Warren Buffett and live like Jimmy Buffett. I've been doing it ever since. I love both of the Buffett's. Back in the new economy of the late 90's the cheerleaders said Warren Buffett was out of touch and a has been. Where are they now.
last edited: 7/09/06 5:20:04 AM”

“Now here is a stock that even though it was pumped to the end of the market boom has done quite well.
Qualcomm

Total Revenue:(1000's) Gross Profit(1000's)

25-Sep-05 5,673,000 4,028,000

26-Sep-04 4,880,000 3,396,000

28-Sep-03 3,970,636 2,540,589


Good looking 10 year chart if you draw a trend line through the bubble years. I wish I would have bought this one when I first heard the name. What seemed like another bubble stock survied and seems pretty solid. Woulda, coulda, shoulda. Happy hunting.
http://finance.yahoo.com/q/bc?s=QCOM&t=my&l=on&z=m&q=l&c=”

“The rallies are failing earlier each day, Quarter end and English bombs. Oh, americas cup today, couldn't find or bring up the other thread .SUI wins today on horrible NZ sail handling. I'm not prepared to give the weather yet.
last edited: 6/29/07 12:13:03 PM”

“YAWN...stock market was never supposed to reach 2000....”

“CSCO 30.21 -2.55 -7.76%”

“Yup. Recession time. Thanks, Shrub!!!!!!!!!!!”

“They've been saying that since he took the office.

How did he suddenly get so magically powerful as to control the market himself? He's outsmarting all the people who know better? Wow. He's must be pretty brilliant.”

“Don't be so naive. The compounding nightmare of fiscal irresponsibility that has been the trademark of his administration has finally come to roost. The U.S. dollar has been slipping steadily for the past three years.”

“Yeah, ... um ... I don't think so.

http://www.foxnews.com/story/0,2933,309597,00.html”

“Fox Noose???? I'm really just doing what a Rite Piler would do, steal the messengers shoes.
last edited: 11/08/07 9:43:01 AM”

“Much like when the chickens came home to roost in the mid-'70s, the bills from this war and all the other wild spending are going to effect us.

How and exactly when are hard to say but it could be a bumpy ride.”

“... and the dems aren't contributing? Yeah, right!

VETO - VETOED”

“What? Is there a chance salebored might lose money on the corporations he hates so much????”

“The Sky Is Falling!!!!!
The Sky Is Falling!!!!!
LOL”

“Stove, does it seem to you like so many TTers like to not only complain about this country 24/7, but blame other people for their problems? What a way to live. Geesh.”

“Don't worry, the short sale will make okay.

Without the IRS, I wouldn't have a prob with corps. Value added would take their influence on gov away, hay hey!
SS, that not the sky , it's your pile tipping over on you.
last edited: 11/08/07 9:52:03 AM”

“Stove, does it seem to you like so many TTers like to not only defend this administration 24/7, but blame other people for their problems? What a way to live. Geesh.”

“Gosh, my company's stock is up. Guess you just aren't in the right stock.”

“They "support our troops" too, Sarge.
LOL”

“Dr. Paul caused it all.”

“Who?”

“Ron Paul was questioning Ben Bernanke and traders on the floors of stock exchanges gave a big cheer to Paul. Not that it is related, but stocks took a downward direction instantly.”

“Stove, does it seem to you like so many TTers like to not only defend this administration 24/7, but blame other people for their problems?

I have blamed Bush for things on here (and can prove it).

When have I blamed others for my problems?

rosey ... you're living in a fantasy world - but it cuts you like a knife - it's your life - outasite!”

“LOL...sorry but I refuse to participate in a recession....didn't participate in the last three or four the libbies told us were coming...Here is a kicker, I am betting the same clowns creating this disaster are part of the high Church of EnviorScience.

I say they start the process of drilling in ANWR (with a coincident Presidential Pardon (LOL)) and sink wells in the gulf right next to the Chinese Wells the Cubans are allowing.
last edited: 11/08/07 11:02:22 AM”

“Holy crap, someone else besides me remembers Aldo Nova????”

“XLOU812 said: I am betting the same clowns creating this disaster are part of the high Church of EnviorScience

Nah, the $3 trillion being spent on Iraq and corresponding bonds bought by China wouldn't have anything to do with...”

“BDS wouldn't have anything to do with.....this thread....
LOL
last edited: 11/08/07 11:17:36 AM”

“rosey - Did that veto of the veto piss you off?”

“Rosey, what's wrong with funding a new line of future enemies?”

“There's plenty good money to be made supplying the army with the tools of the trade.”

“Joe, hoho.”