Where is Ben Shalom?

Do you know what I want for Chanuka Ben. A rate cut.

I don't get it, these guys know how bad it is out there, there have been multi billion dollar right downs by the major banks, so many mortgage houses have shut down, hedge funds gone under and Ben is fiddling while Rome (US) burns and his Fed friends like Bill Poole don't care. What are you guys waiting for, more bad news; it’s already late in the game or does Countrywide have to go out of business first. Albeit it’s not his fault. This mess was created by Alan GreenSputum, please excuse me but not only couldn’t understand him, I can’t stand him. Why is this guy still alive let alone writing and speaking? He kept raising rates till the economy blew up. And then he kept cutting and cutting and caused the housing bubble. When he was approached regarding lending standards he didn’t see the problem with the ARM's. The guy is a genius.

Like I posted on Friday, we ran into resistance so technically we have go down a couple of days to set up for a healthy rally. So far the downside i have predicted correctly (futures down this morning), we'll see about the upside. Last August, we did not go straight up to the old highs. So today we have to wash out the weak holders early in the session and then late in the trading day I hope to see the pro's put money to work. I hear there is a huge position in Money Market accounts right now, that’s got to come into the market but we need a catalyst and I don’t know where its going to come from. The news of government helping homeowners could not spur the markets, maybe the bank of England will ease on Thursday and there is the jobs report on Friday. Not much hope until 12/11/07.


Cut the rates now not on the 11th (just wishful thinking).