As of the writing of this column around 3 PM EST, the stock market is down over a hundred points. Futures spell a sell off week, as several problems are all converging, which the media is telling us was unexpected. Yeah, it was unexpected if you didn't read this blog or a thousand others just like mine which foretold of ALL the issues that arose this week. Hell, I even said that late September/early October could be volatile, which is appearing to be right on the money.
China has said it will not be buying any more stimulus packages from the US and is activating its own gold market, which may make the gold market less rigged, and thus, tank the economy when real economics become noticeable. We have been selling paper gold that doesn't exist and betting against it on the derivative market. That may be no longer possible if the Chinese have a competing market that will pay top dollar for gold rather than the artificially deflated prices we have had for some time now.
The funniest thing I read was how no one saw the steep slide in previously owner homes, which declined 1.8% last month. As I have shown, equity firms like the Blackstone Group left the market in droves as prices became too high to flip anymore and the whole thing looks like it may collapse. It certainly isn't doing well in the Northeast which saw over a 30% drop last quarter, and in the low 20% for California. Investors, which once made up 70% of the market, dropped to 12%, the lowest since 2009. CNBC is calling it "a breather," rather than what it is: the bubble bursting on the housing market. Expect deep slides in prices over the coming months in many markets.
Likewise, the news keeps spinning the fact that credit cards are being used in record numbers as "great for the economy," instead of the fact that they are being used because the average citizen is tapped out and is relying on credit to get by. I know I sure am. The Fed reported that the US economy declined last month, while real unemployment, is standing fast at around 23%, even though they keep using that bullshit 6.1%, which is so made up it might as well be classified under fiction.
For every stock that gained today, five more fell. This may be a bad week for the Dow. But considering how rigged the stock market is, with less than 10% of the country actually owning stock at all anymore, beyond the craptacular 401K's, it's anyone guess what that Black Swan moment will be. I still think as income inequality has blossomed rather than been controlled, we are on incredibly shaky ground.
And then there is this story about three missing Afghani soldiers. The news went overboard saying not to panic, which is exactly the time when you should. They can't be serious about this when we see on the news all the time Afghani soldiers switching sides and killing our side, including a two star general just last month. Everyone kept saying they were highly vetted and officers, none of which means anything.
They were caught when for some unknown reason they were trying to cross into Canada at the Niagara Falls border. Why? And why is the media trying to tell us not to worry about this highly suspicious movement? And why are we training these people, who CANNOT be trusted, on US soil? Have we become such a nation of morons that common sense is all but gone? My douchebag column certainly suggests so.
I do not expect to get the truth about this story at all, especially when the government and media are falling over backwards to say these guys were not a threat. Except for the fact that they kind of are. It is this false level of reporting that is driving me nuts lately.
Lastly, it appears that PC nonsense has finally gone overboard when it comes to descriptions of people who commit crimes. I have noticed with sickening regularity that when it comes to the media telling us what a particular criminal looks like, they seem to "forget" to tell us what race the perp is. In Worcester the other day, the police were looking for this individual in a robbery. He was 5'8", wearing a hoody and blue jeans. They just described every single college student in the state. Can we please mention race when describing people? If they all happen to be black, that not racism, that reality, and, truth be told, it is not always the case. There are plenty of white and Hispanic douchebags out there as well and race as a description helps narrow down the pool of suspects from everyone to someone. Just saying.