A lot of interesting video content so to save space we will stuff it all within this one post - as we embark on the latest dog and pony show on Capital Hill. As always email readers will need to come to the site to view.
1) Robert Prechter of Elliott Wave reiterates what he has been saying for about 3 months now; the counter trend bull rally is over and over time the potential to not only test but surpass March 2009 lows lies ahead. [Oct 5, 2009: Prechter Sticking to His Bearish Bets; No Change to Call for New Lows] Apparently, since the bearish stance was reiterated on CNBC rather than in his writings it suddenly matters. Prechter gained notoriety for his get out call ahead of the 1987 crash (I can't vouch for it myself, I was paying attention to middle school girls), and more recently he told bears to cover in February 2009 as pessimism was at extremes, and his squiggly wavy lines told him so. (I say that firmly tongue in cheek, as a practitioner of a more widely followed squiggly line analysis)
2) Reader Sia notifies of us of this most excellent video out of CNBC Asia from early this week with legendary hedge fund manager Jim Rogers, along with Kirby Daley. Rogers needs no introduction (we have countless posts on the man) but believe it or not we have a post on Kirby too. [Oct 10, 2009: Kirby Daley has Detached from The Matrix]
3) The crew at Fast Money, after wasting some 20 minutes of last night's show on the dinosaur called Yahoo (YHOO) and a minute by minute update of the conference call (thanks!) found time to sneak in a bit of time with eagle eyed Josh Rosner. Rosner does not get the publicity as a lot of other recently minted pundits, but has been an astute analyst (mostly of the banking system) & says it won't be Ben Bernanke, but instead Tim Geithner as sacrificial lamb - maybe in a few months but certainly by the end of the year. [Jan 7, 2010: Geithner's New York Federa; Reserve Pressured AIG to Delay Disclosures] Since Hank Paulson was recused from the AIG negotiation as he was a Goldman man, and Tim claims he was recused because he was soon to be nominated for Treasury that only can leave one man with the power to piss away tens of billions of US taxpayer's money. (and no, it wasn't Clarence in accounting or Francis in legal, even though that appears to be the spin) Uhhh... better hurry with that confirmation vote Ben. AIG-Gate beckons.
Of course if you have been reading this site for any period of time you will know that any such resignation to spend more time with the family will clear Tim's calendar up for his new position at (insert oligarch financial institution of your choosing here). Since I am all about efficiency, perhaps we can do a direct trade of Tim Geithner for JPMorgan CEO Jamie Dimon (Dimon to US Sect Treasury and Geithner to JPM CEO). Granted this would sort of rub it in our face on how Washington D.C. and the banks work in the best interest of the people but why bother even attempting to hide the incestous relationship anymore? Or I suppose trading Geithner for an oligarch to be named later would be more traditional. This would allow Tim the route of making speeches at hedge funds and investment banks for $250K a pop (aka you scratch my back, we'll scratch yours) between now and his new position. After all, Tim has never had a job in the private sector.... it would be a good way to get his feet wet on how the common people sweat at their jobs (for $250k per 60 minutes of talking).
Popular Culture) If you are over the age of 50 and want to know what it means when all the kids are chanting Pants on the Ground a moment of levity. As you peruse the website, trying to figure out what is happening in Cramerica - this is the modern day equivalent of gladiator games to help keep the peasants quelled. I challenge you to watch this without laughing - if only we all had such passion about something in our lives.