An Editorial for the Wall Street Report
This is an editorial written by Benjamin Wright for the Wall Street Report. The expressions and opinions stated here are his. And the Wall Street Reports holds no responsiblity of his contents here.
Is This the Beginning of The Financial Armageddon ?
For the past month (March 2009), we entered a new Wall Street, unlike we have seen in past years. And, make no mistake about it, we are still vunerable for a "Bear market". With all these sell-offs that have been taken place is somewhat just that- a short Bull market. What I do I mean by that ?
Simple, as history has mentioned with rhetorical volume, we are destine to see a bottom in the market. It is indeed still a Global crisis, not just in the United States. But we are the leader in this Global downfall. (Remember, it all started here in the U.S. back in 2001.)
But other economists are stating, the Financial crisis really started in October 1997. It just never got off the ground, to maintain a healthy uprise. Between 1997 and 2008, the markets have see-sawed like a yo-yo on Viagara. And it seems the markets are looking for some answers. So, it is playing itself out, as investors are out in the cold, waiting to see what it will prevail.
Congress and other elite politicans "think" they have a solution to "feed this bull". So, they figured instead of really "fixing the addiction"; they rather just feed it with more. But what they don't realize, they are merely preventing anything that would cause it to burst in the future.
When former President George W. Bush was still in office, he didn't want to do anything to contribute to the solution to the Financial crisis. Instead of trying to save Lehman Brothers and Bear Stearns in September 16th, 2008, he just watched - just like everyone else, including Congress - as both international firms collasped. He (President Bush) could have stepped in, and try to convince Congress to save the firms. Just as President Obama is trying to save General Motors.
Even though, General Motors will soon be governmental-funded enitity, at least, it still has legs to stand on. And perhaps, the Automaker won't be completely "out of business".
Perhaps, we have not yet learned the lessons from the 1929 Stock Market Crash. Or the 1987 crash. But I am sure, even though, both are completely different scenerios, they are similiar in some way to this Crash of 2008.
I read both the Barrons and Wall Street Journal faithfully. I do watch the business channel (CNBC) to get my news and opinions. So, I do understand the situation we are in. I realize, it will take another year or so, to see some recovery to this Fianacial fiasco. But the markets have a mind of its own. It will work itself out, when it wants to. Not when investors or economists want it to .
When I listen to the words from various people, including Warren Buffet, Kenneth Lewis (CEO of Bank of America), and many important people. I carefully disect how they see this economy . And why they feel that this market will turn on its ugly head.
Most Americans have definitely lost confidence in the state of the Economy. And some of that is blamed on the Madoff scandal. Mr. Bernard Madoff has "stolen millions" of confidences - not just money invested to him.
AIG with these lucrative bonuses to employees to "keep the firm standing" (when they knew very well, it was soon to be "broken into pieces"), was another lame excuse to why American people have lost total confidence in the financial system.
I am not going to tally up these companies, politicans, scam artists, and excuses to why this economy really SUCKS !!! Because, all of those elements are just smaller pieces to this dubious puzzle.
The other part of the dysfunctional puzzle is the Jobless rate. It rosed 8.5% from 8.1% last month (March 2009). Over 650,000 jobs have been literally lost !
And, when that happens ... no one wants to buy. And no one can sell. Which means, companies have to cut jobs, just to survive. But in reality, it hurts those who used to work, and now are left without any.
Then the average American has to find low paying jobs, just to put food on the family table. Sometimes, even getting a low paying job takes time getting. And, in the meantime, they are left to wonder, " What am I going to do to buy food, clothes and start my car in the morning, if I don't have any money to put it all in ?"
Marriages around the country are at an All-time high. Because, spouses are fighting over financial issues, and not realizing, its tearing up the family apart.
There are chaos all around the country, violence erupting in major cities. People are getting frustrated at the fact, they are now without a job. And they don't really know what their future holds. (Of course, some of these violent perditions are just an act of excuses to make all of us to "feel sorry" for them.)
Perhaps, in the Bible, when it was mentioned, we will face a long-lasting (not to mention HELLISH) moment in our lives, that will cause us all to believe --- this is some symbolic sign - the end of the world - is about to occur. Perhaps, this is either God's or Satan's way of telling us ... Be Prepared.
Get ready for a Financial Armageddon.
When the whole Global markets start to spin out of control. And cause an "unspeakable" wave of meltdown. And, 2008-2009 is the first wave of this upcoming Global Meltdown. Which will cause more hectic and kaleidoscopic chaos from the United States to Russia, France to Australia, the Uk to Germany. And every little countries trying to do battle with bigger ones ( like the one in Africa and the Middle East). Perhaps, the Satan Spawn will show its ugly head at the very last "Closing Bell", as He rings it at 4pm at the NYSE.
Now, I know my opinions here are abit far-fetch. But do you see this coming ?
Am I the only Soul here, that sees the signs ? The demented and chaotic possibly, perhaps we are heading in that direction ?
I am sure you may not agree to what I just mentioned today. But perhaps, this is just all a "Fairy Tale", and we won't see a Global Nightmare.
(And, when I do mention a Global Nightmare, I am not stating a Financial one.)
~ Benjamin Wright
Benjamin Wright is a free-lance blogger, and an investor. He holds a couple of stocks, Google (GOOG) and General Electric (GE). He believes the Tech sector will hold strong throughout the year. And General Electric continues to have a splendid year.
