Well let's just say that would be what the prevailing MSM would like us to believe. In fact the sell off today is just a signal for business as usual. Some will speculate that the 312 point sell off was a message to O to "tow the line" by Wall Street. Do not believe that. This is a lame duck session now and number one there is ZERO need to paint the tape for O. In fact I will take this a step further. IF you had just installed your chosen technocrat to lead the U.S. into the hard down next four years of major deleveraging and austerity but wanted the sheep to believe he was NOT in your camp then you would BLAST him with a Faux sell off........and of course the sheep will say that "O is hated by Wall Street" (and business)......but he is NOT hated by the bankers....at least the "Real Power"...the boyz that pull the strings as easily as you brush your teeth.....THEY know they need O to facilitate the move into "Austerity" or deleveraging as it should more acccurately be called. There will be angst and wringing of hands coming for many sectors as many of us wake up to find that Santa Claus has only left us a lump of coal.......or the tooth fair has taken a dump under our pillow.....or that the Easter Bunny left......never mind......you get the picture. With true pain coming do YOU really think that Mitt could have pulled off austerity with the general public.......especially if a lot of people start experiencing the real pain I believe has to come? NO.....you will probably do better with O and his "empathy" for the common man. If any of you bought the cleverly crafted election race then consider yourself initiated by right of passage. Most people bought it hook line and sinker. Now pay attention to the next move......Europe will be moving front and center to our shore with austerity hitting hard next year. I don't know when but it is in the next six months. Money printing will not keep it at bay but they will print and print hard. You have less than six months to complete your accumulation of prepping........financial and otherwise..........gl. Due to my current location I will not bore you with charts but just let you know most of the handles are looking fine.
From Doctrader an update on Kodac bankruptcy and the effects on his family. THIS IS NOW!! NOT JUST THE FUTURE!
Kodak Bankruptcy update:
For those new to Kli's blog, a brief review. My father (now deceased) worked his entire life for Eastman Kodak, and Kodak provided for all of our needs as I and my siblings grew up. He retired with a full pension and health care benefits. My mother worked for Kodak for a shorter time period, but still retired with a small pension and health care. Of my siblings, my sister chose a career at Kodak and she too worked her entire life for Kodak. She retired just prior to the Kodak's bankruptcy.
Well, the bankruptcy ruling was announced about a week or so ago. The impact for my family:
Retirees will lose their health care.
Promised bonus money lost.
Survivor benefits lost.
Life insurance to be paid at time of death lost.
Pensions to be still paid.
So for my mother, she will lose her health insurance. She does have Medicare, but now must buy a secondary policy. The approx. $600/month survivor benefit from my father is lost. The life insurance that would be paid when my mother dies is lost. It is my understanding that she paid into this life insurance, yet it is lost with bankruptcy. The loss of the survivor benefit will be particularly painful. My father could have taken a larger monthly pension payment, but chose a smaller payment so my mother would have this survivor benefit. So, money he hoped that she would have is gone.
For my sister, the bonus she was promised at retirement (tens of thousands of dollars) is lost. Her health insurance is lost and since she is less than 65, she will have no health insurance at all. She is looking to buy a policy now. Any life insurance she paid into through Kodak is lost.
Perhaps this experience will help others that may find themselves in a similar situation. All of our situations are different, but we need to be careful when benefits are promised to be paid IN THE FUTURE. Whatever company you are working for, be suspicious about promises. My father fully believed that this would NEVER happen to a company such as Kodak, and that promises would be NEVER be rescinded. But, with just the stroke of a judge's pen, they were.