I have posted a few articles from The Market Ticker, Karl Denninger's website, this year as I find his analysis to be penetrating, candid, and more expert than most of what I read in the media. Here are his end of 2007 review and predictions for 2008 column from earlier this year. Warning: it's a verrry long read but well worth it. If you are trying to understand what is going on right now, this column is a good place to start. Most of his predictions have been fulfilled so far this year. Mr. Denninger wrote:
"There are many who argue that The Bear Market, however, not only did not arrive but that we will rocket to new highs, and have a solid market in 2008.
It is my view that they are sorely mistaken, and soon are to be not only dead wrong but dead broke..........
Here’s my view on what you can expect in 2008:
The US will enter a recession, if it has not already done so. It will be consumer spending driven, with its genesis found in the Housing market. The slowdown will become evident once the “real” holiday sales data is posted, and accelerate into the first quarter.
Unemployment will increase significantly, rising to north of 5% by the middle of next year. This will of course cascade back into consumer default rates (mortgages, credit cards, auto loans, etc) and cause yet more layoffs. The “virtuous cycle” will turn vicious.
Housing will not turn in 2008. The total damage to prices will exceed a cumulative 15% from 2005-2008, and it will not be over. At least one, and probably several, national home builders will be cut to the single digits on their stock price or go bankrupt and be reorganized. Residential Real Estate will NOT be a buy in 2008; you’re still at least one and probably two years too early. The story in the housing space in ’08 will be the defaults on “prime” mortgages – which in reality were nothing of the kind (e.g. “Option ARMs”), and on the piggyback seconds and HELOCs behind them.........
The “big story” in the financial markets for 2008, and the likely trigger for major turmoil, will be the implosion of the CDS marketplace and how Buffett profited from it. This will stabilize the municipal bond marketplace which has been positively hammered.
Equity prices will be choppy in the first couple of months and will experience a peak to trough swing of at least 20% during the year in total. I expect the S&P 500 to at least touch 1220 in 2008 and my current downside target is 1070. Note that should we get a “parabolic” sort of move in the first quarter, which is possible, the potential for an even louder “boom” (collapse) goes up dramatically; in that case I would not be surprised to see a three-digit handle on the S&P 500 sometime during the 2008-2010 time period.....
The Dollar will bounce all over before starting to take off when it becomes apparently that the rest of the world is going to get it worse than we will.
The “market callers” who are (almost to a man!) calling for big moves northward in 2008 will be coming to the public “hat in hand” as we get into the latter part of the year. ..........."
http://market-ticker.denninger.net/archives/134-The-Year-In-Review-And-a-Look-Ahead-for-2008.html
Sit down, pour yourself a drink, and read his column in its entirety, even if it takes thirty minutes. If you've read nothing else on this website, read this article. Denninger has consistently nailed what is going on in our economy and financial markets all year. I will continue to post his columns here as we need more straight talk from experts like him. If you listened to him for awhile, your portfolio is in better shape than if you followed the advice of the goateed-motor mouth ritalin junkie on CNBC. One further point he makes which most people don't know: When the fed injects liquidity into the system it is a loan. At some point it has to be withdrawn. We are going to be dealing with this mess for a long time to come. What we need are straight talk and tough questions, not hot air and posturing. Start by educating yourself.
Wednesday, October 8, 2008
READ!!!
Subscribe to:
Post Comments (Atom)
Email address
kingfish1935@gmail.com
Support this site.
Mail donations to:
ATTN: Jackson Jambalaya
1220 E. Northside Dr., Ste 170, Box 189
Jackson, MS 39211
ATTN: Jackson Jambalaya
1220 E. Northside Dr., Ste 170, Box 189
Jackson, MS 39211
Marshall Ramsey
Clarion-Ledger
PACER: Southern Dist.
WAPT
Babylon Bee
Y'all Politics
The Rez News
And The Valley Shook
NMissCommentor
Calculated Risk
Recent Comments
Search Jackson Jambalaya
Most popular posts last week.
Subscribe to JJ's Youtube channel
Special Coverage
- ZeroBear PolyBear's Recipes
- Lamar Adams/Madison Timber Case
- The Gold Coast of Rankin County
- PERS Coverage
- Hinds County Coverage
- Frazier coverage
- JPS & Education
- Madison County coverage
- Heather Spencer Murder
- Steadivest fraud case
- Jackson interest-rate swaps/refinance of bonds
- Evans case
- Jackson Airport stuff
- Jackson EPA Emergency Order
- Jackson Water Crisis
Archives
-
▼
2008
(931)
-
▼
October
(124)
- Dear Jackson Free Press & FOLO
- Sound Familiar?
- DWF: Warning
- Someone Explain This To Me
- Question for Jim Hood
- PUMA: Ghost Army in Mississippi?
- TED Spread Has Improved Some but Shipping Still Sl...
- Greatness.
- Time for a Break
- We Are Now Propping Up Mexico and Brazil
- Trustmark Releases Earnings Statements
- Mish: No Surprise Banks Aren't Using Bailout Money...
- International Shipping Update: Still Slowing
- Market Ticker: We Haven't Hit Bottom Yet
- Listen to KIM Waaaaade Thursday, November 6.
- More Terrorism From Obama Supporters
- What Exactly IS the Socratic Method?
- Market Ticker: Cut It Out Now!
- An Obamabot Unleashed
- Preach Brother Preach!!!
- So You Obamabots Want to Bring Back the Clinton Ec...
- The Master
- Who is Teresa Ghilarducci?
- Obama on Redistribution of Wealth
- A Word From Our Sponsor
- The Legacy of Joe Biden
- Market Ticker: Fed Has Lost Control
- No Letter of Credit? No Shipping.
- Regions Goes A'Begging
- Our New Word Today is "TED", as in "TED Spread"
- I report. You decide.
- Market Ticker: Fiscal Cat 5 Warning
- This Is How Screwed Up NOPD Really Is
- Red State Update
- Obama: Defend Yourself and YOU are the Criminal
- Apparently Democrats Aren't the Only Ones Thinking...
- Sitting Up With the Dead
- Market Ticker: Have We Reached "The Bottom"?
- Update on Trade Slowdown
- Zogby Poll with 1 Day to Go in Ohio: Obama Leads C...
- Some Reality for FOLO
- Deepika
- Democrats' Plans for Controlling the Media
- Is Obama the Next Hoover?
- Tonight's Humor is Brought to You By.....
- A Rat Killin' Story
- It's the Transparency, Stupid
- Southern Crossroads Radio
- MSU/JSU: Why? Why Not USM?
- Market Ticker: Fraudacity Rampant?
- Bernanke Defends the Liquidity Maginot Line with t...
- Another one bites the dust
- Fox is in Charge of the Financial Hen House
- Bloomberg: Letters of Credit Frozen, "Nothing Is M...
- Business Dopery at The Clarion-Ledger
- Irony
- More on the Democrats Going After 401k Plans
- Some Sanity at The Wall Street Journal
- Nice shot.
- Time to Wake Up
- No Teleprompter?
- Sound Familiar?
- More News About Grain Piling Up in Ports
- Market Ticker: Europe "Rams" Changes Down Bernanke...
- Another politician for Obama
- Dispatch from Afghanistan
- Dear Adam Lynch,
- Bless His Heart
- Here Is What The Kingfish Thinks of the Republican...
- An Open Letter to John McCain
- Market Ticker: Economic Seizure Possible?
- Clarion-Ledger Economics
- Your Sunday Morning Sermon
- Is this still funny?
- You're All Hicks
- Enjoy
- JFP and Folo: Defending Wife-beaters and Child-abu...
- Market Ticker: Media Clueless
- Levee at Sundown
- International Trade Shutting Down?
- Are your 401k's safe from the Democrats?
- McCain Plan just Bacardi Bailout with Another Name
- Milky Way Road Trip
- For your amusement
- Dear Local Liberal/Progressive Radio Talk Show Hos...
- Market Ticker: Congress Needs to Wake Up
- Town Drunk!!!
- READ!!!
- Histrionics and a Voice of Reason
- DWF on LSU: Sorry 'Fish
- BOOM! CNN reports on Obama-Ayers Ties.
- Live Blogging the Debate.
- So you want this.....
- Congress: Thanks for nothing.
- Still wondering how this all happened?
- The Obsession continues
- Who is running for President again?
- The Ohio State University: Foreclosures on Primary...
- Guessing Game
- More on the Obama Youth
-
▼
October
(124)
The Kingfish's Favorite Posts
- Presenting the Mississippi State Capitol (Video)
- Editorial: The airport belongs to Jackson. Period.
- Kelly arrested for taking pics of Rose Cochran
- The Real Face of Mississippi Government
- PERS gets mo' money but funding level falls
- Majority black public school districts spend more, waste more, fail more
- Jackson's water bond failure: The REST of the story.
- Time to return fire on Banks
- Supervisor votes on projects next to land he owns
- Throwdown at the Levee Board
- Door shuts on another life
- Truth begins to come out in Irby case
- Judge orders interview of Irby
- Steadivest: Snakes or snake-bitten?
- Post-election thoughts
- Rest of the story about Crisler's shooting
- Jackson paying $4 million in fees
- Will Jackson end up like Birmingham
- Record-breaking fraud?
- FBI contacted MVT about Evans
- Heather Spencer police reports
- An open letter to John McCain
- Are your 401k's safe from Democrats?
- Democrats' Plans for Controlling the Media
- Who is Teresa Ghilarducci?
- Kingfish wins at Ethics Commission
- Tribe of Obama
- Berry V. Aetna (rankin County Cesspool)
- Incest in Dixie: Mississippi Legal Profession
- Jim Hood: Liar
- JFP Tax Problems? (See comments)
- The SafeCity Bill
- Isn't this called secession?
- A Black Governor in Mississippi?
- Time to grade Miles' exam
- Domestic Violence & Divorce in Mississippi
- Truthwatch, eh?
- What is Jackson Jambalaya?
- Election Night Thoughts
- Counter-Insurgency for Beginners
- Jazz for Beginngers
- Mayor Melton's Soljah
- A Leopard Can't Change His Spots, Can Jere Nash?
- Harborwalk Hoax?
- A Pox on All Your Houses
Local Media
- Y'all Politics
- WLBT
- West Jackson Facebook page
- WJTV
- The Northside Sun
- WAPT
- The Mississippi Link
- The Rez News
- Othor Cain
- Mississippi Magazine
- Jackson Free Press (Jackson, MS Alternative Weekly)
- Harborwalk Thread (Jackson's Latest Boondoggle)
- Darkhorse Press
- Clarion Ledger (Jackson, MS Gannett Newspaper)
- Clay Edwards Show
- Barksdale Today
- Supertalk Mississippi
Trollfest '09
Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Trollfest '07
Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
3 comments:
Hands down one of the best sources you've brought to your readers' attention ever on this blog. No one else in all of Miss brings this stuff to public attention. Many thanks.
Thanks. He's been getting it right all year. I remember at the end of 2007 when I read his predictions I thought he was a little out there and overly pessimistic. Not anymore. I take my shots at others on this site but I like to educate also and posting his columns is one of my attempts to do so. Probably the two outside sources I like to post are Denninger and Michael Yon's website.
Great info. More people need to read this to get a better understand of what's happening in the financial markets.
Thanks.
Post a Comment