Donal: Is Occupy Over?
Ramona's Piece de la Resistance (Including Pics of Obama, Romney, FDR)
dagblog To Give Away Logoed Hairshirt To Most Effective Lamenter Of Left's Ineptitude
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Donal: Is Occupy Over? Ramona's Piece de la Resistance (Including Pics of Obama, Romney, FDR) dagblog To Give Away Logoed Hairshirt To Most Effective Lamenter Of Left's Ineptitude |
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Damn, I thought I was going out on a limb when I called for a violent (though short-lived) rally to the upside. But if the press and the pundits who speak their mind in the press are any indication, that's a very crowded limb.
I've been watching CNBC A LOT for the past few days, and it seems like nearly everyone is looking at this crash as a great buying opportunity, telling people not to panic, saying a bottom is at hand and a violent rally is on its way.
And sure enough, it looks like the bottom seekers are out in full force this morning, completely reversing a panicky, early 600-plus point loss on the Dow that brought us to an 8000 level we haven't seen since 2003. It's almost perfectly textbook.
I understand that the press doesn't want to be seen as fanning the flames, and a lot of the pundits have (third-degree burned) skin in the game and are engaged in some unsurprising wishful thinking. And they're probably right - surely if you have any kind of long-term horizon, this is a better time to buy than sell - but it's all making me nervous because lasting bottoms generally only come when no one wants to buy ... when you can see the whites of their eyes, so to speak.
The complacency is unsettling ... This is scary stuff. These are unprecedented events. The economy is on the brink (and whether the market bottoms here or not, Main Street is due for a long period of suffering).
What's worse is that so many of these people have been naysaying the problems all the way down - Vince Farrell, Brian Wesbury, Erin Burnett, Larry Kudlow, the list goes on and on. I wish the pollyannas would say 'We were wrong, so we honestly can't now say we know what's going to happen.'
And now that I've gone out on that crowded limb calling for a short-term bottom and a violent rally, I hope I don't have to join them.
Perceptive Dagblog readers know the difference between Obama, Romney and Bush:
Obama NYT today: .how President Obama’s thinking about what he once called “a war of necessity” began to radically change less than a year after he took up residency in the White House....The aide told Mr. Obama that he believed military leaders had agreed to the tight schedule to begin withdrawing those troops just 18 months later only because they thought they could persuade an inexperienced president to grant more time if they demanded it. “Well,” Mr. Obama responded that day, “I’m not going to give them more time.”...Mr. Obama concluded in his first year that the Bush-era dream of remaking Afghanistan was a fantasy...
Mitt Romney, Feb. 2012 : LAS VEGAS -- LAS VEGAS -- Republican presidential candidate Mitt Romney on Wednesday night blasted President Obama and his administration for “putting in jeopardy” the nation’s military mission by signaling it hopes to end its combat mission in Afghanistan by the middle of 2013.
Appearing at a campaign rally here shortly after landing in Nevada, Romney said Defense Secretary Leon E. Panetta’s statement Wednesday that U.S. forces would transition from a combat mission in Afghanistan next year “makes absolutely no sense.”....
George W. Bush, from May, 2003: BBC - "We do not know the day of final victory, but we have seen the turning of the tide... Free nations will press on to victory,"
Bush Afghanistan strategy : Gen. Douglas E. Lute, who had spent the last two years of the Bush administration trying to manage the many trade-offs necessary as the Iraq war consumed troop and intelligence resources needed in Afghanistan, arrived with a PowerPoint presentation. The first slide that General Lute threw onto the screen caught the eye of Thomas E. Donilon, later President Obama’s national security adviser. “It said we do not have a strategy in Afghanistan that you can articulate or achieve,” Mr. Donilon recalled three years later. “We had been at war for eight years, and no one could explain the strategy.”
Mitt Romney isn’t very far into the vice presidential selection process. But according to a dedicated band of conspiracy theorists, the pick is all but a lock: Sen. Marco Rubio.
That’s the current thinking among a worldwide collection of activists who are obsessed with the secretive Bilderberg Group, an alternating roster of global power players who loom as large — if not larger — in the online fever swamps of the fringe as the Trilateral Commission or the Council on Foreign Relations.
Read more: http://www.politico.com/news/stories/0512/76518.html#ixzz1vN5egowz
Aristotle and Plato didn’t agree on much, but they were united in identifying wonder as the origin of their profession. As Aristotle said, “It is owing to their wonder that men . . . first began to philosophise.” This idea appeals to scientists, who frequently enlist wonder as a goad to inquiry. “I think everyone in every culture has felt a sense of awe and wonder looking at the sky,” wrote Carl Sagan in 1985, locating in this response the stirrings of a Copernican desire to know who and where we are.
Yet that is not the only direction in which wonder may take us. To Thomas Carlyle, wonder sits at the beginning not of science, but of religion. That is the central tension in forging an alliance of wonder with science: will it make us curious, or induce us to prostrate ourselves in pitiful ignorance? We had better get to grips with this question before we too hastily appropriate wonder to sell science. That is surely what is going on when pictures from the Hubble Space Telescope are (unconsciously?) cropped and coloured to recall the sublime iconography of Romantic landscape painting, or the Human Genome Project is wrapped in biblical rhetoric, or the Large Hadron Collider’s proton-smashing is depicted as “replaying the moment of creation”. The point is not that such things are deceitful or improper, but that if we want to take that path, we should first consider the complex evolution of the relation between science and wonder.
[....]
Pretending that science is performed by people who have undergone a Baconian purification of the emotions only deepens the danger that it will seem alien and odd to outsiders, something carried out by people who do not think as they do. Daston believes that we have inherited a “view of intelligence as neatly detached from emotional, moral and aesthetic impulses, and a related and coeval view of scientific objectivity that brand[s] such impulses as contaminants”. It is easy to understand the historical origins of this attitude: the need to distinguish science from credulous “enthusiasm”, to develop an authoritative voice, to strip away the pretensions of the mystical Renaissance magus who acquired knowledge through personal revelation. We no longer need these defences, however; worse, they become a defensive reflex that exposes scientists to the caricature of the emotionally constipated boffin, hiding within thickets of jargon.
No offense, but I hope that you do join them. Wouldn't it be lovely if it this was as bad as it got, and we rebounded happily in 2009?
I'm afraid to read the financial news these days.
one thing to remember. usually in a recession, the stock market performs well cause it has already discounted the bad news and is beginning to anticipate a recovery. however, i do think this won't be your garden-variety recession and i was calling only for a short-term but dramatic rally - alas, i'm feeling less and less certain of that call.
I'm afraid to read the financial news these days.
Me too. Damn.