Just found this:
A .pdf file, some sort of Powerpoint presentation by Chris Whalen of IRA.
predicts the 3 largest US Banks will have to be taken into receivership in the next 6 months
http://www.rcwhalen.com/pdf/aei_1010.pdf
Predicts that BAC, JPM, GMAC foreclosure moratoriums only
the start of the crisis that threatens the financial
foundations of the entire U.S. political economy.
Also this, one comment on one website came up with these references and this final conclusion:
“If this isn’t all being telegraphed, i don’t know what is.
This:
http://www.fdic.gov/news/news/press/2010/statement_chairman_bair09272010.html
Plus this:
http://www.fdic.gov/news/news/press/2010/pr10217.html
Equals this:
http://en.wikipedia.org/wiki/Emergency_Banking_Act
Banking holiday…It is just a matter of time.”
I’m thinking the FDIC is planning one by their statements, as they seem to be setting a time window to end certain levels of insurance guarantees. If that is to be a publicly known event, (and it must be, if the pitchforks are not to come out) then you give people time to remove levels of deposits beyond the coverage they will offer in the future. This invites a bank run, but may be planned to happen in a controlled way, rather than in a panic, and so then they have less to clean up, when these banks actually fail.
My guess, it will happen ahead of schedule. No one will be happy…
For more, see the video below, previous post....
5 comments:
hey Mark,
Haven't reviewed the content of this post yet but I can tell it fits the tenor of my much more simplistic observation.
I watch the BKX. It has not shown the "strength" of the S&P / SPY in this recent and absurd run up. It looked to me like the run up was used for smart money to exit.
I'm on the job today; but, my intermittent observation of trading action today suggests this, so far, intraday breakdown is for REAL this time.
We'll see and regards,
Hi Anonymous,
Yes, I think you're right about the smart money exiting here...
Things are about to get real interesting...
Mark
The SPY 2:30pm price objective I had in mind for today was 1170.0. It's flirting with it. Now, if end of day volume pulls it lower, it's game on, IMO
regards,
Hello Mark, I watch and read your site on a regular basis and yes the clip scares the hell out of me of what is coming. I can't believe the people just ignor what is to come, the market is leading the sheep to slaughter in my opinion. I email and call my senator 2 to 3 times a week complaining about the federal reserve destroying our currency but never receive an answer back. I guess when it is all said and done that our currency won't buy you a loaf of bread. Keep up the good work. Waldo.
hey Mark,
Had 1172.75 as max allowable close. That didn't work. So, quite possible this was yet another faint to trap a few more shorts for tomorrow's OpX.
Regardless, my old 1170.00 target has to violated and held by no later than 12:00 noon or it looks to me like there's more suffering to endure.
regards,
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