State finances in disarray

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21

The markets have been doing a lot of funny things lately. Like the guy who brings this up says " look at the 10th and 28th of October.
I just don’t know what to believe anymore.

22

Well, I am pretty trenched in the markets, and I can tel you this. Based on my research and events, no way should we be gaining or at the point we are right now. We should be about 1000 or more points negative, but we are not. Kinda makes you wonder what the MM’s and remaining hedge funds, not to mention the government as well is possibly doing. And what about the shorts? This is like blood in the water time for these sharks.

 

 

 

23

I’m thinking of getting out of the market entirely. Any advise?

24

Well, considering I have done like 10 3 baggers or more in the last 2 months, I am not going anywhere. Maybe you should talk to the Gold and Silver crowd if you are looking for added security. Plenty of them on here.

 

 

 

25

Thanks. It seems that gold/silver is hard to come by and the premiums are very expensive. My portfolio is for long term but I am beginning to think that it may be worth nothing very soon. I really don’t know what to do

26

Are you saying long term as in Blue chips or Fortune 500? Because if you have that kind of portfolio, pain is coming.

 

 

 

27

Yes, Index funds with a lot of financials and blue chips. Not good! SOS

28

Dude, are you suicidal yet? Financials? You got balls.

29

The premium paid for gold in hand is low. Everything else is just a promise. The paper world is where the fraud is occurring. The PPT has been successful in holding back the physical gold price through paper gold fraud. So buying gold now is not paying a high premium. If you wait until the fraud has run its course you will never get a gram of gold let alone an ounce. 20% of wealth now in gold will serve you well in what is coming,.even 1% may mean keeping your home or not.

 

30

Well my belief is we have not come to that point yet or it’s even close My plan is to make the money and get out. We got a good window of 6-12 months easy before the market crashes hard. Lot’s of opportunities in the market. Strange opportunities mind you, but they exist.

 

 

 

 

 

 

 

31

Bernenke VS Ron Paul:

 

http://www.youtube.com/user/martynic02

 

Bernanke is so lost!

32

Report: MTA To Slash Jobs, Multiple Subway Lines

Budget Deficit Means 1,500 Jobs On The Line; At Least 2 Train Routes Could Be Completely Removed

Fare Hikes For Passengers Could Be 'Whopping'

Reporting Jay Dow
NEW YORK (CBS) ― The MTA reportedly is ready to make deep cuts in its budget that could lead to reduced service, layoffs and more crowded trains. Sources tell CBS 2 the association board is preparing a worst case "Doomsday" scenario that will be presented during its monthly meeting on Thursday. When describing the agency's budget crisis last week, MTA CEO Elliot Sander said, "The word 'Draconian' is not inappropriate." During the Thursday meeting, The MTA is expected to: completely do away with the "W" line, which runs from Queens to Manhattan, and the "Z" line, which runs through Queens, Brooklyn and Manhattan. Also on the chopping block: service will be cut in half on the "G" line, which runs from Queens to Brooklyn; and the "M" line, which runs through Brooklyn, Manhattan, and Queens. In a statement released on Tuesday morning, MTA spokesman Jeffrey Soffin would not confirm the plans rumored for Thursday's meeting: "We will not comment on the specifics of gap closing measures until the budget is presented to the MTA Board on Thursday morning. As we have said previously, plummeting tax revenues have increased the MTA's deficit to $1.2 billion. The MTA began belt tightening long before the current financial crisis, and budget cuts start with further significant administrative and managerial cuts. The size of the deficit will also require a combination of fare/toll increases and service cuts, which will be presented on Thursday." The bad news may get even worse. In an effort to close an estimated $1.2 billion budget deficit, there may also be longer gaps between overnight stops on all trains and fewer trains during the late morning and early afternoon hours. That means more crowded trains. And in addition to all of these emergency measures, there's still a good possibility fares will increase dramatically. Gene Russianoff of NYPIRG 's Straphangers Campaign said, "I can't give you an exact number, just the adjective: whopping. It would be a huge fare hike for the public." The news comes a day after city officials discussed a commuter tax on those who work in the city. City budget director Mark Page seemed exasperated Monday at a City Council hearing where the head of the council finance committee demanded the reinstatement of a commuter tax to balance the budget. "Clearly that's a tremendous revenue stream that should directly go to the city of New York," Councilman David Weprin said. Estimates are that a new commuter tax could bring in $715 million next year. "As New York City's budget director I'm always eager for money we don't have to pay for that we can spend and the commute tax, if we could get it back, fits that," Page said. But after the three-hour session in which the City Council grilled him about Mayor Michael Bloomberg's budget plan Page admitted the commuter tax would be an uphill battle. More likely, he said, is a payroll tax in the metropolitan region to pay for mass transit. And Page should know. He's a board member of the Metropolitan Transportation Authority. "A payroll tax is paid by the employer, which means it's driven by where you're working and really that's what the commuter tax was trying to do," Page said. Council members seemed most upset by Mayor Bloomberg's desire to withhold a $400 property tax rebate check from tens of thousands of homeowners "This is just one of those out-of-touch-with-reality moments that young guys have over there from time to time and I don't think you realize how much people who are living hand to mouth are expecting that check," Councilman Lewis Fidler said. The problem is the homeowners' rebate will cost the city $256 million. If the city hands out the checks it has to cut the money from someplace else. In contrast, the mayor's plan to eliminate 1,000 new cops saves $80 million. Getting back to commuters, they're already squawking about proposals to put tolls on the East River bridges. A payroll or commuter tax would have to be approved by the state Legislature.
33

Gold is insurance against a paper world collapse. I agree we may have a few months to play other games but at my age a year is here and gone. I traded daily from 2002 to 2006. Holding from seconds to days. I would trade now except for me it requires obsessive focus. I am not a multi task-er so unless I live and breath trading I don’t believe I could compete against more capable traders. I did very well trading but when my sleep dreams became trading moves I stopped. Life is so much more. I do miss it but now my life is much richer and my loved ones are not neglected.

Although we may have months these are unprecedented times. A bank holiday or many other hundreds of catastrophic scenarios are possible maybe even probable under the circumstances. An overnight event wiping out any reaction is always a possibility. Therefor I recommend if one is playing the markets or not buy insurance. 20% or so gold and silver in hand is fiscal prudence not a speculative play.

Besides I want to be there for my family, my friends and my community by preparing for an inevitable collapse. Unfortunately most people are clueless to what is coming and consequently I need all the more to have laid up provision and when they finally wise up, informed leadership. From what I read I believe those who are here at the Chris’s Crash Course site have basically the same hearts desire and I am proud to be in your company.

34

Unlike the Federal Government, State Governments does not have a Central Bank so their finances actually reflect reality, warts and all.

If Medicare, Medicaid and Social Security were funded by state taxes, they would be reformed or axed.

 

35

FYI:

http://www.backyardchickens.com/LC-skunk.html

Skunks will go after poultry and eggs or anything that that can grab. skunky McGee was just doing what all skunks do and probably wasn’t rabid.

36

i am not in the market so thios is just second hand .

martin weiss is touting inverse etf’s

if you go to money and markets you can find all th einfo there

he is predicting a massive selloff in this week and next.

possible returns of over 100% on inverse etf’s short term

i have a friend who dipped in so i will let youknow how he does

but they are saying the window may be closed.

37

mpelchat, thanks for brainstorming on what scenarios you’re thinking about preparing for, and how. It helped me see how to approach the planning process more methodically. Krogoth, thanks for sharing your experiences preparing for natural disasters too. Good stuff!

38

krogoth,
Just got off the phone with my "Financial Advisor" and told me to stay put and thinks the bottom is near and thinks that this is just a huge emotional sell off of the markets. I argued about the "phony economy" and the topics that are being discussed here and he thought that this is typical of the markets and a bounce back will happen (couldn’t tell me when) I was getting pretty upset to find out how much he doesn’t know about the economy and he is making decisions with my money. I’m F*&#KED!

39

Yo Castle -
I got the same line - to the tune of just about the whole ball of wax disappearing! Get your money away from this tool and start taking control. I did it, and you can too. There’s just too many opportunities out there right now for you to monopolize on. Start learning!

40

Some quotes from 9/11:
"If we all join hands and go buy a new SUV, everything will be all right," Bob McTeer,Dallas Fed governor
"What we dearly want is for Americans to spend like Americans – to do the patriotic thing and go out and spend," Bill McDonough, head of the New York Fed, October '01.