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The Rate Hike Stock Market Crash Has Thrown Gasoline Onto An Already Raging Global Financial Inferno

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Inferno - Public DomainIf the stock market crash of last Thursday and Friday had all happened on one day, it would have been the 7th largest single day decline in U.S. history.  On Friday, the Dow Jones Industrial Average was down 367 points after finishing down 253 points on Thursday.  The overall decline of 620 points between the two days would have been the 7th largest single day stock market crash ever experienced in the United States if it had happened within just one trading day.  If you will remember, this is precisely what I warned would happen if the Federal Reserve raised interest rates.  But when news of the rate hike first came out on Wednesday, stocks initially jumped.  This didn’t make any sense at all, and personally I was absolutely stunned that the markets had behaved so irrationally.  But then we saw that on Thursday and Friday the markets did exactly what we thought they would do.  The chief economist at Gluskin Sheff, David Rosenberg, is calling the brief rally on Wednesday “a head-fake of enormous proportions“, and analysts all over Wall Street are bracing for what could be another very challenging week ahead.

When the Federal Reserve decided to lift interest rates, they made a colossal error.  You don’t raise interest rates when a global financial crisis has already started.  That is absolutely suicidal.  It is the kind of thing that you would do if you were trying to bring down the global financial system on purpose.

Surely the “experts” at the Federal Reserve can see what is happening.  Junk bonds have already crashed, just like they did in 2008.  The price of oil has crashed, just like it did in 2008.  Commodity prices have crashed, just like they did in 2008.  And more than half of all major global stock market indexes are already down at least 10 percent for the year so far.

You don’t raise interest rates in that kind of an environment.

You would have to be utterly insane to do so.

The Federal Reserve has thrown fuel onto a global financial inferno that is already raging, and things could spiral out of control very rapidly.

As far as this upcoming week is concerned, we have now entered “liquidation season”.  Investors are going to be pulling their money out of poorly performing hedge funds before the end of the calendar year, and as CNBC has pointed out, more hedge funds have already failed in 2015 than at any point since the last financial crisis…

Liquidation season occurs when clients of poorly performing hedge funds ask for their money back. It tends to occur at the end of a quarter or year. In response, hedge funds must sell stocks in the open market to raise the money that needs to be returned to investors.

That means if a hedge fund performed poorly this year; it is probably flooded with liquidation requests right now. In fact, there have been more failed hedge funds this year than any time since 2008.

The dominoes are starting to fall.  We have already seen funds run by Third Avenue Management, Stone Lion Capital Partners and Lucidus Capital Partners collapse.  Amazingly, there are some people out there that are still attempting to claim that “nothing is happening” even in the midst of all of this chaos.

As they say, “denial” is not just a river in Egypt.

And this crisis is going to get even worse as we head into 2016.  Egon von Greyerz, the founder of Matterhorn Asset Management, is convinced that we will soon see “one disaster after another”

Greyerz predicts, “I think we will have one disaster after another, first in the junk bond market, then in emerging markets and, after that, the subprime markets. Subprime car loans and student loans I see as another massive problem area. It is going to be one thing after another that will unravel. Since 2008, when the world almost went under, we have printed or increased credit by 50% or by $70 trillion, and the world economy is still struggling to survive. I think the real change in confidence will come down when markets come down. . . . I think things will come down very quickly.”

And I think that he is right on target.  The global financial system is more interconnected today than ever before, and when one financial institution fails, it inevitably affects dozens of others.  And the failures that we have already seen are already spreading a wave of fear and panic that may be difficult to stop.  The following comes from Business Insider, and I think that it is a pretty good explanation of what we could see next…

  • Funds such as Third Avenue and Lucidus close, liquidating their portfolios.
  • Investors, spooked by the closures and the risk that they might not be able to get their money out of these funds, make a rush for the exits while they still can.
  • That creates even more selling pressure.
  • Funds sell the assets that are easiest to sell as they look to reduce risk, which pushes the selling pressure from the risky parts of the market to the higher-quality part of the market.
  • Things evolve from there.

If you have been waiting for the next financial crisis to arrive, you can stop, because it is already unfolding right in front of our eyes.

The only question is how bad it is going to become.

In the final analysis, I find myself agreeing quite a bit with Charles Hugh Smith, the author of “A Radically Beneficial World: Automation, Technology and Creating Jobs for All“.  He believes that the ridiculous monetary policies of the Federal Reserve have played a primary role in setting the stage for this new crisis, and that now this giant financial “Death Star” that they have created “is about to blow up”

By slashing rates to zero, the Fed ruthlessly eliminating safe returns for savers, pension funds, insurers and the millions of people with 401K retirement nesteggs. In effect, the Fed-Farce has pushed everyone into risk assets–and then played another Dark Side mind-trick by masking the true dangers of these risky assets.

As oil-sector debt blows up, as junk bonds blow up, and emerging markets blow up, we are finally starting to see the real costs of going over to the Dark Side of endless credit expansion and throwing the gasoline of near-zero interest rates on the speculative fires of financialization.

The Fed’s hubris has led it to the Dark Side, and now its Death Star of impaired debt, phantom collateral, speculative frenzy and bogus mind-tricks is about to blow up.

Personally, instead of saying that it “is about to blow up”, I would have said that it is already blowing up.

We have already seen trillions upon trillions of dollars of wealth wiped out around the world.

Energy companies are failing, giant hedge funds are going under, and the 7th largest economy on the entire planet has already plunged into “an outright depression“.

Everyone that warned of financial disaster in the second half of 2015 has been proven right, but this is just the beginning.  Now that the Federal Reserve has thrown gasoline onto the fire, our problems are only going to accelerate as we head into 2016.

So for the upcoming year, let us hope for the best, but let us also prepare for the worst.

  • Mike Smithy

    President Zero’s PPT was on duty last Wednesday, but left for the Hamptons for a long weekend break on Thursday morning. Although DOW Futures are down approximately 309 points as of 4:55 PM CST, 12/20/15, look for the PPT to return tomorrow morning for the obligatory Santa Clause Rally. Too many fat cat friends of the FED need their holiday bonus for things to go south between now and 12/31/15. I predict for the DOW crash to resume on 01/04/16.

    • Guest

      “Although DOW Futures are down approximately 309 points…”

      Thanks for sharing that, Mike. It’s going to be an interesting week.

      • Mike Smithy

        Just as I predicted. The PPT are back at their magical levitation tricks and gimmicks. As of 5:01 PM CST, 12/20/15, DOW Futures are in the green +54 points. These assclowns are so predictable.

        • Bill Gilbert

          I wonder how many PPT funds they snuck into the approved budget plan?

          • Mike Smithy

            QE never ended.

    • Guest

      I just checked, and DOW futures are now UP 48 points??? I guess the PPT is already on the job.

      I will not be surprised at all if U.S. stock markets soar this week.

      • Mike Smithy

        Yep. It went from -309 to +54 in a matter of 6 minutes.

        • afchief

          The fix is in!

      • Bill G Wilminton NC

        Yup…………………….

    • Guest

      The -309 was from the 18th and included Friday’s close which was -367. So in reality the futures closed +58 points on Friday. When they reopened today they are +54 which was actually down 4 points from Friday’s close.

  • Guest

    Welcome back, Michael. You must have suffered a case of writing withdrawal after not posting for a few days.

    • MichaelfromTheEconomicCollapse

      Thank you – I was actually on a long business trip last week and so that is why I missed posting for a few days. I hope that most of you missed me. :)

      Michael

      • Bill

        Yes, I was waiting for your read on recent market activity. You haven’t disappointed. Great job

        • Guest

          Since his forecasts have been so right on target the past seven years, it’s always good to get his take.

      • JSB

        Yes, definitely missed you. Hope you and your family have a beautiful Christmas.

      • I MISSED YOU.

        Alwaystomorrow missed you!

      • I MISSED YOU.

        10 days left for the A L L E R T.

        • SunnyFlaSnotress

          The sky will fall! The sky will fall!

          • I MISSED YOU

            Yes. Always tomorrow.

          • CASTIEL

            maybe a missile hits you in the head…who knows….

          • SunnyFlaSnotress

            Italy may get nuked.. who knows..

          • CASTIEL

            i dont live in italy…so i dont give a crap….

          • SunnyFlaSnotress

            Whatever European country you’re in may get nuked, who knows.

          • CASTIEL

            probably you get nuked first ugly goat

          • SunnyFlaSnotress

            I live in the great almighty USA, not your sniveldy lil European country.

          • CASTIEL

            lol…….the little ones……are the last getting nuked…..ignorant

          • SunnyFlaSnotress

            You obviously live in an inferior country.. hider.

          • CASTIEL

            and i live happy :) not miserable like you

          • SunnyFlaSnotress

            You’re too ashamed to tell us where you are.

          • Evil_shadow

            I’d say spain or portugal, given his username.

          • bigskygrl

            Do you not have a life or what?

          • SunnyFlaSnotress

            Yes, do you?

          • Evil_shadow

            my country doesnt need nuke at all.We have nuclear power plant waiting to go BOOM :P.

          • jhowell882

            maybe you might get a brain.. ooh no that won’t happen for a troll

          • SunnyFlaSnotress

            I see Oregon spawned a loser.

        • I MISSED YOU

          You got around the block by misspelling A L L E R T. Good job.

      • K

        Yes you were missed. Just shows you how much can happen, in a short time. When you left, I was as ready as any poor man could be. Now dependent on blood thinners and oxyhen. Oh well see rule 1. Do the best you can do, and leave the rest with God.

        • kathy k

          Sorry to hear that K you are one of my favorite commenters take care of yourself God bless

          • K

            Thank=you, you are most kind. They say I may make a full recovery, in a year. Even at my age, that seems like a long time.

      • Bill G Wilminton NC

        Good to see you are back on the job.
        Shalom

      • DB200

        Yep, we missed you and your articles. Good that you are back!

      • merrileerj

        I start to panic when you are gone long, wondering, praying…please keep us posted. And you should try to catch up on posts while you were gone, there is some nasty nasty stuff being posted that should get people banned, well according to them they just come back under a new name-& brag about it.

      • chilller

        You’re always missed when on the road bubba!

      • Scott Holmes

        Michael,
        I too do some writing and blogging and sometimes I agree with you and sometimes I don’t, but all in all your a great writer, and most of these monkeys on here that are so negative don’t realize the time it takes to generate good content. So keep it up!!!!

      • Evil_shadow

        although i dont always agree with you, thank you for your efforts.It was your blog, that brought my attention on coming collapse few years ago, and was good start point into economic affairs.Stay safe and good luck in new, (as it seems quite turbulent) year.Cheers

  • Bill Gilbert

    Blind troll comments in 3…..2…..1…..

    • Guest

      Bill Gilbert is quite the blind troll. He lost his eye sight and uses braille to type.

  • Accountability

    Only 10 days left for your R E D A L L E R

    One way or another I will keep reminding everyone until December 31st.

    • Accountability 2

      a minute ago

      Only 10 days left for your R E D A L L E R T

      One way or another I will keep reminding everyone until December 31s

  • Bubba Johnson

    Pretty insane to have had interest rates at near zero for so long. Crazy people do not know they are crazy or do they?

  • recovery

    Yawn…

    The economy is doing very well. Did you not see the interest rates go up? The economy is blossoming and so many people are working and making so much money. People are making 6 figures, people buying real estate and new cars.

    The economy is doing wonderful and everyone is happy. The American Dream is alive and kicking.

    • Guest

      “The American Dream is alive and kicking.”

      Yeah, if you work on Wall Street or Capitol Hill.

      • Guest

        It is alive for many in America who choose to look for work instead of relying on Obama’s handouts

    • SunnyFlaSnotress

      a YawnFest, Indeed!

      • you’re doomed.

        Dear Sunny ,

        We’re coming for you.

        Love,

        T.4.H.O.T.A.

        *You will regret your words.

        • SunnyFlaSnotress

          Explain your acronym.

    • CASTIEL

      Maybe one day you will find someone very happy with this economy and then you get robbed and take 7 bullets by a .45…..idiot

      • SunnyFlaSnotress

        Maybe some thugs will whack you over the head and teach you to be civil.. cuz your momma didn’t do a good job.

        • CASTIEL

          Maybe i will shoot them first…..and ask questions later…….dont you have nothing to do than trolling you pathetic creature? why you dont go the road and sell yourself to a truck driver???

          • SunnyFlaSnotress

            It’s too bad someone put up the $10 for your momma at the kennel.. They could have saved us a lot of grief.

          • CASTIEL

            dont talk about my momma……lets talk about how pathetic you are…i bet you are a fat and a ugly goat….even a blind muslim wouldnt do nothing to you

          • SunnyFlaSnotress

            Your momma obviously didnt get her shots.

          • CASTIEL

            …..so you are really a fat and ugly goat…..i bet you have to pay to someone to even look at you…..when the depression arrives…i think its out of the question truck drivers stop for you….i think they will ram you instead…stay out of the roads idiot

          • SunnyFlaSnotress

            Your momma had worms.

          • CASTIEL

            thats the best you can do? momma momma…..lol….. time to go to your coffin fat goat….go eat some grass

          • SunnyFlaSnotress

            Your momma liked Alpo

          • CASTIEL

            If i was you….i would put my mother in court…..for putting a ugly goat in the world….better an abortion today than a failed experience like you………

          • SunnyFlaSnotress

            Your momma did tricks.

          • CASTIEL

            time to take your medication…….and dont have sons…the world is already full of litlle monkeys like you

          • SunnyFlaSnotress

            Your momma had fleas frequently.

          • CASTIEL

            and your mother should have aborted you…….she must be very happy with you

          • SunnyFlaSnotress

            Nice to know you are ProChoice..
            You’re momma should have been spayed.

          • CASTIEL

            dont talk to me like that….i could be your father……your mother only charged 10 bucks for an hour a few years ago

          • SunnyFlaSnotress

            Your daddy should have been neutered.

          • CASTIEL

            you are like a child….grow up

          • SunnyFlaSnotress

            Your daddy piddled in a shameful corner on the carpet.

    • you’re doomed.

      Dear Recovery,

      We’re coming for you.

      Love,

      T.4.H.O.T.A.

      *You will regret your words.

    • nekksys

      You’re absolutely right! That why the auto-buy computers couldn’t keep the market above break-even on Thursday and Friday… Friday was a miserable failure for the algorithm programmers for the auto-buy comps!!!

  • Guest

    So, I wonder how long it will be before the Fed lowers the Fed Funds Rate?

    • Mike Smithy

      Since the commercial banks have most of their cash parked at the FED, the net effect of the rate increase only means that the commercial banks will make even more money on their excess reserves for just letting it sit idle on the FED balance sheets. For the most part, consumer plebes are not taking out any loans. The illusion of confidence for the CNBS cheerleaders.

      • Guest

        Good point, Mike.

        By the way, some troll is also using the name “Guest.” I think they’re doing it to confuse the readers here.

  • Guest

    It will need the markets to fall pretty hard or they will look even more silly that they already do.

  • recovery

    Living in America= Heaven on Earth.

    The American Dream is getting better and better for so many people and the number of people working 6 figure jobs and making so much money is rising more than ever before. Listen to the radio shows- people are happy and talking about making 6 figures. If so many people are making 6 figures, than the economy is fine.

    America= land of milk and honey.

    • Guest

      Get in your car and drive through Detroit or Camden, NJ.

      • Creepy Pedro

        Compton, watts, East L.A

        • SunnyFlaSnotress

          I did a job interview in Compton!

          • Creepy Pedro

            Come down to Piru or Grape st….

          • Green tip

            What part of LA are you in Pedro? I’m in Azusa, born and raised.

      • Mondobeyondo

        Or West Phoenix…

    • Buck Russel

      What kind of drugs are you on

      • Creepy Pedro

        Im jealous because I dont even get what he’s on.

        • Guest

          Pedro you are on crack. That’s good enough for you.

    • jaxon64

      One good thing about the economy–in 2015, more illegal immigrants from Mexico and C America LEFT the United States than entered–blew my mind when I saw this report. It seems that those who have come here to look for legitimate work and a chance for a middle class life aren’t having any luck.
      Many are staying however because of the wonderful package of programs that are free to even non-US citizens– so even if there is no work, they can still have a decent life at poverty levels, as a ward of the US govt ( and taxpayers) as compared to the same struggle at poverty levels in their own countries.

    • Creepy Pedro

      The american dream: You have to be asleep to believe it.

      • Guest

        Well the stock market keeps going up so for most Americans the dream is STILL alive.

        • Bill G Wilminton NC

          The American Dream is not the stock market………JOBS JOBS JOBS…..men need and WANT to work to support their family…….100 million out of the workforce……manufacturing WAS the backbone.

          • SunnyFlaSnotress

            Women need and WANT to work to support their family too

          • Bill G Wilminton NC

            I guess I was dreaming of the old days when a man made a living on one job and mom stayed at home with the kids. Lets see 50 60 years ago when I was a kid and lived in a little house with the used family sedan in the driveway. What a dreamer huh.

          • John

            ok feminist relax their. dont get offended over everything.

          • nekksys

            I wouldn’t say women “need” to work to support their family, unless you’re talking working in the home.

            I would say MOST women WANT to work (outside the home) to support their family and, yes, they very well ought to if they want to!

    • Bill G Wilminton NC

      The American Dream is the middle class which has shrunk from 53 to 43% since 1970…….we have 100 million not in the workforce and 46 million on food stamps…………sorry to tell you the truth.

    • bigskygrl

      America = land of milk, honey and government cheese…courtesy of USDA SNAP program.

      • Mondobeyondo

        Yes, the SNAP program guarantees you milk and honey, and also allows you to get a free, I said FREE Obamaphone(tm)! What a country!

    • none

      $7.50 commission job #1
      $8.02. Part time. job #2
      __________________________
      By golly, a six figure income!

      • Bill G Wilminton NC

        Great lol………..gold star

    • Mondobeyondo

      I love sarcasm! :)

  • SunnyFlaSnotress

    When you look at the charts, those 2 day stock market drops are still very, very mundane and within line.. NOTHING exciting there! I’m surprised there wasn’t more drop.. Still probably get a Santa Claus rally.. the drop is needed to create an impressive rise.
    I wouldn’t even bother reading the article.
    :::::YAAAAAWWWWWNNN::::

  • Bill

    You are so right Michael,it is all blowing up just as it was being done on purpose. It has to be done to protect the guilty, just like 9-11 was “blown up” on purpose to destroy the evidence. So sad insane adults want to destroy mankind..

  • joebn

    Ok stocks went down Thursday and Friday. They went up Wednesday.

    None of the “FANG” stocks have moved. Neither have jokes like FITnit, gopro, or Twitter.

    We aint seen nothing yet

  • HeyAHuman

    Wow, I can’t seem to say anything not half as controversial as most posts without setting off the moderation bot. What’s going on here?

  • Brittany May

    Welcome back ^_^

  • Guest

    In other news, the new Star Wars movies was awesome! If you haven’t seen it, go see it soon.

    • Jazz

      I saw it with the grandkids. It was awesome! Good to see the first SW movie in 32 years. The crowd was cheery and the theatre was packed. Lots of people seem to have money for movies – it’s breaking all kinds of records!

  • Plunger

    Nice to see you back.

  • Bill

    Asian stocks are dumping and oil is weak so I doubt futures will be positive when the sun comes up on the USA. Perhaps the trash will be gone by then.

    • Plunger

      Dumping? That’s my favorite song.

    • Guest

      Bill you have to read your computer again. Japan down a lil. China up, the rest are barely in the red. Futures will stay up fool.

      • Jazz

        Yes China is off to the races. I have been starting to add some quality Chinese tech stocks. Will be a strong market for years to come.

      • Bill

        Perhaps you are the fool as the morning’s big gain is back to zero. I missed the reversal in Asian stocks but negative oil put the hex on stocks “again”.

  • Duh

    this gonna be good *grab popcorn*

  • Plunger

    Many of the smaller energy companies are very well hedged. How long they can last before they start plunging employees is a good question.

  • Jim

    I bet shark attacks will continue to be on the rise too. It’s all ending soon.

  • Jazz

    China markets up big. Should be a good bounce for the Us markets tomorrow. Bull market is back in biz!

  • Steeve Girard

    The FED took a decision that defied both rationality and blunt action. They chosen a compromise. But capitalism will not leave the FED a choice, there has to be few winners and masses of losers. that type of timid hike will not be a solution.
    .
    Also, they defied the expectations of most mainstream economists, which myself have thought it would have happen. (lowering the rates more or status quo).
    .
    But one thing is good about that hike… it will possibly (not total certainty) permit oil to fall to 32USD. So fill up the tanks!

    • Jazz

      I think the only mistake was the Fed waiting so long. They should have raised rates last year. The economy has been chugging along then hit a little soft spot. Now we are ready for things to start picking up again. The consumer is strong and spending, we are are at full employment, and low gas prices should help even more. 2016 should be a great year! Can’t wait :)

      • fwalker2016

        Roflmmfaoooo

  • Paul Folbrecht

    How long will you keep committing the error of treating declines in *points* as absolute? In terms of market cap or any other normalizing fact there was no “crash” last week. Surely you must be aware of such things. You have an agenda and bend facts to suit it, pandering to a readership that for the most part doesn’t know any better.

    • Jazz

      Point declines don’t mean much. It is percentage declines that matter. A 700 point decline when the Dow is at 17,000 doesn’t mean the same as a 700 point drop when the Dow was at 3000. Last week’s decline was just a pimple on an elephants rear.

      • fwalker2016

        You’re too clueless for words.

  • max gon

    I think this time Michael is right. The financial collapse is already on and is going to get worst. You can bet on that.

    • fwalker2016

      Roflmao.

      • Kris Kringle

        You are definitely on the naughty list

    • Chicken Little

      No. YOU can bet on it.

  • MW

    FED is obviously not unaware of what an interest rate increase means. The “problem” is how we “the normal” people can manage it. FED:s strengths are that they sitting with the smartest minds on this earth. We have, time and again, believed us know better and that the FED does not have a clue what they are doing. They know because they will never let the market collapse. FED/banks will come up with their next move, and we will ask ourselves once again “why didn’t we think/understood that the Fed would do just that after the interest rate increase?” They will always find another way to continue to kick the can along the road’. We must ask ourselves: What scenario we have not yet thought of becoming Fed’s next chess move? More QE?

    • Jerry C

      Worldwide financial collapse. Why do you assume this time the game continues as it normally does? There can only be one checkmate & all the pieces are in play.

  • Priszilla

    When there is a fire, get a stick and some sausages for roasting.

  • Plextt Plextt

    I’m in some serious need of advice because I am totally frightened about the financial collapse that will happen within the next few days!

    • Chicken Little

      Take a mini vacation and when you get back resume life as usual.

    • Kris Kringle

      Ho Ho Ho! No collapse there Plextt unless you are short the market. Time for a Santa rally.

  • XSANDIEGOCA

    If the budget resolution passed this week is what passes for the collective wisdom of the Elites, then we are in Harm’s Way.

  • fwalker2016

    Algorithmic program trading, index arbitrage and financial engineering at its best. Continued testing of parameters in the automated price discovery process will continue with 85%+ retracements with 85%+ volumes until support or resistance parameters are violated and can put together three consecutive days outside the parameters. At that point a 15% move followed by seven week consolidation. Nothing new – normal price discovery machinations. Great comedy watching rookies get manic with each fit and start; market noise.

    • Tripping Daisy

      Seriously? Like any of your forecasts have even come close to true. Poser!

      • fwalker2016

        That one obviously did. Keep me posted when I miss one. I’ve discounted more about economics and capital markets than you’re capable of learning. ROFL

  • lincolnlincolnlincoln

    market should be up big today, no?

  • DB200

    “Everyone that warned of financial disaster in the second half of 2015 has been proven right, but this is just the beginning.”
    Yep, this is true. Boy, am I glad that I sold everything in July/early August. Trigger to sell early were your articles and the good references made in these articles backing the story up with facts and analyses.

  • chilller

    Settle down there folks…it’s just the orgasmatron machinery having it’s weekly spew… it will literally “peter out” and go limp again for the rest of the week….

  • Rufus T Firefly

    Temporary blip. The market will come roaring back since the economy is strong thanks to our fearless leader

  • Rick

    We know the Fed can never be wrong. We also know they love to start wars in times of trouble. We know the economy has been bad for years, but now the sheeple are waking up, so the Fed will need to act quickly to divert their failure onto something else…. The blame game if you will. So expect a huge event involving Russia or China in the next few weeks. One big enough that even Putin can’t ignore this time. Maybe even a false flag nuke in the homeland somewhere that can be blamed on the commies. Expect the US to be the instigator, and expect the lap dog, satan worshipping media to spin a different story for us. Innocent blood will need to be spilled in order to rally the people with the MSM cheerleading the chant “USA USA” once again.

  • DJohn1

    The under lying cause of much of what is going to happen in the near future is dependent on the current round of Obamacare insurance.
    This is because the second step has begun in which people can be fined huge sums of money for not carrying the “government sanctioned” amount of insurance.
    Never mind that they cannot afford to carry those premiums.
    Forcing people to make financial decisions in areas other than those premiums in the near future.
    I maintain that the American situation will come to a head in the very near future.
    Discretionary income is going to become a very big issue.
    Those that put that law in, are basically unelectable in the near future.
    Mr. Sanders is a socialist. That means taking away the wealth of some to provide for the benefits of others. Taken to an extreme this includes the middle class. I cannot believe the Democrats have no one else to run for office besides a criminal and a socialist.

    I suggest every vote on the House and Senate Floor regarding this health care law be closely examined before these people ever are elected again.
    One favorite trick of a losing side is for the Congress person to simply not vote. Many a candidate on the Republican Side of things has used this to deny accountablility.
    Even the top running Republicans have used this trick and will again if we elect them. Some candidates have not even shown up in the last year more than once or twice.
    I maintain the best defense against these individuals is public exposure of their voting records.
    That is readily available on the internet.
    The price of gasoline is a major concern to everyone. But right now I haven’t seen prices like this for a very long time.
    The reason given by COLA that Social Security people do not get raises is primarily because of the price of gasoline.
    Might consider that when you elect democrats to office in the near future.
    The real reason why we are facing a financial disaster is the laws and policies put into effect by the current group of democrats in office.
    Corporate America sponsored them all on both sides of the fence either democrat or republican.
    And Corporate America is likely to harvest the results.
    Meaning a whole lot of them are either overseas all ready or preparing to go there as soon as possible.
    The back slap of the current law is to put people out of business.
    The only winners I see here are the income poor people qualified for Care Source. They have coverage even though they cannot pay for it themselves.
    Sorry you were gone for awhile, Michael. Near as I can tell, there are free wifi locations all over the United States. Near as I can tell, laptops are still easily bought and reasonably priced used.
    They still allow people to take them on airplanes.
    But I am glad you got to take some time off.
    I do think it is time to give the economy issue a rest.
    I would love for you to work on candidates for and against.
    There is definitely issues politically that will effect the way the economy either goes up or down in the near future.

    • Spin Zone

      So a fine up to $975 per family is going to sink the entire economy? That’s a new one! At least you are original. I will give you that.

      • bigskygrl

        I do know families who that would sink, the working poor…hardworking poor. Thankfully Im not there now but know plenty that are.

        • Jacynthia Read

          As do I. Some of them are family.

  • SunnyFlaSnotress

    Your daddy was off the leash and never came back.

  • mister_roboto

    If the real meltdown happens soon, I’m thinking it will be next week or the week after, because nobody wants the world to fall apart during the holidays. :-)

    • SunnyFlaSnotress

      January 26,2016 12:33 EST

  • The GOOSE

    Michael, there is no way in Hell the “boys” are going to let the markets go down on the day the FED raises interest rates.

    Keep up the good work.

    • The HEN

      Them boys aren’t going to let the markets go down for a good ole while. Why don’t y’all go buy a couple index funds & chill? Listen to a lil Dave Ramsey, pay off some debt, & feel good bout the good life you already got.

      • The GOOSE

        What a stupid reply.

        • The HEN

          Stupid is as stupid does 😉

      • Jacynthia Read

        Most people do not have the good life. They don’t make enough money to pay off anything because they make so little they barely cover the necessities.

  • Mondobeyondo

    Raising the prime interest rate was one of the worst possible things the Fed could have done. Because they have just pressed the accelerator on an impending economic collapse. It’s going to happen anyway, but now….

    “Warp factor 9, Captain.”

    • The HEN

      Okay…for real this time? Not sure which warning to believe anymore.

    • old geezer

      She’s breaking up Captain, she’s breaking up!

      • bigskygrl

        I’m giving her all she’s got captain Kirk. We need more dilithium crystals!

  • Mondobeyondo

    “You know why it’s called the American dream? Because you have to be asleep to actually believe it”

    – George Carlin

  • stroea

    “The center cannot hold”

  • steve

    They raised the rates because they claim everything is so wonderful.

    • Evil_shadow

      but for how long? they wont be able to mask real problems for long….nor will be able to kick the can one more time down the road.

  • Mondobeyondo

    Why not end the misery now and hike the interest rate to 15% like the Fed did in the early 80’s? Then the economy will blow a fuse, a gasket and we’ll all be thrown back into the early 30’s. Come on Janet, you know you want this!

    • Extinguishing Toxicity

      I mean this in all sincerity – why do you people all want the bad times to come soon? Are you in such poor economic condition that you want others to suffer too? Or maybe you hate America. Your point of view is toxic!

      • Jacynthia Read

        How about people want to get it over with so we can begin to recover and hopefully prosper again. I could ask why do you not want the majority who are suffering not to recover?

        If you are doing well, great. You need to prepare so that you weather the storm and come out unscathed on the other side. Also, prepare a little extra so that you can be part of the solution and help others.

        • Extinguishing Toxicity

          Ok a collapse comes and everyone gets to start over. Now what? The sad part is the rich get rich once again. The poor become poor once again. Nothing changes!

          In order to change one’s financial position, one must be willing to change one’s attitude and put oneself in a position to prosper. It’s not the governments fault. It’s not the economy. It is the power of the individual through the power of their creator who gave them skills and gifts to succeed. You can sit around and wait for a collapse or go out and make lemonade out of lemons – the choice is yours!

          The “whoa is me” attitude accomplishes nothing. There is a scene in Facing the Giants where the main character is presented with an analogy: two farmers pray for rain. One just prays while the other prepares his field for rain. Which farmer believes God will bring the rain?

          So too is life. Opportunity is what you make of it. Not making enough money, you are not adding enough value to society. The person who can figure out how to bring value can thrive in ANY type of economy!

          • Jacynthia Read

            You really do not get it, do you? When we have less government, we have a much better chance to prosper. People can go back to working all the hours they want to work and save money or better yet, pay down debt. Jobs are created because there is a risk/reward factor in their favor.

            When the rich have money they spend money, especially when they feel good about the economy. Carpenters have work remodeling homes, and lawn service people have more work than they can do. They hire people to clean their houses, take care of their kids, and all sorts of things, but there is more. Small business spring up and those that want to work have a job. I have no problem with the rich being rich. God love them. I want to join them someday.

            Ronald Reagan showed us we can prosper if left to it. The system in place now does not work. It is destroying the middle class with rules and regulations that have a stranglehold on small business. So yes, a reset is in order. Like I said, if you prepare, you will weather the storm just fine and keep all your money. Who knows, if you are cleaver enough, you just might grow it.

            I am not trying to be argumentative. I just think you are looking at things wrong.

          • Extinguishing Toxicity

            Yes I get it. If the government got out of our way it would lead to more prosperity but that just isn’t going to happen. If America collapses, we will go to one world government then all hell breaks loose. Careful what you wish for!

            As current trends continue it is only going to get worse so you need to learn to deal with it!

            Look at Europe – whoever talks about austerity measures gets voted out. The people want handouts. The government wants more control. We exchange handouts for less control. Government is getting larger and larger and the same has happened in America.

            When the people in the cart outweigh the people pushing the cart you are beyond the tipping point. We went far beyond that point once Obama was elected. Now nearly eight years later there are way too many on government assistance with no incentive to change. In fact they will fight it tooth and nail. No turning back now. That path of righting the ship no longer exists.

            Though we all wish we could go back to the Reagan days, the truth is the world is much different now and that bridge has long been burned. You have to deal with the hand that has been dealt. Adapt and change or be left behind in the new economy.

          • bigskygrl

            If you don’t think the new economy will not include taxing the rich to death and destroying the middle class even more, including you, simply listen to the last DNC debate. What your plan for adapting to that?

          • Jacynthia Read

            I know all of this. It is prophesied to happen and so it will. Everyday brings us closer to the day Messiah returns. Is that not what we all want…what we yearn for?

            As for dealing with it, me and my house are doing exactly that. We are preparing as we are being led to do by the Holy Spirit.

      • Evil_shadow

        its US’s way that is toxic.No wonder that majority of Europeans disagree with TTIP, CETA and other agreements.why? because it wont make them richer quite opposite.And because we saw what happens to those, who arent willing to step over others to get rich or sell their souls to climb on social-economic ladder.

  • Vercetti

    THE SKY IS FALLING THE SKY IS FALLING THE SKY IS FALLING. This site is hilarious. There are always going to be the rich and the rest of us peasants. Nothing ever changes.

  • Jazz

    Another up day for the markets! Woo hoo! Markets are over their fed temper tantrum now we are back to biz. I expect us to see new highs pretty soon.

    I’m loading up on quality companies for 2016. It will probably be another up and down year but I’m expecting 2016 will see more robust growth for the economy and markets.

    • Bill G Wilminton NC

      Mr Jazz,
      I do not believe that the Stock Market is the indicator of the health of the economy or a country.

      Especially when banks like Goldman Sachs can borrow endless amounts of money from The Fed at almost 0% and SPECULATE anywhere in the world including the NY Stock Market and if THEY lose all their BETS we the tax payer are obligated to pay their losing bets as THEY are a TOO BIG TOO FAIL BANK.

      Also with this almost free money the Larger Corporations are borrowing like crazy and buying back THEIR own stock. This pumps up the price of the shares and THEN they exercise their stock options and then SELL their shares. These actions do not put one person to work, increase the debt of these corporations and put our country deeper and deeper in debt. Till it all comes down like a house of cards WHICH IT IS.

      And for those that think hey I’m makin mine whats the big deal. What you dont realize is that The Elites do not have you included with your nest egg. They are in charge and this is about POWER and CONTROL. A few million or a hundred million is not what will decide survivability for those not in the Elite. Positions of power and control is what this is about. The Gov positions and U.N. positions (as example) but it will be hard to have monetary wealth when there is no money GOT IT just a little embedded computer chip haha no 100 dollar bills no AX card. So what good does physical money do…….nothing

      • bigskygrl

        Exactly. We’ll said. Some folks simply can’t see the big picture or are afraid to look for fear of what they might see. As for me, nothing brings greater peace than looking ahead, far and wide as best I can and preparing…that and knowing who sits on the throne and is really in control! Peace

  • Guest

    Hello Michael…..just read article above. Thank you. Question: What is it that you see could happen that is in this sentence, “Subprime car loans and student loans I see as another massive problem area.” I have student loans and have not been able to pay on them this year. I do not earn enough….am on S.S. and work part-time.

    • Jacynthia Read

      Not Michael, but I think he is speaking of student loans in general, not subprime student loans.

  • Selaretus

    Blah blah blah.Same old gloom and doom. As long the joe blow main street pigeons keep flushing money down the toilet, thinking they are making money and have that fat, comfy retirement waiting for them, this clusterfuck lie ‘recovery’ will troddle on. Idiots.

  • df NJ

    People will continue to copulate and buy stuff. The beat goes on…

  • df NJ

    “America’s workers may be finally in line for a decent raise.

    After five years in which annual wage increases have averaged around 2 percent, salaries are set to pick up as a taut job market prompts more employers to boost pay to retain or add the workers they need, economists said.

    “This will be the first time in a long time — and I’m talking a long time — that workers will see real wage inflation of some magnitude,” said Jonas Prising, chief executive officer of ManpowerGroup Inc., the Milwaukee-based staffing company with more than $20 billion in revenue last year.”

    • ResilientNews

      my wife works in health care and just this week she got her annual 2% raise.

      • df NJ

        Stop voting Republican and vote for the Labor party.

      • Bill G Wilminton NC

        And the REAL inflation rate is 10% lpl

  • Lisa Andrews

    “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property – until their children wake-up homeless on the continent their fathers conquered.”

    Thomas Jefferson, 1802

  • natxlaw

    I meant to set your world on fire,
    I didn’t mean to set the world on fire.
    I let the cities burn, now we’re all alone,
    I’ve come to grips.
    I thank the Lord each day,
    for the apocalypse.

  • fwalker2016

    Foolish fiction

  • John Byde

    Gee, I’m already sweating about next September. And isn’t there a blood moon coming up soon?

    • Bill G Wilminton NC

      Blood moons in a tetrade are all complete……anything can happen at any time.

  • Marty Mann

    Well the markets have done very well yesterday and it is doing well today. Oil is climbing back up. Was this part of Snyders prediction….NO!!!

  • WhoCaresFU

    SunnyFlaSnotress is a stupid feminized American that will be the one of the first to drop when the SHTF. And that makes me happy. Merry Christmas….

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