Thursday, January 28, 2010

Market wrap - 4:15 pm

Interesting day in the market. Down big, back up, back down at the close. The big news today is Ben Bernanke was re-confirmed to the Chairman of the Federal Reserve. When I can get it, I will provide a list of who voted for and against this guy. I can tell you one thing, I would have voted no, and it would be an easy decision.

Some argue the replacement would have been worse, but we don't know that. Which was one of the excuses used by a Senator on the floor today as I watched it. He also stated, while spewing his speech, if it wasn't for that, he would vote against Bernanke. Oh really? Little politicking there? I say to you - bullshit.

The fact of the matter is, if Bernanke has not done a good job, you vote him out - period. You can come on the floor and hand me that lame partisan bullshit all you want, but to vote him back in is rewarding FAILURE. How has that tuned out? How has it worked out for the big banks whom we bailed out, or the greedy CEO who get their golden parachute for running a failed company. Rewarding failure is costing us billions, perhaps trillions of taxpayer money.

I'm sick and tired of this crap. Joe Six Pack and Main Street are hurting, and hurting bad, and it's not getting any better. These politicians are owned by the very people they are rewarding failure to - like Bernanke and banking industry. FIRE - ever heard of that? F = Finance, I = Insurance, RE = Real Estate are the three biggest lobby's in Washington. Add Bernanke and his helicoptor money printing and backdoor bailouts and we get what we have - looking into the abyss without a clue how to get out. Sending Bernanke home would be a start, he failed, he lied, he has screwed us. Maybe the next guy would be worse, but I would rather send a message.

And I will, come next election. One of my Senators is retiring - good - and the other will run again, but he sure as hell won't get my vote(they both voted yes). No friken way. Your gone Sir, and that is a promise. Please join me in those efforts.

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