Interesting market action today..... a classic "bull and bear fight".

Amusingly enough the Mainstream Media is finally starting to "get it" about the potential scandal in the market of late with Bennie and Company:

"Bernanke, it seems, has been talking up a storm with numerous Wall Street executives, including Bob Rubin, the former head of Goldman Sachs.

Add that to what I've been writing about - that Treasury Secretary Hank Paulson feels that it is his "job" to talk with "market participants" - and we possibly have ourselves one huge case of collusion.

Watergate, step aside. We could be on the edge of the greatest government scandal ever."

Hope springs eternal! Heh Mr. NY Post! Let's have more good old-fashioned "investigative journalism." I love it.

Oh, and the ICSC Same-Store Sales report? It blew bananas:

"U.S. retail sales in September increased at the slowest pace in five months as consumers cut back spending, raising concerns results for the holiday season may be the worst in five years."

Is that good, and what does it say about the upcoming "Grinchmas"?

I especially like this quote:

"'Retailers need to be mindful going into the holiday season of the economic conditions that are affecting consumer- spending patterns and consequently have to have a strong marketing plan in place to win back consumer demand,' ICSC Chief Economist Michael Niemira said in an interview."

Hehehehe.... does that translate to "cut prices, lose something on each sale but make it up on volume"?

Remember folks, the Consumer is 70% of the US Economy!

Sallie Mae (SLM) filed suit against their "buyout-ers" amid a dispute. Fact is that this sort of buyout was total horse****, and now SLM is trying to compel completion. Well, so what? I say force those ****tards to EAT that deal - Go Sallie! The claim that this was a "material adverse change" is horse**** - they knew the bill they're complaining about was under consideration when they made the bid!

Then the FOMC minutes come out and the blatant lies continue from ****head Poole who has now joined Dickhead Bernanke in the Cheerleader Corps.

Inflation "expectations" remain well-anchored eh? Well **** you Poole! You want to see REAL inflation? I just got another example TODAY. Here's the latest list:

• Milk, as I've noted before, went from $3.20 to $4.39 a gallon this summer.
• My grocery bill has gone from $100 to $200 a week in seven years.
• The latest forecasts for heating costs this winter are that they will rise TEN PERCENT THIS YEAR.
• I just bought two refills of PROPANE at the local dealer (today). It has gone from $13 to $18 - a THIRTY EIGHT PERCENT INCREASE - in FOUR MONTHS.
• My Health Insurance premiums have risen TWO HUNDRED PERCENT OVER THE LAST SEVEN YEARS.

**** you Poole. **** you Ben. You ****ing liars. The dollar's slide is "inexplicable" eh?

Here's why you cut rates - now the truth is out there. Read this kids:

"Although financial markets were expected to stabilize over time, participants judged that credit markets were likely to restrain economic growth in the period ahead. Given existing commitments to customers and the increased resistance of investors to purchasing some securitized products, banks might need to take a large volume of assets onto their balance sheets over coming weeks, including leveraged loans, asset-backed commercial paper, and some types of mortgages. Banks' concerns about the implications of rapid growth in their balance sheets for their capital ratios and for their liquidity, as well as the recent deterioration in various term funding markets, might well lead banks to tighten the availability of credit to households and firms."

Now you have the truth.

Why weren't those liabilities on the bank's balance sheets up front?

THE FED HAS BEEN COMPLICIT IN ABROGATION OF THE REGULATORY BANKING FRAMEWORK AND HAS KNOWINGLY LOOKED THE OTHER WAY WHILE BANKS CREATED SIVS AND CONDUITS FOR THE EXPLICIT PURPOSE OF EVADING REGULATORY CAPITAL REQUIREMENTS.

THIS HAS NOW BEEN ADMITTED TO IN THE ABOVE QUOTE OF THE FOMC MINUTES!

THIS **** MUST STOP AS IT MAKES AN ABSOLUTE ****ING BALD-ASS MOCKERY OF BANKING SYSTEM REGULATION!

THERE IS NO REGULATION WHATSOEVER WHEN IT COMES TO CONTROL OF THE MONEY/CREDIT SUPPLY NOR DO RESERVE REQUIREMENTS AND REGULATORY CAPITAL MEAN A THING ANY MORE!

ITS ALL BULL**** AND THE ENTIRE BANKING SYSTEM IS LITERALLY HANGING BY A ****ING THREAD!

WHEN ARE YOU PEOPLE GOING TO ****ING WAKE UP AND START SCREAMING AT YOUR CONGRESSFOLK?

WILL IT BE BEFORE OR AFTER WE HAVE THOUSANDS OF BANK FAILURES AND THE FDIC GOES BANKRUPT, LEAVING YOUR SO-CALLED $100,000 BANK ACCOUNT "INSURANCE" WORTHLESS?

ARE YOU GOING TO GO GET YOUR MONEY OUT OF THE BANK TOMORROW? YOU BETTER BECAUSE YOU JUST READ THAT THE FED KNOWS THAT THE BANKS ARE GAMING THE SYSTEM AND HAS REFUSED TO STOP IT!

Ok, next fraud:

Inflation "expectations" are "well-anchored."

Notice that Poole is NOT saying "inflation" remains well-anchored. That is because its not.

There's deflation if you want to buy a computer, but how many computers can you eat?

I don't know about you but I have to eat FOOD, not computer chips.

EVERYTHING that the Middle Class must buy and spends half or more of their money on is inflating at rates of 10, 20 or even more percent A YEAR.

Bernanke, Poole and the rest of the FOMC are now in the Public Disinformation business instead of the monetary policy business and Congress refuses to act in accordance with their Constitutional MANDATE to do something about this ****.

I don't know why I do this any more guys and dolls.

Nobody will get off their ass. Oh sure, there are a few. But most? No. Media? Forget it. People? No.

I'll keep at the database updates until I can get a formal petition out, but unless I see some serious efforts by others that's it for me. I'm going to go spend my time trading rather than writing, because this doesn't make money and trading does.

Oh, and I'm going to do a lot more fishing and diving too.

This has been fun kids but the fact of the matter is that I hear lots of "thanks man, that says a lot" but nobody's doing what needs to be done.

Specifically, getting 10 of your friends to get 10 of theirs to get off their ****ing ass and start bombarding the press and your politicians. Has this shown up on the "national stage"? Nope. Nor will it, until the Middle Class is destroyed because so long as you can drink a beer and **** your wife or girlfriend - not to mention still use your credit card - its all ok right?

I'm tired of tilting at windmills. I know what's coming and I'm well-positioned for it.

Bottom line - nobody cares.

There are 30,000 people a month - unique people - who read this blog.

I have repeatedly asked that every one of you call and write your Congresscritters, and get 10 of your friends to do so as well, spending however long it takes explaining it to them.

How many of you have done what needs to be done? I guarantee you that if we had 30,000 people hammering on their Representatives and Senators - say much less 300,000 - that by now someone would have come out in public and demanded an investigation on this FRAUD upon the public. And DON'T mention "Ron Paul", because if you do in the thread on the forum related to this - its good for an INSTANT BAN. That man is no better than Hillary, who I'm going to vote for - at least she tells you she's going to butt**** you straight up front.

Obviously, too few of YOU who get from this update daily have done a thing. Lifted the phone. Used your computer to send a fax. In other words, 99% of you just take and take and take and refuse to get off your asses and act, even today in the world of "free" long distance phone calls to Washington DC on almost every cellphone plan.

Well its time to put up or shut up.

Let's see if there are 30,000 AMERICANS out there who give a **** whether we have a middle class in this nation a couple of years down the road or not.

My money is on "NOT" and my willingness to continue to spend the time on this blog on a DAILY BASIS is now up to you.

I'm going to find out firsthand whether or not the majority of you who read this blog are of net benefit to this nation or net cost.

If the answer is not "net benefit", I'll post when I feel like it - but it won't be daily and sure as hell won't be twice a day with updates, video or not.

The way I see it, being that I can daytrade for $1,000 or more daily, writing this blog costs me in excess of $30,000 a month.

Its well worth it if our nation benefits.

But if not - then I'll spend my time trading, fishing and diving.

Your move guys and dolls.

I'll be watching and whether you see daily, every few days or perhaps once a week updates depend on you.

PS: Alcoa missed, International Paper warned, Chevron warned, Toyota warned on domestic (Japanese) sales after already warning on US Sales. The bad news is starting..... and no, the market won't like it. Be careful if you intend to play what looks like a parbolic blow-off - we could fail here literally at any time and that failure is likely to come completely without warning in the form of a huge gap downward.

PPS: In response to this posting I got a strongly "indignant" email claiming that I "misrepresented" the FDIC's status, as they are backed by the "Full Faith and Credit" of the United States Government, and "demanding" that I post a "retraction". That such a claim exists (Full Faith and Credit) is true. What's also true, however, is that the FDIC's "insurance" fund has $50 billion in it, and, incidentally, just one of those banks that got the 23A "exemption" letters has $800 billion in deposits, or more than TEN TIMES the amount of money on hand in the "insurance" fund. If you believe the "Full Faith and Credit" argument in the face of an ACTUAL crisis then you must also believe that the "Full Faith and Credit" of the US Government will pay the $75 trillion that it is obligated for in Social Security and Medicare over the next 30-40 years. I respectfully suggest that if you believe that The Congress will not repudiate some or ALL of this obligation, should there be a true crisis (when the alternative is to print 1/3rd of the entire Federal Budget all at once in new money) that you need serious psychiatric help.

Here's your technical.