The market is toast - the stock market is finished; I go to bed dreaming of another recession

zero hedge...

In an interview on BBC News this morning that left the hosts gob-smacked (google it... it is the BBC after all), Alessio Rastani outlines in a mere three-and-a-half-minutes what we all know and most ignore. While the whole interview is worth watching, the money shot for us was "This economic crisis is like a cancer, if you just wait and wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late!". While he dreams of recessions, sees Goldman ruling the world, and urges people to prepare, it is hard to disagree with much (or actually anything) of what he says and obviously interventions and machinations means we will have days like this (in Silver for instance), there is only one endgame here and we hope there is less hopeful euphoria (and more preparedness) as we pull back the curtain further and further.

While we do not know who this trader is, one thing we can be 100% certain of is that he will never appear on CNBC.

watch it... we'll NEVER see that kind of bald-faced honesty on u.s. media...

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When stocks rise on Wall Street, how does that benefit the average schmoe struggling with unemployment?

it doesn't...

Wall St rises on resources, banks, data

U.S. stocks extended gains on Monday, pushing major indexes up 1 percent as investors snapped up shares of natural resource companies and banks after fresh data pointed to signs of economic stabilization.

before we look at unemployment, let's look at what's happening with rental and homeowner vacancy rates...

In Kansas City, rental vacancy rates rose from 11.9% to 15% over the past year; homeowner vacancy rates nearly doubled, up from 2.1% to 3.8%. Comparatively, the average homeowner vacancy rate in the country's 75 largest metro areas improved slightly from 3% to 2.7%, while the rental vacancy rate edged up to 10.2% from 10% a year ago.

Kansas City isn't the only metro where rental and homeowner vacancy rates are rising in tandem. Second on our list is the San Francisco-Oakland metro, where high prices are pushing Bay Area residents out of the region. Third is Tucson, Ariz., where the aftermath of the housing boom has left a glut of inventory. The pair's predicament illustrates both sides of the vacancy coin.

[...]

Miami, which ranks No. 8, owns a whopping 12.7% rental vacancy rate, up from 11.4% a year ago; residential towers built in the final stages of the boom now stand as empty monuments to an over-hyped market downtown. Homeowner vacancy stands at 5.6%, up from 3.8% last year, thanks mostly to a spate of foreclosures. According to Trulia.com, 40% of the homes available in Miami's city limits are foreclosures.

now, how about that unemployment...

The U.S. unemployment rate may not peak until the second half of 2010, even as the broader economy shows signs of improvement, U.S. Treasury Secretary Timothy Geithner said.

[...]

Lawrence Summers, director of the White House National Economic Council, said that while the economy will resume growth in the second half of the year, the job picture “will be serious for some time to come.”

and what's going to make things all better...?

Much of the economic recovery will depend on the housing market, [former Fed Chairman Alan] Greenspan said.

oh, well then...

note to you average schmoes struggling with unemployment... the tradesters and banksters may be kissing the recession goodbye but, for the time being, you can kiss your ass goodbye...

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Tradesters and banksters continue to enrich themselves ($5B) at our expense

more validation for what we already knew was happening...

Thousands of top traders and bankers on Wall Street were awarded huge bonuses and pay packages last year, even as their employers were battered by the financial crisis.

Nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008, according to a report released Thursday by Andrew M. Cuomo, the New York attorney general.

At Goldman Sachs, for example, bonuses of more than $1 million went to 953 traders and bankers, and Morgan Stanley awarded seven-figure bonuses to 428 employees. Even at weaker banks like Citigroup and Bank of America, million-dollar awards were distributed to hundreds of workers.

[...]

The report suggests that those roughly 5,000 people — a small subset of the industry — accounted for more than $5 billion in bonuses. At Goldman, just 200 people collectively were paid nearly $1 billion in total, and at Morgan Stanley, $577 million was shared by 101 people.

All told, the bonus pools at the nine banks that received bailout money was $32.6 billion, while those banks lost $81 billion.

where's the outrage...?

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