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(The Year 2012 In Review)
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|User Info||Philly Fed: Now THAT Is A Disaster; entered at 2012-06-22 13:42:00|
Registered: 2009-02-28 DFW, Tx
I was listening to blowhard (Cramer) this morning and one of those restaurant outfits reported a 10% drop in business (Red Lobster and Olive Garden). I do a lot of my writing from an old restaurant in town, what I call a Greasy spoon that serves all the crap you like, but will kill you. There are lunches where I would estimate the business is off 20% or more. They still do a knockout Saturday and Sunday, but the week business is down.|
What I get a kick out of is the bankers thumbing their noses at Moody's. Down grade them and they all go up. Really think the public and others are moving these stocks? I recall reading Mania's, Panics and crashes. There was some bank in the 1870's that blew up. They were dealing in their own stock, trying to give the appearance they were solvent through the stock market. I recall these outfits crying about the shorts beating down their stock so they couldn't raise capital (liquidate their stock options). The pigs run as fast as they can to liquidate their businesses when they are making fake profits, then cry they can't get others to hold the bag. Those holding those stocks are akin to the people listening to the band on the Titanic while others are exiting on the life rafts. I guess the market had already estimated they were in worse shape than where they were downgraded. Think we are about to find out if their shoe polish is really polish.