Enjoy Your Labor Day for Tomorrow is D-Day

Cook outs, barbeque, Frisbee with the pooch, family and friends. A time to relax and gear up for fall. Even the Department of Labor has gotten into the spirit of things with a labor day picture history.

 

bennettlaborday.jpg

 

Meanwhile the European stock market nose dived, Germany is down over 5%, and sovereign credit default swaps surged to records.

Some of the declines in Europe are due to America's jobs crisis. Yet, this tweet claims the European Banking situation is much worse than 2008.

To make matters worse, tomorrow is looking like a stock market blood bath again, with Dow futures down 200 and Gold spiking.

Enjoy your burgers now for tomorrow is going to be one hell of a nasty fall.

 

 

What's on your mind this Labor day? Tell us below!

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Comments

consider this post an open thread

Open for discussion for anything. The same is true for the series, the Saturday Reads, the Friday Night Movie and the Sunday Morning comics.

My current thought is flipping on the tube, the History channel is running yet another ridiculous semi-reality show about people buying junk throughout the U.S. and flipping it for profit.

Nice, not a single history documentary on labor day, labor, workers in 100 channels of cable. Pretty astounding huh, a national holiday and not one show, series, nothing on labor to be had.

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Cue the Plunge Protection Team

The market is completely decoupled from reality.I would be surprised if the Dow dropped as much Europe did today (.04%), if it drops at all. The Dow is certainly no indicator of the economy six months out and is an indicator of the fraud that is being perpetrated. IMO

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Odin

why market posts are rare on EP

I'm convinced much is simply HFT. No rhyme or reason. But this time, I think overall the global economy is slowing and the problem is the politicians are absolutely insane, we have "austerity" in Europe and the counter version, "Tea party" in the United States, which is precisely the wrong prescription at the moment.

Also, I've seen many comments here by anonymous drive-bys asking "what they should do with their 401ks" and such and that's even more frightening. Obviously in the middle of a crash it's too late, but who in their right mind would take advice from unknown forces?

Shows the desperation and why the destruction of traditional pensions, now social security is a disaster.

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Down is the New Up

Detailed analysis by Phil of Phil's Stock World (posted by Ilene) at Zero Hedge ...
titled "Monday Market Momentum - Down is the New Up"

Especially impressive is Phil's account of fundamentals, Phil being a chartist par excellence.

Pointing out that the Financial sector (thanks to Congress and the Fed) is sitting on over $1Tn of excess reserves. and quoting, with approval,  a PDF (2010)  International Institute for Labor Studies paper (Sameer Khatiwada) 'Did the Financial Sector Profit at the Expense of the Rest of the Economy?, Phil continues:

So the Financial Sector makes investing in anything else a bad idea yet investing in the Financial Sector is treated like it’s a bad idea too!  A logical person might conclude that the Financial Sector, on the whole, does MUCH more harm than good to our economy and must be taken down – obviously it just doesn’t work on any level.

A less logical person (like us) might conclude that investors are idiots and that BCS or XLF are fantastic buys at this price for the PATIENT investor, who is willing to scale into a position over time and would be happy to double down should the Financials fall another 50%, rather than bail out with a 50% loss.

 

It's a long read, but what else do you have to do while unable to get to sleep anyway, sweating out the hours between London's closing and New York's open? Or ....

... just buy gold and hold onto it for dear life, so much easier than thinking ... sleep well, 'nighty night'!

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Labor day

Sign seen posted in front of closed factory:

"This year's company picnic will be held in Mexico"

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Obama rhetoric

Unbelievable, he was before some union workers "campaigning" and talked about "Big business" blocking opening up markets to sell our products.

Absolutely insane, he's talking about the Korea, Panama and Columbia trade deal which are not going to create U.S. jobs and it's all about offshoring more jobs, tax havens and multinational corporations demands.

Just unreal.

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