Tuesday, November 24, 2009, 3:35PM ET - U.S. Markets close in 25 mins..
"We're in a complete mess and the consumer is smart enough to know it," says Davidowitz, whose firm does consulting for the retail industry. "If the consumer isn't petrified, he or she is a damn fool."
Davidowitz, who is nothing if not opinionated (and colorful), paints a very grim picture: "The worst is yet to come with consumers and banks," he says. "This country is going into a 10-year decline. Living standards will never be the same."
This outlook is based on the following main points:
As for all the hullabaloo about the stress tests, he says they were a sham and part of a "con game to get private money to finance these institutions because [Treasury] can't get more money from Congress. It's the ‘greater fool' theory."
"We're now in Barack Obama's world where money goes into the most inefficient parts of the economy and we're bailing everyone out," says Daviowitz, who opposes bailouts for financials and automakers alike. "The bailout money is in the sewer and gone."
I love this guy. Don't agree with everything he said, but at least he doesn't hold back.
He nailed it.... "The bailout money is in the sewer and gone."
Disclose your position you wannabe market manipulator. His face is blue from the rally, look like he caught in the upturn. LOLZ
A couple trillion tossed out the window.. Government should not be micromanaging the economy.. they should be setting a stable foundation for it,, they have failed at both.. we are screwed...
This guy sounds like your typical conservative fool. "The Liberals will...," "The country will...," "The economy will...." If anybody actually knew what was going to happen, things would be a lot different. I'm also sick of people blaming Obama when Bush was the first one to give a bailout to Wall Street. This article isn't news; it's opinuendo.
We have 63 Billion Dollars in Mortgages that are 90 days late or more ant that is JUST Freddie Mac. Factoring in Unemployment going UP... and no TOXIC ASSET PROGRAM... A real wave of bad crap is coming this SUMMER.
Sadly the bailouts and new FDIC capitalization requirements are squeezing the small responsible banks who don't have bailout funds... unintended consequence or...?
Terrible guy. Should not be invited anymore. Would prefer somebody who knows more, not somebody who pretends who knows everything.
I'm sure there will be a lot of people posting that say this guy is a nut and senile etc. What he is saying is exactly what people don't want to hear. It seems like people would rather be lied to so they feel better but lose money than be told the honest answers, feel bad, and make or save money. The markets are truly irrational at times and I think this is one of them. See you at the bottom after I've shorted on the way down!
I'm sure there will be a lot of people posting that say this guy is a nut and senile etc. What he is saying is exactly what people don't want to hear. It seems like people would rather be lied to so they feel better but lose money than be told the honest answers, feel bad, and make or save money. The markets are truly irrational at times and I think this is one of them. See you at the bottom after I've shorted on the way down!
The eye of the hurricane has just about passed over...get ready for the next leg down. This bear market rally was almost the same length as a similar one in the Gret Depression. See www.BearMarketComparison.com and look at how close it was!
Instead of bailing out the fools that made poor business decisions, how about we give the money to their competitors and have them pick up the pieces? AIG should be out of business.
Blame Bush. Blame Obama. Blame the Federal Reserve. Take a dump.
Some of us suspected/knew from way back that the issue in the economy was simply too much debt. Maybe we don't understand the complicated financial terms and accounting gyrations; but we know if you owe someone a lot of money, and you must pay it back, then you are not going to be able to live a life of luxury until the debts are paid off. This guy is just plain talking like you and I.
Just more of YAHOO doom and gloom.........................Consumer confidence was up.........Everyone is now an analyst..........I've yet to see tech ticker interview anyone whom is an OPTOMIST!
Obama has already put us deeper in debt than Bush did in 6 years. At this rate, the US will sink into the earth's core by 2011.
He reminds me of Harry Caray without the bullet proof glasses. He's right on, but may want to lay off the sauce...
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Yahoo! Finance User - Friday May 15, 2009 09:38AM EDT
He nailed it.... "We're now in xxxxxxxxx's world where money goes into the most inefficient parts of the economy and we're bailing everyone out,"