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Gordon T Long

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READ ALL THE

"EXTEND & PRETEND" SERIES

 

 

Stage I Comes to an End!

 

A Matter of National Security

 

A Guide to the Road Ahead

 

Confirming the Flash Crash Omen

 

Its either RICO Act or Control Fraud

 

Shifting Risk to the Innocent

 

Uncle Sam, You Sly Devil!

 

Is the US Facing a Cash Crunch?

 

Gaming the US Tax Payer

 

Manufacturing a Minsky Melt-Up

 

Hitting the Maturity Wall

 

An Accounting Driven Market Recovery

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER 


 

 

 


 

READ ALL THE

"SULTANS OF SWAP"

 

ACT I

Sultans of Swap: Smoking Guns!

 

ACT II

Sultans of Swap: The Sting!

 

ACT III

Sultans of Swap: The Get Away!

 

 

ALSO

SULTANS OF SWAP: Explaining $605 Trillion in Derivatives!

 

SULTANS OF SWAP: Fearing the Gearing!

 

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

 

SULTANS OF SWAP: Gold Swaps Signal the Roadmap Ahead

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

 

READ ALL THE

"EURO EXPERIMENT" SERIES

 

 

 

EURO EXPERIMENT: German Steel or Schmucks?!

 

 

 

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Published November 2009

 

EXTEND & PRETEND

 

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"INNOVATION" SERIES

 

Innovate or Die

 

INNOVATION: America has a Structural Problem!

 

INNOVATION: What Made America Great is now Killing Her!

 

America - Innovate or Die!

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

READ ALL THE

"PRESERVE & PROTECT" SERIES

 

 

 

 

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CURRENCY WARS: Debase, Default, Deny!

 

In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars.

 

By lowering interest rates and effectively guaranteeing a weak dollar, the US ignited an almost riskless global US$ Carry Trade and triggered an uncontrolled Currency War with the mercantilist, export driven Asian economies. We are now debasing the US dollar with reckless spending and money printing with the policies of Quantitative Easing (QE) I and the expectations of QE II. Both are nothing more than effectively defaulting on our obligations to sound money policy and a “strong US$”. Meanwhile with a straight face we deny that this is our intention.  

 

Though prior to the 2008 financial crisis our largest banks had become casino like speculators with public money lacking in fiduciary responsibility, our elected officials bailed them out. Our leadership placed America and the world unknowingly (knowingly?) on a preordained destructive path because it was politically expedient and the easiest way out of a difficult predicament. By kicking the can down the road our political leadership, like the banks, avoided their fiduciary responsibility. Similar to a parent wanting to be liked and a friend to their children they avoided the difficult discipline that is required at certain critical moments in life. The discipline to make America swallow a needed pill. The discipline to ask Americans to accept a period of intense adjustment. A period that by now would be starting to show signs of success versus the abyss we now find ourselves staring into.  A future that is now massively worse and with potentially fatal pain still to come. READ MORE

   

 

CURRENCY WARS: Misguided Economic Policy

 

The critical issues in America stem from minimally a blatantly ineffective public policy, but overridingly a failed and destructive Economic Policy. These policy errors are directly responsible for the opening salvos of the Currency War clouds now looming overhead.

 

Don’t be fooled for a minute. The issue of Yuan devaluation is a political distraction from the real issue – a failure of US policy leadership. In my opinion the US Fiscal and Monetary policies are misguided. They are wrong! I wrote a 66 page thesis paper entitled “Extend & Pretend” in the fall of 2009 detailing why the proposed Keynesian policy direction was flawed and why it would fail. I additionally authored a full series of articles from January through August in a broadly published series entitled “Extend & Pretend” detailing the predicted failures as they unfolded. Don’t let anyone tell you that what has happened was not fully predictable!

 

Now after the charade of Extend & Pretend has run out of momentum and more money printing is again required through Quantitative Easing (we predicted QE II was inevitable in March), the responsible US politicos have cleverly ignited the markets with QE II money printing euphoria in the run-up to the mid-term elections. Craftily they are taking political camouflage behind an “undervalued Yuan” as the culprit for US problems. Remember, patriotism is the last bastion of scoundres  READ MORE


READER ROADMAP -  2010 TIPPING POINTS aid to positioning COMMENTARY

 

 

 

POSTS:  WEDNESDAY 11-03-10

Last Update: 11/04/2010 05:18 AM

SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30 AM. Last Pass 5:30 PM

ARTICLE SOURCE 1 2 3 4 5 6 7 8 9 10
                       
Irish credit costs hit record on sovereign fears MW X                  
Ireland May Have One Month to Stave Off Bailout: Euro Credit Bloomberg X                  
USA                      
U.S. Service Economy Expanded More Than Forecast in October Bloomberg X                  
Muddling through: Don't count out a double dip just yet Rosenberg X                  
Meredith Whitney: State Bailouts? They've Already Begun WSJ       X            
S&P says new rules will hit big bank profits FT           X        
Investors want more securitisation deals FT           X        
Mortgage Modification Failures Push Borrowers Into Foreclosure Bloomberg                 X  
Banks ease up on foreclosures amid increased scrutiny USAT                 X  
Echoes of Abacus: JP Morgan to Face SEC Probe Over CDO Transaction Forbes                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
The Many Faces Of Deleveraging - Transfer Payments Pretti   X                
The Many Faces Of Deleveraging - Corporate_Leverage Pretti       X            
China's Dollar Borrowing Costs Tumble on Ratings Outlook Bloomberg             X      
China urges US to reduce investment barriers China Daily             X      
India and China Take Different Roads to World Leadership - Part I Yale             X      
MID TERM US CONGRESSIONAL /
STATE ELECTIONS
                     
GOP Tide Claims House; Reid, Democrats Hold Senate WSJ                 X  
Analysis: How the Rout Was Won WSJ                 X  
Senate: Toomey, Boxer, Rubio, Paul Win WSJ                 X  
House: Key Committee Heads Lose WSJ                 X  
Governors: States Flip to GOP WSJ                 X  
Boehner Poised to Take Gavel WSJ                 X  
Tea Party Plans Next Phase WSJ                 X  
Unaligned Voters Tilt Rightward WSJ                 X  
Cuomo Cruises as N.Y. Bucks Trend WSJ                 X  
Californians Quash Legalized Pot WSJ                 X  
Markets Rise Amid Early Returns WSJ                 X  
Financial Leaders Expect Shift of Power After Elections WSJ                 X  
Likely gridlock in Congress could threaten economy AP                 X  
The US economic policy mix is a threat to the world VOX                 X  
                       
                       
BP OIL                      
BP Dividend Takes Back Seat WSJ                    
CENTRAL BANKING & MONETARY POLICY                      
Fed Easing May Mean 20% Dollar Drop: Bill Gross Reuters                    
Keynesian Confusion Lewitt                    
Fed Will Probably Start $500 Billion of Bond Buys, Survey Shows Bloomberg                    
QE2 risks currency wars/end of dollar hegemony Prichard                    
US Federal Reserve's latest bubble threatens mayhem Warner                    
QE 1.5 & election threatening dollar Crudele                    
Fed is split but QE2 looks a done deal Kemp                    
Don't rule out Fed 'shock and awe' La Monica                    
QE2 Is Another Bank Bailout Prag. Cap.                    
Bernanke is "Misguided": Newt Gingrich Kitco                    
Volcker Does Not Expect Overpowering Fed Results Reuters                    
FOMC ANNOUNCEMENT
QE II
                     
FOMC Statement FOMC                    
NYFED Statement NY Fed                    
Fed to Buy Extra $600 Billion of Treasuries Bloomberg                    
GENERAL INTEREST                      
Big Investors Appear Out of Thin Air Sorkin                    
The Many Faces Of Deleveraging - Household De-Leveraging Pretti                    
Research- Innovation has big role in building prosperity FT                    
MARKET WARNINGS                      
"Market Manipulation" Is Not Why Most Traders Lose EW                    

CURRENCY WARS

                     
Japanese Yen: A Red Dawn? Merk                    
Japan under pressure to arrest yen's rise Australian                    
Australia Unexpectedly Raises Rates; Currency Jumps Bloomberg                    
India's Central Bank Raises Rates for Sixth Time This Year Bloomberg                    
Global fund flow to emerging markets slows down in Oct ET                    
Q3 EARNINGS                      
                       
MARKET & GOLD MANIPULATION                      
Silver recaptures 30-year high MW                    
Silver Basks in a 1980 Reverie, Like Some Other Folks WSJ                    
VIDEO TO WATCH                      
                       

Complete Legend to the Right, Top Items below.
Articles with highlights, graphics and any pertinent analysis found below.

1

         

1-SOVEREIGN DEBT

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY

TODAY'S TIPPING POINTS UPDATE

RED ALERT

AMBER ALERT

ACTIVITY

MONITOR

Click to Enlarge





11-03-10

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

GREECE

 

SPAIN

 

GERMANY

 

FRANCE

 

UK

 

IRELAND

 

 

Irish credit costs hit record on sovereign fears MW

 

Ireland May Have One Month to Stave Off Bailout: Euro Credit BL
The premium on Irish bonds has doubled since August and is now wider than the spread on Greek debt four days before it sought a European Union-led bailout in April.


JAPAN

 

 

USA

 

time (et) report period Actual Consensus
forecast
previous

Wednesday, Nov. 3
8:15 am ADP employment Oct. 43,000 N/A -2,000
10 am ISM services Oct. 54.3% 53.5% 53.2%
10 am Factory orders Sept. 2.1% 1.6% -0.5%
TBA Motor vehicle sales Oct.   12.0 mln 11.8 mln
2:15 pm FOMC announcement      


U.S. Service Economy Expanded More Than Forecast in October BL

 

Muddling through: Don't count out a double dip just yet Rosenberg

 

2- EU BANKING CRISIS

   

 

3- BOND BUBBLE

 

 

4- STATE & LOCAL GOVERNMENT

 

Meredith Whitney: State Bailouts? They've Already Begun  WSJ

 

The threat posed by the state fiscal crisis in the U.S. is vastly underestimated and under-appreciated—because even today too few people understand how states have been managing their finances. Many investors fail to appreciate is that state bailouts have already begun.

 

Over 20% of California's debt issuance during 2009 and over 30% of its debt issuance in 2010 to date has been subsidized by the federal government in a program known as Build America Bonds. Under the program, the U.S. Treasury covers 35% of the interest paid by the bonds. Arguably, without this program the interest cost of bonds for some states would have reached prohibitive levels.

 

California is not alone: Over 30% of Illinois's debt and over 40% of Nevada's debt issued since 2009 has also been subsidized with these bonds. These states might have already reached some type of tipping point had the federal program not been in place.

 

Beyond debt subsidies, general federal government transfers to states now stand at the highest levels on record. Traditionally, state revenues were primarily comprised of sales, personal and corporate income taxes. Over the years, however, federal government transfers have subsidized business-as-usual state spending not covered by state tax collections. Today, more than 28% of state funding comes from federal government transfers, the highest contribution on record.

 

These transfers have made states dependent on federal assistance. New York, for example, spent in excess of 250% of its tax receipts over the last decade. The largest 15 states by GDP spent on average over 220% of their tax receipts. Clearly, states have been spending at unsustainable levels without facing immediate consequences due to federal transfer payments and other temporary factors.

 

At the same time, local governments now rely on state government transfers for 33% of their funding. Thus, when a state finds itself in a financial bind, it has the option of saving itself before saving one of its local municipalities. Pennsylvania recently assisted the state capital, Harrisburg, in the form of a one-time "advance" payment—but there are hundreds of towns like Harrisburg that will also need assistance. These one-time fixes fail to address the real structural problems facing so many states and municipalities.

 

State budgets are likely to experience their second consecutive year with deficits of close to $200 billion. The root of the problem is simple: State governments have spent recklessly and unsustainably. Rainy-day funds are depleted, pension-fund contributions are already at record lows, and almost all of the major federal government subsidy programs will run out in June 2011.

 

Until now, the states have been able to evade the need to rein in spending largely because the federal government enabled them to do so through record high federal allocations, and by creative accounting that put off funding well over a trillion dollars of state-employee pension and other retirement obligations.

 

The level of complacency around this issue is alarming. Most assume that the federal government will simply come to the rescue of the states without appreciating the immensity of the cumulative state-budget gaps. I expect multiple municipal defaults to trigger indiscriminate selling, which will prompt a federal response. Solutions attempted in piecemeal fashion, as we've seen thus far, would amount to constantly putting out recurring fires.

 

Rather than waiting for more federal intervention, states need to make their own hard decisions and not kick the can down the road. How will taxpayers from fiscally conservative states like Texas or Nebraska feel about bailing out threadbare Illinois or California? Let's hope we never have to find out.


5- CENTRAL & EASTERN EUROPE

 


6-BANKING CRISIS II


S&P says new rules will hit big bank profits  FT

Investors want more securitisation deals FT

7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 

9-RESIDENTIAL REAL ESTATE - PHASE II

 

Mortgage Modification Failures Push Borrowers Into Foreclosure BL

 

Banks ease up on foreclosures amid increased scrutiny USAT

 

Echoes of Abacus: JP Morgan to Face SEC Probe Over CDO Transaction Forbes


10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS



12- CHRONIC UNEMPLOYMENT



The Many Faces Of Deleveraging - Transfer Payments Contrary Investor (Pretti)
What little sustainability in consumption we have seen in the recovery cycle so far has in very good part been supported by the government (actually the taxpayers).  We've never seen levels of the current magnitude of government transfer payments as a percentage of personal disposable income.  Just what would happen if the government were to stop extending unemployment benefits or cut back on household transfer benefits in any other manner? 




13- GOVERNMENT BACKSTOP INSURANCE

 

 

14- CORPORATE BANKRUPTCIES

 

The Many Faces Of Deleveraging - Corporate_Leverage Contrary Investor (Pretti)

Since 2006, total NON-FINANCIAL US corporate financial assets (the broadest definition of cash we can think of) are up close to $2.5 trillion.  What gets little attention is that in aggregate over exactly the same time period non-financial sector corporate liabilities have likewise increased close to $2.7 trillion (chart below).

So maybe we're nitpicking, but just where is the corporate deleveraging? In academic terms, it has not happened at all.

US corporations have been given the debt cost of capital gift of a lifetime.

 

Any CFO not issuing paper at these mind boggling interest rate levels should be shown the front door.


A lot of corporate cash is being kept very safe and warm...off shore.  We hear the number is close to $1 trillion. The cap and equipment spending, and resulting job expansion, will happen in higher growth rate areas of the world

 

 

17- CHINA BUBBLE


China's Dollar Borrowing Costs Tumble on Ratings Outlook BL

China urges US to reduce investment barriers China Daily

India and China Take Different Roads to World Leadership - Part I YALE

19- PUBLIC POLICY MISCUES

 

US MID TERM ELECTIONS

 

 

GOP Tide Claims House; Reid, Democrats Hold Senate  WSJ

 

Voters dealt a stiff rebuke to Obama and the Democratic Party, in a historic wave that swept the GOP to power in most levels of government and corners of the country.


Analysis: How the Rout Was Won WSJ

Senate: Toomey, Boxer, Rubio, Paul Win WSJ

House: Key Committee Heads Lose WSJ

Governors: States Flip to GOP WSJ

Boehner Poised to Take Gavel WSJ

Tea Party Plans Next Phase WSJ

Unaligned Voters Tilt Rightward WSJ

Cuomo Cruises as N.Y. Bucks Trend WSJ

Californians Quash Legalized Pot WSJ

Markets Rise Amid Early Returns WSJ

 

Financial Leaders Expect Shift of Power After Elections NYT  Reich

 

Likely gridlock in Congress could threaten economy AP

 

The US economic policy mix is a threat to the world VOX



 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

24-RETAIL SALES

 

 

26-GLOBAL OUTPUT GAP

 

 

31-FOOD PRICE PRESSURES

 

 

32-US STOCK MARKET VALUATIONS

 

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

------------

 BP Dividend Takes Back Seat  WSJ

BP will likely pay a much smaller dividend and spend more on oil exploration as it remakes itself into a leaner, more growth-oriented company following the Gulf of Mexico oil spill.


   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

------------


Fed Easing May Mean 20% Dollar Drop: Bill Gross Reuters

Keynesian Confusion Lewitt
“QE2 is a monetary policy tool being used to address a problem that has nothing to do with monetary policy...”

Fed Will Probably Start $500 Billion of Bond Buys, Survey Shows BL

QE2 risks currency wars/end of dollar hegemony Pritchard

David Bloom, currency chief at HSBC, said the root problem is lack of underlying demand in the global economy, leaving Western economies trapped near stalling speed. "There are no policy levers left. Countries are having to tighten fiscal policy, and interest rates are already near zero. The last resort is a weaker currency, so everybody is trying to do it," he said.

 

"It is becoming harder to mop up the liquidity flowing into these countries," said Neil Mellor, of the Bank of New York Mellon. "We fully expect more central banks to impose capital controls over the next couple of months. That is the world we live in," he said. Globalisation is unravelling before our eyes.

 

A chorus of Chinese officials and advisers is demanding that China switch reserves into gold or forms of oil. As this anti-dollar revolt gathers momentum worldwide, the US risks losing its "exorbitant privilege" of currency hegemony – to use the term of Charles de Gaulle.


US Federal Reserve's latest bubble threatens mayhem Warner
The prospect of more quantitative easing (QE) is driving government bond yields to levels that price in a depression.

QE 1.5 & election threatening dollar Crudele
Keep this up and US dollars will soon be supplied by Charmin.

Fed is split but QE2 looks a done deal Kemp

Don't rule out Fed 'shock and awe' La Monica

QE2 Is Another Bank Bailout PragCap

Bernanke is "Misguided": Newt Gingrich Kitco

Volcker Does Not Expect Overpowering Fed Results Reuters
 

FOMC MEETING
QE II ANNOUNCEMENT

FOMC Statement

NYFED Statement

Fed to Buy Extra $600 Billion of Treasuries BL
“The Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month....Voting against the policy was Thomas M. Hoenig.”



 GENERAL INTEREST

 

Big Investors Appear Out of Thin Air Sorkin

 

The Many Faces Of Deleveraging - Household De-Leveraging Contrary Investor (Pretti)

- Over the period highlighted by the red circle, household balance sheet leverage has contracted by $492.6 billion. 
- US banks have taken $476 billion in total write offs.  We know intuitively that the bulk of bank booked losses have related to residential real estate.
- As of August 2010 data, the drop in official US bank loans and leases outstanding (very broad categorization) comes in at $454.3 billion. 
You can see the macro numbers are converging here?
Household deleveraging has come "the hard way", via default.  Why?  Because the means to delever via savings/wages has been virtually non-existent.





 

Research- Innovation has big role in building prosperity  FT

 

FLASH CRASH - HFT - DARK POOLS

 

 

MARKET WARNINGS

"Market Manipulation" Is Not Why Most Traders Lose EW

 

CURRENCY WARS

Japanese Yen: A Red Dawn? Merk

 

Japan under pressure to arrest yen's rise Australian

 

Australia Unexpectedly Raises Rates; Currency Jumps BL

 

India's Central Bank Raises Rates for Sixth Time This Year BL

 

Global fund flow to emerging markets slows down in Oct ET

 

Q3 EARNINGS

 

MARKET & GOLD MANIPULATION

Silver recaptures 30-year high MW

 

Silver Basks in a 1980 Reverie, Like Some Other Folks WSJ

 

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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.ont>

 

© Copyright 2010 Gordon T Long. The information herein was obtained from sources which Mr. Long believes reliable, but he does not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that Mr. Long may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Mr. Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from him.

 

         

TODAY'S NEWS

WEDNESDAY

11-03-10

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TIPPING POINTS

1-SOVEREIGN DEBT & CREDIT CRISIS

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY
 

15-CREDIT CONTRACTION II

16-US FISCAL IMBALANCES
17-CHINA BUBBLE
18-INTEREST PAYMENTS
19-US PUBLIC POLICY MISCUES
20-JAPAN DEBT DEFLATION SPIRAL
21-US RESERVE CURRENCY.
22-SHRINKING REVENUE GROWTH RATE
23-FINANCE & INSURANCE WRITE-DOWNS
24-RETAIL SALES
25-US DOLLAR WEAKNESS
26-GLOBAL OUTPUT GAP
27-CONFIDENCE - SOCIAL UNREST
28-ENTITLEMENT CRISIS
29-IRAN NUCLEAR THREAT
30-OIL PRICE PRESSURES
31-FOOD PRICE PRESSURES
32-US STOCK MARKET VALUATIONS
33-PANDEMIC
34-S$ RESERVE CURRENCY
35-TERRORIST EVENT
36-NATURAL DISASTER

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Review- Five Thumbs Up for Steve Greenhut's Plunder!  Mish

 

 

 

 

   

 

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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, we recommend that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.

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© Copyright 2010, Gordon T Long. The information herein was obtained from sources which the Gordon T Long. believes reliable, but we do not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that the Gordon T Long. or its principals may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Gordon T Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from us.