Dow Target 6,617, October 25, 2009: Here Is Why

History may not repeat itself, but it does rhyme. I have been in the camp that this is a bear market rally. That is what I thought we would be getting in March. I’m also in the camp that because of the need to deleverage debt in most of the developed world, we will likely be heading into a global economic depression and perhaps at worse case, a collapse in the banking system.

Video: Obama Pushes Banker Takeover Plan at Federal Hall

Obama delivered one of his famous teleprompter speeches today at Federal Hall in New York on the one-year anniversary of the Lehman Brothers scam. It was a cynical move, considering Obama spoke from the building where the country’s founders once argued over how much the government should control the national economy.

Faulty Forecasting – Ralph Nader

Companies that specialize in stock market forecasting and trading—such as Goldman Sachs, Citigroup, Morgan Stanley, and JPMorgan Chase—pay very high salaries to their employee-vendors. New York Attorney General Andrew Cuomo just released data showing that these and other large banks are giving each of their 5000 trader-forecasters bonuses of at least one million dollars.