- When I was a kid, my brother used to play records over and over again. It used to drive me nuts. One song that I'll never forget the lyrics to is Seasons in the Sun by Terry Jacks. It also happens to be a popular market timing strategy. Coincidence?
- Along the lines of repetition, comes another down day in the markets. "Goodbye to you, my trusted friend" indeed.
- Yahoo Finance isn't even trying to come up with excuses anymore. Just "Sellers continue to drive stocks lower." Yes they do.
- Hey look, Citigroup ($C) is printing in the single digits. Noice! Almost a 10% drop today. Way to go!
- Treasury Secretary Hank Paulson, in the most explicit sign yet that Treasury was abandoning its initial plan for the rescue funds, said on Wednesday he preferred a second round of capital injections into financial companies to help them weather the worst market crisis in 80 years.
- Best Buy ($BBY): "Most difficult climate we've ever seen." Climate change is George Bush's fault. Oh, $BBY down 8% today.
- The #1 issue facing the country? Presidential Pooch Watch. Seeing that Obama is the first "global president," it's not surprising that the Fido frenzy has gone international. Peru has suggested its native Peruvian hairless dog, a bald, toothless breed, which actually looks cuter than it sounds. (You can get better acquainted with the breed here.) The country even has a specific dog in mind. Nicknamed "Ears," the four-month-old has been offered formally to the future first family in a letter sent to the U.S. Embassy. If the Obama girls reject the Peruvian pup, we hope it won't create an international incident.
- Meanwhile in auto land, Congress looking at a $25 billion to help auto companies. Of course, these companies are burning through $6 billion a month, so that'd last 4 months. Then what? The problem with the US auto companies is those union contracts. Toyota and all, who also build cars in the US, don't have those bad deals. Anyways:
The cash would come with the same restrictions placed on other participants in the Treasury program, Pelosi said, including limits on executive compensation, a ban on golden parachutes, and other "taxpayer protections to ensure that any companies that benefit from this assistance -- and not the taxpayers -- bear the full burden of repaying any costs that are incurred."
- For the record, gold would make a lousy parachute.
- We had joy, we had fun, we had seasons in the sun. But the wine and the song, like the seasons, all have gone.