Off we go like a motherfucking rocket ship.
I just got home and had a chatt [sic] with my neighbor, Steve. Dude, that guy is so fucking amped that Bernanke cut rates, coupled with Bush’s stimulus package, he just bought a new plasma. A.Brand.New.Plasma.
Aside from that, he’s telling me he just refinanced his house, “at significantly lower rates,” enabling him to tap that shit for a little vacation and Macy’s money.
I’m like, holy fuck, we’re gonna have a rocketship market soon. Clear the deck bitches, this market is ready to pop off, leaving every bear dead—like slugs in a salt mine.
Also, the retailers are going to take off. Shoot, forget about the “tapped out” consumer. All of a sudden, thanks to the proposed NYS bailout of [[MBI]] and [[ABK]], people are flooding my local Best Buy for the newest shit. Apparently, most of them were worried their muni insurance would go away.
Not any more.
And the banks, they’re enfuego. Everyone is refinancing. I mean everyone.
They’re so busy, my local Countrywide had to fire all of the lazy fuckers, because they were using up all the excess cocaine. As you know, excess cocaine allows the mortgage brokers to work 18 hours shifts, without lunch.
They’re just “banging out refi’s.”
A bearish friend of mine asked me: “hey Fly, what about all of the credit risk at the banks? And, how about all of the resets, while housing prices are dropping”?
I replied: “yo asshole, have you seen what the fuck is going on? Bernanke just shaved his beard on those subprime fuckers—giving them access to cheap rates again. And, with super low rates, all of those coked out mortgage workers can bang out a few million fresh mortgages for lower-middle income families, who desire 500-900k Mcmansions—effectively depleting all of the inventory at [[HOV]].
Yes, it’s that simple. Although things looked really tough for the past 3 weeks, everything is back on track.
Nasdaq 5,000 here we come!
Buy, buy, buy, buy, buy!!!
NOTE: That was one tough recession. I never want to go through that again. I’m so glad it’s over.
UPDATE: Classic CNBC.
[youtube:http://www.youtube.com/watch?v=SGkrNJ19DSU 450 300]