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-- Posted Thursday, 2 July 2009 | Digg This Article | | Source: GoldSeek.com
Rick’s Picks Thursday, July 2, 2009 “Phenomenally accurate forecasts” We ought to savor the luxury of fleeting times such as these, when Matters of Consequence have been shoved off the front page by the sordid and the salacious. A Burmese python got loose in a Florida home yesterday, strangling a two-year-old. Should the pet’s owner, the boyfriend of the toddler’s mother, be charged with endangerment? Tune in to Larry King for the debate. In other news, the piously unsensational NPR jumped headlong into the debate over whether Mark Sanford should resign South Carolina’s governorship for the sin of adultery. How quaint to think that, at least in politics, there is still some shame left in the ho-hummery of extramarital trysts.
In the meantime, we read on an inside page that California is about to throw in the towel, fiscally speaking. Will the Federal Government, with its unlimited ability to create rescue money, bail out the state? You can bet it’ll be a mighty slow day for tabloid news before Larry King airs that issue. We note in the same story that no fewer than 15 states are teetering on the edge of bankruptcy and that 21 others are seriously on the ropes. If and when the U.S. decides to get involved, putting what remains of its by-now laughable “full faith and credit” behind state and local bonds, we have one word of advice to investors: Don‘t be holding dollars. In practice, that means you should already have more gold coins in your safe box than dollars in your savings account.
California Bankruptcy Hard to Explain
We shouldn’t be quick to castigate the news media for being so utterly clueless about which news deserves to be out on the front page. Splash California’s bankruptcy above the fold, and you’ve got to explain what it means. The task is made even more difficult by the fact that the stock market has been on a bullish tear since early March. Wouldn’t that seem to imply that California’s problems, as well as those of New York, New Jersey, Ohio and a dozen other states, are somehow manageable? Most Americans would like to think so. But then, most Americans get their news from the likes of Brian Williams and Katie Couric, and from other prime-time mouthpieces of a corporate world that would rather viewers be left buoyant by accounts of the day’s events.
We should enjoy this hiatus from worry while it lasts, since the day will come when killer pythons and adulterous governors are once again relegated to the World News Roundup, where they belong. More pressing concerns await.
*** Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers' initials will be used unless express written permission has been granted to the contrary. All Contents © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Thursday, 2 July 2009 | Digg This Article | Source: GoldSeek.com
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