NYSE Euronext (NYX)

[Not_Bill_Oneil]

May need some more beers...

tomorrow. It's 11 p.m. out here in California and Asian markets are down 6%, Australia -5%. YM down over 200 pts.

Read those FOMC minutes released today (Tuesday 10/7). They don't even make sense - they list and state how everything has fallen off since August including inflation pressures due to falling energy and commodity costs, and then contradict themselves about their concern for continued inflation. It's really unbelievable. They really don't get it, what's coming.

I guess I still hold out hope for a news release in the morning about a coordinated rate cut - depending of course on how much pain Europe falls into today.

But, Bernanke is just an asshat. That's not meant to be derogatory at all - it just perfectly describes that he has truly had his head up his ass the past couple of years.

Sad thing is, after all of this, the professor is finally getting some in-depth on-the-job experience and by early next year he may actually start to get it all. Too bad he'll have destroyed any hope of saving the economy by then. He'll be forever behind the curve until it's too late.

Unemployment is going to be disastrous next year. Earnings have to get cut at least out several quarters now.

I gotta go make sure I have some beer in the frig for tomorrow too.