Worst Prediction Quotes in 2008

LMAO!

I really did when i read the following quotes.

1. "A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!" -- Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008

At the time of the prediction, the Dow Jones industrial average was at 12,300. By late December it was at 8,500.

2. AIG "could have huge gains in the second quarter." -- Bijan Moazami, analyst, Friedman, Billings, Ramsey, May 9, 2008

AIG wound up losing $5 billion in that quarter and $25 billion in the next. It was taken over in September by the US government, which will spend or lend $150 billion to keep it afloat.

3. "I think this is a case where Freddie Mac and Fannie Mae are fundamentally sound. They're not in danger of going under I think they are in good shape going forward." -- Barney Frank House Financial Services Committee chairman, July 14, 2008

Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.

4. "The market is in the process of correcting itself." - President George W. Bush, in a Mar. 14, 2008 speech

For the rest of the year, the market kept correcting and correcting and correcting.

5. "No! No! No! Bear Stearns is not in trouble." - Jim Cramer, CNBC commentator, Mar. 11, 2008

Five days later, JPMorgan Chase took over Bear Stearns with government help, nearly wiping out shareholders.

6. "Existing-Home Sales to Trend Up in 2008" - Headline of a National Association of Realtors press release, Dec. 9, 2007

On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million -- down 11% from a year earlier - in the worst housing slump since the Depression.

7. "I think you'll see (oil prices at) $150 a barrel by the end of the year" -- T. Boone Pickens, June 20, 2008

Oil was then around $135 a barrel. By late December it was below $40.

8. "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system." -- Ben Bernanke, Federal Reserve chairman, Feb. 28, 2008

In September, Washington Mutual became the largest financial institution in US history to fail. Citigroup needed an even bigger rescue in November.

9. "In today's regulatory environment, it's virtually impossible to violate rules." -- Bernard Madoff, money manager, Oct. 20, 2007

About a year later, Madoff -- who once headed the Nasdaq Stock Market -- told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.

10. A Bound Man: Why We Are Excited About Obama and Why He Can't Win, the title of a book by conservative commentator Shelby Steele, published on Dec. 4, 2007.

Mr. Steele, meet President-elect Barack Obama.

What do you think?!?!?!?!? Funny but true, right?

I made myself a point last time several years to not to listen to any of these bullshit told by these so-called consultant and analyst. They are mediocre at best. If what they say is true, why aren't they invest or put their life in it?

Ooooh, of course, its not their money. Not their risk. What worst could happen?

All these prediction. Nonsense and crap.

I believe the basics. Trust yourself with some information and knowledge or how things works. Go back to the fundamental. The world works that way. It is always about greed and joneses. Its how this things work.

I remembered this story to remind myself. My mom likes to save money in FD for that 4% p.a. and you know what happen the other day? I withdraw cash from ICBC account in China (same bank, different branch at different district) and i got charge 1% for just money withdrawal at ATM at the same bank. FUCK!

Just 1% for withdrawing $$$ at same bank? And my mom keep the $$$ to earn that 4% p.a. for a whole year?

Dun even mention about putting your funds and moneys into trust funds, mutual funds and unit trusts (of course, not all banks and financial institutions have these mess) but, do your broker or financial representative that invest your $$$ invest themselves too? Can they explain to you if they lost your precious money that you work so hard for???????

Just look at the Madoff mess in Wall Street. USD50 billion losts in a ponzi scheme. In Wall Street. Can you imagine the mess?

This really makes my last day of 2008 a hell lot better. How about you?