The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Pete Wins the $10. I Blame Soros.

Posted on | July 29, 2011 | 10 Comments

The Dow Jones Industrial Average failed to drop by the 200 points I’d predicted. It was down badly, off 96.87 to close at 12,143.24, but that wasn’t enough to win my $10 bet against Pete Da Tech Guy, so I’ve already paid off.

It’s obvious to me that George Soros manipulated the market today just to screw me out of that $10. Some may call it “paranoia” to blame Soros — why should an evil billionaire care about a small wager between two minor right-wing bloggers? — but the evidence is clear enough.

Never mind that now. The Dow has fallen in each of the past six sessions, losing more than 580 points since closing at 12,724.41 July 21 — Wall Street’s worst week in a year.

Not bad enough to win me $10, but pretty bad.

UPDATE: Fox Business:

A stalemate in Washington over lifting the debt ceiling, combined with gloomy economic data, sent the blue chips tumbling more than 4% for the week. . . .
Amid the volatility, traders once again flocked to gold, which has continually hit record highs. The precious metal gained $15.00, or 0.93%, to $1,631 a troy ounce. Silver climbed 31 cents, or 0.78%, to $40.11 a troy ounce. 

More gold news from the Wall Street Journal:

The most actively traded gold contract, for December delivery, settled at a record $1,631.20 a troy ounce, up $15.00, or 0.9% on the Comex division of the New York Mercantile Exchange. The contract touched an intraday record of $1,637.50.
August-delivery gold rose $14.90, or 0.9%, to settle at a record $1,628.30 a troy ounce. It earlier touched an intraday record of $1,634.90.
Gold surged on weaker-than-expected U.S. growth data, which fortified investor concerns about the economy and pressured the dollar. The nation’s gross domestic product grew at 1.3% in the second quarter this year, well short of the 1.8% growth forecast by economists. The government’s first-quarter growth reading was slashed to a paltry 0.4%.

Everybody keeps saying it’s a “bubble,” but gold just keeps going up, up, up.


Category: Budget, Economics

Comments

10 Responses to “Pete Wins the $10. I Blame Soros.”

  1. Ladd Ehlinger Jr.
    July 29th, 2011 @ 8:27 pm

    Pete should have asked for that in gold.

  2. Peter Ingemi
    July 29th, 2011 @ 8:32 pm

    These days you’d need a Microscope to see $10 in gold, but I would take a $10 gold piece (:c)

  3. AngelaTC
    July 29th, 2011 @ 9:03 pm

    I wouldn’t go double or nothing for Monday, either. 

  4. Charles Johnson
    July 29th, 2011 @ 9:13 pm

    $10 worth of gold?  You can probably use a coffee filter to get that out of a bottle of Goldschlager. 

    I drink the stuff for the taste of course.  Nothing better on a hot Southern California summer day than slugging warm Goldschlager. 

  5. TC_LeatherPenguin
    July 29th, 2011 @ 9:26 pm

    I worked at Comex for a dozen years, back when the Hunt brothers went nuts and tried to corner the silver market. Believe me, what’s going on with gold ain’t no bubble; it’s been so steady a trend you could buy in right now and take a helluva ride before that train even slows down.

  6. Charles
    July 29th, 2011 @ 9:49 pm

    You made two mistakes: (1) You thought the House vote was dead while Boehner was able to spend the day in the ICU claiming there is still some life left, (2) You bet against a Sicilian.

  7. Datechguy's Blog » Blog Archive » The Debt debate: Libya on the Potomac
    July 29th, 2011 @ 5:53 pm

    […] But either way I’m ok, after all I have an extra $10 in the till. […]

  8. Anonymous
    July 29th, 2011 @ 9:58 pm

    Well, it’s not like death was on the line.

  9. Jdhays7835
    July 30th, 2011 @ 4:36 am

    Where do I mail a check?

  10. Quartermaster
    July 31st, 2011 @ 1:34 am

    Soros sent me an email and told me that he intends “to destroy McCain $10 at a time.” Before long Mr. McCain will get another offer to “bet” that will end up with another loss to Soros who will laughing all the way to the bank.

    He’s got it in for you. Just sayin’.