China's good news got destroyed by a flow of bad news

Hatzius raised his jobless number from 8% to 8.5% within a week. The bailout is already growing like expected FNM showing stellar losses 'suddenly', AIG doubling the bailout costs for taxpayers - the situation is still out of control and the government still hides the truth as they intend to dump it on the new administration soon anyway. If any CEO of Wall Street dares to pay one cent of bonus to anyone except backoffice or support people in a moderate way, they should be put into prison for fraud. All the others have been paid at least 20 years in advance and should consider repaying partly. Unfortunately, the government - starting with the Clinton administration - is as responsible as Wall Street, they deliberated and deregulated in an insane way. For many ways, cooking books and profits got legalized and suddenly the obvious mistakes of Enron were the appropriate way to go for Wall Street by creating of balance sheet vehicles to hide leverage and toxic bombs for the world economy.

In the following, some bad news of today, which would have been a years scandals worth - now it's just a part of todays news flow. How can any of these insane people calling for a buying opportunity since for quite some time, sleep or take themselves serious? We will have a decent sucker rally at some point but not when so many call it and finally the market has still to drop by 50% from here if that is enough within 12 - 18 months to discount the reality. I call for at least 10% jobless rate and we might go for deeper double digits as the new US or western countries socialism develops.

Seeing A Deeper Recession

Forecasting a jobless rate of 8.5 percent, with Jan Hatzius, Goldman Sachs chief U.S. economist and the Power Lunch team.

Fannie Mae's Future Looks Pretty Grim—Downright Scary

CNBC.com

Nothing like starting off a new week with a $29 billion net loss for the nation’s largest mortgage investor. Fannie Mae [FNM 0.7

Goldman Shares Fall to Five-Year Low as Analysts Predict Losses

By Eric Martin

Nov. 10 (Bloomberg) -- Goldman Sachs Group Inc. dropped to a five-year low in New York trading as analysts predicted the firm would post its first loss since going public in 1999. Goldman Shares Fall to Five-Year Low as Analysts Predict Losses

AIG Gets Expanded Bailout, Posts $24.5 Billion Loss (Update4)

By Hugh Son, Craig Torres, and Erik Holm

Nov. 10 (Bloomberg) -- American International Group Inc. got a $150 billion government rescue package, almost doubling the initial bailout of less than two months ago as the insurer burns through cash at a record rate.

AIG will get lower interest rates and $40 billion of new capital from the government to help ease the impact of four straight quarterly deficits, including a $24.5 billion third- quarter loss posted today by the New York-based company.

Circuit City, Electronics Retailer, Seeks Bankruptcy (Update5)

Carnegie Taken Over by Swedish Government, to Be Sold (Update3)

By Niklas Magnusson

Nov. 10 (Bloomberg) -- D. Carnegie & Co. AB, Sweden's largest publicly traded investment bank, was seized by the government and will be sold off in parts after accusations that it took ``exceptional risks'' with loans.