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b'Orlando Money Show: 20 Trillion and Beyond
\\nI wasn\'t intending to do a podcast today;\\xa0 I\'m in Orlando at the Money Show, I\'m on a stock market panel.\\xa0 It\'s going to be fun: Louis Navellier,\\xa0Mark Skousen, David Callaway \\xa0and\\xa0Chris Gaffney.\\xa0 My big talk tomorrow should be very interesting. The title is\\xa020 Trillion and Beyond: What the Coming Debt Explosion Will Mean to Your Portfolio.
\\nDow Jones Closed Down 1,032 Points Today
\\nNow, of course, it\'s already exploding, but I gave them that headline about a month ago because I already knew that the debt problem was percolating and that was going to be what was going to blow up everybody\'s portfolio. But when the Dow is down 1000 points twice in the same week, I have to come on and do a podcast.\\xa0 If you haven\'t heard the news, the Dow Jones closed down 1,032 points today. The low of the day.\\xa0 We closed below the intra-day low of Tuesday morning, when the Dow ended up 500.
\\nSuccessful Test?
\\nNow we\'re not back down to the lows we hit Monday night, in Asian trading.\\xa0 We\'ll probably be there by tonight.\\xa0 This market is looking ugly. That was a horrible close, we have to go lower.\\xa0 It\'s crazy: I was watching CNBC in my hotel room and some guy was on saying, "This might be a successful test if we can just close above Monday\'s lows!"\\xa0 Successful test?\\xa0 A successful test is when you get a huge bounce off the lows.\\xa0 Even if we had closed above it, that wouldn\'t have been a successful test - we could have crashed below it the following morning.\\xa0 But we couldn\'t even hold it.\\xa0 We closed on the lows.
\\nHorrible 30-Year Bond Auction Today
\\nAnd, you know what? Bond yields rose anyway.\\xa0 1,000 points down in the Dow wasn\'t even enough to send bond prices higher and yields lower.\\xa0 The yields on the 10-year and the 30-year rising to new highs for the move.\\xa0 30-year closed at 3.137.\\xa0 As I said, horrible, horrible 30-year bond auction today.\\xa0 Again, why anybody showed up is beyond me, but obviously not as many people showed up as they expected.\\xa0 Yields on the 10-year, another new high, 2.851 is where we closed.\\xa0 We got up to 2.884, and the reason we probably didn\'t close there is because of the 1,000 point drop in the Dow.
\\nGovernment Spending is Behind the Carnage
\\nBut that big drop didn\'t make interest rates go down, it just kept them from goin up even more.\\xa0 But nothing is going to stop rates from rising.\\xa0 Especially if we get this Budget Deal tonight.\\xa0 Apparently, if they don\'t get the budget deal tonight, the Government is going to shut down. And if anybody thinks that the Dow is dropping because people are afraid the government is going to shut down, they don\'t know what they are talking about.\\xa0 The reason the market is dropping is because the government\'s not going to shut down. Government spending and borrowing\\xa0 is behind the carnage in the bond market, which is killing the stock market.
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