Did it ever occur to any of you that I do not care about your financial advice? For almost two years now, you have been treated with my take on the market, which is of course much better than yours, yet many of you still feel the need to give me advice or relish in my minor setbacks.
Oh, I get it. It’s a cool internet thing to do. Just know, “The Fly” doesn’t base his investment philosophies on 1 week of trading or 1 exogenous event, such as the socialization of America. Furthermore, the only reason why I even bother is two fold: 1. I like to write. 2. Maybe one day the site can generate meaningful revenue (which is highly unlikely). Just feel lucky that I still enjoy to write.
Back to the point: Bill Miller’s stake in Freddie Mac [[FRE]] has vanished. Poof. Just like that.
All of the investors in [[FNE]] and FRE equity were sacrificed at alter of Marx today, in order to help out a few good Chinese and Russian bond holders.
This is terrible news for the housing market. Essentially, more than 75% of the financing for the housing market is now being controlled by the same morons who write welfare checks, or give free health insurance to illegal aliens. Our government will now be in control. Don’t worry folks, they’re the government.
I’ll make this brief, for I am in no mood to sit around the PC.
I bought more [[SKF]] , [[SRS]] and shorted more Lehman Brothers Holdings Inc. [[LEH]] and Legg Mason, Inc. [[LM]] .
On the long side, I bought more [[DIG]] and Western Refining, Inc. [[WNR]] .
I believe the correct position should be: dollar weakness, commodity strength, fade the banks, buy the oil dip. Also, gold should benefit from this wretched act of thievery.
You know what’s funny? All of you so called “true Americans,” who are interested in the elections, are backing two guys (Barack and John) who have no idea what the hell just happened today.
It’s disgraceful.
Comrades,
Good luck.
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This adds another year to the BEAR. Fool’s rush in!!!
It is most illogical, and stoopid!
Down with capitalism! It is irrelevant now!
Have been dying to read some of your commentary. Thanks Fly.
I see that Dino Shit has found its way back to its customary trend … DOWN.
DUG to 50 bitches!
Nasdaq in the red. Dow down 200 from this morning. SKF up 10 bucks from its lows.FNM FRE (and WM) headed to zero This rally is fading faster than Pete Najarians hairline.
Nice front page picture of Comrade Stalin. We should replace the Statue of Liberty with a statue of good ole Iosif Džugašvili – thats Stalin for you non history majors. Lady Liberty should be shipped to a free market nation -like China. Atleast they haven’t intervened in their markets despite it being down 60%+.
Get back on the couch and get some rest. Nothing going on in the Market 🙂
Also, you may want to avoid sneezing for a while.
This rally will be short lived. It may not even last to the close today. That LM is up on this news is odd.
John McCain for President of the Weimer Republic! We are not ready for Barack and his brown shirts just yet!
It’s time to ppppppaaaaaaaaaaaahhhhhhhty!
Woohoo!
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A Disgrace Indeed.
Unfortunately, the Derivative “Nightmare” ($600+T) travels far beyond FNM/FRE which in the end, when ALL is said and done, will witness a Global price tag in the vicinty of $7-10 T at minimum.
The Global Derivative “Unwind” persists.
4th Inning Rain Delay.
Hoo-Rah-Ray, Hoo-Rah-Ray Ray Ray UVA !!!
Been to the Lawn at UVA in Charlottesville many times.
Jake,
Can you imagine if Barack was in office for the socialization of America? Man, I can’t imagine how much you’d be whining.
Welcome back, Fly.
This market is so fucked.
-DT
Thank goodness this market is very smooth and rational…so easy to trade.
makes perfect sense, this market.
Poof, your home value just vanished and Mr. Mortgage just bought more empty suits!
LOL, Fly RULES!
I got stopped out of every long.
RIMM?!
GOOG?!
WTF?!
You got to love fuckfaces that buy to hold stocks in an environment like this one. After all, idiots create excellent opportunities for the wise and informed.
If anything what this recent PPT action does is provide those with a brain an opportunity to make more money by shorting the motherfucking financials with impunity this morning.
BTW, the US economy is fucked!
Fanny down 85%
Freddy down 79%
My thesis is true Freddy was always the stronger of the 2
Paaaaahtaaaay on, Jake! We of the Muslim faith, I mean Irish Catholic faith, need to stick together.
*clap clap clap* Loading the boat with SKF at the open was a fun play today. Should’ve shorted AAPL too, wow. Get well soon Fly.
Caviar, anyone?
http://www.youtube.com/watch?v=00YDleLx3Pw
McCain knows what’s going on — his own guy, Phil Gramm, created the deregulation necessary to create this fiasco.
But don’t worry — he’ll lower your taxes so it’s a wash.
Most important news of the day…
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajsxbVS.W2lQ&refer=home
DinoCommie — externally, sure, as I’d want everyone to know how fucked we were.
Internally, I’d be gleeful. I will have to suffice, however with letting people know how Fannie Mae and Freddie Mac are the Enron and Worldcom of the Democrat Party, as laid out in detail by the WSJ over the last ten years.
Perhaps we can get Congress back over this prime fuckup by Shumer, Frank & Co.
_________
As for this bullshit “remedy,” you know how these things work… Repubs can get away with shit that Dems never could (thanks to their well deserved commie rep) and Dems the same on their side (think of NAFTA and capital gains tax reduction in a normal economy).
On the balance, we are fucked until we change Washington for real (and that, my Dem friend means “spending.”)
Washington needs to be put on the same leash as the common people. What a concept!
_
if one more person comes out and says “this is a great trading market”…
I will force them to eat Dominos pizza AND breadsticks, then I will punch them in the appendix.
So I was right? Seriously? Holy Crap!
Ladies, you idiots need to be shorting this uptick aggressively. This rally will be Merlinized by EOD.
I just knew that JakeG would put forth an argument that this socialistic bailout action was somehow due to some democrat somewhere.
Typical neo-con cover fire…just point fingers at the other side often enough/loud enough and pretty soon, some of the unwashed may just believe it.
Legg Mason = most egregious.
Congratulations everybody, thanks to Fannie and Freddie we’ve ALL become homeowners*!
*or, owners of worthless junk paper. Or both. Take your pick.
What?
How are we responsible for this mess? Not like we were in control of the executive and legislative branches during the fiscal madness that led to — hey, did you hear? Obama said “Muslim”!
Wait… Jake… why do I feel like I agree with you?
Off to drink a beer.
-DT
Deficit spending like the pubes have done Jake?
I just figured it out!!
Those guys that are calling bottoms are all assholes.
gdb
Merlin is soon to appear with an announcement. I’m 150% short.
Off to drink 2 beers.
At least the Dims on the thread are using Karl Marx as a cover today. That’s more honest than usual. “Thumbs up!”
___________
Employees Dolt — does using the term “pubes” give you a little stiffy, or is that only on four day Cialis days?
Get a life, loser. It’s the Dems that won’t cut spending, they’re running Congress right now. Vote ’em out if you want a change.
Caffeineted: In the New Weimar of Nancy Pelosi and Harry Reid, only red bull and vodka will be permitted.
Red Bull for your caffeine fix and vodka so we can all get drunk Stalin-style.
Good times!
__
How long before Pelosi calls for ANOTHER helicopter drop to der peoples?
Anyone?
ANyone?
Employee 8? (Allegedly concerned about spending, pffft!)
Anyone?
Beuhler?
_______
As speaker of the House, Pelosi is third in line for president. Long live the Weimar!
Long live Red Bull and Stoli! Da!
Oops, sorry!
My bad… San Fran Nan’s already done that!
__
Da! Da! Now you mishkas have it right! Where would you like me to send your bearskin rug?
Love what you’ve done to the place Fly, in the meantime check out a couple of new commemorative stock certificates I’ve added on Ebay along with my Bear Stearns and Countrywide certificates.
Was the site just blood red, or am I having a Steven King flashback?
___
JakeGint is a master debater.
Fly
I don’t like other writers posts in your spot
you guys will appreciate this… a mortgage market newsletter i subscribe to had the following excerpt in the commentary this morning:
“There is no doubt that the collective efforts of the Federal Housing Finance Agency, the Treasury Department, and the Federal Reserve will lead to some near-term stabilization in the housing and financial markets.”
thoughts?
also, semi-appropriate
http://www.peteyandpetunia.com/VoteHere/VoteHere.htm
Hmmm….
1992-2000: Dems control executive branch and legislative branch for 6 of 8 years…result? Budget surplus…
2001-2008: Repubs control executive branch and legislative branch for 6 of 8 years…result? Today…
Jake – a proverb for ya…please, don’t even try to defend your neo-conjob buddies, OK? It only makes you look like a tool.
“And why beholdest thou the mote that is in thy brother’s eye, but considerest not the beam that is in thine”
Long financials – short oil – for awhile – I banked coin last week and today. Check this cam outside Sloppy Joe’s in Key West before the storm. http://www.liveduvalstreet.com
Mr. Fly.
As an aspiring trader, I very much enjoy your posts.
Please don’t let anonymously rude internet messages discourage you from continuing your blog.
You give me hope that I can one day become a great trader through discipline and hard work.
Thank you.
…
I had to laugh at the financial analyst asshat on the radio this morning as I was driving to work. He actually said we’d end out ahead on the FNM/FRE because of the elimination of the dividend andthis government intervention leading to an “influx of new capital”.
Tell that to whomever was left holding the (flaming, shit-filled) bag on those stocks as the market has shown today.
Legg Mason stickitinyou…
love that duval st camera.
thanks for writing fly
Mortgage bailout. From Russia, with love.
Paulson said,
“Ya know, we didn’t do this with a calculator” …
No, they used The Fly’s calculator brain!
This place is just not he same when Fly is near death.
__
did anyone get short FNM/FRE Friday AH when they first announced it?
Cuz I threw a couple marbles in the ocean
http://www.ibankcoin.com/dannyblog/wp-content/uploads/2008/09/fnm-fri1.png
How long till SKF hits $120 again?
Delicious Civics Failure:
You mean Clinton’s budget surplus thanks to… Republican Congress holding his feet to the fire, massive defense cuts and windfall tax revenues from a tax cut Clinton didn’t want to make (not to mention welfare reform that boosted employment)?
Don’t bring a beebee gun to a bazooka duel, Beevis.
Also, you may want to look up the definition of “proverb.” It doesn’t mean that.
__
Fly Said……
“You know what’s funny? All of you so called “true Americans,” who are interested in the elections, are backing two guys (Barack and John) who have no idea what the hell just happened today.”
No worries Fly,Sarah Palin has executive experience so she knows what to do..
http://blogs.abcnews.com/politicalpunch/2008/09/a-confusing-com.html
This market is a headache. Turning off my monitor for the rest of the month. [click]
[click]
Forgot. I have to short shippers and tech first. K, bye.
[click]
So rather than blame Bush and his house/senate for the past 8 years, you (Jake) think it’s credible to blame the dems for approving Bush’s budgets/policies and funding them all those years… I on the other hand see it that the dems gave him all the rope he demanded (a “mandate” or something about “political capital”) and he managed to hang himself with it ….
Bush: “I earned capital in the campaign, political capital, and now I intend to spend it. It is my style. That’s what happened in the — after the 2000 election, I earned some capital. I’ve earned capital in this election — and I’m going to spend it for what I told the people I’d spend it on, which is — you’ve heard the agenda: Social Security and tax reform, moving this economy forward, education, fighting and winning the war on terror.”
Uh huh …. guess he spent all his “capital” on tax reform and the war (fighting less winning) … Pelosi must be a “barracuda” when it comes to stealing one’s capital.
Speaking of ropes, you should try pissing up a dry one some time rather than towing the GOP’s line … either way you’ll get soiled but at least you’ll be able to place blame where it belongs.
E-8, do your homework before you come here with your pea-shooter.
How long did Bush have “his own” Congress? Eight years?
Are you serious, dude? How old are you again?
Congress controls the purse strings. Civics 101. Part of the problem with today’s American populace.
Lack of education.
Goldie?
What did Palin say that confused you or the douchebag innumerate reporter trying to play gotcha games?
That the bailout IS going to cost taxpayers and that Fan and Fred HAVE gotten too big for us to foot any longer?
I swear to Christmas, there should be a math test given out before anyone’s allowed to post on this site.
__
Bush had own house/senate for 6 years and the GOP ruled for 12 consecutive … you need a link?
I’m closer to you in age than I am to getting an SS check!
Where did I say that congress controlled the purse strings? An English major, minoring in reading comprehension I see.
No lack of education here but clearly a lack of respect there when it comes to sociology.