…the boogey man will go away.
I swear on a stack of old korans, our leadership is without gray matter. These assholes want to suspend mark to market? Are they fucking insane?
I guess they believe less transparency is exactly what we need right now. After all, if WFC, USB and JPM can just hide all of their losses, keeping them dormant indefinitely, everyone will go long right? And, people will find magical jobs too, as magicians or wizards.
WRONG.
No one will want to invest in any company that is hiding shit on their balance sheets. I don’t want to hear the bullshit argument: “the banks need a little time.” Fuck that.
The motherless whores in Congress have fucked up every single “stimulus” or “bailout” plan to date and will continue the tradition of being fucktarded asshats, for as long as they live. Letting the banks “slide” on mark to market standards is equal to legalizing accounting fraud.
So be it. These fuckers don’t pay their taxes anyway. We might as well support accounting fraud too.
Obamanomics!
Nonetheless, with the market bouncing here, I am comfortable being net long, despite the negative headwinds. My long bias will be short lived. And, my cash position will remain above 30%, until I am ready to start shorting again.
Columbo, “Oh, one more thing” UPDATE: If the Treasury leverages the TARP funds 10:1, in order to buy toxic assets from the banks, they should be arrested for treason.
Free Healthcare for all!
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mark to market
Just went long ESLR.LONG NOV GSI ESLR
Market to Cash FLow is retarded
Your yelling hurts my ears.
I am going to tell Bennie on you.
ESLR volume is cranking.
Get rid of the FED! Let price discovery rule again and may your Dow never Jones!
Have fun, DCA may actually work well this time.
Crude
ESLR reports after the close. I’d dump it before then. They are gonna miss.
I swear to God, the Wall Street/Washington gene pool is more inbred than the Appalachians’ (no offense to the Appalachians). We’ve got the got the combined total IQ of those two hillbillies in Deliverance. (No offense to the two hill billies in Deliverance.
Fly, when are you adding to GDX?
________
fly, im very familiar with FV accounting, and my first reaction was..yes, this is insane.
but whats happening out there is that valuations are not necessarily accurate.
eg. if your neighbour has to sell his house at fire-sale price due to an emergency,is ur house valued at the same?
CDOs have been valued at basically ZERO, when not all loans might default etc etc
there is some merit to the arguement of suspending MTM in times of distress..like now.
that gives banks some leeway to unwind positions
Prof —
I have people in both those constituencies.
They both just called to say “Fuck you.”
Actually, the Wall Street folks called, the Appalachians just hooted across the holler.
_________
Yeah…let’s hear it!! Mark to Market!!
But let’s be honest and mark both side of the balance sheet to the market. Write down the value of the seven year CD at 2% to market at 5%. Just what do you think happens to the balance sheet?
I also find it interesting that a blog committed to selecting under valued stocks would rail in favor of mark to market. Implied in all mark to market valuations is the assumption that the market knows all facts instantly, can price all securities at the right price and eliminate all arbitrage.
Tooth fairy or some other type of fairy must be visiting this site.
Master Fly, gun to the head, upside hedge, would you go with something like BAC or a regional like MI.
I’m all in on New Kids on the Block CDs…better than precious metals.
I don’t know. Isn’t the lack of transparency of these financial instruments the very reason they are trading at zero? Maybe it isn’t a bad idea to suspend mark to market until some kind of regulated clearing exchange can be set up to trade them?
Don’t buy BAC. No way.
Stay away from the banks. Too hard.
Go Chinese. Masters of fuckery.
Who the fuck told you that this would happen ?
These people are manipulators and they will change the rules when it suits them….
http://www.ibankcoin.com/peanut_gallery/index.php/2008/12/02/dow-105k-is-imminent/
Will try to stay away, Thanks Master Fly.
Do not worry, what today has turned into is a better entry point to short all financials, COF AXP GS etc.
if anyone thinks all is well today and will be even better tomorrow and better than that next week and a bowl of cherry’s from here on out by all means buy long and walk away……
I actually live in reality and just see today as a day for the dumbasses to jack up stocks for a better shorting entry point.
I liked the first post this morning — Reflecting on the Life and times of the Clawhammer @ the end of the world.
I will quietly sell some gold into a rally north of 900.
You can’t mention gold in the west, you will set someone off that just read a book written by some gold bug that makes more money writing books than trading gold.
Everybody shut the fuck up and pile in the Trans Am! We’re going to egg Old Man Devildog’s house! I can see him in his window putting on his lipstick and clenching his rifle! Turn it up! “Pourrrr sommmme sugar on himmmm!!!!!”
GET IN THE TRANS-AM!!!!!!!!!!
It’s another rumor, ala bad banks. Until I get confirmation I’m fadin’
Don:
STFU and GET IN THE TRANS-AM!!!!
Watchdog: Treasury overpaid for bank stocks
http://finance.yahoo.com/news/Watchdog-Treasury-overpaid-apf-14265550.html
Well no shit and the will over pay for the debt too
Chinese New Year celebrations end on Lantern Festival, Monday the 15th.
Does that Trans Am have a Moon Roof? I’m riding on top of the moon roof!
.
Hey. Where is the baby seat in this Trans-AM?
I wannnna come too.
I want to pay my taxes with securities valued at what I think they are worth in consideration of their long-term prospects.
No more shall the tyranny of the market’s short-term outlook determine the “value” of my investments.
Fuck your chinese fuckery…
This is market is GAY…GAY!
I just bot 360 rounds of ammo this am and touched off a 22 point es run. I am sorry.
Jesus Christ what an asshole tape. Thankfully I’ve been on the right side all day. So far at least, I’m still shorting going in to this possible bullshit “money-handout-we-love-Ken-Lewis” rally.
But I’m too happy entertaining the thought of bitch slapping Donny Deutsch with a fucking rolling pin. Staying short, maybe even an FAZ play. Fuckers.
True all that, Fly.
One thing we might see is tax free repatriation of offfshore dough.
IS the PPT set up to find who would benefit most?
PFE I think has shitloads offshore..
Is Burt driving?
Fil Zucchi
12:51:21 PM
Position in SRS
One answer I really wanna know
If the government forces elimination of preferred dividends on TARP recipients, and considering that many REITs will be in mucho trouble unless they can slip into the federal give-away, does it mean that REITs won’t be allowed to pay dividends anymore?
Are they even REITs in that scenario?
My mullet is down……my high tops are loose…..my wife beater shirt is dirty with ketchup and mustard….getting into the Trans-AM
Yeaaaaa! In this fuckin Trans-Am dudes, everything is mark-to-ROCK AND ROLL! You want my house, man? Sure! Just gimme a sweet air guitar solo and, it, is, YOURS! Yeaaaaa! Pabst Blue Ribbon!!!!
Why can’t you people see this for what it is. Nothing more than short covering!! You may say that I call every rally short covering, thats because they are in this bear market.
The shorts started to cover right when the mark to market fuckery was announced by the fucking whore network CNBC.
The bulls have nothing to stand on. Would all you bulls please tell me what makes you want to buy? The bulls get a little excited when the covering starts and then they decide to buy a little. That is why the volume drops off after the wave of covering is finished. I expect a rally to hold sucking all the fools in.
Crude oil
ESLR reports today. Id sell before the close, they are going to miss today.
Bank recapitalizations from our blessed government will wipe out the common share holders at the banks. Capital structures are getting the homo hammer, no doubt.
I heard one full-time asshat, part-time perma bull proclaim that these big banks are “a value play”.
Idiocy. Insanity.
The market pattern of selling before the Unemployment Report has become too predictable. Traders got short and now the big money is putting the squeeze on.
“Given the complexity of the China’s formal and informal banking systems and the lack of transparency, it is difficult to know how vulnerable the banking sector is, but it is clearly something about which to worry. Warren Buffett once quipped that you can never know who is swimming naked until the tide goes down. The tide is receding and we are about to see how many naked bankers there are.”
We need a Direxion China Financial Bear Fund.
Where is D-dog?
DD is reloading……
and looking for his anti Trans-am spray…..
Fuck all you Trans Am haters.
After visiting DevilDog…how about we all go on strike… “men of the mind” (Ayn Rand-Atlas Shrugged) go on strike, refusing to contribute our inventions, art, business leadership, scientific research, or new ideas of any kind to the rest of the world.
Since society hampers us with unnecessary, burdensome regulations, undervalues our contributions to the world, confiscates our profits and sullies our reputations we have rightfully earned we should strike.
The peaceful cohesiveness of the world will begin to disintegrate as each of us slowly disappears. As strikers we believe that we are crucial to a society that exploits us, denies us freedom and takes our hard earned money and talent away from us. As such it would serve no one’s interest to continue to allow ourselves to be exploited so let’s all just LEAVE and DISAPPEAR.
Let’s get into our spaceship and leave. We can start civilization over again. There is a wide variety of talent in our group….we will ‘ rebuild’.
.
I hope the Wiggles are driving the red Trans-Am.
http://www.youtube.com/watch?v=16MmxCfhbOU
KPMG, D&T, PWC and E&Y are all for markt to market. Then again what do they know, oh just everything these POS banks are holding. What the fuck are we going to mark to? mark to make up?
This is fucking insane. The worse idea I have heard yet.
I always keep a Trans Am in the back.
Pointed away from the building.
Keys in the ignition.
Mr Practical
01:55:53 PM
No positions in stocks mentioned.
The market is up on rumors of Suspension of Mark to Market Rules
Just yesterday Mr. Volker was talking about the need for more transparency to restore faith in financial markets. Today we are right back to less. Does anyone remember the lesson of Fannie Mae (FNM), which did not publish financial statements for a year and a half?
Mutual fund managers paid a dear price for that lesson, but it seems not enough.
If investors do not know the financial health of a company they should not own the stock.
If they pass this stimulus-ppork spending bill we are certainly fucked. There may be a short term honeymoon but DEFICIT SPENDING DOES NOT WORK!!!!
Borrowing does not stimulate the economy for it will not increase the money supply to compensate for the contraction
Here comes the third test of the 850/8100 area. I’m calling BS on this rally if it fails again.
take a look at V and MA………
Why isn’t BIDU up today?? WTF.
i think atvi is a chinese stock at heart.
GS finally losing steam? any more GS shorts to squeeze?
I’m short GS and I won’t capitulate
Getting my teeth kicked in right now but thats ok as I am holding a big cash position waiting for the next big wave of shorts that will come
attaboy TMOE, short the strongest stock in the sector.
Does anyone know if Peter Costa, the guy interviewed by CNBC on the floor of the exchange, is part of a program where special needs people are integrated into society?
Oh GM, how far you have fallen since 1977.
Get in the freakin’ Trans Am, dammit!
_________
COF and GE look alot better to short from here than GS…..
Putting more sack on the line. T MOE buys more SKF at 140
gotta love the bull trap
If I close my eyes, FAZ will rise.
COF is a zero. I just got a letter they are raising my rate to 29.4% and if i dont agree the card expires 5/1/09.
I never carry a balance, use the card for my Siruis sat subscription and have an 815 FICO.
Clearly i am cancelling this, as would any sane and not completely fuckign desperate asshole. They will have a client base of bankrupt deadbeats and a 50% cahrgeoff rate in a year. bank on it.
Sell off into the close. S&P can’t stay above 850. Smells like a Bull TRAP. Bar BQ’d bull meat shall be served tomorrow.
Bilbo-
Not really worried about their so called strength. It is price driven
Just like the last run it had from 65 to 88. Moving too far too fast
Most market large downturns happen on a Friday or Monday. Time to buy stocks the RSI went below 30. WTF CNBC is Cramers National Bullshit Casino. The old traders from 1929 would just say WTF the pumpers are allowed to go national on TV. Business Porn at its best. RSI went below 30 so the market went up. Really Simple Information. RSI
BAC will be saved!
i sold into this rally. A lot of unemployed people, noone to buy anything, people that have work retrenching into saving more in case they get fired too.
WMT had better than expected report – big deal! Mark to market suspended – so what? Lets say banks will not get nationalized. How is that going to help people who are fired? How is that going to help retailers?
Since the Fly love all thing Chinese, am throwing some ancient Chinese proverb…
“Death and life have determined appointments. Riches and honour depend upon heaven.”
Marlin!!!!!!! where are you!!!!!!!!
Mark to Model?
Whose fucking model?
bek,bek,bek, bwwwaaaaakkk!
Ken Lewis bought more stock. A good Captain he is.
Rumors that GS will opt out of TARP …
http://www.marketwatch.com/news/story/Goldman-CFO-says-firm-would/story.aspx?guid={40D805C2-F8C9-4D4F-BF89-507AC694C4B5}
All roads lead to wheat. Undervalued here and looking for grains rally.
Financials are just plain stupid long or short.
lewis avg’g down on his last poorchase @ 23.00
Ahoy mate.
Women and children first and lastly Captain Lewis.
Use your stock certificates as flotation devices.
Bill Gates sold $160 million worth of MSFT stock in the last week or so. Wonder what’s up.
Fly, Is BUCY a proxy for the sector (JOYG, TEX, etc) or do you like that one for a reason (PPT) ??
More fuckery by Lewis to save face. Throwing his money down a hole
Maybe Gasbag comes on and says the mark to market rumors were false and we can see the true CNBC fuckery
Doesn’t the use of a time machine undermine the premises of mark-to-market? And create yet another repair task for the Time Patrol?
Gates needs the $$ for mosquito repellent.
http://www.smh.com.au/news/technology/bill-gates-releases-swarm-of-mosquitoes-on-ted-audience/2009/02/05/1233423357082.html
C just jacked up my card too, paid in full for years, amped up my APR to 15%. Idiots. b/w COF and C, do they have any idea what they are doing? I got in a fight with the minion at C, she didn’t like it when I told her the Company was BK. “no that’s the mortgage part of Shitygrope”- as the cave men say on the commercial “what’s in your wallet?” how about a hot steaming pile of shit?