I am too upset to blog in full sentences, give the absolute dismantling of WNR. So, I will throw out some random thoughts. Whether you agree with me or not is not relevant.
Obama is a dicksucker.
The Tea Party people are the most ignorant facet of society since the neanderthals clanned up and attempted to kill T-Rex’s with dull spears.
You cannot balance your budget out of an economic spiral. Moreover, you can’t raise taxes on the rich and expect things will get better.
There is no way out for Italy and Spain, unless ECB cuts rates to zero and monetizes their own debt.
Congress is unfit to govern.
The Fed needs to act soon, else we will crash. I do not give a fuck if you believe inflation is a risk, as it’s all a fiction and figments of your overactive imagination.
The inflation story never had legs, since wages never went up. It was all manufactured. Now it’s being dismantled.
I am more than upset today, but depressed. I was 80% cash last week (50% yesterday, 20% now) and looking to position into TLT in the low $90’s. The debt ceiling debate distracted me from the real issues at hand.
Fuck you Congress.
Yup, where’s the inflation?
-Happy
Give it a minute already.
BTW, we are way way higher than we were at the worst of it in 2008. Keep it in perspective.
-Happy
Dude how nervous are you right now? You keep blogging every 30 minutes. Fuck it let’s go get messed up on blow and find hookers.
Pleeeeze.
The Fly is a family man.
I see your 30 minutes, and I raise you reality;
PAY YOUR FAIR SHARE
Thursday, August 4, 2011 at 2:13 pm
How’s That Inflation Working Out For You?
Thursday, August 4, 2011 at 12:29 pm
PANIC
Thursday, August 4, 2011 at 10:57 am
VERY, VERY Dramatic
Thursday, August 4, 2011 at 9:47 am
Fucking Retards
Thursday, August 4, 2011 at 8:57 am
SHOWTIME!
Thursday, August 4, 2011 at 12:57 am
…in for blow and skanks
haters gonna hate
Banging my head on the table for not sticking to my plan to add on the bounce and buying silver instead.
Well said Fly. Hang in there. It gets better.
The Predator has come for us again but we exhausted our ammo the first time.
Actually the Tea Baggers stole it.
Blame is inconsequential. It’s time to GET TO DA CHOPPA.
Few more:
DevilDog is probably knocking on iBC’s door asking for his own blog
Cap will place a bet about sucking his own dick if the markets do not go back to the 2009 lows
DopeOnHope is still gay
The Fly is God
The Dawg was here yesterday.
Don’t be so dramatic. This feels more like summer 2007 than fall 2008.
yeah feel much better lok at the right hand side of the chart in 2007
Lets not forget, every corporation will cease to exist after the weekend, you will not be able to buy your Chinese shit at Wal Mart unless you posses full gold bars and your car has whatever gas is left in the tank to get you there, unless you have a John Deere tractor to syphon some out of. Kaiser the Dog is just shaking his head, asking if there is a chance all the beef and steaks will be gone forever too. This is all too fucking stupid.
You forgot a couple:
The Mets still suck.
Where is Paul Volcker?
Civilization is over. Stock up guns ‘n’ ammo. Water, canned goods and start scoping the neighbourhood for the weaker targets. Oh don’t forget that syphon!
Canuck $ getting ass-kicked today FWIW. Oil down big high correlation there (Petro currency blah blah).
-HDDB
go to sleep children, tomorrow u will feel better about this market and we will all laugh and toast glasses to each other celebrating our overly deserved and foreseen victory.
Waiting for the 1987 comparisons going into a weekend???
Anyone?
The only thing missing is James Baker whining about the DMark and Paul Tudor Jones calling in short orders on his rotary phone.
Priceless. Where’s the Contel mobile phone ad with the guy trying to get to the meeting, and the sheep cross the road?
the losses are not real, they’re only on paper. REMEMBER THIS WISDOM!
Zerohedge was saying they got so much traffic one of their servers exploded. Sign of a bottom?
Sometimes deserved things happen to nihlists… may the gods of anomie continue blessing their path
Dude, sell everything and go to 100% cash (or save GSVC if you must) and just reset. I assume you’re still up 5-10% on the year, so just reset the mechanism and wait for shit to clear.
I know the feeling and you know as well as I do that when one gets in this mode, you won’t think clearly and whatever you do will end up being wrong. Just get out entirely so you have no emotion invested, watch for a day (or an hour) then decide on your next move.
Spain & Italy are hosed, the eurotards will continue to dither, there is no real blood in the streets…yet
tomorrow will be an outside up day leading to monsterous gains and massive short squeezes. if not, the gains will come without a doubt starting next week.
No offense, but I’d wish you’d shut the fuck up for today.
This comment is white hot…..
What the fuck are you smoking?
The Eurozone just has to announce their own QE and bank bailout and it all goes away.
Pull the trigger and their will be an end to the horror…
http://www.youtube.com/watch?v=ohDQp8puUn0
QE with intention of cancelling the bonds. OR reducing the amount of money owed to what the ECB paid for the bonds in the first place. They need to simply reduce debt, which they can very easily do. Just cancel the damn debts until we reach the point of stability. Then enter into some kind of balanced budget phase in the EU by cancelling them via at-market purchases you keep things more or less “fair”.
And make it big, and make it ACTUALLY REDUCE GOVERNMENT DEBT LOADS AND INTEREST PAYMENTS BECAUSE AUSTRIAN ECONOMISTS AND AUSTERITY ARE BOTH AMAZINGLY STUPID
that will solve the eurozone issue.
those countries, unlike the US or Japan, cannot spend at will and do actually have debt and actually have to keep some semblance of a budget.
for the US, slash all payroll taxes to zero for the foreseeable future.
Extend the borrowing. There’s no problem with that.
Keep delaying the inevitable. It’s worked for years.
I’m going to call this the “Can Kicker” school of thought. I agree that we need to provide stability while the mess gets sorted out, but there needs to be REAL steps to unwind things in a sensible manner. Just pure can kicking leads nowhere but to a future murderhole.
-HDDB
if more than 50 or 500 people in the world would just wake up, think a little bit (its already written all over the internet by me and others) and realize that the us national “debt” is actually the total sum of all dollars ever created and in existence. in other words, it is the money supply.
Also, hyperinflation has never occured in a country that has no debt in other than its own currency. most have also had political instability and regime changes, and none has ever experienced it while having the foremost military in the world, etc.
Further, EVERYBODY has no idea what QE really does, which is more or less nothing. It does not transmit really any dollars into the actual economy (and quite possibly reduces them) because its basically an asset swap that raises bankn reserves, but if banks aren’t lending and people are looking for loans, guess what? IT DOESN’T DO ANYTHING. But lets just panic and post “the bernank” comments for 17 weeks while levering up 10 times on oil.
So we have, quite literally, as we have always had, a textbook debt deflation, and we’re sitting here trying to REDUCE THE MONEY SUPPLY AND AGGREGATE DEMAND INTO THE FACE OF IT.
There is no need to raise taxes on the rich, there is no need to collect social security tax AT ALL. This is all so simple and so solvable.
The US has absolutely no revenue constraint nor any need to raise the funds first, taxation simply serves as a means of controlling inflation, which, by the way, we don’t have a whole lot of. If it wasn’t for wall street and various speculators panicking over hyperinflation and china building cities to nowhere, we wouldn’t really have any.
The US can cancel payroll taxes indefinitely and never risk social security being unfunded, it has no need to raise taxes on the rich, it has no need to not lower corporate taxes, etc. It has every dollar imaginable to run a big infrastructure stimulus package.
Ditto Japan.
The ECB could buy back 20% of all outstanding eurozone debt at the market (spend 20% of the dollars as based on “par”) and simply cancel it. Would hyperinflation ensue? Absolutely not, because those dollars are already spent and you could then allow reasonable budget deficits in the eurozone countries and it should more or less bring everything back to something resembling normal.
But tea party asshats AND “austrian school” asshats AND the general anger and discontent of the population have people doing what?
REDUCING AGGREGATE DEMAND AND CONTRACTING THE MONEY SUPPLY INTO THE FACE OF A DEBT DEFLATION. And don’t pull up some M1 graph either, M1 is near as dammit pointless.
Its the dumbest fucking thing I can even imagine
The dumbest thing I can imagine is what you just wrote.
this is why the secular bear will reach 20 years: widespread lack of how monetary systems, inflation, and economics even work.
modern monetary theory, people, please for hte love of god read up on it.
@check – Just bang your head bloody. You will never convince Question Mark and the Austerians. They will need to learn their lessons the hard way. Unfortunately, for the rest of us, we all get hurt while they get learned [sic].
All of that works until it doesn’t that’s the problem. The entire system relies upon credibility. If our debt/currency is no longer considered sovereign… Poof! You’re Wiemerized.
_______
rest assured, your feeble imagination is no match for what our deadbeat gov will conjure up
tltr
Checklist– Where can one read about the ideas your have mentioned? The folks around here only read Ron Paul and Von Mises and Tea Party web sites.
Google MMT..
Agreed. One correction, though: monetary BASE, not supply. The reserves didn’t translate to credit. Consumers are de-leveraging, corporations are bathing in free cash…
NYC banks will now on charge clients with large amount of cash.
I think its interesting that we are in such a situation where banks are charging their customers to hold their cash. I’m pretty sure soon other banks will follow.
Are they begging for a bank run? Were I Richy McWealtherson, I would be turning it to PM and hiding it like a pirate… With an elaborate treasure map as my will.
and tomorrow, we’re going to learn all about the other side of the balance sheet. class dismissed for today.
Rome had the world reserve currency and the foremost military in the world. They tried to print their way out too (debased coins), and guess what happened to Rome? Admittedly I agree with a little of what you had to say; namely:
“if more than 50 or 500 people in the world would just wake up, think a little bit (its already written all over the internet by me and others) and realize that the us national “debt” is actually the total sum of all dollars ever created and in existence. in other words, it is the money supply.”
From there it gets a little sketchy.
PUTS are holding up well. The buyers are their first and the markets second. Derivatives control the world. VOTE Ron PAUL!
CNBC puts you on TeeVee this morning and then all this shit happens…..
I am crying right now.
I am actually having tears come down my eyes. Tuesday morning I was ready to exit positions and I had these stupid limit orders which didn’t hit and I just sat there like a dumb ass watching my positions crumble.
I don’t even want to log into my account anymore
I am sitting here a grown man crying. Kleenex on side. I averaged lower today and I fucked my butt hole even more. Feels like Jean Trichet is sticking a LeMat Revolver in my butt without any lube and thrusting it back and forth. Just right now, he pulled the trigger. There is feces, blood, dingleberries, splattered everywhere.
The Fly is now depressed. What am I supposed to do if he is depressed ? I need an IV Bolus of Zoloft.
The market is for quick minded men that trade slowly. WORDS OF WISDOM! REMEMBER THIS!
Sure glad you were not around during the Asian Contagion of the late ’90s or the 10/19/87 (see above) crash.
You sound like a mess.
The worse part of this all is I have to be in work in 4 hours in this horrible state.
Mandy Drury’s voice is making me cringe.
I have front month options stupidly.
My brain is everywhere.
Only thing I have going for me is my BWW thats it
Hopefully you don’t work at a Nuclear Energy Plant.
Now you know what I feel like. 😉
Homer Simpson, is that you?
____
Sounds like you need a little chruchin’ up!
Big Wee Wee
Lots of folks are in your boat.
Go get some exercise, talk to a friend. Do some acupressure tapping for emotional release.
http://www.bradyates.net/youtube.html
Go do stuff that makes you feel good.
Money is not everything. Seriously. Go out. Walk around town. Go hear some good music or go on a hike in nature. Swim or fish or whatever strikes your fancy. Try some of life’s other opportunities.
Some people say “If you went and lived like some poor people do on a Saturday night, you would never want to be rich again.”
Research shows that more money, past a level where you have basic needs mets, does not make people happier, despite the fact that so many people believe it does.
Trading is worth doing. But it is not life
I meant to say: It is not all of life.
Thanks for putting it in perspective.
Thank you for taking the time to write that.
I appreciate it.
B.W.W.
depressed sums it up nicely and I’m sitting 50% cash still…..
this collapse is manufactured for the bernak before his meeting in a couple weeks. QE3 will be launched, no doubt.
We ain’t got two weeks, and there is no need to take 2 weeks. Explain to us WHY
you think Ben should wait 2 weeks.
2008 was merely the Appetizer, as we await the Entree and Desert!
Is it Friday yet?
I liked that one comment: Where’s Obama?…Why isn’t he saying anything!?!
Whats to say?…His Plan is working perfectly….the little bastard is making vacation plans…for all 300 of his relatives
And I’m grateful for that.
I remember 2008. If you want to see the market down 1000 points, put a politician on the screen and have him say “the fundamentals of the economy are strong.”
Obama is having a Birthday party in Chitown for his 5,000 closest friends.
But first, he is washing out the “Just for Men” coloring so he looks distinguished.
He had Carney come on today and say it was due to “exogenous economic events” outside our control.
Heh, like his boss’s election.
________
Hey Fly: Shut the hell up. The Fed is powerless.
Suck it up, Man.
I smell a ban coming…
I think it’s time to go hobo and roast some roadkill over flaming barrels of garbage. Get some pocket change and open a Zeco account.
Today sucks, for sure. For that matter, the past two weeks have sucked. But keep it in perspective. You should have been up handsomely on the year (if you’ve been bullish). And while you may have given back a chunk today that feels like you crapped out an Armageddon-sized asteroid through your sphincter, you should still shouldn’t be much worse off than you started the year. Now, if that’s not true, and/or you lost your life savings today, you need to step away from the keyboard, deactivate your trading accounts, and go earn +1% in a savings account until you learn the definition of “risk”. And by “you”, I mean the general comments, not Monsieur.
Bullshit. I have been bullish all year and I was DOWN 7% before this shit started 2 weeks ago.
Every one of my stocks – GM F COP YHOO VLO EK ACI .. ad infinitum was in the shitter.
Well then you didn’t even make it passed my qualifying statement. You should have been earning 1% from the start of the year.
As most internet posters should. This is a game played well by few and badly by most. If this week really bothers you………get out.
Indeud.
This isn’t bad…if Apple was down $95 and you didn’t want to buy it, that would be bad, and similar to what happened in 1987.
An afternoon nap did nothing to benefit this situation. Someone give me a fucking sandwich.
Who wants to hold into Friday afternoon over the weekend?
Someone in a leadership position needs to step forward and communicate.
We need another tell, Obama helped out when he stated now would be a good time for long term investment.
How about now?
He recently told you that the economy had been hit by a truck. He said that a few weekes ago. Weren’t you listening? People would be a lot better off if they would listen to Obama. I am not satisfied with him as a president, but as a financial advisor, the guy rocks.
Although I am not as dissatisfied with Obama as I was with W, I must say.
Not the economy, the market – if you have been paying attention there has been little correlation due to .gov intervention otherwise known as the PPT, QE, etc.
Perhaps his “eat our peas” statement was an attempt to telegraph.
In the “economy hit by a truck statement,” he said the economy would take a while to recover, and it will. This will pass. Wait for him to come on TV and say the stock market is a good long term investment again and then the stock market– and the economy too– will start to recover soon after that.
I don’t know if QE worked or not. But according to the theory of it, there is a time lag in its working. So the effects of QE 2 would not be seen until next quarter or even next year.
speaking of the ppt.where the hell are they at.on a long lunch or watching porno’s. wtf
Hey Fly,
The likely loss of unemployment benefits for 3.71 million Americans in a few months will only add to an economy edging ever closer to recession, according to analysis that puts the chances of another downturn at better than 1 in 3.
Bank of America Merrill Lynch economists say the ending of benefits for the so-called “99ers”—those who have exceeded their normal benefit allotment and are on an emergency compensation program through the end of the year—will slow the economy even further. The term comes from a previous extension to 99 weeks of eligibility for benefits.
When the long-term unemployed hit the same point several months ago, Congress stepped in with an extension. But that may not come now.
“We do not expect them to get extended,” BofAML economist Joshua Dennerlein wrote in a note to clients. “This will act as a hit to income, hurting consumption growth in the first half of the year.”
More importantly, this “hit” comes at a time when BofAML thinks the economy—already battered by rising unemployment and a Depression-level housing market—is very fragile. Another shock, the bank argues, could send it into recession .
Jeff Cox
Staff Writer
CNBC.com
In fact, chances of the U.S. economy entering another recession, the firm says, are now 35 percent, about double from a forecast it issued during the spring. Recession is often defined as two consecutive quarters of negative gross domestic product growth.
“It would take a modest worsening in financial conditions, falling oil prices and rising unemployment. None of these are extreme scenarios,” economist Michelle Meyer writes in a separate note. “We argue that after a series of sucker punches earlier this year, the economy is only one shock away from falling into recession.”
The good news is that the recession likely would be “mild since the economy already is very lean,” specifically citing the 8.8 million jobs sliced during the previous recession and only 1.8 million rehires.
Ominously, though, a recession could trigger a number of unexpected events, with Meyer specifically citing “a muni crisis” where state and local governments, which have been cutting costs aggressively, would face more intense pressure from a new recession that could lead to bond defaults. This is in part the scenario put forth from banking analyst Meredith Whitney, who has been widely reviled for her forecast of a wave of muni defaults
we have had almost 6 quarters of negative growth. more if you include off quarters we had from surprise late 07 till now. so why does everyone insist, or assume a recession. we never recovered from the first gripe i think it’s safe to say that this is a depression that we are witness to. people should stop using that word, it’s been four years of recession already, i think people can handle the psychology,but i guess denile is a river in egypt, no. pom pom’s bartiromo just asked some dummy,”you think we’ll go into “another” recession……puhlease……..depression…..repeat after me , depression, now breath deep…depression
Checklist
Where can one read about the ideas your have mentioned? The folks around here only read Ron Paul and Von Mises and Tea Party web sites.
Oh, I found it. Googled modern monetary theory and found it there.
Google “Rock Candy Mountain” while you are at it.
_______
Big Rock Candy Mountain?
I learned to play that one after watching “O Brother Where Art Though”.
Newman driving the WNRmobile:
http://www.youtube.com/watch?v=kEpLncBG_Nw
Oh the humanity!
Perhaps bigs are shorting to pick up the shares on the cheap?
putz are holding up well
I have an idea an idea to correct our financial mess, but it will piss off both the Republicans and the Democrats. The idea is this: Raises taxes and cut spending at the same time. So simple it’s brilliant.
Not possible to raise taxes. Google Grover Norquist.
holy shit, dude… wow. yeah… nothing but love for you, homie <3
the FLY shall be back.. he always is…
with oil at 86…I am surprised that my little US Dollar at 76.00 yet. That is the biggie resistance that it has had a hard time taking it all.
Much obliged if you’d call it something other than my little US dollar ma’am.
Wah. Please help me government. My portfolio is getting poleaxed.
No wonder this country is fucked.
Amazing how many people are looking for a bottom. The ZeroHedge tell. The Jim Cramer tell. The CNBC blonde bimbo tell. Hell with so many people looking for a bottom and puking when their fingers get sliced off it makes me want to remain in soon to be worthless USD for the foreseeable future. The smartest winged dude in the room tried to be a hero and is getting smoked today. Thinking I could do better than a fly would be stupid.
Fuck you Chris. It’s real easy for you to talk shit today, not having any skin in the game.
BANNED
Fly
I had a cigarette and a shot earlier feel much better now.
Even better if you take a shit, shave and shinola.
Fly, I hope you will get some exercise or do whatever you do for stress release. This is a very stressful market.
I know you are very talented and will come back from this in a big way. The most important thing for you, and other folks with skin in the game now, is to release the stress. Stress release makes us feel better and think more clearly.
The time to buy physical silver is at hand.
Like hell.
Fly,
Repent and remove that CAPSUCKSHISOWNCOCK link. Replace it with CAPISGOD. Its obvious ever since you added that CAPSUCKSHISOWNCOCK link you’ve been losing money. Mock me and you shall be cursed !
And yes I’m back to slay all bulls. I sniff a bear market and am eager to bank some godzilla size coin. On a side note all you IBCer bulls shall be offering to ‘suck my cock’ before this bear market ends.
CAP
retard
dow 10600, posted yesterday, if something isnt done, if jobs report isnt good, or atleast better,,
no, the bot’s will try for a “capitulation friday”, you know,just like head fake tuesday’s
Broadway Goes to Washington with a Zero Premium Options Trade
Wall Street Elite recommends you buy the January 2012 XLF 12 PUTS for $0.47 and sell the January 2012 SPY 85 PUTS for the same price in equal numbers.
You buy the January XLF 13 PUTS for $0.47 and sell the January SPY 85 PUTS for the exact same price (or a cent or two difference) in equal numbers. That means your cost for the trade is a wash – it costs you nothing (outside of commissions).
With kind regards,
All the Little Wee Wees colorfully squeezed in an accordion are like the kid who talks shit to his buds after he tried to get laid and was turned down by a second class pelt. He didn’t know what he was trying for, how to get there, where it was or what to do with it if he touched it.
was that like first time you touched a booby…rof
Fluck it, bought some AMZN.
Whining about government or market direction is a losers game.
Buckle up and get to work.
Tonight should be a full night of research.
If you don’t have a well thought out investment approach that matches your personality…………try Vegas. Perhaps “All In” on Red…..:-)
Oh and word on the street is Paulson blew up hence the moves down in Gold.
You sure had to wait a long time to show your face around here.
If only I had the fly’s balls, I would be rich. I sold my $89 oil puts and $35 silver puts for peanuts, believing a relief rally was imminent. As I see it, the only thing saving this market is QE3, or at least talk of it from Helicopter Ben, as traders have become reliant on inflationary training wheels. Now all the moons must align before such chatter can begin, meaning much lower oil and a significantly higher USD. When we gain a little dollar strength and some deflationary pressure, the fed will have the standing to erode the dollar. Until then…pain.
They can and SHOULD erode the dollar right no! No reason not to!
WNR looks great!
Hey look we’re all doing the same thing in the same direction into the close. Is it still called a rally when the numbers are going down?
-HDDB
MPEL is destroying my asshole today.
sold gold, all cash
pussy
I think I drank enough, Kate Kelly looks HOT.
glad im not the only one who was distracted by debt ceiling debate. I got smashed today. Really was expecting (hoping) for a Wednesday repeat but it now seems to be more like a 2008 again. Europe bank are a serious concern, US is to the shit and China is on a go slow. any ideas?
I am more than upset today, but depressed. I was 80% cash last week (50% yesterday, 20% now) and looking to position into TLT in the low $90?s. The debt ceiling debate distracted me from the real issues at hand.
Except for the TLT part that sums up my current state pretty accurately as well. This has not been a fun couple of weeks.
Fuck you Congress.
You Got Damn right on that one.
I used to be recommended this blog via my cousin. I’m no longer sure whether this post is written by means of him as no one else realize such certain about my problem. You’re incredible! Thank you!
I’ve found myself here several times before while looking various things. I appreciate the detailed articles you write, and in some instances this is the ONLY place I can even find them. Cheers