Rumors are running rampant in Europe, surrounding French banks. There is talk the government is going to force French banks to merge, in order to recapitalize and Qatar taking a stake in BNP Paribas. On that news, French banks are rallying and US futures are climbing.
Goldman upped the price target on AAPL to $520 and Janney lowered the price target on NFLX to $102. Clearly, there is a tale of two cities taking place in America, where the haves and doing exponentially better than the have nots. Howsoever, that doesn’t mean the government is entitled to redistribute capital on behalf of the “little guy.” People who are rich worked hard for their money. They shouldn’t be penalized because the dicksuckers in Congress don’t know how to manage a budget.
I read a story yesterday that the Department of Justice spent $16 per muffin, $10 per cookie and $8 per cup of coffee for their fucking conferences. Really? You have to be kidding me. And then these same assholes come to us and say “we all have to pay our fair share.” How about this, go to Dunkin’ Donuts for your coffee and lay off the fucking cookies and muffins you fat faced hacks. Not only will you save the country money in cookie expenditures (yes, I said “cookie expenditures”), but you will avoid a coronary, leading to even more savings by not having to foot the bill for your hospital expenses.
Mr. 0bama, do you want to create new jobs without spending another nickel? Here is my proposal. Since we all need to pay our fair share, ask your people at the Unions to implement a 20% pay cut across the board, in order to hire skilled American workers. That makes sense, doesn’t it? We all share in the struggle, build a sense of community across the nation. It will be good for the soul.
Into the Fed, I am staying put, 70% long–mostly in tech.
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da fly is god
This is WHY the ‘Fly’ RULES!
FLY…you have an opinion on going short RTH.
Looks like coal in stockings this Christmas…er…sorry…Holiday Season.
No way I would short ahead of Fed day. Also, instead of RTH, pick a retailer laden with mounds of debt. With RTH, you get short big retailers that won’t drop.
Aim for the weak.
Thanks FLY.
I already have a position short RTH but will take your advise on finding a retail dog to compliment.
Shorting QQQ’s looks good here as well.
Crap shoot doing anything before tomorrow…
Thoughts on other side of this trade… Screened with Short/Finish Him and picked DDS for squeeze post Fed. Thoughts?
Dabbling into BAC at 6.90
oops
all you need now is a wing and prayer
That’s what stops are for…oops is right!
Govt is corrupt from the ground up. The person in charge of approving these vendors should be shot for treason.
GM signs a four year agreement in an economy that turns on a dime, brilliant.
It’s just a matter of time before some asshole proposes legislation to cap the work week at 30 hours in order to lower unemployment.
From an alliterative and personal opinion standpoint I would have written ” fat faced fucks “.
Yeah, but I was trying to keep this post clean. Something for the kids and family.
Kids & Family… “People who are rich worked hard for their money” – unless it was given to them. Tax inheritance at 60% and make them work for it! New money ftw
so they will give it while they are alive. that’s not the way its money which already taxed.
(laughter) I just realized you’re spelling Obama’s name with a zero in front. Thinking back, you’ve been doing that for months, haven’t you?
0bama…that’s classic.
We should implement the “Buffet Rule”…Warren Buffet has to pay 3% of his net worth every year into government coffers, where it will be used to buy $8 cookies and line the pockets of contractors who married into the families of Senators.
Very efficient stimulus…100% of money goes directly to the people (contractors are people too). 0% of all funding gets tied up in “frivolous expenditures” like capital or equipment.
Actually, the government should seize all of Buffet’s assets and force him to work at a Coca Cola plant.
Or making fucking burritos. The old fucker like junk food anyways.
Bastard Buffet eats whatever his stomach desires…cheeseburgers, ice cream, bacon wrapped bacon, etc. and will probably outlive all of us with his clone Buffet…reserved only for billionaires of course.
This is the best fucking thread of all time. No doubt about it.
CNBC just told me that my comrades where marching outside the Hermes store with “eat the rich” protest signs, a divine sign from the Oracle for sure.
Under my plan, the government can create 3’million jobs immediately, without spending a dime.
All 15 million union workers take a 20% haircut and in return, companies hire skilled workers with the savings.
LOL.. You actually think they would use a dime of that savings to hire additional workers as opposed to increasing executive stock option plans?
I agree. As President LeFly, IBC regulations their would be a 3% commission fee on surplus revenue.
Naturally, this would be minted under the Treasury’s newly designed IBC stamp. I, of course, would undertake the duty of managing such coin money minting operations.
(Yikes, changing that “pass or fail” game. Ughh, grammar, spelling.)
come on fly everyone on wall street lost all credibility when they made dumb bets and got bailed out. enough of this hard work bs – i worked on wall st for 10 years and yeah it was hard work but i also did roofing and produced music – all were equally as hard. i made 10x more on wall st though. wealth disparity is a problem in the US- in that regard we are like a 3rd world country. sorry but that’s just bs. everyone fucking works hard.
No they don’t.
We have pockets of the third world here in Texas called colonias. http://www.sos.state.tx.us/border/colonias/faqs.shtml
These areas are going to grow unless there is a real reckoning with income inequality in this country. Smart folks know that there is a demand problem in the country, cutting middle class taxes and raising taxes on the rich is a good way to stimulate more demand. I agree there needs to be smarter spending, military spending cuts and tax code reform but it is time to return to Reagan era tax rates.
Income inequality isn’t going to be fixed by attacking wealthy people. It’s going to be made worse when the rich start seaking out black market shelters.
You want to close the gap? Fucking loosen barriers to entry and stop backstopping losses of major companies. Oil fields and nuclear plants notwithstanding, we way overregulate things that shouldn’t matter, like hair salons, bars, or taxi cabs.
Then turn rates around and create a positive real rate environment. The income gap would close quite quickly.
Keep allowing lower level immigration into the country and you end up with a large disparity of income.
Facts are facts. IQ correlates pretty well with income.
Peer behind the curtain and you will realize that their bets were intelligent because they already had politicians in their pockets and the bailout was aligned ahead of time as they sought the risk free trade. What they neglected to realize was the systemic risk as a result of their actions.
What the hell does “fair share” mean?
To a politician it means, “Give me $100, then I will give you $50. You’ll have $50, I have $50, we’ll call it even”
To a bank it means, “deposit $100 in our bank, We’ll have $100, after you withdrawl, you’ll have $100 plus .01 interest we’ll call it even.”
…Meanwhile the banker also says, “someone needs $1000 and the bank says “we have $100, so we will print $1000, you’ll have $1000, you’ll owe us $2000 after 30 years, But we give you $1000, we net $1000 so we’ll call it even”
The fed says “The bank has $100, you need $1000 we will print trillions unaudited and give you $1000 and expect interest, but we can print more money if you need it, so we’ll call it even”
To a socialist it means ” You have $10,000 that you earned, the government will tax you $5000, and use it to borrow $10,000, from which it will owe $20,000 in a few decades… but at the time it will spend $5000 to spend on corrupt things and as it wants (and thousands of more off the books) and the $5000 on you but the socialist says “you have $5000, the government has $5000 and we get handouts of $5000, we all will owe more than we have now, but you can produce it while I do nothing but vote for the A-holes that make it all possible, so we’ll call it even.”
Glad I asked. Well done sir.
is obama calling for war in syria?
Commodity stocks like CLF and FCX are getting hammered and have been for a while! Is the downdraft in these stocks warranted?
it’s warranted because gs and jpm says so. look what they did to mcp…….now thats a fuckface
Wish to hell he would just shut his trap. Every time he speaks the market drops.
surely you cannot contribute a correlation to causality, can you Many trades are mde in anticipation of what he is about to say, so there is going to be a “buy the rumor, sell the news” effect. People already know what his level of competency (or lack thereof) is, certainly a reminder may not help, but likely isn’t the sole cause behind the post speach moves made.
A part of me thinks the GOP letter is part of a communist agenda by the banks that all politicians work for to have Bernanke disappoint and have people continue to put blame on republicans. Ultimately we will have a tea party come in 2016 and tear everything down and the economy will drop like crazy. Then, forever will republicanism be destroyed as the tearing down of the fed only serves to make it easier for a newly elected socialist party to come in and launch socialism/marxism where the bankers themselves will either be allowed to have a monopoly as some of the early founds of socialism wished, or else they will (more likely) continue to work behind the scenes with an even greater yet unknown role of working behind the government as the puppet masters. Little will people know that they will be slaves to the government while the government will be slaves to the banks.
In the meantime, sometime between 2012 and 2016 (and beyond?) there will need to be a mandrake mechanism effect on all the stimulus money and the european problems will wash away and so to will the liquidity problems as we enter expansionary phase of the buisiness cycle, and credit will explode taking dow to 50,000 as governments around the world go broke and soon will be forced into a brief phase or nearly a phase of anarchy in many parts of the world. However, gold and gas prices will go higher too which will be the catalyst to elect rand paul (or Ron if he’s still alive and running) in 2016 as a separate “Tea Party” which will at that point be fully independent from the republican party, much like the “democratic party” of Andrew Jackson were independent from the “Democratic-republican party” before he came along and abolished the central bank. Then the blame will be placed upon “conservatives” and “small government” and soon after, a socialist movement will arise and the banks covertly will takeover through a NEW government as the old one will be broke and people will blame the system as “too old to work” and things of this nature. Meanwhile the banks will have greater control thn people realize, and possibly the US will merge to form the united countries of america (or something like this) As the world continues to progress towards a government where the businesses have greater control of government, and technology continues to play a bigger role. History indeed does repeat, but not always in the same place in the same way and the actors are different.
I agree with loss of US sovereignty.
I doubt GOP has had say in banking regulations. Basically, you should look to Marbury v. Madison-gone-insane, post-1960’s, for the root causes.
Ideal Daytrade would be to buy dip to near SPY 117 in afternoon. We should see that area if there is no actual fed action,as I expect
Thinking we bounce at around exactly 117.24 on SPY .
Almost got the exact top in QQQ intraday yesterday. Lets see if I can guess where the panic move ends. Because there will be some panic when fed only “jawbones” this afternoon
I suggest a “fade cnbc” trade:
Long FCX from here, vs short AAPL
http://tinyurl.com/3zc8288
selling my faz mobile here…
lots of vol ahead
booooom
No one is suggesting the rich pay more, just the same as the middle class tax payer. If the average tax rate on “John Smith” is X%, then the rich should also pay X%, not X% – 10, and not X + 10, just X.
That seems fair. I know those who have don’t want to pay more, that’s human nature. But from a fairness point of view it’s not an outlandish proposition.
you act as if a percentage of your earnings islinear when it is exponential. The more you earn the more you pay? If someone earns $10,000 working 10 hours a week vs someone who earns $100,000 working 100 hours a week, why should the person who earned $10,000 get to pay less in nominal terms for being lazy?
a percentage means the more you earn, the more you pay. How is that “fair” when the person more responsible for societies net wealth that will be distributed mostly to the laziest and most corrupt is the one paying the most net dollars towards government, yet sees the SMALLEST actual share of the proceeds?
Obviously we should be compassionate towards those who are less fortunate, so a flat tax in percentage terms makes sense. But if the government were a “stock” the rich’s taxes would buy the most shares and they should probably have the most voting rights as a result. In the market, that would be “fair”.
My point is what is “fair” is all relative and to many that above will sound ridiculous but to some it sounds correct. It’s all relative so the use of a word “fair” is nothing more than an emotionally charged word designed to appeal to those who will then say “the republicans are unfair”.
I think a sales tax makes the most sense. Don’t tax based on production and income, but expenses on luxury items and living extravagant lives rather than reinvesting in growing and innovating.
“reinvesting in growing and innovating.” are not taxed. You clearly do not own or run a business. These come off the bottom line, and what is left over is taxed. You really need to get your facts straight, or at least know what you are talking about before you spew.
WTF …. you ever hear of assuming facts not supported by evidence?
Actually your spew here is a classic example of a straw man argument. How is everyone who is not rich lazy? Why do you assume that those not making 100K a year are working less hours? Where is the evidence that the top 1% are responsible for societies wealth?
You seem to misunderstand what taxes are about. Most modern taxation systems in the industrialized world are progressive, that is the tax rate increases as you move up in income.
I was not even arguing in favor of that. All I was saying is that the rich should pay the same percentage as the middle class (who BTW are not lazy). This is actually a flat tax system, where everyone pays the same percentage. You are arguing for some sort of reverse progressive taxation system, where the more you make the less you pay.
“Where is the evidence that the top 1% are responsible for societies wealth?”
Two words
Steve fucking Jobs.
That’s three, but you get what I mean.
There have been perhaps 4,000 people in human History that have meant something and the first in the group is Aristotle. Everyone else doesn’t matter if they were born or not.
Jobs is one of them and a real life example.
… what about Lady Gaga ?
.
LMAO … good one +1000
Paws Up In the Air…
Everyone else doesn’t matter if they were born or not. — that is silly, of course it matters, if they were not born, then they would not be unemployed and then the government (or the tax payers) would not have to support them, shit, shit, shit …
Only a complete idiot would pretend even for an instant that material progress has ever been possible without the masses. Why don’t you ask yourself, nimwit, who has mined, forged, drilled, refined, constructed, farmed, stitched and sweat so that YOU can offend philosophy with just a few clicks on your iPhone?
Ok … for the sake of a good argument, lets say I cede to your list 4000 people and grant them tax amnesty, does that mean we can agree that everyone else pays their fair share?
buying more nflx here
I just had a 0bama propoganda message on my Pandora stream. WTF Wednesdays?
For those of you in NY, what do you think of the protests going on there? The news doesn’t seem to be covering it much but I keep seeing these random videos and it seems to be quite large & possibly getting violent.
QE3 has been baked in for weeks. Guess what? The Clam has already accomplished his goal of mind fucking perma bulls with lots of hope. FOX news will have a fucking field day with this administration if they add more to the balance sheet.(not what 0bama can afford)Sell now before you are FUBAR.
Twist this..Ben the Clam…its almost over..govts have nothing left..nothing has worked..debt is still there, and jobs arent.do the math..CNBC is for the most advanced morons…
going long now is like going seppuku !!
You might be mad at Obama but all of this mess deeply started under uncle George Bush, hope you guys are smart enough to know that.
but Obama has been here for almost 3 years, and he has accomplished nothing to help …
Random Thought…Watching the positive Naz right now, I WONDER, even if the FOMC does what I expect..I WONDER if the players are going to buy the money hard to create a massive short squeeze????? If they do that, CNBC,etc would search for something positive to say about the FOMC lack of action…wonder if that is what they are planning???
Who in the heck is buying up the Eur/USD before FOMC??? BTW, FWIW, I am of course short going into the Clam Bake. Increasing Core CPI and Flat Job Losses due to fact everyone was fired already says the Clam is Spineless…
Nymph, looks like China has been adding some more to their Apple and Intel.
Actually China was buying Nuclear plays after they announced they are going to power up the Nukes in 2012
Long term their scaling into our good companies the larger ones that can absorb their investments. I would not be surprised for them to be buying 4% stakes on top of 4% stakes using cover corps to hide some of the gov investments from the West, to gain more voting influence and control.
Nymph, if you don’t believe me ask Jim Rogers, I’m sure he is aware of this.
BofA in trouble. Word on the street is they aare accelerating foreclosures and flooding the market with REO to improve their capital position.
I’m so stoked that 2 of my neighbors foreclosed houses just came on the market for $460,000 when I thought mine was worth $635,000.
We’re more fucked than a 3 legged romanian goatfucker
BAC downgraded by Moody’s.
?”Justice Department auditors also criticized a $76-per-person lunch at a conference at a Hilton in San Francisco, featuring slow-cooked Berkshire pork carnitas, hearts-of-romaine salad — and coffee at $8.24 a cup.” ~ Jerry Markon, Reporter with The Washington Post
HPQ Board getting ready to boot Leo Apothekher for not pronouncing his first name correctly …. will continue on with the female CEO fetish.
Fly’s just talkin’ his book …
0bummer says he doesn’t quit. He also doesn’t cut anything related to government beaurocracy or unions. Oh, and by the way, he likes to cover up another person’s face while taking a group pic.