I’ve been in this business for a long time. My career has been riddled with one stock market calamity after another. I have never seen pessimism like I am seeing today. This is, by far, the most doom and gloom environment since I’ve been managing money, even worse than 2008. The price action is not nearly as bad as 2008, but the sentiment is.
This morning Cramer and Faber all but guaranteed the EFSF would not be used to bail out Europe and that in no way would it be leveraged. Moreover, Cramer said we need to go back to the September lows and that Europe was going to collapse and nationalize all of its banks. Even worse, he suggested they would crush bond holders of bank debt too. David Faber chimed in and said Greece was on the verge of an unorganized default of more than $500 billion in debt.
As I watched this fucking horseshit, I was reminded of getting shaken out of my VXX position a few weeks ago, thanks to the cocksuckers on CNBC (the same network that is now calling for collapse) sucking the dicks of the Europeans–promoting the EFSF as a vehicle that could save the planet. Let me make this clear: CNBC said two weeks ago the EFSF was being levered to $1.4 trillion and said we were off to the races. Now they are saying the opposite.
Let me make a cogent point to all of you: I am not upset at CNBC for giving me bad advice. I don’t accept financial advice from anyone, so it’s a moot point. Clearly, this is a network that cannot be trusted. They lack integrity and seem only interested in goosing viewership through sensationalistic stories to support their ad revenue. It’s no surprise that decent people like Dylan Ratigan, Eric “the oil barrel” Bolling and Erin Burnett left for other pastures.
Look, this is an incredibly hard tape. My mood swings are at an all-time high and I am driving my wife crazy. Whenever the market goes against my positions I threaten to quit the business and live out the rest of my life at Puma Punku. I don’t give a shit about a seven figure income and talking to important people about the market. Those people can go fuck themselves. The minute the market starts to bore me, I am quitting. I will wire client funds back and close this shit down for good.
The way I see it, I am too young to be so upset over things that I have no control over. The markets are blatantly manipulated, helped by nefarious people in the media like CNBC. My true passion is to build great financial products, like The PPT. I have a thousand ideas swirling around in my head for future products, one of which is going to be launched soon. It’s a new website and you will love it.
At any rate, I’ve turned off my monitor and have opted to just roll with the punches, betting that Cramer and Faber have it wrong again.[youtube:http://www.youtube.com/watch?v=sVDNtvPX8Gc 603 500] If you enjoy the content at iBankCoin, please follow us on Twitter