Pardon me if I’m not sharing in the market’s exuberance. I just feel that a successful IPO of GM is a very stupid thing to get excited about.
Certainly, GM is doing very well. They stole their entire fucking operation, so of course they’re doing well.
Let’s be clear on something. I swear now on my very life, I will never own General Motors stock, be it common, preferred, or else wise, nor will I ever lend them money.
You would do well to conduct yourself accordingly.
Now, I could get behind this rally on the recent economic data, save for one very important point:
California.
Well, not just the Tarnished State, but also the state of municipalities in this country. I’m willing to make a bet now why Ben Bernanke is so adamant about his cash infusion, and I don’t think it has to do with banks or bonuses.
I think the fireworks of municipalities and states may be picking up. There are some rather terrible truths in that little cookie jar. Like that public pension plans are completely unfunded. Or unrealized tax revenue attached to vacant homes makes up much of the stated credibility of local governments.
I’m slightly long, and I’m not holding myself as I did before (asininely short with crack), but I’ll keep some reservation, thank you very much.
I’ve made enough easy money the last two years. No need to lose it all now.
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I covered KOL for a small loss. My original purpose for the position was to hedge an oversized NRP stake. However, I sold part of my NRP shares, so it became a redundancy.