iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,476 Blog Posts

Buy, Buy, Buy, Buy, Buy, Buy

Off we go like a motherfucking rocket ship.

I just got home and had a chatt [sic] with my neighbor, Steve. Dude, that guy is so fucking amped that Bernanke cut rates, coupled with Bush’s stimulus package, he just bought a new plasma. A.Brand.New.Plasma.

No kidding.

Aside from that, he’s telling me he just refinanced his house, “at significantly lower rates,” enabling him to tap that shit for a little vacation and Macy’s money.

I’m like, holy fuck, we’re gonna have a rocketship market soon. Clear the deck bitches, this market is ready to pop off, leaving every bear dead—like slugs in a salt mine.

Also, the retailers are going to take off. Shoot, forget about the “tapped out” consumer. All of a sudden, thanks to the proposed NYS bailout of [[MBI]] and [[ABK]], people are flooding my local Best Buy for the newest shit. Apparently, most of them were worried their muni insurance would go away.

Not any more.

And the banks, they’re enfuego. Everyone is refinancing. I mean everyone.

They’re so busy, my local Countrywide had to fire all of the lazy fuckers, because they were using up all the excess cocaine. As you know, excess cocaine allows the mortgage brokers to work 18 hours shifts, without lunch.

They’re just “banging out refi’s.”

A bearish friend of mine asked me: “hey Fly, what about all of the credit risk at the banks? And, how about all of the resets, while housing prices are dropping”?

I replied: “yo asshole, have you seen what the fuck is going on? Bernanke just shaved his beard on those subprime fuckers—giving them access to cheap rates again. And, with super low rates, all of those coked out mortgage workers can bang out a few million fresh mortgages for lower-middle income families, who desire 500-900k Mcmansions—effectively depleting all of the inventory at [[HOV]].

Yes, it’s that simple. Although things looked really tough for the past 3 weeks, everything is back on track.

Nasdaq 5,000 here we come!

Buy, buy, buy, buy, buy!!!

NOTE: That was one tough recession. I never want to go through that again. I’m so glad it’s over.

UPDATE: Classic CNBC.

[youtube:http://www.youtube.com/watch?v=SGkrNJ19DSU 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

61 comments

  1. alphadawgg

    Hahaha—that’s a good one!

    Is your time machine dial set on “Costanza”?

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  2. Foolio

    did you just suck cramer off?

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  3. Breakfast Meat

    I’m getting some sarcasm vibes, but methinks comrade fed chairman is not laughing.

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  4. gappingandyapping
    gappingandyapping

    I just put in orders for all of the ultra ETF’s at market prices! We are ready for 14,000 again. Fuck you think I will be able to buy tomorrow at market prices or should I just say fuck the AON’s and try to get any shares I can buy? Fuck yes CFC to 100! By the way I just heard that $90 is like sweet Jesus in the pocket, everyone is willing to pay for it! Recession, haha yeah that was a fun thing but it was rough. I mean fuck I did without my Robster Ala King two days ago, it was that bad!

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  5. gappingandyapping
    gappingandyapping

    By the way my car now gets double the mileage if I put $4.00 gas in it as opposed to $2.50!

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  6. wow

    All previous downward guidance is hereby recinded and revised to correctly read “All companies will grow earnings by at least 25-40% each year as mandated by law”

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  7. gappingandyapping
    gappingandyapping

    Rick “Dirty Sanchez” Santelli goes Kung Fu on Cramer: http://www.youtube.com/watch?v=SGkrNJ19DSU

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  8. Greekpunk

    Gapping, thank you for posting that clip. I’d been looking for it.

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  9. Francesco

    wtf of analysis and spit on everyone ass that waz betting on your shit is this , my friend the fly ?
    no harmony to go from hell recession to over the top bullish messiah ? what’s that . answer .

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  10. HooverSt

    Hell yeah. I’m All-in. To infinity and beyond…

    Oh $hit, here comes the mama bear…

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  11. Brandon Jacobs

    Yo Fly, what up, my man?

    WTF? I called my peeps at Motherfuckin Merrill and dey say the same thing. Nigga say we done wit da market goin’ down an shit. Shee-it holmes, ain’t we jess gettin started wit da homo hammer?

    Don’t be sellin’ dis shit, dog, or you be shinin’ my size 13’s come game day. It be like, “hey Jacobs, why yo shoes so shiny?” And I say, “cuz some nigga done lie to me ’bout the market an’ shit. I make the motherfucka shine my shoes silly. Heh-heh. Some cracka ass cracka named Fly.” Yeah, dog, fly this…..

    I be spittin’ on Jr. Seau at the Show. Jes’ watch me. Plan to bust a motherfuckin’ time clock, too.

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  12. gappingandyapping
    gappingandyapping

    Greekpunk: NP, Cramer just flip flops more than Hillary these days. Good to see Ricky Rick taking him on.

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  13. The Fly

    Francesco is entirely incoherent.

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  14. Foolio

    BEIJING, Jan 24 (Reuters) – China’s annual gross domestic product growth slowed in the fourth quarter to 11.2 percent from 11.5 percent in the third quarter, the National Bureau of Statistics said on Thursday.

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  15. Francesco

    sorry to waste your time for a very significative answer

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  16. Francesco

    you’re coherent instead , you scream recession and spit sht on everyone bullish – bounce attitude then you just eat your spit back to say it’s all ok read me on from here reversed ? let me puke please .

    no pun intended , I didn’t loose a coin on your blog latest advices

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  17. mrkcbill

    “Do you even watch my show.”

    I love the guy who sits at Santelli’s right side. I wonder if he CNBC gives him a check or even an Italian Beef Samich.

    Do you think 1 person in 1,000 could tell you who Rick Santelli is.

    Fly- another great post. Classic stuff.

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  18. The Fly

    I’m joking you stupid fucker.

    Naturally, since english is not a language you have control over, you had no idea.

    Now fuck off Francesco.

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  19. Francesco

    that’s it ?
    this case I -have to- apologize .

    I will fuck back in my cabin seeing the bounce turning off .
    thanks for answering

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  20. mrkcbill

    Francesco- what are you talking about.

    Fly is God ….

    are you crazy or something go read the WSJ

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  21. Foolio

    Fly, that youtube video with cramer is fucking great. i was waiting for somebody to post something like this.

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  22. The Fly

    Apology not accepted, as you know.

    Instead, I have opted to track you down and throw meatballs at you—like the old country.

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  23. Q4

    Francesco: Ignorance is bliss.

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  24. Francesco

    yeah I know
    no problem
    I’ll eat your meatballs for lunch tomorrow , early morning and be grateful about it

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  25. The Fly

    Unfortunately, for Cramer, this post will begin his demise.

    To replace Mad Money, CNBC will be broadcasting “Fly Money.”

    During my first week, I will interview old Wall Street analysts in stair wells.

    Upon completion of the interview, “The Fly” will kick them down the stairs.

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  26. mrkcbill

    This is going to be the thread from hell……….

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  27. mrkcbill

    The House of Pain

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  28. Q4

    Is there such a thing as excess cocaine?

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  29. CAP

    Fly, how can we cash in on all the excess cocaine that is going to be used by mortgage brokers ? Do you guys know of any ‘pure’ cocaine play out there ? Is there anything truth to rumors about a cocaine ETF ticker BLOW ?
    This cocaine story definately has legs. Time to snort to the bottom of this.

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  30. gappingandyapping
    gappingandyapping

    Broker since I posted that shit I get the remaining bips that Bernanke cuts, in this case 350 of them. Is there such thing as negative interest rates? Maybe the government could pay us to borrow money from them? What do you think? I think Helicopter could spring for it if AAPL goes down another 10%. By the way I will be apologizing to slick Rick tomorrow morning when I see him on his daily stroll around LaSalle and Jackson. I spat at him a few months ago when he was doing Liesman doggy style in the afternoon at the Merc.

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  31. Alvari40

    Q4:

    Ask John Entwistle

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  32. jeff

    so the fly is staying in cash?

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  33. alphadawgg

    Btw, Fly, nice call on CMO. Still looks good.

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  34. Green Writer

    Your neighbor probably represents alot of people..which is why this market will see the homo hammer for a long time. Short term bounces = reload on shorts. We’ll see how giddy shiddy steve is when he loses his job.
    Peace

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  35. mrkcbill

    I have Texas A&M to win over Baylor… to round out a nice 3 team parlay….these fuckers are now going into the 5th overtime.

    I’m following this game like an OTB retard on the Yahoo game board.

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  36. Breakfast Meat

    Short salers is unpatriotic. All your money are belong to us.

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  37. alphadawgg

    Breakfast Meat,
    I think you fried one too many bacon strips. Your post was nonsensical. Also, it made no sense.

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  38. Q4

    Alvari40:

    Best Bass player of our time.

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  39. xpat-Aussie

    Smokin it up in HK today I tell ya! Property stocks are lagging, but I nibbled at my favourite tech name thismonring (Tencent – 0700.HK) and am headed for more beer shouting tonight!
    Don’t you love the power of the internets? Sitting on hlidays 12000 kilometers away and still banking coin in copious amounts!

    Signed, bronzed Aussie formerly known as HK Bull

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  40. xpat-Aussie

    PS: Just bagged a nice 45% gain (realised) on a April call, underlying stock, our local bourse (HKEX 0388.HK).
    Tanks for coming, lunch is on me! And the Aussie are caining india in the cricket! Just gotta stop spilling cold beer on my keyboard!

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  41. Q4

    The Fly:

    Recently, stumbled onto your site and me like.

    SKF looking attractive…

    Smokin hash, slappin ass.

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  42. nncoco

    LOL That’s some funny shit.

    All clear! Cramer just said so.

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  43. The Fly

    In all seriousness, tomorrow I have to buy bank stocks in order to hedge my hedge (SKF), while the maniacs are at the helm.

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  44. nncoco

    That thing swung like 25% in 2 days.

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  45. Breakfast Meat

    I believe we have entered a bear market. The insider money has largely vacated. That said there is a lot of room for prices to move up in the short term without breaking the primary trend line. Manipulation is evident everywhere, the press, the gubmint, the playas. There will probably be some short term buying, but when the next leg down comes it will be a doozy. Black, abysmal, and I don’t think they are going to make it to the olympics or the elections before it hits.

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  46. ezthere

    found this little ditty.

    http://www.ins.state.ny.us/press/2008/p0801221.htm

    The Department has implemented a three-part plan:

    1. Attract more capital and increase capacity to protect policyholders and ensure continued availability of bond insurance, especially for municipal issuers. Specifically, the Department successfully invited Berkshire Hathaway to open a new bond insurance company in New York and quickly approved the capital-raising plan for MBIA. The Department is currently in discussions with other parties about possible future capital investments.

    2. Facilitate solutions to current market challenges. The Department is engaged with insurers, banks, financial advisors, credit rating agencies, other regulators and government officials, and other stakeholders in examining and developing measures to help stabilize the market.

    3. Develop stronger regulation for bond insurance. Since it is clearly time to develop new rules for the road, the Department is drafting new regulations that would redefine the future activities of bond insurers. The Department welcomes any input on this project.

    Im tossing the BS flag on item number 2. sounds like collusion to me.

    No matter the economy is tanking.

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  47. Woodshedder

    Great find ezthere.

    No way the state of NY can manage this. No way.

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  48. JJ2000426

    Hello, The Fly:

    Long Time No See! How is your MVIS doing? When I first saw it on your blog I really studies MVIS and really wanted to like it but could not. Sorry it did not work out.

    Had you listened to me to short FSLR you would have made tons by now. But now is not the time to short. Let it run up to $225 and then short again.

    Time to buy PAL and SWC. The metals have moved up just as I expected, they will continue to move higher. The market still does not recognize that PAL and SWC are the world’s ONLY primary palladium producers. So the market place is stupid. I have done my research. These two are very worthy long term investments. Listen to me.

    Also did I trigger your interest in the tellurium metal?
    http://seekingalpha.com/article/59854-investing-in-a-resource-constrained-world-part-i

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  49. Francesco

    spamming on this blog doesnt make you look shiny smart

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  50. Michelle B

    Francesco, your command of English vocabulary is superb, second only to your delicious use of hyphens. Please pass the meatballs, but don’t stop writing while you do. Thank you.

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  51. Juice

    My sentiments exactly. Recession over. Phew!

    That was a doozy & fun while it lasted. Its not every day you get to stare armaggedon in the face & spit at it because you know Uncle Benni & his jets will back you up.

    Buy anything related to the home, home construction, home financing & its ATM beneficiaries like retailers. The shittier the retailer, the better the buy. Oh, and don’t forget low end restaurant chains or vendors selling $5 fancy coffees.

    Back to early cycle buys. Get ready for the next 20 year bull.

    The train’s leaving the station. All Aboard!

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  52. kd

    fly,
    was SG the bank rumored to implode? By the way the guy is 30 years old, who lost $7,000,000,000 dollars. Wow that’s alot of zeros.
    Still holding off on MVIS.

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  53. TraderCaddy

    They should make the trader at SG who committed fraud chairman of the Federal Reserve. At least he is more “honest” than Uncle Ben.

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  54. larry

    BPOE:

    Fly you break me up! The rally was all the stocks with the largest shorts. The stocks with the best earnings went down. We will be much lower in three weeks. Unless the GIANTS win!!!

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  55. JakeGint

    I will fuck back in my cabin seeing the bounce turning off.

    Holy shit, I wish I’d thought of this character first.

    This one needs his own tab.

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  56. JakeGint

    Upon completion of the interview, “The Fly” will kick them down the stairs.

    ___________________

    Instead of all the bullshit bells and whistles sound effects, you just have “the null case” where a lucky analyst does not get kicked down uncarpeted back stairs and the “pro case,” where the aforementioned punting is accompanied by what is sure to become the new trading floor catchphrase:

    “You have displeased me.

    To the ravening crowd’s delight the count on the latter occassions will outpace the former in the same approximate ratio that Caligula’s “thumbs downs” paced his “thumbs ups” at the gladiator games.

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  57. JakeGint

    And the Aussie are caining india in the cricket! Just gotta stop spilling cold beer on my keyboard!

    _______________________

    One of the great mysteries of life: How a country that enjoys drinking copious malt beverage and playing “sick” manly man sports like Aussie Rules Football and Rugby (where they are quite good for a small pop country), can countenance such a boring and quotidian game as cricket.

    I mean, I get why the little skinny Indian and Pak guys like it — they’d get killed on a rugby field. But it’s not really a game for crocodile rasslers, is it?

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  58. JakeGint

    Fly, serious query (no, really):

    Given EZthere’s post about the NY State Insurance commission being worried about NY State muni’s (and likely any state’s muni’s), should I tell my mother’s broker to dial her back in that dept? I had her in all cash since Thanksgiving, and he wanted to put her in something that would generate some income (preferably tax friendly) and suggested some NY bond fund to which I agreed. Now I’m thinking, shit, get out the shovel and bury ingots in the back yard….

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  59. TraderCaddy

    The first name of the rogue trader at SG is Jerome. What is the last name of the Jerome associated with this blog and has he ever traded at any European banks? The authorities would like to know.

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  60. hammer

    Shit…DECK trades like FXP. Getting kicked in the balls with big furry boots still hurts.

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  61. JakeGint

    Hammer,

    Pretty amazing. DECK hit the ceiling of the 23.6% retrace fib almost to the penny at $137.80 today and immediately bounced back down from there.

    Next retrace line (down) is 38.2% at $119.95, so you can probably figure that’s your “channel” if we are range bound here for a bit.

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