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
19,909 Blog Posts

Fuck the Banks, part IV

Thus far, the market is in profit taking mode, with the exception of ag stocks. I remain a stalwart bear in the banks and brokers. From [[LEH]] to [[GS]] to [[BAC]] to [[WM]], I wish them all a swift death.

The tech sector is taking a breather, allowing “The Fly” to retrieve some of his lost coin in [[REW]]. Good for me.

Rick Santelli is going “gangster” on that economy guy from CNBC— right now. Good for him. And, in a short while, Bill Ackman will go “tommy gun mafia” on Congress, regarding the pending doom at [[MBK]] and [[ABK]]. Good for everyone.

Let the recession begin now!

Regarding sovereign wealth funds:

They’re a risk to national security. We ought to be ashamed of ourselves for being in a position of needing a fucking bailout from foreign nations. The asshats on tv will say “oh, we can’t close our borders to investment and be protectionist.” As you know, there is a big difference between a foreign company buying a piece of [[C]] or a sovereign wealth fund—who is funded by Government.

Finally, I like [[VMI]] here, ahead of tonights earnings. Most likely, I will belong 10,000 shares, fully prepared to lose 10 bucks, should things go “awry.”

If you enjoy the content at iBankCoin, please follow us on Twitter

28 comments

  1. MasterDebater

    But no, the “red-assed monkey” rally in Asia is not blowing up my FXP today.

    But yes, the “After President’s Day Sale” in stocks is still on for next week. With low, low prices. Don’t worry Sikorsky-driving Ben will make up for it with volume (of newly printed g-backs). Or not.

    But no, expiration may keep things from getting really “syphilitic” until next week. Or not.

    But yes, you have the time machine and I do not.

    That is all.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. The Fly

    You are an egregious individual.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. CubsRock

    Yeah I grabbed some REW yesterday at close, thanks for the recommendation. All these new proshare etf’s are pretty cool.

    Damn, VMI calls are mad expensive with 1 day left 🙁

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. PoorOkie

    Gangster or not, Rick Santelli is still an asshat. He just doesn’t look as bad since Dennis Kneale joined CNBC. Theory of relativity?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. Bilderberg Member

    Broken spy satellite will be shot down in Africa. You heard it here first you peasants.. Google it right now you won’t find the location, but I am the all seeing eye you bums.

    p.s. Danny is a virgin.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. PleaseKillMe

    “The asshats on tv will say “oh, we can’t close our borders to investment and be protectionist.” As you know, there is a big difference between a foreign company buying a piece of (C: 25.97 -1.40%) or a sovereign wealth fund—who is funded by Government.”

    And China can come back to us and say “I’m taking away your credit card”. Foreign investment is good. Basic economics of increased living standards when people can trade with their specialized skill/product.

    Americans are lazy, uneducated, and feel entitled to everything. Then you got a Chinese guy who works 100 hrs/week, takes orders well, and is proud of his work. Do you really think China’s output is not going to exceed America soon?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. DanB

    Maybe the soverign wealth funds will prop up the failing ARC auctions so that grandma can get her $ out of the bank. 80% failed yesterday. WSJ.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. Big Mike

    “Oh no…Bulls are taking over the market”…2 hours later…”Fuck that banks! Recession, here we come”…

    You on your period, Fly?

    You heard Bernanke, banks still need to write down further and RE-CAPITALIZE! Hence further credit retraction throughout the economy. Not to mention, my buddy, Rick Santelli, said inflation expectations are creeping in.

    Anybody saw how other parts of credit market are deteriorating: student loans, munis, money-market and etc…

    Note: He cannot cut rates if commodities are booming like this. If he does, I’m fuckin selling everything, and going “All-in” on Gold, make a shit load of money, and buy “Fly’s” house for my gold vault.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Gunners

    hey fly,

    I hope that after I had a pretty nice contribution to the PG, that I can ask a favor of you:

    Can you do a “position update” on HANS ahead of the earnings in a couple of weeks. I have a small position and I’m interested in possibly buying more at these levels. I’d like to hear what you have to say about it.

    thanks

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. Leawoodblues

    Finding an edge in this market is like trying to handicap a fucking greyhound race.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. boca

    PleaseKillMe, where did you get this piece of misinformation?

    “Americans are lazy, uneducated, and feel entitled to everything. Then you got a Chinese guy who works 100 hrs/week, takes orders well, and is proud of his work. Do you really think China’s output is not going to exceed America soon?”

    Harsh and untrue, based on my past experience in working with the Chinese.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. calvino

    That’s right..fuck them!

    Rick Santelli is an asshat? You, sir, should desist from commenting and return to playing with your pet gerbils.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. TraderRenn

    I don’t know if you guys read Harry Newton, but his latest post was interesting and I am curious what you think about it…

    Every day on Wall Street there are auctions which sell off short-term paper. For years I have bought paper in the auctions for seven and 28-day packages of (triple tax-free) muni bonds. I have used these bonds as a way to earn extra money on cash. You can call these things by different names. I call them floaters.

    Yesterday — for the first time in at least 20 years (not true it turns out — it happened after September 11) — a variable rate preferred muni bond auction failed. Not sufficient buyers showed up. Normally when this happens, the seller, in this case Citibank the firm that sponsored the auction, would step in and buy the unsold floaters. But they didn’t.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. goatblower

    Hey bIg mIkE,

    you mother blows pregnant gay romanian mountain goat milkers

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. Mushroom Stamp

    I just added a “Fly” tab to my radar screen on Tradestation.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. zephler

    VMI does a queer homo dance on earnings…last earnings they beat by about 20%, and forcasted up…what did the stock do? went down about 15 points within 10 days after.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. alphadawgg

    TraderRenn

    I have parked my cash in some of those 7-day ARPS to the tune of 7-figures and that has me a little concerned.

    Yesterday, I counted as many as seventy (70) auctions that did not clear (no selling)! This is highly unusual. Buyers are not stepping up to the plate and sponsors are not backstopping the floaters.

    It is a liquidity issue, probably not a credit issue at this point in time.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. calvino

    Alpha, this is not a liquidity issue! It is a solvency issue. aka capital inadequacy.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. alphadawgg

    calvino

    It is a liquidity issue from my standpoint because if and when I want out of them, I may not be to sell them at auction if there are no buyers or sponsors to step in and buy.

    I was told the ARPS have 2x coverage by the underlying securities of the muni fund, so they are AAA-rated, principal protected.

    I would be very interest to hear from someone who could describe a worst case scenario where these things could possibly implode.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. TraderRenn

    Alphadawgg,

    Here is the link to his post.

    http://www.technologyinvestor.com/index.php

    He paints a worst case scenario for his interests.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. alphadawgg

    TraderRenn

    Thanks for the link.

    btw, Moody’s downgraded FGIC from Aaa to A3 today. Not new news, just a continuation of what’s going down.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. CubsRock

    Would be nice if SKF could push through $112. Been stuck here for a while. Give me a WoodShedder Top.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. globalx

    FLY-“We ought to be ashamed of ourselves for being in a position of needing a fucking bailout from foreign nations.”

    I concur.

    Foreign CB’s have been subsidizing the US to the tune of $1.5-present $2.7 BN each and every M-F for the past several years.

    Certainly is a Disgrace.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. JakeGint

    They’re a risk to national security. We ought to be ashamed of ourselves for being in a position of needing a fucking bailout from foreign nations. The asshats on tv will say “oh, we can’t close our borders to investment and be protectionist.” As you know, there is a big difference between a foreign company buying a piece of (C: 25.74 -2.28%) or a sovereign wealth fund—who is funded by Government.

    I am glad to see that you are reading your Wall Street Journal editorial section. It’s a “last bastion” kind of place w/ regards to encroaching world communism.

    But this is “chicken little” shit, in my opinion.

    I have another term for sovereign investment funds:

    “Suckers”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. JakeGint

    Most likely, I will belong (sic) 10,000 shares, fully prepared to lose 10 bucks, should things go “awry.”

    Egregious.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  26. XeetX2

    Please stop saying stupid things! After reading your posts I want to laugh! You are trying to act and talk like an experienced person, but it does not work in your case. You can’t imagine how funny you look. I didn’t want to say anything bad but words just came out of my mouth! You must be crazy!

    • 0
    • 0
    • 0 Deem this to be "Fake News"