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
20,318 Blog Posts

UPDATED: Damn You Gasparino/Sinners!

May your fucking meatballs burn, prior to being placed in “gravy.”

In other news, for those of you who enjoyed Ducati’s rantings, go visit his new blog. See, I’m not a complete asshole.

And, Ragin’ finished organizing the stock contest brackets.

[youtube:http://www.youtube.com/watch?v=FKtbYbW-Khs 450 300]

UPDATE: Since the devil made Boomer buy some fucking [[BOOM]] on Friday, violating his promise of Lent, “The Fly” has decided to slap his name in the “Disgraced Peanut” box, where he will keep dubious company (BOTD). And, his column has been banished from the front page.

Sinners will not be fucking tolerated on this Godly site.

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23 comments

  1. cajun

    Great video, I think I will stop blogging, and follow my dreams.

    See you guys later.

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  2. joker

    I luv watching Renetto.

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  3. mrkcbill

    “I’m just going to ramble”…..really.

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  4. Low Tick

    coke is awesome!

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  5. Big Mike

    Hey Fly, all kidding aside, tough break…I as well got my ass handed into a platter.

    Nevertheless, I am still opportunistic on the bearish point of view. Quite the irony huh?

    Check this video out from an analyst at CIBC World markets regarding CDO’s/market sentiment.

    http://www.cnbc.com/id/15840232?video=659529306&play=1

    She makes a valid point…How the fuck would the rating agency have any flying fuckin clue on how much capital is needed if the banks themselves have no idea what these instruments are worth…

    Don’t get my wrong, we will have a short term rally…as positive momentum will sweep in, nevertheless, I still see this as putting a bandaid to the problem, instead of curing it altogether.

    Bear in mind, according to Greenspan/Bernanke, the banks themselves has no idea of the true value of these conduits until the housing market settles.

    Furthermore the wealth retraction from the consumers balance sheet will undoubtedly have an effect on their spending…as we can seen lately. For every 10% fall in housing values, 2 trillion of wealth is lost.

    I could go on and on, but your probably know all this already…

    Have you covered your non-financial shorts?

    http://www.cnbc.com/id/15840232?video=659529306&play=1

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  6. pinto beans

    fly, how come I can’t enter the contest? He doesn’t have me up there. That’s bull shit, it’s ok for us mexicans to work for can of beans but can’t take part in the dam contest. Fuck you I’m illegally crossing the border and moving back to mexico.

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  7. Greekpunk

    That rumored Ambac deal yesterday is nothing, but piss in the wind…..it’d a hell of a lot more to fix that clusterfuck. This domino effect will trickle down to munis in a big way. After all, if conservatively 6 or 7% of your citizen base is cash-strapped and not paying the ludicrous real estate taxes cities/counties across the country charge or spending at will via purchasing vast amounts of those hideous Ugg boots, you’re city’s shit will hit the fan. States like CA and FL could be facing bankruptcy in my opinion. You don’t survive if upwards of 12-15% or more of your homeowners being kicked out to the curb. It just doesn’t add up. And states that do hold up RELATIVELY well will feel the pain in their debt’s paper because we all know that to a degree, markets psychology ascribes to the notion of everything being packaged into one monolithic beast where every ship in the harbor gets whacked if multiple ships are sinking. This looks nowhere close to a resolution. I believe anyone calling for a bottom in real estate or financials needs to have their head examined. Oh, and the people at Moodys, Fitch, and S&P need to be held accountable via a public tribunal for the ratings they put on pure crap……we’re talking Nazi-style tribunals…like those post WWII at the Hague. Ok, I’m done ranting. Have a good weekend, everybody.

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  8. BOOMER

    Is it too late?

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  9. alphadawgg

    Hello everyone.

    Interesting comments about the banks. Know this: we are not over with this whole mess until this gets resolved through much more pain. We haven’t seen anything yet. Something of this magnitude doesn’t just fade away.

    No, it has to get the homo hammer. All of it.

    “These people” at the banking institutions have so deluded themselves into thinking they can somehow get out of this mess in one piece. No way, Jose.

    We will see the end of this when we see at least one major bank fail. A cleansing needs to take place and people will be held accountable, with sentences of hard labor on a chain gang doled out.

    Pleasant dreams. Sleep well.

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  10. BOOMER

    Please, Fly. I’m sorry.

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  11. alphadawgg

    Off the subject…mrkcbill, I just has some of Fiorella’s Jack Stack BBQ Sauce, billed as “KC Original Sauce–World Class Kansas City Barbeque”, on my venison burgers tonight.

    Mmmm, mmm, good.

    Just thought you should know.

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  12. alphadawgg

    Boomer, that woman is egregious… but in a sexy sort of way.

    Yeah, that’s just like those Navy boys to put up with that shit on their ship. Pussies.

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  13. joker

    Boomer will have to pay for his sins.

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  14. mdawsz

    Shame on you, alphadawgg.

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  15. Juice

    .

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  16. IBH

    Whatever you call it, do not underestimate the importance of an “investment or bailout” of the mono-line insurers. The market, on the hint of a coming story, rallied almost 2% in the last half-hour of trading last Friday.

    The conventional wisdom is to believe that the late-day rally already discounts the possible news (expected by early next week). I would say that the reason for the market’s recent instability over the past few weeks (technically forming a wedge or triangle indecision pattern) has been related to the mono-line concerns and the possibility of further substanial write-downs in the financial sector. I am not saying that all is solved with the financial mess. I am just saying that a 2% rally does not discount (ignoring other positive or negative news developments) the importance of this mono-line “investment of bailout”.

    I have commented frequently about this market as trading in a range, SPX 1300-1400 (give or take). That still remains a near-term trading strategy

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  17. larry

    Alis: BPOE

    The shorts covering on Friday produced a fuse on a stick of dinomite. I have a feeling that there is a different issue out there then we know about. I think this great world market is about to rummble after the summer.

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  18. cajun

    Fly,

    does this mean BOOM is disqualified from the final four?

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  19. FREE BOOMER COALITION
    FREE BOOMER COALITION

    FREE BOOMER NOW!

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  20. TraderCaddy

    I see Fly has picked WM for the Final Four contest. He must have the same theory as myself (BZH pick for me). The theory: One last short covering rally before Chapter 11.

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  21. The Fly

    Wrong again.

    Look closer. I’m short WM.

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  22. TraderCaddy

    OOPS!! I thought the asterisk was an old pizza stain on my screen. What do you mean “wrong again”?
    My batting average is now below 1,000 per my calculations.
    PS I still like my theory.

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  23. PleaseKillMe

    It wasn’t evident, but I now see the market consolidating to a lemon slice. How could I have fucking missed it?

    I think if it breaks past the the paper umbrella pattern that I see above, we have the classical margarita pattern on our hands. I don’t know what to make of it, but for some reason my erection won’t go away.

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