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
21,396 Blog Posts

People Are Rich, Where I Live

Quick report:

I just returned from the mall, where 16 year old kids drive 2008 Porsche Cayenne’s and buy all sorts of egregious shit. For many months, my retail contacts have told me: “OMG, the depression has befallen us.”

Now, all of a sudden, they say: “It’s too busy. Why aren’t people going outside and stuff. I’d wish they would.”

This, as you can readily understand, is most concerning to me. It appears, by some sort of Government magic, folks have replenished their credit cards and have forgotten about the great depression we are in.

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66 comments

  1. mike

    funny, but true; I just test drove a Cayman – – nice.
    BUT 16 year olds at the mall in Cayennes s/be carjacked & left stranded in a remote area 20 miles out of town Unless they earned the money themselves by saving their allowances, or, tooth fairy money, stuff like that.

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  2. Dinosaur Trader

    If it makes you feel any better, I’m still poor.

    -DT

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  3. The Fly

    I already knew that.

    Look at your fucking blog.

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  4. Dinosaur Trader

    Hey, don’t forget where you got your start… at an orange blogspot.

    And also, since I’m feeling charitable towards you, watch your health.

    -DT

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  5. The Fly

    But, unlike you, I knew the blogspot was temporary, sort of like cutting carrots and celery, prior to being named head chef.

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  6. Dinosaur Trader

    My site will change eventually. I’ve just been forced to focus more on my trading, since that pays (in theory) the bills.

    However, if all I have to do is cut some carrots and celery to become a head chef, I may just change careers and open a restaurant.

    -DT

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  7. The Fly

    Liar.

    You will never change your site. You are not very serious about blogging, taking erroneous vacations on a moments notice.

    Plus anyway, there is no scientific evidence that says: less blogging leads to higher profits.

    Ask Ducati, he blogs and NEVER loses money, ever.

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  8. Dinosaur Trader

    I will change my site… it’s just that so far, my negotiations with Jeremy have floundered.

    As for Ducati, at least he told you when he was quitting this place… he just up and left the VO while I was on vacation, saying something like he had taken all he could from the experience.

    Meanwhile, his analysis is spot on and patented.

    -DT

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  9. boca

    The answer is obvious, those rich kids are related to Bilderberg, or possibly, Steven Schwarzman. They need the Porsches to drive their bags of gold (aka weekly allowance) to the bank. Spoiled brats!

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  10. fxpboboy

    Fly: Near term sentiment is bullish. That combined with all this buying must make you realize that we are in a bounce phase, before resuming the next leg down.

    Notable calls is calling for a bounce, as of march 31…

    http://notablecalls.blogspot.com/2008/03/psychological-rally.html

    Any plans of going long before you resume your wanton short-hattery?

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  11. mdawsz

    I’m putting all of you clowns on notice that I’ll be firing up a new blog within the next week.

    Watch and learn.

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  12. The Fly

    I bought some FMCN on Friday.

    I’ll pick and choose spots.

    However, we are very top heavy here.

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  13. gappingandyapping
    gappingandyapping

    Hell I am going to buy my dog some diamonds and shit and I plan on taking out a $475,000 HELOC just for shits and giggles so I can put a down payment on a Veyron. Money is just sloshing around out there, just the other day one of my employees informed me he was getting a new Mercedes. How the fuck does this happen I said, you don’t make enough in a year to pay for that car? He said its simple, I just get a loan and make payments. I said hmm do you have really good credit, half jokingly to be polite. He said its ok I guess, my score is a 480. So here I am wondering how the fuck does someone get a $56,000 car loan with peanuts down and a 480 score with $47k income? Then it hits me, the recession is over and everyone is just raking in the dough preparing for the coming massive expansion. Banks are handing out money like a poor man’s soup line. I am starting to believe the only people not spending money like mad out there is me. Anyone else feel this way? Maybe having zero credit debt is the wrong thing to do, maybe I should be maxing out 28% credit cards or buying sub prime housing and then defaulting on the shit. I mean why not, this miracle man named Ben will take care of me right? Give me your money, you owe me a rebate and a bailout!

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  14. DaddyWarbux

    Finucane: Dow 20,000 Within 12 Months

    A longtime stock strategist known for calling market bottoms is now calling a market top — an astounding Dow 20,000.

    James Finucane, a career analyst at Stifel, Nicolaus in Chicago and now a consultant, told Barron’s Weekly that the market is in one of those speculative low points following a crisis that later yields a huge rise in stock prices.

    The liquidity being pumped into the financial system now means the natural outcome will be a big bump up in short order. There could be some volatility, but soon enough the Dow will rise to somewhere between 18,000 and 20,000, he says.

    “Governments and central banks have a clear incentive to promote growth, so to bet on a prolonged slump is to bet against the government, markets and human nature,” says Finucane.

    Finucane is a student of low points, especially the long and bumpy history of recent market crises, like the Mexico peso crash in 1994 and the collapse of hedge fund Long-Term Capital Management, just four years later.

    He has some numbers, of course, not just a “feel” for things: Money-market funds are stuffed with $3.45 trillion in cash. U.S. equity funds have seen nine months of outflows, a new record.

    Editor’s Note: The Recession’s Silver Lining. What it Means for Investors.

    Consumer confidence has hit a 17-year low, and individual investors are by one measure more bearish than since the beginning of the 1990s.

    In short, things are not nearly as bad as they were for investors in 2003, as the tech stock crash was finally winding to a close. An investor rally is practically built-in, he figures.

    “The setup is perfect,” Finucane says.

    And yet the Fly will say he called it when it does occur.

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  15. The Fly

    I swear on a stack of bibles:

    Should the Dow trade to 20,000 this year, I will run naked in front of a live Fast Money show.

    Whoever wrote that article is mentally ill.

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  16. hanktrader

    I hope every IB goes effing bk on monday—f them—f this economy and f the stupid bulls—-I am going 2 sacrifice bulls all weekend long—as welll—-i pray 4 blood on the streets…..come on bears f these croooked effing ib pikers……DOW down 20000

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  17. JakeGint

    You can’t hold that guy responsible. He’s all “hopped up” on finucane.

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  18. Oxy Moron

    Isn’t finucane prescribed for diaper rash?

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  19. brian

    Well I don’t think bout money my family is well off and there for I am rich because of my great grandfather. Waste money how do you do that you buy what you want and need gas could be 8 $ a gal so what I need it . I will buy and sell anyone with family money. GO wm.

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  20. calvino

    I hsve been listening to the cow drivel long enough.While it’s true, the mark to market for level III got trick fucked retroactively 45 days back after being on the books for two months – a rally that does not make. Read the fucking Barron’s, LEH profit would have been seventy cents less, or six cents, if they did not reap back the write downs last quarter. Ditto for the other two beats. Staking money here is playing Ponzi knowingly, and thinking you are going to be quick enough to get out. I am willing to go to cash, but go long? I’ll miss the trade, it’s ok. The runup that started on the UBS 19 bil loss is the biggest pile of hot steaming bullshit that ever initiated one up tick, are you fucking kidding me. That itself just pulled 220 bil, and the rights issue is just ink right now. The Fed is not pumping liquidity any faster than it is being destroyed. You wanna bet on the bushy browed midget behind the curtain, the bearded clam, lying Hank?

    McFly’s sixteen year old neighbors in the Caymans need to be chained to a standpipe on 138 and the Grand Concourse, where the homeless can eat them.

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  21. ottnott

    It appears, by some sort of Government magic, folks have replenished their credit cards and have forgotten about the great depression we are in.

    No magic. They just stopped making mortgage payments. That does wonders for spending power.

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  22. Woodshedder

    While you fucktards are doing mental gymnastics about the recession, I was busy recording the next big act to sweep the Americana music scene. Video and music will be forthcoming…

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  23. Q4

    Recently, four airline carriers shut down in one week. Odd, no?

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  24. Hank Paulson

    Woodshedder

    We all new that you were a huge New Kids On The Block fan.

    Didnt you have a crush on Joey?

    pickle anyone?

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  25. Hank Paulson

    On a serious note…

    Fly

    Does that make you want to buy V or MA?

    V-breaking out to 70.

    Upgrades coming this week.

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  26. TraderCaddy

    Loser kids and worse than loser parents.

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  27. Juice

    Jake, imo, Billy Meier is honest as they come & legit .. its his debunkers who lie, who are paid to debunk, or have something to protect. Meier is a threat to their beliefs & their way of life or livelyhood , but again, imho or imnsho, Meier is NOT a hoaxer, or liar

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  28. mrkcbill

    Kids need transportation..No….How else do you manifest a Billion dollars to your kids.

    Great Thread by the way….Jeremy/Fly how bout a thread ranking system… I fought the karma pts but have grown to enjoy voting on comments….especially negative ones for Juice.

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  29. Dinosaur Trader

    mdawsz,

    I’ll be happy to switch my dead link to your old third-tier blog.

    -DT

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  30. Global Depression
    Global Depression

    Haven’t you ever thought about how 100 million baby boomers are going to require 1000 a MONTH in pension and social security checks? Do the math, that’s 100,000,000,000 as in 100 BILLION a MONTH that the government has to pay… You’re going to tell me there’s not going to be a global depression, and famine and riots and shit?
    How the fuck not?
    Especially with all the bullish sentiment that has people paying $50 for every $1 in dividends, and 2% dividend average.
    http://youtube.com/watch?v=SjS60TaD_J8
    way to high price to book, loss of purchasing power, and all this bullshit.
    Hyper inflation, starvation and famine, or population reduction… pick your poison.
    Unfortunately unless there’s serious innovation that allows us to expand into space and do stuff for much much cheaper, and or developing a single pill that is all you need for a day to be completely full and revitalized, we’re going to need all old people to be taken in and killed. Nazism/socialism is coming.

    the answer could be both 30000, and 3000. 30000 in terms of price, but 3000 in terms of purchasing power.
    Buy TWM, DGP, and some healthcare REITS

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  31. Global Depression
    Global Depression

    and peak oil everyone forgets about as well.
    The sad thing is governments are all working behind the scene trying to figure out population reduction methods.
    I say kill the baby boomers before they retire, for humanities sake. Extreme but neccesary… unless inovation in technology can find a cheap way to feed everyone, like a cheap pill, or expansion into space and production in space that can be done for 50 times cheaper and more effecient.
    it sure beats the alternative of digital dollars and bing microchipped and having police go break in to people’s house to microchip everyone against their will, and then still having starvation, and a wipeout of every bit of value people have…
    sorry grandpa, you’re dead.

    IBM is a play on microchipping.
    GEO is a play on a police state.

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  32. lol

    talk about gloom and doom…

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  33. mike

    I am so glad we have a strong dollar policy causing the purchasing power to remain constant. But wait, what’s this:
    Bus Class Airfare SFO – BKK on EVA Airlines:
    Mar. 2004: $1750
    Mar 2007: $3150
    Mar 2008 $3850 (quote only)
    Aug 2008 $4450 (quote only)

    The foregoing are actual fares paid,or quoted. BTW, sevice US carriers suck.

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  34. Juice

    Commenting on the military, Turner said military budgets should be cut.

    “Right now, the U.S. is spending $500 billion a year on the military,” he said, “more than all 190 countries in the world put together.”

    Despite the huge budget, “we can’t win in Iraq,” he said.

    “We’re being beaten by insurgents who don’t even have any tanks,” Turner said.

    ===========

    if we cut the defense budget & got rid of the military, joblessness would go thru the roof ! Defense spending is holding this economy together, barely … cutting defense would be the straw that broke the camels back.

    I say, break the camels back and let the chips fall.

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  35. Juice

    We had a strong dollar policy when the euro was 0.85, and we still have one @ 1.58; whats your point Mike?

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  36. mike

    I have traded in my H1 for a motorized wheelbarrow.

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  37. Hannibal Lecter
    Hannibal Lecter

    Ted Turner is smart. Make sure you stock up on fava beans and nice chiantis so you’ll have plenty while eating your neighbors.

    http://www.youtube.com/watch?v=iVlkZVAw8Gc

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  38. joey and johnny debts
    joey and johnny debts

    we’ve been keeping up with the joneses and we look rich on the surface… But were in debt up to our eyeballs… 10,000 in credit card dent at 18% interest at minimum payment takes 24 years to pay off…
    compare that to a 30 year bimonthly payment plan and you could own a home by that same time period…
    of course were to busy keeping up with the joneses, while the real millionaires are the “millionaires next door”… Just wait till our parents get laid off and we’ll file bankruptcy and be working when we’re 90 and die in debt…
    mortgage comes from the root mortir and litterally means “until death”

    Now what happens when the baby boomers retire, are given 100s of billion in pension, and then die oweingmore than they have? And pull all there money out of the market.
    you think that’s “priced in” to the market?
    the conspiracy fucks are right about at least one thing…
    we’re moving to a “digital” dollar… Maybe even a microchip, and if not, there will have to be a huge loss of wealth, a major depression or worse, extreme population reduction.
    unfortunately the government will never go for killing of old people since its made up of by old farts or near old farts and the people voting are a bunch of old farts.
    so I guess well have to just slaughter babies which would end up producing and helping society in the long run a he’ll of a lot more than old people… And he’ll, its not like anyone wants to live when theyre 75 and their back hurts and they’re a burden to society.

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  39. (Ghost of) Chuck Heston
    (Ghost of) Chuck Heston

    Soylent Green, fuckers.

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  40. Fuckface

    Do you get paid every time you use the word egregious? Get a thesaurus asshole

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  41. DickBove

    The U.S. has a $14 trillion economy. The world economy is $54 trillion. Yes, UBS, Citigroup, WaMu and about 10 others are taking it up the poop shoot. So sorry. Commercial and industrial loans are still growing over 20% Y/Y. But $600 billion in credit losses is a rounding error in the grand scheme of things on a global scale.

    Trannies are ripping thanks to the 40% increase in U.S. exports. Coal is ripping thanks to a projected 200% increase in coal exports next year. Steel is ripping because there’s not enough capacity. Grains are ripping because 3 billion people have seen their standard of living improve so they no longer want a starch based diet.

    With Depressions like this, who needs a strong economy?

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  42. Danny

    Fuck you Fuckface, Charlton Heston just passed…egregious.

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  43. boca

    You guys have been busy for a Sunday afternoon.

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  44. Global depression
    Global depression

    Transports are growing… 40% big fucking deal… You think that’s going to save you? Too little too late… Hell the stocks have gone down 70% from 2000 highs in terms of purchasing power and gold…
    china is getting the hell out of us dollar based goods,you think 40% is shit?
    fuck you, have fun eating soup…
    The gov’t can’t pay for 100 billion a month and continue to grow… By 2020 we’re all fucked.

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  45. Thesaurus Man

    Some handy synonyms for egregious:
    shocking, appalling, terrible, awful, horrendous, frightful, atrocious, abominable, abhorrent, outrageous; monstrous, heinous, dire, unspeakable, shameful, unforgivable, intolerable, dreadful, grievous.

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  46. Gunners

    all those egregious synonyms suck

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  47. mrkcbill

    egregious…is the best word ever on this site. viz

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  48. boca

    Viz.

    MrKCBill is very wise.

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  49. Thesaurus Man

    Here are a couple nice words Fly could work into his posts for more variety:

    * barbigerous (meaning: having a beard)
    * juglandaceous (meaning: pertaining to walnuts)

    Example: “The juglandaceous machinations of the barbigerous castigators at the Federal Reserve led me to bank Olympian coin. Viz. Now go copulate a herd of Pyrenean tarpan.”

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  50. Bellevue Hospital
    Bellevue Hospital

    Dick Bove is now back in custody and is resting in his padded room on the 5th floor.

    We apologize for any incoherent market analysis that he may have given while he was a fugitive.

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  51. JakeGint

    Thesaurus Man needs a date with Usage Woman so he can figure out the way to use “copulate” in a sentence.

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  52. haileris

    Thesaurus Man: That kind of egregious behavior gets you defenestrated.

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  53. Thesaurus Man

    I can verb in ways you can’t brain, bizznatch.

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  54. gappingandyapping
    gappingandyapping

    Special Note: Leatherheads is the dumbest fucking movie made in some time, on par with Gigle.

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  55. lol

    My crystal ball says we’re in for a sharp reversal.. 300 points… Buy the vix.

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  56. JakeGint

    I can verb in ways you can’t brain, bizznatch.

    I’ve heard similar boasts from copraphages before…

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  57. JakeGint

    Here’s what’s fucked. The Yen is down again against the dollar.

    For zero discernable reason save that “it has to happen” in order to get the carry trade right again for the asshats.

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  58. Synonymous Man

    Thesaurus Man ain’t got shit, excrement, crap, feces, or doo-doo, on me.

    What a copulating sphincter.

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  59. Cyonara

    Stupid yen is fo aahs-hots. I go back to tlading lice now.

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  60. calvino

    NOticed it Jakey? The euro/yen usd/yen rally that the garland of douchebags is calling a stock rally. wye got a nice writeup this weekend and if I had to hedge long, I’d buy a lickle at open, unless the gap up was completely wanton. The fun and games continues, perhaps as long as le euro kindling woods stat blowing up in Club Med. Heck, even the real euro economy north of the Rhine is stating to shake. I do not want to get small here, nor flat, but it’s hard to compete against the Treasury trading accounts at Turdman funded with deferred tax obligations and the bonzai fuckbags doing eveything to keep their exports here.

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  61. boca

    Italo Calvino, I have to admit I like your stream of consciousness writing style, very nice.

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  62. calvino

    Non e detto che Kublai Kan creda a tutto quel che dice Marco Polo qaundo gli descrive le citta visitate nelle sue ambascerie, ma certo l’imperatore dei tartari continua ad ascoltare il giovane veneziano con piu curiosita e attenzione che ogni altro suo messo o esploratore.

    btw.. the cable appears fucululated hereonin..

    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/07/cnecon107.xml

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  63. nncoco

    “Recently, four airline carriers shut down in one week. Odd, no?”

    Tell me about it. Got fucked out of $860 for a 2nd ticket to Hawaii next week due to ATA going BK.

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