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
23,484 Blog Posts

Why This Market is Worse Than a Heroin Addicted Crackwhore

I’ll leave the diatribes to those of you who love to hate the Government in the comments section, or other third tier bloggers.

Gentleman and piss ants, I am here to bank coin. I do not care about main street or crooked politicians; because I have no control over them. The only thing I preside over are my actions and the influence I exert upon others, in my domain.

If I were to spend my time focusing on the miasmic world of Wall Street and Federal Reserve fuckery, I would be living in a housing tenement in Brooklyn.

This is what I know:

Providing Ben and Hank are fresh out of tricks, this new leg down will be the killer. Last leg lower, ag, commodity and infrastructure stocks held firm. Furthermore, select blue chip tech/retail names, like [[AAPL]], [[RIMM]] and [[GME]] held their butter. Not this time.

One by one, the generals have been taken out and shot, including [[POT]], [[MOS]] and even [[X]].

As you know by now, this market has financially ruined people. I know many investors who had their life savings tied up in bank/broker dealer stocks, only to be washed away in one short year. Just like that.

How quaint.

Sure, the warnings were everywhere, except on CNBC. But I digress.

When the “homo hammer of certain death” falls again, it will be permanent. I do not know when it will occur; I only know it will. For all I know, the market can go on another terrific run to 12,000, prior to the ominous resurfacing of the dastardly “homo hammer.” I digress again.

So sorry.

Pension funds are being clown raped, if that makes any sense to you. I know people who manage these funds and they are stupid/hopeless.

Everyone is waiting for the bottom, all the while the Treasury and the Fed concoct new plans to reinflate the balance sheets of bullshit banks, via draining the life savings out of school teachers.

Everything about 21st century banking is 2nd rate, from bank tellers to bank whores (Dick Bove). As an investor and steward of assets under my management, I cannot find it in me to buy [[WM]], down at these levels, like some people I don’t know.

To sum up this rant of nothingness: before trying to catch the genesis of a new bull market, remember how stupid you were [when you tried it the last time] and find solace in knowing that you are not “The Fly” and do not have the luxury of hedonistic time travel. Instead, go eat a ham sandwich with mayo, watch the ballgame and guzzle down a few dozen bottles of beer, while Ben and Hank fumble around— selling your country to egregious clowns wearing florescent yellow jumpsuits.

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49 comments

  1. Jakegint

    This is serendipitous.

    I just finished reading Gigot’s editorial in the WSJ today about “The Fannie Mae Gang.”

    I didn’t think I could hate that weasel — and make no mistake, he’s a pure weasel, down to his very ferretish face — Paul Krugman.

    Throw them all, Mozila, Raines, Barney Frank, Chris Dodd, Hank Paulsen, Mike Oxley — all of them — on the pyre and set it alight.

    My anger burns bright.

    If you don’t mind, I may repost the entire shebang in the PG.

    ___

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  2. Scortched Earth

    Jake,

    Indeed. I look forward to being on the hook for the dickslap down the street’s mortgage now via my hard earned tax dollars. What’s really rich is how these jackasses like Barney Fag and Chris Dodd (the 3rd stupidest individual in Congress) all but forced these lenders to issue loans to the worst damn credit risks since Willie Nelson at a two-bit casino. Then they rake said lenders over the coals for doing their bidding and then rape my egregiously bulging wallet for it’s inards. Underhanded socialism at it’s finest…

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  3. Aris

    the gigot piece is great. it’s good to know that we’ll always have some form of political fuckery to entertain us.

    it’s an expensive seat in this theater, though.

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  4. SHOOD

    America is on its way to becoming a socialist nation. This great experiment is dying. Our freedoms are slipping away.

    I hope God will have mercy on us for our greedy and wasteful ways.

    “Give us a king” they shouted. He gave them Saul in judgment against them.

    Have mercy on us. I hope He sends us some Davids soon.

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  5. Scortched Earth

    SHOOD,

    This great country is already a quasi-socialist kingdom, run by asshats (read: Pelosi and Harry “The Ballsack” Reid). They have skull-fucked our Constitution and delivered it’s limp body to the enviro-Marxist who feed off our lesser citizen’s (read: my nephew Corey) stupidity. Those who embrace socialism have never lived under it’s thick soled shitkicker. A “David” would be nice, but I’d personally rather He send G.I. Joe in full battle gear.

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  6. buckeye bob

    Sort of off the subject, but, any Aussies readers out there – who play these markets. Just interested in a take from the Pacific rim

    (The Olympics got me think about Austrailia – we were there on vac during the last Olympics – won’t get back anytime soon, but had a good time.)

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  7. Molecool

    “America is on its way to becoming a socialist nation. This great experiment is dying. Our freedoms are slipping away.”

    That’s what revolutions are for. Nobody’s keeping the public from storming Washington and tarring & feathering some of those cronies ‘old school’. I’m truly puzzled by the passivity of the American public. Where I come from heads would have rolled a long time ago. This is not a cheap shot towards the U.S. – I think it’s a great country with great people in it. It just has been hijacked by a gang of crooks and they seem to get away with anything. How much is too much? When will American citizens go out on the street and demand their country and liberties back?

    Sorry for the rant…

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  8. Scortched Earth

    Mole,

    Where is it you come from, exactly?

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  9. Jakegint

    This is good for a chuckle or two.

    _

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  10. Sierra Water

    I believe the phenomenon of a passive america stems from the evolution of the internets and its ability to serve as an outpost of would be revolutionaries. Take away the internets and you have a bloody mutiny.

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  11. Chuck

    I believe a “passive America” comes from easy credit, the here and now mentality, nothing outside of “my world” effects me. People won‘t gather until the pain is absolute.

    The internets and such are simply a means of communications, to gather and manage information.

    Getting an eye exam today I thumbed through the latest “People Magazine”. My first thought, we need markets chopped in half. Hollywood is on another planet.

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  12. calvino

    Ok, I don’t know. Why?

    Incidentally.. the dollar is beshattling itself in the overnight. Thanks Rat of the Reserve. Thanks Lex Luthor. You must be bewailing your fuckover of our currency, since the thirty year mortgage note hit 6.7 today. Those bad banks, right Rat, taking advantage of the low rates you give them. To foreclose on more homes that will not be able to refinance out of their adjustables. I am heartened however, that the banking communitay has been recapitalizing itself with five hundred point spreads. Did not hear that one mentioned at any of the conference calls. YOu like to listen to them Martay, did you hear anything like that? That is why I could not get hired as an analyst. Just how much of that beat is attributable to a three hundred percent premium to a normal spread, Mr. Steele. Hey did you bring any printing proofs with you from the Treazury?

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  13. Aris

    the obama RS cover is pretty funny.

    living in seattle has me surrounded by socialists of the highest order, and, frankly, i don’t like it much.

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  14. Mr. EB

    If the Democrats take over Congress and presidency, we going to see more anti-market legislation thanks to the unions. Sigh.

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  15. Chuck

    Calvino,

    you’re good, enjoying the posts.

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  16. Aris

    will private equity rumors be the new bank stock bait?

    can batman keep this rally alive?!

    will ‘soccer moms’ switch to ‘solar moms’?!

    where’s hillary?!

    TUNE IN TOMORROW!

    SAME CRACK TIME; SAME CRACK CHANNEL

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  17. calvino fan

    Amazingly, when I read the calvino’s comments as I would a newspaper or the ingredients of my morning cereal, slowly and deliberately, word by word, I can’t quite understand what they say.

    But when I merely skim over them, allowing direct penetration to my subconscious primal mind, I feel a warm glow of understanding, as if a matrix of deep truth has been laid bare before me. From that moment on I am able to discuss topics such as current forex movements or investing in Las Vegas casinos with a subtly and nuance that startles those around me.

    I also have somehow gained the ability to accurately predict the future stock price of CRM, to the hourly candle.

    That’s all fucked up, but in a magical sort of way.

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  18. nullpointer

    mole-

    you should rent the movie “idiocracy” to gain insight into american culture. its disturbing how much truth is in that movie.

    ——————

    the fucked up thing is, i can feel myself turning into that “crazy old guy” that is always pissed off at the government.

    ——————-

    back in my younger days of heavy drug use, i had this friend…whenever we would get loaded, if you asked him a question, any question at all, his response was always the same:

    me: hey jim, did you hear the new mudhoney 7″?
    him: fuck the government

    me: jim, your hair is on fire!
    him: fuck the government

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  19. calvino

    Fellows, when I write, I am trying to get the story condensed as much as I can. I know that not the whole world lives by finance news, so the shorthand becomes gibberish. I was just pointing that in the fake stories spread by financial entertainment press, I saw much about the better than expected results from Wachovia and Bank of America. I did not hear that this was an extraordinary quarter because the Fed bent over backwards to let the banks make money on the lending spread over it’s funds rate, and the alphabet soup of new lending facilities. A monkey with an abacus would beat numbers under these circumstances. Yet we rallied fifty percent in a couple of dozen names. Banks that are insolvent. The issue here is that the FDIC is insolvent, knowing they can never close all the insolvent banks without being recapitalized by Congress. The FDIC also knows that there won’t be any rally if they go to congress. This is going to be different from the BNP, Bear and Fannie bailouts. This will be a stampede out of the dollar like no one has ever seen. If the FDIC so much as mentions they need to be recapitalized, our circumstances will change dramatically in one day.

    btw.. Robert Steel was the Undersecretary of the Treasury until two weeks ago. Now he’s the CEO of Wachovia. That is disturbing to me.

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  20. Chuck

    Nullpointer,

    Point taken, you’re friend “him” that back woods lovely. Enlighten him to the trickle down effects of living in the richest country. Those Chinese laundry fucks, Japanese Rickshaw pacers are funding our government, enabling bloated life styles, twin engine bass boats toted by Cummings powered F-350’s.

    God bless the silent hand.

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  21. Chuck

    On Tuesday, October 10, 2006, Robert K. Steel was sworn in as the Under Secretary of the Treasury for Domestic Finance. In that capacity, he serves as the principal adviser to the Secretary on matters of domestic finance and leads the Department’s activities with respect to the domestic financial system, fiscal policy and operations, governmental assets and liabilities, and related economic and financial matters.

    Robert K. Steel retired from Goldman Sachs as a vice chairman of the firm on February 1, 2004. He joined Goldman Sachs in 1976 and served in the Chicago office until his transfer to London in 1986. In London he founded the Equity Capital Markets group for Europe and was extensively involved in privatization and capital raising efforts for European corporations and governments. He later assumed the position as head of Equities for Europe. In 1994 he relocated to New York and served as head of the Equities Division from 1998-2001 until his appointment as a vice chairman of the firm. He became a partner in 1988 and joined the Management Committee in 1999. Upon his retirement from Goldman Sachs, he assumed the position of advisory director for the firm and then senior director in December 2004.

    From February 2004 to September 2006 Mr. Steel served as a senior fellow at the Center for Business and Government at the John F. Kennedy School of Government at Harvard University.

    Mr. Steel received his undergraduate degree from Duke University and his MBA from the University of Chicago. He resides in Connecticut and Washington, D.C. with his wife and three daughters.

    Impressive sheet. Gets around.

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  22. Chuck

    How do you import pic’s to this blog?

    http://en.wikipedia.org/wiki/Image:Gregor_Reisch%2C_Margarita_Philosophica%2C_1508_%281230×1615%29.png

    Would have liked to post this one.

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  23. Juice

    http://www.youtube.com/watch?v=fLfuZW0LHUc

    Naked Shorts are for Playboy

    a good blog http://boombustblog.com/

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  24. Juice

    http://mrmortgage.ml-implode.com/2008/07/25/shocking-cdo-write-down-precedent-90-loss/

    Mr Mortgage writes: “SEC’s Cox who said late yesterday he wanted to incorporate the new SEC short selling rules across THE ENTIRE MARKET. What this tells me, however, is that the US equities market sit in a much more precarious position than most can imagine.”

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  25. Juice

    A message from your government : Core inflation is under (our) control, has been under (our) control, will always be under (our)control

    Thanksyou,
    your governmental bureau of fantasical useless stats

    ps. buy regional banks, brokerages & financial shares in general

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  26. PharmPhucker

    Bear Trap.

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  27. Perhaps the Fly is afraid of getting squashed by Goliath…while banking coin is great, you should use the calculator brain to rediscover the meaning of a country for the people by the people….otherwise your just another Fly on the sticky tape.

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  28. Jakegint

    Zeros at 3 o’clock! Man the ack-ack guns!

    Dropping yen this time! A far deadlier and more destructive weapon.

    Would that our Navy had an effective counter.

    __

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  29. Herd of Bulls

    We Takin Over!

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  30. allcash

    how high a short interest is considered bullish?

    short interest %
    short interest ratio?

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  31. BPOE

    Bank Socialism, Stock Market Police, Oil controls, Next Health Care for everyone. This will keep the Terrorists away. They just have wait until the food runs out and take over the White House for free hot dogs to everyone. This is what greed is all about Fuckers. It starts by electing a drunk that has a direct line to God as a leader of this country.

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  32. heroin addicted crackwhore
    heroin addicted crackwhore

    hey now, that’s not fair comparing me to this bullshit bipolar market. I take that as an insult

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  33. calvino

    Yikes. Onishi Takijiro sent the zeroes on the attack again. The chf, eur, usd went fucking vertical, all at once and all the same. What goes up…

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  34. Sir Douchebag

    fluorescent even.

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  35. DSB

    iPod just randomly selected:

    Pink Floyd

    MONEY

    Nice way to start today

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  36. miasmic- my new word for the day. Great post fucker.

    nothing like a ham sammich on white with cheddar and mayo!

    mrkcbill

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  37. zephler

    ALL YOUR BASE ARE BELONG TO US

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  38. Jakegint

    Big Pig — yeah, it’s Bush’s, or maybe God’s fault.

    Let’s elect a socialist to straighten things out, like we should’ve in the first place, eh?

    Brilliance.

    ___

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  39. SHOOD

    Talking iPods is my shtick from last year!

    But I’m glad they incorporated my “design suggestions” into the new models.

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  40. Gregory

    Lets all jump up and down and celebrate the return of the US dollar and the demise of the US Peso. Yippeeeee.

    Long live the Japanese Peso, Swiss Peso and the Euro Peso.

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  41. Juice

    We may as well elect a socialist to complement the socialism going on … in fact there are only socialists on the ballot this go round … turns out it was that way last time too.

    East Hampton, NY feeling the pinch

    http://www.bloomberg.com/apps/news?pid=20601109&sid=abSnNUZwDblU&refer=home

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  42. TX Slave Trader

    Juice, The SEC short selling rule is by no means “new” and when unenforced, as with the better part of the last decade, you can have over 100% of a stock’s float held as short interest, which is just fuckery to the Nth degree and has the DTP guys running around lost like Cramer without his staff.

    A US revolution to root out political corruption? Lets be honest here people……..our government could drive the middle class into the ground and reinstitute slavery before there would be any type of organized revolt. However, before the middle class would wait in breadlines, you would see the largest mass suicide in the history of mankind……also not organized. Think about it, what would all these Johnny Sixpacks do if they lost their house and truck? This ain’t your gramma’s depression.

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  43. DSB

    VLCM getting its nuts pushed in today.

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  44. jeff

    Very suiting video Fly…

    Video on the housing bill to the right.

    Down with the USD

    http://www.house.gov/paul/index.shtml

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  45. Jimmy R

    There will be no revolt in US, so long as Mickie D’s has double cheesburgers for $.99. Raise that to $1.49 and the poor and retirees will take to the streets, canes and walkers held high. Fed should backstop McDonald’s.

    Fly, Good advice as usual – control what you have control over, f the rest

    Cal, Good stuff

    Jeremy, My Karma had been “broken” for a week+. That comment I made 5 months ago was just a joke.

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  46. GovtFunds

    SHOOD, David shall not be forthcoming if Obama wins the White House. We will be too busy learning how to speak French with the style and flair of a true socialist country. Our coin intact will be dismal, however, as we trot off to our evening dinners at McDonalds, we will be able to order our big Macs in French. Capital gains will be tripled, the market will hit new lows, he is no friend to the market or to Americia.

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  47. Molecool

    “When the “homo hammer of certain death” falls again, it will be permanent. I do not know when it will occur; I only know it will. For all I know, the market can go on another terrific run to 12,000, prior to the ominous resurfacing of the dastardly “homo hammer.”

    Sooner than you think. My charts (accurate so far) project another gentle push up (DOW around 12,000 – 12,200) before a plunge into the abyss. Trading lightly until I get that signal.

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  48. GovtFunds

    The abyss is almost here

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  49. GovtFunds
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