UPDATE: As per Gov. Patterson aka degenerate blind guy. On all this fun talk of depression, let’s go buy some fucking stocks—boo-fucking-ya. Shall we start with some insolvent banks? How about a fresh look at the homies or retail names? They’re all the rage.
Off to do a few lines of baking soda with small pieces of ham.
Inside of two weeks, the U.S. Government has nationalized the country’s largest mortgage participant and insurance company. I don’t give two fucks and a gay fiddle what the market says, this is HORRENDOUS news.
Take this opportunity to undermine the financial integrity of America.
[youtube:http://www.youtube.com/watch?v=dDd51v7prtI 450 300]Down low UPDATE: Money market fund in trouble.
If you enjoy the content at iBankCoin, please follow us on TwitterThe announcement was made by the Primary Fund, which had almost $65 billion in assets at the end of May. It is part of the Reserve Fund, a group whose founder helped invent the money market fund more than 30 years ago.
The fund said that because the value of some investments had fallen, customers now have only 97 cents for each dollar they had invested.
feels good, man.
But watching the after-hours spike up to $2.83ish (“Oooh! Shiny! CNBC talking head says they might get their bridge loan!”) and subsequent selloff back to below $2.00… (“Wait, what’s this ‘dilution’ they keep talking about?”) was good for shits and giggles.
The after-hours session: It’s either so illiquid the only thing to do is stand by and mock. Or it’s liquid enough to trade, but what’s moving it is so fucktarded the only thing to do is also to stand by and mock.
SKF @ 115 AH ….
doesn’t matter.
the market is wrong.
If UYG rallies in the next few days, short the diarrhea out of it. Or just keep accumulating Dr. Fly’s favorite SKF.
SKF is cheap as diarrhea. Bargain of the decade.
Hell yeah, wait until:
The United States Motor Company
The United States Airline Company
The United States Online Search Company, yeah taking Google is a personal goal, they are just so cool.
Just announced … gov takes 80% stake in AIG for $85 billion
Ad Nauseam
Recession canceled. Depression called off. Bear market over.
Rip roaring Bull market back.
I give this Bull market till noon tomorrow.
Fly, you buying SKF here in AH or have a new target buy range?
FLY
When do the regionals crack? FED,RF,KEY,FHN,PACW, etc.
Is ESLR’s stock doomed b/c of the LEH bankruptcy. I want to load up with it down in the 4’s but Im not 100% sure. If the Dems win, that stock see’s $10 by the end of the year.
Thoughts?
Holy Shit. Game over, the Communists won. I’m moving to Russia.
“The United States Online Search Company, yeah taking Google is a personal goal, they are just so cool.”
USOSC was the goal all along. Google has all of our emails and knows where we all surf. Who needs The Patriot Act if the guvmint owns all of the servers.
The Fly => Charles Foster Kane
There was simply no way the gov’t was going to allow AIG to disappear. GS yes, MER yes, even Citi yes. But no way with AIG.
However, this by no means solves all the problems.
If the market rallies in the morning, it’ll create another opportunity to reload SKF.
Our plan to democratize and privatize the Chinese via capitalism has backfired on us. The abundant capital with which they used to purchase treasuries and finance low rates for all the crap we bought from them caused the liquidity bubble and now we are moving more towards their system of socialism to prevent an economic collapse.
God Bless all the non-nation building, free market loving, small government Republicans who made this day possible.
-DT
Why don’t you just let your sister do all your posting for you? At least she’s entertaining.
hahahhahah
http://www.google.com/search?hl=en&safe=off&q=united+states+insurance+company
Fuck you, you commie twit. This is the the exact result of the big gummint nanny state bullshit you’ve been pining for all your life.
Enjoy your freedom diaper, Comrade Reptile!
__
Wow what a day, I sold my SKF at 131, covered my MS at 26 (barely made anything intraday), held onto my GS and bought more on the open dip and just missed the giant dip in CHK. All together was a pretty wild day. I would not be surprised to see GS hit 160 in a day or two. Additionally oil has or is bottoming, I would get long the oils with either DIG or RIG, either way I would not touch the refiners since their inputs will continue to get worse. My play would be long WNR and short MRO if you want to play them. Fly you smoked everyone this morning, I am sure your longs kept you afloat in the PM, personally this was/is a bullshit market and should be sold. After Thursday I want to get short again via SKF under 100.
Jake and DT
Republicans and Democrats Suck Ass.
“Take this opportunity to undermine the financial integrity of America and BUY BUY BUY stocks! BoooYah!!
If SKF goes under $100, I’ll eat my computer.
Not happening. You are delusional.
Whoa, Jake.
Hope you got loose of some of your SKF today. I bought quite a bit early this afternoon (more than I sold yesterday at the close), then almost forgot about it until Fly posted a little “Here we go again…” comment re impending government “help.” I sold and made a little on the trade, but saved several thousand considering where it ended up AH. Truly hope you did, too.
I think this “moth in a light bulb factory” action by the gov’t, as Todd Harrison put it, is setting us up for a train wreck beyond all imagination in 2009. Bernie and Blinky have only succeeded in being able to say, “It didn’t happen on our watch.”
Donny,
Agreed. I say so all the time on my blog.
-DT
I agree no chance we see a sub-$100 SKF. We may spike at the open, but then down we go.
SKF sub $100 by the end of next week.
SKF will not see 144 again. The XLF may take out todays lows at some point, but I can’t see that pos etf sky rocketing again.
It’s going to be hard to top todays fear unless we stay down here.
Holy shit. CNN “Comrade’s News Network” is telling us how AIG is too big to fail. “it’s in our IRA’s,the S&P 500, the dow Jones.” Good Grief! Did the great American experiment end in 2008?
SKF will see $144 and more.
Do you fucker realize how crazy you sound, once we get a little rally going? Some of you are almost as bad as Cramer.
Patience.
Dinosaur Trader
Please dont post here at ibankcoin anymore. We dont want your bad karma following you to this wonderful site. If you need to direct more traffic to your “Ford Taurus” calibur of a blog, pay fly to post a link.
Otherwise, go fuck a chocolate lab.
Get ready for RAM Sandwiches!
Fly,
You were getting your staples chewed out by the vampire nurses who work for your Nazi doctor when I said this earlier, but thanks for following up your “Fuck You…” post with “Here we go again.”
I feel like I just stepped out of the way of one of those gay Mini Coopers on his way to the clown circus after party.
Thanks.
The Government has already nuked the financials preferred and are now moving onto its common stock, SKF -> $144+.
Giant rally coming on the AIG news, its a total communist job! WooHoo WahMoo is next.
Giant rally? Perhaps a spike, but then we’ll go back down.
Shocker.
When I pulled up into my surgeons building, I saw his car.
A giant Humvee with a German flag, riding up the mini flagpole.
Brazilian license plates, yes?
Hey, I drive a Mini…..and do so proudly while sipping Bacardi Ice and donning a pink polo and matching visor.
Why did the market rally after the Fed decision? Because people knew that the Govt wouldn’t change rates AND bail out AIG. It was one or the other. After the first panic reaction to the decision the rumor ‘leaked’ out that AIG would be saved and it clicked. Up we went.
We got your rally today. Maybe it’ll continue a bit into tomorrow morning. But then reality will set in. The FED has no ammo left. Are they going to bail out every company that goes under now? Nope. AIG’s the last one. They stretched the moral hazard as far as they can with that.
Oh… And I’m no economic genius, but tell my why it’s a good thing that the government now has an 80% stake in one of the largest insurers in the world? On top of owning Fannie and Freddie.
If this is the bottom then this has to be the stupidest game around.
Dear Mr. Fly:
I have $3463.96 in my Zecco account. I think you should buy banks and short oil companies.
Check my site for more details: http://lamer.blogspot.com
Thank you very much!
Fly, each time you go to that office your day turns to shit, I don’t think you should go back.
Yesterday the biggest gain in my life, up 8.9%.
Even today on currency action but tomorrow I can only say
FUCK THIS FUCKIN’ CHEESE!!!!!!!
Takin’ the progeny to hoops but someone feel free to post some GNR – as the Fly says – “Patience”…
$#^%&*()(&&^^%#@
Fly… I’m guessing you’re concocting a list of firms with significant CDS’s at the moment?
Anton Cigur- +1 Very funny.
The dude in the youtube video looks like Jamie Dimon in a t-shirt.
Fly likes going back because the German nurse wears boots, brown shirts, got a skulls n crossbones tatoo on her breast and carries a riders whip and says “you can take it off now”
Greekpunk,
Then kindly watch where the fuck you’re driving on your way to the clown circus after-party.
Thank you.
Hope you didn’t spill your drink, btw.
What makes you think he can afford to pay Fly for a link? He can’t even afford $5 a month for a real website.
Breaking news: Treasury announces bailout plan for UYG.
Anton Cigur- +1 again. I have this picture in my mind of the E*Trade baby renting a clown.
Whatever you do, don’t imagine that clown naked.
Oh, Jezus. You’re a sick man, TraderCaddy.
Zach,
Okay, you win, I’ll never post here again.
I apologize if I’ve infected you with my bad karma… it must be awful, having bad karma inflicting you like that, on top of everything else you must have to go through, what with being a big asshole and everything.
Perhaps if you and “Hard Right” rub your dicks together a little harder, you can start a fire or something to burn all the communists.
-DT
GE cds’s going up.
http://www.reuters.com/article/rbssTechMediaTelecomNews/idUSN1551287420080915
Will Paulson bail out SIRI next? We can’t let the only satellite radio company go under!
“Wood” is only an expression, DT.
Bye.
A wise man once said, “I don’t mean to brag – I don’t mean to boast, but I’m intercontinental when I eat french toast.”
I believe The Fly is correct. SKF will be sniffing $200 within a few weeks – month max.
When Skiffy gets below $100 or even under $110 – during these unprecedented times – it’s time to load up. Unbelievably simple trading.
DT-
You’re a “star fucker” that will do anything to get The Fly to say your name or respond to your bullshit posts.
You’re so desperate for attention that Im sure you would blow RC or Danny if it meant getting closer to The FLY (ok, at least a hand job).
Your blog is the biggest piece of shit on the internet. How about shutting it down and doing us all a favor.
You will always be a star fucker.
Go rub one out to jeff from OA.
From Fed PR:
“The AIG facility has a 24-month term. Interest will accrue on the outstanding balance at a rate of three-month Libor plus 850 basis points. AIG will be permitted to draw up to $85 billion under the facility.”
3month libor + 850bps, ahahaha. Talk about a good ‘ole fistin’.
He seems to have confused iBankCoin with SeekingAlpha. Thought he could advertise here for free. Typical Socialist.
Normally, I’d post this over at WoodShedder’s blog. But since everybody is already here and because Fly is such a big fan of TA, this is a link to a video from Dan FitzPatrick. I’m not a subscriber to his site because I don’t know enough about TA, but I have traded emails with him when I subscribed to RealMoney and he’s a decent guy. He’s given me good advice about entry points on a couple of stocks I was interested in, so for whatever it’s worth:
http://www.stockmarketmentor.com/public/1479.cfm
Hey fuckers, you don’t have the cred to bust on DT. Trust me, DT is a worthwhile fixture around iBC. DT was a fixture at the old Fly blog. Show a little respect.
He brought it on himself.
“I’m concerned about this family’s financial future, 11.3% loans are the nightmare.”
The terms are better than the guy in the vid says
Fuckers – AIG was never a headline until a week ago and this one suddenly morphed into the mother of all bailouts. Only a matter of time before the grandmother of all bailouts drives us into a depression.
If this is an intermmediate bottom, then the “Jerome Kerviel (1/22) – Bear Stearns (3/17)” bottom pair looks uncannily similar to “Bazooka bottom (7/15) – AIG 9/15)”
The regularly scheduled programming will take us to DOW 9K within no time
gap&yap … unless you’re afraid of the risk, this is where you say:
“don’t bother, I’ll tuck myself in” …. you ok?
GE! GE! GE!
I think that the banks and such will if not have BOTTOMED soon, the Gov is doing what needs to be done, and soon this mess will be over and done and wall st will be back.
I see the Nikkei is up 1.74%. Looks like my shorts are caught between the Fed and the Triple Witch.
I have never posted on a blog before. I have lost all faith in this country. We cant find 5Bil for education, power, etc., but(!) we can “find” 85B for AIG?!?!
Cant wait to buy my Wii for $10000
Thain is a genius
Quit fucking with DT. He’s OG here.
Agreed.
DT is an OG, triple OG.
If the Dow doesn’t rally 600 points tomorrow, we are going down 1000pts real soon. Fade the fed, fade the gap up, fade the suckers rally. If its truly the bottom then we should fly upwards all day. Be prepared for reality though.
Time to short the biggest financial company of all – GE
With all this money being printed by the Gummit to bailout Freddie Fannie and AIG you figure gold and silver should be on fire.
Damn you guys are rowdy tonight. I suspect alcohol may be involved.
For the record DT is good people. He was even given the keys to this place to live blog our elections to choose a tabbed blogger (Alpha won). He did a great job too.
Zach we all know DT’s blog is sucks, is gay, mostly useless, devoid of anything that will make anyone any money, and a hundred other things, but I don’t want to ever hear anything like that second sentence come out of your mouth ever again.
btw, who the fuck are you?
Danny,
hit me up on gmail.
GE is sucks to
FLY,
I hope you took some profits on SKF above 140 like you said you would do earlier. Nice call, but the ride is over for now. Huge early volume on the SKF as people were taking profits. SKF dumps from here I think. It might rise later on but this panic run might over. Get some dry powder for the next rally top.
Fuck off, cocksucker.
Does the Barclays website take resumes?
can’t we all just get along?
What does DT’s sister look like? anybody gots a picture? is she good lookin? single? etc Why did peeps here get on DT’s back in the first place? what he do?
Dick Fuld’s new retirement home on Jupiter Island
http://www.palmbeachpost.com/blogs/content/shared-blogs/palmbeach/jose/entries/2008/09/16/jupiter_island_retirement_swee.html
sweet.
@buylo – the “peeps” are nazi interlopers who were raised with a narrow mind.
Fu toi “senior sub-artic” … I tried being nice, but I guess the cursing FLY want’s to go back to being a fucking asshole.
The same shit happened again….. yesterday you started talking shit, all your Merline stuff….and “POOF” your profits are gone. I hope the leeches were not as greedy as you were. Take your profits at the target price that you yourself called earlier and buy it back later for less if you still feel the same way at the time, you greedy fuck. OH let me check……SKF hi of the day was above 144 and now it’s……114. take 30 points and times it by your shares, that’s what you could have pocketed.
C’est bon mon ami
10 bucks says I boot stomp your face, inside of 5 days.
You are not qualified to give advice.
Go fuck a dead dog.
AIG is a piece of the broken puzzle…
1251 S&P or more into the close…
No type 5 here so here’s looking at the next top to drop!
Only reading by Crackberry tonight,thanks to my pal Ike, and I sure am enjoying the convo.
Two comments from what I’m reading:
1) Anton, no, I do not daytrade my nutritious Skiffles. They are an intermediate term position for me and I buy them in size. I have plenty of dry powder to add to my position tomorrow, but I’ve sold zero. I did sell the 140’s (calls) today at $7.00, so that’s found money tomorrow. I will likely close that out by 10am.
2) you guys who are thinking long tomorrow should have your finger on the trigger for the rollover. Gummint cheese only goes so far. Even GOP bank committee head Shelby is saying “WTF!”to his own Administration this evening, so whomever said “this is it!” above is correct. AIG is a fucking outrage and gentlemen?
Gentleman (and Ladies)…
“There WILL be blood!”
_
Ps- I am sorry I seemed to have ignited a firestorm with the communist reptile. Be assured, however, he is good for badinage.
Jake.
Everyone shut up. You’re giving me a headache, with all this unsolicited banter.
Zach and Hot Pants: Lay off the great DT.
AU: God doesn’t have to prove anything. We’re lucky that He shares His planet with us. He told you to buy SKF under 100, which it hit last Monday. It’s up to you to do the rest. God doesn’t have to post his trading account transactions. He is busy with time travel, counting money and doing other Godly things. Enjoy the site and please don’t complain.
The dude in that video makes so much sense it’s scary. It was a lightbulb moment for me.
Taxpayers own AIG now…does that mean I can sell?
Maybe I should just collect premiums for a while…
I say back to the gold standard
Only reading by Crackberry tonight,thanks to my pal Ike, and I sure am enjoying the convo.
Two comments from what I’m reading:
1) Anton, no, I do not daytrade my nutritious Skiffles. They are an intermediate term position for me and I buy them in size. I have plent of dry powder to add to my position tomorrow, but I’ve sold zero. I did sell the 140’s (calls) today at $7.00, so that’s found money tomorrow. I will likely close that out by 10am.
2) you guys who are thinking long tomorrow should have your finger on the trigger for the rollover. Gummint cheese only goes so far. Even GOP bank committee head Shelby is saying “WTF!”to his own Administration this evening, so whomever said “this is it!” above is correct. AIG is a fucking outrage and gentlemen?
Gentleman (and Ladies)…
“There WILL be blood!”
_
Ps- I am sorry I seemed to have ignited a firestorm with the communist reptile. Be assured, however, he is good for badinage.
Jake.
Considering your name is SatanicChihuahua, I’d say that’s a good thing.
10 Francs (old school) says the SKF may be up to and above 140 again…but not in 5 days. Then again…..maybe not.
I still like your commentary FLY and wish you a speedy recovery. So fuck you and go to bed.
FLY , your sitemeter traffic looks to be hitting some VIX like #’s …hmmm…
So what will happen to AIG common? Worthless now?
Oops! Fuggin’ Crackberry! Sawry!
Ps- enjoying a nice fat ringed Perdomo “Lot 23” and a glass of cuvee out here on the deck, only a candle to light my way. There’s a metaphor in this somewhere, I know it…
Be safe.
–
Fly, the bull market is back! Get on the gravy train.
We had a “cleansing”…nothing more.
The glass is half full….
Hey Fly,
Patterson is the “main man mang” He is no degenrate just a guy trying to get his rocks off.
Remember even a crack ho in the pay by the hour hotel can seem like Pam Anderson in the Ritz Carlton to a blind guy.
People are hopped up on all this government bailout crack. It’s some powerful shit.
Settle down people, stop picking on old man DT. Go make fun of Tim Sykes or some other douchebag.
You’re all invited to an AIG rescue par-tay. I’ll be serving ‘special’ Chinese milkshakes.
Sounds like a gawd damn teenage girl slumber party in here tonight. More immaturity than even Donny can take.
With that said, why doesn’t everybody fuckoff, and get ready for another vicious day tomorrow.
BTW, Today I took my son to lunch. I saw a thin man about 30 years old, with long blond hair, wearing lipstick, fake boobs, high heals, high skirt, fucking shaved arms and legs … it looked like a fucking freak show. Thank God, my son didn’t see it. That’s a conversation saved for the future.
I will give you lurkers something to trade on now.
The next Dow 30 component will be either:
GS, WFC or MET.
Dark Knight: PRU
AIG will get booted soon and one of the above assholes will get in. Good for a 5% pop, as index managers force their way in.
I will post this tomorrow.
BTW:
Futures hardly up. Asia hardly up, following last nights disaster. And, oil is surging.
They ought to choose AFL and fly that loud mouth duck at us all.
Holy freaking shit, Batman, maybe THAT’s why my freaking UPS has been up like this through this shit storm!
And why WOULD they pick another financial??
–
Boca,
So…
Your milkshake brings all the boys to the yard…
Then kills us?
I’m sure we dated at some point.
I figured you would get the inside joke on that little invite, Anton. We must have a similar streak of dark (very dark) humor somewhere deep inside.
Boca, after the pet food “accident,” even my little niece and nephew know the formula: China + (Food Product) = Poison
The weird thing is, in Japan, the CEO would be taking his own life at AIG. And Freddie & Fanny. And CountryWide.
Here they retire off to sprawling but poorly designed mansions on the beach. Probably won’t even get black balled at the country club.
They have that “outdated” notion of honor and responsibility in Japan. In contrast, here we apparently have installed a kleptocracy at our major financial firms, while The Great Socialization of our economy proceeds at an ever increasing rate. I swear, there must be a Five Year Plan in effect for this crap.
Nite, Anton, good luck trading tomorrow. I’m off to watch the Sarah Palin interview.
Sounds like watching “Fargo” again with the Coen Brothers’ best lines cut out.
Good luck tomorrow. Nite-nite.
Jake – I’m on one of these tonight.
http://www.vitolas.net/displayimage.php?album=35&pos=6
Opux X, Padron 1926, I like em all really
Boca – we don’t need chinese milkshakes. You can get more potent poison is St. Louis, courtesy of Monsanto’s rBST.
Shut up in advance, Jake. Ha!
Market bottoms happen when deals can’t get done…equity can’t get raised.
Seems to me that lately, the deals that can’t get done are stacking up (mainly on the taxpayers balance sheet FRE, FNM, AIG).
I worry more now about simple slow motion multiple compression, rather than a crash.
This bear market has been a treat for a trader – best trading market I have ever seen.
Enjoy it while it lasts – because at some point, this fucker will slow down and make it hard for anybody to make money.
Today 00:46am
American International Group, Inc Price target cut to $5 from $26 at UBS
– Maintains “Buy” rating
– UBS downgrades AIG 2008 operating loss per share view to $1.27 from $2.63 prior
– Sees possibility of increasing AIG financial strength ratings with capital infusion
– Note a potential credit rating upgrade is very remote
– UBS notes Fed-AIG pact is highly dilutive but releases AIG from liquidity pressures
Funny listening to a Republican talking about putting an end to greed and corruption on wall street while speaking to sparse crowds unless his VP running mate is with him … Palin reels em in and McCain throws them back … he really doesn’t get it.
Please, Jake, don’t tell us that the dems are to blame for the fascism going on ovah hehr!
Anyone who’s too stupid to vote for mccain over obama at this point isn’t worth our time 8
fuck! no edit. correction. obama over mccain.
[By confusing the two candidates, iBC commentor “charlie” accidentally demonstrates a humorous yet insightful point about 21st-century American politics.]
True Dat … or the intelligence of the American Voter!
Song with tongue in cheek:
You’re out of the woods, you’re out of the dark, you’re out of the night ….
http://au.youtube.com/watch?v=g4Ayq3Q5wFo
Fuck off, cocksucker.
Love the wit fly.
DT-
Afer a lashing from Danny,Wood,RC, and the FLY, I apologize for my comments about you and your blog. Please forgive me and I can assure you that it will never happen again.
I didnt know that you had “OG” status here.
Olive branch
I’m glad I don’t have a blog, or pretend to know shit. You fuckaz would be all “up in my grill”, yo.
Ahhh, sorry for that. Switching back to English now.
I’m a little confused…
If you grow up in Hawaii, raised by your grandparents, you’re “exotic, different.”
If you grow up in Alaska eating mooseburgers, you’re a quintessential American.
If your name is Barack, you’re a radical, unpatriotic Muslim.
If you name your kids Willow, Bristol, Piper, Trig and Track, you’re a maverick.
If you graduate from Harvard Law School, you are unstable.
If you attend 5 different small colleges before graduating, you’re well grounded.
If you spend 3 years as an appreciated community organizer, become the first black President of the Harvard Law Review, create a voter registration drive that registers 150,000 new voters, spend 12 years as a Constitutional Law professor, spend 8 years as a State Senator representing a district with over 750,000 people, become chairman of the state Senate’s Health and Human Services committee, spend 4 years in the United States Senate representing a state of 13 million people while sponsoring 131 bills and serving on the Foreign Affairs, Environment and Public Works and Veteran’s Affairs committees, you don’t have any real leadership experience.
If your total resume is: local weather girl, 4 years on the city council and 6 years as the mayor of a town with less than 7,000 people, 20 months as the governor of a state with only 650,000 people, then you’re qualified to become the country’s second highest ranking executive and president under certain circumstances.
If you have been married to the same woman for 19 years while raising 2 daughters, all within Protestant churches, you’re not a real Christian.
If you cheated on your first wife with a rich heiress, and left your disfigured wife and married the heiress the next month, you’re a good Christian.
If you teach responsible, age appropriate sex education to your children, including the proper use of birth control, you are eroding the fiber of society·
If, while governor, you staunchly advocate abstinence only, with no other option in sex education in your state’s school system while your unwed teen daughter ends up pregnant, you’re very responsible.
If your wife is a Harvard graduate lawyer who gave up a position in a prestigious law firm to work for the betterment of her inner city community, then gave that up to raise a family, your family’s values don’t represent America’s.
If you’re husband is nicknamed “First Dude”, with at least one DWI conviction and no college education, who didn’t register to vote until age 25 and once was a member of a group that advocated the secession of Alaska from the USA, your family is extremely admirable.
OK, much clearer, now I get it.
I’m glad you have stated the obvious. Now why doesn’t America get it?
Tralee – what do you suppose the collective intelligence/IQ of the American electorate is?
HINT
” It must come to an end that earth humans as a whole face all their enormous problems helplessly and powerlessly because all the profit-greedy, irresponsible and unscrupulous ones are able to conduct their criminal affairs unrestrained without being held accountable for them, as are also the governmental persons of responsibility who are incapable of administering their office within the framework of a just and appropriate leadership in order to resolve the mounting problems.”
Lol @ Confused American Voter! I am choking with laughter. Spin is honesty, don’t y’all noes?
One of those gits apologized to DT, so I will be nice here. In addition to what Boca attributed to DT, DT also let The Fly post at DTs blog when Turgido (Or is it Vincenzo?) slobbered gravy all over the rusty server causing IBC to grind to a limp and most gay halt for hours.
@Boca, it might not just be alcoholic drunkenness, it could just be drunk on aggressiveness–and we all capable of forgetting our human connection and instead isolate the out-group from the perceived in-group. Even goils like moi-meme do the in/out-group, so it is not just a case of male aggressiveness.
Well, it was nice to wake up today to a show of support. At least all my begging and pandering has finally gotten me somewhere.
Speaking of support, begging and pandering… AIG. I guess capitalism is dead again. It was nice to have it back for a couple of days.
Anyway, looking forward to inciting more riots here later.
-DT
Now the boyz are going after MS,WB. Reminds me of Whack-A-Mole.
Smells Like REIT Spirit
Doug Kass
9/17/08 8:07 AM EDT
JPMorgan raises Annaly Capital Management (NLY) to overweight this morning.
The outlook for mortgage REITs, from my perch, is close to nirvana.
Position: Long NLY
The WaMu Shoe Is About to Drop
Doug Kass
9/17/08 8:27 AM EDT
The next shoe to drop (and one that the financial markets will have to brace for) is going to be the failure of Washington Mutual (WM).
There is no question that JPMorgan Chase (JPM) would treasure WaMu’s franchise, but the anti-dilution privileges (and price recast) of the previous TPG financing is punitive to any additional deals with WaMu’s share price at $2.
Position: Short WM
SHORTS
Jim Cramer
9/17/08 8:31 AM EDT
The shorts must make a stand here and force down the futures to create a climate of fear,. It must happen, this has been way too big a gravy train and the fear must be sewn. That’s what hedge funds do, for heaven’s sake. Europe’s market seems more realistic.
Position: none
I’m looking forward to some good expletives from Thee Fly today.
Jim got one right, we need that wall of worry.
can someone explain why the regional banks are so strong?
Wow, lots of commies dropping by last night.
Jeezus, I haven’t seen a resume gilded like that since I used to help recruit new associates at MS. It sure is telling that you feel you need to compare your done-nothing candidate for President with our done-nothing (except be a governor of a state) candidate for VICE PRESIDENT.
Odd, no?
You can only hope that American public would be stupid enough to vote for a People magazine driven child of the hard left.
Hope’s a good thing. It keeps you increasingly angry wacks from pulling your sofas out into the yard and setting them alight.
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Anton,
Skiffles at $125.
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Crisis? What crisis?
Erin Burnett is an industry shill.
Buy for real commie gas & oil plays. Thank me in 6 months.
LUKOY
OGZPY
Juice, LOTTA risk in former (wanna be “present”) Soviet Socialist Republics…
I’d wait.
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Its SKFie – not that dog food gay name.
The shorts must make a stand here and force down the futures to create a climate of fear,. It must happen, this has been way too big a gravy train and the fear must be sewn. That’s what hedge funds do, for heaven’s sake. Europe’s market seems more realistic.
– Cran-mer
Systemic failure, massive gummint bailouts, and this asshat is blaming hedge funds for “sowing seeds of fear?”
Someone needs to howitzer this jerk’s “X-desk.”
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Watch MU.
JG, what’s your ratio of eev to skf?
WTF “dogfood?”
Apostate!
Skiffles are nutritious, and absolutely laced with mood-brightening amphetamines!
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Jake, I hear ya… particularly with war overtones, however much risk has been wrung out even though these could drop another 50% overnight.
Charlie… right now about 1 to 3, but only because I stupidly sold some EEV the other day… was closer to 4 to 5 at that point.
Owned EEV since low seventies, though, so I can’t really complain too much.
Todd Harrison
09:12:00 AM
No positions in stocks mentioned.
Viva La’Mercia!
* We’re gonna have French Toast for breakfast, French Fries for lunch and French Poodles for dinner in honor of our most recent socialist step. This is a historic juncture in the history of the world, Minyans, as we edge through interesting times.
* I spoke about this on CNBC in 2003–yes, I had more hair and less chin–and felt like I was screaming about a monster nobody yet saw. Now granted, I was five years early and there were a LOT of opportunities between then and now but “socialism,” “stagflation” and the perils of Fannie Mae (FNM) were officially flagged.
* Why do I highlight this? Simple–the issues existed five years ago and have cumulatively built since, percolating under the system, growing in magnitude, magnifying in consequence. That’s why there isn’t a single, simple solution.
* Time and price, Minyans, time and price.
* Do I think the government should have let AIG (AIG) fail? No, I don’t. It would have created a cataclysmic vacuum that would have sucked General Electric (GE), JP Morgan (JPM), Citigroup (C) and anyone else tied to the derivative ball and chain into the abyss.
* The “margin for error” from a solution standpoint is thinning. I mean, if the government is cherry picking its portfolio, their perceived credibility will come into question.
* That’s the risk–shifting social mood, which shapes risk appetite, coupled with derivatives, overwhelmed with debt issuance into a deleveraging process as home values stagnate, unemployment grows and geopolitical tensions mount.
* My money is split into two buckets. The first is a trading account, where I’m “hitting it to quit it” both ways, and my long-term, which is 100% cash and backed by t-bills (this is important).
* I’ll be back Minyans–head up, eyes open, thoughts positive.
Look at those refineries go baybee go!
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Look at the shinies!
GG, RGLD, GLD, SLW, SLV.
I guess they heard the presses running?
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Done for the AM. Thank you MU, GG.
Off for a swim.
fwiw … I agree (sort of w Kass), however keep in mind that he is often PAINFULLY early. I still think this market will purge going into Q end due to fund redemptions, tax loss selling, credit issues & deleveraging.
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Buying Every Dip
Doug Kass
9/17/08 9:45 AM EDT
I am buying every dip now.
Position: None
NAKED SHORT SELLING
Jim Cramer
9/17/08 9:45 AM EDT
I just posted a piece ab0ut COX but our prayers have been answered–i will post a new piece momentarily… so glad they saw the light
Position: none
Buying King Coal — FCL, BTU, ACI
Doug Kass
9/17/08 9:49 AM EDT
Repeating for emphasis: I am buying King Coal.
Position: Long FCL, BTU and ACI
you’d probably make more coin off a jrcc trade today
Doesn’t it seem like a bit of poetic justice that Russian markets are going to zero?
Putin tries to use his new found oil wealth to start fucking with people and he gets egregiosly merlined.
Poof, your bullshit rubles are worthless.
I like Erin Burnetss’ hair today. Not so tom-boyish anymore.
thoughts?
also, AG’s have bottomed
This came to my inbox this morning:
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Sent: Tuesday, September 16, 2008 6:02 PM
Subject: Time To Unify
There are less than two months until the election, an election
that will decide the next President of the United States.
The person elected will be the president of all Americans, not
just the Democrats or the Republicans. To show our solidarity as
Americans, let’s all get together and show each other our support for
the candidate of our choice. It’s time that we all came together,
Democrats and Republicans alike.
If you support the policies and character of John McCain, please drive
with your headlights on during
the day.
If you support Obama, please drive with your headlights off at night.
Thank you. That is all….
—
Jack Owen
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By the way the guy in the video has some interesting points however, he sounds egregiously similar to that mr. mortgage clowntard.
.02
GLD making a nice move up today.
Fil Zucchi
09:55:00 AM
Positions in GS, MS, SPX
Tread carefully Minyans…
OK, that’s just stating the obvious.
Here is the thing, the market had every reason to stabilize – not rise – this morning, and it is getting whacked. According to a Bloomberg flash, General Electric’s (GE) notes are trading below par, and Morgan (MS) and Goldman (GS) are getting no relief for decent numbers.
But tomorrow is the last day of trading for S&P 500 (SPX) September options and if things get hairy today and tomorrow, there is no more painful way for shorts to wake up Friday morning to a surprise pre-open rate cut.
Difficult times indeed.
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Rod David
09:42:22 AM
No positions in stocks mentioned.
Up the down staircase again…
I probably didn’t start the fad of comparing Monday’s 500-point drop to the crash of “Black Monday” of 1987. But I was one of the fad’s purveyors. It was one factor that helped me anticipate the selling would bleed into Tuesday morning, and the potential for recovering into positive territory.
I’m considering whether to join a newer fad. This one says Monday/Tuesday didn’t equate to Black Monday. Instead, this whole week might yet equate to the week that preceded the crash.
Wide swings under prior lows are expending buying pressure without gaining traction. The drops are ignoring technical divergences. These factors might seem so last month, but perhaps their bearishness is coming back in vogue.
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GG on the pullback here is nice (if you can get it at $29.15 or so, that’d be perfect), but this shit is RUNNING.
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A 500 point drop from about 11,400 isn’t even close to Black Monday. On 10/19/87 the DJIA lost about 23%. If we lost 23% a few days ago we would have gone down about 2600 points. We have had a handful of 500 point drops since 1987.
PS Cramer- You are giving me a nasty headache.
It looks like theres gonna be a run on the banks , stocks & actual banks , with that money market problem.
Get ready for a flush the toilet .. it is necessary. .. maybe the fed tries to plug the hole by a panicky rate cut .. we still need to flush
Gold, silver is the place to be here , in this sit.
After the flush, we get the anticipated by chart huggers, rally.
Caveat .. my guess, needless to say.
Obviously I sold my GG daytrade a little early but what the hey tommorrow is a new day.
I’m glad I got me some GLD when everyone was saying it was it was destroyed.
By the way, if we crash today gold will end up down $50-100 as everything will be liquidated.
Maybe we shoukld make Israel the 51st state (not No. 58 Barack).