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
23,608 Blog Posts

Congress: I Dare You to Destroy the Economy

Congress doesn’t have the balls to let the banking system fall by the wayside. I choose to believe, well connected/evil men, like Warren Buffett, know something most of you idiots do not—which is: the bailout is going to pass. Congress is just putting on a show for us television box watchers. Do not think, for one second, any of those asshats will risk tanking the stock market and the economy, while most economists say such a plan is needed.

With that being said, I like my chances buying dips, despite insane LIBOR rates. At the present, there is uncertainty. With a certain amount of ambiguity in the air, one could make nice sum of gold coins, via getting on the right side of the trade.

It’s pretty simple. Either we get a monstrous government investment in the housing market or we get Armageddon. For once, I want to bet with the g-men.

With my money, I like Citigroup Inc. [[C]] , [[UYG]] , Walter Industries, Inc. [[WLT]] and Freeport-McMoRan Copper & Gold Inc. [[FCX]] right here, right now. Also, I want to be long beaten down tech. The ‘Sick Steve Trade’ is over, as Apple Inc. [[AAPL]] saddles itself in the 120’s. Short cut the bitch and own the whole space, via [[ROM]] .

Finally, oil looks good; but is constantly tricking people. I already own oil, so I will not add more here. However, I will buy coal. I can always make room for some filthy, yet delicious coal, via Peabody Energy Corporation [[BTU]] and WLT.

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59 comments

  1. Pot

    Fly, what about POT? doesn’t that look interesting here?

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  2. Big Mike

    Of course nobody wants a falling stock market and a shitty economy…the question is, do they believe or rather understand the consequences of no action?

    50%/50%…just because credit market is telling otherwise.

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  3. Erin Burnett's Booty Call
    Erin Burnett's Booty Call

    I agree with Fly and sold my SKF this morning.
    (which probably means its a great time to load up on SKF)

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  4. j

    I’m with flymeister on this one. Chuck big mouth schumer who caused a run on a bank by being an idiot, Charlie doesn’t file tax returns Rangel, nancy the moron Pelosi and Barney male prostitute john Frank are not going to walk away.

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  5. Jack

    Why do you like Citigroup?

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  6. Bruce Willis

    What’s your problem with Armageddon?

    Just because that pretty boy Affleck couldn’t act his way out of a paper bag…

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  7. complacent panda

    Some say a comet will fall from the sky.
    Followed by meteor showers and tidal waves.
    Followed by faultlines that cannot sit still.
    Followed by millions of dumbfounded dipshits.

    Some say the end is near.
    Some say we’ll see armageddon soon.
    I certainly hope we will, because
    I sure could use a vacation from this

    See you down in Arizona Bay.

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  8. St. Pete

    Armageddon: I know who wins.

    I also like AAPL. Those new iPhones are divine!

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  9. Juice

    Precious metals & their stocks agree with The Fly; the bailout will commence after our country’s fine representatives finish their, for show, ritual bellyaching in front of their constituents.

    Loosers , nearly every one of them.

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  10. JakeGint

    Stick with the hard assets, asshat. Get the fuck out of banks right now.

    Are you crazy… this is like a forward pass in the days of Bronko Nagurski —

    “Three things can happen, two of them bad.”

    In this case, it’s more like “ten things can happen, nine of them bad.”

    Think about it… even if the Congress defies the more than 50-1 “against” pressure flooding their offices here, do you really think this’ll set up as a plus for the banks?

    No fucking way. Your equity is toast, no matter what. It’s either going “away” or it’s going to the taxpayer in the form of egregious warrants.

    No other way it’s going to happen cochise.

    Stay with warm, dusky, filthy coal, but GTFO of the fractional lending retardos.

    ____

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  11. JakeGint

    Not to be a complete hypocrite ovah heah — I do own RBS and Citi preferreds as a hedge.

    My RBS preferreds have more than doubled since purchase on Friday.

    __

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  12. The Fly

    Hey!

    No giving “The Fly” financial advice on this holy site.

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  13. The Fly

    No, you;re not a hypocrite. You’re just a malcontent.

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  14. Terrance

    Realistically speaking the bailout may look a lot different then what we have imagined, or there is even a possibility that it may not happen. It is highly unpopular by a large # of senators, and some parts seem unconstitutional(in that some parts seem to do away with judicial oversight). In addition, I think that because it is so close to election time (35 days?) a lot of people don’t want to do anything to offend their voting public.

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  15. Terrance

    so i’m staying the hell away from financials. but great call on apple btw.

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  16. This is one jumpy market.

    Someone needs to go pop a balloon on the floor and see what happens to the DOW.

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  17. j

    Nothing personal Jake, but you seem to be a very unhappy, miserable prick. Keep your own stupid fucking positions and leave the flymesiter the fuck alone. he knows what he’s talking about whereas you don’t.

    And that goes for the other miserable shithead too, Mr. Anton Cigar(ette)

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  18. The Fly

    Banks are cool again. They are like the new black, minus the gay models.

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  19. CubsRock

    Juice, do remember this pic. It’s playing out exactly how one would expect. INADWTIC hit $55 Monday. Too bad I only saved this pic and not the url.

    http://img524.imageshack.us/my.php?image=bbs3ab1.jpg

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  20. The Fly

    Jake is an ally of “The Fly.” He just has a very rough, Irishman in Long Island way about him.

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  21. jeff

    Sorry to inform you that our votes do not really count, if they don’t want them to. This is all by design you muskrats.

    Go read the will of Cecil Rhodes or some other shit.

    Welcome the amero.

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  22. sniper6

    IMHO, they’ve been risking it all along.

    Major longs (still) AUY, HK, PCX, SKF. Still hoping to take profits there and go into cash mode.

    I think need to hedge my energy plays more. I have a bit of DUG, maybe not enough. Does anyone know of an inverse ETF specifically aimed at coal?

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  23. j

    Long Island huh? Which exit? My bet is it’s 61.

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  24. Donny

    I am intrigued with UYG & QLD.

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  25. j

    Sorry jkae

    I’m kinda miserable myself at the moment. the piece of shit Australian government, socialist, no nothing, lowlife tramps banned all forms of short selling except of course for the market makers which means the scum at macquarie bank (like a smaller greedier version of GS) can short to their hearts desire while their shit stock that deserves to be zero gets protected.

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  26. Yogi & Boo Boo

    Is SDS broken here? SPX up .5% and SDS -6.3%…

    Any ideas?

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  27. DB

    No way this doesn’t pass. Congres will bitch and moan for days but in the end they all know it must pass. All their bitching is a function of:
    1. They are all in fact bitches
    2. They need to be able to tell the voters they fought hard but in the end had to pass it for the good of the nation.
    I love C here but have been hedging just in case.

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  28. Donny

    The Vix is right were it was last Wednesday … Thor’s Day and Friday were +800 in the Dow.

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  29. JakeGint

    Interestingly, the following did not come from a Nigerian IP address, but from somewhere in Washington, DC….

    Request For Urgent Business Relationship

    DEAR AMERICAN:

    I NEED TO ASK YOU TO SUPPORT AN URGENT SECRET BUSINESS RELATIONSHIP WITH A TRANSFER OF FUNDS OF GREAT MAGNITUDE.

    I AM MINISTRY OF THE TREASURY OF THE REPUBLIC OF AMERICA. MY COUNTRY HAS HAD CRISIS THAT HAS CAUSED THE NEED FOR LARGE TRANSFER OF FUNDS OF 800 BILLION DOLLARS US. IF YOU WOULD ASSIST ME IN THIS TRANSFER, IT WOULD BE MOST PROFITABLE TO YOU.

    I AM WORKING WITH MR. PHIL GRAM, LOBBYIST FOR UBS, WHO WILL BE MY REPLACEMENT AS MINISTRY OF THE TREASURY IN JANUARY. AS A SENATOR, YOU MAY KNOW HIM AS THE LEADER OF THE AMERICAN BANKING DEREGULATION MOVEMENT IN THE 1990S. THIS TRANSACTIN IS 100% SAFE.

    THIS IS A MATTER OF GREAT URGENCY. WE NEED A BLANK CHECK. WE NEED THE FUNDS AS QUICKLY AS POSSIBLE. WE CANNOT DIRECTLY TRANSFER THESE FUNDS IN THE NAMES OF OUR CLOSE FRIENDS BECAUSE WE ARE CONSTANTLY UNDER SURVEILLANCE. MY FAMILY LAWYER ADVISED ME THAT I SHOULD LOOK FOR A RELIABLE AND TRUSTWORTHY PERSON WHO WILL ACT AS A NEXT OF KIN SO THE FUNDS CAN BE TRANSFERRED.

    PLEASE REPLY WITH ALL OF YOUR BANK ACCOUNT, IRA AND COLLEGE FUND ACCOUNT NUMBERS AND THOSE OF YOUR CHILDREN AND GRANDCHILDREN TO [email protected] SO THAT WE MAY TRANSFER YOUR COMMISSION FOR THIS TRANSACTION. AFTER I RECEIVE THAT INFORMATION, I WILL RESPOND WITH DETAILED INFORMATION ABOUT SAFEGUARDS THAT WILL BE USED TO PROTECT THE FUNDS.

    YOURS FAITHFULLY MINISTER OF TREASURY PAULSON

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  30. Juice

    Cubs – you focusing on the CRB ?

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  31. el mamut chiquito

    Careful. I’ll be around until about the middle of Oct.

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  32. JakeGint

    You’re just a malcontent.

    Not true, I’m extraordinarily content.

    I just don’t want to see a friend flush a bunch of freshly printed dough down the toidy.

    _

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  33. JakeGint

    Hey “j” — whomever the fuck you are, besides the typical asshat newbie that drops by this place to add his 1.7 cents after inflation and then disappears down the memory hole, do me a favor….

    Go fuck a pixie stick, eh?

    _

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  34. Carroll Quigley

    Hey gang, I laid bare the whole Anglo-American power establishment back in the ’60s in my epic work, “Tragedy and Hope”…

    Good for me that long-winded thousand-page tome is all but unreadable or I wouldn’t have lived through the Nixon administration.

    As am matter of fact, I really had to dumb it down for Clinton to get it when he was at Georgetown.

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  35. St. Pete

    Main Street watches Wall Street dance for money:

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  36. St. Pete

    Sorry, no embed feature:

    http://www.youtube.com/watch?v=5oqmhVNk3Hg

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  37. Yogi & Boo Boo

    Never mind about SDS. It went ex today $4.04 I need better tools. Fly when is the PPT coming out. HELP!

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  38. JakeGint

    MacQuarrie (owns everything) is another great short.

    __

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  39. Typical Asshat Newbie
    Typical Asshat Newbie

    C’mon Jake, give us a break…

    This market has paralyzed us, reducing us to helplessly viewing the ticker and posting semi-insightful and semi-humorous posts on iBankCoin.

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  40. Yogi & Boo Boo

    Hey TAN. If you’re paralyzed go see a doctor. You’re not very funny either.

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  41. Juice

    Broker A: You got any opinion on the Commie Food Co – WBD ?

    Its been cut in half.

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  42. Donny

    Commodities are Gay.

    Donny buys 3k, UYG @ $19.

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  43. the Bull

    Jake and Fly, the Abbott & Costello of first tier blogging!

    Gotta luv it.

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  44. Figjam

    Of course it will pass. A huge spending bill just weeks away from an election is a great way for your average congresscritter to add some pork. Oh the earmarks on this one are gonna be something!

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  45. j

    MacQuarrie (owns everything) is another great short.

    Yea jake, but the coksuckers made it a criminal offense to short this week.

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  46. JakeGint

    Bruce — I’ve been meaning to bring that up… (WBD) I thought it was good for a trade the other day, but now it may be becoming Chernobyl irradiated again..

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  47. JakeGint

    (I figure Donny’s gotta fuck up one of these days, right?)

    __

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  48. JakeGint

    Bull,

    Appreciate the flattery, but I am a mere malcontented commentator. Fly’s the one putting out the effort, ovah heah.

    __

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  49. boca

    Filthy yet delicious coal… crunch… mmmm that’s good.

    Banks are the new black, minus the models. LMAO today.

    Jake is my bud and a nice man.

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  50. Juice

    thanks Jake … I think I am gonna slowly leg into Chernobyl and hope I don’t get nuked

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  51. TraderCaddy

    Good Leave It To Beaver episode coming up. Wally gets Mary Ellen pregnant and she wants to abort. Ward and June are upset.
    Not really.
    Wally graduates from Mayfield HS today.

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  52. boca

    Maybe WBD will start exporting milk products to China? Think about it.

    Or will they implement PETA’s new idea:

    http://www.wnbc.com:80/news/17539627/detail.html

    My husband sent me that link with the comment ‘this will make people buy ice cream’. I think he was being sarcastic.

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  53. JakeGint

    Terrance makes a good (and godly) point:

    It is highly unpopular by (sic) a large # of senators, and some parts seem unconstitutional(in that some parts seem to do away with judicial oversight).

    Check these fuggin “provisions” out:

    From Section 1 of the current Bailout Bill: “…(The bailout provides for) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts.

    WTF?? 1,000 years, give or take of contract law, out the fuggin window?

    And we’re going to sign this fucker in less than a week??

    And then there’s this beaut:

    “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

    What in the bleeding FUCK?? Are you kidding me? I mean, I laugh at the “Comrade Paulson” stuff too, but this is fucking ceding a DICTATORSHIP!

    Sorry, this is not mere grounds for “malcontentishness.”

    It’s pitchforks and torches time, folks… time to go after the Frankenstein monster.

    _______

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  54. Juice

    Bennet Sedacca

    11:24:59 AM

    No positions in stocks mentioned.

    Stocks and credit drift further and further apart!

    The credit market is getting eviscerated. Period.

    Whether it is corporates, preferreds or hybrids, spreads continue to blow out.

    The Goldman (GS) preferred I bought the other day at 11.5%? Gonzo. Thank you Warren.

    Don’t let the stock market fool you. The credit market is imploding.

    If you don’t believe me, take a look at the TED spread below, the difference between three month Treasuries and 3 month Eurodollars.

    https://admin.minyanville.com/assets/FCK_Aug2007/File/Sept082/sg2008092439516.gif

    The credit market has been a great leading indicator for stocks lately.

    ===========================

    Fil Zucchi

    11:15:13 AM

    Position in WFR

    On Board
    I looked at MEMC Electronics (WFR) in the low $40’s – after one of its latest disappointments – and passed on it.

    What worried me was a discussion on one of the conference calls suggesting that despite the growth in demand, rising supply would put pressure on prices. That’s the dynamic we saw in the flash market and we saw what ultimately happened to Sandisk (SNDK) stock. I tend to agree with Prof. Udall, that if the legislation regarding tax credits for solar projects is passed – and it looks like it will be – it should go a long way toward stimulating demand to a point where it diminishes price risks. Combine that with a stock price in the low $30’s and I’m on board at $31.50 and looking to add lower.

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  55. JakeGint

    Mmmm…. delicious black anthracite, lettuce and tomato samiches, with just a little bit of mayonnaise for flavor.

    NRP here, for your grandma.

    ___

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  56. Patriot Act

    Looks like I am going to lose the distinction of being the most unconstitutional bill ever passed this week.

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  57. JakeGint

    Poor old Patriot Act… well, you probably still have the distinction of “most universally unread.”

    Although this sucker’ll be coming a close second, I bet.

    __

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  58. nncoco

    It is always fun watching Ron Paul go at the Fed Chairman. His major point was the same thing I fear in this plan which is price fixing.

    What is the value of toxic paper? Inject $700B and you have a total BS market at taxpayer expense.

    Sure Dr. Paul votes against a bailout but the rest of congress has their head up their ass when it comes to economics. You know that this shit passes in under a week. The market will likely rip to the upside.

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