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
23,443 Blog Posts

DO NOT BAILOUT THE CALIFORNIA ‘FAT CATS’

It’s too late. Insurance and other low end lenders are toasty. I will not be participating in the mindless bullish thesis, following the cheap ass Congressional endorsement of the bailout. They are not really behind it. They will be battle axing the treasury forever, regarding the details of the plan and actions.

“The Fly” is in full recovery mode here, making up for earlier transgressions, making you dumbass fund mangers envious of my stock market Godliness.

Remember to nail a few bad auto players to the “wall of death.” CarMax, Inc [[KMX]] and AutoNation, Inc. [[AN]] look especially doomed right here.

By the way, I do not want my tax dollars going to the California Fat Cats. I understand the Governator needs $7 billion from the U.S. government, or else face potential default. Keep in mind, the whole country is in a mess because of the assholes who speculated in California. I say, let California burn to the ground. Let them secede from the Union and figure out a way to stop homeless men from getting foreclosed on their 750k dollar homes.

Immediately, I implore you, call up your local Congressman and demand they “say no” to the California fat cats. Us Main Streeters should not have to bear the burden of those ricockulous assholes.

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81 comments

  1. Jason

    Jealous…

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  2. FuckBailouts

    Dumfuks in Congress just gave away $800 billion.

    Why would less than 1% of that bother them?

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  3. Gwar

    I think you are going to get you SRS 100 much sooner than Halloween. Well done Jefe!

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  4. SRS and SKF

    So I assume that…”it’s funny again???”

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  5. Juancho

    “Ricockulous”- The Fly is quite a wordsmith!

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  6. CubsRock

    Each bounce is getting smaller 😀

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  7. Hank Greenberg

    Fuck you. California is my second home!

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  8. Dinosaur Trader

    How about you make a Youtube vid, imploring people to phone their Congressman? I bet it’d get more play.

    -DT

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  9. BOOMER

    Good to see ricoulous back in the vernacular.

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  10. NY “ain’t” far away is it? What about the ridiculous housing speculation there? Why not just watch the state governments collapse in reverse order of the introduction of new “Flip this House” and “Real Housewives of …” tv markets. CA, NY, TX????

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  11. Steve McCroskey

    Looks like I picked the wrong week to stop sniffing glue.

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  12. sniper6

    “Us” Main Streeters? Who’s this “Us”???

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  13. TraderCaddy

    California is in trouble because of it’s high tax rates and nutty PC rules and regulations that cost the State a ridiculous amount of money. Business has been fleeing for years and as a result the tax base has been shrinking and yet they love those high taxes. Screw them (except Danny).

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  14. GOB Bluth

    SRS has more room to go up because when the ban on short sales is over REITs will be shorted a ton, there is a lot of down side left for the REIT stocks.

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  15. Anton Cigur

    TC,

    Ahem… NorCal here…

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  16. Barney Frank

    Merlin, pah. I’ll show you how one poof can change your life!

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  17. Erin Burnett's Booty Call
    Erin Burnett's Booty Call

    Fly, you’re fucked.
    There’s a time to be short and a time to be long. This is not a time to be short.

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  18. nncoco

    I am an embarrassed Californian. What a sorry excuse for a state. Now if you will excuse me I have a CA tax return to fill out before 2PM. (true story) I pay so much fucking tax to those a-holes and our schools and roads look like shit.

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  19. Norma Desmond

    Mr. DeMille, I’m ready for my afternoon rate cut.

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  20. TraderCaddy

    “Screw them (except Danny and Anton Cigur).”

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  21. Barney "Maestro" Frank
    Barney "Maestro" Frank

    We did it! We fixed all the problems. Feel free to go “all in”. I will be back later after I finish rubbing Nancy Pelosi’s feet.

    Barney “the Maestro”

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  22. TraderCaddy

    … and nncoco and any and all other IBCrs.

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  23. Danny

    yes, I am sorry to say I disagree with this post.

    The governator should be our pres, and if anything we should do away with the whole detroit/ohio region, not CA. We basically run the country, it just can’t happen.

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  24. Gio

    Nice picture. so, are we bailing out Google?

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  25. Danny

    thanks tc for the concern.

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  26. H Paulson

    Fly’s struttin ’round his office…just don’t subject us to that Greg Solomon crap, I am not gonna be able to take that

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  27. Anton Cigur

    Thank you, TC. If you make more than minimum wage or own real estate, the state gov’t does a great job of screwing us already. Nncoco speaks the truth.

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  28. Bill "Angered Irishmen" O'Reilly
    Bill "Angered Irishmen" O'Reilly

    Frank go fuck a goat you homosexual piece of shit.

    IT IS ALL YOUR FUCKING FAULT! EVERYTHING! FUCK OFF!

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  29. The Fly

    NOV is a tell right here. Watch it close.

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  30. Anton Cigur

    “Divesting ourselves” of Detroit sounds like a fine idea. Maybe it’s not too late to redraw the map and make it Canada’s problem. Or “do the right thing” and give it back to the Indians. That should save $7 billion a year, easy.

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  31. Anton Cigur

    Unfortunately, NOV speaks in Portuguese.

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  32. Barney Frank, Gay Politician
    Barney Frank, Gay Politician

    How come everybody ith picking on me? Becauth I’m gay? Thath not fair.

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  33. cheesefries

    Sitting on the 6th tee at Torrey Pines as we speak, the 3 guys in my group have spent the front nine talking about how the implosion of this great land will start here. I’ve never been more concerned for the country, reckless spending at the tax payers expense. I will take 18 on #2 over this goat track any day. Nice views though..

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  34. SatanicChihuahua
    SatanicChihuahua

    Citigroup put its balance sheet at risk providing liquidity to WB without a signed merger agreement.

    Bye Bye Vikram. You’re done.

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  35. ottnott

    Cigur, what are you talking about getting screwed if you “own real estate”?

    You should qualify that. You are getting screwed if you bought your real estate in the recent past. Thanks to Prop 13, real estate taxes are a pittance for a long-time property holder.

    Prop 13 made sense for about 5 years. Since then, it is a distortion of the real estate and state finances that has been growing for several decades. Among the problems it causes:
    –it puts new businesses at a disadvantage versus established businesses
    –it encourages local governments to zone for commercial use rather than for residential use (contributing to sprawl and the need for massive investment in roads)
    –it means that neighbors with identical homes can have tax bills that differ by 500+%
    –it made local funding for schools impossible, so that school funding is now highly dependent on the state (part of the reason for the high income tax rates) and gets caught up in all the crazy state budget rules and politics.

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  36. kidstock

    C looking very weak into the close…not good IMO

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  37. Anton Cigur

    Cheesefries,

    Maybe our great country would be in better shape if you and your three slacker friends put in a full day’s work on Friday.

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  38. Anton Cigur

    Joking. Torrey Pines is the best. And it’s a municipal (or is it state park?) course!

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  39. George Jefferson
    George Jefferson

    Movin’ on down!

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  40. Fucknutz the Fisherman

    Anton,

    Apologies, I’ve been busy “doin’ deals” all afternoon (and thank the gods, this is a good one), so I missed your query about Skiffles.

    I sold 2/3rds of my Skiffles at the close yesterday, along with 1/4 of my QID and 1/2 of my EEV and FXP’s respectively.

    Holding the rest for now, perhaps to add…

    ___

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  41. Market Fool

    ” Let them secede from the Union and figure out a way to stop homeless men from getting foreclosed on their 750k dollar homes.”

    🙂

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  42. Yogi & Boo Boo

    So are we about to unleash the “Bears from Hell”?

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  43. The Contractor

    I couldn’t agree more about annexing Detroit to Canada.

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  44. Anton Cigur

    Relax, ott. The income and RE taxes in this state are fucked. We pay a premium for inferior roads, services, public schools and a deteriorating university system. The schools and universities were a big selling point for staying here and the engine behind the tech boom here. Now you’d be crazy to enroll a kid in most of the schools unless you’re trying to teach him how to shoot.

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  45. gappingandyapping
    gappingandyapping

    There is a complete liquidation of CHK going on. This move is so overdone its crazy. If you are looking for an energy play in the NatGas space look for 28ish level to get long CHK. Its come down from 70+ to 29 in 3 months, thats more overdone than I have seen in awhile in this name.

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  46. Paradigm Shift

    Everybody I know – both shorts and longs – has their finger on the trigger and does not have a clue which way this thing is gonna blow.

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  47. Anton Cigur

    For a Fucknutz Fisherman, you’re having a great week. Many of them held since $60 as I recall.

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  48. Canada

    No thanks, we have two Detroits already.

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  49. Anton Cigur

    Canada,
    What if we throw in Reno and a Donald Trump ultra classy condo/hotel/resort to be named later? And Warren Sapp.

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  50. JakeGint

    Yes, that was me with the Sean Penn boat.

    I am contemplating adding some here… getting crushed on WNR/TSO/RIG/GG yipes.

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  51. sniper6

    Here comes the selloff, watch out you bailout bitches!

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  52. Karl Marx

    Commies are bad, n’K?

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  53. Anton Cigur

    Nice coin with those Skiffles, Jake. I dumped almost everything but my short etfs at the turn today. Set too tight a stop under fxp, tho, and it’s since bounced $5.

    The charts for the last couple weeks look Crispin Glover’s EEG.

    Off to hit a couple buckets of balls off the roof into traffic.

    Have a great weekend to all.

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  54. Donny

    Donny buys TRV @ 40.36

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  55. Joey Donut

    SRS Long and Strong! Gunna to print 3 digits soon.

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  56. Anton Cigur

    Thanks for calling the turn, Fly.

    Let us know when the PPT is up and ready.

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  57. kidstock

    Two words – FLY WINS!

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  58. Juice

    The market is almost a buy, in my guestimation for a bullshit bear rally of 10-25%

    I’ll be all over shit if we hit SPX 1050ish

    I’m buying small right now against short comm re stocks & other assorted shorts … TWM

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  59. CubsRock

    Finally got short SMN!

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  60. Juice

    Good idea Cubs .. however, I can’t get a borrow 🙁

    Whats the inverse etf of SMN?

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  61. The Zombie

    Four words – The Fly is God.

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  62. the Bull

    So what did NOV tell you into the close Senor Fly?

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  63. Donald Trump's toupee
    Donald Trump's toupee

    Robert Kiyosaki is to blame! Him and his “Rich Dad…” books started this whole “flip-it” trend!

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  64. The Fly

    It told me Bob Steel is a legend and the market sucks.

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  65. the Bull

    You needed NOV to tell you that????!

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  66. Juice

    Loving the deserved carnage in Comm Re stocks

    MAC
    DDR
    ELS
    SPG
    VNO
    ARE
    TCO

    SRS should be at 150 … that vehicle sucks ballz, even though it was up nicely today

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  67. The Fly

    Bull:

    Yes.

    NOV was controlling the entire market today. Everyday a new stock controls the market.

    Sorry, you’re not part of the club.

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  68. the Bull

    I can’t wait for the PPT so I won’t get bitch slapped when I ask how do I become a club member?

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  69. anjing bau

    UYM is inverse of SMN

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  70. Aris

    what a crazy fucking week. i wish i’d been able to participate.

    there’s clearly a lot of distressed selling going on, and i bet there’s a great technical bounce in the not too distant future. stuff like NOV or FCX could catch 10pts in a session or two. tough to get the timing right.

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  71. DEVILDOG

    Personally, I can’t wait for the asshole New Yorkers that created this mess to get what they deserve. Short SMN today. Long MON.

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  72. LoserFly

    You are such a hypocrite, Fly. You’re reminding me more and more like Cramer. First, you said many time (and I quote) “fuck main street”, are for the bailout bill and want to save the wall street fat thieves. Now you are against the bailout and the “fat cats” and for main street. You’re more emo than mother market herself. I laughed when you went bullish… that was comical.

    Wall street is going down. This bill did nothing for the situation we are in. It made things worse and the market will be punished.

    Long commodities, short almost everything else.

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  73. The Fly

    it’s called sarcasm idiot.

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  74. Woodshedder

    Sarcasm is one element of humor and wit that requires a modicum of intelligence to understand.

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  75. LoserFly

    Everything is a joke, then, eh? ahaha That was great! You just always think you are right, that’s all. Narcissistic. Cocky. Hypocritical. Adamant. But, never wrong. That’s the fly…

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  76. fiona

    Anton, Danny et al,

    If I am going to do poverty, I would prefer sunny warm California.
    Soothing like ‘I’m back in baby’s arms”.

    Just a thought.

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  77. The Fly's Manager
    The Fly's Manager

    Careful, LoserFly!

    “Narcissistic. Cocky. Hypocritical. Adamant. But never wrong.”

    The Fly might just put that in his next banner!

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