For years I wanted to support U.S. car makers, via buying their vehicles—especially after 9/11. I was feeling all patriotic and shit and wanted to support domestic car companies. However, I changed my mind, because their fucking cars sucked. Mind you, they still do—suck that is.
That asshole, Rick Wagoner from General Motors Corporation [[GM]] , should get the electric chair, not some government bailout. It’s very convenient for him to blame fixed costs, such as workers, for GM’s hardships. But the fact of that matter is they make bullshit cars—very low end.
Now both General Motors Corporation [[GM]] and Ford Motor Company [[F]] are trying to extort our lawmakers, demanding 50 billion in funding. Are they fucking nuts?
Let them fold. Take the 50 billion and create a new industry for the soon to be unemployed factory workers. This is preposterous!
I hear people talking about a potential “industrial crisis,” should the big three fold. Let it be!
If businesses were that stupid to peg themselves to idiotic American car makers, they deserve to fold too. I am sure HONDA MOTOR CO., LTD. (ADR) [[HMC]] and Toyota Motor Corporation (ADR) [[TM]] will fill the void.
Much to my chagrin, [[FXP]] is receiving multiple homo hammers, based upon nothing. That’s nice. And, [[EEV]] is gapped down in sympathy.
Despite the possibility of this rally extending, seeing FXP down $19 may be too much for me to resist. It is a small position of mine; but I am tempted to bulk up here.
UPDATE: I bought 5,000 [[FXP]] @ $83.55
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COIN VASC
Small cap runners. I told ya so
Why do you keep fighting Chindia, they are the new leader.
POOF!
President Elect Obama <a href=awaits his press conference with the independent press.
__
Let’s try that again, shall we?
President Elect Obama awaits his press conference with the independent press.
_____
Take the 50 billion and create a new industry for the soon to be unemployed factory workers. This is preposterous!
I completely agree, but this time with controlled legacy cost and no fucking unions.
If they let them fold and reorg under bankruptcy there might be a chance they survive as leaner and ready to become more competetive…
Otherwise we are throwing money into a black hole of mismanaged bs….
They screwed themselves by lobbying for the wrong things…
Right on!!! Make them file for bankruptcy, fuck over the retirees, and break the unions.
The Baby Boom generation has bankrupted this country. Fuck them all.
Let’s get this Depression rolling already!!!
I’m gonna call that fag, Barney Frank, and tell him the cold hard facts. I need 2 billion before month end, otherwise 50,000 Americans will lose their jobs.
Fly, you are spot on regarding this.
Why keep the autos on a ventilator? The idea that for an economy to be healthy and grow, all industries must simultaneously be healthy and expanding is erroneous thinking.
Bailing them out is nothing more than a transfer of wealth. Taxpayers would lose $50 billion, or whatever it is the autos are earmarked for.
Not only that, but it also follows that other industries would suffer as capital and labor are diverted to a dying industry, instead of where they can be more efficiently deployed.
Less wealth is created, the economy suffers in the long run and our standard of living is lowered.
Time to let it burn and meet its fate.
GM is not the contents of it’s wallet.
GM and Ford should start manufacturing bicycles since Americans are too poor to afford cars. And riding bicycles will help Americans – 60% of whom are obese , lose weight which is an added benefit.
Since people are talking about letting the autos go under, can the banks get a little more of that $50 billion handout?
I’d love for Chindia to be the new leaders. But right now, TTM (Tata Motors) and Arcelor Mittal don’t seem to be doing too well either. Maybe in the future?
GM is Obama’s fault because (fill in lame, sour grapes reason here)
Who’s exposed to GM and it’s crushing debt? GM is a cash vacuum for the next 12 months, at least. It has to die to kill the 40-year old leeches on it’s body, then get reborn.
This for Jake as he has a poor memory:
1) Huge market rally 2 weeks ago – CHECK
http://www.ibankcoin.com/flyblog/index.php/2008/10/26/get-ready-for-the-great-big-forex-fuck-up/#comment-56011
Mr. EB Says:
I am not worried about my equity holdings in the short-term. Mark my words, the U.S. stock market will be markedly higher by the end of October. Yes, by THIS FRIDAY.
The action on Thursday and Friday were good signs. There were actually buyers at these levels and no panic/puke selling during market hours.
After a period of deflation (1-2 years), I AM worried about massive inflation in a few years, which would make our U.S. dollar become like toilet tissue.
October 26th, 2008 at 11:17 am
http://www.ibankcoin.com/flyblog/index.php/2008/10/24/get-your-coke-ready/#comment-55888
Mr. EB Says:
I think the corollary here is the 1929 crash. The market in 1929 went down 43% from a intermediate high, then rallied 21%, rolled over 15%, and then went on a multi-month rally of almost 30%.
The SP500 is down -33% from an intermediate high, rallied 24% off low, rolled over 16% here. That’s where we are today. I think we will get our 30% rally very soon.
Human emotions, greed & fear don’t change through time. We’re about to embark in the “screw the shorts” phase a la vicious bear market rally. This happened in 2000 too, when the telecom index almost rallied to its high in October-November after falling in March. The market loves to kill the “johnny come lately shorts”.
October 25th, 2008 at 12:03 am
2) Bad selloff after Obama gets elected – CHECK
http://www.ibankcoin.com/flyblog/index.php/2008/11/03/behold-space-alien-magician-trading/#comment-58763
Mr. EB Says:
Just like I nailed the last rally last week, before the FLY did mind you and I will say the market is going lower this week. When the Dems take over Congress and the Presidency tomorrow by a massive margin, the market will freak out. Higher taxes, more spending, more regulations against polluters like coal, big industry etc., unions taking over corporations as the Employee Free Choice Act passes (the act that lets people harass other co-workers to sign cards to vote vs. blind voting process – unions are going to unionize every large company in USA this way)
I’m a Republican voting for Obama, so I’m not saying this out of ideology. Market goes lower on Dems gaining super power of all 3 branches.
November 3rd, 2008 at 2:23 pm
3) 1 day rally today as bad jobs numbers already discounted in 2 day selloff – CHECK
http://www.ibankcoin.com/flyblog/index.php/2008/11/06/rejoice-in-blood/#comment-60238
Mr. EB Says:
Ok I’m going to get cute and say after today’s carnage, tomorrow will be an up-day as the jobs report will be bad, but it was discounted in the market the last 2 days. However we will still re-test lows in the coming weeks.
I may buy a stock before the close.
November 6th, 2008 at 12:43 pm
Woodshedder, I respect what you do. I looked into Covestor. I don’t exactly feel good about handing over the username and password to a 3rd party of my $620K brokerage account. They can literally just logon to my account and wire money out.
However it does look like you can manually import monthly statements, I may do that at the end of each month to verify all the stuff I say and post on my website.
mr eb, a rally today was well expected by both myself and Gio.
Denninger must be DevilDogs Dad.
http://market-ticker.denninger.net/archives/650-What-Jobs.html
Danny no doubt man. Nice call. I’m just backing up what I said since Jake called me a liar.
GM – nice to see even this dogshit is priced into the market too. How much of the GDP is based on the car industry 5 – 10%? The market should be up on this news.
Well it’s off to FIGURE SKATING or even better I’ll try to find it on TV as I apparently have nothing better to do!!!
More positive news for the consumer economy…
http://money.cnn.com/2008/11/07/news/economy/jobs_october/?postversion=2008110710
‘Sell the News’ on Obama Speech
By Rev Shark
RealMoney.com Contributor
11/7/2008 12:49 PM EST
President-elect Obama will be speaking later today, and investors seem to be looking forward to some optimistic comments that will help hold up this skittish market. While I’m sure Obama will be upbeat, it is very likely that during the transition phase of the presidency, he will be working to lower expectations about what he can accomplish. Setting the bar low will go a long way in the future perception of Obama’s success.
The President-elect is likely to tell us about the greatness and resiliency of America and how we are going to make some major changes, but he is also going to make sure no one thinks it will be easy or come quickly. We are going to hear about how we will need to work hard and sacrifice. Those campaign promises that were sold so hard to close the deal now have to be recast as major challenges that can only be accomplished with a tremendous amount of time and work.
We are going to have a honeymoon period where everything that Obama says will receive a positive spin, but he is going to undermine that to some degree by trying to keep expectations contained.
With that in mind look for a ‘sell the news’ reaction to the speech.
EB appears to be the reincarnation of Peachin, aka Over the Road, no?
You old timers can probably recall (with amusement) the animosity between Jake and OTR.
Jake’s legacy continues with EB.
Hand over the infrastructure to the foreign auto co’s to build more cars in America. Offer big incentives to Toyota, Honda, BMW, Benz and Volkswagen to hire most of the unemployed auto workers without the union contract. Let Chrysler go bye-bye.
Use the 50 billion to strengthen the fucking pension and ease the pain for unemployed auto workers until the foreign co’s get everything running.
Finally, make Rick Wagoner give back at least half of his compensation, and allow 3 auto union families to live in his castle until the transformation is complete.
Juice,
Obama will be campaigning for his 2nd term later today.
Following the Fly – got some FXP at 83.26 – the chart on FXP over the last months is like one of those earthquake meters – a 6.5 on the Richter scale. But, it could make you rich.
LET THE BULL MARKET BEGIN…THERE MUST BE SOMEONE WHO WILL MAKE THE PROCLAMATION…YOU FLY…being a man of reason of course…OK, now I am really off to figure skating…
Obama will be the new FDR – a 4 term presidency. The people will rise up and demand that 2 term limits have exception clauses.
News flash:
Taking a page from the Obama strategy, in a bold move to change it’s image, GM is changing it’s name to “Gesellschaft Motorwerks, Americanische”.
“Yes, we can!”
Another freakin triangle ready to break.
Mr EB – I too am calling you a liar.
I distinctly remember you posting that you weren’t going to post on this site ever again.
Can’t be bothered to go back and find it but we both know it’s the truth.
“Obama will be the new FDR – a 4 term presidency. The people will rise up and demand that 2 term limits have exception clauses.”
Juice,
So, you’re saying Obama really is “The One”?
The guy hasn’t even taken office or an oath yet. Give it some time before you draw those conclusions.
I have to say it…egregious.
mr eb, a rally today was well expected by both myself and Gio.
And by everyone and his brother. Goepfert’s who I listen to, as well.
EB’s amorphous bullshit is just that. 30% rally asshat?
Yeah, spot on.
You are not a liar, just delusional.
______________
EB = OTR
Same m.o.
Message to all:
http://www.youtube.com/watch?v=aMfr2CgIPhg
Mr. EB – didn’t you say you had bigger and better things to do?
You guys are ridiculous. I nailed all these calls and you guys pretend it didn’t happen. How about some kudos? Forget it. I’m done posting here.
Donny…you sound like you graduated from collage (sic)
Get lid of Chlyslah??
Get lid of Chlyslaaah?
Ah you clazy??
Whale word I get my Jeep Langlahs flom, den?
___________
I just got a momentary glimpse of the Messiah!!! I may have a spontaneous orgasm if he actually speaks.
What is this, like the 100th. time that EB dude has said he’s going to bail from this site?
I’m sure the market will have an orgasm just like me when The One speaks.
Who is this green-baggy-eyed camel fucker on CNBC who is mouthing only sarcastic sound bites
as the REAL problem of whether / how to save
the USA car makers is discussed?
He is all worried about $25 billion or $50 billion in government assistance, but doesn’t say ONE FUCKIN’ WORD about the $700 billion being handed out to the banks and Wall Street
who produce NOTHING except debt, financial chaos, and money for 500-foot CEO yachts?
What, Obamessiah hasn’t even took office yet and people are already bitching about term limits? Why don’t you guys just go ahead and proclaim him king? Unreal.
The Contractor, only SECOND TIME! Don’t you know how to count?
thank god.
The relative lack of appearances by DevilDog on this blog today is giving the markets pause.
Sorry EB, it’s hard to keep up, what with you constantly leaving and then returning.
Does everyone here hate me? Do I have any supporters or friends here?
Devildog said he left to go lunch with his wife.
It wouldn’t be the same without you EB, speaking as the FNG.
Donny,
LOL: “CWAJGA?”
Are you working DUG today?
I bought some FXP @ 82.50 & 83.75, thinking about the inverse big earls.
Fuck it bailout everyone and welcome to the USSAR
Lets nationalize all ailing industries and make sure everyone has a rice cooker like they did in Cuba.
What is FNG mean?
I am so bored. CNBC says 49 minutes to Obama. So ridiculous to have a timer up.
fuckin new guy.
Nice pic-link Anton.
A real-time chat room would be fun on here.
49 minutes till “THE ONE” goes on national/international/universal air waves !
ssshhhh !
Please deliver us from BONDAGE !
No way is Mr. EB, OTR.
EB…I appreciate your posts…please don’t leave. Keep em coming.
Not EB’s Mom
So what was this OTR guy like? I’m curious. Really smart?
Posted by Nolan Finley on Thu, Nov 6, 2008 at 5:44 PM
Obama borrows from Granholm’s excuse book
President-elect Barack Obama has invited Michigan Gov. Jennifer Granholm to be part of his economic advisory team as he prepares for the White House.
And it seems he is already adopting her playbook.
A top Obama advisor warned today that the change Americans thought they were voting for Tuesday may not come for a long time because, in his words, President George W. Bush is leaving behind such a mess.
Granholm must be his ghost writer. She spent her entire first term blaming her predecessor, former Gov. John Engler, for her inability to come up with any answers to Michigan’s economic free-fall.
When state residents wearied of that excuse, she switched in her second term to blaming Bush for her paralysis in the face of disaster.
There’s much Obama can learn from Granholm about dodging responsibility for not delivering on campaign promises to make things better.
Perhaps she can convince him to lead off his innaugural address with her now famous vow, “in five years, you’ll be blown away.”
Ok I will stay. Thanks to anonymous.
Paul Volcker is The Messiahs’ left hand man!
Where is Buffett?
MOE Says:
Fuck it bailout everyone and welcome to the USSAR Lets nationalize all ailing industries and make sure everyone has a rice cooker like they did in Cuba.
Who the fuck said anything about nationalizing,
you dimwitted goat fucker? We are talking about
the USA economy – which is in deep shit.
REAL jobs – not banking and Wall Street and Stock Trading fuckin’ so-called “jobs”.
Buffet is on speakerphone. No joke.
EB – this was/is OTR, aka Peachin
Thx, Thunder.
Is anybody making money today or does this place just turn into a fucking junior high cafeteria when Fly’s away?
Rhetorical question, rhetoratards.
Anton-
I’ve been buying DUG in small increments all week. The plan is very simple, continue to buy until it paints a 6 handle … which is inevitable. I’ll trade DIG occasionally as a hedge until DUG sports sixty something.
I haven’t traded FXP in a long time. Last year I think.
If Buffett, Volcker, Rubin et al, can’t get this economy back on track, this is some f#$%^&*g hole we have dug.
I’m 100% cash. I have remorse of not buying HANS and DLB today. Oh well.
My sense is that Obama and his disciples don’t have a fuggin’ clue of how to fix things. They’ll politicize the crisis, play the blame game and make vague references to dubious fixes to the mess that George Bush has left them.
The masses will be placated.
Same ‘ol shit headed our way. Change? Riiight.
HANS was the stock was considering buying yesterday before chickening out. argh
Donny, what if DUG goes to $0.25. Will you back up the truck ?
A-dawgg … you are mighty negative/cynical
give, peace, a chance, dude
Volcker is not a fan of big infrastructure stimulus, but the liberal Dems are going to push it thru and pressure Obama huge on it.
This was in a WSJ article few weeks ago.
Mr. EB sir, It really does not matter if you “called” the market, today’s or any other day’s. The market will do what the market will do. Any delusions that you have as to your predictive abilities should be put aside, while you focus on taking money out of these markets. If you care to pass on some of your knowledge to your fellow peons, please post in the PG.
I can honestly say that some of your fellow travelers that you are currently engaged in disputes have in fact posted tradeable gems that have banked coin for the lowly peons here. If you care share some of your gems, it would be appreciated as well. Thank you sir.
The Messiah just winked at me via the camera!!!
Juice, I’m trying ovah heah.
I’ve been over at Mr EB’s blog since he left IBC. He wasnt there, so I guess I have to come back here. 🙂
alpha – good analogy – GM life support – they’re already dead.
“You old timers can probably recall (with amusement) the animosity between Jake and OTR.”
Jake is not known for playing nicely with the other kids – any of the other kids, but he is the #1 poster here (by # of posts) 70% trashing other posters/political/generic retaliation rants,[some funny] 10% investing, 10% financial, 10% misc interesting stuff
Besides my market calls, I posted my trades in CMG.B and INTC for the market rally on here. I also posted my CC short, BBBY short, and SRS long on my website. I actually do stock picking with fundamental research.
AD, Be careful,The Clinton “Machine” underestimated Barry also. As was heard on CNBC recently, “He drove a stake into the Clintons”
I will post my next stock trade on here. I may buy DLB and HANS on a dip. HANS in low 20s is trading at 10x EPS ex-cash… I think it can still grow 15% in a bad recession (thanks to caffeine addiction), moreover 75% of their sales is in gas stations and convience stores. that killed them earlier in the year when gas prices ramped. But gas prices going down now. Plus they have a huge new distribution rollout with Coke in Europe in next few months.
DLB is an awesome b-model. They get royalties on almost every TV sold, every copy of Windows Vista sold. Cash piling up $700M, hardly any debt. Trading at 14X ex-cash. I think I’ll wait for a dip to buy that one.
Taking equity in private industry is nationalizing in my book. Correction is healthy and the move of jobs to new industry will happen as it always does. Why keep protecting bad management. I say let them die, just like they should have let Wall Street implode instead of giving them money to give out bonuses.
This fucking clock on CNBC, What the fuck is BHO going to say that will fix anything.
Thx, Donny. I think you posted something about a lot of shit being pegged to oil at $60. Under that, rigs don’t get paid for, etc. (I think that was you.)
Makes sense, but it was my understanding that RIG and NOV get big deposits before they start and that their backlog is years out. So maybe they get past the dep/recession.
When oil was spiking this summer, I read a report that said Exxon was projecting $70 oil by year end. They seemed crazy then. Wish I knew how they arrived at that number.
Will start nibbling at the DUG.
Just curious, but is FXP too volitile, or are you simply more in tune with the DIG/DUG trade?
rat-faced, I started posting daily on my website at the beginning of this month with all my trades, etc.
The Messiah just winked at me via the camera!!!
This guy needs his own tab, Fly. Hilarity.
___________
Anton,
“I think you posted something about a lot of shit being pegged to oil at $60.” Fly posted that. Maybe Donny too?
EB I was just kidding
EB…Illegitimi non carborundum. Keep the faith
Anton-
It was The Fly who pegged the $60 dollar figure on RIG & NOV.
I’m not comfortable with FXP.
yes, dont let the bastard get you down
Donny & rat, thx.
If it makes sense about oil, I always figure it’s a Donny post.
That Fly guy seems pretty good, too.