NOTE: Tomorrow, I will be giving a full opnion on recent events. I have lots to say.
BRUTAL!
[youtube:http://www.youtube.com/watch?v=r5GW2uh0k4A&feature=related 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter
Joined Nov 10, 2007
23,445 Blog Posts
NOTE II:
By no means does Woodshedder want to punch the smirk off of Denninger’s face. BY NO MEANS.
Interesting video. Can’t wait to hear your thoughts.
Can’t wait.
The Fly is God.
Didn’t I just see that dude fighting in the octagon last month?
He’s part of the treasury now?
Weird wild stuff.
What’s “brutal” exactly, in the second loop?
That Dennis Kookinick is a fucking idiot?
Oh shit, Denny, your boys in Cleveland run a crap bank.
As they say in France: “Quelle Suprise!”
Now fuck off, dimwit.
__________
Fuck YEAH I love Kucinich, he’s way too uncompromising/idealistic to be any executive but he’s fucking great in a legislative committee, be the asshole and stick it to weirdo.
No, the brutal part is they gave billions of dollars to another bank to buy out NCC. No bank is stupid to buy out another bank, which puts debt on their own books w/o proper returns, so instead we’re paying for the hit of NCC’s residual debt plus some fun-money (instead of straight up giving it to NCC to clean itself up). Kucinich rightly called shenanigans.
Don’t be bozos, Kash answered the questions really well. Kucinich is a fucking rude obnoxious far left idiot.
Why would you recap and entirely failed bank? You try and save those that may look as though they can make it to the other side of the stream, not the ones that drowned.
In any event it’s up to the FDIC to make decisions regarding solvency, not the treasury.
Fly, stop agitating the peanut gallery. And please stop supporting greasy leftist pricks like Dennis K as it really puts me off my dinner.
Oh man, Kashkari got owned by that congressman. ‘I don’t think we should use money to save a failing institution.’ … what the? “Troubled Asset Relief Program”… what’s that for then? but really, Kashkari is in a catch 22 situation. no matter what he says or does, as long as you run a relief agency you will be criticized.
But if i saw Kucinich on the street, I’d break his glasses.
Fly another thing: the guy at the top is an idiot. What’s with the head shaking through his silly lecture.
I’m not wanting to defend Paulson, but he did say right from the beginning that the methods used to assist the banking system could change. Suddenly Paulson’s lied.
Paulson decided to recap the banks primarily because they thought it was a better way to go having seen it played out in the UK.
The fat head twister is an idiot and the K man is a leftist lunatic.
Holy shit, he ate him up!!!!!!
Bear markets since 1929
1929 89%
1937 48%
1946 24%
1961 27%
1968 37%
1973 29%
1976 24%
1981 36%
1987 37%
2000 43%
2008 currently 40%
1929 is an outlier in my book as there were numerous mistake that were made by the fed and the government that hopefully shouldn’t be repeated.
The bad. Huge amount of deleveraging and the global scope. The good is that the monetary expansion is also pretty unprecedented.
shenanigans
Someone should just start saying “Fuck You Pay Me”
http://www.youtube.com/watch?v=5ydqjqZ_3oc
How does one post to the PG? I am in the mood to make a fool of myself.
Under oath on a stack of bibles means nothing anymore…
Congress was lied too and probably participated in the lie.
If you knew anything about derivatives you would not ever had tried to buy them.
Ya know SO FUCKING WHAT. This dog and pony show has been going on since surfs have been paying taxes.
Ya real tough questions. Sure but so what. In a week it will all be forgotten.
Bottom line. World banks were way over leveraged. Now their broke, the weaker nations with currency no one wants will be the hardest hit. Global property prices have been ramping for YEARS… Any one who reads finacial history knows this is a recipe for disastor.
How much more paper is the fed gonna sell before interest rates HAVE asend to find buyers?
The chickens are coming home by the millions.
cluck cluck
Someone needs to tell Denninger that they DON’T EVEN MAKE VCRS ANYMORE. What the hell is up with the fucking VCR tapes behind him?
Then, he should be de-smirked, via knuckles.
http://www.truthandpolitics.org/top-rates.php
nice graph on historical tax rates. I see these rates going way up.
Koosinich was pretty ballsy there.
Question – Who is the regulator they are referring to? Is that the a Fed representative?
_________
They are gonna start dragging people out and putting them in jail. No doubt. The Dems are going make “reforming the system” their battle cry.
K man was a dick.
While some of you guys like Fly are high fiving K the lunatic you entirely missed the fuckers point. He was unhappy his local bank wasn’t bailed out and was taken over by another bank.
Good one guys. another brilliant idea. let’s not bailout the 1/2 sick firms, lets help out the dead banks in important Dem held Congressional seats.
Seriously, 95% of Americans shouldn’t be allowed to vote as their too freaking stupid. There ought to be an IQ constraint at the very least and only people with at least 100 IQ should be allowed to vote
Jake,
You’re an idiot. That link was for the Julian’s annual returns proof. Not his PA last 8 years.
He does in fact invest his PA. If you talk to any Tiger cub, you would know he has killed it (from multiple sources). He was also interviewed in Fortune last year talking about how he had is best month ever investing on the steepener trade, if public interviews to stupid media is the only proof you want.
Also how do you think Julian is doing this year being super short in his PA?
Jake, I don’t freaking mess with me, I said 90% on Sheldon (Las Vegas Sands) to be conservative. With the hundreds of millions he put in the company in recent weeks, he obviously has money outside of Las Vegas Sands.
You have no idea what you’re talking about, blab stupid statements without knowing the facts.
—-
Buffett wrote VERY LONG DATED derivatives on some stock indexes. What matters in short-term has no impact. So at the end of 15-20 years, if the 4 major market indexes are markedly lower, he has to pay up to $14B. $14B is if the indexes go to 0, so obviously that is not going to happen. He still has plenty of cold hard cash to pay out any claims.
If Buffett say loses 50%-70% in his stock holdings, the rest of the world will be down 70-90%. Is that a blowup? When you managing close to $100B and don’t go short.. Also when the market rebounds, 5-10-15 years from now, I guarantee it he will kill it and kill the market on the upswing. He works on a different time frame than you and me… a super long term investor.. and he can afford to wait it out.
“Berkshire sold a form of insurance to buyers who wanted protection from a drop in “four major equity indexes” over the next 15 to 20 years, according to a recent U.S. Securities and Exchange Commission filing. Instead of buying the individual shares, Buffett is wagering the indexes, three of which are outside the United States, will not fall and force Berkshire to pay a claim.”
“For Berkshire to lose the $14 billion that the company says is at risk, all four indexes covered by the puts would have to fall to zero, according to Gary Gastineau, managing director of ETF Consultants.Historic trends show that is unlikely to happen.”
Boom,
No dis, but anyone with a rudimentary exposure to the banking industry could see through Kooky Nick’s bullscheiss here.
He’s wondering why the Feds didn’t save his constituent out of the 8,500 plus banks extant?
The answer is pretty simple — we can’t afford to save them all, and his “donators” at NCC were so far up Schit’s Creek that they needed a pair of Mercury 750’s to get the flock back down, never mind a paddle.
Believe, me, I’m in an NCC town, ovah heah, and they didn’t have a commericial depository customer left by the time PNC took them over. They went from a 35% market share (they had bought out the long established local institution back in the nineties) to zilch in less than a year, no shit.
____________
Question – Who is the regulator they are referring to? Is that the a Fed representative?
OCC. The Fed is a bank.
_____
j, why don’t you find a kangaroos ass to make a hat with.
It will be interesting to see what rhetoric comes out of the G20 meetings as I think the markets are itching to climb higher.
Canuck
is 90% of the Canadian population the product of long-term inter-generational incest? In other words is you grandpa also your dad?
You’re an idiot. That link was for the Julian’s annual returns proof. Not his PA last 8 years.
Dipshit, post your evidence. You linked to a faggot’s hagiography of Julian Burnt Balls Robertson. The hagiography mentioned that he had backed some kids with decent returns, NOT THAT HE HAD MADE THEM HIMSELF.
Perhaps you were the author? If so, my apologies.
Not.
_______
As for this tripe:
If Buffett say loses 50%-70% in his stock holdings, the rest of the world will be down 70-90%. Is that a blowup?
Hold on, are you saying that if Buffet only lost 50-70% while some douchebags lost more, then that’s NOT a blowup?
(goggle!)
Remind me not to put any money with your “Relative Value Fund” now that I know your parameters for success.
Don’t traders go short in a down market?
___________
When you managing close to $100B and don’t go short.. Also when the market rebounds, 5-10-15 years from now, I guarantee it he will kill it and kill the market on the upswing. He works on a different time frame than you and me… a super long term investor.. and he can afford to wait it out.
Well, if I need my money in the next 15 years, and I’m a BRK-A shareholder, I can’t. So fuck THAT strategy.
____
__________
It will be interesting to see what rhetoric comes out of the G20 meetings as I think the markets are itching to climb higher.
I posted some of it (that I’d heard on the radio) yesterday.
It was all Bush sound bites. Basically, he said that he thought that the meeting went very very well, and everyone was on board for a coordinated rescue…. but then he goes on to say that if they miss the ball here, we are in for “worse than the Great Depression.”
LOL.
_______
WHO THE FUCK IS THIS KASHKARI BOZO?!
I got pretty pissed off watching Kashkari’s testimony to Kucinich. Questioned about why regulators would deny funding to an ailing bank such as PNC Kashkari says: “I don’t believe it’s a good use of taxpayer money to inject capital into failing institutions.” Based on that philosophy, Treasury should shut down. After all, isn’t that ALL that Treasury has been doing this year? Someone should remind Kashkari that his boss just threw more money at AIG last week.
Can you believe these people?! It’s bad enough that Treasury has no clue about what it’s doing. Now you’ve got Paulson and Kashkari telling different stories.
Phil
He’s an Treasury under sec helping Paulson put together the bailout. Came from Goldman.
he used the words failed bank when he really meant a totally fucked bank and the lunatic K man went after him. basically it was another example of a Dems witchhunt run by trogs.
Jake, you’re a freaking idiot. It’s obvious to everyone that reads this crap you post.
BTW, I’ve noticed you’re super bearish right before I big rally (calling me an idiot when I predict each turn) and super bullish right before a sell-off. With all the crap you give everyone else, how’s YOUR YTD returns this year?
I bet down huge. Just a hunch.
I already told you I know from multiple personal sources inside the Tiger organization how Julian did the last 8 years. I’ve seen everything he said come to fruition. Plus he is on record of his positioning the last year from multiple media interviews on TV.
Your evidence, is “hmmm I think Julian is dumb”. Who wins? I think I do.
Oh btw, Julian is a billionaire and respected by every investing legend in the business. While Jake is always super bearish at the bottoms and super bullish at tops?
Who wins? Hmmm.. Tough call.
Oh look I found a link to prove stupid Jake wrong, since the only evidence he respects is internet links:
http://money.cnn.com/2008/01/28/news/newsmakers/okeefe_tiger.fortune/index.htm
Julian talking:
“He hung up and turned to me. “My gosh, this has been the most extraordinary period of my career as an investor,” he said. The big short bet he had been riding – by owning credit default swaps on subprime debt – was suddenly paying off richly as values plummeted. As his mouth turned up in a half smile he added, “I think this is the best month I’ve ever had. It’s got to be.”
“According to returns provided by Robertson exclusively to Fortune, he earned a stunning 76.7% return in 2007 managing a portfolio of his own money. That rivals his best years running his flagship Tiger fund in the 1980s and 1990s, when he was an undisputed Master of the Hedge Fund Universe and grew Tiger from $8 million at its launch to over $22 billion at its peak in 1998.
Since he shut down the Tiger fund on March 30, 2000, according to the records provided to Fortune, Robertson has generated a total return for his own pool of capital of 403.7%. Given that his personal fortune was estimated to be close to $1 billion after he closed Tiger, it’s not hard to calculate that he’s a much wealthier man today than he was just a few years ago.”
Of course Jake will say. He’s lying to Fortune magazine. And everyone in the Tiger organization the last few years that has been saying Julian is killing it.. is also lying.. because Jake said so.
Oh my god, what a freaking moron you are.
You know what, I’m sick of proving your stupid accusations with no evidence wrong Jake. It’s getting silly now proving you wrong time and time again.
wow, 6 posts in a row. nice.
edit: make that 7
Seriously Jake, how are your YTD returns?
J,
You’re turning this into a partisan issue. There’s no democratic witchhunt here. If you watched the entire hearing, you probably noticed that Kashkari was bootstomped by Republicans and Democrats alike.
Forget your political stripes for a second. I happen to think failing banks should be allowed to fail — unlike Paulson.
But beyond the different philosophies Kashkari and Paulson seem to hold on the appropriate federal response to failing banks, there’s still the question of breaking the law here.
The fact that Kashkari and Paulson are offering highly disparate timelines as to when Treasury decised to steer its policy ship away from purchasing toxic mortgage assets means somebody has been lying. That’s pretty bad. And it transcends party labels. Somebody should be shown the door — and fast.
Let’s HOPE (after all, what else can the little guy do?) that Obama names a decent Treasury Secretary (I’d like to see Sheila Bair or, at least, not a Goldman pal) and a new Assistant Treasurer who is at least old enough to remember the last consumer recession.
Phil
look, the fact is there is more than one undersec of state that paulson deals with so kash may not have known the actual time line and may have only been privy to one of many discussions.
Furthermore Paulson always did say that they required maximum latitude as they weren’t sure how they were going to handle the problem.
So calling this a witch hunt is accurate. it is a witch hunt. and I’m not being partisan, i just despise the Dem party for the trogs and political lying pieces of shit they are.
Suggesting Paulson is silly.
J,
You’re wrong on this one. Kashkari was appointed interim Assistant Tresury of the Secretary in charge of managing TARP. The issue here is what is being done with TARP. Kashkari’s sole purpose in the Treasury is overseeing this program. To claim that he might not have known when Paulson reversed course on Treasury’s purchases of toxic mortgage assets would be naive. Paulson would not have been able to switch gears on TARP without informing the guy who is assigned to run it.
About your comment: “I’m not being partisan, i just despise the Dem party for the trogs and political lying pieces of shit they are”. Hmmmm… yeah. You really sound pretty impartial there, J.
I have rocks in my front yard that are smarter than these clowns on this panel. Did anyone see how ignorant these people were on Thursday?
No chumpin’ around
http://www.youtube.com/watch?v=fd_uw1AidXo
Gap,
As much as I think there’s all sorts of scumbaggery going on, I agree with you in terms of the response to Kash’s not wanting to disclose material non-public info. Hey let’s selectively release info that will affect stock prices just you told me to…wtf
Did EB pop a vein at his desk?
The sudden silence is worrisome.
I’m going to stop posting here (for real this time) for a while. A hiatus. This comment section is adding zero value to me, in fact probably negative value.
I do appreciate THE FLY and will continue to read him. For the smart ones that want to keep in touch, you know where to find me. Take care.
I got pretty pissed off watching Kashkari’s testimony to Kucinich. Questioned about why regulators would deny funding to an ailing bank such as PNC Kashkari says: “I don’t believe it’s a good use of taxpayer money to inject capital into failing institutions.” Based on that philosophy, Treasury should shut down. After all, isn’t that ALL that Treasury has been doing this year? Someone should remind Kashkari that his boss just threw more money at AIG last week.
First, it was National City (not PNC) they were talking about. PNC is actually healthy, relative to NCC, so it makes sense to give them an incentive to buy NCC out, rather than attempt to bail NCC at taxpayer expense.
At this point it’s about risk management, as there’s not enough money in the Treasury to bail out everyone.
You make a good point about AIG, but I think they are considering AIG to be another “lynchpin” because of it’s connection as a counterparty insurer to so many transactions. I agree, it sucks.
_______
Your evidence, is “hmmm I think Julian is dumb”. Who wins? I think I do.
Your evidence is hearsay, and “I’m dumb?”
Keep ad homming me, douchebag, you’re making a very convincing case for yourself.
Just probably not the one you intend.
_________
While Jake is always super bearish at the bottoms and super bullish at tops?
Perhaps someone who’s been here longer than two days may want to set Extended Boner (for Robertson) straight, but I haven’t the inclination.
Who wins? Hmmm.. Tough call.
Certainly, it’s Robertson’s by now well-polished knob. Have you submitted a resume yet?
_________
That rivals his best years running his flagship Tiger fund in the 1980s and 1990s, when he was an undisputed Master of the Hedge Fund Universe and grew Tiger from $8 million at its launch to over $22 billion at its peak in 1998.
Which he liquidated at a humiliating $6 billion in 2000, not two years later..
Happens to the best of them. But do continue fellating.
Shithead piker, know this, you may “have sources” but I have people who WORKED for the man.
Piss off.
__________
You know what, I’m sick of proving your stupid accusations with no evidence wrong Jake. It’s getting silly now proving you wrong time and time again.
I’m having fun cutting you into little squares of runny meat, m’self.
_
I’m going to stop posting here (for real this time) for a while. A hiatus. This comment section is adding zero value to me, in fact probably negative value.
Anyone got the over-under on this promised “departure?”
________
In the meantime this is kinda funny.
____
One last dig before I leave. Notice how Jake doesn’t respond to my how his YTD performance going? Silence is deafening. He’s obviously down huge. Guess what? I’m up.
Regarding Tiger’s 22B to 6B, vast majority of that was investor redemptions moron. He was down 19% in 1999 and down 4% in 1998 and killed it ever since and before that. I also like how Jake totally ignores all the last 8 year performance facts in the Fortune article.
I’m outta here.
“Silence is deafening”
“I’m outta here”
This should make everyone feel better:
Japan to seek to take lead in creating new financial order: Aso
AFP
Sunday, Nov 16, 2008
Prime Minister Taro Aso has made an ambitious bid to take the lead in creating a new global financial mechanism, as Japan announced its fresh commitment to tackling the global economic crisis.
Aso wound up his visit here to attend a summit of the world’s top leaders, which ended on Saturday by adopting an action plan to boost flagging global growth and prevent future financial upheaval.
“Throughout this summit, I felt high expectations to Japan,” Aso told a news conference.
“The world is now entering a new era,” Aso said. “I think Japan should take concrete action. We would like to continue taking the initiative in establishing an economic system that can correspond to the new era.”
During the summit, Japan announced a plan to lend up to 100 billion dollars to the International Monetary Fund to help provide financial lifelines to crisis-hit emerging countries.
Japan separately agreed to invest two billion dollars in a new World Bank fund to help recapitalize banks in smaller emerging markets.
Aso also stressed that Tokyo has an “outstanding experience” of overcoming its own financial crisis triggered by massive bad debts in the late 1990s, like the current turmoil which began in the United States.
http://www.youtube.com/watch?v=eWGrwRX1fDU
Last name just give u a hint….Kashkari…Cash, Carry the institution
Jake,
Wrote PNC by mistake — I meant Nat City. As for AIG, I know WHY they did it. The problem is bailing out on the grounds of stemming “systemic risk” is a slippery slope. The automakers and the homebuilders are now pushing for their own bailout packages, citing Treasury’s recent rescue of financial firms as precedent. In this environment, though, other industries can claim systemic risk too. Take the automakers, for example. GM and Ford now point to the 3m jobs on the line (this includes potential bankrupcies or layoffs at supply chain auto firms) as systemic fall-out from their potential bankrupcy.
I am in the Jim Rogers camp. Let the weak fail. If that means the US loses its auto industry, then so be it. Other firms will fill in the gap. If anything, Toyota will gain marketshare and will hire more assemblyline operators and engineers to ramp up production. Whatever the case may be, taxpayer subsidisation of dying industries makes for wasted government dollars and a delay of the inevitable.
There’s an interesting piece in the WSJ this weekend about the proposed auto industry bailout. The author, NYU finance professor David Yermack, states that the US auto industry has been hemoraging cash for decades. Between 1980 and 1990, for instance, GM and Ford destroyed a combined $110B in capital. Yermack adds that from 1998 to 1997, another $465B of capital was pulverized by Ford and GM. Now, I’m no finance professor, but if these companies have been losing hundreds of billions of dollars for the past 25 years, clearly the taxpayer should not be on the hook here.
We all know that outrageous $70/hr-plus pay, cooky legacy costs, and belligerent unions are at the root of the problem (along with the fact that foreign firms such as Toyota are superior car manufacturers than any of the Big 3). However, none of these issues will be tackled by a combination of wishfull thinking from Congress and a $25B capital injection. The best way to go about it is to allow these industries to reorganize under Chapter 11. And, in the event that the reoganization fails and Chapter 7 becomes the final outcome, so be it.
Let’s face it, these firms couldn’t make money in more benign economic times. What makes anybody think that they’re going to peform any better in a Depression?
-Phil
Sorry earnings, Jake wins.
—-
Denninger’s face.
—-
Kucinich is the dumbest of them all.
Bottom line – the car biz is a commodity biz and one major company cannot have substantially higher costs than another one and survive. Toyota has GM beat in costs, primarily labor and retirement obligations, and if GM goes Ch. 11, customers may leave in droves. The UAW is determined to go down with the ship. GM health costs for the UAW includes $16 mill worth of Viagra Rx.
LOFL.
I guess it was the “under” on DouchEBag.
As the French are wont to say “Quelle Suprise!”
________
Phil,
I am in full agreement with everything you say.
______
Jake – no dis taken. I understand his connection with NCC.
The only person more annoying then Kaskari is Denninger, a self-righteous whiner in an ivory tower.
Denninger, please lend out your toupee’ to Kashkari when you are done protesting.
a
I haw formula wich can save word from crisis and leed us in 21 century.i just need cash to make it hapen.