You fucking clowns are simply vomiting on yourselves right now, long in the tooth, following a classic bear market rally. What did you think, we’d go up forever?
As discussed early this morning, “The Fly” nailed the top in the oils, selling his ERX into the fervor and buying ERY into the fire. As a result, he (“The Fly”) is now roaming around his office, fully robed, egregiously sandaled.
My largest position, FAZ, is sprinting higher, as well as my other inverse etf’s, namely SRS. My feelings, as always, is to murder all of the bulls, stuff them in a back of a caddy, then bury them somewhere upstate NY—goodfella’ style.
See folks, life is not about being herded with dumb people then winning. Life is all about taking the high ground, then mechanically sniping fucktards who are traveling in the herd below.
Top picks: FAZ, ERY, UNH
If you enjoy the content at iBankCoin, please follow us on Twitter
Ah, I see.
Thank you for your input.
well you better get long for tomorrow were gonna see a bounce off the flag formation and the wedge formation
you had this thing nailed to the wall, fly. good calls.
oh yah and btw. oil going up my friend. buy dxo
i’m kind of ticked off, though, because i’d wanted to increase the size of my FAZ position this morning, but i was without access to the internet and my peon-like trading acct. it’s nice to see my meager shares well into the green, though.
STFU.
Get in the funnel. More targets for my sniper rifle.
As the fly’s knock-kneed assistant comes in and says, “BUT fly!” …. the fly calmly lifts his hand to his mouth and softly blows air across his index finger. The fly points as he looks out of the window of his giant mansion and says… “into the funnel”
LOL
STFU all you half-assed bitches that think they can call this shit real time.
Fuck you, I can.
I call this bitch the night before, and in real time. SDS went from 85 straight to 89 after I got back from the future.
So I would disagree with you there Sir Douche.
Now, don’t confuse my incredible accuracy with me entertaining a fallacy that I can know future price. All I do is make probable predictions.
New lows this month. Write it down.
Fuck you oil is going to 50. UNH burned me hard a number of years ago when that cum queen Mcguire was in there. I am with you on playing the downside here, I released many many longs over the past couple days and finished with a positive PnL today after making a DUG buy at 28. TZA just lit up like a Christmas ornament today. Anyone notice the hard reversal of some of these names, it was astonishing today.
I am mad short ahead of this downturn, but you gotta worry about tomorrow. We haven’t had a down Friday in months, and can’t you see a GM deal getting worked out overnight and announced before the markets open and we gain all this back and more into a nice comfortable shopping weekend.
Then again, no GM deal, down into the weekend on auto bankruptcy would make Monday an apocalypse.
I’m short but wish I had hedged more at the close. Nail biter.
Hey Fly… who is “MentalJock”? He jacked your Merlin.
Agreed on UNH.
May they die in an ER waiting room waiting for their claim to be approved.
Never fucking again.
sir douchebag, You are a fucking douch stfu listen and learn turdpole
as i said several days ago – we are in a trading range 925 – 850. If 850 holds then we go back up to 920s. We retest the lows if SP500 breaks below 815.
go FAZ!!! eminem going reggae?
Thank God – the high ground was getting lonely.
In honor of surviving this last rally from the great Highland vantage, I shall henceforth be known as “Brave Flaps”, after William “Braveheart” Wallace’s labia-obsessed younger brother.
FREEEEEEEEEEEEEDOMMMMMMMMMMMMMM!!!!
Yours.
Brave Flaps.
Fuck you, I sold the top today.
OEW Summary:
“Today the SPX again failed to break through the 912 pivot, and then broke through the week’s lows in the 880’s. Looks like the rally will need to consolidate before it re-establishes itself. Support remains at the 848 pivot.”
I am an egregious, yet worthless talking head. I have done less than nothing, for 8 years. Was good while it lasted.
this will be the place to add to longs picked up off the Nov 21 st low.
___________________________________________________________
price volume time all the rest is opinion.
Check your lotto tickets, the winning number for today is 874.
Oh shit, another Wall Street god has fallen:
Bernie Madoff admits he ran Ponzi scheme, according to CNBC.
http://www.madoff.com/
Is it just me, or has anyone else noticed that the Thursday before options expiration week is always a big move in one direction, that is immedately corrected the other way.
Example – look at the last Thursday before OPEX (11/13/08).
This is going to ding some hedge funds
http://online.wsj.com/article/SB122903010173099377.html?mod=googlenews_wsj
http://finance.yahoo.com/q?d=t&s=LULU
LULU go poopoo
all lemmings report to the funnel asap…buy buy buy
Fuck.
That’s all I have to say about today.
props to danny, whom i forgot to mention. dude has been on his game.
Timmmber!
Today’s big news was the crack in the dollar. As I’ve noted recently, it looks to me like the foreign currencies may have bottomed. Or, said differently, the dollar may have peaked. (Of course, these types of observations are all guesswork.) But now it looks like the chart of the euro is starting to show signs of a real turn, and it appears that the Aussie and Canadian might not be too far behind. Which, if that’s the case, is the earliest hint that the funding crisis has now been “scheduled” (even though most folks don’t know that game is even in the offing).
As for stocks, overnight was kind of a nonevent. Preopening our futures were under pressure by better than 1%, as I think they may have been impacted by the weakness in the dollar. However, the first order of business was to buy stocks, such that the averages were in positive territory an hour into the session, with the day’s highs seen at midday. The market tried to hold around unchanged until about the last hour, when the tape totally fell apart and the averages dropped to down about 3% plus or minus on the day, which is where they closed. Beneath the surface, there wasn’t much to note, as it was pretty much an across-the-board selloff.
Turning to the dollar, I feel very strongly now that the highs for it are in. I’ll probably look to build up a modest FX position in some currencies soon, though the best idea is likely just to go with gold, which — besides the infamous Treasurys — is the only asset class I’m aware of that’s actually up on the year. (Meanwhile, Treasurys were higher across the curve, as the flight to quantity continued.) As for today, gold and silver were higher by almost 3% early on, before selling off to close a bit better than 1% higher. Precious-metal stocks were initially quite strong, but they gave up their gains along with the tape (though many did quite a bit better than stocks generically).
I think that precious-metal stocks have a chance to be big winners next year. Even in bear markets, some groups will do well (perhaps like infrastructure stocks next year). Precious-metal miners have a lot going for them, with costs declining and production increasing for many of them. If the prices of gold and silver continue to rise, then the miners will have that helping them as well. (Rounding out the commodities sector, oil was higher by about 6%.)
Mr. Credit Shivers in the Frozen Zone
Lastly, on the subject of the financial system, where I have suggested that perhaps we are in the ninth inning: I see a number of people who also think that the credit crisis has begun to thaw. However, that is not the opinion of the Lord of the Dark Matter. In an email to me yesterday, he noted: “Today was the worst day so far in the crisis, in terms of liquidity in the credit markets. Nothing was moving outside of government bonds. The market had totally run out of capacity to do anything, with the equity market being in la-la land again.”
How much of the illiquidity is a function of year-end machinations or just plain broken plumbing, I don’t know. He doesn’t feel that the year-end will change much, though it would seem to me that it ought to alleviate some pressure. (Then again, he’s made the right call on financial dark matter along.) I must say, it’s been remarkable to see stocks rally in the face of the current credit conditions. Of course, the amount of liquidity being created by the Fed currently — and that yet to come — is nothing short of astronomical.
Sectors:Oil and Gas
Reuters | 11 Dec 2008 | 04:06 PM ET
Text Size
President Dmitry Medvedev hinted Thursday that Russia could coordinate oil production cuts with OPEC as the cartel gears up for a crucial meeting next week.
That’s nothing. I sold the top three times today.
Uh. We are talking about lap dancing right?
FXP will double before the end of the year.
Thanks Aris
Just when you think you got this stock market figured out, whamm, down you go. By the time you realize what the fuck happened, you’re now missing your balls.
Throw out all patterns, analysis, and fundamentals. None of this shit works in a grossly retarded stock market.
New lows are all but certain next year.
Anyone car eto explain the significance, if any, of the Madoff arrest?
Timmy says new lows this week and then new highs next week.
New lows this month.
I hope you’re psychic devildog!
Madoff, Dreier, minnows. Wall Street still ain’t fit for decent folk. Let’s try Mozilo, Prince, like that…
Longs got fucked!
What if fraud was the catalyst for lower lows? Seems to be a house cleaning brewing, no? Wouldn’t surprise me to see a wave of Elliot Ness style busts.
Govt corruption
Mortgage fraud
Securities irregularity
Accounting scandals
Just thinking out loud…
We wuz bamboozled.
I hate 300. That show is so gay! THought I was watching Lord of the Rings.
Tom Cruise plays the Fly in Tropic Thunder.
Short stuff when DOW goes back to 9000 puntos
Tim Knight’s site makes me walleyed.
Maddoff will look good on a gallow.
Our whole capitalist system is a giant fucking ponzi scheme. You pump enough credit into the system then everyone makes money until some deadbeat fuckers decide not to pay it back.
scum bucket said Let’s try Mozilo, Prince, like that..
preach ON; we need to see some perp walks, baby!
Thanks Juice.
Tony….simple and brilliant, 100% spot on
Yes, mad props to Danny for his work this week; your 900 thesis on top of CA’s and Fly’s calls gave me a lot of confidence I would make it out alive.
It was better than that, and will be, for tonight, I dine at the Y…
—
Also, for whoever asked about historical videos, and Jake suggested a book – another great book based on even greater archival work is 1989’s BLOWBACK, about US recruitment of Nazis in order to thwart the Soviets beginning as early as 1943…
http://www.amazon.com/Blowback-Americas-Recruitment-Disastrous-Domestic/dp/002044995X/ref=sr_1_3?ie=UTF8&s=books&qid=1229034549&sr=1-3
Madoff is freaking 70 years old! He’ll be dead like Lay, Arnall before this thing goes to trial. No jail time, his family keeps all the ill gotten loot. Welcome to Russia comrade!
Watching local news and just had a story about a local company that makes highway bridge girders that is closing due to no business…750 jobs gone. Obama infrastructure? Too bad they couldn’t get a “bridge” loan(sorry couldn’t resist) until the sham wow obama infrastructure stimulus package that is going to save America comes to town.
SRS shareholders
http://www.shareholderrep.com/bubbles.html
cheesefries, is that trying to say SRS is in a bubble, or SRS is making money in the real estate bubble that is currently popping.
I took it to mean the real estate market that is currently popping.
cheese– good stuff.
Rumor has it two huge CRE reits are going down. Hold that SRS people, she’s going ballistic in 5, 4, 3…
Me as a young boy !
http://www.youtube.com/watch?v=AYxu_MQSTTY
haha are you serious, scum bucket?
Scum Bucket: Any idea which ones? I hope this is in addition to GGP, because that BK is baked in.
The Fly is God.
http://www.reuters.com/article/businessNews/idUSTRE4BA6E720081211?feedType=RSS&feedName=businessNews
Mr. Fries,
Funny, indeed.
But as hard as I tried to hold on to SRS today (and I only had a little) it seemed like spitting in God’s eye to hold it and expect more after watching it jump up 24% on the day.
With a hug and thanks for a great time, I called a car service for her and sent her home. Promised to call her again, tho.
So this is the auto shop ? What the fuck is up fellas !! Let’s get to work !!
Bounce off of 834 tomorrow.
Aw c’mon, that wasn’t a big deal. We’re in a trading range.
Let’s accept that fact for now and worry when new highs or lows are made. Until then, it’s all low volume static.
Oh, and “the Fly” has a pet gerbil.
-DT
Futures down “just a smidge”
It’s Melting … Meeeellllting !!!!!!
FAZ has a fire under its AZZ in the AH
$50 billion Ponzi scheme. What a freaking joke! Where were the accountants and regulators on this one. Madoff news is going to kill market confidence.
So does that mean SRS is going to skyrocket or tank?
Dude,
I sold SRS today, so tomorrow SRS sees new highs.
Proven market indicator.
Sidetrack alert! Holy #*$! Jennifer is looking HOT:
http://news.yahoo.com/s/ap/20081211/ap_on_en_tv/people_jennifer_aniston
This market is makin me …
http://www.youtube.com/watch?v=4pXfHLUlZf4
Tomorrow morning is going to be a blood bath. Thank you direxion for TZA and the others.
Thanks to Fly,
I am short this market and the banks. I feel good about Bernie Madoff.
Party On!
Good god futures are all the way at 850. We could gap under 843 if we are not careful. If anyone entered the minis short with me at 880 I would cover half of it here.
i’d pay money just to let aniston have a bodyguard beat me up, as long as she watched.
I’m happy as the next iETF holder about the bad news and AH action tonight.
But how many times have we seen evening shit turn into next day flowers as buyers rush in on the idea that THIS is the bottom, or near it?
Just sayin’.
nothing to see here, just move along, while i take all your money.
No different than Fannie,Fredie, GM, Leh, etc…right? $20b gone! poof,
one depression coming right up!
Anton that is why I am covering some of my futures position here. Being a Friday and all you never know with this low volume. I will say Monday morning we will wake up to 1 less auto maker, atleast one less that has not filed yet.
Aris: HA! I would have taken Jen over Angelina. Brad fucked up.
I think I just saw “j” on CNBC with Kudlow …. one talking head says falling prices=deflation but the other asshat says no, deflation is a reduction of money supply…
Fuck fly,
I almost forgot! Bear market… I better write that down somewhere..
The Madoff shit was in the market today. The $50 Billion number appeared in court records this morning. AND THAT’S WHY TODAY SUCKED. And that’s why tomorrow will suck. No one knows who the fuck lost money. And we’ll be waiting weeks to find out which funds, banks, companies get to suck up the $50 Billion in losses.
This shit eating, stock destroying, wealth evaporation merry go round just won’t stop, huh?
F-U-C-K.
I’m putting on the blue face paint.
The Long Shanks is DEAD!!
Anton:
You’re pretty good at English by the looks of things, so explain this to me from Fleck’s excerpt above.
Timmmber!
Today’s big news was the crack in the dollar. As I’ve noted recently, it looks to me like the foreign currencies may have bottomed. Or, said differently, the dollar may have peaked. (Of course, these types of observations are all guesswork.) But now it looks like the chart of the euro is starting to show signs of a real turn, and it appears that the Aussie and Canadian might not be too far behind. Which, if that’s the case, is the earliest hint that the funding crisis has now been “scheduled” (even though most folks don’t know that game is even in the offing).
Does he think the Aussie and the Canadian dollar are going to sink? And what does “scheduled” mean in this context?
The reason I ask is that if he thinks the credit crisis continues the Aussie and Canadian dollar won’t be going up against the US… or so i think.
I’m trying to figure out what he’s saying as it’s badly written.
Zombie: I second that, Brad likes little boys.
Covered 5 of my 10 minis at 851 and will throw on a stop on the remainder at 863. I am as paranoid as a crank addict right now so no fucking around. Shit can flip on a dime so I say hit it like a dirty hooker and kick it to the curb after you have your money’s worth.
He’s right 8. Money supply can only be a contraction of the money supply. For those who think falling credit securities is in of itself a sign of deflation… go get your own definition and stop stealing other terms.
Aris, Zombie, yep, GGP is one, MAC the other. I’m not one to spread rumors tho…
FAZ, SKF, & SRS all hit the “biggest gains” list today, I expect a repeat tomorrow. IMO SRS has an upside target of 222 tho it may take until after the 1st of the year to get there. Either that or twenty minutes after tomorrow’s open. 😀
Huh? Why are you buying UNH?
eye know stuff, don’t worry…remember you said the BOTTOM is in. UP…UP and away!
Gapping: HA! Congrats on the minis.
Anyone planning on sleeping tonight?
More on Madoff. $17 Billion GONE. It’ll lead to some panic tomorrow and in the weeks to come. Even fucking hedge fund client will now be yanking money and the mkts will tank:
According to regulatory filings, the Madoff firm had more than $17 billion in assets under management as of the beginning of 2008. It appears that virtually all assets of the advisory business are missing.
Andrew M. Calamari, Associate Director of Enforcement in the SEC’s New York Regional Office, added, “Our complaint alleges a stunning fraud that appears to be of epic proportions.”
http://www.sec.gov/news/press/2008/2008-293.htm
I’ve been buying UNH since $18.
I wonder if Mr. Calamari is in the mafia. With a name like that, how could you not be?
That’s What You Get – http://www.youtube.com/watch?v=MPTzSzD21ng
DEVILDOG – Go lick your balls and shut the fuck up.
Justice – you wake up tomorrow and find out your account is frozen – your broker declared bankruptcy as significant portions of it’s capital was on deposit with Madoff Securities LLC. Shit like that has ways of happening to assholes like you.
pitt is such a moron, and he’s proved it by dumping aniston for jolie. who the hell would have made that trade?
probably tim knight.
Fly what do you think of oil going higher due to production cuts and thus squeezing the shit out of Joey Donuts? This could really hump the market good. Couple that with the real possibility of the Messiah being implicated in Rodney’s dealings and I think we have the makings of some major fuckery. Thanks for the pre-warning by the way.
i think tomorrow is going to be good for some early scalping in FAS and SRS. probably BGZ and TZA, too. they’re way up in the A/H, though, so who the fuck knows.
i love this market. i hope it never returns to anything remotely close to stability.
I bet all the SRS longs were hoping I’d say SPG, ha!
gapping,
Looks like the smart move to me. Congrats.
In this fucked market you’ve got to take the profit when you have it. Fly’s been great at holding out for max profit (C comes to mind recently), but too often for me the cash just evaporates if I leave it sitting too long.
In case SRS holders want to know what components they’re short:
http://etfinvestmentoutlook.com/etf_holdings.php?s=IYR
j,
I think he’s predicting that the Aussie, like the Euro, is going to strengthen relative to the dollar. The cryptic bit about the funding crisis being “scheduled” eludes me, tho.
Fleck’s been prescient, tho often early, on a lot of stuff, so I guess he thinks he needs to write like Nostradamus.
I don’t know what century he thinks that hairstyle of his is going to be in fashion.
Really appreciate the subscriber that posts his newsletter here.
Bailouts, fraud, massive job loss,etc..
Limit down coming soon to a US market near you.
“In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner’s name is on the door,” according to the Web site. “Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.”
Thanks a lot ants, appreciate it.
The Euro really looks bulled up… especially so since the ECB comments last night (my time) suggesting they were not going to lower rates that much. Those dullards seem to want a strong currency and no economy.
Let’s see what they think when the Euro/US hits 1.60 again….
Flecks comment about the aussie can only work if global liquidity becomes oceans of liquidity… the good times. LOL.
I held FAZ at 201 and did not sell – idiotic, no? I was thinking meltdown in the back of my mind – what if went to 250? I said.
For all you “all is well”, “worst is baked in”, “stocks are cheap”, “trillions of $s on the sidelines waiting to get in”, “THE GENERATIONAL BOTTOM is in”, and mustard seeds will lead us higher” longs tomorrow…NEW HIGHS DOW 20K!
Dev
Why are you sighted when the markets paint green numbers?
This is absolutely unbelievable… It makes TARP look like a penny store.
The criminal complaint says Mr. Madoff told the two employees that he believed losses from his fraud exceeded $50 billion. That figure couldn’t be confirmed.
What the fuck is going on in America? I’m serious about this. Get your shit together guys.
Dev’s revolution seems like it’s a better deal than these fucking thieves being allowed to get away with this shit.
j, maybe you’re finally getting the picture. Join the revolution or die. It’s coming.
I with ya Dev.
all this chaos makes me laugh, but in the back of my mind, i’m still thinking that i should be armed.
I plan to attend the upcoming Dubai Yacht Show (advertised in Trader Magazine along with costly watches and expensive, but manly vehicles) and thought why not see if anyone wants to chip in and rent one of the auto maker’s private jets. Since they are parked Rick, or Bob Nardelli both astute business men w/probably offer the luxury jets at a discount.
And it would be patriotic considering how needy Detroit.
Let me know
No worries, everything is already bake into the cake, fraud, inflation, deflation, panic, entire state of Michigan unemployed, and list goes on ….. it’s all been discounted, remember the mkts look 6 mos ahead, this why we had the first Vince Farrell bottom in July
The market is usually up during the Festivus Holiday week so I say we go up through Festivus.
Buckeye
Get everything into perspective… no one was visualizing what a $50 billion fraud looks like. No market has discounted that sort of shit.
There’s no buyers to hold the redemptions that will come as a result of this caper because people will rightly believe in the cockroach theory. Where s there one there’s always more.
You’re a crackup, Bob.
the Madoff arrest has rich Palm Beachers running to check their brokerage statements…. it’s in the Palm Beach gossip column down here.
http://www.page2live.com/2008/12/11/wall-street-bigs-arrest-sent-tremors-into-palm-beach/
Anton, I hope you sent that nice Mr. Blogajevich an email about not copying your hairstyle in the future.
Yeah, I know you started buying down at 17.71. Pretty cool. But why? You think biz is going to expand when the employees enjoying their coverage are getting fired en masse? Obviously you’re not in it for that ridiculously lame dividend.
Investors are already suspicious because so many hedge funds have thrown up the “gates” to delay giving investors their money back.
Now that one of the most highly respected legends of Wall Street turns out to be a complete fucking fraud, what little confidence exists will be completely shot.
Stunning.
Tried to comment on Danny’s blog but WordPress keeps giving me an error … sorry Danny.
the Madoff arrest has rich Palm Beachers running to check their brokerage statements…. it’s in the Palm Beach gossip column down here.
That reminds me anyone seen the gal that used to come here to give Fly a hard time, as she’s from that neck of the woods. I wonder if she and hubby had an account with this guy?
What’s her name again?
Madoff says that he was running a ponzi scheme. Well, isn’t that the entire CDS market. Hang everyone of these so called genius I bankers
J – this morning you’re telling me good times are back, forever, & now you’re joining a d-dogs revolution … what’s up, duck?
Madoff is scum … he should be deballed, in public, on pay per view. Its only that kind of humliation that will stop these crooks.
…
Boca,
Blogajevich got away with that ‘do because he had a senate seat to sell.
I get away with it because I’m heavily armed.
Besides, he’s got more of a Donny Osmond thing going on. No originality.
___________________
Hmmm, is somebody attacking this blog again?
Tim “The Gay” Knight or one of his Pips?
4 Madoff’s clients
Juice:
The Madoff stuff is pretty freaking big. Something i don’t know this morning.
My point is how the hell do you trust any marks by any institution when the former chairman of Nasdaq is a fraud. He was like Wall Street royalty and we find out he’s a crim. It’s a pretty big story.
I am very long the Euro and have been for a little while. let’s see what develops.
You think this isn’t a big story? Honest question as I am genuinely interested in what you have to say about it as you always make decent comments.
Juice Says:
Madoff is scum … he should be deballed, in public, on pay per view. Its only that kind of humliation that will stop these crooks.
Its this society that we have created that makes people do these things. We put such an emphasis on money, wealth and status that people end up doing whatever it takes to have it all.
We pay our athletes obscene amounts of money. Our recording artists, actors and actresses and celebrities all make mind boggling sums. I-Bankers, HF managers , etc making ridiculous amount of money.
The kind of emphasis we put on having money for the sake of having money. We have become such a money driven society that people are almost forced to commit crimes in order to ‘get theirs’ so to speak. More than half our country lives beyond their means, trying to live this lifestyle they cannot really afford. Others turn to more ‘creative ‘ means in order to finance that lifestyle. Money is everything. Who cares about ethics or honesty.
Congratulations on the FAZ fucktards. I stayed on the sidelines and observed from a distance. Thought about jumping in the funnel but chose inaction.
Bloomberg flashing headlines … Looks like auto bill in serious trouble
It’s toast… we’ll see what happens in the AM.
C’mon j, u telling me that the madoff thing is derailing your global bull thesis?
Its a big story but one that will blow over quickly… totally inconsequential compared to LEH, BSC, subprime, etc
no bigger than Boesky … smaller than TYCO, WCOM, Cendant, etc
CAP – can’t blame society … the individual must take responsibility for his own life … the blame game has led to our bailout society
Longs are fucked! Penitentiary Gang Bang style
I’ve finally made it!
http://www.bloomberg.com/apps/news?pid=20601087&sid=anWXzISP4XCg&refer=home
No Agreement Reached on U.S. Bailout Bill, Senate Leader Says
Email | Print | A A A
By Brian Faler and Jeff Green
Dec. 11 (Bloomberg) — Senate Republicans and Democrats were unable to reach agreement on a bailout plan for U.S. automakers, Majority Leader Harry Reid said.
Reid said the Senate will take a procedural vote tonight on a House-passed plan, though he doesn’t expect it to be approved.
“It’s over with,” Reid said on the Senate floor in Washington. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”
“This is going to be a very bad Christmas” for many people, Reid said. “The time for talking on this is over. We should vote and move on to something else.”
To contact the reporters on this story: Nicholas Johnston in Washington at [email protected]
Last Updated: December 11, 2008 22:19 EST
Gee, who said a week ago it would not get passed? DEVILDOG.
Cap
Nonsense. One crook doesn’t make everyone a crook.
as to the other stuff….
capitalism is the best way to arrange humanity’s affairs.
Everything, every freaking thing that has gone wrong with the US economy can be placed at the foot of the Government door.
1. Shitty loan practices started off with government officials including the fed (I might add) talking up” ” racist lending practices” having the effect of damaging good lending standards.
2. demand for consumer loans came from the almost criminal low interest rate policy pushed by the fed.
3. Moral hazard created by the government heavy handed regulatory policies that are at times contradictory.
(exhibit A: while the government was examining banks balance sheets to strengthen standards they were also pushing for lending standards to be relaxed for people that couldn’t afford the payments. They pushed banks to lower rates on credit cards.
Almost every ill that America suffers now has been caused by government meddling. So yes, the road to hell is always paved with good intentions.
yea
You’re probably right, Juice. shit like that just gets me down. It’s just like … there’s never an end to bad freaking news that keeps coming up.
The Madoff thing is a positive for the markets. A crook & his fraud are out of the way. Of course, how many more are there?
There should be not much fallout from this. Its not like subprime, derivatives, AIG taking down the whole system. No dominoes at work here. Totally contained.
If you’re selling stocks based on that crook, you’re a fool.
Of course, how many more are there?
isn’t that the cockroach theory with investors running to make redemptions?
Thank you Mr. Tony sir. Is there anything special I should do to prepare?
Voting now, watching on cspan…its gonna fail
VOTE FAILED……interesting day tomorrow, Reid wants them to use TARP funds tomorrow