Danny has a perpetual work of art going on with THE DICTIONARY. Feel free to give suggestions.
NOTE: Sunday evening “Santa Fly” will announce of the winner the 2008 Asshat of the Year Award.
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Please be Warren Buffet, Please be Warren Buffet.
Speaking of Asshat,let fly jr. back in.
When crude is $25, I’ll let him back. His stupidness vexes me.
Fuckin Chris Cox gotta be the pick. The SEC been asleep at the wheel a long time. Plus his “no short” bullshit he pulled got to be the most boneheaded shit ever!!
Obviously Madoff is your pick.
The SEC is always stupid.
Ok asshat is….
Tim Knight!!
Mr. “Nation of Whiners” earned the award, but I think the award should come out after Christmas.
Before Christmas, celebrate anti-asshats like Ass Napkin Mike.
We readers screwed up this Christmas – we should have been asking you to set up a charitable donation page with a few good causes for the IBC community to adopt.
If we’d started early enough, we could have been the proud bankers to a guinea pig ranch. Mmmmm, nothing like a juicy 2.5mm ribeye. Maybe next year.
Fky
Give us on small clue as to who it will be. We can’t wait we’re so giddy with excitement.
Don;t go boring on us though like nominating Paulson or Bernie as that is just too predictable. You gotta be creative here.
it is the fed special emergency agent .. that arab named fucker
Tim Knight is up hundreds of percents this year.
If Tim Knight is an asshat, then what are you, fuckface?
The possession and accumulation of Knowledge, unless accompanied by a manifestation and expression in Action, is like the accumulation of precious metals, a vain and foolish thing. Knowledge, like Wealth, is intended for Use, the use of Knowledge is creative. The Law of Use is Universal, who doesn’t use Knowledge only knows it half-way, who knows things half-way will never finish what they start or truly understand what they know.
A truly knowledgeable person equals an Eagle, this animal ‘knows’ it can fly, this knowledge is to its own, when it jumps of a cliff, it sears through the skies, carried by its wings, a truly knowledgeable person will succeed because his knowledge is part of himself, like his hands and his feet.
Kybes
That’s quite possibly the stupidest, nonsensical comment I’ve seen in a decade. keep up the “good” work.
Juice:
I kind of like what you say, but i gotta tell you that Tim’s judgment of other sites thread was really weird and asshatty.
dick fuld
Juice
What do you make of the new year.
J – 2009 = we’re fucked, egregiously & without ceremony. That said, there will be rallies to trade and fade, but 2009 will likely mark the beginning of the DevilDogs Global Great Depression. Believe me, that is no laughing matter and I hope it is not the case. If it is, we’ll all just have to deal with the cards we’re dealt.
yeah, so Tim is kinda nerdy … but don’t let appearances prevent your learning from him.
in other news – Hedge Funds eligible for Fed aid, iow taxpayer money.
I’m actually not buying into the global depression thing, Juice. There is far too much monetary stimulus coming in.
I’m buying the idea that 09 will be a jumpy but lowish vol year with little direction and we see big inflation problems from late 2010 onwards. I pick 2011/2012 as the crash years as a whirlwind of inflation hits the market because the Fed makes the same mistakes it made in the earlier part of the century which is to keep rates too low for too long.
J – monetary stimulus got us into this mess.
Do you think more alcohol will free a drunk from alcoholism?
You can stimulate a frog by taping an electrode to his ass too, it doesn’t do the frog much good tho…
Juice:
Long term, no I don’t think it will get us out of the mess which is why i believe in business cycles and why I suggested we’ll crash in 2011/2012. However short term it will be possibly quite successful. The reason is that economies actually do respond to monetary action. This part isn’t my theory by the way, it forms part of the generally accepted principles in economics.
Scum bucket
What they’re attempting is a massive debasement of the value of debt relative to hard assets values. Now , obviously we may not see this happening in real estate for all of 09, however at some stage in 2010 it will have the effect of causing people to switch out of money and into hard assets. My best is they will succeed.
j, sure, that’s what they’re doing. ::rolls eyes:;
Scum
I get that looked at. Involuntary rolling eyes movement syndrome could be a signal of some serious neurological disorder.
Don’t piss in my boot and tell me it’s raining.
J
Why is the FED encouraging banks buy Treasury Bonds? Doesn’t seem to me that they want money supply to expand.
Tony:
the Fed is doing several things at once. Clearly it isn’t going to monetize the entire government debt for the year.
The other point to remember is that monetization is managed by the Fed. Deficit spending and selling bonds to pay for that is the Treasury’s function using the Fed as its agency to conduct that operation.
The best way to gauge what’s going on is to simply look a the monetary base which last month was growing at 2,922% p.a
http://www.ft.com/cms/s/0/c0bdfd60-c26d-11dd-a350-000077b07658.html?nclick_check=1
The velocity of money is decreasing as well.
http://research.stlouisfed.org/fred2/series/MULT?cid=25
I can’t see why a bank would ever buy anything other than treasury bonds after the statement this week. 50 basis pts to borrow and 200+ basis pts on 10 yr. You’d be stupid to not take that risk free.
The real question is why are they doing this? Maybe because they know something we don’t. Maybe Big Trouble in Little China?
Tony:
Answer — to build reserves, which is part of the reason the Fed is doing this.
They are looking to shore up the levies here, before the river floods again. Then they will become more concerned about lending.
_______
Tony,
I have a question/observation about the chart you just linked…
Why is the volocity of money downsloping from 1985 on, when we had a bull for at least 15 years from that point? In fact, the slope gets steeper during the 1995-2000 period, when we had some very strong GDP years.
Is it possible M1 is no longer an accurate barometer for velocity?
I am asking this non-rhetorically. I really do not know.
J — what do you think?
______
Tony Says:
“I can’t see why a bank would ever buy anything other than treasury bonds after the statement this week. 50 basis pts to borrow and 200+ basis pts on 10 yr. You’d be stupid to not take that risk free.”
Where do you get that “risk free” shit?
10-year treasuries are going to DROP in value 50% to 90% within five years, as the Fed tightens to stop INFLATION, taking the 10-year rate to 6% to 20% just like Volcker did in 1981-82.
Correct,
velocity is a problem which is something Helicopter Ben understands and why he’s bypassing the banks (as an example) and lend to hedge funds directly now.
However Ben believes that the problem with the 30’s was that the Fed didn’t build enough reserves (after they saw the problem and acted) to make it almost impossible for the banks not to lend. So he’s basically flooding the banking system with tremendous amounts of reserves and also bypassing banks to lend directly.
Don’t forget that even the loans to AIG from the Fed are an addition to the money supply. Hence why their balance sheet has grown to massive proportions.
This is where I am coming from. My bet is that at some stage that deluge of dollars will break the levy and cause a huge inflation problem. That won’t be seen at first as people will begin to think we’re about to experience a recovery.
The other thing I’m betting on is the Fed will be politically fucked as it won’t allowed to sweep the system fast enough until it becomes as huge problem, as no one will want them to take away the punch bowl. By that time stocks etc will be much higher. And then you will have Devildog’s crash, but not 09.
Jakegint you had a decreasing inflationary environment. In early 80’s nobody wanted to hold cash for fear of loss of purchasing power.
Anonymous…you’re a dumb fuck.
J…I’m not implying you’re wrong. I’m trying to figure this shit out myself.
I understand, Tony. I did a major in monetary policy in economics and trying really hard to remember this shit. although we looked at this stuff in currency trading like when japan went down the toilet.
I have even gone back looking for some old text books 🙂
J
The only reason I can see the lending action to hedge funds is because they are insolvent. Many hedge funds have halted redemptions because their is no way to unwind their positions without wiping out all equity. Hedge funds are highly leveraged and many hold illiquid assets…they are trying to buy time in hopes asset prices and liquidity will return. This may or may not work.
2011/12- the crash years- j?
Here’s something to add to your prophecy….
December 21, 2012 is when the Maya’s Long Calendar marks the end of life as we know it. On this date an extremely close conjunction of the Winter Solstice Sun with the crossing point of the Galactic Equator (center of the Milky Way) will occur. While this is a real astronomical occurrence the Mayans also assigned world events and meanings to their time cycles. They not only have the most accurate calendar known to man but they tracked time according to cycles. Each cycle has a meaning which has apparently been very accurate.
This particular time is the end of one era of prosperity and high technology and the beginning of the age of great tribulation.
Many books have been written about this specific date ranging from New-Agers to Scientists.
I have read a little information about it …here and there on the internet. Some theorize that this galactic alignment will cause a polar shift (which has occurred in past history), some say it will be a ‘ shift in consciousness’ others say it is the ‘ end of the world’.
I think it will be interesting to see just exactly what 2012 delivers ….
Tony
My understanding of the new proposal is that they are not just trying to lend to hedgies but any firm that conducts retail lending.
See the above.
Some hedge funds are involved in this type of activity by owning firms such as the GMAC part owner.
I don’t see it as a way that the Fed is trying to prop up failed hedge funds at all.
j,
I agree with your levy-breaking analysis right up until the end, unless I’m misunderstanding the sequence. If the pressure that is building up is the flood of dollars into the system, it’s sudden bursting drives stock valuations sky high, but that would be after a 1 or 2 year period of steady deflation and stock decline. I think the DD-school would opine that that amount of deflation-based decline would constitute the new lows of 2009. I would argue that the inflation resulting from the pressure build-up currently ongoing would ultimately lead to a restructuring of the major currency regime a few years out.
Drum Roll Please !
2008 Asshat Of The Year
—————————————-
Plaxico Burress
I mean…the idiot shot his own damn self !
.
http://research.stlouisfed.org/fred2/fredgraph?chart_type=line&s%5B1%5D%5Bid%5D=MZM&s%5B1%5D%5Btransformation%5D=pc1
http://research.stlouisfed.org/fred2/fredgraph?chart_type=line&s%5B1%5D%5Bid%5D=M2NS&s%5B1%5D%5Btransformation%5D=pc1
Winner of the Asshat should be Jim Cramer.
It’s self-explanatory as to why.
If we are picking athletes for the Asshat its gotta to be O.J.
If Jim Cramer doesn’t win Asshat of the Year, or at least have the trophy named after him, it will be a travesty.
Someone fire up the clip from September where he is telling viewers RIMM is set to run from 120 to 190! Fucker did a whole segment on how that upside move is a sure thing. RIMM today is at 42… and that’s after an 11% up day on Friday. FUCK HIM.
He’s already said that Cramer is definitely not going to win it.
Just received an early Christmas gift: Barron’s weekly, 9/23/1929.
Unbelievable. I’m a sucker for this sort of collectible.
Clown Raped: What happens to usa dollar holders when the SHTF. Example, I was holding AIG stock and I got clown raped on both price and exchange rate.
why everyone is so upset at Cramer? May be because you followed his advise and lost money? but then you are the idiot, not him. Just leave the clown alone, donot even remind us about his existence.
if you invested as euro-foreigner in the us market .. from 1000 to 1400 in s&p you didnt earn a thing because of devaluation of the dollar
http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts
Bertha the sandwich maker deserves to be Asshat of the Year for throwing those disgusting liverwurst and olive loaf sandwiches on the filthy floor.
An early Christmas gift is this Steeler-Titan game.
Could be a preview of the AFC Championship game, and it’s a nail biter.
I only hope the Giant-Panther game is this exciting tonight.
_______________
Chivas — what was the purpose of your link?
______
Cramer deserves an Honorable Mention or Lifetime Award, something like that even if he doesn’t win the yearly award for 2008.
I think Asshat of the Year is going to be Bill Miller or Dick Bove.
Fly – I’d love to see what that 1929 periodical looked like. Can you take a pic of the cover?
Boomer:
Will do.
Jake:
http://sports.yahoo.com/nfl/boxscore;_ylt=AnijGqH69DErMRUOtdn9sWxDubYF?gid=20081221010
Never bet against the man in the time machine.
If this is a cash prize, will you please pick me!? Thanks.
Eddie Lampert is a sizable Asshat in my book. Combine two really shitty retail chains (Sears and K-Mart) and everyone wins. What a dumb fuck! Sounds kinda like combining GM and Chrysler, now that’s a winner for sure.
here’s a vote for eric mangini. fat fuck.
Who better for an Asshat of the year than Sarah Palin. You know who I am. I am also a former beauty pageant winner.
Please nominate me.
Please send your award in Macy’s gift cards to
Sarah Palin
2008 Cluless Drive
Wasilla, Hillybilly County
A state where you can see Russia From 2012
#
Today 07:09pm
(US) COMSCORE: US online spending declined by 1% this holiday season
has the chosen one announced weather he is granting a capital gains tax time out ?? or a rate cut??
if not will the market be sending a message via beat down on the indices
Fly-
We’re all waiting, anticipating, who it could be.
I personally think you’re gonna throw a curve ball.
I’ll nominate Dennis Kneale, just to keep his constant idiocy on the radar. Or Gasparino…
-DT
Fly said:
“Just received an early Christmas gift: Barron’s weekly, 9/23/1929.”
Nice, very nice. I’m happy for you, excellent present.
DT, almost done with the email
Wade Phillips = Good Grief Charlie Brown
Eric Mangina = Pillsbury Doughboy
Nice. Last year you chose the FUPA… can you beat that this year?
Gonna be tough.
-DT
I know…I know.
Juice – you still holding SRS?
If fupa is on the IBC dictionary, you need “gunt” too. Same thing, different term. “Gunt” just sounds better.
Andy – I did a post about FUPAs thats part of the reason why
Tangelo is so 2007, it has to be the hankster-bernankster combo on rye.
ass hat of the year = “the donald ” based my all in posistion on various charts i found on the ibc blogs
My bad – didn’t realize. I tend to stay away from FUPAs as much as possible.
New Richie cartoon (This one makes fun of CNBC)
http://little2rich4u.blogspot.com/2008/12/rich-exclusive-cnbc-year-end-bash.html
Oh wait… I just remembered who the asshat of the year should be…
-DT