Today was the most tentative day that I’ve seen, in quite some time.
See, the tone for 2009 has yet to be decided. If you are long stocks, in size, memories of 2008 haunt you. Every time you read the business journal, you fret at the thought that people might start paying attention to the bad news.
If you are short, all you are scared about is dumb people, wearing florescent orange jumpsuits, buying stocks, or assholes, like Bill Miller, putting money to work. At the end of the day, it’s all relative.
I made money today, but it is of no consequence.
“The Fly” is into making large buckets of coin, not this petty loser shit.
My position into the close is the same its been everyday, for the last 12 months: fuck this market, it’s going lower.
It may happen tomorrow. It may happen next week. However, just know, you fucking assholes, it will go lower. And when it does, “The Fly” will bask in his glory, while drinking large bowls of ambrosia and eating excessive quantities of buffalo mozzarella.
At the close, I was short XOM, NOV, KIM, VNO and a little HANS.
My long positions include: VCLK, AKAM, C, BAP, TBT, NITE and STT.
As far as inverse etf’s are concerned, I own them all. You hear me you fucking faggots? I own them all (evil laugh).
“The Fly” wins again Update:
CVX Chevron announces that earnings for the fourth quarter 2008 are expected to be significantly lower than in the 2008 third quarter (74.24 +0.28)
The co reports in its interim update that earnings for the fourth quarter 2008 are expected to be significantly lower than in the 2008 third quarter. The company indicated that most of the decline is associated with lower prices for crude oil and natural gas that negatively affect earnings for the upstream business… Total U.S. oil-equivalent production during the first two months of the fourth quarter was 39,000 barrels per day lower than in the third quarter due mainly to the residual impact of the September hurricanes in the Gulf of Mexico. International liquids production increased roughly 10 percent, primarily the result of the completion of the expansion project and annual turnaround activities at the Tengiz Field in Kazakhstan, along with the continued ramp-up of production at the Agbami Field offshore Nigeria… As in the third quarter, full fourth quarter downstream earnings are expected to include sizeable gains from provisionally priced crudes and derivatives, resulting from sharply falling commodity prices… In the Chemicals segment, full fourth quarter earnings are expected to decline in part due to lower petrochemical volumes… The company’s general guidance for the quarterly net after-tax charges related to corporate and other activities is between $250 million and $300 million.
If you enjoy the content at iBankCoin, please follow us on Twitter
But I find it to be a pain in the ass to scroll down 200 comments.
If you’d spring for a hotel room for DevilDog and Freddy, they could stop flirting in the comments section and you’d cut the scrolling by half.
But Fly, I thought you swore off ALL etfs in 2009!
Agree agree agree. Lower lower LOWER DAMMIT! Used to check this blog once in a while but as of this week now a daily full time reader. Keep the market insults a flowin’…
All Baked In…
“If you’d spring for a hotel room for DevilDog and Freddy, they could stop flirting in the comments section and you’d cut the scrolling by half.”
ooohhhhh!!!
You forgot the men snorting coke and playing paintball in the now empty Bear Sterns and Lehman buildings while throwing paint grenades at innocent passerbys and hurling obsenities at the horde of sandwich board Ex-trader servants.
I wonder what ADP changed in the calculation of their jobs report, and if it is any sign of what we will see early tomorrow.
Freddy Krueger Says:
Devildog is going to be mad because it looks the market is CHURNING and it looks its going to bounce and not going down. Indicators are already start looking oversold in just 1 1/2 days.
January 8th, 2009 at 10:03 am
DevilDog says
freddy, stick your stupid indicators up your ass.
Freddy, please keep buying bull market stocks.
January 8th, 2009 at 10:06 am
Hey bullfucks, how’s the bullshit working for ya today? Stupid fucks.
January 8th, 2009 at 11:35 am
Freddy Krueger says,
Go get some Gold and Silver, not SRS.
Enjoy yourself
January 8th, 2009 at 12:43 pm
End of Day Tally
Im already up 4% in EGO and the market rallied from the lows. I told you.
TOUCHE
Where is DevilDog now?
Fighting the repo man for his wife’s busom.
_________
Mais dans la lumiere – http://www.youtube.com/watch?v=FP4yVG2oblU
Bears could have easily flame broiled this tape today.
Clearly, they are not yet ready to try and bury it from this level.
devildog is looking in the mirror……at his new doo…
SPY looking like cup with handle for all you technical fans…
that handle may be cracked……better give it a good tug….
photo of your Fezza pls DD
I knew you couldn’t quite me!
You should short all my ultra ETF’s to maximize profits in the new year.
I have to say, listening to the excitement in Roger McNamee’s voice as he explains the new Palm operating system to Maria remind me of myself.
Sham-WOW!!!
Fly,
on a different note; what online broker do you use/recommend? I’m currently on TOS, but got an email today telling me they were bought by TD Amerifuckers, so I’m thinking it’s time to change. I trust your choices, so throw me a bone-
Ambrosia and buffalo mozzarella in size, huh?
Better have Ass Napkin Mike on speed dial.
gator:
I don’t use discount brokers. I manage money, dipshit.
Sorry.
Ask some of the idiots in the comments section.
This one goes out to you oil lovers:
CVX Chevron announces that earnings for the fourth quarter 2008 are expected to be significantly lower than in the 2008 third quarter (74.24 +0.28)
The co reports in its interim update that earnings for the fourth quarter 2008 are expected to be significantly lower than in the 2008 third quarter. The company indicated that most of the decline is associated with lower prices for crude oil and natural gas that negatively affect earnings for the upstream business… Total U.S. oil-equivalent production during the first two months of the fourth quarter was 39,000 barrels per day lower than in the third quarter due mainly to the residual impact of the September hurricanes in the Gulf of Mexico. International liquids production increased roughly 10 percent, primarily the result of the completion of the expansion project and annual turnaround activities at the Tengiz Field in Kazakhstan, along with the continued ramp-up of production at the Agbami Field offshore Nigeria… As in the third quarter, full fourth quarter downstream earnings are expected to include sizeable gains from provisionally priced crudes and derivatives, resulting from sharply falling commodity prices… In the Chemicals segment, full fourth quarter earnings are expected to decline in part due to lower petrochemical volumes… The company’s general guidance for the quarterly net after-tax charges related to corporate and other activities is between $250 million and $300 million.
“The Fly” wins again.
And yet the stock is down only a third of a per cent. Same with COP.
A bullshit victory for both of us…
Whew, CVX down a whopping….
14 cent?
_______
Check that, it’s
up five twenty fourdown 43 cent in AH.__________
Lesson of the Day: If one is on the same side of the trade as Devilled Dawg and Braveflaps…
Reconsider.
________
My “dark pool” pre and post market indicators indicate that a bullshit BLS payroll report is coming out tomorrow and the S&P will rally. I’m so scared. Just a back test. I figured out the programing about 2 years ago. That is why I only swing trade the big moves. Too much daily manipulation by the central bankers through the “dark pool” exchanges. Hint: watch the 7s and 8s. Never fails.
Smoke! Smoke! Smoke!
ERX fo mah mayne??
Doan’ TELL me ’bout no PRO-gram!
_________
Devilled Dawg —
We izz heah fo’ dah boobies…
________
Tomorrow’s #’s, whatever they are will be bogus.
Our government comrades have been monkeying with every number possible for a year. Why the hell would they start telling the truth now.
Whatever the numbers are, the real ones are worse. Of that we can be sure. We should expect nothing less than pure propaganda from our socialist state workers.
Hey Jake Gint, you banked major coin off the Karl Marx “short emerging markets thesis” a couple months ago.
You’re welcome.
In oil, I am short COP only, and that’s because I don’t believe they manage their Canuckistan acquisition of yesteryear with much prudence.
Short MAC, CBL, long SRS EEV FXP and a host of long term high divi payers…
Made over 2% today.
Hey Jake Gint, you banked major coin off the Karl Marx “short emerging markets thesis” a couple months ago.
You’re welcome.
You’re kidding.
_______
As Fat Bastard would say when asked whether he’d soiled himself….
“Mebbe…”.
BTW: was Karl Austen in your class at college?
at what exact time tomorrow morning are the unemployment numbers coming out?
how did you hairdo work out Devildog?
Lookin good!
Senior Tropicana,
Would you be so kind to expand on your 2009 bullish dollar position? The great Peter Schiff seems to disagree with you and he has nailed this entire economic crisis from day one.
If America’s creditor nations stop buying our bonds and thus financing or debt then the money for the Obama stimulus and all the various bailouts that our ever expanding Gov is proposing must come from helicopter Ben and the printing press right?
This coupled with the fact that massive de-leveraging has lead to falling commodity prices, thus resulting in the cancellation of many longer term capital intensive projects from commodity companies, may actually lead to a commodity shortage once the de-leveraging has run its course?
So then at the end of the day we will have boat loads of new paper money chasing after fewer goods which means the dollar looses value.
Or do you think the rest of the world is in worst shape and currencies are relative thus the dollar wins? Are other countries really printing money and running deficits like we are though? The Yuan may be the new reserve currency?
Please grace us with your knowledge on this matter!!
8:30 AM
“The Fly Says:
gator:
I don’t use discount brokers. I manage money, dipshit.
Sorry.
Ask some of the idiots in the comments section.”
Sr Fly
Are the plays you do each day that you post here…for your own personal account? Is the PPT something you use only for personal stocks?
How do you manage money…in a hedge fund? are you a broker? Do you set up funds or diversify people’s portfolios?
If you dont use discount brokers are you attached to a large broker or what? I use Fidelity but it has its limits if you want to do e-minis and futures otherwise its great.
I am just trying to understand what it is you do. If everyone else knows becus they have been here longer than please reply as I havent learned this information yet.
Thanks Sr. Fly for your reply…. (HOPEFULLY)…
.
Brave —
His name is not familiar to me, but one of my best buds did the ‘Hurst-Harvard thing, and may know him. Do you know how old he is?
Amended — found him. He’s quite a bit older than me. My roommates bro was in his class, though.
_______
The FLY manages money for Bernie Madoff. Hence the ‘disappearance’ of that $50 billion. Authorities will soon discover that Madoff ran a feeder fund that gave money to a fund called Fuck U You’re Dead Capital Management LP.
Cardiff —
I am in the Schiff boat. The yen will be the reserve currency, as it has actual savings behind it.
___________
Thanks, Jake.
I met him once in LA and he seemed like an A-1 guy. No doubt it was the college influence…
Lady you fucking idiot he uses pershing and why do you think his fucking name is broker a. Christ we need a fucking about this site page or something. Flyonwallstreet atleast had a small about page, think crameralerts did too. Fly that partner you fired, what ever happened to him. He was such a pussy.
Flaps —
Well you can bet your ass it wasn’t Harvard Law! 😉
__________
Gappy —
Four less afternoon cawfees, maybe?
__________
LOL!
Diploma in one hand, a shiv in the other.
These SOB’s are going to run the market up regardless of the bad employment data tomorrow.
Free-money-forgive-mortgage-loan-defaults-Cramer-Obama-mania is alive and well.
For the record, I’m mostly short and in cash
and somewhat largely disgusted by this market manipulation crap.
We will go lower at great cost to the mutual fund owners (whose fund managers are loading up on turd roller stocks) within a month.
Yen makes sense. However, last I checked, US savings rate shot up to 2.8 percent
This is for Devildog. I’m up 4.1% MTD, how YOU DOING????
Jake thats lines of Coke….and what good would gapp be if he wasn’t wired up! LOL
However, last I checked, US savings rate shot up to 2.8 percent.
Only a mere 2,000 basis points to get neck-and-neck with Mr. Moto.
(Pang of regret for old Calvino, may he RIP)
_____________
Obama keeping the FDIC Sheila Blair is a sign of things to come. The first numbers on the IndyMac modifications were horrid, foreclosures, defaults high % even after modifying loans, but she gets all this praise and applause for something that doesn’t work and basically just wastes our money down the drain.
Everytime the government does a bail out and spends money, it’s the same thing as someone spending YOUR TAX DOLLARS for other people’s mistakes. Would yourself write a personal check of thousands of dollars to Citigroup or to the condo flipper that can’t afford his subprime mortgages? Probably not, but guess what … you did already.
OK if anybody gives a shit I’m picking FLA…simply because “The Donny” has not been around to get any IBC karma lately….. So Sorry I’m backing Chiv and TC on this one. Go Gators
The redundancy!
The redundancy!
_______
(Note: the presence of a “deja vu” means that they’ve changed something within the matrix. Check to make sure your windows are not all bricked up.)
_______
Gators win in a walk.
The state of Florida cannot be beaten in the game of pigskin.
It’s scientific.
________
Devildong, make like a zombie and get a brain.
well yap yap yap
I didnt know his name was “broker a”
No one ever talks about what Fly does or who he is,
there is no ‘ about me’ page either
So I am left asking logical questions and getting attacked by maggots instead of just getting a simply reply.
Ok hes a broker- he also has ” his own company” and uses Pershing technology for broker-dealers.
Not many of those kind of people ‘ blog’ . Bloggers are generally a different animal all together. For example TK…whose blog I also read is a chartist who developed some software and he uses that for trading. Many blogs are by analysts or day traders.
Sheesh…
.
Don’t mind Gappy, Lady G, it’s just the hard yellow cocaine talking.
_______
Would you be so kind to expand on your 2009 bullish dollar position? The great Peter Schiff seems to disagree with you and he has nailed this entire economic crisis from day one.
The bullish dollar argument is this: we’re sooooo screwed, which means the rest of the world is dead meat, therefore, the dollar is and will continue to be the world’s safe harbor currency because there isn’t anywhere else to go for those seeking shelter from the storm.
Schiff’s arguments would be correct if the current economic crisis were limited to the U.S., but it isn’t, this is a global phenomenon. So, as long as we are the world’s largest and most stable economy (relatively speaking), then the dollar will be a refuge, hence a strong dollar.
Gap & Yap,
Chill, The Fly went by Broker A during his Blogspot days. In fact, he is still listed in my blog roll as “Broker A’s Place” primarily so I can avoid scrolling down the page to get to the link were I to use Senor Tropicana’s modern appellation.
Some traditions die hard, as they should.
Lindzon just relayed this on twitter. Best review of a self-help book ever:
http://i40.tinypic.com/15wlz0n.jpg
for the last 5000 years gold has been the only thing and I mean only thing (excluding salt) that has always been valuable….not gold stocks, not gold miners but owning the actual real metal in your hands…….paper money if the earth flips on it’s axis will be toilet paper….gold will be the king of value…….but I have to say the last time I bought real gold it was at 630.00 an ounce and before that I paid 350.00 for each ounce. I also bought recent .999 fine silver bars to bury in my back yard…
I will buy more gold, but I like it better under 600.00
The dollar is ALWAYS loosing value and has year after year since it was invented……..
A 1960 chevy Impala costs $2590.00 new
A 1970 chevy Impala costs $3370.00 new
A 1980 chevy Impala costs $6800.00 new
A 1985 chevy Impala costs $9500.00 new
A 1995 chevy Impala costs $22,900.00 new
so you can see….all anyone bought was a chevy impala, but the value of the dollar got weaker and weaker and required more and more of them to purchase the same item as years rolled on….but in the end if the value of the dollar remained as strong as it was in 1960, a new 2009 chevy impala would still cost $2590.00
so there you have it…..
the moral of the story is, we are all going to have to learn chinese soon……..
Any word on that photo of “your” car, Devildog?
TheArtist… great post about gold…
godbless
Jake is just a butt-hurt texan. LOL. Boom, er, Sooner!
I’ll take OU for kicks…
‘Steal 50 dollars and its robbery. Steal 50 billion and its just statistics’
the moral of the story is, we are all going to have to learn chinese soon
China is not immune to inflation, so they are experiencing the same devaluing process, plus whatever devaluing process the government implements to meet its fiscal and/or monetary objectives.
Secondly, if the US economy is in recession, then China’s economy is all but dead.
China has about 300 million people who can be considered middle class, the other 1 billion are surviving on subsistence farming of one sort or another.
While there is no doubt that China has had great success in developing a manufacturing, export-driven economy, unfortunately for them, their customers have stopped buying, which means millions of “middle class” people will have no choice but to return to the fields, or they will riot in the streets of China’s largest cities.
China has huge internal economic and political problems to deal with that will make our troubles over the next couple years look like child’s play.
The threat of the Chinese hoard is greatly exaggerated at this point.
Whatever Fly’s pro title is, he’s got the imagination and poetic way with words that would make him one hell of a best selling novelist. I read a short book on trading where I laughed my arse off all the way through it but still it was a serious book on the market. One of the last chapters was about the dreaded visit from the Swiss Gold Gnome … Excellent humorous writing, reminding me of the Fly.
I had to finally chime in. Does anyone really believe this guy really trades? I don’t. It screams: “I am lonely!!!” You can do the math and he has an unlimited supply of money, is wrong several millions of dollars in a row, then magically (after the fact) plays it perfectyly. It is entertaining, but I just hope someone isn’t actually listening and believing his advice. It would destroy your account. Good luck out there.
My chinese comment was mearly this, if china keeps progressing into “modern” living and out of the barefoot rice patty field living they have only had for 6000 years, and become intergrated as we are with all modern conveniences, then they will either work their wages up to our level (by demanding it), or we will devalue ours down to their level….in other words, they, the chinese, will be making 25.00 dollars an hour soon, or we will revert to 2.00 an hour soon across the board….and be on even keel with them…with chinese people for the first time in history being able to get on a system that allows them to find out what we make per hours work and they do the same work for .40 cents, they will soon rise and demand equal pay….it will happen….or, for this to not happen, the chinese government will have to send storm troopers out to every household and confiscate all computers and cell phones and set them back to 1950’s era and leave it there…..you watch the cost of chinese goods coming here to keep increasing in costs until soon it will be just as cheap to make it here again. and when that happens it is because the chinese over time will be demanding higher and higher wages……
No fulltime successful trader would make this statement:
” “The Fly” is into making large buckets of coin, not this petty loser shit. ”
You will not consistantly make money by gambling in order to make “large sums.” That’s how you blow up your account.
TheArtist: China is fucked. Don’t waste your money on some bullshit like Rosetta Stone. Short ’em instead.
Yes it’s true. I am in possession of a bottomless pit of money and rather enjoy the co of Devildog and Assnapkin Mike.
As to your accounting, regarding my alleged millions of dollars in losses, perhaps you are using the same acct as Mr. Bernard Maddoff?
I’d rather enjoy that you make your case.
I’ll short anything headed into the abyss……if china heads into it, I’ll short something attached to it….
wilmer Says:
“If you’d spring for a hotel room for DevilDog and Freddy, they could stop flirting in the comments section and you’d cut the scrolling by half.”
For the record, i admit i argue with DD all the time. DD has his points. He maybe be right, he may be wrong. Im just here sniper trading, swing trading and having fun. I have to make it interesting, challenging and not boring. No need to be stressed at all when you are trading.
And he is reliable as a GS analyst downgrading the banks last month.
Im just saying…
Dogwood,
You are assuming that China NEEDS American consumption in order for them to continue producing and manufacturing but i have to respectfully disagree with this assumption.
For example Schiff gives a great example of one American and six Asians being stranded on an island each with a specific job. One Asian would be in charge of gathering wood and controlling the fire, another might be in charge of gathering berries, another in charge of hunting, another cooking etc… BUT the Americans job would be to Eat the feast each day that resulted from the Asian’s hard work. The American would stuff himself but leave just enough scraps for each Asian so that they were fed enough to work the next day. Now this may seem simplistic but it very accurately sums up the trading relationship we have had with China the in last decade, SO like the American on the deserted island our CONSUMPTION of Chinese goods simple robs food out of their own mouths. They DO NOT need us nearly like we need them as they could simply start enjoying the fruits of their own labor instead of GIVING it to us!
One might argue that the Chinese are too poor to consume their own goods but who are we kidding? They are the ones who have been financing our reckless UNSUSTAINABLE credit derived consumption. The huge trade surpluses they have been running HAVE been used to prop up our economy in the form of them buying up Fed Notes. This wont last as they will eventually decide to help themselves instead of us! They can and eventually will start consuming most of their own goods instead of exporting them all to America! This will lead to a shortage of goods and massive price increases,here in my beloved country, as we no longer have the capabilities of MAKING anything ourselves! The dollar is in trouble and the FED is only making it worst!!
FLY WHAT SAY YOU? Jake and Artist would love to hear back from you guys too!
Gator- You may want to check out Interactive Brokers and (I know I may get some flack for this one) E*Trade but only if you qualify for it’s direct access E*Trade Pro product.
Also, the market usually has 3 or 4 main trends during the year and to DevilDog’s credit, he is right. Market should be going down just because of the return to the mean. I maybe be wrong, but seems that the market dont want to go down. WHY? I dont know…Do i want to argue with the tape? No. I just go with the flow. Personally, i was expecting a 3 to 5 day drop…
And, no matter how bad the market does, there are ALWAYS stocks going up. It is up to me to find it. For example, market dropped today and Gold and Silver stocks went up.I joined the EGO bandwagon around lunchtime and it went up 12%…I am up 4% and im happy.
Actually Artist, it’s the wages in the West that are going to be devauled.
After several years of double digit unemployment, folks will work for anything.
That’s one theory, the other is that inflation will take out those wounded in the deflationary phase.
Either way, the US employee is about to take a pay cut.
China is heading toward self reliance. They do only make shit for us because at the absolute current moment in time, because we buy it, since they work for .40 cents and hour and GM employees make 17.00-48.00 an hour….(using GM an example of USA labor rates) and if anyone has paid attention, China has built up there infrastructure in insane leaps and bounds…..Look at Sinapore, it just 20 years ago was a shithole from one side to the other….now it looks like NYC and very soon will surpass NYC as the biggest most modern city on planet earth and with all the buildings in the “skyscraper” catagory. If any of you have an imagination, imagine this city in just 5 more years….let alone 10 more years…..this is one city of 5,000,000+ cities in China. No more flip flops and wagon carts and water buffalo….Anyone can see clearly (in reality by going there or checking out current pictures on any web search) that China is quickly headed to be even and on scale with american workers…….when that day gets here, all that we know today stops…..and in fact Walmart will slowly bear the brunt of it, as Chinese workers demand higher equal pay for equal work as us, the cost of their shit coming here increases, as it increases the bargin prices Walmart has, vanishes, as those cheap prices vanish, so does Walmart……Imagine another country out of the rice patties and all the citizens swapping out burlap rags for Prada and Ralph lauren……that is happening now for the first time and Americans have never in the USA’s history have seen someone else, a country of 1.3 billion rise up from burlap rags to Levis and driving cars….from ox carts and scooters……. all I’m saying is prepare for this…….I personally don’t care one way or the other, for me and trading stock I go with the flow and each day brings new targets either long or short…..I also for the most part buy all my consumer goods from quality USA companies anyway, I don’t like cheap ass chinese goods in my home. I’d rather buy quality be it made here or in Germany or other….but, the fact remains that China, regardless of us buying their shit will rise up into a rival modern metropolis, they are already halfway there and in only 20 short years…….I am an architect, I keep up with building actual buildings over there…..they are rocking at insane paces…..
Peter Schiff also says to leave America and find opportunity in another country(Europe?Asia?India?) OR If you must, stay in America and buy a gun, dig a hole in the ground and fill it with canned food(Don’t forget to check the expiry dates!!) and guard it with your life cause some rabid hobo’s will be after it.
The end reads a little too much like that movie “Resident Evil”. That’s when the little book went “ghey” for me.
FLY – I am shocked that you can be SO SURE that the US dollar will rise in value for the year of 2009. Are you really that sure? Isn’t that “fighting the fed?”
ok I lied. I am a fool on occasion, but to all the newbies:
Read this blog for awhile and you will be a believer. Fly knows his shit. Read it and check the price action yourself. You will see that Senor Plutonium Clawhammer is fucking on target more often than not.
I’ve just finished my “dark pool” indicator analysis of 25 stocks, 3 IETFs and the index etfs and the PPT fix is programed. The BLS report will be better than forecast due to the same seasonal fuckery they did on the last 2 workers comp claims reports. Of course, they will be revised up in February. However, the rally will happen tomorrow through Monday. I’m going long first thing with my available cash with URE and UPW. This weeks high will be back tested. Decided to do some day trading. Might as well make some stupid bull money too. Still holding all my HUGE 9/19 and 1/6 SHORT positions for the decline starting Monday through mid February to new lows. They I’m going long for the BIG BULLSHIT obamarama plan that gets passed by our corrupt congress rally. Decided to play both ways. If my final “dark pool” indicators test(rally to this weeks highs) plays out I will begin to trade day to day swings per those indicators on every saw tooth daily swing from now on enhancing my wealth to the nth factor. Long term S&P target is still 150. However, I’m going to rip off the PPT on their every move. Fuck you paulson. You’ve pissed off the DEVILDOG and I’m tired of your bullshit. Bad decision. I figured out your computer program ASSHOLE.
Thursday, January 8. 2009
Posted by Karl Denninger at 12:32
(Page 1 of 332, totaling 664 entries) » next page
David Walker = FAIL
Here it comes!
I was extremely skeptical when Walker went off and made his IOUSA movie.
Today, I have made my call: EPIC FAIL.
Here’s an article in National Review Online that illustrates why:
“Walker, who currently works on these issues as the president of the Peter G. Peterson Foundation, says, “Deficits and debt levels are going to go up significantly in the short term, and there’s no way of avoiding that, so we’re not saying there shouldn’t be a stimulus. We’re saying that for the nation’s long-term fiscal health, we need to start treating the disease and not just the symptoms. The discussion should focus not just on how to revive the current economy, but on how to put our economy on a more sustainable path for the future.”
FAIL, period.
There is a way of avoiding that. It is to, once again:
JAIL the fraudsters, including those in Congress, Treasury and on Wall Street. Bluntly – if we can find a predicate felony to nail you with in this mess, off you go.
REMOVE all of the overseers. This includes The Fed. Set up a new agency that is charged with enforcing all of the laws related to the financial system including The Federal Reserve Act, and empower them with subpoenas. Direct that they must act and operate “in the sunshine”, with everything published on The Web. You do an evil thing, the public sees it. They try to hide it, the public sees it.
DEFAULT all the bad debt. Yes, this “booms” a lot of banks. Tough.
SET UP new banks. Take the remaining $350 billion and capitalize ten banks with $35 billion each. IPO them to the public. By law no officer, current or former, of an existing public bank may serve on these firm’s boards. Now we’ve got the means to replace the credit creation the boomed banks can’t do any more.
This clears the system and requires no stimulus spending.
Yes, it results in plenty of pain and bankruptcies. Those are coming whether we like it or not. We can either choose to take a small amount of pain now or a huge amount of it in the VERY near future.
There is no solution to this problem that does not involve clearing the excess debt from the system.
Walker is right in that we must fix entitlements. Where he’s wrong is that he, like all of the other pigmen, refuses to admit in public that the math is clear – we cannot recover in the economy until the debt to GDP ratio is reduced, and there is only ONE way to make that happen as we have reached the point where the exponentially-increasing debt load is constraining GDP faster than we can grow it through technology and other productivity improvements. This process can ONLY be halted by defaulting the excessive debt.
This debt will default. Our choice is to do it now and have it suck badly, or to try to avoid it and have it suck catastrophically.
Oh by the way, if you’re wondering how far off that “catastrophically” is, the answer might be right about now. How come? Treasury today ran a T-bill auction that had only 18% indirect participation.
“Indirects” are foreign central banks and investors, mostly.
18% eh? Is that “screw you” I hear echoing around the Treasury Department – in Mandarin?
Or is it the rumor flying around that one or more FHLB system banks may be at risk of imminent seizure by The Fed? My guess would be Atlanta, which is likely choking on all the bad Countrywide Financial advances they wrote last year – an act that caused public alarm from Congress (and with good cause!) but which has not been corrected as near as I am able to determine.
A disorderly event of this sort, as opposed to “lock ’em up Danno and be prepared with newly-capitalized banks to replace the boomed ones” will almost certainly result in a Treasury Market dislocation that immediately translates into the short-term corporate market.
Those who think this leads to a hyperinflationary “poom” are wrong – it leads directly to a deflationary collapse, as all private debt is indexed off Treasuries but the private market is much larger. As a consequence the spike in coupon that the dislocation causes renders hundreds of very large companies immediately unable to roll their short-term debt or re-issue further out the curve and they suck all the dollars out of the system trying, with most of them imploding into bankruptcy and throwing their employees out of work. We’re talking GM going “boom” times ten – at least.
This is precisely how you get a Depression folks and we’re running out of time to stop it.
Obama, Walker and the rest of these clowns need to stop the crap and come clean with Congress (who clearly doesn’t get it) and The American People.
The Fly is absolutely correct on the dollar. 2009 will start the deflation DEPRESSION. Dollar UP and gold DOWN.
The Fed has been out of bullets; just smoke and mirrors now. The dollar will crumble eventually, but the reserve currency does not change overnight. I’ll bet with Fly for the short-term. From what I’ve heard, longer term the yuan may take it’s place, but certainly not now. Sadly the US will never regain it’s former glory or power. Military might can’t be maintained without financial might.
No F430, huh Devildog?
What has become of this shit hole?
What was once a respectable, informative, humorous blog has now been reduced to a retard zone.
Its a slippery slope to the 3rd tier.
DD Good post. Still calling for oil to $15
AN Mike, generally elected officials do not do things that cause short term pain therefore making the greatest Depression ever more likely
DevilDog:
I agree on The Fly’s Adam Sandler-like depression/masturbation….dollar/gold calls.
What is really freaky to me, is what it will be like in America in 2-3 years.
Almost makes me want to start a charter sport fishing operation in a South American country or exotic South Pacific island, but who would my customers be? Rico y estupido Americano’s?
Paulson & Bernake=Dante and Carnack the Magnificent all rolled into one.
Note: the rally will be on light volume as most of the buying will be scared weak bears…not many left just the ones from Wednesday and today. The PPT will be selling to the weak SHORTS. I will sell my longs on Monday and use that cash to buy more SRS and SDP. Next stop S&P 600-650 by mid February. I’ll do some day trading in and out of my SRS and SDP on the way down to maximize my profits and take as much money from the PPT as possible.
Oil to $25 in February.
The feds have purposely devalued the dollar before, and they will do it again if it helps them….or at least gives them a way to “act”. And it will help them if 2009 starts a deflationary depression. In fact, it will be their only option. NO?
time to buy SRS???
If you are buying “more SRS” at this point, you have taken it on the dome piece, you sorry sack of shit. Keep making up stories about your trading account, your “F430,” and your “wife.” It’s all bullshit. You are an internet troll, who sits in your dorm room at your third-tier college, wearing your tinfoil hat to Ron Paul rallies, hoping that you can still manage the C average that maintains the need-based scholarship your poor parents needed to send you to the pathetic school in the first place. I’m done taking your stupid bait – I’ve half-assedly joked about you posting a picture of your stupid car, but that never materialized. I am not going to beat a dead horse. I’m not going to contribute to the deterioration of the comments around here – I’ll let other people call you the loser that you are. From now on, I’m talking stocks.
They can’t devalue the dollar with out pissing off China big time. China holds our debt. They told paulson to keep the dollar up or they would terminate his ass. Whack…off with your head. I wish I could have heard him stuttering…ye…ye..yes…bo…bos…boss to his Chinese masters. What a fuck stick.
Macy’s closing some Nashville stores, not sure if this is national news or not.
Kiss my ass puny. I’m 55 years old, VA TECH graduate, former VP at 2 Fortune 20s and I’m not showing you a picture of shit. I already posted my Hennessey Viper $140K and my new daily driver Lexus IS F. Post a pic of your ride(s).
Devalue or default will be the fed’s choice. And they won’t default.
DD – why so cranky? Stick to you guns, pal.
I drive a SWEET ’94 Volvo Wagon. No rust, only one torn seat. Sometimes it has trouble starting in cold weather. I leave it running most places I go once it is started. My friends say you have to have a big dick to drive a car like that. My wife blushes when that happens.
Did you file the appropriate O475EZ form with Fly? It is required for everyone over 47.5. $50 annual fee, no personal checks accepted, there is a large print option if you need it.
Can’t let this go. As a UVA grad, the one college I laugh and piss on is your pathetic Virginia Technical Institute. Congrats on being a VP at two Fortune 20 companies – at banks like Citi and JPMorgan, every bank teller supervisor is a fucking Vice President. VP doesn’t mean dick other than middle manager. Call me when you make SVP or EVP, punk.
And while you are bragging about your Lexus IS, I’ll go ahead and post a pic of my own. Feel free to show us your F430, with the Devildog sign I asked for.
http://tinyurl.com/9mn6qq
If I may be so bold…fuck you DevilDog, you’re dead.
I told u pikers about buying stocks in quality small cap names during this bear. I still love both ASYS and ULBI. Quit being short and buy a co trading well under cash like asys. Or buy a co growing like a weed even in these tough times like ulbi. Ppt will affirm ulbi as a top pick- bring it fly.
lotta faggotry up in this bitch
get back to the lols or go fuck yourself
Freddy,
Whats your take on gold for tomorrow? I enjoyed same gains as you today.
I said IS F dumb ass. Do you even know what it is? Let’s see the rest of your old POS IS 300. When did they stop making those? Did you buy it used? How about we see the rest of it? Earl Shibe paint job? Wrecked? No garage? Parked at your apartment building? Lokks like the VA TECH(no longer VPI you idiot) grad is beating your ass. uva sucks! Who just won the Orange Bowl? uva can’t even get in a bowl game. Lousy football team and loser grads that can’t afford a decent car or a home. Fuck off loser. When you get your Lambo I’ll show my F430. BTW, I don’t know of any banks in the Top 20. Besides I’m not a parasite that would work for a fucking bank. Try again retard.
Big 12 Paper Tigers again.
SEC, masters of the pigskin-i-verse, again.
Scum- “Jakegint” from Texas?
Maybe a course in reading comprehension is in order?
______
Freddy, that was ottnot that actually said that bud. Scroll to the top of the page, first post.
Do I seriously need to post a picture of my garage, too, you retard? Look, clown, you are like the shorts who post on the yahoo message boards that “I just shorted 8000000 shares of XOM ZOMG!!!!” Bottom line is that if you were as old/mature and rich as you claim to be, you would have a lot better things to do than post here incessantly with your jibberish.
Fly does this for a living, and is trying to make it bigger by building a great site. I think the vast majority of the other authors and posters (me included) are young folks (< 30) who have saved up a comparatively impressive sum of money, are pretty darn good at this trading thing, and like to share ideas with the other intelligent folks around here. No one is bragging about made-up jobs/cars/wives like you are. That’s just a smokescreen for your retarded blind supposedly 300% bearishness into a 20% rally.
VA TECH, VPI, Virginia Cow College, I don’t give a shit what you call it. It’s a second tier school. I didn’t play football, and neither did you, so I don’t post about Orange Bowl results on a stock website. Not relevant to the discussion.
Another disappointing loss for Sooner fans, but this time they shot themselves in the foot by not getting any points twice in the red zone, having a field goal blocked, and having two interceptions bounce of the receivers hands. I’m pretty fucking sick about it!
🙁
i love seeing DD around here. he stirs things up.
i’ve about had it with this energy trade. it’s clearly being propped up, but nobody has the juice to shoot at it with any effectiveness.
i’m at the point where i believe a company like CVX could change their press release tomorrow to read: ‘we’ve just learned that madoff took all our money, and we really don’t sell anything; we launder cash for the russian mob and our BOD is somalian pirates’, and the stock would go up a point.
i just got home and wasn’t able to watch the game. 🙁
There’s so much hate on this thread that it makes Darth Vader look like a pussy.
This is great….Devildog and Puny, at it again……I want both of you to kiss and make up……lets make some coin tomorrow shall we?
the market stopped making any since in 1983….. lets all realize that and continue to be baffled everyday as to what the fuck the next 12 minutes will barf up at us during any trading day……cash money on the barrelhead says the jobs number tomorrow will be 570,000 and the market will tank in pre hours until about 10:00am then all that bad news will poof into thin air and the market will rally and end up 150-200points in the green? but during the day will drop back to -190 then back to +200 then back to -150 then back to +85 then back to -125 then end with +150…….there, follow me and all will win…..
puny, having a hard time getting past your old used pos IS 300. You must be quite the loser. uva is a joke. VA TECH is ranked higher academically so uva is a third tier school. You lose again.
DD
Have you seen the electrics?
http://www.youtube.com/watch?v=Rntjq2DfaSE&feature=related