Gov’t gives BAC 138 billion big ones.
In other news, if BAC did not get your money, John Thain would have missed out on a huge investment banking payday, for brokering the BAC for MER deal. That would have been a shame, for that cock sucking scum bag mother fucker.
The good news is: BAC gets to acquire MER. If they were not able to complete the deal, without a doubt, the entire planet, as we know it, would have been sucked into a great void—lost for good.
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The Fly is God …. So sorry Zombie
What BS when will they stop spending our money? I will have to get mine back on BAC’s next leg down.
This is unbelievable. Do we have to get a mob with torches and pitchforks for this destruction of our country to stop?
yes.
i love shenanigans.
it’ll be good for a lol if they run BAC up the flagpole tomorrow and allow a few hundred thousand puts to expire worthless.
You guys are now being silly.
this is a variation (a not so good one) of the early 90s resolution trust corp. the Feds are mightily trying to avoid the potential bankruptcy of these giants and trying to create a RTC type of arrangement to sorta isolate the good bank/bad bank deals that went on in the 90’s.
Admittedly, i think the feds will eventually have to take all these assets over.
My guess is that they will not lose as much money as you dudes think as the monetary expansion will reprice some of this shit in say 2- 3 years time.
So now you buy C and perhaps BAC. Although C is further down the road.
If the entire planet gets sucked into a great void, all of those half naked actors you hired for your asshat movie will be permanantly stuck, tangled in robes, on your couch
Americans in general are too passive and trusting of our government.
In Riga they riot. In East Europe they cut peoples nat gas off in sub-zero temps without a second thought. In Gaza they shell anything that moves.
Here in the U.S. we write thoughtful Op Ed pieces and blog about the unfairness of it all.
Wash me.
Please.
For the love of God…
We are paying for MER deal.
MER deal should be canceled.
but MER is the bull of the 90’s…
Miracle on the Hudson
PPT spitting out buy signals
Fly out of the market
INTC up 4% a/h
Futures creeping upward.
Let’s hope for a good CPI # and Citi’s crappy earnings being embraced.
Divine Intervention.
Politicians will double down, again and again. It’s not their money.
Itchy:
Rather poignant and true.
But then again, what does that make you?
interesting how you guys take this sort of attitude.
When the fed was keeping a lax interest policy, causing all sorts market distortions along with stupid encouragements like the CRA, Fred and Fannie, silly regulation that allowed inflation to become hidden is hard assets price you never had an issue. Now it’s all the banks’ fault.
People, we run a socialist monetary policy and banking system and with that comes socialist distortions. The blame rests with the state, not the banks or anyone else.
If you want to solve these problems then we need to go to free banking rather than create even bigger moral hazard distortions.
The state owns this problem, so the state needs to clean up the freaking mess it created.
The government is as spent out as the US consumer, except they have a no limit credit card and can get away with paying less than the minimum payment.
I don’t hear anyone calling for a million angry taxpayer march on Washington. Where is the leadership?
there’s a very good book coming out discussing the issue, why it happened and the way to stop it happening again. It’s written by a monetary economist and promises to give an excellent explanation.
the author is an economist with a specialization in monetary economics and currently works for an Australian free market think tank.
the upshot is that in order for monetary policy to work effectively you require far fewer impediments such as heavy regulation and distortions such as Fannie, Fred and the CRA.
I’ll let you know when it’s out.
Itchy:
I’ve always thought that corporations are the best at keeping Americans complacent
Citi/Smith Barney is going to Morgan Stanley.
Name changing to Citi Morg.
Developing…..
This is ridiculous. I just sent off my estimated tax payments today, and I was thinking “why am I giving the Government money? they’re just gonna use it to go dip-buying.” … hey, if they lose money from our taxes paid to them, shouldn’t we be able to write it off?
“…a small band of fanatics demands total obedience…” Fortunately they’re leaving office on the 20th.
Classic
http://www.youtube.com/watch?v=2D8J8vqGD8k
Walstreetpro is on fire!!!!
“out of the congressional offices and into the big house”.
Scum bucket
You’re charming. Did mum and dad teach you to talk like that?
———–
As I predicted C reports a loss of $8 billion and split into two- good bank/bad bank arrangement.
Would somebody please throw some ham at that fucker Thain?
and the “Jew York” part was what, Scum bucket? just you being angry.
I get it only Jews are greedy sobs, right? Everyone else is fine.
Doesn’t take much of a stretch to get to the final solution, hey scum. I’m not Jewish by the way and I find that comment offensive.
Fuckhead
If you did a check on ethnic background of people convicted of any crimes you would find Jews way down the list- possibly at the bottom. So fuck off and keep your anti-Jew comments to yourself.
You could if you have the knackers make the comment under your real name of course.
I suppose all the fed chairmen are jews by accident?
Not by accident, you complete fucking idiot, but because Reagan and Busk judged them to be the best of the pick. There have only been two as far as I know.
Now fuck off.
Let’s see if the rally can hold through the day.
I give it a .5 probability.
No, you won’t fuck me, Scum. I’m not a homo like you that resorts to ethnic background and then reach unmerited conclusions.
No you won’t fuck me. So fuck right off you useless douchebag.
scum bucket – I have a site for you
http://www.realjewnews.com/
is maddof jewish?
even mazilo? sounds like an italian/spanish?
admit what truth, you pathetic nazi wannabe, that jews are not what you paint them to be?
Fuck right off.
Angelo Mozilo is most likely of Italian background, you complete klutz.
Bernanke is a main stream economist and is not a crook, you fucking idiot.
Just saying
Yea, I’d bet 10;1 to that Mozilo is an Italian-Am rather than Hispanic.
I’d bet 2000:1 that he ISN’T Jewish.
However our giant brain nazi wannabe ugly reptile doesn’t even know that Angelo is certainty NOT a Jewish first name. The fucking idiot.
If God backs that bunch I say “Screw God and the horse he rode in on”.
Is Senor Tropicana still planning to ride off into the sunset? Surely that will be one of the signs of the apocalypse. Who is John Galt?
Devildog calls another rally. hehe
There’s isn’t a god, Scum. otherwise he wouldn’t be making douches like you.
j,
i do not agree with you that bernanke is just “an economist”, he was big time enabler of all this sh*t.
Like Paulson who was allowed to sell his GS stock for about 500m without paying any taxes.
What’s this shit about Fly taking off?
He isn’t. He’s either bullshiting and fucking with people’s heads or he’s got a job with a fund.
Just S.
Ben is a main stream economist. Basically these days any mainstream economist would have done nearly all of what Ben would have done.
That’s what he was taught to do at Econ school and what he taught the kids.
Why is that?
Because I went to econ school and understand what he is up to and it all falls within basic mainstream economics.
Fly TV was terrible. Kill that concept now. It really takes away from the mystic.
Fly,
Please ban Scum as his racially motivated comments are totally unacceptable and no I’m not Jewish.
…and I’m an asshole
Thank you BAC for premature ejaculation of your earnings….
I agree with El Tiberon, also J. Although appropriately named scum bucket’s comments are offensive and appropriate elsewhere.
Fly, I implore you to ban that piece of shit.
Scum bucket needs sensitivity training…all good…
I find scum bucket’s arguments reasonable and compelling.
Imagine the revenue big Gov. could generate bringing back public hangings in large outdoor arenas…bank CEO’s being first in line of course…
Scum is banned, again.
You must understand, he is a fucking redneck loser, with a 4th grade education.
Thank you Senor, you truly are a class act.
You must understand, he is a fucking redneck loser, with a 4th grade education.
no. He’s a Harvard grad with dean list honors.
hahahahhahaha
Good for you fly.
Blaming the Jews?
LOL.
Man — that shit goes back 1000s of years.
Guy must be having his period.
These guys have been pretty good. The predicted back in March last year that the stock market would crash. Received it this morn.
Have had a long discussion with B this morning and this is our latest update. Please see last B’s World, 7th January, for background context of this note. It is attached below, and in particular refer to bullet point 3 re the very shrt term.
The very shrt term SELL-OFF that Bob forecast in last Wednesday’s cmmt has occurred, bang on time and to the extent expected. S&P rallied from 741 Nov low to 943 intra-day high on 6th Jan, and then over the back end of last week and this week sold off almost precisely 12%.
The last 2-3 days have been very important for risk assets in terms of price action. Yesterday in particular, saw the S&P test the 61.8% retracement of the November to early-January rally, bounce off it and close above the 50% retracement, a very bullish signal. We have been arguing for a Q1 rally, targeting 1100 in S&P, 800 in Xover and 125 in Europe Main by mid-February, and still hold this view. The next few days may be key, with systemic risks having risen in recent days but increased government action to match this.
Earnings and macro data are not going to be objectively good over the next 2 months, but I think the market has got to a place where it is now easier to be surprised on the upside (albeit that downside surprises are still possible). I also believe that there IS cash to go to work out there, and any meaningful rally in risk assets can suck in buyers on a ‘fear of missing the trade’ view. That means the rally can be longer lasting and bigger than many may expect.
Credit is still cheap to equities and can continue its early outperformance, though the ‘easy’ gains may have gone. New issues undoubtedly offer the best value, but given this is a 1-2 month tactical view, not a 12m strategic view, I prefer positioning in the most liquid instruments which means indices; my preference for liquidity is such that I would go for SPX over credit even though I expect credit to outperform, just because of the better liquidity. However, generally I think you should position however you can to take advantage of this bounce.
Risks to the view? the most obvious one is event risk which just cannot be ruled out in the new world order. However the signs are that at this stage governments totally buy into the idea of doing whatever is necessary to support the financial system, and that government support is, if anything, seen as a risk positive; this gives some, though not total, relief from the event-risk fear. Put a stop at just over 800 in the S&P as sustained trading below 818 argues for a retest of the November lows.
Overall, our view for risk assets is very negative for Q2/Q3, albeit coming from much better levels than we have now, so do use the rally and any concomitant increase in liquidity to sell down any lower rated assets.
Near-term tactical call; bullish.
Medium conviction strategic call; US risk assets to outperform European risk assets.
High conviction strategic call; Spread decompression to continue through the year, Xover to underperform Europe Main substantially. Major new lows in equity and new wides in credit spreads expected over Q2 thru to late Q3/early Q4.
Fly, your video is a complete disaster. You sound like a moron.
This is totally bullshit. Another round of handing out our money to the fat cats on Wall street. May they all burn in hell. Why isn’t Ken Lewis fired! Why isn’t Thain arrested!
They should call this what it is a complete fuckery of the public. They will lose money next quarter too. Just like Citi lost money after their taking of billions. Is anyone else mad as hell?
http://www.youtube.com/watch?v=CV2d9pBzcnE
The Fly Says:
Scum is banned, again.
You must understand, he is a fucking redneck loser, with a 4th grade education.
A class move. Thank you!
This whole schlamozzle is exactly the kind of thing that George Carlin freely admitted to loving. Too bad he died about a year too soon, he’d be having the best time of his life sitting back and watching all this unbelievable shitstorm of ruin, stupidity, shortsightedness and greed.
I’m in Canada and just wondering how long until we join the retard train.