Obama administration will create a “bad bank” aka “money hole,” in an effort to cleanse the banks of all of their mistakes. In addition, they will acquire such said toxic assets at a fucking premium.
This is a fucking crime. However, what’s another trill between idiots? Oh, and instead of taking preferred stock, the Gov’t chose the Bill Miller route. They will eat lowly common stock.
UPDATE: Britain was 3 hours to financial ruin.
h/t GW
“fucking premium” = shove their steel toe up American’s (you and your children’s and your grand children’s) ASS!!!
Obama shall walk on water.
Donny wins again!
🙂
Back to 150 mph tomorrow!
HAH! Government is buying common equity now, ehh?
Sounds like that shit on Pakistan when they set a “floor” on their stock exchange.
GOLDIELOCKS! Mustard seeds…
Jesus, what a mess we are in…
Wait, doesnt that mean that common equity will be further DILLUTED? Why the fuck are banks stocks rallying?
Banks will issue common to gov’t.
Well played Donny. I got shaken out of my FAS yest. Of course, there is no way of knowing this shit was gonna happen.
The CNBC piece states that the model that the govt will utilize may cause the govt to pay more than current market value for the toxic shit on the banks’ balance sheet (pay a premium), but the govt may pay less than the value at which said securities on carried on the banks’ balance sheets whereby the govt will be issued common stock in the banks to plug this gap in pricing. Wouldn’t the current market value be the value assigned by the banks (e.g, aren’t the banks supposed to mark to market) or is the govt going to create some bs model and create a “current market value.”
Well played Donny. I got shaken out of my FAS yest
———————————–
no sh*t, you do not say… fly got shaken out as a simple shmuck! Egrigous! (or something in that wain)
if you got shaken out of FAS like fly yest – run back and buy it at higher prices after hours! tomorrow it will be even higher!
The gov’t will pay whatever necessary premium is needed to insure a (perceived) healthy banking industry … and they will do so without killing the shareholders. Remember, the gov’t is trying to create the illusion of confidence and security. They can’t do this by deBalling shareholders.
Some of the banks could easily triple from today’s prices.
looks like the suckers that bet against you are going to win tomorrow.
Daddy, if i have nuts on the wall, does that make them walnuts?
Yes son, it does.
Daddy, if i have nuts on my chest, does that make them chestnuts?
Yes son, it does.
Daddy, if i have nuts on my chin, does that make them chinnuts?
No CAP, that means you got a dick in your mouth.
If part of the bad bank plan is to set prices for this junk so that private money comes in …. it won’t work. Per CNBC, part of the model would be to use cheap govt funding, well, private capital doesn’t have access to that money, so they will not bid
Hyper Inflation Mustard Seed
A bad bank clearly is a potential boon to the market and the economy, but I’m not entirely sold that the banks are shooting to the moon. The govt may want to instill confidence, but its hard to imagine from a political standpoint that the govt will pay a huge premium on this shit, but main street clings to their pennies. It’s possible that this plan is a veiled attempt at nationalization, especially, if the govt takes a significant common stock holding in exchange for the sales.
whats wrong with don laskin? is he back again?
The real winner is GLD and SLV.
Donny-
You are smoking dust.
Incorrect. Since I have zero bank shorts, you are not in fact betting against me. However, realizing how dumb you are, I will give you a pass
Fly,
If you held FAZ like a dumbass, would you get rid of it?
There is going to be a rally in the banks before the govt actually gets the common shares for taking the assets. Going to be a massive bull trap. Senator Schumer of NY said to actually clean out the balance sheet of the banks, it will take 3-4 trillion to make the banks clean. That is a ridiculous sum and the banks will suffer massive dilution even with this bailout scenario.
So did that WSJ article yesterday or whenever say that Verizon only sold 500,000 Blackbrry Storms and they actually sold 1,000,000 ? or am i remembering it wrong, (didn’t fully read it) .. because if so, that is waaaaay off.
Can’t fucking believe I came back for this shit!
*click click*
*BLAM*
*thud*
shut the fuck up you winning bitch just because you diddent have a fas and had the balls to hold it into the close nice trade selling your fas the other day jack ass
Certain:
learn to spell “egregious”, then go fuck yourself
post your own trades or shut the fuck up about other people’s mistakes
Check out how close shit was in October:
http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html
Braveflaps,
hahahah…I take it you’re short financials?
Hey, when the timing is off sometimes you just have to back the hell off and re-assess.
Homey don’t chase no more.
Fly-
We shall see!
in the meantime, I’ll speed 150 tomorrow.
8)
I’m back to tell you that the “bad bank” idea is straight from Satan himself.
Satan also runs Slope of Hope and wrote Anne of Green Gables.
He is a motherfucker.
Tax payers buying toxic assets for a premium…what a concept.
I thought all the common stock was worthless…
If we manage to go private again will the common be reduced by reverse splits ?
Fuck if I’m paying .80 cents on the dollar with a common kicker.
Uncle Sam I’ll be making black money under the table from now on.
why do they do
these announcements after hours
for that matter, why arent most news pieces during hours?
I read the administration was going to work part of the weekend to come up with a way to help some of them get up out of the gutter. I would have preferred another enforcement action on naked shorts (like a 500% squeeze) but I’ll settle for a bad bank psychology play.
The FLY will kick some major ASS in the weeks to come! My psychic visions have decreed this so bitches!
These people have no idea what they’re doing. We are in a world of shit. This bailout is like a Hail Mary pass from the 50 with 3 seconds left on the clock, and Obama is Joe Pisarcik. Hopefully, this moment in time won’t be known as “The Fumble”, if you know what I mean.
The thing I like about the bad bank concept is it gives people a chance to work things out on their loans without declaring bankruptcy and ruining their credit. There is a lot of fuckery going on with PMI and interest rates that can be resolved here.
Market needed a reason to go higher. Perhaps this will do it.
I’d feel much better shorting from a higher level.
The entire economy is in such a dire situation, they (the gov’t) are prepared to do whatever is necessary to win. That includes repatriating capital into the system … the quickest way to accomplish this is to bailout the banks (at a premium if necessary). The gov’t kills multiple birds with one stone by doing this.
Like it or not, the banks are about to get a fucking mulligan.
We’re witnessing the real Plunge Protection Team at work here. And they’re operating right in the face of this collapse.
Everyone better start thinking (and trading) out of the box … this shit is gonna happen.
Take your lumps…silly shorts…
obama plays jenga.
Lots of boasting going on here. Dumb fuckers
Osmond
You’re far too excited for this site’s sensitivities and the parole officer is looking for you.
I’m not going to boast too hard on this. I’ve been bitch slapped to the street before in a NY minute. LOL
Dearest EN1GMA,
I am short WFC – not in size, mind you, but thank you so much for asking.
Awfully kind.
Yes.
Most awfully kind.
You can boast when you sell. Until then, it is all a nice thought.
If I owned FAZ, I would immediately buy USB, AMP and JPM for a hedge.
SKF = flame broiled in AH
lol @crude_oil. Besides walking on water, Obama will feed 50,000 people with a few loaves of bread, and create 2,000,000 jobs with a fart.
This bad bank scenario has been known already. Its not like this is a huge surprise. The futures market should be rallying alot higher with this kind of news, but it isn’t. The bulls should not get too excited about this. The market will rally, but for how long and how high?
That wasn’t me who posted the above comment @7:54.
I know how to spell and at least use spell check.
I’ve been reading all your little words.
Please not: BAC, USB, GS, my broken FAS will move higher until thursdays’s close. Friday is a down day. Buyers beware, you will be eating your neighbor’s children before this year is out.
Kind Regards
chuck
TC:
I know your demeanor and realized it was not you.
True tell
Asia’s close.
PPT top 10, no market cap screen
1 JJSF 4.24 4.51 4.35 5.84% 44.01%
2 BMY 3.79 4.45 4.07 12.43% 3.13%
3 NFLX 3.59 4.25 3.87 12.17% 19.02%
4 NITE 2.99 5.10 3.87 -12.84% 8.66%
5 COGO 3.29 4.60 3.84 6.08% 25.90%
6 IWOV 3.49 4.30 3.83 -12.95% 20.06%
7 INSU 3.24 4.60 3.81 8.55% -2.06%
8 STRL 3.34 4.40 3.79 16.62% 26.33%
9 SJI 3.34 4.36 3.77 -0.79% 7.04%
10 NTT 3.14 4.61 3.76 -6.23% -12.76%
PPT top 10 etf’s
No. Ticker Acc/Dist Price Perf. Rel. Strength Volatility Volume Final Score
1 BSV 5 4 5 1 4 3.99
2 IEF 5 4 5 1 2 3.57
3 BIV 5 4 5 1 2 3.57
4 DTO 3 5 5 5 2 3.54
5 CIU 5 4 4 1 3 3.54
6 LQD 5 4 4 1 3 3.53
7 AGG 5 4 5 1 1 3.39
8 BWX 5 4 3 1 3 3.29
9 SHM 5 4 4 1 1 3.14
10 CFT 5 4 4 1 1 3.14
The administration will probably carpet bomb the market with news for the next few weeks. Uptick rule, mark-to-market, etc. Other proposed mortgage “solutions”.
Trade deals, global coordinated fuckery, etc., to create a sense of good news flow and confidence building.
All Financials ranked “Buy” or higher-
1 NITE 3.87 1,609,568,408 FINANCIAL
2 FFH 3.64 5,872,911,091 FINANCIAL
3 NLY 3.59 8,026,892,192 FINANCIAL
4 ORH 3.48 2,817,893,234 FINANCIAL
5 PBCT 3.37 6,033,961,989 FINANCIAL
6 EFX 3.32 3,045,284,506 FINANCIAL
7 BBV 3.28 31,707,818,764 FINANCIAL
8 NAL 3.28 1,188,349,450 FINANCIAL
9 STD 3.25 43,154,646,395 FINANCIAL
10 RJF 3.23 2,111,210,648 FINANCIAL
11 NBG 3.21 7,553,273,318 FINANCIAL
12 VR 3.21 1,672,777,581 FINANCIAL
13 FNF 3.19 4,016,907,172 FINANCIAL
14 BOH 3.15 1,602,645,207 FINANCIAL
15 NYX 3.15 5,522,600,000 FINANCIAL
16 PRA 3.12 1,610,261,546 FINANCIAL
17 RYN 3.10 2,305,597,993 FINANCIAL
18 BXS 3.06 1,655,422,098 FINANCIAL
19 IBOC 3.06 1,201,511,894 FINANCIAL
20 OHI 3.06 1,210,091,711 FINANCIAL
21 TMK 3.05 2,693,851,681 FINANCIAL
22 BCS 3.02 4,888,207,500 FINANCIAL
23 SAN 3.02 6,201,128,168 FINANCIAL
24 AFL 3.00 11,415,361,429 FINANCIAL
25 AVB 3.00 4,193,323,533 FINANCIAL
26 BNS 3.00 22,457,151,006 FINANCIAL
Paradigm
As much as it pains me, you may be right. I might sell out of my inverses, sans DUG/ERY, and get drunk—then buy stocks.
I just dumped SRS for a huge ass fucking…bitch didn’t even give me any lube. Went huge FAS. I already feel like a fucktard for chasing but what the fuck am I gonna do?
BTW Braveflaps Res: Satan wrote Anne of Green Gables- never a more true statement has been written. My wife loves that shit, though only women and the devil know why.
shorts should have known… you will pay for your boasting.
obama is going to save us all… DOW to 36,000
Obama is a carpet cleaner.
I think we go down into turdsday
don’t be in such a hurry to cover or go long tomorrow … patience, my sons
I won’t
I will use my cash to make buys first.
I am still +10% for the year and have room to breathe.
Just imagine the juicy commercial real estate shorts we can enter in the coming weeks…muahaha…
Well played Donny. I got shaken out of my FAS yest. Of course, there is no way of knowing this shit was gonna happen.
Despite the thirteen or so articles in the WSJ regarding this whole “good bank-bad bank” bee-ess?
I took that as a “tell.”
Note: my Weimer link is back up.
______
My kingdom for a comment cleaner…
now imagine the outcry from Da Dems if Bush had proposed to buy the assets higher than market prices?
the screams would be unbearable.
Again, jake, sell at higher prices first.
FLY
Can you give us the numbers on C, BAC, MS as I didn’t see them up on the list.
Thanks
I will be back in SRS pretty soon. That bitch is gonna pay me back and then some. Although her friend KIM gave it up easier, maybe I will pay her a visit instead.
This is their overall strategy i think.
Take the assets in a bad bank and let inflation do the rest in terms of trying to get the price of the assets to rise in nominal terms against the debt. it could actually work, however a pack of Merit Lights will end up costing 20 bucks.
If the common survives this moral hazard decision, rakes and pitchforks will surround the white house
Stupid muthr fukers
Oh, yeah. How much non US assets will be included by accident
Right J. This is the time to be taking down as much debt as you can handle (if you can get it). It seems counterinuitive (for all except those with a functional mind, not unlike myself), but as usual, you gotta be a contrarian. Once the hyperinflation hits, you can pay it back with inflated dollars. Voila. Instant asset appreciation.
The rise in the price of goods and services is not inflation. Inflation is the decline in the value of currency from a purchasing power perspective. A systematic rise in prices is caused by a decline in the purchasing power of the currency- not the rise in the price of goods and services. this crisis is effecting the underlying systemic inflationary pressures rather than the rise of prices and services due to external reasons.
Naturally wages will have to increase to get the merit lights for twenty bucks. The ones who will suffer are those with coffee cans full of cash.
3 cheers for fiat currency…
I was home most of the day today as the road were impassable.
I doubled my FAS position this morning in all my accounts, save for one larger family one, where I merely increased the UYG exposure.
I then shut down the comp and proceeded outside to dig out my entire steep and already icing over driveway, with the enlisted help of my sons. I did this only because back when I was going to bidness school in New England, I considered it “great exercise” to get out there and shovel out the ten to twelve inches a day we’d get all winter in the married student housing bungalow we lived in. Since we get maybe one “diggable” snowstorm a year down here, I like to fool myself into believing I need this kind of excercise at least once a season. I figured, “what the hell?”
I am now paying for “what the hell.”
Egregious Motrin action. Moving to bourbon.
Soon.
_______
CoffeeCanSavingsBank.com
Has a nice ring to it….
It’s a Obamascy.
No wonder the Dow futures are +95 points.
So, now what?
The market hee-haws it’s way higher, then blast’s off to 10,000+?
Dirty rotten c-ck-sucking scoundrels.
Beyond rotten.
We need a new word for this shit.
Again, jake, sell at higher prices first.
With your permission, of course, I will take a third off tomorrow morning.
_____
So, they are transferring all systemic risk from the banks to the taxpayer. The dollar is toast…Physical assets all around… and don’t talk to me about how the dollar is the world’s reserve currency, just think through the scenarios of how it fails.
Jake, by the time you need to make that decision again, you will have “paid help” on account of the “300 million jobs” that Dear Leader Obama is going to create.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aV_cdCMgc.pk&refer=home
FDIC may run the bad bank
They are going to modify all of the bad mortgages and give the deadbeats better deals than I can get with perfect credit.
Thats great! Reward the banks, the idiots who created this shit, by bailing them out then reward the dumbasses who knew they were getting in over their head. These assets along with the fed’s taking over of fannie mae will make the government the biggest hedge fund in the history of mankind. They are saying they will buy the assets then sell them to private investors. Hello??? No one wants the shit now at pennies on the dollar what makes them think that someone will buy them in the future as they continue to decline in value.
This is so fucked up!!!!! We are bailing out the richest of the rich, The bankers that created this shit and most people are too dumb to figure it out.
Dirty rotten c-ck-sucking scoundrels.
Beyond rotten.
We need a new word for this shit.
Howsabout “Shamocracy?”
____________
Damon, we don’t need a new word for this lunacy. There’s an old word that fit the bill nicely; socialism.
People are acting way too gay.
Jesus, you all sound like a bunch of pussies.
Get control of yourself
Buy gold.
Lots of it.
Silver’s not bad either.
NRP is just coal, no operations.
Just coal, and close to a 10% yield.
________
J
All of the big banks are ranked sells and have been for quite some time.
Money Centers
1 BNS 2.14 4.20 3.00 11.11% 9.89%
2 PNC 1.54 4.60 2.82 -13.23% -12.01%
3 BK 2.04 3.85 2.80 -1.06% -2.10%
4 RY 2.14 3.70 2.79 13.41% 11.11%
5 STI 1.49 3.80 2.46 6.49% -2.38%
6 TD 1.64 3.60 2.46 -4.28% -5.38%
7 KEY 2.04 2.80 2.36 1.72% -4.86%
8 BAC 1.59 3.20 2.26 0.44% -11.37%
9 OFG 0.69 4.40 2.25 -14.12% -14.93%
10 C 1.39 3.20 2.15 -5.70% -5.22%
11 JPM 1.54 3.00 2.15 -16.67% -15.69%
12 WFC 1.29 3.20 2.09 -5.86% -10.04%
13 TCB 1.29 3.20 2.09 -21.43% -17.06%
Brokers
No. Ticker Tech. Fund. Hybrid Hybrid Change – Daily Hybrid Change – Weekly
1 MKTX 2.74 3.45 3.04 10.95% -2.54%
2 TRAD 2.34 3.90 3.00 21.95% 20.40%
3 AMTD 1.39 4.80 2.83 0.71% -10.26%
4 GS 2.14 3.67 2.78 -4.79% -9.64%
5 IBKR 1.54 4.50 2.78 3.73% -18.31%
6 OXPS 1.19 4.64 2.64 5.18% -23.40%
7 SWIM 1.39 4.25 2.60 10.64% -4.35%
8 SCHW 1.19 4.43 2.55 -8.93% -14.95%
9 SEIC 1.39 3.66 2.35 -0.42% -13.09%
10 MS 1.64 3.20 2.29 -15.50% -11.92%
11 MF 1.84 2.40 2.08 27.61% 7.77%
12 NMR 0.99 3.60 2.08 -10.73% -24.19%
13 FCSX 0.84 3.70 2.04 -12.07% -18.40%
14 RODM 0.89 3.60 2.03 -6.02% -23.42%
15 QCC 0.64 3.85 1.99 -6.13% -13.04%
16 BGCP 0.64 3.20 1.71 -7.07% -19.82%
17 TWPG 0.74 3.00 1.69 -17.56% -21.97%
18 KBW 0.69 3.00 1.66 -13.09% -17.94%
19 ETFC 0.74 2.60 1.52 -7.88% -31.22%
…I miss Devildog’s one trick pony advising us what to ‘write down’ everyday.
What will the Fed say tomorrow? Does it even mean anything to the markets. They can’t lower rates any further than fucking 0. It will probably be the same old bullshit about how they see a serious slowdown in th economy and things will take a long time to iron out blah blah blah. It will be negative as hell and the market will rocket up just to piss in my face for being rational, empirical, and a realist.
Junk — whaddaya think, Those kids work for free?
Not in this Republic.
_______________
Word for the day has some startling parallels given the badinage between Cap and Donny all day long today.
In fact, it may accurately reflect the state of Donny upon reciept of this evenings ObamaNews.
gizzen (v.) — to grin audibly. — C. Clough Robinson’s Glossary of Words Pertaining to the Dialect of Mid-Yorkshire, 1876.
“Donny’s wife heard him gizzen from all the way back in the kitchen after he’d seen the CNBC report on the fucked bank rescue.”
__________
http://www.bloomberg.com/apps/news?pid=20601087&sid=avGnUgGMu1q4&refer=home
Another fuck you to the tax payer! they reward the idiots that lost all the money!!!
Bring on the revolution!! WE are all getting fucked by the new world order
The world is coming apart now the STIG’s identity is discovered
http://www.bloomberg.com/apps/news?pid=20601087&sid=avGnUgGMu1q4&refer=home
The tax payer gets fucked again
another heist on the american people…
if people think this is going to spur lending they are out of their fucking mind. the only people who need loans are the ones that are underwater, will the banks really start lending to them, hell no.
too bad we don’t live in the 60’s anymore because that generation actually had some balls to stand up and protest. nowadays we just rant our anger on some fucking blog on the internet and drink while the govt and banks continue to fuck the american people in the ass.
market is going to sell this off, what happens when we take on all that bad debt?? does the USA risk their AAA credit?? i am so mind boggled right now, partly because i have a large SRS position that is about to get fucking punked, but partly because we have a bunch of god damn retards running the show, how the hell did these people get voted into office?? how are we letting a bunch of politicians run the show?? in hindsight, none of this TARP bullshit should of happened! what happened to our capitalistic ways? if one fails, then that leaves opportunity for the next guy in line. instead we pad them on the back give them billions…
You can argue the merits of the bailout & bank rescue in the macro picture, however, all I care about is what perception emerges.
I think perception may shift quickly to PM’s dialing 1-800-GET-ME-IN.
I’m almost certain that, beyond the territories of mid-Yorkshire, “gizzen” means something quite different.
Amen jig
We are all getting fucked by the new world order.
I too have a sizable position in SRS.
I was the first one to say that the TARP was bullshit!!!!!
The entire thing was shit from the start. Paulson let his fucking buddies scare him and then he scared the congress. Fuckem all. They are all in the same club. The sorry fact is hardly any one cares or they are too dumb to see the fuckery. Paulson and his GS buddies should all be drawn and quartered
j
How is the Aussie dollar trade going?
Get drunk. Buy stocks.
Just sell em before the house of cards collapses!
I love how all of the hardcore “capitalists” are all about “fuck em, let em fail.” I assume you were the same folks that were long C, AIG, FRE, etc on the way up, with no regard for where those bullshit profits were coming from. There was an unsustainable run. It collapsed. Now it’s time to get us back on track of reasonable, sustainable growth. It’s not all about making every fucking person and company wallow in a big pile of shit as we watch from the sidelines.
T Moe,
i now want this market to crash harder then anytthing, i want the pensions of the fucking congress and all govt workers to go to 0. only then will they learn that all this bullshit they have been doing was the most harmful thing.
btw people, if you think obama is change, that is complete bullshit, he is just another fucking puppet..his stimulus package is bullshit just like fly said.
Moober, you getting any of this snow/ice/hail/granulated shit?
___________
Sad fact is that the U.S. bankers/Gov.have indeed fucked America but they had the forsight to screw the rest of the developed world first.
“It’s a race among the ruins.”
puny-
Go fucking blow the bank CEO’s why don’t you. It is about making wallow in shit. They have been playing this fucking shell game for too long now its time they pay.
Capitalism is subject to boom and bust, simply because that is the nature of mankind. Failure is part ( or was part ) of the system.
I have been screaming that the banks were bullshit for two years now and having been shorting them since. I saw first hand, some of the shit these banks were doing. These guys laughed at the shit they were doing and the people they were fucking over. They created this monster, they knew their buddies in the government would come to their rescue. They are all in the same club
Jake,
check your e-mail
I’ll throw out a seemingly unpopular view of Obama:
He is decisive. Furthermore, he is taking action, bold action, to try and right the ship.
He is closing Guantanamo. Boom. Done. Score one for Habeas Corpus.
He is quarantining these shitty banking assets in an attempt to get the banks stable and credit markets working. Boom. Done.
He tells the middle east that we are not the bad guys. Done.
He is jamming a stimulus package through congress. Done.
Not a bad friggin first week. Do I like all of what he’s done? Nope. Are they imperfect solutions to difficult problems. Yep.
For all the belly aching, you’d have thunk he sent us to Iraq on bad intel, kept secret prisons in various locations, failed to kill Bin Laden, failed to rebuild both New Orleans and Galveston, allowed oil shocks to cripple the economy further, and passed domestic spying laws.
Just rain right now, Jake. You socked in?
T MOE – You are full of baloney. Unless you can point me to your website, where you declared your bullshit bank shorts from two years ago, I laugh at you.
Alright…
You might be feeling like it’s 1917 and you’re holding Russian railway bonds tonight, but the Ass Napkin is right.
As always. Like a modern day market Confucious – “he who pick bottom wake up with smelly finger” – we must look at the true essence of this so called bad bank.
Firstly, it’s just a proposition for now – I mean, if the reaction here is any indication, this should set off a shit storm of protest across the land.
Inter-agency squabbling over who will run this show has already started, so expect the bureaucrats to dig in.
And remember the outrage when King Paulson ran his sideshow for control? This should inspire lots of Republican grandstanding, if not filibustering, and it should gum the works long enough for the market to falter a few times…hopefully long enough for anyone offside of this Steven King-style shitstorm to get even or better.
Most of Asia is red for now, so take hope, take care and, when panicked, consult the Ass Napkin for directions on how to construct same.
Moe
I thought it was gunna break late last week but it didn’t and did the opposite as reflation sentiment came back.
Had a great profit in the trade and gave it all back.
Look, the only the trade that seems to be working is buying dollar yen at from 87.50 to 88.50 and letting them go at 89.50 t0 90. stop at 86.50 tokyo time only.
You have to be really quick with changing positions in other currencies at the moment and prepared to go the other way at the drop of a hat.
I have some gold on against the pound and the US.
If the Aussie get back to around 68. 68.50 I think you can short it again, but watch to see how the banking index goes for reflation deflation trades.
Laugh all you want. As I have banking big coin up to this point shorting all the banks. Except for when I got my face ripped the Fall and Winter of 2007
I only found this site I think at the beginning of last year. I posted on seeking alpha and others under a different name, but my stance has never changed in two years. I am and have been a huge bear. Others on this site will tell you I have been saying since the first day I posted here that the banks were shit.
Especially the Big I banks. Two years ago I told a friend of mine who is a senior attorney at WAMU that they were going to go bankrupt or be bought by chase. He laughed at me because he was doing huge deals selling shitty loans to bakers in London. He was there every month. I had a friend at Morgan Stanley who was on the same page as me and I we both told others at Merrill and Bear that they would go bankrupt. They laughed too. Now they are crying and calling me almost everyday to ask me what to do.
not sure how far south the cold front will push into Tenn but its a fucking wonderland here in OK.
And we Okies don’t drive worth a fuck on ice!
BTW, what ever happened to Ducati?
My favourite quote from this thread is andy’s
I love how all of the hardcore “capitalists” are all about “fuck em, let em fail.” I assume you were the same folks that were long C, AIG, FRE, etc on the way up, with no regard for where those bullshit profits were coming from. There was an unsustainable run. It collapsed. Now it’s time to get us back on track of reasonable, sustainable growth. It’s not all about making every fucking person and company wallow in a big pile of shit as we watch from the sidelines.
Take the trade in front of you.
Crude Oil $42.05 up 0.47 1.13%
Yorkshire Times 01/27/2009
This evening the scoundrels of Wall Street gizzened in unison at the news the Gov. would once again facilitate their long held policy of privatizing profits and socializing losses.
“Gov. would once again facilitate their long held policy of privatizing profits and socializing losses”
Sad and True
I love Yorkshire Pudding.
Moe
You’re legit. Don’t worry about the idiots trying to take you down as they’re just jealous, that’s all.
Yorkshire pudding?
I gizzen at its sight!
Regular visitors of the site should post their picks in the peanut gallery for proof.
Also, if you win king of the peanut gallery, I buy you fuckers a sandwhich, a $10 cash gift of sorts.
Since I can fill up on 2 $1 jr bacon cheeseburgers from Wendy’s, I will spend the change on 2 shares of UYG at the open. Good times.
word Fly. I’ll move my ass to the peanut gallery when it comes to my 2 cent picks.
may I request bloody dagger ibankCoin art with the morning comments.
a sandwhich from katz or the Korean store down the road?
Hey, curve ball alert:
Will the GOP support such a “bad bank.”
They seem to be digging in against the bailouts.
Something to ponder, while you rip our offers for GS at $90.
Just rain right now, Jake. You socked in?
Totally encrusted.
When did you go commie on me by the way?
Closing Gitmo may be one of the dumbest moves by a President (and for dumb, pandering motives) since perhaps FDR made gold illegal.
I hope none of your relatives are over in Iraq or Afghan for when the wackies get sent back for “package” duty. I know I hope mine are not.
Geez, you really blew me away with the Bush Dereangement Syndrome tag list, though.
Wow.
________
Fly:
Your “web guy” should have put up the iBankCoin chinese food container with your buys today. I mean come on!
This guy has to get on it!
Yes I am getting my face ripped off by GS right now. a lot of my profits have melted away. I did cover a little last week, but this fucking bad bank shit is really pissing me off.Of course GS goes up after hours on news of the bailout, but there was also some other news that no one said anything about. The new that GS lost over 800 million on a trade gone bad. They did not account for that loss last report, so it should so up on their next report. It does not matter for this bitch defies gravity. GS should be trading at $40
Here’s the thing Fly, a lot of GOP’ers won’t support it but being the lying dishonest fucks they are, they won’t run any technical prevention tactics in the senate.
This is where it puts pressure on Da Dems. This time they are the government have have to make the decision themselves so they won’t have any cover like they always tried- the cowardly sacks of turd.
You know it was Da same Dems that caboshed Bush’s earlier intention to do the bad bank thingi in the first place and forced them to go to the preferreds.
Will the GOP support such a “bad bank.”
They will, with cover. They’ll bitch and moan, but then whine that they are not the majority, and lay it all at Plastiface Woman’s feet.
And it’ll get done.
The GOP is made up of about five true conservatives (the Senators from Oklahoma make up 40% of that) and 36 feckless toads.
No, we’re Weimer alright.
________
Jake.
Not so sure.
Where do we post our picks in the peanut gallery? Just in the comment section?
My pick is to let the banks run up on the bad bank news, then watch to see how much of a cluster fuck they create then pounce. I am going after the strongest in the herd first. JPM, GS, and WFC
I understand your criticisms Jake. I am double minded about the situation. I can argue either side of the point, and frequently do. I am very disenfranchised conservative.
I think Jake is right – the bitching and moaning is mainly for show.
Not to worry, most in the GOP don’t know their dicks from a doorknob.
I don’t mind disenchanted conservatives. I’m certainly one.
It worries me when I see people repeating New York Times talking points, however.
Katrina? Are you shitting me? I don’t even think Keith Olbermann believes that media confection.
_________
Not to worry, most in the GOP ________
(consult ATLA handout for “witty” fill-in.)
_______
a
Since Fly talked about picks, let’s here some. I need some more ideas
“Talk of a government-created “bad bank” to house the financial system’s toxic mortgage assets is heating up again”
A true work of manipulation
Rush Limbaugh will rip the GOP a new one tomorrow.
It will be epic.
TMOE
I am going with China for now.
LFC, CHL, or FXI.
That’s ballsy. But then again you often put them on the line.
Hey didn’t you say that China was dead a week or so ago?
I am staying with SRS. I plan to buy more on the big dip that is coming. How can BAC pay all those repos?
fuck>>
http://www.hedgefund.net/publicnews/default.aspx?story=9674
Retired Madoff Victim Back to Work as Maid
bberg’s take on the good/bad structure is less equity-favorable than cnbs’s. it’s mostly tone, but given that it hasn’t happened yet that can influence the psychology of the issue. Previous uses of the good/bad structure in the US have either been funded by the banks themselves via the high yield market or the banks failed and the gov’t took over. Cash infusions were made at the cost of equity, making the gov’t the de facto owner. Why taxpayers don’t already own C and BAC is a mystery/crime.
Euphoria over the new “solution” will be temporary. Great for a bounce, but only that.
Fly,
Do you think the preferred stocks will catch a bid on this news? If so, would you go with a basket like PFF, or pick and choose?
China is dead. However, that does not mean the idiots who trade stocks won’t bid them up tomorrow.
I would not go with preferred. If you want to go balls to the wall, just buy FAS or JPM for a scalp.
Top Ranked Chinese Burritos, via PPT
Squeeze CHL into the #2 slot.
No. Ticker Tech. Fund. Hybrid Hybrid Change – Daily Hybrid Change – Weekly
1 COGO 3.29 4.60 3.84 6.08% 25.90%
2 YZC 2.08 5.29 3.43 21.63% -8.62%
3 SCR 2.24 4.95 3.38 25.19% 16.67%
4 YGE 2.24 4.70 3.27 -3.82% 14.88%
5 NTE 2.04 4.90 3.24 26.56% -14.60%
6 CFSG 2.24 4.50 3.19 -3.92% 3.35%
7 AOB 1.99 4.75 3.15 -4.26% -3.34%
8 CPBY 2.04 4.65 3.13 15.07% 5.03%
9 SUTR 1.84 4.70 3.04 10.95% -3.17%
10 LDK 1.84 4.55 2.98 12.45% -9.19%
man, i hate china so much. almost as much as don luskin.
Jake:
“Shamocracy” it is.
Futures now up 160 points.
Looks like Shamocracy will be tradeable.
I will wait to short this stuff…could be a few days.
Well a nice gap up seems about right, since I didn’t have any shorts until yesterday…
MMMMMmmmmmmm,
Got ¿CASH$
http://celebslam.celebuzz.com/2009/01/bfm_enlarged/enlarged-jessica_strikes_back.php?bfm_index=17&bfm_page=0
Awoke an hour ago from a disturbing vivid dream. Here goes:
Scene 1:
School building, called into class and my mother is asking me why I am failing. A young man takes me out into the hallway, we talk. I realize he is not as young as I thought – his face has many scars. He explains they are self inflicted and I say “Wtf??” He tells me he too was in danger of failing and in an effort to succeed was haphazardly inventing different products and testing them on himself. “You have to keep trying until you find something that works.” Impression was he found something. I had a bag of frozen fish fish with me.
(Mother market? Young man USA and recent economic policies?)
Scene 2:
Forest scene. There were giant redwoods dead now and nothing but stumps, recently fallen. There were a handful of medium sized trees that were healthy, and quite a few very young small healthy trees.
An angry bald man was hanging a black man from a twisted tree. The first attempt didn’t quite do it, the body was convulsing when cut down. So he did it again. During the second round the angry bald man was screaming at me to put my money in the hole, all of it, repeatedly. There was a black hole where the branches came from the trunk. I walked with the angry bald man. There was a man sentenced to hanging just up to the point of death waking from being passed out- “I saw a bright light!?!” he said “It was just the passing of the black man” replied angry bald man.
(Devastated banks, Paulson, Obama, and the lure of old policies?)
Scene 3:
Bucolic graveyard garden, but in the winter so plants are dormant. I’m wandering around looking at the gravestones with a friend. They are elaborate, the whole place is very pretty and inviting.
After some time we see a zombie, he is quite uncommunicative and catatonic. Out of the corner of my eye I see a few zombie children darting about. We start making our way back to the car and a young hottie zombie chick ask us for a ride to town. We are hesitant and put her off – but she follows us anyway.
Once at the car I discover a bunch of zombie children wanting a ride now, along with the hottie. I’m debating giving them a ride – it’s scary and thrilling at the same time.
Then I wake up.
(buying bank stocks – LOL)
end note:
We’re pretty much screwed, the banks are insolvent. This is our last bullet. If it doesn’t work, game over.
I’m going to take some bank stocks for a ride – If I can find any live ones I might even let them into the house – but judgment will be harsh before that happens.
Hallelujah brother and pass the ammo (for the XOM shorts).
XOM was just downgraded by UBS.
XOM = +1% in pre.
Snp ok = XOM ok.
XOM = huge chunk of SnP
State Farm Insurance says it’s pulling out of the property insurance business in Fl. and existing homeowners will have to look to another insurer. That’s about one million policies. They still want to write other risks such as auto,life, etc but I think there may be opportunity for another like ALL to make some $$ and get a big chunk of the auto biz.in Fl.
http://online.wsj.com/article/SB123310332431722147.html?mod=googlenews_wsj
Pre Market:
C – 21.12%
BAC – 18.15%
WFC – 16.42%
FAS – 21.51%
🙂
I suspect there’ll be heavy selling from the gun, followed by churning action. It’s too good of a chance to unload your own “toxic assets”.
Last time I got caught on the wrong side, short banks on margin, during that bullshit ban on shorting financials. Today I’m taking some back.
The only thing I’m maybe buying is a small hedge position, maybe SKF, after it gets fucking strafed for a while.
hey fly you old s*cker, should we exit our godly SRS’s or hold them egrigious gains? seriously, what are you doing this morning? shorting? buying into the rally?
Big surprise, WFC shit the bed with its earnngs, but thats ok cause the big red US govt is coming to the rescue with cash in hand. That being said, I wouldn’t touch C or BAC. Bob Corcker, the GOP rising star, is talking about a limited amount of bank seizures as a component of this bad bank concept. I just don’t see how people are thinking everything is gold and grand with C and Bac, (both up almost 20% premarket), unless you are 100% certain that the govt will pay a premium on this toxic shit and not seize or seriously dilute the banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=avQ3LP7o44oU&refer=home
Rick Santelli is the only one with brains and the only reason to watch CNBC. The rest of the network is a joke. He is right the market will open up this morning because this bank solution is another free bee to Wall Street. He is also right to say that were heard the same accolades when the first TARP was introduced.
Beware of the hype.
This mornings open is going to rip my face off. I have been short the banks and hold a nice SRS postition.
I will probably cover some of the bank shorts, like GS. I have a $82 basis so I will lose some money.
I will wait for this hype and pop to subside and then jump in short again. GS is not a $90 to $80 stock IMO. It is just a matter of time and patience.
Brian was 3 hours to financial ruin.
i am selling into the rally with partial lots as it goes higher, i think it is going to pullback after hype goes away
This bullshit of company’s stock popping after posting multi-billion dollar losses is fucking nuts. WFC losses billions but is up big premarket because of talk of the bad bank deal. WTF?
All the companies that have posted huges losses are being bid up lately. Look GS after posting that huge loss the fucker sky rocketed.
COP misses by a penny and it is called higher in pre-market.
Welcome to Market Fuckery
Why not dissolve these big banks after the writedowns and spread the assets to responsible, solvent banks. These assholes don’t deserve to survive.
Moe
Just buy a little gold on the dips and be done with stocks for a while. Gold went down to 883 and is now back to 897.
TC, we’re one of those families who’s going to lose their State Farm insurance. No details yet.
Good idea j
I’m considering GLD or some eminis on dips. Looks like there is some resistance around 900- 905 though.
What do you think the dollar trade is right now?
Dollar-yen?
GS was the canary in the coal mine. It’s like those fuckers knew ahead of time. GS never loses.
oh yeah, moderation sux nutz.
gold
http://www.ibankcoin.com/peanut_gallery/index.php/2009/01/23/gold-dgp-the-double-bull-etn/
As the saying goes, if you have a mistake on your position sheets, get it off quickly and move on.
The S&P could easily go to 950 in a buying panic, or drop to 700 in a heartbeat, or both.
Rigid thinking seems like it is a low paying job in the market these days.
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