Federal marshalls raided the offices of Stanford Financial? Ha!
There really is no point trying to paint the pig gold anymore: America is dead.
The country you grew up with and cherished is dead. It has been replaced with some fuckhole of a place, where its politicians are imbecilic morons and its populus stab one another in the back for a little extra fiat currency.
With that in mind, it’s important to note that the dollar is up big this morning. The world knows if we go down, they’re fucked. So, it’s not a surprise to see them, desperately, trying to support our system of shit. Nonetheless, the outcome looks certain now. We will likely follow that cock sucker Geithner right down the rabbit hole.
In other news, “The Fly” is not “enjoying” today’s meltdown, being 55% long. You might be amazed to know that I really don’t give a fuck. It’s a brand of abject, stoic not giving a fuck that I am working on, all thanks and praise to this wonderful fuckhead of a nation, The U.S of A.
Nevertheless, I am banking tremendous coin on my DUG/ERY/EEV positions. I will likely sell them into this mess.
As for my longs: clearly, the market broke down. I should be selling them. First, I want to see how the day progresses; then I will make a decision.
UPDATE: I sold 75% of my FXI position, just south of $25. And, I sold all of my CHL, just south of $45.
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The Fly is god.
All others are pretenders.
I love it how the CNBC folks are now touting GE as a “stem cell company” ahead of Obama-backed legislaton supporting stem cell research. Those fuckers are shaking in their boots. They’re trying to pump their worthless 401k any way they can. Clowns. GE is going to become a worthless, nationalized penny stock, a la FNM and FRE. Write it down. They’re done.
Have you no fear of the real GOD?
Anyone who listened to Jake’s repeated pointing out towards the USD saw this coming last night.
I wouldn’t want to have any zloty or won right about now.
Dude, Stanford Financial is an $8 billion lie. WTF is going on? Unbelievable. Where’s the fucking SEC? WHERE???? What do they do all day?
Jed has man tits; big floppy man tits.
Phil from Brazil…if the US completely goes in the shitter (as your numerous posts suggest)…do you realize what will happen to Brazil? You and your fellow countrymen will revert back to chucking spears to catch your dinner. You better be careful what you ask for…you just might get it.
Pete
The Zombie’s family tree is circular in shape.
Stanford is supposed to have $50 billion in assets.
“The Zombie’s family tree is circular in shape.”
Funny $hit Jed!!
Everyone has 50 bill in assets.
BTW: If you are 100% long, you MUST put on hedges.
Why didnt I hear any of you bitching during the Bush Administration.
Look at this report.
http://rawstory.com/news/2008/Missing_Iraq_billions_could_be_greatest_0216.html
Billion, bigger then madoff missing in IRAQ. Our money. No one bitched.
I care notfor the bitching I hear now. Bitch away.
I’m adding an extra wing down here, Jeez!
“The world knows is we go down, do do they. ”
Well said.
Fly what did you do with all your longs? I think you had one hedge in oil on the short side? At least the last time I remember you posting all your stocks you were heavy into longs with 25% in one short dug/ery
Is that still the same today? Did you do anything today?
.
“The world knows is we go down, do do they.”
hmmm.. some cut rate spelling and structure there Fly
Baron,
Harsh, we all make the odd typo.
But funny.
.
One bright spot in this fuckery, doom and gloom, is that unlike the great depression in the 30’s, the soup kitchens in NYC all you homos will be standing in line for this summer are now “air conditioned” …
Yo, Baron, I’ll translate:
The world knows is we go down, do do they.
The world knows if we go down, they’re fucked. Got it?
Don’t question The Fly. Read the first post on this thread.
Lady, even when the fly loses, he wins. you should know that by now. writeitdown. heheh,
Pete wants to kiss Obama’s purple lips. Bill Clinton should have gotten bin Laden, but he was too busy with Monica Lewinsky.
Pete, I don’t think you read my posts in full. Brazil was a CLOSED ECONOMY until 1991. That’s right. Currently, trade represents 17% of our GDP. My projection is nations are the world will be increasingly protectionist, as they strive to protect their own interests. Assuming international trade ends, we lose 17% of GDP. In the 1980s, we were growing off internal demand alone. We can do it again.
See, the difference between America and the emerging markets is INTERNAL DEMAND. Write off world trade, everyone takes a hit to exports. Fine. But, unlike the averge emerging markets consumer (who has little or no credit card debt and is a net saver), the US consumer, 67% of GDP, is fucked. He’s overlevered and just starting to save now and the US gvt is running outstanding liabilities to 2008 GDP of $50 trillion to / $13 trillion.
At some point, there will be unwillingness to finance America. It happened to Iceland (remember how hot they were just a few years ago?) When the US can no longer finance its debt, 2 things will happen:
1) Taxes will have to go higher (thereby pushing people further into poverty here, and increasing the negative multiplier impact to consumer spending)
2) Bond and note yields will surge (putting the government into an ever more perilous fiscal position, as debt servicing costs spiral out of control).
I’d rather be in Rio.
-Phil
You fuckers are the liars. I never wrote that!
Fly, I can’t upload the song to this site, but maybe a quick listen here
http://www.youtube.com/watch?v=fpuyXdKx9Ws
will bring back the old Steppenwolf song “Monster-Suicide-america”. The wrods are prophetic from 40 years ago….
SEC charges R Allen Stanford, several related entities with $8 bln securities fraud – WSJ
Jed just joined the Hare Krishna
Phil…perhaps it will be time for other nations to forgive US debt for a change.
The SEC’s complaint, filed in federal court in Dallas, alleges that acting through a network of SGC financial advisers, SIB has sold approximately $8 billion of so-called “certificates of deposit” to investors by promising improbable and unsubstantiated high interest rates. These rates were supposedly earned through SIB’s unique investment strategy*, which purportedly allowed the bank to achieve double-digit returns on its investments for the past 15 years.
*I thought they were just sending the money to Madoff.
Excuse me Fly? You most certainly last week wrote a list of all your China long stocks and said that you had 25% hedge in DUG/ERY and that would balance your longs
I am just wondering if you adjusted any of that or sold any longs? or do you think there is a big bounce coming? You said you were swing trading and therefore were holding onto all the long positions.
Just trying to see what you’re up to with all this new information.
.
for offering CoDs with “unusually high interest rates” theres a clue to the buyer there, somewhere.
“mrkcbill Says:
Jed just joined the Hare Krishna.”
Not sure if they’ll allow him in with those big, floppy man tits. He needs to get a “bro” or “manzeire” first.
good edit Lady….I saw that too…..your to you’re……if only “dude” would learn english and learn how to catch and edit…..
$ADD -2649 means they are gonna ramp this pup …. im taking bets when…last hour is odds on.
I may sell some of my SKF position into this carnage. I did buy at 120 so I am banking serious coin. Taking profits may make since here. The administration is likely to come in with some market fuckery to help the cock sucking banks if this melt down continues
I’ll dump eev, when i hear my pool mam talking about the ukraine
anybody buying DRYS or is that company doomed for bankruptcy?
T MOE – Don’t sell SKF . You’ll regret it when its at $300. Be strong fellow Bear . This is the time to press the blade deeper into the bulls. Add more SKF here.
Pete,
Debt forgiveness and default are essentially the same from a credibility standpoint. If the US ever resorts to a debt forgiveness plee, all confidence will be lost in the dollar. At that point, which country in the world would dare invest in America?
Think of Argentina. They defaulted on their sovereign debt in 2001. Since then, the government has attracted ZERO internal foreign investment. Foreign governments simply won’t go in there, be it by discretion, or by charters and statutes that prohibit them from investing in a country in sovereign debt default. So what has Argentina done to finance itself? Well, after 40% drop in GDP, they began to print money. Inflation there runs in the double digits now.
The US is a country that relies on massive foreign direct investment inflows to plug its current account deficit. Debt forgiveness would certainly not be the panacea. Unfortunately, these imbalances have been building for 20 years. The US must now pay one big price for all the leverage and the mild recessions that were inflated away by the Fed, creating would big deprecionary monster.
There’s no easy way out.
I bought a little DRYS this morning, we’ll see how that pans out.
on 10/04/2008 the dow was at 9625. today the dow is at 7585. I blame…
Reducing my longs to 25%.
I will have 25% short, 25% long, 50% cash, short term.
“Blame it on Rio” is one of the worst movies ever, but it had its good points.
http://m.blog.hu/ce/celebvids/image/Michelle_Johnson-Blame_it_on_Rio-2.jpg
http://www.hobotraveler.com/rio06/MVC-002F.JPG
http://www.impawards.com/1984/posters/blame_it_on_rio.jpg
Will we get a bounce this aft and a chance to reload shorts, or is this the express train straight down?
Phil…I was being sarcastic. My point is the US has forgiven so much debt from developing countries over the decades…if the rest of the word wants to look at the USA as a feeble entity, well maybe Brazil (and others) can forgive some debt and maybe step up to take the place of the USA as being the world police.
Not to get all conspiracy theory and shit, but why do you think your boy Madhoff is chillin’ in his apt. rather than taking a broomstick up the dimehole in the county? Dude has a nuclear bomb of information on how much of what has been going on for the past 20 years is a hoax. Can name names, and straight blow dudes up.
Regardless of if the dude has never made a trade in his entire life, he’s hedged to the hilt with what he has on information. He’ll get amnesty and then start singing like a bird.
Rice and 9’s. Rice and 9’s.
Other countries forgiving us? HIGHLY DOUBTFUL, they hate us. You know how all those foreigners are….they hate us when we are doing well and taking care of the world, they will hate us even more when we are doing bad and in trouble. They wont lift a finger to help, in fact they will relish our demise.
It’s nasty human nature to enjoy kicking someone when they are down. If they help at all it will be ONLY TO HELP THEMSELVES from drowning and they will still hate us while doing it. You can’t win.
.
I’ve read the U.S. savings rate is estimated to have been 5% in December, and is probably running around 7% currently. That’s up from 0%, or even negative in 2005-2006 when idiots were extracting equity from their homes.
If the 5%-7% savings rate is sustainable, then the government’s deficits can be financed internally. But the flip side is GDP will contract and stay flat for a long time because we rely so much on domestic consumption.
Investing passively in a U.S. stock index is for asshats. And will be for a long time. Individual stock picking will be the only way to make money for several years.
Pete,
Lady Guenevere nailed it. I couldn’t have said it better myself.
“Bull shedduh fool on tardy”
Check your Head,
I happen to agree with you 110%. Madoff probaby has a lot of incriminating facts about CEOS and politicias. I mean, you just don’t run a Ponzi scheme for 30 years. Madoff was clearly not worried (judging by that 2007 appearance on youtube). Only a man with LOTS OF INSURANCE can be that relaxed.
Phil…agreed. But it is the second to last sentence that resonates most with me:
“If they help at all it will be ONLY TO HELP THEMSELVES from drowning and they will still hate us while doing it.”
I see the world as being tremendously interdependent now (versus previous decades)…This time, we will all go down together, or we will all somehow pull out of this mess together. The entire world has skin in this game…nobody will escape unscathed.
At some point the rest or the world will realize they really don’t need the US as much as every one thinks and the great decoupling process will begin. When this happens Asia will stop financing our horrible irresponsible GOV spending resulting in interest rates going through the roof! This of course will only lead us further down the hole into the great economic Depression…
An investment in shotguns and canned food may be our best bet.
2009 will go down in history as the year of the highest number of financial fraud criminal cases brought out in the open……
and “check your head” is right, Madoff has info on nailing many bankers and fund managers into the slammer and is smoking a cuban cigar and drinking some of the 60[64] year Glenfiddich barreled in 1937 and bottled in 2001 right now, laughing……..
Not inspired by much so far in the market.
So for inspiration I am watching Rudy on AMC.
What the hell.
The problem is ‘ human nature’. We will not ‘ all work together’. It will break down into an ‘ every man for himself’ scenario as more and more panic sets in.
When it REALLY starts to unravel each government will panic and wont give a damn about anyone else. Sure some of the Europeans may try and stick together, some may try and work with us but there is a lot of the world that is hostile to the West and will not cooperate as well as other countries just too isolated to make a difference.
It will be a world in turmoil. Certainly I do not see any ‘ enlightened world leader’ uniting all of us to ‘ do the right thing together’.
I know everyone had high hopes for Obama but so far he has been tested and shown ‘ lacking’.
.
Pete,
You’re wrong to assume the impact will be uniform. Different countries have varying levels of exposure that can be painfull, near lethal or lethal to their financial exposure.
You can’t argue that Switzerland, for instance, is in the same boat as Ukraine or Romania, both on the brink of default.
The US governemnt and consumer are both HIGHLY LEVERAGED. Exports AND internal demand will take a massive hit. You continue to not understand my posts. I’m acknowledging a hit to EVERYBODY on international trade and capital flows. THE DIFFERENCE is internal demand and consumer/govt legerage. Emerging markets have internal demand and healthy fiscal positions, the US, doesnt, so the hit will be substantially more severe.
It’s that simple. You can wave your American flag all you won’t — it won’t change a thing.
Lady Guenevere,
As a Brazilian citizen, I have also lived in Australia and have spent time in a number of European nations. Nobody likes America. I was particularly surprised with the amount of anti-Americanism I came across in Australia. The entire world wants to see America go down in flames. There will be no help.
I agree with you, this crisis will turn governments into ultra nationalistic states. Watch for heightened trade tensions and a general sense of suspicion between world leaders. It will certainly be an every-country-for-himself sort of world.
fly sold his long FXI for a loss (so much for US goes down, China goes up trade). fly also reduced his overall longs from 50% down to 25%. This means – time to go long again. f*ck flies!
“At some point the rest or the world will realize they really don’t need the US as much as every one thinks and the great decoupling process will begin.”
Obviously, Cuba will take the bullet and start buying all shit everyone makes, no one wants, and the US keeps buying.(Till recently)
^^
What Phil said; sounds good to me. That’s the way it oughtta be anyhow.
Fly, I tried to tell you over and over that America is a phony piece of corrupt bullshit.
I hope all you stupid cow dip buyers this morning get your throats cut this afternoon. Being a stupid cow is no excuse.
I’m going to take all your money.
I SEE DEAD COWS.
My point being. Everyone buys what they NEED, while the US buys what they WANT.
OK Phil…lets say it all breaks down. Who is going to protect you and the rest of the Brazil nuts when the going gets real tough? Sure…you just keep thinking your downside is only 17% GDP….fool. My advice…start learning to speak Chinese or Russian.
There are quite a number of countries that have komakaze type suicide bombers ruling their countries.
They will not hesitate to sacrifice their own financial institutions and economies to help along our demise. They will think it is a noble sacrifice to have a little pain in order to watch the big satan destroyed.
They will of course be the vultures waiting to pick at the carcass when it is all said and done.
Right Phil, Brazil’s made so many positive contributions to mankind…let’s see… theres Pele, and ummm ummm ummm
Jim Cramer’s blog on Time Magazine’s list of top blogs in 2008.
Unfortunately for Cramer, he is on the list of the 5 most overrated blogs.
i stand by my post from last week: no mkt bottom until eq p:c > 1. banking coin again today.
JPM is below the price Dimon paid for it couple of weeks ago! time to buy?
another 50 cents down and BAC will be at the price Lewis and company paid for it
fwiw … Fleck says we’re in the 2nd inning of the miners ascent
Notice how Time makes you scroll through their bullshit list consecutively in order to generate more page hits.
Leave it to those fuckers to fuck up a simple, lazy, “best of” piece.
I sold my FAZ at 60.00 for a nice profit. We may test the lows and then bounce back up end of the day instead of plunging through.
I am out…100 cash -live to fight another day or another hour….. 🙂
.
Speaking Russian? hahahhahh
Where did you get that?
Right, cuz a failed Spy state is going to rule the world where no foreigner is safe making invesments (because they get seized by the state on a whim). Yeah, they’re the future. Moreover, where did you get the idea that Russia is larger than Brazil? Get your facts straight.
Russian GDP: $2 trillion
Brazilian GDP: $2 trillion
Russian pop: 142 million
Brazilian pop: 191 million
China is in a good position for the future given the size of their reserves and their good macro fundies.
Unlike Russia and China, Brazil is a democracy where the corporate rules of engagement are pretty well respected. You don’t get Russian or Chinese style company takeovers by the state.
We’re the largest economy in South America with the best growth rate.
Sorry. Now go ask Obama for another bailout. You’re done.
Eddie,
I could care less what Brazil’s contributions to mankind are.
I do care that there are beaches, Carnavel, cool people and an economy that will hold together while America goes down in flames.
Time Mag. is overrated (as is US News & World Report, Newsweek, etc.).
They are dead and will join the NYT, McClatchy papers, etc. on the trash heap.
yep, it could be said that the new administration is really up in arms as to what to do here.
Obama campained for 2 years on what he would do and said he would hit the ground running, so he in effect had the last year to draw up an outline of exactly what to do if and when he “won” the election.
So he should have had a plan already drafted on day one, but here we are, and it doesn’t seem that he has a solid approach to the situation? maybe he does, but the batter is up, the pitcher is on the mound but the umpire cannot find the balls.
Cha cha cha Phil
Time to turn and burn
Phil,
Got it. America bad and hated. Brazil all things good and sexy. Contributions to mankind are meaningless. You will inherit the Earth. And deserve the world you inherit. Go with God.
Can we move on? There is no ignore button, otherwise I wouldn’t bother you.
Phil…I gave you more credit than you deserve. I said nothing about size of Brazil GDP versus Russia.
You see Russia has nukes, nuke subs, and a very large,mobil army. Relative to Russia, Brazil is armed with spitballs. If things go into the shitter what makes you feel so safe and isolated? You dumbass.
If the world deteriorates as you suggest it will…weak, resource-rich countries like Brazil will be prime targets.
Maybe you can get a deal from Rosetta Stone on both Russian and Chinese.
I bought into this today. Went from GLD, GDX, and SLV plus a shitload of cash, to fully loaded. Kept the GLD, GDX, and SLV, and added EWZ, ECH, MOO, and a double heaping helping of SSO.
LG: it’s spelled kamikaze and your assert that the kamikaze pilots and the self detonators of radical Islam are the same only belies the lack of whatever you call an education.
From wikipedia definition of kamikaze:
The tradition of suicide instead of defeat, capture and perceived shame was deeply entrenched in the Japanese military culture. For instance, it was one of the main traditions in the Samurai life and the Bushido code, particularly loyalty and honor[sic] unto death.
Phil, give it up son, you are young and don’t know what you speak off.
“I was particularly surprised with the amount of anti-Americanism I came across in Australia. The entire world wants to see America go down in flames”
Give the opportunity, 95% of them would dome to live here. I grew up in a communist country and we always trash talked US but all of us would have killed to be here.
Brazil is still where US was in mid 1800. Please think clearly before you make those statements. If we can’t consume, this means china can’t buy your resources, which means your country slips back to 17th century.
US could come to the most severe depression, complete currency debasement and 6 months later would be better off than brazil is TODAY. Additionally, brazil, along witht he rest of the world would be beating down our door to give us all their reserves again for a simple reason=where the fuck else are they going to go. Get used to this fact US will rule this earth for as long as the eyes can see. I hear people talk about the 21st century belonging to china. What fuck for brain could even envision that a country that can’t even feed their people in the best time in their history is actually going to amount to anything in the superpower arena? Russia is slipping into Czarism…who else is left.
Now, when you go to Brazil, remind the people in power whose ass they need to kiss.
DevilDog
“I tried to tell you over and over that America is a phony piece of corrupt bullshit.”
The corruption in US has never been worse than is NOW (banking criminal cartel) but I think we are in the process of cleaning this up, and even so, in comparison to every other nation on earth, we are by far the least corrupt!
Another thing,– in an environment where you can throw darts at a list of stocks, short them, and have reasonable odds at making money; you choose to short gold, the only thing that’s braking out. WTF is wrong with you. I am not bullish on gold either, at least until it breaks $1030, but sure as hell not shorting it.
Folks, I think we can get a capitulation here in a day or two. I am looking for another 300+ down accompanied with vxo above 65 to cover most short and do a long trade for ~10%.
So is v collins your real name?
Ballzy buys, btw
Anton,
I was done with the argument, but this Pete douchebag keeps ressurecting the issue.
GS in freefall.
Ouch, Phil. Was that your first spitball salvo?
say what you will, but IMO the “Brazilian” is a quality import, and I am highly partial to it.
My son and I are planning a trip to the USA in April.
We love Americans.
Planning visits to Portland, San Fran, LA,San Diego, Disneyland,as much as we can see of the great America.
I have been to the US many times and the people are great.
Cuervos Laugh- LIGHTEN UP!
I used the word to generally mean….willing to sacrifice themselves for their country.
Which is exactly the point I was making….some will be willing to take the pain in order to help our demise.
As far as spelling well….I am not bothered by one misspelled word out of thousands….
Webster’s Official Definition:
1: a member of a Japanese air attack corps in World War II assigned to make a suicidal crash on a target (as a ship)
2 : an airplane containing explosives to be flown in a suicide crash on a target
go pick on someone else….
Phil,
I notice that both these down days and the move-nowhere, days in the doldrums really bring out the hate in everybody.
I’m going to go play basketball later and I feel sorry for the guy who guards me. It’s gonna be like guarding an outboard motor with elbows.
Good news, tho, is that a lot of lawyers play at my gym. “Target-rich environment,” as they say.
Pete, you’re right, Brazil has no weapons, and you know what? It doesnt need them. We’re a chill country — we sip caipirinhas on the beach, tap hot caramel honies and sit on the beach avoiding work at all costs.
Nobody’s going to invade Brazil. First of all, because other countries are too worried about how fucked they are to invade anybody. Moreover, in the 1930s Depression (to cite precedent about just how stupid your argument is about a Russian invasion) nobody invaded Brazil. We were exporting commodities then and we’re exporting commodities now.
So sorry.
Now go hide in a bunker while your contry falls apart — assclown.
Phil, sounds good, can I crash on your sofa or behind the dumpster for a few months?
I love Brazil. I visit often to wrestle those 20 foot 400 pound anacondas. It is a real challenge.
Phil,
This is not 1930. Nukes sorta changed some of the equations in geopolitics. Desperate countries do desperate things. A world war is not out of the question. You keep thinking you are safe.
You better start loading up more ammo for that spitball shooter. Dumbass.
You wont find anacondas in Rio. They’re typically found in the swamp lands of Brazil’s Panatanal or the Amazon Rain Forest, in the extreme North of Brazil.
Phil, I also visit the Indians for those shrunken heads that they make – how do they do that? Amazing stuff.
Phil, save me 2 or 3 of those caramel gals and I’ll be down soon….save me some of that tequila milkshake stuff too……..and have an extra beach chair around. O-and by the way I make acoustic guitars, round me up some old “pre ban” brazilian rosewood so I can bring it back home.
Phil, Have you gone to Florianapolis?
Florianópolis is THE FUCKING SHIT. SERIOUSLY. I wish I had family down there but I dont. I was down there foor Carnaval in 1999. It was pure hedonism. The girls down there are seriously the stuff of which dreams are made.
Pete,
If World War III breaks out and the world goes up in smoke, I will have lived the life well lived down in the tropics. Don’t mind going out with a “bang” at 29. No old age or illness to deal with, just a life of pleasure and momentary bliss to savor as the bomb descends on us. Not a bad way to go.
Phil,
Don’t count us out yet. We still have postal workers. I went out to the mailbox to get the mail today and happened to catch the mail man loading the boxes. I informed him that the Dow was down 270 pts. He just looked at me. I then proceeded to ask him if had seen the Kevin Costner movie, The Postman? Again, he just stared at me. I then told him, well, we are counting on you. Again he stared at me with those steely eyes. I personally think he is ready and am taking his silence and stares as a deep commitment to the rebuiliding of America. So, I am not worried, Phil, our postal workers will rebuild the good ole US of A and then we can start all over again. Have another coconut, Palm Tree Boy and…
God Bless America! Enjoy the video and don’t worry about us. http://www.youtube.com/watch?v=Gl9_GXvNktI