Sure it’s cool and fulfilling to make fun of “those fucking Wall Street guys” for messing up the world. Let’s castrate them, shall we? All of the low IQ union workers, sanitation guys and regular blue collared humps point fingers at bankers and laugh, exclaiming “boy are those guys ovah there dumbs.”
Wrong asshole.
They’re not dumb. They’re fucking brilliant. Let me tell you, the fuckers who blew up the world banking system are not stupid; they’re just liars. If you talk to them in private, they are fully cognizant of what is going on. However, you put those fuckers on tv, they are going to talk their book, every single time.
Now, much to your children’s chagrin, society has delved into a very dangerous place, where stupid losers, who have never run a business or a lemonade stand, are put in charge of the “recovery efforts.” Look, people on Main Street are low morons of the first order, with their high cholesterol diets and designers clothes.
If this country is going to come out of this depression, we will need a lion on Wall Street to tell Congress to go fuck themselves and to leave the business of business to the businessmen. It’s almost as if these executives have lost their balls. They allow themselves to get grilled by Congressmen, who have the business acumen of a 6th grader.
I’m sick of hearing about Joey Bag ‘O Credit Cards’ problems. I am sick of talking about bailing out dick-faced factory workers, who make asinine products.
Either Wall Street steps up here soon and offers some real leadership, through a strong voice, or your fucking food rations will be administered by calypso dancing jackasses.
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inb4zombie
also inb4zombie, but he is undead and sometimes slow
Well done, fellas. A little slow unearthing myself tonight.
My avatar on The PPT (which absolutely rocks!):
http://analogmedium.com/blog/2007/08/zombi2-3.jpg
The Fly is God.
I’d rather eat Barney Frank food ration cards than let Wall Street f@ck things up anymore.
http://www.incrediblecharts.com/tradingdiary/2009-03-02_markets.php#sp500
Not a pretty picture.
Be careful out there!
Since when has anyone on Wall Street ever “run a business”?
Trading is not “running a business”, any more than campaigning for political office is. You should know the difference.
“We need a lion of Wall Street”? Please. When you’ve “run your business” into the ground, you lose the credibility to tell anybody anything.
Wall Street will have a hard time telling Washington to go fuck themselves until they stop begging for money. Until then, they should consider themselves privileged to kiss Barney Frank’s ass.
Fuck that they are stupid even if they are aware of what they are doing. Their children have to live in the world they created. Sure having money may shelter them somewhat, but what good is having money if you are in constant fear of public retaliation? These fuckers got a huge bulls eye on their backs.
I’m short so fuck it..
Sausages; 2 for 1 now.
Maybe this sets up a republican house cleaning? Back to basics, fiscal conservatism, etc. a Romney run in 2012? I voted for him in the primaries. I don’t think they are there yet given the doofus’ response to Obama the other day.
That said, if things go well for Obama we will likely see dems in leadership for the rest of our lives.
My biggest objection to the post is that it makes 6th graders look bad. I submit that anyone who has ever run a lemonade stand (do kids still do that?) probably knows more about business than the jokers/jackals in D.C.
When the working stiffs who at least operate on reason begin to see that their paycheck affords them the luxury of buying food and little else, they’ll start to vote. It’s the complacent ones who allowed these asshats to ooze into the political “leadership” we now suffer with. Obama, The Sea Hag, The Dumbest Man In Congress, and The Feeble One have sealed their fate.
Hey Fly,
You still holding onto that CLH trade? How’s that treating you these days?
Let me be clear: my hatred for Wall Street is only surpassed by our Government. Moreover, the answer is NOT a GOP ticket. They are just as bad, if not worse.
It’s something different.
CLH? Never owned it.
Fly,
The GOP is most assuredly not worse that the Communists that now run the asylum. Their core reason for being remains. They too need a flush out, as Moober so eloquently put it. The difference between your “average” Republican and your “average” Communist, er, Dumbocrat, lies in their core beliefs, ethics, and principles. The Dumbocrats are depraved, God-less, coniving heathens; the Republicans may be something else, but they are not that. Even is you grant that their “leadership” is far-left and not in tune with their “base”, their base has an ideology far worse for a capitalist society than the Republican “base”.
It’s not just the bankers — hedgies, varied investment managers, PE guys, financiers, debt brokers, equity brokers, asset managers, “analysts”, structured finance whiz kids, everyone who ever did “due diligence” (yeah, right), everyone on Wall St (including Senor Trop.) all are as guilty as any lying banker or idiot congressman of milking the system blindly as long as they could get away with it and without a care whether any of it made any sense. It takes a lot of guilty parties to fuck up a whole world.
When this country gets to the point where the only assets left fire bullets, I wouldn’t want to be one of you guys who used to “run money” for a living.
Oh, wait, I’m supposed to be an optimist… 😉
Those who need the bullets to fire from their assets will need my rapidly expanding pile of gold to buy them…
They’re not dumb, but not brilliant either. They’re the greediest slimiest creatures to ever walk the planet. You don’t think making a $60 million BONUS in one year is so abnormal that the earth should tilt off it’s axis? Even if the absolute lowest paid janitor in that business made $100,000 a year, that means the CEO was making 600 times that just in his bonus. And for what? Did he manufacture anything, teach a skill to someone, save someone from a fire, replace a heart valve, hit a home run, land a plane in a river??
WHAT THE FUCK DO YOU DO FOR $60 MILLION WHEN ALL YOU DO IS PUSH PAPER AROUND ON A DESK AND DECIDE WHAT COLOR OF NEW TRASH CANS YOU WANT???
They have just figured out how to overcharge you for every single thing they do.
Guillotine ’em.
Looking at a monthly chart of the S&P I don’t see any support until 483. The area that it traded in during 1994-95. Not saying that it drops that far, but that looks to be the only support, at least on the monthly.
I am also looking at a monthly from 1928 to present. There is a defined trend line from the bottom of four other substantial market declines, including the crash of 1929. The support provided by this line for the month of March 2009 is 555. The S&P could fall quite a bit further from current levels before finding any meaningful trend line support.
I say let it fall. I am short so I don’t give a fuck how far it falls. I have my guns and ammo ready and I am starting my back yard garden. If you stay ready you never need to get ready!
http://www.youtube.com/watch?v=7upG01-XWbY
Except where it matters in terms of ’emotionally hot’ issues – there is very little difference between the two US parties economically speaking and most definitely from a foreign policy point of view.
Variants of the current attempts to restart the US economy would be in stages of being created regardless of who won last November.
To voice otherwise is equal to being a dissembler or naive.
Your pick…
Ok, not a GOP ticket. I can go with that. Like a Libertarian thing or some new “Economic Freedom Party”?
What do you have in mind? Or is it just a sense that it hasn’t emerged yet?
If Obama and the Dems stay on the current course we are going to see the destruction of Capitalism right in front of our eyes.
The culprit is not merely the mortgage market nor is it exclusively Wall Street and the Banks. It is a combination of blame that rest squarely upon both the Public and the Private sectors.Are we to be so shortsighted that we will now just destroy our entire political economy in quest of a quick fix? Are we to yield tto the rantings of Karl Marx and his hatred of the “rich” to blame the high salaries of Wall Street when that has nothing to do with the current events anymore than huge salaries paid to sports figures.
There are those idiots who reject history as offering any knowledge. It is times like the present, where economic pain produces people like Hitler and Lenin. Capitalism is subject to booms and busts, simply because that is the nature of mankind.
For your viewing pleasure:
Barney Frank vs. O’Reilly
http://www.youtube.com/watch?v=RAuOEdttjZQ
6th grader
it’s not as simple as you think. To destroy the world it takes talent.
What are the chances of Bill Gross being that Lion!? He was the first person I thought of when reading this post. I’m sure other people were thinking of the Oracle of Omaha, but he is definitely not a “lion.”
Fuck Bill Gross. He is one of the crony bond holders that the government is protecting with all of this bailout shit.
T MOE The economic condition and earnings prospects are easily a match for the 1982 lows when the S&P was in the low 100’s, I don’t see what would keep the market from following. Systemically? Date us back to pre-Bretton Woods, square 1, no one has a clue how to proceed and the current institutions aren’t up to it. Equity sentiment? We’re already at a point where 10 yrs or so of “normal” gains would be needed to claw our way back, so I think we’re well into a secular shift of investor attitude away from equities.
Fuck everyone on Wallstreet. Their only desire is to make themselves as much money as possible. I hope they all lose everything, are forced to declare bankruptcy and must work as a day laborer on a construction project that Obama’s stimulus package created because that is the only job they can find. The government needs to let the shit banks fail! By the way fuck you fly!
The GOP and the DEM’s maybe the same. But the the Dem’s can’t say they were not warned
http://www.youtube.com/watch?v=63siCHvuGFg
futures looking oh-so chipper tonight.
6th grader,
You’re absolutely right. Unfortunately, the clowns running Wall Street suffer an ailment called self-entitlement. You see, they feel unique and deserving of getting paid like rockstars. The reality couldnt be more far-removed from the average Wall Streeter’s perception.
Let me draw a soccer analogy (heck, it’s all I know). If a guy like Messi dies, Barcelona stops winning games and probably loses all their Championship hopes (which, in turn, is what makes the club valuable). Hence, Messi’s value is real. He possesses a set of skills that is in fact unique and adds value to the Barcelona brand. Moreover, Messi’s performance also boosts #10 jersey sales and allows Barcelona to command a high price to participate in friendly tours in Asia or America in the off-season.
Now, a Wall Street clown like Lloyd Blankfein (to cite one example of many). If he croaks, say, tomorrow. What happens? He gets substituted by another generic banker at Goldman. End of story. There’s nothing unique about the guy to justify the abnormal pay.
Fly: “something different” I agree
meanwhile tomorrow looks bad.
From manager… to janitor.
Very sad.
http://www.cnbc.com/id/29452584
Yeah but, assholes without brains, you still need Wall Street to finance your shit.
Nonetheless, I see your point. You figure it’s all over anyhow. Might as well get the guillotines out.
futures – and just wait till the end of this week. Looking at the slated economic releases for the week, I figure AIG’s $60B loss on Monday is the likely high point of news flow, leading relentlessly downward to Friday’s employment report. Crap, they’re still issuing those things? Probably the Fed should just stop tracking employment data for a couple-few years… I mean, it’s like publicly releasing 911 calls… do we really need to know?? 😉
Asia getting fucking hammered right now, and futures are trading down. So far it does not look good for the bulls tomorrow.
It is starting
http://www.bloomberg.com/apps/news?pid=20601109&sid=auZeM63nrgzo&refer=home
TMOE,
That’s some crazy shit. Time to trade the Lexus in for a tank. 😉
and really, who’s more likely to build the next world-impacting political party, someone like Santelli who wants to throw a tea party? Or some steely-eyed pierced-lip skin-head with an action agenda: “I burn cars and bankers. It makes the world better” The latter will win ’em over every time…
Amen, brother. They know exactly what they are doing and are laughing all the way to the bank!
About the lion, thanks for saying what needs to be said.
Go ahead, bash the bankers. Bash the republicans. Bash Bush. That’s just what congress wants you to do. They are more responsible than anyone else, and they want us all to think they’re our saviors.
Bankers are a lot like traders, exploiting a known system and competing for money. The guys at the top get more, and many of them manipulate what they can to maximize their gain – just like those at the top of any profession.
Pissed at bankers? You’ve just been wound up. Congress has you fooled.
“Phil_from_Brazil Says:
6th grader,
You’re absolutely right. Unfortunately, the clowns running Wall Street suffer an ailment called self-entitlement. You see, they feel unique and deserving of getting paid like rockstars. The reality couldnt be more far-removed from the average Wall Streeter’s perception.
Let me draw a soccer analogy (heck, it’s all I know). If a guy like Messi dies, Barcelona stops winning games and probably loses all their Championship hopes (which, in turn, is what makes the club valuable). Hence, Messi’s value is real. He possesses a set of skills that is in fact unique and adds value to the Barcelona brand. Moreover, Messi’s performance also boosts #10 jersey sales and allows Barcelona to command a high price to participate in friendly tours in Asia or America in the off-season.
Now, a Wall Street clown like Lloyd Blankfein (to cite one example of many). If he croaks, say, tomorrow. What happens? He gets substituted by another generic banker at Goldman. End of story. There’s nothing unique about the guy to justify the abnormal pay.”
Brilliantly stated! These guys are not talented, they are merely the latest graduates of the worlds largest graft schools. Entire institutions designed to overcharge and over-fee everyone in their path. No sense of value in their services, no sense of proportion in their never ending greed. Fly, do you really think we’ll need them when no one wants any risk, or any credit? From the Thain budget release, I’m not even sure he knows how to drive. Maybe he can polish a commode? I would say, take all their bonuses back from about 3 years ago.
And then guillotine ’em. NOBODY will miss them.
Re: the guillotine issue. I’ve got three kids, one in college, and right now their futures all look like the opening scenes of a Terminator sequel, with the world’s home decor tending towards cold chrome and skulls. Pisses me off. Guillotining the leaders of the previous generation is a necessary part of coming to terms with a shitty life … As Fly would say, “so sorry”… 😉
London,
I’m not sure about gillotines. One thing, however, strikes me as odd. The Enron guys did a lot less damage than many of the guys running the upper echelons of the Wall Street banks in recent years. And, nevertheless, I see no one going to jail.
Funny shit London
You fuckers need to get your pitched forks and flaming torches out. To think the bankers are so hated here, on a financial blog. I could only imagine what the garbage men are saying. You guys should join them.
Get this: For the first time since the 1960’s the Australian Communist party is re-registering as a political party here which means they must think they will get support. Not suggesting they will come anywhere near even getting a seat in parliament, however it does show which way the wind is blowing.
Free market economics is gone for all money as far as the national populations go. The freaking party is over folks.
The Fly Says:
Yeah but, assholes without brains, you still need Wall Street to finance your shit.
Wall Street doesn’t finance anything. Wall Street skims other people’s money. I haven’t seen any lions on Wall Street – only lyin’. We need to see somebody with credibility. Give us some names.
The Fly Says:
…To think the bankers are so hated here, on a financial blog. I could only imagine what the garbage men are saying. You guys should join them.
If the current trend persists another 4 quarters, some of us will be fighting to get jobs as garbage men. We’ll find out that the former autoworkers, etc., snatched up any openings well before we showed up on the scene.
Let me ask a silly question:
When people are all this despondent, this bearish aren’t we nearing the bottom of the cycle. Tops and bottoms always look extremely violent.
I’m not suggesting that the economy smartly moves up from here but couldn’t it simply languish here for a while instead of the death trap? Isn’t this an example that all hope is lost and people are getting out simply because they’ve had enough and can’t take any more pain.
I’m not trading like that, but it certainly feels that way to me. Then again talk is cheap.
But then this could be altogether different as the market is simply compressing PE’s as the long term arrow looks pretty bleak.
Ott
You are insane. Who do you think financed all of those loser mortgages?
It was real nice when your neighbors were able to act stupid, buying 6k sq. ft houses. Not so much now.
Idiots, you need Wall Street.
WTF is this some sort of idiot message board?
The bankers would have been much less hated if they’d acted like they faced a crisis at least as soon as the first round of Fed and Treasury bailouts began.
Where were the dividend cuts? Where was the slashing of bonuses (minor reductions don’t cut it when your company is writing off the last decade of profits)? Why did we constantly hear “we have more than sufficient capital” and “our business is sound” in place of honest attempts to communicate the condition of exchange-traded companies?
ott:
So if you are Dick Fuld: you come off a fair decent profit in 07.. actually it was a record profit and 3 months later people are talking about your firm going under.
You’re suggesting Dick should have agreed with them?
Ott
You are insane. Who do you think financed all of those loser mortgages?
It was real nice when your neighbors were able to act stupid, buying 6k sq. ft houses. Not so much now.
Idiots, you need Wall Street.
You’ve got me there, Fly. Without Wall Street, banks would have maxed out on capital tied up in mortgages in 2004 or so.
I shouldn’t be so selfish, trying to deny my neighbors with the For Sale signs the chance to get those 2006 prices again in my lifetime.
Not saying the bankers are not scumbags.
All I am saying is, there are good men on Wall Street who know how to deal with this crisis. What we have now with the gov’t is a rolling disaster.
No, j.
I’m suggesting that Dick Fuld wasn’t worth dick to his company if he didn’t realize (or care to acknowledge) that they’d bet 20X the company’s capital on the notion that home prices can only go up, even when they’ve blown past all historical tops when measured against incomes and rental rates.
In other words, that record profit in 2007 was phony – even fraudulent.
All the big names a compromised, Fly. There is one of them that isn’t blemished with TARP. That’s the problem.
The obvious people to defend Wall Street are Hammerhead Buffet and Bill Gates who are essentially outsiders.
Hammerhead hates Wall Street and Gates is a geek who doesn’t understand it.
Fly,
You are going to have a hard time positioning anyone on Wall Street as a potential hero at this point. Wall Street’s credibility is shot, for very good reason.
There is one nominee, however — a guy who managed not to fuck his franchise up, who avoided getting his company into the bullshit that took everyone else down, and he’s a Democrat (I’m told): Jamie Dimon.
http://market-ticker.denninger.net/authors/2-Karl-Denninger
Karl is somewhat upset also.
All I am saying is, there are good men on Wall Street who know how to deal with this crisis. What we have now with the gov’t is a rolling disaster.
I’m sure there are some good, smart ones. But which ones have managed to retain their credibility on this matter while working on the Street for the past decade?
Part of the reason the fed gov is bungling so badly is excessive influence of a few voices from Wall Street. Who on the Street is leading the fight against that?
Ott
They weren’t silly people and even the best of us get caught up with silliness at times.
Lehman’s was actually a good firm. It had a ownership culture where the senior guys thought of themselves as partners. The employees and the management team had a lot to lose. They just didn’t the train coming.
Dick was greedy and so were the rest of them. However the guy buying the house he couldn’t afford unless it was on a teaser was also greedy.
Which brings us always to the real culprit. The real problem was created by the Fed allowing interest rates to stay down too long.
It doesn’t help the Street’s image to have Santelli (Chicago pits, Wall Street – no diff to the avg Joe) ranting about attempts to keep some people in their houses. Had his first spectacular rant been about the sweet deals for the banks, he might have gotten some traction outside of the anti-gov crowd.
Is this a meeting of the Late Night Insomniacs and Apocalyptic Collapse discussion club? I’d tell you all to go to sleep except that I’m up pondering the exact same stuff.
This article will tie in nicely with your discussion. Got janitor jobs?
http://www.cnbc.com:80/id/29452584
They weren’t silly people…Lehman’s was actually a good firm.
Nonsense. They destroyed their company and a good chunk of the economy by making massive, leveraged bets that home prices moved only in one direction.
There were plenty of people who saw that train coming, including many people without the benefit of the training, experience, and fat paychecks that Lehman’s traders and managers had.
Boca:
In a way that shows America has the spirit and the flexibility to come back. the guy goes and takes a 12 dollar an hour job. Trust me, that shit doesn’t happen in Europe etc.
Agreed, J.
For me there is no shame in honest work, ever.
Hey Fly,
Here is McCulley talking about investing with (ahead of) the Gov.
Where you the one writting in?
http://www.cnbc.com/id/15840232?video=1045223538&play=1
ott
I don’t know how old you are or if you have worked in the banking scene.
I worked on the street through the late 80′ and 90’s. The markets at the time were coming off the S&L crisis.
One of the things the regulators and the banks thought was that the S&L crisis would have been averted if their balance sheets were more flexible.
This is the genesis of the mark to market rule. In the late 80’s the SEC forced the mark to market rule on the banking system. Not only that but the entire system was moving towards securitization as the theory was that it would alleviate a great deal of the problems associated with balance sheet liquidity. Now I saw this happen in front of me as the risk managers were pushing it as the regulators were pushing because the Basle accord was pushing it and allowing banks to reserve less than a straight loan.
Now fast forward to the early part of the decade and if you looked at an I-bank’s balance sheet you could honestly say that it was a thing of beauty.
There was mark to market of securities and little loan activity, the various books were mutually margin between the banks in the derivatives area. There was nothing you could see that looked problematic. So the SEC allowed leverage to move much higher.
That was the death move. That’s what caused the problem as every one was overconfident that the I-banks balance sheets was a perfect example of liquidity.
What the world needs now, is love, sweet, love.
AND since love is no good unless you spread it around…
THEN it is a lot like FERTILIZER!
And MOS aic is on a fucking upside tear. It’s like the ONLY stock anybody is actually BUYING.
Cargill isn’t gonna let some dip-shit company do a hostile takeover on their cash cow.
No fucking way.
I don’t know about garbagemen, but I did talk to a group of 50-something construction contractors about this a week ago, and they were all perfectly willing to see the kings of Wall Street swing. No love for them on Main Street that I can see.
j –
Not trying to be disrespectful here. I’m tired and about to go to bed. At least one of the children will have me up in 3-4 hours.
But, here’s how your history of the situation looked to my tired eyes:
Blah
Blah
Blah
Blah
Blah
Blah
Then the i-banks did really stupid things that made them tons of money until reality did an intervention and smashed the phony economy they were funding.
I don’t care about the Blah parts.
My wife and I were in the market for a house, but we saw how insane prices were getting and we dropped out of the market long before the Lehman’s of the world stopped creating, peddling, and investing in the securities based on the insanity. I wasn’t a lone genius on this by any means. My bewilderment at the situation led me to blogs and other info sources that used historical data to illustrate just how mind blowingly insane the situation was. Further into the bubble, the blogs were all over the topic of mortgage fraud and the total lack of lending standards.
If the Lehmans of the world didn’t know that people were borrowing far more than they could afford to buy houses that were priced far above any historical value, they were incompetent.
If the Lehmans of the world did know, they were criminal.
I’m hitting the sack now. Good luck to everyone tomorrow, as long as that luck doesn’t interfere with the rise of SRS and EEV.
Now that the Federal Reserve Bank is taking ownership in an array of businesses illegally, it is becoming crystal clear in my mind that the Federal Reserve Bank is at the core of the problem and is the instrument of the Socialist movement. People like Ron Paul who oppose this attack on U.S. sovereignty by the Federal Reserve Bank are few and far between. When the Federal Reserve Bank was given the power to control the value of our currency they were given the power to rule the government. This was the reason for the American Revolution against the Bank of England. Back then, the Bank of England was using it’s currency to rule the Colonies by controlling the value of the currency.
Now, the interesting part of all this is that the Federal Reserve Bank can play either side of a conflict and still win. When you are holding all the marbles, are allowed to control the value of the currency, you get to control who gets to play and who doesn’t (in the government and private sector). Therefore, in order for the fuckery to end, the U.S. has to seize the Federal Reserve Bank and all of it’s assets, establish balanced budgets and keep them balanced for moral reasons. This will end the bullshit once and for all. No new currency required, just flush out the weezels and be done with it.
ottnot,
I’m about to hit the sac, as well. I’m with you 100% on your logic. J’s argument that Lehman didnt “know any better” is bogus. These guys were paid to assess risk. And, quite frankly, it wasnt rocket science. Housing prices relative to average household income were many standard deviations above historical averages already in 2004-2005. You had a number of housing specialists like Robert Shiller of Yale sounding off alarm bells with cold hard historical data.
The ibankers knew they were making speculative bets on a stretched, overvalued market. That they continued to press ahead with the bets speaks less about their naivité and more about the disfunction of the Wall Street incentive system. These people had no downside risk. If the market notched another up-year, they collected more record bonuses. If the house of cards crashed, they simply figured they’d collect a smaller bonus and jump to another hedge fund and start anew.
The reckless levels of leverage employed in such derivative bets (ie, 40-50:1) was also, by all means, a recipe for disaster. It certainly didn’t reflect prudent stewardship of capital.
J, you often contribute with insightfull views and interesting commentary. I can’t, however, for the life of me, understand how you can insist on such a patently wrong view.
Btw, I forgot to type in my name is the last post.
Off to bed, now.
Phil_from_Brazil
Phil:
Yes they probably realized it was speculative, but they also thought they would be able to dump it on Freddie and Fannie as both these two were always open to taking a great deal of securities. However they closed their door.
At the time why assume that Shiller was right?
I listened to one of Shiller’s lectures here in Melbourne while he was on the circuit as few years ago. I found him to be less than impressive.
He was touting this idea that people could pay for their degree by selling forward their future incomes. I was part of a book tour I assume. It was less than an impressive performance.
He also had to demonstrate his bona fides by rubbishing the GOP. This was back in 2003 of so.
Therefore, in order for the fuckery to end, the U.S. has to seize the Federal Reserve Bank and all of it’s assets, establish balanced budgets and keep them balanced for moral reasons. This will end the bullshit once and for all. No new currency required, just flush out the weezels and be done with it.
Now that’s just silly. I mean really silly. It’s so silly, it’s clever*
Fly posted his trading thesis and the whole thread devolves into the old fanatical populist vs libertarian free market fanatic meme.
That was so, 2008.
At the core of everything was this conceit: The American way of life would continue to get better. Wash, rinse, and repeat.
Everything else was baked into that central idea. The standard of living had been increasing for as long as anyone recognised.
Sure, there were some that were complaining that the factory jobs started heading overseas en masse, starting about 15 years ago.
Then during the 00-03 recession (as Friedman points out in The World is Flat) the knowledge workers got the piano dropped on them as India, the Phillipines, and China took over those jobs.
Now, the bottom has fallen out of the last plank of the wash, rinse, repeat cycle and some stark realities have come to the fore.
I will say it again, as it bears repeating:
Welcome, Wall Streeters to Bay Street.
And if that bothers some of you, I have one question: Why is it that Canadian banks are looked to with such favour these days?
Perhaps it’s because, they’re boring.
That could be some welcome change for some of you all.
*clever uses tools – smart makes the tools
Armaggedon brings out the best in The Fly rants.
Dougie Kass – “ALL IN long!” , thurdsay, feb 26, 2009 😮
As I said before, instead of trickle down economics Obama has poverty up economics.
A poor person doesn’t start a business and surely doesn’t hire people.
The government wants all to be in poverty so it can take care of us from cradle to grave.
Hey TC is Jake built like Rush Limbaugh?
You gonna hit SMH this morn?
Is it just me but mrkcbill got totally gigged on his electric and gas bill usage last month…..like wtf no way fuckers. Good customer of mine a mom & pop showed me his gas bill last month.
With a 20 increase in usage. His business hasn’t changed in 20 years.
GLT
Fly, I will bet my fortune against yours that the only heroes Wall st. comes up with are sandwiches. Looking to the street for salvation is DUMB. So is OBAMA and friends. I look for the president, 8 years out. After everyone comes out of the anger denial,bargaining, phase and comes to acceptance. The party is over. Fly you are just so american.
“leave the business of business to the businessmen”
They had their chance and they fucked up. They got lazy and robbed the henhouse rather than working. They proved that even with their advanced degrees they were as dumb as Joey crackass the Plumber.
inflation/deflation
Listen people, while somethings are going down: real estate, big ticket items… other shit you can’t control is going up: taxes, fees… Your governments are broke anf they are raising taxes on utilities, businesses… This is one place where the trickle down effect works. Insideous stealth inflation.
A high income self employed guy was trying to buy a house a couple months ago. He was goin to put $385k cash down on a $450k house. No bank would give him a loan.
2 years ago, the idiot bnankes would have financed 105%
teat-
I also got the most egregious traffic ticket in my life on Friday. These two cops were shooting fish in a barrel.
I’m telling you shit is brewing.
Buffet got his clock cleaned in this downturn. Blindsided. He got in the habit of reading too many news stories about smart he had been. Berkshire will make a ton a money down the road but Buffet won’t be around to see it.
mrkcbill- On Jake. I will never tell except to say to DT “Your Surfboard won’t help you.”
Yes, I always watch SMH especially in the pre-market on these gaps down as they do tend to bounce first and early. Always scalp it as many times the trade doesn’t last past 10:00 AM.
I watch AMAT,TXN, and INTC (make up more than half of SMH) for relative performance to the indexes.
mrkcbill
The next thing you will see is automated speeding tickets. You go over the speed limit, they just snap a pic of your license and bill you at home.
“T MOE Says:
If Obama and the Dems stay on the current course we are going to see the destruction of Capitalism right in front of our eyes.”
You get the Douchebag Award of the Century. It’s already been destroyed and it was done under 8 years of Bush. Obama is just holding the bag.
Fucking clueless numbnuts always passing the blame. This country is OVER.
The next thing you will see is automated speeding tickets. You go over the speed limit, they just snap a pic of your license and bill you at home.
Dude tell me about it. They have them down here is Australia. The pieces of shit book you if your 3ks over.
You have a 12 point limit over 3 years and lose your license for 3 months if you go over the 12 points.
They’re mobile cameras hidden hidden in front of a parked car.
We have seen the enemy and he is us. Pogo
The voter is the cause of this mess.
They didn’t hold their elected government assholes accountable.
The govenment didn’t watch the business playing field.
Businesses didn’t play fair or smart.
The voter/consumer always has to pay -sooner or later.
Looks like later this time.
Fuck you and your oh-so-brilliant Masters of the fucking universe.
Yeah, the Wall Street Pimps are smarter than the average asshole. And it takes a truly self-deluded and intelligent asshole to really cause catastrophe. These brilliant asshats created a system guaranteed to go 10 sigma on all of our asses, killing the goose that was laying all those fucking golden eggs that allowed them to hire high school chicks to blow them on private jets while they did lines of coke off their 18 year old asses.
The Main Streeters out there will use the tatters from the Masters of the Universe’s Armani suits to clean their rifle barrels after they plunder that mansion in the Hamptons and sell the Master’s daughters to the local strip club.
Wall Street failed. Man up. Admit it, then get on with cleaning this shit up before Main Street goes French Revolution on everyone’s asses.
@Write it down-
Those already exist. Got a $75 one a few months ago.
short MOS now … grain prices go into the shitter