Thank you Congress for confirming any doubts that people with “non-retarded” IQ’s may have had, when trying to determine whether or not you are fucking idiots. This whole roast Geithner fiasco on the teevee is so fucking transparent it’s sickening. Americans HATE you, not because you are incompetent and unable to perform at a high level. They hate you because you are full of shit.
It’s funny how everyone has selective memory, with regards to the crisis of 2008. We were in vapor-lock mode, as represented by the 99% drop in the BDI. However, now that things have stabilized, everyone wants to play gotcha. Please, do yourselves a favor and jump into a lit fireplace.
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right? the land of morons…hard to be long and strong on USA til some intelligence finds its way above…
Everyone wants someone to blame. There is no one to blame except everyone.
pathetic. Truly pathetic. This and only this will derail the recovery. The Dems are getting desperate since
mass.
I am very surprised how cool and collected Geithner is…
Those fucking elfs, man…sneaky little fuckers; he might come out of this clean as a whistle.
He does look pretty good. I bet he has a ring in his pocket.
I bet you it is an Ovaltine Secret Decoder Ringer or a Johnny Quest Decoder Ring from a box of Cracker Jacks.
I thought the Johnny Quest Decoder ring came in a box of cereal — not Cracker Jacks.
Oops.
Kix cereals, I believe.
You are correct.
Not as good as Yogi Bear’s cereal.
http://www.youtube.com/watch?v=5rb53WNgLDI
My precious.
I agree, that that’s what the Fly was talking about, fwiw.
Fugger looks like a hobbit, anyway.
________
His poise makes me certain that it’s a Capt Midnight decoder ring he got from Ovaltine. Moreover, i think Don Winslow of the Navy is his off record the scenes adviser
Most of these Congressmen asking questions are certifiably mentally ill.
its a twavesty wapped inside an enigma
idiots on crapitol hill
You sound like a gay congressman
The should all go to a sex addict clinic in Mississippi.
The moron is the guy who paid off those desperate banks at 100 cents on the dollar with MY money… THAT’S the moron.
Mark
It’s NOT your money, never has been, never will be. Wake the fuck up and quit watching Glen Beck.
Geez, some of you idiots really buy into the idea that this is a participatory democracy.
Ironically, it really *is* a “participatory democracy” (or as close as one can get to one), and the proof of that is that enough angry constituents raised a stink about this that Congress (some of who truly ARE idiots, and some aren’t) are holding this hearing, and will probably force Timmy-boy out of Washington and over to… I don’t know where, because anyone on Wall Street who saw his “negotiation prowess” would never hire him.
It’s a show. Damn you and your small brain.
Oligopoly plain and simple
Mark and his buddies have been led to believe they own the land and country they reside in. What they have never understood is that they NEVER owned a thing and never will. Your credit cards and what you purchased with them are all worthless crap that mean nothing when you are going hungry because there is no food or water to be found. When the shit hits the fan, those with the real power will be living in another place, enjoying their prosperity, while idiots like yourself who believe in the bullshit that is America stew in the hell that will remain.
At least he has that great catalogue bidness to fall back on.
__________
lol… I wish!
GS just cracked 150.
What do they know?
Maybe they will try to crash the stock so that they can buy it back at low prices when they take the fucker private
Goldman will not exist when this is over. Goldman should have never been allowed to go public from day 1, but the greed of the board of directors and management led them to going public. The real defendant in this entire fiasco is going to be Goldman Sachs.
if GS breaks down to 140 and then its down to $100
GS’s 38.2% retrace from the March 9 to highs move is $147.50.
That’s where you want to be backing up the truck, beeper on high volume.
__________
the volume will not be there on the buy side, IMO.
Just like we see with the broader market, low volume on ups and big volume on downs. The momentum is a changing IMO
Geither acts like the world would have ended if AIG would have gone under. Would McDonalds have stoped selling hamburgers? Would Microsoft stopped making software? Would Exxon stopped selling gas?
Hell NO!! things would have become much more difficult yes, but that was what was needed. A total wash out of the shit in the system. Now what we have is a kicking of the can down the road for younger people to carry the burden in the future
Jeez louise.
They didn’t let it go under in case…. in case it would have taken the western world with it. In any event it looks like the government is going to make a profit from AIG.
A profit from AIG, what the fuck are your smoking!!!!!!!!!!
180 billion and they can’t even sell their assets. How in the world do you think a profit will be made. From trading more CDS and continue to play the shell game?
Yep… it looks very well like they could end up making a profit. If I get the figures and post them , will you promise to stfu forever about this shit and only show up on up days rather than down days?
It’s not $180 billion any longer and hasn’t been for quite a while if you’d bothered to read up on it instead of shooting your mouth off like all the other cult members.
Don’t confuse the TMOE w/ facts or reason.
J
Are you listening to this congressman as he tells you the truth. The government will not make money you idiot
Hank Greenberg Is God
Mebbe not, but he is a mensch, at least.
__________
I am definitely making some popcorn for the Paulson testimony…he is nowhere near the public speaker as the ELF. In addition, he is out of office…whats stopping him for saying: “Fuck off…”
I done made up my mind, I am running for congress when I am in my 50’s…
Ha Ha, I can’t wait for Paulson also. He will stubble around like GW Bush. He will get frustrated and he will probably tell them to fuck off!! It should be quite entertaining
I predict Paulson will show up wearing a hairpiece like this.
http://store.baronunlimited.com/peter.html
Ha Ha Ha Ha —- Classic absolutely hilarious!!!
$49.99? Ha Ha
‘Halen!!
_______
This dog and pony show is better than watching The Price is Right. I bet the whole thing was choreographed by a Hollywood director. Who cares guys. We know humans only care about themselves, and they are going to do whatever it takes to gain more power. Yes, it is human greed that led to this. EVERYONE is to fucking blame. These assholes acting like they care about the “American People” is laughable. Just let the hyperinflation start already, keep printing the cash and pull out the stops.
Shit! Price if Right is on…thanks for the reminder! *Click* At least someone is winning on the teevee…c’mon Showcase Showdown!!
!!!
hahaha! I just wish Press Your Luck was still on the air. No Wammies No Wammies No Wammies…. STOP! My favorite gameshow of all time.
Love it,
“Press your luck” sounds like the entire operation of AIG. Please no wammies is probably what they were saying every day
Comrade OBAMA!
The roast of Geither is warranted. They are all full of shit!! Of course they took care of their friends at the top. Let’s remember what happen here. There was a total bailout of the top cats. They took the tax payers money, free money, along with the free money from the fed to make more risky big bets. To artificially prop up the market. To pay themselves big bonuses, which they rationalized by saying the talent went have gone elsewhere. The same talent that started this bullshit with the invention exotic products that no one understands, that are impossible to value. The invention of the giant shell game!!! The shell game they continue to play today
Gee More… you reckon you can put that in a case study and have it taught at Harvard. It sounds as though you really thought about all of the high finance stuff and the economics behind it.
Hey Moe!…..Hey Moe! woooooowoooowoooooo….yuk….yuk…yuk……neeeeeeyyaaaaaaaaa
I disagree fly. While I do believe the people in congress are almost all idiots. But there are a few who are telling the truth and asking the right questions and Geither keeps dodging. Typical.
I’d support a T Moe campaign, just because he is so passionate. That aside, it’s important to note, Congress has upset the robots at GS and as a result, the market has tanked.
Keep it up Tea Party players. YOu might have your double dip AND MORE.
Hate the BEST American company (GS) while praising the worst (c). Very apropos.
>>Keep it up Tea Party players. YOu might have your double dip AND MORE.<<
Yes, firing Timmy and reducing Goldman’s earnings will absolutely be the cause of the “double-dip”… It will have nothing to do with the massive debtloads out there that need to be worked off.
I meant by trying to derail current programs, in favor of nonsensical restraint, you will in fact revert to a deflationary environment, which would bode well for Treasuries.
Makes you ponder: How much do we need to borrow this year?
absofuckinglutely. Dip #2 is underway here. The gubment is about to fuck the re-inflation plan in an attempt to save itself from hyperinflation. This move will result in a double dip. But, not to worry, they have already planned for stimulus #2. Stimulus 2 will focus on the people rather than wall street. This will simply involve giving money to the people as a way to pacify them to try and prevent them from revolting when hyperinflation actually happens.
The problem with the “current programs” is that they are simply adding to the debt levels while doing nothing to permanently “jump start” a sustainable resurgence in the “real” economy. It reminds me of an old quote from the (in real life, alcoholic) captain of the A-Team, George Peppard: “You have a problem, you think drink helps, then you have two problems.”
Mark Spiegel —
Are you this guy??
If so, I commend you on staying at UCLA for as long as possible.
(This man has his priorities straight, and I say that without an ounce of my usual sarcasm).
_________
No, I’m Mark B. Spiegel… Just another ex-i-banker and current money manager… Although I see he’s the same age as I am, which is pretty funny.
“Just another ex-ibanker”
Join the crowd
What’s with all the bulljive about a double dip? Take a look at the 2 yr – 10 yr Treasury spread. As of yesterday, it’s 281 basis points. Highest it has been since August of 1982. Better yet, do yourself a favor and plot the spread against the S&P 500. You know what, nevermind. I keep a running chart that I update every market day. Just e-mail me and I’ll be happy to send it to you. The fuse on this economic recovery is just getting lit (lighted for you ainglish majors following along at home).
fid
Interesting Bobby. Funny how the spread is at the highest level since the beginning stages of the massive credit bubble economy started by Reaganomics. Reaganomics was a wonderful plan for the near term future, however, it also laid the foundation for the eventual end to America. I believe the current situation is the exact opposite of 1982, and we are now at the end of the cycle that began at that time. Volker knows how fucked this country is, and he knows we need to raise rates immediately to prevent imminent hyper-inflation. The next step in my opinion is the fall of commercial real-estate. Therefore, I am starting a position in SRS, and will be adding to it with any significant drop in price.
That spread is due to massive looming supply, not any kind of perceived recovery. I wouldn’t be surprised if the crappy economy drives that spread back down (the way it happened in Japan) in spite of long-term inflationary considerations that, in my opinion, make any buyer of 10-year paper at current rates “crazy”.
One of the most fundamental relationships in the capital markets is that between interest rates and equity prices. If it makes you feel better/smarter to think that the spread is telegraphing a supply/demand imbalance rather than an impending economic recovery, that’s fine. We’ll just have to agree to disagree. But like I said, do yourself a favour (sic) and plot the S&P against the spread over the last 30 years and don’t let yourself miss out on the coin to be made being long US stocks as the spread comes back down. Said decreasing spread will be the warning signal for the next real economic (ie, not imagined) downturn rather than this phantom double dip of which the fear mongers like to speak. Never forget that the stock market is greed and fear only loosely connected to the business cycle.
fid
Bobby – How about a quick post of the chart in the PeeGee?
So, anybody can post in the Peanut Gallery? I’ll check it out later. Unfortunately, my day job is rudley interrupting my attempts to be a full-time trader.
fid
I think that you’re confusing “cause and effect”. Normally, that spread comes down because the Fed raises short rates in the face of economic strength (which, for a little while, means stocks– on the back of still-improving earnings– can continue to go up). In this case, if the spread comes down, it’s likely to be because the punk economy sends down the long end while the Fed will continue to hold the short end near zero.
Not confusing anything. I agree with you 100% that the bond market will sniff out the next real downturn in the economy and start sending the long end of the Treasury curve down which will flatten the curve. These concerns, however, will be the classic wall of worry that stocks will climb until eventually the spread hits its nadir and stocks hit their zenith.
fid
That’s not the kind of “wall of worry” that sends up stocks… I will bet that if you look at your data, you’ll find that all those times that stocks went up as the spread narrowed, it was due to a strong economy which resulted in a disproportional rise in short rates; that won’t be the case here.
You can say this time is different (’cause that’s essentially what you’re saying) ’til your blue in the face. Here I present for you in reverse chronological order the last few completed interest rate cycles for your review;
Cycle 1
Treasury spread peaks at ~270 basis points in July 2003
S&P 500 bottoms around 820ish in July 2003
Treasury spread bottoms at ~ -18 basis points (ie, inverted curve) in November 2006
S&P peaks around 1550ish in November 2007
Cycle 2
Treasury spread peaks at ~265 basis points in July 1992
S&P 500 bottoms around 300ish in October 1990
Treasury spread bottoms at ~ -50 basis points (ie, inverted curve) in August 2000
S&P peaks 1525ish in March 2000
Treasury spreads appear to have peaked here in the last two months. Stocks will be going higher as the spread narrows. This time will not be different. As Jesse Livermore used to say there is never anything new in the stock market. The reason for this is because speculation is as old as the hills.
I think there may be a typo in the Cycle 2 piece, unless you are talking time machine stuff, ovah heah.
______
Not wanting to start a campaign, but thanks for your support. Passionate yes, because I hate being fucked. I also hate ignorance!! All most all the sheeple in America are total ignorant to how bad they are being fucked by the crooks at the top. The greatest theft ever know to man
What the fuck is wrong with the bitch in the blue moomoo sitting behind Timmay’s right shoulder? She keeps giggling like a goddamn retard.
HAHAHAH… YES!!
Love Tim or hate him, he is on his A game today. Bring the fire Tim and let them feel your flames.
He (Timmy) was at his best as Doogie Howser,M.D.
http://www.youtube.com/watch?v=NBjch7P_gF8
They should rename the Potomac River the Thames. Congressmen jostle for mic time for whoever exhibits the most gusto when they speak will show the greatest enthusiasm, and respect by their state’s voters. The ponies are all truly ugly.
Fly,
Reality doesn’t matter. It’s all about the next election.
Fme Americans are negative fuckers these days.
You voted in purple lips thinking he’s the Messiah and when you realize the moron is about to crash the market as a result of populist measures you get all frightened again.
All Homies at HOD.
did gretzky house sell?
Yes and they subdivided it and turned it into a Rehab Center, Sex Addict Clinic, and a recruitment center for ACORN.
You must be against Glass stee-Gall’
Loving my 150 puts that I bought on GS in mid December.
Loving them
Geither is starting to get tired and break down
He may be getting ready to break into a song like he did at the Tonys.
http://www.youtube.com/watch?v=O-cB2HpNQ2k
that was gay
FIG, BUT IS WRONG
Congress, while being idiots, are actually extracting uncertainty regarding improper decision making.
Geithner is clearly and with confidence showing that the actions took were for the best interest of the country and the world @ large. Geithner said if he had to do it all over that he was confident of making the best of a set of choices.
Further more lower IQ box watchers will take this as a sign that congress is getting “tough.” Tough they are not ! …….and Barney Frank should go to jail !
here are all the clear idiots:
http://www.youtube.com/watch?v=tznR4wPeS4M
Exit boy wonder…. Enter lurch
lurch was a respectful docile servant…..Paulson is more like Lex Luther in a frankenstein body
to j:
do a little reading and learn something!!!
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Daps&field-keywords=economics+in+one+lesson&x=0&y=0
Behold the broken window fallacy as it unfolds.
For those who have no idea—– an example of the broken window fallacy:
Special interests request money from the government (in the form of subsidies, grants, etc.), and the government then forces the taxpayer to provide the funds. The recipients certainly do benefit, so the government action is often regarded by the people as benefitting everyone. But the people are failing to consider the hidden costs: the taxpayers are now poorer by exactly that much money. The food, clothing or other items they might have purchased with that money will now not be purchased—but since there is no way to count “non-purchases,” this is a hidden cost, sometimes called opportunity cost.
The opportunity costs here are real and are huge. Not only are taxpayers forced to provide the funds, they will then be forced to pay higher taxes. So they get fucked twice
Well said !
Of course that is correct. However, remember that had these payments never occurred, the people who are getting fucked 2x in this process, would have fucked themselves by killing each other while searching for food. If the government had not acted to prop up the system in 2008, this entire country would have fallen into the abyss. In the end, it will still fall into the abyss, however, those in power will have the time to plan for the mess.
also well said….hopefully we do avoid the abyss, but it might provide a good learning lesson….lol….i must be crazy to think that is partially true…..
The lesson to be learned is that credit is not free. Greed is a not good, unless it is used very carefully and kept in check. When greed is allowed to prosper unfettered, everyone pays for it. This is a lesson that could have been learned many times in history, but most of the population still doesn’t get it. This will end in the same way it ends each time, no one will learn any lessons, many will die, and life will go on… But, don’t expect that this country will survive in one piece. The masses have no concept of their own involvement in this mess, yet they will tear the entire country apart looking for others to blame for their own misgivings.
“this time is different!”
Frederic Bastiat — An economist of auld, but still revered by libertarians world over.
Von Mises and Hayek are also must reads — especially the latter’s Road to Serfdom, which could be subtitled “Vote for Obama” these days.
_________
yep yep
What’s everyone’s feeling about PEIX?
nice flag….stop out below $1.99 closing basis…. look to re-aquire below $1.63 if you get stopped out. If you re-aquire stop out below $1.42 and say good night
Paulson’s watch is a stage prop……who purchases such garbagio?
sell resistance, bitches.
“Resistance is futile,” then?
_______
Fly gets this better than the rest of you
I bought mid 6 figures of spy/bgu/fas calls in the last 3 days, will add to this if things stay low
the elevator MUST resume up
this Geithner/Bernanke sideshow is just that a sideshow
Prechter gets it wrong again
the worse the news, the higher the market
good luck slim
thats amazing, man.
Hope your right, I prefer a steadily rising market.
Would like to say I have balls of steel, but am hobbling around house after yesterday’s vasectomy with ice pack on my scrotum. Look at your charts, ignore the deliberate pumps around T-giving and Christmas, realize the truth.
Just like early July 09. I’m on vacation in Alaska, buying calls using my iphone on some shaky cruise ship wireless connection. Wife thinks I’m crazy. Two weeks laters I’ve quadrupled. She sees this and can’t stop using the equipment…
Helicopter Ben is going come come to the rescue at 2:15 and open a can of whup ass on the short sellers. QE extension is coming that will ignite a Bull Stampede!… BUY THE DIP!!!!
As I asked before, Psychobabbler,what the fuck is “QE”?
You were wrong YESTERDAY and you will be wrong today.
QED; The D is for Dipshitz.
“Quantitive Easing,” you barmy old fart.
Seriously, if you can’t keep up with the lingo, it may be time to pack it in. 😉
________
Sup (sic) with Paulson’s right angle pinky……is this the American form of Yakuza symbology
It’s all great Kabuki Theatre to appease the masses.
The other “dog & pony show” going on is just as retarded as this one.
iPad = giant iPod Touch.
Color me unimpressed. And I’m a huge Apple fan. The haters will eat this shit up!
Makes no matter, my kids will want it.
_______
Get them a Mr. Potato Head.
It’s fun.
Tell them “no,” and give them a book to read. Or kick them outside to play. (No idea how old they are, nor am I anywhere near qualified to give parenting advice.)
Damn, I’m beyond disappointed with this “revolutionary” Apple announcement. Steve, Phil, and Ive need to take their hyperboles and shove ’em up their collective asses.
My kids are all avid readers, even the 4 year old.
“Want” in my house, does not equal “get.”
(That’s Fly’s house).
__________
I figured as much. But this iPad has made me bitter.
Kind of iBullshit… like they rushed it out in a reactionary kind of way.
Not enough differentiation from the other products.
_________
Indeud.
Oh shit, everybody and their mother is releasing tablets/eBook Readers…better puke one out ourselves, too!
Travesty.
Triple bottom on the QQQs…for now…
Fly, for all your boasting of a high IQ, I can certainly say you have no fucking clue! It gets soo old. Do you actually believe that the pain is going to be less by printing more money in an attempt to offset an infinite amount of worthless otc derivatives that have no possible way of being valued at a mark that makes any of the large banks solvent. You cannot delay FASB 157 for ever and you will not have 40-50-1 leverage ever again. The Fed is going to have to print or commit to over 20 trillion by the time this is all done. The consequences of this will surely be worse than having the short term chaos of a dislocation in the bond market and the reset of level three assets. There are financial institutions in place that could have taken over the lending role after we came through the ashes. We would have been a much stronger nation. You are a “bankster” pushing your own self interest, just because you happen to be long today. That is classless and why our country is fucked..
As long as I can make $ faster than they can print, life’s fine. We’ll see about the banks, I bet they do better than you think. As for you, please move back to Oregon and get taxed more.
Our country was fucked long ago. This is simply the end-game of the fuckage. To believe for a moment that not kicking the can down the road one more time doesn’t discount the reality of the ignorance of the population. People are idiots, they bought too much useless shit, and believed they were entitled to it. The banks and bankers have no responsibility to save the idiots who were complicit in this bull shit. Had the government not acted in 2008, this country would have fallen apart into chaos with millions dead. Now that the can was kicked down the road a bit more, we will still fall apart. You are acting as though there was no problem prior to Lehman, which is complete and utter BULLSHIT. Where were you when the market was out of control in 1999. When companies with no value whatsoever were trading with market caps in the billions. Where were the congressional idiots then, how about the teabaggers… The truth is that everyone was complicit in this, and now we are all fucked. Blame the banks all you want, but in the end, they just played the game better than you did.
by printing and keeping rates low the banks have a opportunity to build reserves to help them offset losses on derivatives no? In the meantime inflation creates confidence, halts deflation, and allows for recovery to take hold. When your this far down the road of debasement I think there really is no other choice.
Your right about the FASB it can not go on forever, but a few years is plausible; should the worst occur in private & commercial real estate.
What is this $20 trillion? Is this a notional basis or a world wide number central banks have too cover?
There is not enough money in the world to pay for the debt incurred. It will take 10 GENERATIONS of slavery to pay for the massive debt that it took to build up the desert neighborhoods throughout the southwest. To believe there is anyway out of this is utterly idiotic. The bankers know it is purely impossible to recover from this mess, and they are simply preparing to leave the country with their families.
Of course they are. I’ve already got my Irish dual citizenship, money in B of I. Got yours?
on the one hand I hear you, but on the other when you look at Weimar, Japan, 1929, etc. it seems that it is never the final curtain……
Those nations have histories going back thousands of years. This country has only been around for 200+. The populations of Germany and Japan had roots in their countries going back a long long time. Their nationalism was the major driver to their goals in WW2. This country is the complete opposite of them. We hate ourselves and what we stand for. The implosion due to our lack of shared values (we only value one thing: greed), will be impossible to get out of.
Your comment is self-defeating. How can you on one hand imply the large amount of damage the Fed will cause through this supposed $20 tril printing via what I presume would be (hyper)-inflation, while at the same time declare that the fact that institutions will now be unable to leverage 40 – 1? The concept of hyper inflation and the dramatic lowering of leverage at lending institutions don’t sit well with one another. Educate yourself on M1, 2 etc. as well as the impact of other variables such as velocity on inflation and then come back and make an informed post regarding the impact and possiblity of hyperinflation, using FACTS.
Swordfish on Cinemax right now, much better than those bozos. Really liked the Oakenfold soundtrack, too. F’ing scrotal ice pack. Halle Berry gets me hot.
http://www.indexindicators.com/charts/sp500-vs-sp500-stocks-above-10d-sma-params-x-x-x/
I agree with Fly, the worm is turning. Do not be deceived by the low volume updrafts. The gvmt and proxies just wants to make sure there’s no trail….
The pols have tried to prevent pain but they should have allowed a washout – a cleansing like South Korea went through not long ago. The next crisis will lead to more debt and the proverbial camel’s back is near broken now. This game cannot continue forever – the end is near. GOVERNMENT IS THE PROBLEM, NOT THE SOLUTION.
so then this is a part of our evolution…since government is ultimately mere men…just the ones in government seem to be a little dumber than most….which brings you back to the smarter ones electing them…
Government is the problem…. LOL. You have no clue what you are dreaming up. You must have no children, and care about no one other than yourself and your delusions of grandeur, Government is a requirement because people like you don’t understand that society and all it offers has to be maintained and protected by an organized entity. When government no longer exists on the streets in a few years, I wish you luck in your dreams, just remember that there are millions of other idiots like yourself who will have no problem planting a bullet in your back.
Did I just stumble into zerohedge?
Where are you running to?
_____________
Running to the post office so I can write the Federal Reserve a stern letter about their monetary policies.
SPX 1094, already banking coin, you wenches
right motherfucking on !!!!!!!!!!!! LETS RIP THERE FUCKING HEADS OFF AND SHIT DOWN THEIR NECKS! LETS GO!! TALLY HO !! TIME TO ROLL!!!!
purple lips sink ships
Well noted.
_______
RC’s rally has arrived.
Long Live the Helicopter! He always comes through for the Bulls… Being long on Fed day is like money in the bank.