The Cramer Uptick threads are getting convoluted. While no fan of Stein, he was an Eturd shill in 2000, and in my mind, warped as it is, killed people and made my job as a broker at the time ridiculously hard, I point out his populist message, noting it's only the beginning.' (cool sentence, eh?) http://www.nytimes.com/2008/03/23/business/23every.html?_r=1&ref=business&oref=slogin Now look. All the greed and everything, you can get by in a market going up. Even guys not making it are embarrased to complain. But now? Squeeze Susy's ass by the coffee machine, and the Federal Marshals will show up. Here's what Wall St. will get in reaction to the last 6 years. The reaction, unlike physics, is never 'equal and opposite". Increased regulation to the point of stifling growth, led by a gay guy. They can get kinda pissy, no? I'd say, over three years, it would extrememly difficult for the big four, maybe three or two before this is over, to get any earnings momentum. http://www.nytimes.com/2008/03/23/business/23every.html?_r=1&ref=business&oref=slogin Uptick rule comes back. Don't care what you think, it'll come back. It stinks of the unmitigated greed that is Wall St. the "we have to have it all, and everybody else are suckers" mentality went past ten on the 'bullshit meter'. Now, we all pay. More and more sins will be uncovered in the Pension Markets, and the Guns and Badges will be all over the place doing the peoples' work. Stein was never there when we needed him to help. He was always puttin' food on his plate. But he is what you get when you fleece everybody, then bribe the cops to look the other way. Eventually, the little guy gets it, and gets the courage to come forward. I've said for a while, for reasons I won't post, Wall St. as you and I know it, is finished. I've known it since Christmas Eve. Now, you are getting to see it. Someday, you'll see the movie, read the book. Don't laugh, it's in the works. Remember, these morons like th brilliant Blankfein have no place to go. He's fleecing GS to get his now. A Good Friday downgrade told you what you need to kn ow. Somebody is going to say , "well he's rich". Yeah, yeah. I hear the James Boys did pretty well for a while too. I told you. It's over. And remember, we still have naked shorting to deal with. Maybe there is something else, but this alone is bad enough. Bear jetisoned at least on e postition we know of and it's looking for a home. It is a delisted stock somebody naked shorted the hell out of, knowing it's going to zero. But they need time, and gee, no one wants the position . Now, somebody is going to have to buy millions of a worthless stock in the open market, and jam somebody with a huge loss they can't take. Do you think it's the only one? Try, thousands. That's right. Add in the BB's and it's thousands. And somebody will say, "you've been talking like this for years, and I haven't seen anything. " And somebody's been banging your ole lady for years, and you haven't seen that either. Does that mean it isn't happening when, everynight when you come home, there's a cigar in the asstray? We got trouble here in River City. The river this time is the Hudson.
Flytiger, You have lived long enough to know how the game is REALLY played. As a consequence, you must know that your astute post will fall on largely deaf ears, as it will crush hope. Hope is what brings people to the markets, just as it brings people to Vegas, or encourages them to play the lotto every Friday. I agree with what you say, those that have made it, studied, speculated successfully, with be punished. We are greedy. We want everything. The masses, at the behest of the politicians, will come the gates of the rich, no matter what the rich do, and demand their fair share. It will not matter that the masses were lazy and did not make the sacrifices needed, they will still expect you to give away what you have, you greedy pig. Best Regards Oddi
Yes, yes. I do believe, my good man, it was best said by Marie Antoinnette, a few weeks before she Nutrisystemed her way to a 30# weight loss via the Guillotine, when she looked out over the masses and said, "Let them eat cake (bread)."
Flytiger, do you work with, or for, a bank of hedge fund? I ask because in all your rantings about the uptick rule, you never mention the subprime mess, which was the horrendoous fraud that dwarfs even the S&L crisis of the 80's. It is the greatest fraud in modern history. It is what is at the root of the current market problems, and it will be haunting the economy for years. Yet you, and Cramer, and seemingly now all the media shills are coming out blaming the removal of the uptick rule as the work of the devil. Oh, the evil shortsellers are causing all the problems. Blessed are the glorious bankers, Amen. Here is my two cents. Jail all the bankers involved in subprime for 20 years.
The people and machinery are all in place. You though scare me. Was hoping no would see what's coming until after the busy work starts. Throw your watch in the basket sir. Oh my, it's almost full again.
Flytiger, you wrote: "Increased regulation to the point of stifling growth, led by a gay guy." And i am trying to see the connection between the first part of the sentence and the last, or was this just your clever way of avoiding mentioning a specific name? I'd welcome some regulatory changes limited to the most agregious transgressions, but i am fearful that under the present climate in Washington any new regulations will serve the interests of investment and retail bankers at the expense of traders and investors. I don't see how letting the pigs determine the price of pork is going to be helpful. In other words, i don't trust the present administration to produce the kind of meaningful changes that would serve the best interests of all parties. I hope i am wrong. If we don't see something as glaring and as fixable as naked shorting remedied, then that will suggest to me that it is going to be "business as usual." And you can read "business as usual" in two ways, both of them correct.
Wait a minute. Are you suggesting that there is something wrong with being able to short without an uptick? If so, are you a Communist? No, I must be reading you wrong. No one on this site would be pathetically weak-minded enough to suggest that if a man correctly sees overvaluation, he shouldn't be able to profit from his knowledge, based on some airy-fairy notion of what's 'best for everyone'.
Of course not! You should first try to understand what "naked shorting is" before you get carried away with calling folks communist (which i could well be, but you would have no way of knowing that, would you?) Here is a hint, naked shorting has nothing to do with the uptick rule. Now go away and get a life.
FT, when she purportedly said that, it was in response to urgent warnings from her minions that the people were panicking, because there wasn't enough bread to go around. Her response, 'let them eat cake,' was interpreted as a flippant and dispassionate dismissal of the crisis affecting the masses in France. Obviously, if bread was nowhere to be found, cake could not be easily be procured, especially by the masses.
precisely, my god man. Which is why she got the haircut. I spoke to Barney Frank about this stuff a long long time ago. He treated me like some schmuck, and I was nice, but I would have loved to have gotten himi in a boxing ring. These guys are assholes. But Wall St. gave them the green light. And they'll run roughshod now, what everthe hell roughshod means. Now, subprime is horrible. I knwo about naked shorting. What else are they hiding. And the only they they can make money is by stealing. So, this has to be a sector short somewhere down the line, along w/NYC realestate, and what else? BTW. I've been on States to go after subprime. I explained to them how it was sold, even used Crames, I call him "Crames"l video about structured investments. Man, that is powerful! "What happens if this blows up?". " Who cares? Look what theyre' paying us to sell it." Yup. He put that down for posterity.