Economic Warnings from Patrick Byrne

Discussion in 'Wall St. News' started by flytiger, Sep 20, 2008.

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  2. Prolly Buffett got the idea from listening to Bryne, stole his prescient prognostications and warned the world in his letter to share holders in 2003. I hope Warren does the right thing and offers up an "atta boy" to Byrne.

    ``Weapons of financial mass destruction,'' was how the billionaire investor described the newfangled securities. ``The range of derivatives contracts is limited only by the imagination of man or sometimes, so it seems, madmen,'' Buffett said in his 2003 letter to Berkshire Hathaway Inc. shareholders.
  3. Warren shit the bed. He wouldn't help us. He thinks he's clever enough to go around with a dust pan, and sweep up the droppings for pennies on the dollar. Maybe he's that smart. What about the next guy? What the fuck does a 77 year old need with ALL the money? Viagra isn't that expensive.

    Patrick told me something one time from Zen, if that's the proper way to say it. He said, '.........happiness is planting a tree, knowing full well you won't be around to enjoy the shade."

  4. What I find truly disgusting is that so many people new what was going to happen many here on this forum.

    Yet nothing was done, these leaders wait for a crisis to unfold then act with tax payer dollars. Washington is a self serving. Truly un American.
  5. It's Saturday morning, and more information is coming in. This is truly , see my other thread, terrorism. I threw my thesis out there, and the powerful are confiming it. So ask yourself, is Chanos, Kass, Einhorn , Ackman,......... are they so greedy they are willing to destroy their own country for money? Do they deserve even to live here?

    Another thought came to mind as I was thinking of the disgusting display of scum that paraded across my screen yesterday. Actually, two thoughts.

    1. GE begging for protection. This is the owner of the network that gives these assholes the forum with which to beat them over the head, and destroy their stock price. I wouldn't protect them until they provide adult surpervison to CNBC.

    2. The precipice was almost breached when the reserve fund hit .97 bid. What was the reason? It owned Lehman paper. What happened to Lehman? The manipulators , I won't say short sellers, but I'll say 'manipulators', those that use rumors, the press, naked short selling, options, and legitimate short selling to destroy capital, forced it out of business so quickly, LEH never had a legitimate shot at righting the ship. Imagine, after seeing that mess, if they'd have gotten Merrill and Morgan. How much of that crummy paper would have hit money markets?

    It's Terrorism. I'm 100% sure. And those here that profit from illegal tactics should be hit with the Sedition Act.

    Oh. And I think Paulson did a creditable job. Without him, we're screwed. But as head of the largest whorehouse in Western Civilization, Goldman Sachs, how much of it did he cause?
  6. I agree. I sure would like to know how many people at LEH knew there was a hole in the boat. I imagine some regular guys figured it out but were helpless.

    But to further confirm you're point, WEB griped about the dollar for years - no one cares.
  7. By the way, my wife, who must suffer my shit on a daily basis, kept asking me, 'is the 9/11 date significant?

    The answer is, yes.

    The naked shorting problem and the funding of Hamas and all that has been known by George Bush even before 9/11/01. No one thought it significant that terrorists used our financial system for an ATM. Again, Elgindy was the key, and they locked him up. But nobody ever told the story so easily accessible on the web.

    And as I sit here seething, they should shut CNBC down for GP. To have that steady parade of, "its my constitutional right to fuck over America for my pocketbook, at the same tiime GE is begging for protection from short sellers, is truly beyond disgust.

    Nice Dylan Radigan moment in the vid. What a fucking putz. He needs to move to porn, where he can truly excel.
  8. Where'd all that easy money come from?
    Arabs and Chinese.
    Where'd they get it?
    You, every time you filled up your car and bought tennis shoes. They just recycled your dollars through Freddie and Fannie.
    I disagree with these guys saying that interest rates were not too low. Our real inflation rate may be twice what the government reports it to be. If so, why should anyone save income, and get a few percent, when those dollars are going to be worth 10% less next year?

    Gee, guess who sent me this.

    This board is supposed to be about traders? I've never seen so many "professionals" be so wrong, while a guy who runs a struggling internet business in the face of such massive manipulation has been so right.
  9. I guess this thread is as good as any to post my dismay. I don't pretend to be anybody but a Joe Lunch-bucket guy that's made a few bucks over the years, pulled off a lucky trade or two and now do more watching than trading. Thing is, I just don't see this bailout working long term, Seems to me it's like averaging down in some bullshit penny stock just to stay in the trade. I can't see how we as a nation can avoid some really hard times in the not too distant future. Just seems like a damn shame that those responsible will waltz away while millions upon millions of people will suffer greatly. Someone deserves a serious beatdown and I don't see any real change coming until things get ugly in the streets.
    #10     Sep 21, 2008