Going to hell in a hand basket

Discussion in 'Trading' started by trade555, Jul 12, 2002.

  1. The worst of this isn't going to be the lost wealth, although that is very bad. The worst could arguably all the self-righteous grandstanding by the left that will result in legislation that suffocates free enterprise.

    Already WSJ has a front page left column propaganda piece floating the 'what kind of <i>sweeping regulation</i> will save us from ourselves' trial balloon.

    Lenin must be laughing his skinny socialist butt off, wherever he is (unless he repented on his deathbed).

    I never thought I'd agree with Roger Altman, but his editorial in Tuesday's Journal was a bullseye: the <i>market</i> sufficiently punishes its own.

    Save us from the politicians. The market is merciful compared to them.
    #71     Jul 24, 2002
  2. Dam we are going down. Does anyone have a parachute.
    #72     Jul 24, 2002
  3. Rigel


    I think it was Enron who agreed to sell JPM a couple hundred million dollars worth of oil (the bank is now an oil company?), JPM paid for the oil ahead of time (a loan), and called it a "prepay" which was booked as revenue on Enrons books, when they had already verbally(verbally so it wouldn't be in writing because I gather it would be illegal)agreed to cancel the deal before the oil delivery date. Presto-chango, a debt is called an asset. Nod nod, wink wink, say no more, say no more. Doesn't seem right to me, dishonest, like lying.
    #73     Jul 24, 2002
  4. trdrmac


    Does anyone know where I can buy the "Complete Idiots Guide to Being a Crack Dealer?"

    I keep thinking back to an article I read in the WSJ in late 99. There was a guy who sold his whole portfolio and bought gold. At the time I thought, boy what an idiot. Funny how a few years can change everything.
    #74     Jul 24, 2002

  5. That's right chas. The capitalist system and business's pursuit of profits is all we need to insure ethical dealings, an unspoiled environment and the betterment of mankind.
    #75     Jul 24, 2002
  6. I am hearing a lot of talk about support levels and 7500 keeps popping up over and over. I have even heard a popular fibonacci guy say 7523. The vix is high, the volume is high, the media is in a frenzy, AOL has the market drops on its main screen when you sign on, Gold has cracked, etc.
    #76     Jul 24, 2002

  7. Well, no, I didn't say <i>the capitalist system</i>. I said <i>free enterprise</i>.

    Captialism is a subset of free enterprise but, from Rand's perspective, is a morality unto itself. That position is obviously bankrupt morally.

    'Free enterprise' imposes no morality. Its very survival depends on the morality that its participants bring to it. Like our constitution, it reaches its fullest potential (like liberty and justice for all, feeding and educating the world) when its participants are a <i>moral</i> people.

    For more thoughts along these lines, I suggest a critical reading of the Constitution, the Declaration of Independence, and the various writings of the founders.

    --<font size=1>John Adams, 2nd President of the United States. </font>
    #77     Jul 24, 2002
  8. all the lack of integrity will shine through. When the end is near we will all see that the game is really a game and it is time for a new one. We all have been part of the lies and deciet of earnings. The banks take the poor mans money and then loan it to the big boys. Now the big boys say goodbye and the small mom and pops are still running with cash on hand.

    MOMandpop.com should have been a winner. OOPS couldn't get funding. To all the traders out here short the market and go on vacation. Come back at 5000 on the dow and 800 on the Nasdaq.

    Here is why: the end of the year selling hasn't even began. Portfolio dressing is not here yet. And most of all the tax selling is not here yet. Also the end of the year firings will drive the market lower as workers cash out their retirement plans.

    On the bright side the shorts will be making a ton of cash.

    #78     Jul 24, 2002
  9. We have always preached that the markets are just a "poler game" filled with all sorts of "players"...some reputable, some scoundrels, most clueless.

    It is the ability to recognize the players and play the game to your own advantage that sets traders apart from the rest. Lack of opinion, ego, and stubborness....makes a good trader.

    Let the markets sort themselves out...


    #79     Jul 24, 2002
  10. Incidentally, the capitalist system <i>is</i> doing a pretty good job of punishing scoundrels and fools alike.
    #80     Jul 24, 2002