The communist manifesto: "But not only has the bourgeoisie forged the weapons that bring death to itself; it has also called into existence the men who are to wield those weapons -- the modern working class -- the proletarians. " 1. Abolition of property in land and application of all rents of land to public purposes. 2. A heavy progressive or graduated income tax. 3. Abolition of all rights of inheritance. 4. Confiscation of the property of all emigrants and rebels. 5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly. 6. Centralization of the means of communication and transport in the hands of the state. 7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. 8. Equal obligation of all to work. Establishment of industrial armies, especially for agriculture. 9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country. 10. Free education for all children in public schools. Abolition of children's factory labor in its present form. Combination of education with industrial production, etc.
Dude, you are TOO FUNNY! You can't be serious. The NYMEX is a spread market. 95% of the traders there are spread traders. Have you even been on the floor there? I have. And if you actually think that the NYMEX is a "Den of Thieves" . . . I wonder what you would call the S&P pit over the years, especially from 1987 to 2000. Seriously, you have no idea. You really don't.
I don't listen to Limbaugh, but I do know he was aginst MCain and his govt. intervention. I will attempt to find the Rose show. The posts I've read of yours I tend to agree with. Are you a Mark Zandi fan? He does lean left.
As opposed to your boy Steve Leisman, who passes himself off as an economic "expert", yet never has made a dime from the markets other than by using his prestigious journalism degree from the University of Buffalo. Santelli forever, Leisman never.
Yep, I have. Den of thieves. Never been in the S&P pit as I've always been in New York, but my very best guess is that's also a den of thieves - particularly the years you mention. Let's face it, most floor trading is all about ripping off customers either by getting regulators to encode economic rents for the people on the floor or by limiting competition either through regulatory restrictions or fighting electronic trading (eh, same thing, right?). The NYMEX oil pit just happened to be really good at all those things and when a trade came to the floor, getting a piece of it was impossible for anyone new. While all pits collude to some extent, the oil futures pit mastered it better than most. One example: the old timers like Bollinger know all the brokers and trained them to come to them with orders. So, instead of a broker bringing an order to the pit and announcing it so that traders can compete for the order, the broker whispers it into Bollinger's ear and Bollinger does as much of the order at a price he wants and only then does the remaining order (if any) gets thrown out to the rest of the pit. Yes, it's illegal and it happens all the time - particularly at the NYMEX. The fact that they put on a spread doesn't change the fact they are thieves. Did you actually try to trade oil futures or were you just visiting the NYMEX floor? I have no special information that Bollinger is any more guilty of participating than anyone else in that pit. I'm not singling him out, but he doesn't strike me as particularly bright (although, he's a genius compared to most of the commenters on TV). BTW....I'm not a dude
Part of the discussion ( and view espoused by Roubini ) was that there actually needs to be a reduction of the face-value of the homeowner's mortgage in order to give them incentive to not "walk" away . . . along with Roubini's idea to "nationalize" the banks with management that actually knows what they are doing so that we don't wind-up like Japan in the 90's with a bunch of "Zombi" banks making loans to "zombi" companies. The implementation of such a plan would be rather radical, but given that 2-6 U.S. Homeowners are already upside/down and that number will rise to 1/2 ( according to Merrill if housing prices drop another 15% ), it's certainly an interesting concept if we are looking to avoid a Japan-type "stagflation" that lasts for a decade. They (Fred Mishkin) also talked about the Stimulus Package, how China's is much larger as a percentage of GDP, etc., the need for GLOBAL coordination of monetary stimulus and policy. DC journalist correspondent (Nina Easton) had interviewed Geithner, Summers, and Christina Roemer - - - getting the feeling that SPEED was of the essence and the main priority above all else, etc. It was a very interesting discussion. Extremely thought-provoking indeed. The video is not up yet on the Charlie Rose web-site, but I imagine it will be shortly. http://www.charlierose.com/guest/grid/recent
When Fast Money was still a new show an ET poster claiming to have known Eric Bolling personally posted here that he (Bolling) was known on the floor as "Raging Bull Idiot" as per his "RBI" badge.
Don't be a Fool. When have I ever said that I'm a fan of Steve Leisman??? You really need to try and brush up on your Reading Comprehension skills. Right now, they are at the level of a 5th grader.