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apppro’s take for 06/27/2009 @ 09:00 am EST:

 

                I came across this article on Friday about a new documentary that is supposedly exposing the naked short selling of Sirius Satellite Radio.

Movie Sheds Light on Sirius Naked Shorts -- Seeking Alpha

I own some SIRI and have been following the saga surrounding this stock. In brief, what we have here is a prime example of people’s greed and hubris. The stock manipulation by a few big wigs in order to gain control of SIRI is just so ludicrous and contrived that it borders on true insanity. I really don’t have the energy or desire to get into it, so if you are interested you really should watch the movie.

Stock Shock

                What I wanted to ask is why hasn’t someone done the same for the bigger of the crimes – “The Shorting of America” – thru the entire destruction of our financial system. No reason to go back thru what I have been screaming to myself about over the past 2 years, BUT someone still needs to ask as I did in my 3/25 blog:

1. Who lobbied FASB to implement Mark to Market M2M, so that these short funds could rumorboard the mortgage industry into a state of chaos in order to cover their short positions on the underlying companies?

2. Who manipulated numbers so to convince everyone that 90% of all mortgages were failing when 92% are still good?

3. Who lobbied the SEC to get rid of the UPTICK rule, and who ran the so-called numbers to prove it was useless?

4. Who naked shorted so many stocks with impunity?

5. Who abused newly formed Ultra ETF's and was able to manipulate stock prices at market closes? (As Jim Cramer has alleged.)

6. How can these same short funds that initiated the destruction of the mortgage CDO’s based on scenarios which claimed that those CDO’s were worthless; now get Government money in order to buy those same CDO’s at bargain basement prices and with little to no risk?

7. Who abused and manipulated our system and made these fortunes, then paid little to no taxes on their outlandish profits?

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apppro’s take for 06/21/2009 @ 09:00 am EST:

 

                All I asked for was a short period of calm and sanity. Just couldn’t get it, could I? I’m not looking to make a vast fortune anymore, all I want is to wake up and not find that our Financial World is coming to an end. OK, it was what they call ‘Triple Witching’ this week. Not being an options expert, best way I can explain it is if you try to envision what happens right after a horserace finishes and everyone tries to get his or her money at the pay window. I go back to my “I’m Not Smarter Then a Fifth Grader” blog and pray, no beg, our politicians to bring some clarity and sanity back to our markets. lol Just look at this weekly chart of JPM Chase.

 With little to no news, a stock like this shouldn’t be so volatile. In one week it started trading at $35.00 >> went down 10% to $32.50 >> and then ended right back at where it started at $35.00. With volatility like this, how can anyone be expected to have any confidence in our financial markets?

                Now our Prez is trying to fix things by suggesting new regulations to our financial markets, and he thinks it will make a difference.

Obama: Financial Markets Face 'Substantial Overhaul' - Politics and Government

From what I’ve read and heard, all he has done is to add another layer of government employees to monitor segments of the market that are already being monitored by multiple layers of government employees. Just picture the employees of the Post Office being put in charge of supervising the overhaul of the employees of the Post Office! Get the picture!

                No where in these proposals does he do anything about ‘The Shorting of America’, or even suggest that there needs to be reform with how short sellers brought down our financial system. No where does Obama address the true causes of our problems: Fear & Greed!

                I still think that the best way to combat this issue is to get people where it hurts – THEIR WALLETS! Take away people’s incentive/profit to do something, and they’ll just stop doing it. Increase the taxes on stock profits, so that long-term investors are rewarded while ‘traders’, short-term investors, and short sellers are penalized; all with the intent of establishing a more sane trading philosophy & atmosphere:

Revised Tax Rules:

1. Capital gains under 6 months - 50% tax on capital gains

2. Capital gains under 12 months - 45% tax on capital gains

3. Capital gains under 1 > 2 years - 30% tax on capital gains

4. Capital gains 2 > 5 years - 18% tax on capital gains

5. Capital gains 5+ years - 5% tax on capital gains

6. Most critical of all — Institute a capital gains tax of 55% on ALL short sales not directly tied to a long buy by a licensed hedge fund. I'm tired of paying for the pure shorts 3rd vacation home.

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apppro’s take for 06/13/2009 @ 10:00 am EST:

                The Dow officially went into positive territory for ’09 and has now basically just cancelled out the last 6 months. What a waste of our time and money. Many who could not wait or were forced to sell will never see that money again. Deplorable!

Just deplorable! Also, as I predicted, the same shorts that caused all of this by taking down our banking system have now started to open their own banks with “Other People’s Money”!

I find this the most unconscionable outcome of all!

                Let’s move on. In order to truly declare this mess over, what we really need is to get back to where we were before the shorties took down Lehman Brothers in mid September ’08. Using the DOW as a base, this would be around 11,200. GOOD LUCK on that one! I think the best we could do would be 9500 by years end. But as seeker noted in his last blog, many of the old sins are being revisited. His example of oil speculators is just one. Likewise, rumors and naked shorting are making a come back; and the SEC has done nothing about that either. I am becoming more of the belief, hope, prayer.. that we’ll be very lucky just to stay flat at this level for the foreseeable future.

                All I (and I think most of the rest of you) want to do is to… wake up in the morning >>> go to work >>> and be able to come home without some pundit somewhere declaring that Armageddon is back. These past 9 months have given birth to one of the most deplorable transfers of wealth in history, and I for one want to make sure that the shorts get neutered and never have a chance of breeding like this again.

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seeker’s take for 06/09/2009 @8:00 pm EST:

seeker’s website: PointofLife.com

 

The New Propaganda Induced Oil Bubble by Michael Levy

 

Sadly, the lessons of the past few years has not taught the financial markets anything other that more of the same. The speculative insanity once again is allowed to get out of control. From a low of $32.00 a barrel a few months ago oil is trading above $70.00 a barrel. Without any signs demand will pickup on a global scale, and supply overflowing, one must assume the speculators still have carte blanche to push the price above $100.00 before the end of the year.

China is once again being used by the propaganda merchants. The fact is China will not expand its economy without the USA consumer sucking in 60% of its manufacturing goods. Since this will not happen any time soon, the money they are spending on infrastructure will run dry within six months. An even bigger collapse in the world economies is a distinct possibility if inflation in commodities continues to roar like a lion.

The only solution is to halt the speculation in oil prices by bringing in stronger control on who is allowed to trade oil contacts and to restrict anyone who is not directly related to the oil industry from trading futures. The question now is how effective is this administration from the past one at halting the speculative propaganda merchants in their erroneous, greedy tracks.

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apppro’s take for 06/09/2009 @ 08:00 am EST:

                Even the almighty (yeah right) Cramer is declaring that.. Enough is Enough! Guess he must be reading my blog, too! lol

Mon. June 8, 2009 6:01pm

Cramer On the Markets

                However, it is truly unfortunate that the Government has decided to enter the auto industry through their end run use of ‘eminent domain’. It is even more unfortunate that a few greedy pensioners’ from Indiana are putting everything on hold by bringing this debacle all the way to the Supreme Court.

Supreme Court Asked to Block Chrysler Sale to Fiat - ABC News

Come on people – like I’ve had to do with my stocks – take your loss and move on! _______________________________________

apppro’s take for 06/07/2009 @ 09:00 am EST:

 

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