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The Stock Room page 15 |
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(Continued from page 14)
I’m still waiting for my refund at the register we were promised from the Dickless Durbin Amendment that was sneaked into FinReg at the last moment.
If the banks had arranged this latest credit card fee charging disgrace, everyone would have been screaming bloody murder!
WHERE IS THE OUTRAGE? Where is the fairness? What is wrong with everyone? _______________________________________ apppro’s take for 07/14/2012 11:30 am EST The Whale’s Ahab: Mark-to-Market Strikes Again!
This is what happened to JPM’s Whale trades and the current discussion of “intent”. JPMorgan Claim of Possible Trader Intent May Help Bank - Bloomberg For the most part we ONLY had 2 parties trying to create a value of the Whale’s purchases. 1. The Whale himself who OF COURSE is going to value his purchases at nearly full value. These were LONG-term items and therefore it was his “intent” that in 10 20 30 years they should be worth close to, if not at their full value. 2. And the SHORTS whose ONLY “intent” was to drive the value down as close to $0.00 as possible so they could cover. That’s it… those are the ONLY 2 parties involved; so when it came time to employ that dreadful M2M whose value do you accept? I could just imagine what the conversation was in the dungeons of the shorts who were trying to destroy the Whale: “Hey guys, sooner or later the Whale is going to have to use that joke of an accounting rule M2M. All we need to do is keep shorting it and shorting it until we can rumormonger everyone into believing the value is 50% less. There are NO other parties willing to or thinking about buying the Whale’s purchases, so he will be forced to M2M the value at 50%... and WHOOPS there it is… we make a killing!” It’s no coincidence that our 2009 crisis ended in March when FASB ended most, but not all of M2M. GET RID OF ALL M2M ONCE AND FOR ALL! _______________________________________ apppro’s take for 07/08/2012 08:30 am EST You can lead a horse to water, but you can’t force him to drink! I really can’t understand anymore how some of the people in charge everywhere are thinking. Does NO one remember the old adage? You can lead a horse to water, but you can’t force him to drink! Well it appears that Mario Draghi, the head of the ECB has not. After lowering the interest rates to .75% over there he decided to also reduce the ECB’s deposit rate to 0%. Now if a bank or anyone wants to leave some money in Europe for safe keeping they really get NOTHING-ZERO! What the hell was he thinking? Well, what he was thinking was that if he lowered that to 0.0% that the banks would be forced to make more loans since they were getting 0.0% if they just left it there. Bad idea, really bad execution! The banks aren’t making many damn loans BECAUSE NO ONE WANTS THE DAMN MONEY, and the few that do want it can’t get it because they NEED the money therefore they have NO CREDIT, so they won’t get the loans anyway! So, what did the banks do? JPMorgan, Goldman Shut Europe Money Funds After ECB Cut - Bloomberg What the hell do you expect! Now there has been some talk that Bernanke should try that here too. IS EVERYONE FRIGGEN’ NUTS? I got an idea, right now tons of money is sitting in bloated Treasury’s bond funds doing absolutely nothing. How many jobs are being created by this? About the same as the interest being earned: 0.00000. How about if we get Pimco and a few others to try selling those bloated Treasury’s and start investing it in growth and prosperity, and not their own damn profits! As big a waste as the ‘useless gold’ bubble was as displayed in my ‘Best Quote of 2011’ to the left, this ‘bloated Treasury’ bubble is a FAR GREATER WASTE OF RESOURCES!
Libor “Grading on the Curve” circus.
What really should also be a HUGE outrage is how many in the media are trying to take the newest TMZ’ed financial news to a whole other level. Did we NOT learn anything from the media’s abuse of the ‘robo-schmobo’ catastrophe? Now the media wants us to waste another 2 years investigating and suing over what really is not as big a deal as they want you to believe. Don’t want to listen to me again, listen to the outrage by these 2 experts and the way those jerks on CNBC try to push the Libor “Grading on the Curve” circus. And please don’t get me started on the numerous and totally biased ranting’s in the New York Times! _______________________________________ apppro’s take for 07/01/2012 09:30 am EST Creation vs. Cause! Cause & Effect! I wrote this 3 years ago. Still the truth. apppro’s take for 09/16/2009 @9:00 am EST: Let’s take a brief look back at New Orleans & the Katrina hurricane disaster. What ‘CAUSED’ the disaster? Katrina came on shore as a Category 5 storm, but the initial storm surge did not cause the levies to break or to flood the city. I’m sure it didn’t help the situation, but it wasn’t that. As Katrina moved on shore and over the city, nearby Lake Poncetrain was pummeled by 125+ mph winds & they say over 10 inches of rain per hour. Eventually that did it and the levies couldn’t hold back he waters any more. Bye.. bye New Orleans. So, if you had said the winds and rains of Katrina ‘CAUSED’ the disaster, you would have been right. If Katrina had been slightly weaker, or had hit 50 miles east or west, we may have not had the disaster. Besides from the obvious fact that New Orleans should never have been built there in the 1st place; it was years of poor Federal management and bad levy maintenance that actually ‘CREATED’ the underpinnings for the disaster. HOWEVER, it was the short term rains and winds that ‘CAUSED’ it. If the winds/rains had been less, the levies wouldn't have failed and we wouldn't have had the disaster. The levies had never been maintained or even built for a storm like Katrina. People may have been living under an umbrella of false confidence that all would be maintained, and that confidence was easily destroyed by a storm no one wanted to believe would ever come. Those were the beliefs, assumptions, etc. we had all come to accept and live by. However, the ‘powers to be’ had already decided that Armageddon was required IMMEDIATELY, and all the future plans to fix the levies was just a waste of time. The same goes for our entire financial system & economy as a whole. Years of ill conceived Federal deregulation, increased leverage by banks, decreased savings by everyone, and a greedy consumer who wanted it all and wanted it now… those things actually ‘CREATED’ the underpinnings for the disaster. Those were the beliefs, assumptions, etc. we had all come to accept and live by. BUT, it was the intense abuse of ‘mark to market’ (M2M) by short funds, extensive and uncontrolled rumormongering, no uptick rule, & relentless naked short selling that actually ‘CAUSED’ the disaster. If the short funds hadn't been allowed and promoted by the media to bring everything down so quickly and violently by destroying our confidence, we could have worked things out in a timely manner and prevented all this pain. However, the shorties had already decided that Armageddon was required IMMEDIATELY, and all the future plans to fix the financial system was just a waste of time. While some still are trying to fix a few of the inadequacies of our investing market system, the above has been lost in our desire to place blame on the CEO’s of the nation and to hail the doomsayers and destroyers as heroes. _______________________________________ apppro’s take for 06/29/2012 05:00 pm EST A Total Lack of Social/Any Conscious! Please read these 2 stores, and while you’re reading please pay close attention to the tone and to whom the authors keep blaming for the ills, while at the same time bestowing praises on those that brought those ills to light. JP Morgan: From 'Predator' To Wall Street Prey - Seeking Alpha How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan - NYTimes.com · Does NO one else out there find that this kind of hedge fund predatory behavior is just plain WRONG? · Does NO one else out there see that MORE is being DESTROYED than CREATED? I’m sorry everyone, but to me what these hedge funds did to JPM’s whale trades was exactly the same as what others did to our mortgage markets and then what others did to our financial system. This blatant GANGshorting with no other design in mind then to make $ at ANY COST is a waste of our precious national resources and confidence – what the hell are we condoning here? If you agree with the logic & behavior & praise bestowed upon the shorts that hurt JPM, then I guess we can take it one step further and give those boys who tormented that bus monitor medals for pointing out her ills too. You say it’s not the same – bullshit! IT’S EXACTLY THE SAME! And what’s worse is that we seem to give a big pat on the back to these shorts, basically saying, “Job well done. Can I be like you?” Ask yourself: “What good did shorting those JPM holdings into the ground do?” “How was ANY greater good served by this?” “How many jobs were created by this shorting?” “How many jobs were lost by this shorting?” “How much tax in % did these shorts pay as a reward for their destruction?” I can keep going! What is wrong with everyone? _______________________________________ apppro’s take for 06/27/2012 09:00 am EST “The Confidence Man” runs us ALL Full-Circle
Why Did David Einhorn Publicly Attack Lehman Brothers? -- New York Magazine While this chart pretty much tells you why (that is besides from obvious fact he wanted to cover his shorts)
the fact remains that Einhorn’s main grief was with Lehman’s financial stake in Stockton, CA’s housing & mortgage boom. David Einhorn, Greenlight Capital, “Accounting Ingenuity” May 21, 2008 Well, everyone I guess we have Einhorn to thank for this too:
Thanks David – you saved us all from prosperity and well-being. Thanks again! You da man! One last note: unlike other so-called creative destructionists—WHAT EXACTLY did Einhorn leave in his wake? _______________________________________ apppro’s take for 06/26/2012 06:00 am EST “Traders/Traitors Market” is back? The bane of every investor or every person just wanting some jobs, growth, stability is = traders/traitors. The Trader Decade should have ended long ago, but no… here we seem to go again. (Continued on page 16) |
