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The Stock Room page 79
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(Continued from page 78) _______________________________________ apppro’s take for 02/25/2009 @ 8:00 pm EST: OK, I promise this is will be the last time, yeah right, that I mention: The 4 Golden Rules 1. Reinstate the Up-tick rule 2. Crack down on naked short selling 3. Institute some rules on what should be said on National TV to prevent rumor-mongering 4. Pass a Wind-Fall Capital Gains Tax of 65% on ALL short sales retroactive to 01/01/08. but Cramer went Bozo again tonight about it and even though I’m not a fan, everyone should listen to his latest rant.
Cramer finally loves Bernake and the banks! It does piss me off that he has totally stolen my thunder, but maybe someone will listen to him! They certainly don’t listen to me! I also am giving him his dues, because tonight he finally recognized what I have been saying all along: “Short sellers caused most of this crisis and MOST, if not all of the current downturn would not have been as bad if not for shorts gangshorting the financials.” _______________________________________ apppro’s take for 02/16/2009 @ 5:00 pm EST: Everyone MUST stop whatever they are doing and immediately go to this link. Bill Introduced to Reinstate the Uptick Rule There is an easy link to write your Representative, SO DO IT!!!!!!!!!!!!!!! _______________________________________ apppro’s take for 02/15/2009 @ 9:00 am EST: This is probably one of the best and easiest lists to use to see just how the so-called stimulus plan is going to be used:
The Stimulus Bills: House vs. Senate - ProPublica
Let’s start by taking note of 2 items:
I thought this was supposed to be a plan to rebuild our infrastructure and create jobs at the same time? They’re planning on spending ONLY $10 billion more on bridges then they are pissing away on some kind of health care programming aimed at getting everyone’s medical records on the internet. Hey, isn’t that what Google has been trying to do? Google launches online personal health records project PLEASE tell me that this stimulus package isn’t just bailing out Google! Now take a look at this video, Health Care Stimulus! This is what & who some of the money is being spent on! Deplorable! Just deplorable! And my plan to get Dollar 4 Dollar stimulus directly to the municipalities by way of the monolines wasn’t better? Yeah right!
Now look at the Tax Cut for us:
When it comes down to it, all that will come to is MAYBE $15.00 extra dollars in my pocket each week; and even if I do get stimulated, that wouldn’t cover the cost of the condoms! Obama said that this kind of spending IS stimulus and that jobs are jobs no matter where they are created. Fine, but then why the hell did he have all those hotel employees laid-off because he had the banks cancel their Company Research trips? Hey, aren’t those jobs too? “A person is a person, no matter how small!”
What ever happened to: BUILD.. BUILD.. BUILD. JOBS.. JOBS.. JOBS. DRILL.. DRILL.. DRILL. _______________________________________ apppro’s take for 02/14/2009 @ 5:00 pm EST: What have I been saying about short attacks causing the major part of this: _______________________________________ apppro’s take for 02/14/2009 @ 10:00 am EST:
I have been blogging that the issues now are not just getting rid of Mark To Market (MTM). I originally screamed about this nearly 1 year ago. (The Fix 03/22/2008) Mark To Market (MTM) - Investopedia.com Mark-to-market accounting - Wikipedia While not a main cause of the recent debacle, it sure hastened its downward pace. As a quickie: MTM forced financial institutions to lower the value of assets – these so-called toxic assets / CDO’s – to a current sale price. Well, as you know, these assets have been so badly rumorboarded by shorts that no one wants to buy them; therefore the banks are forced to value them down to maybe 20 cents on the dollar, if that. This in turn lowers the banks total valuation >> which lowers their credit rating (FICA score for companies) >> which creates more rumorboarding >> which lowers their valuation >> which… and this downward spiral just keeps recycling over & over. Eventually the bank, etc. goes to zero ala Bear Sterns & Lehman; and this Country just can’t handle any more of those! Actually, MTM is not a bad thing, it's just you can't: ******Change the rules of the game in the middle like they (FASB) did in November ’07, when they instituted MTM. Long term pricing scenarios could NOT accommodate for the short-term effects. It’s no coincidence that this entire crisis has its’ roots between July ’07 and Nov. ‘07 when they eliminated the ‘up-tick rule’ & instituted MTM, respectively. (This is especially true, because certain people (shorts) figured out the greatest shorting scheme of all time. But that’s another discussion.) Now we have an issue with getting people to buy these assets, so that our banking system can exist (and us along with it). As one main dickwade from Pimco said on CNBS 02/11 Pimco - CNBC.com, "I'm waiting to get a REALLY CHEAP price, and to hell with everyone else." OK, he didn't say it quite like that, but that was the gist. (The part I want you to listen to be about ¾ of the way thru.) We cannot allow greed to dictate this anymore and must now institute a few rules:
1. Suspend MTM immediately on ANY CDO, etc issued prior to 01/01/2008. 2. All assets already marked down - stay there. 3. Have a 10% write down* a YEAR on these assets, retroactive to 2007 - STARTING in 2010. So if something has been written down 20% already so to speak, then that's it thru 2010. This stabilizes things and gives the banks a predictable scenario to work by. 4. No ‘write-ups’ (Generally Accepted Accounting Principles) until we get some statistically significant sales of these assets. 5. AND get some forensic accountants in there and fix a damn STARTING/BASE price on these puppies already by designating DISTINCT mortgages. If they can’t within a determined period of time, then the assets become $0.00 and THE U.S. ATTORNEY GENERAL SHOULD SERIOUSLY CONSIDER PROSECUTING THE ISSUERS (people who invented & sold these assets to the banks) FOR FRAUD! We need to stabilize our confidence in our banks and that includes these assets; but if the banks can't get these things priced and/or sold in 10 years - well then stuff !%?!. However, we also cannot allow some greedy vultures to pick the banks clean, either.
*I did want to FORCE the banks to sell that 10% a year, but that just didn’t seem feasible.
And as far as that ‘stimulus’ plan of Obama via Palosic, well… forgetaboutit! Not only does it not address the: The 4 Golden Rules 1. Reinstate the Up-tick rule 2. Crack down on naked short selling 3. Institute some rules on what should be said on National TV to prevent rumor-mongering 4. Pass a Wind-Fall Capital Gains Tax of 65% on ALL short sales retroactive to 01/01/08. It has nothing to do with, nor does it even meet the slightest prerequisites of: BUILD.. BUILD.. BUILD. JOBS.. JOBS.. JOBS. DRILL.. DRILL.. DRILL. _______________________________________ apppro’s take for 02/01/2009 @ 5:00 pm EST: Whether you are a big investor, small investor, or no investor at all, you should take just 5 minutes and fill out this linked petition form. Self-fulfilling prophecies do exist and whether you want to believe it or not, but the tail does wag the dog. CNBS has used extremely biased reporting, negativity, and poor programming to boost their ratings with the end results we all now have to suffer through. Restore journalistic integrity at CNBC _______________________________________ apppro’s take for 01/17/2009 @ 5:00 pm EST: It's always easiest to blame someone who you THINK caused a problem mainly because they inevitably end up as the only visible entity trying to correct things. CEO’s make for some of the easiest targets for sure! But….
Oh, and please don’t forget that moron Chairman Christopher Cox of the SEC who gave all those bastard shorts the tools to short the crap out of America. Good riddens to him on Tuesday! _______________________________________ booyaah’s take for 12/11/2008 @ 6:01 pm EST:
_______________________________________ apppro’s take for 12/04/2008 @ 7:00 am EST: Looks like I may have gotten Mayor Bloomberg of NYC on the band wagon to fix the monolines. I had written Governor Patterson of New York a few times, but he never did say anything. Count on a true New Yorker to open their mouths! Go Bloomberg!!!!! New York mayor urges Obama to fix municipal bond market Wed Dec 3, 2008 6:48pm EST NEW YORK, Dec 3 (Reuters) - New York City Mayor Michael Bloomberg said he had advised President-elect Barack Obama's transition team to boost U.S. economic growth by fixing the credit markets so that cities and states can resume borrowing to build infrastructure projects. BUILD.. BUILD.. BUILD. JOBS.. JOBS.. JOBS. DRILL.. DRILL.. DRILL. _______________________________________ apppro’s take for 12/02/2008 @ 7:00 pm EST: While I am not all that thrilled with Jim Cramer, the King of Hype & Hysteria, I now think I may be in love. If he does run for SEC Chairman he’s got my vote!
I have to say that’s it’s about time someone else started to see the light. I now feel totally vindicated for all my past rants and pleas. The 4 Golden Rules 1. Reinstate the Up-tick rule 2. Crack down on naked short selling 3. Institute some rules on what should be said on National TV to prevent rumor-mongering 4. Pass a Wind-Fall Capital Gains Tax of 65% on ALL short sales retroactive to 01/01/08. BUILD.. BUILD.. BUILD. JOBS.. JOBS.. JOBS. DRILL.. DRILL.. DRILL. _______________________________________ seeker’s take for 11/24/2008 @2:00 pm EST: seeker’s website: PointofLife.com Questions by Michael Levy
Here are a few questions, amongst many more, that require truthful answers and none are being addressed on CNBC which supposed to report the real facts, not negative, personal slants. Most investors do not realize that their stocks can be lent out to short sellers if it is a margin (type two) account. A cash (type one) account cannot be lent out. Do you think the brokerage houses should inform their clients if their stocks are being lent to short sellers? I am told 401k's cannot be used to loan to short sellers. If this is true where do the big institutions get the stocks to shorts since most of the money in mutual funds is in 401k's? ETF index funds that are ultra short or double short are traded every day. Where do they get the stocks to short since every trade has to be shorting a large basket of stocks and will effect the price of every stock in that basket good or bad all go down together? With so many short index funds why is there no regulations on how many can be traded because of their massive leveraging, they have the power to take down the stock market in double quick time? Who is regulating the guests on CNBC, many of whom have ulterior motives to talk down the price of stocks they have short positions. By allowing such propaganda they can synchronize their short selling with other speculators who want to make a quick buck by following the short selling leaders. This is how the oil price reached $147 a barrel and the same type of propaganda is being used to try to magnify the recession into a depression by self fulfilling prophesies. So called expert intellectualized propaganda is driving down stock prices to lower than the book value of many companies assets. How come TV anchors have turned into market mavens who predict the direction of stocks in one to one discussions with each other? Surely they are on TV to ask questions and find truthful answers... Also, to read the news, not give personal negative slants with Perceptions, Ideas, Thoughts, Suggestions = PITS which many viewers I speak to regard as programs from hell. Why does the SEC allow billionaire short selling Hedge Funds to control the destiny of troubled companies that sends them into bankruptcy when they may otherwise be saved given time to reorganize? (Continued on page 80) |
