Cool title, no ?
Is this the Spitzer bottom ? Is Ms. Market within spitting distance of a bottom ? Time will tell, but that's my thinking. No need to be a hero, though. Be patient. Plenty of profits await the survivors. Follow the boxing adage: "Protect yourself at all times". Don't get stomped by the elephants searching for a new waterhole.
I write what I do or like. I don't "recommend" unless I know one's total financial situation. For example, I am selling much gold & silver to buy US stocks. Now if you don't have profits on old gold & silver investments, you need to think if buying US stocks makes sense. Maybe you already have enough. If so, wait ... be patient ... let the beefers play in the mud ... wait for them to head to the next waterhole and your existing holdings will go along for the ride. Don't get top heavy and risk falling off the elephant. I have to buy more US stocks to meet my asset allocation goals. You might not be in that situation. Or you might not own much. If so, consider making some buys slowly.
Far east Asia markets rejected US bearishness, rising about 1%. India also rejected US bearishness, rising over 1%. London is up a bit in opening hours.
So what do we learn from the Spitzer affair ?
Distrust the rich and powerful. Spitzer was a wealthy man who decided he knew better how the common man should live and how others should act. He craved power. He was a ruthless bastard who did some good acts, but obviously for unsavory reasons, mainly to get more power. A knave. Period.
Nietzsche wrote about the "will to power" that exists in humankind. That drive is quite strong in some ... dangerously. So distrusting those who want more power and are ruthless must be an axiom for the freedom-loving person. The US was created by trusting one with power who did not want power, namely George Washington. To me, we must evaluate demand by modern politicians for power on the Washington standard. If they do not show his characteristics of willingness to decline power, use judgment, to "live and let live" and not be ruthless, we should not support them or trust them.
Being a populist libertarian, you guess my attitudes about Spitzer's core actions. I don't even think hypocrisy is the most venal sin that the US press seems to make it. But Spitzer did violate the sworn trust with his wife and the implied trust of his children. That is his mortal sin. And if a public official breaks one oath flagrantly, how can we trust him with his oath of office ?
The 1990s gave us one example of that violation, which led to pardons of drug dealers for bribes. Let's raise our standards and foreswear support for such knaves on principle.
As long as prices hold up, I'll be selling more gold and silver all week. I buy US stocks with the money as I see good long term values.
Words of the Day
"Bathetic" - adjective [$10] from bathos (pronounced with long "a", short "o")
Bathetic means 1. characterized by bathos; 2. insincere or grossly sentimental pathos.
Sentence: Spitzer's bathetic statement yesterday seems to have been a self-serving attempt to do damage control as he did not announce his resignation.
"Bathos" - noun [$10]
Bathos means 1a. an abrupt, unintended transition in style from the exalted to the commonplace, producing a ludicrous effect.; 1b. an anticlimax; 2a. insincere or grossly sentimental pathos; 2b. banality, triteness.
Sentence: Spitzer's bathos at his press conference was surprising on the facts but is also quite suspicious and self-serving as I wonder if he is deferring resignation to await reaction to determine if he can stay in power.
"Panjandrum" - noun [$10]
Panjandrum means a powerful personage or pretentious official.
Sentence: The press delights in the fall from power of a hypocritcal panjandrum.
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58 comments:
McD reported huge same store sales gains in the US. In January, the stock got crushed when that number was a bit light and it's still down. Now what ? Bears were wrong on that one in reality.
Perception vs. reality contest continues.
spitzer LMAO!
4800 bucks for an hour.
probably not his first time. wud have been nice to see cramer involved.
i can see it now. cramer wearing a diaper and pacifer in his mouth. elliot riding a donkey. while the hooker is riding a tractor mower through the living room.
Before this mess is over do you think an entity like Fannie Mae will fail bunkerman?
no re FNMA, etc., mfl. I don't see the level of real losses as enough. This marking panic will peter out when defaults peak, likely this spring or sooner.
But it's gone on longer than I think it deserves.
FNMA has a line of credit with the Treasury. Congress would have to save it. It's too important to the economy.
This mess doesn prove thatthe libertarians were completely wrong in calling for privatization of FNMA+Freddie.
If FNMA and Freddie hadn't been under close supervision and under restrictions from OFHEO, they would probably be finished.
BEN!
Hmmm big new Fed programs.
I don't see Fed outright purhcases of FNMA, etc. But it's a lot.
Also, the outright purchases might follow as the facility matures.
Hmm, maybe Ben reads this blog ?
you can read the actual statement at http://www.federalreserve.gov/newsevents/press/all/2008all.htm
then click the March 11 link.
Lots of coordination with ECB, Canada, Swiss, BoE, etc.
Hmmm a new TSLF in addition to the TAF.
$200B in agencies, agency mortgage paper, non-agency AAA private label paper. For primaryu dealers: that is big banks and big investment banks and some foreign banks. Auctions begin 3/27.
More swaps with ECB and Swiss, etc.
BoJ supports and likely is in background if needed.
This will fund the margin calls and margin liquidations.
This program is big. The entire monetary base is $800 billion, so $200 billion TSFL and another $100 billion TAF is a lot.
Of course they might take this away from the base in Treasury offsets to keep rates at the target levels. We'll see.
So Battleship Ben gives bears a nine 16" gun broadside of armor piercing high explosive shells. Good move.
Still would like direct FNMA purchases.
hope you reader bears didn't go home short too much.
Ben starting 3 day short game lesson with Dave Pelz today
palyin at augusta this weekend
he doesn't wanna be bothered
i'll wait fot PA polls around april15th
if hillary is behind in them .......forget 112bux....i'll pay triple for y'all to play.......a dozen rollin rocks too
poor frosty
he's been waitin for a democratic sex scandal
and then it happens
but to a democrat that absolutely despise
lmaooooooooooooooo
uh...............i don't think the 'reader bears' have any complaints with the markets
if you read tha barrons article this weekend...........i think FNM shareholders will be wiped out
government will fulfill their obligations......but shareholders will be left holding the bag
Mern works at BSC? which department? mail room ?
Bunkerman...so the thesis is if spitzer if done goning down, so is the tape...fair enough.
Spinny is the king...long live the king...long fins on yesterdays close via short SKF 139.75...what a call...hail the king.
are frosty and spin lovers?
not that there's anythin wrong with that
i just think larry craig will get jealous
Uh ... frosty ... the Spitzer bottom connection was a joke.
just seemed like selling was drying up ... running outr of bearish reasons, etc.
Did buy some C and JPM near close yesterday.
Bear attack will occur.
Also thought the Asia + Europe rejections were significant.
loooooool Bman
frosty you are good
PS........lemme help you out Bman.......frsoty is a smart aleck wise guy........don't ever tkae any of his questions seriously
bunkerman do you think Ben and crew are concerned with the dollar?
Yes, as that is probably driing oil up now. The marginal buyer of oil is not US, hence $ pushes it up.
So this new policy might let then not pump so much through the overnight rate.
Still see 50 bps next meeting. But these projectiosn of sub 2% are not going to happen if they start buying FNMA, etc., instead of just Treasuries.
I wonder what were the "unusual" acivities Spitzer liked ?
:-)
where are the DOW 12000 helmets...the trading gods are angery...may need to toss some fins into the volcano.
do bloomberg-tv producers read this blog?
the host just said " is the american banking system headed for armageddon?"
perhaps they do, Abud.
We are obviously opinion leaders !
Taking Kelpies to sheep herding classes. Back before close.
Dear Sal (aka client #69)
Send mo' money...LMAOOOOOOOO
Ben furious
had to pull him out of the green side bunker lesson
BSC bankruptcy phone call
Bunkerman chasing farm animals...so here goes...this is just beefers raiding the fins to test the metal of the real buyers at mid-day...if they can pass the test they go higher, real buyers know value increased with today's action....xoxoxxo Ben.
rumor: Ben uses his putter out of the bunker....
looooooooooool putter
i used to do that first year i played
may need to go back that the way i played out of bunker last week
you shoot 99's..just pick it up and throw it Bud..no penalty.looooll
Bud plays willie nelson rules...liberal scoring at it's finest...spitzer/hildog approve this message.
loooooooooooooooool
what i like to do is when i can't find my ball.........just pick one out of my pocket and drop it.....no penalty
"i know it's somewhere around here.......guys behind us are waitin......we gotta keep up with the group ahead of us"
you pull those antics on the muni track in Scranton Bud and you'll find yourself hanging from a tree...
FXE...MLF59 has the bfh out...watching you.
LMAOOOOOOOOOOOOOOOOOOOOO...mfl's going to be my fri night league partner this year
Bunkerman consider BSC sir....getting cheaper by the day....trading at less than its recorded book value....with the name-with the customers-witht the capital infusion- is this a name that a big bank would want to take on sir?
Ben cooking up some bear stew today....have a dish tonight Bunkerman along with the "perfect martini"...
IFN...mr hunt off to corner india...sniffed out the beefer bear leaning and stomped on his sack.
lolol...the beefers certainly had the better of mr. hunt yesterday....thanks to Ben I get the last laugh...
beefer ping pong back????
i sure hope so
PS....did they reinstate the uptick rule?
GS hoping that ping pong is game on...looks like it wants to go out below the open.
the boys want it up 400...
the ole Spitzer rally....
GS green...the bear pole axing compete.
BSC is worth only book value, whatever that is. The high net worth, equity are business are OK; investmetn banking very small. That's it. Small firm now.
nice close at the highs.
please no IBD day #1...jinx indeed sir.
looooool
IBD follows the Nazz with thsoe four letter stocks. I follow the S&P. Market is still in rally phase as old intraday low was not taken out. A double bottom formation is in place now. A "W" is confirmed IF the recent intermediate high gets taken out by two consecutive closes.
hence no IBD day #1 count. :-)
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