Here are a few "truisms" that have repeated recently.
1. A firm that builds a new palatial headquarters will soon have financial problems: Bear Stearns.
2. A CEO/CFO who appears in a fawning interview will soon have problems: Lehman.
3. Hedges don't work in abnormal markets: Lehman.
4. Wall Street is grossly overpaid: Merrill Lynch's Stan O'Neal.
5. Politicians lie & obfuscate: Obama's "change" and "new ideas" rhetoric.
One obvious fact from this Rich Man's Panic is that the financial industry has been grossly overpaid for the past decade. Wall Street executives & traders get big pay, then blow up. Hedge fund managers get big pay, then blow up. Isn't it about time that pay was connected to "long-term" performance ? Or at least don't pay until the positions are closed out completely.
Ruling Classes
With the sycophantic media in its pocket, major groups in the ruling classes are now backing Obama's candidacy. He promises "change", yet his major policy seems to be to give the DC ruling classes a huge amount of money to use to sustain its power. How much of that money will be diverted to the ruling classes ? Will new regulations favor them or the common man ?
Words of the Day
"Heigh-ho" - interjection [$10] - used often in Shakespeare and was Rudy Vallee's signature line in early radio broadcaasts. Pronounced either "hay-ho" with the "o" long, or "hi-ho" with a long "i" and "o".
Heigh-ho is used to express boredom, fatigue, resignation, or mild surprise.
Sentence: Heigh-ho, Obama wins, promises "change". Zzzzzzzzz.
"Bromide" - noun [$10} and [$100 for meaning #4]
Bromide means, other than two chemical definitions and usages, 3. a platitude or trite saying; 4. a person who is platitudinous and boring.
Sentence: Clips of Obama promising "change" have become bromides for the unthinking. Maybe he should be called Bromide Obama instead of Barack Obama.
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69 comments:
so we are back to where we were a few months ago
american financial industry on the verge of collapse
armageddon is coming
Obama is a lowlife dirtbag.....he hates whites and jews
didn't the Bman support him in january ???
'grossly overpaid'
not sure what that means
No, I never suported him. I just listened a bit to try to understand what he was saying.
I preferred Hillary for the D nomination.
Always have been a McCain backer.
That is an expressive way of saying why are these guys paid hundreds of millions and then a year later, the firm loses billions.
they are a bit like a bunko man ... sells a dream, collects money, then the roof leaks.
I think the investment banks are completely doomed to revert to much smaller firms.
The trading parts have to be cut 90%.
The old investment banking business from fees and deals works great.
I beat up Hillary a lot, but that was mostly fun.
from the wsj today
The likely Republican nominee has set his sights on at least three groups of voters who have favored Sen. Clinton and claim large numbers in key battleground states: working-class Democrats, Jews and Hispanics.
Political strategists say Sen. McCain stands a chance at attracting supporters from these traditionally Democratic cohorts. "These are people who had a chance to vote for Obama once already and declined," said Todd Harris, a Republican consultant not affiliated with the McCain campaign.
Hillary wanted to hear from me
i sent her an email asking her to run as an independent.....i told her i'd give her 2300 bux on day1 if she did
if she doesn't ...that 2300 goes straight to john mccain
joba chamberlain looked really good last nite
die yankees die !!!!!!!!!!!!!
mern had better suport McCain .. he's always grousing abot "stagflation", but Obama's policies are sure to create it bigtime - just like the 1970s.
High taxes + regulation is a cause of stagflation as the supply side is cut back.
i have no doubt that under an Obama presidency + Pelosi with a 60seat house majority
i will be paying at least 40% in taxes
if the GOP goes below 40 in the senate......watch out......i am screwed big time...prolly 45% plus to the IRS
PS.....i do expect the GOP to get slaughtered in the house elections....maybe they can hold enuff seats in senate to filibuster
Wow Bud bitching about paying taxes....man that reverend has really implanted himself in your head sir....
Tiger made $127 million last year....does he vote GOP for lower taxes or does he side with the black man?
'that reverend'
looooooooooooool
PS.....when you make 127m........you pay about 15% in taxes....maximum.....taxes are not a voting issue for guys that make 100m
strike one sir....that was a joke
joba indeed...lmaoooo
oops
i came out of my shoes and took a big swing......uh.......i didn't come close to that slider
where's frosty?? i need some batting practice......i crush his pitches
it's practically impossible to pay less than 28% on ordinary income. The only ones who pay less are the hedge fund mamagers and the freeloading rulling class invested in municipal bonds.
typical sleeze balls kickin a guy after the fact...Heigh-ho dee di ho dee ho indeed sirs.....
re Joba.....lol...not Bunk
ADP good number.
Real data from thousands of companies ... not just a form estimate.
sleaze balls? is that worse than 'florida assholes' ???
don't worry spin.......phil hughes shud be back soon
lmaoooooooooooooooooo
not at all sir... the sleaze balls comment was said in jest.loool
Bud..nonono Bid John...you are the kiss of death...like Big John's doctor saying, skin issue, no problem, cover yourself in butter in sit in the arizona sun, it will go away.
im willing to take one for the team in 08.
im not thinking about my wallet when i vote.
obama/hildog.
mccain will take a dirt nap in november and another one shortly thereafter.
they cant be less fiscally repsonsible than bush, not possible.
BRING THE BOYS BACK HOME!
then make some glass!
for the record, no one that is left is a gud candidate.
DC wants to hold hearing over 8 belles death.
every senator and congressmen or women shud be tried for treason at this point! president and his cabinet as well.
LEH needs to take a nap and get it over with....tired of hearing about them....
Frosty needs to take a nap and get it over with it..........tired of hearing from him.....
Hmmm ISM services index over 50 means growth. Uh ... you know what I'm thinking.
does the Bman realize how silly he sounds with all this 'goldilocks rosy scenario' ??
we are in the middle of a nasty recession....end of story
I wouldn't call a mid-cycle slowdown "rosey" ... but you need a "decline" to get a "recession" - notice the root of "recession" - it's "recess", meaning go back.
+0.9% growth is not "going back".
Dear Sal
For the love of god son, jump on the obamayomama train. This is my last shot and I need major leauge hitters in the line-up...you ever see that cramer pimp swing the bat on sad money, you make him look like roger marris in 61'.
ps...keep your donation, use it for a lawyer, you don't have a major leauge eye.
pss...ask your pal mern for a referral...he farted and is now taking down JPM...someone is in big trouble.
Big John
btw, not going long LEH like I did last time out.
Losing money on those hedges was soooo dumb. Stunning.
The old line investment bankers there are great, but anyone can hire them.
bud the economy is not contracting.
it is growing below 1% and CPI (even according to the govts data) is almost 4%.
although looking at bens testimony yesterday, it does not look like he even believes in core anymore.
buffett doesnt buy it, nor does bill gross, the guy who wrote the model, or santelli.
it is what it is. and its called STAGFLATION!
bud how do u feel as hildog as VP?
slick willy wants it, how about u?
;-)
i don't wanna see Hillary as kunta kinte's VP
nfw
if she accepts ....i will be very very pissed at her
PS.....i think there is a less than zero percent chance he offers it to her
loooooooooooooooool
frosty with some serious heat
great post!!! funniest post by him since .....well...uh.....ever
it's about time he said somethin humorous
u watch obama gonna pick her and she will accept.
he needs to have a VP that is so revolting the KKK wont kim him.
plus that wud unite your stupid party.
big mac is a smarter more honest version of bush, but that has put us in a huge deep fiscal jam, and r alias r leaving us faster than the giants ditched bonds.
obama/hildog wud spin rush and ann coulter.
bud u got a rish limbaugh bumper sticker, on that BMW of yours?
does he come to you when he is out of little bluz?
tatum oneil,ROFL. i got pinched the first time i tried to buy in 7 yrs, THANK GOD! anyone who believes that thinx inflation is contained
;-)
burpgate status report...might have to wait for harvard law review position...obama supports the common workers right to spend all day on the net...right to work indeed.
burpgate?? huh?????????
i guess we'll have to wait another 6 months before frosty says somethin funny or witty
bob blew 1 by u buddy boy.
lol, burpgate.
ya i spend all day on the net.
ive done 97 tps reports so far today and no lunch.
this place is nutz. the harder i work, the more my the other peeps in the office hate me.
i feel like costanza in this place.
welp whether they like it or not, im learning stuff everyday and finally it is stuff that makes me marketable. so when mister dimon decides prime broker belongs in nyc, i can still find work in the god for saken industry.
i can tell people r getting more pissy with me becuase they all seem to be working harder now becuase if they dont handle something fast, i do it. they dont like that, but my boss does.
ive gone from a slut to a straight up sell out WHORE.
i got sick of being a bug. time to be the windshield!
Bunkerman...time to fire up those BAC directors...Ken Lewis needs to go...stanford ppfftt..grease the tank tracks with his guts.
AP Giannini must be rolling over in his grave watching what these hacks are doing to BAC....
joba chamberlain
phil highes
ian kennedy
"the big 3"
yankee future looks vey bright
lmaooooooooooooooooooooooooooo
loooooooooooooooooool
yankees fans gave joba a standing ovation after he left the mound in the second inning
who throws harder, ian kennedy or phil mickelson? mickelson was clocked at 62 a few years back when he thought he could be a pitcher.....lmaooooo
this BAC is really the old NationBank aka North Carolina National Bank.
The old BAC was a pos in the 1980s.
BAC can't go up until the CFC deal closes and all that uncertainty disappears.
BAC can't go up until the CFC deal closes and all that uncertainty disappears.
more like once the deal closes, and BAC lets all the garbage hit thier balance sheet.
LEH and BAC have taken out the MLK lows.
hmmmmmmmmmm.
i thought frosty wud strap on a set and say it with conviction that the MLK lows wud snap like a twig, but maybe in his old age he is less confident.
i still think if u like the QID at 68. u shud be loading at 39.
WB CEO best be swinging by monday luv letters and Lewis get's a pass for buying CFC...I think obama has found his man...Bunkerman for VP.
I didn't think that CFC purchase was bad ... they got a national mortgage franchise for zip.
But don't know how bad the CFC mortgage portfolio was. I figured that a hundred guys doing 60 days due diligence would figure it out.
BAC did pay the dividend in April.
maybe I'm not paranoid enough ;-)
has phil lost weight?? i can't tell ....cud be the new slim fit shirts he wearin
he still has man-boobs
'62'
lol.....but that was his change-up........kennedy's fastball only about 75
If Lewis cuts the dividend, I'll be in his lynching party ;-)
"figure it out" indeed...Lewis said buy the sucker...100 men 2 months to justify the purchase.
Hmmm I see there was a conference call with Deutsche Bank on Monday. I wonder what he said ... or didn't say.
Co sees no reason to cut their dividend at this point... As for Countrywide (CFC), co says they did not believe the housing had bottomed when they made the deal; still expect further disintegration of the housing market; thinks the combination will be strong and if they 'are in the ballpark on marks' it will be a great acquisition;
Hmmm ... not sure I like that "at this point" ... sigh ... heigh-ho
Ben at Harvard today with his classamtes and elites like the Bman
'i am with the common man'
pfffffffffffffffffffft
I guess lower oil isn't the spark to start the next great bull mkt....babblevision indeed....idiots
He's getting a lot of rain at Harvard today. All day heavy rain.
is pac man there too?
jerry jones back running the boyz.
TO, tank, pac man, jessica simpson, romo.
if they dont start hot and win it all, that is going to be one funny ass dark comedy.
die BOYZ die!
ill be in jamaica for the super bowl. be nice if the birds were in tampa, while im chilling with bobby in negril watching the game drinking a few hundred red stripes.
237 days and counting!
Ben a harvard and MIT grad????
Hmm wiki says yes. Harvard & MIT
uh oh ... close parallel to me excpet I had Harvard Ph. D. in Astrophysics sandwiched between.
uh Bud...don't fire up bunky for a round of ben hero worship....he does my bidding, xoxoxo ben...can I fill your water bottle sir.
lol ... yes, when he obeys, I like him.
is Harvard in the Ivy League?
Harvard yes. MIT - no.
at least as the League is a football League.
MIT football is pretty bad - like a high school team or small junior college.
strike one bunkerman.....can't believe you swung at that one sir...
oh man. Guess I'm credulous today. :-(
mfl with the '62' mph fastball right down the middle........and the Bman swung and fell down
lmaooooooooooooooooooooooooo
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