Thursday, June 25, 2009

Sigh ....

Sometimes being right over and over again wears on one, especially when, if the ruling classes had listened in the past, much of these economic troubles could have been substantially mitigated. Here's another example.

FT: "Gary Gensler, chairman of the Commodity Futures Trading Commission, the US derivatives regulator, on Wednesday signalled the Obama administration's desire to extend oversight of hedge funds, saying they had “destabilised” the financial system by causing “runs on liquidity”. "

And: Mr Gensler also praised a US Senate report released yesterday that accused commodity index traders of causing a bubble in wheat futures prices last year. The report, issued by the Senate Permanent Subcommittee on Investigations, argued that big wheat purchases on the Chicago Mercantile Exchange pushed up futures prices, disrupting convergence between futures and cash prices and increasing costs for farmers and consumers. Carl Levin, the Senator who released the report, said the CFTC must “change course, rein in commodity index traders and clamp down on excessive speculation that is disrupting commodity prices”.

Hello Senators: They did it in oil, too, last summer. That run to $150/barrel hurt the consumer at the worst possible time last summer.

This whole Wall Street-Hedge Fund swamp is full of hogs wanting to sell crappy products, create bubbles, and in general simply rob the common man of fair prices and stability.

Of course, now they hire ex-Treasury officials and ex-SEC officials to lobby against new financial regulations.

The Fed Decision

The Fed, as expected, left interest rates unchanged after a two-day meeting and repeated that borrowing costs would stay exceptionally low for some time.

“The Fed is on the record as saying they are in no hurry to raise rates,” said Larry Kantor, head of research at Barclays Capital. The US central bank also made no change to its quantitative easing policies as it said the pace of economic contraction appeared to be slowing.

ECB plays Catch-Up

Meanwhile, the European Central Bank pumped €442bn ($617bn) into the banking system, at a rate of 1 per cent in its first offer of one-year funds – more than analysts had expected. Lorenzo Bini Smaghi, an executive of the ECB’s executive board, said that banks must now lend on the funds they had borrowed.

CA Nightmare

FT: "California’s controller said on Wednesday that he would have to issue IOUs in a week if lawmakers are unable to quickly solve a $24bn budget deficit, as the state’s treasurer plans to tap a reserve fund to meet debt service costs."

The multi-decadal folly of that state comes home. That's fine with me. That State is one of the most rapacious in existence. I do some business there and I know firsthand how unfair they are.

Markets

Doing nothing. I still have my list for adds on a dip.

Word of the Day

"Fatuity" - noun {$10]
Fatuity means 1. stupidity, folly; 2. a fatuous remark, act or sentiment.
Sentence: The colossal fatuity in the US Congress sometimes overwhelms me.

Słowo Tygodnia

"Niegodziwiec" - noun, masculine; the genitive is either niegodziwcze or niegodziwcu. Interestingly, given the meaning, the word sounds a bit like "nogoodnik", that humorous word from the old Rocky & Bullwinkle Show.
Niegodziwiec means rogue, knave.
Zdanie: Bunkrowiec myśli, że większość polityków są niegodziwcy.
Sentence: Bunkerman thinks that most politicians are knaves.

66 comments:

Bud said...

because gary gensler said it.........makes it true ?? huh ??

aren't you the one that always tells be to be more skeptical of what i read.............isn't gary gensler a washington bureacrat looking for more power ?? or since he agrees with you......


what a bunch of thumping tosh

mfl59 said...

"Sometimes being right over and over again wears on one, especially when, if the ruling classes had listened in the past, much of these economic troubles could have been substantially mitigated."


Are you referring to yourself as "one" bunk? or that niegodziwiec from the tank?

Bunkerman said...

Uh Bud ... when they agree with me, they are correct.

Bud said...

california is paying the price for it's wasting money and wacko lefty regulations...........they brought it on themselves


hello moon cricket.....are you paying attention ??

Bunkerman said...

I am the "one" who has been correct about the hedge funds and a good amny other matters.

That niegodziwiec who runs a "tank", among others in there, vehemently disagreed with me.

Bunkerman said...

I improved my "zdanie". Slowly learning that language.

Bunkerman said...

It feels good to be able to write a complex sentence in Polish.

Spin-em said...
This comment has been removed by the author.
mfl59 said...

cant keep shedding jobs like this Bunkerman....the common man is still bleeding....

Bud said...

is the recession over ??

Bunkerman said...

I wonder if the sun will ever shine here again ?

Spin-em said...

sarcasmo......lol

Bunkerman said...

lol, yes, meant literally (for here) and figuratively.

Bud said...

good luck and go get'em !!!

Frosty said...

11.5%...I think we have a winner.

Bunkerman said...

yes, I fear in July I will drop to #2 and frosty will most into first place.

mfl59 said...

We want Brazil!!!!

We want Brazil!!!

Feliz cumpleanos a Bud...Feliz cumpleanos a Bud...

Frosty said...

Bunky...I seem to recall you let hadji slip in an unemployment bid a couple months after the pool began.

mfl59 said...

Bunky what was my #? 12.5%?

Spin-em said...

spinny said 14%I think lol..Im still in the game baaaaby!!!

Spin-em said...

Ben..put the know it all panel under oath and ask em who isnt having a lil dish on the side!!

Bud said...

brazil -450 south africa +1000



yes.......we want brazil !!!!!



'keep it respectable boys'

Bud said...

i don't know what that means...........nor do i have any interest in spanish


i do like the B'wiec with the polish



PS.......how do you say 'suck on this frosty' in polish ???

Bunkerman said...

Bman - 8% :((

Frosty - 11.5%

mfl59 - 12%

Spin - 13.45%

Bud ... cluck, cluck, das Huhn.

Bud said...

hello mern ........what did you predict?? 25% ?



depressflation indeed

Bunkerman said...

not sure, Bud ... these often don't translate literally.

Hmmm I see the basic construction, but I'll have to work out the correct endings.

Bud said...

you scumbags need to be nice to mern............and invite him back



philly fbi.........pfffffffffffffft

mfl59 said...

i think mern had 41%....

Spin-em said...

Bud

"Moja droga ja cie kocham jim"

Frosty said...

Bunky your heros on the hill have broken orbit...even with the benefit of 20-20 hindsight they have no clue...they are boxing themselves in and if you are wrong, that addtional stimulus will not be required I think it would not be forthcoming or at best would be far to late.

we won the first battle but is the war over?

ps...how do ya say loosen the turban wrap in flazzhole.

Frosty said...

fbi...mern in trouble again...he get busted at the airport coasta rica bound.

Frosty said...

Dick Morris reads this blog:

Have you ever heard of a "depressflation"?

No surprise if you haven't. It's a term I coined myself, to describe the imminent
-- and inevitable -- result of the Democrats' plans for "rescuing" the economy.

mfl59 said...

Dick Morris

lmaoooooooooooooooooooo


he and Bud' boy Sean Hannity are some 1-2 combo...

Spin-em said...
This comment has been removed by the author.
mfl59 said...

"jim" Nie zapomnij o mojej karty trzepnąć pierwszego dnia miesiąca

Bunkerman said...

hmm I suspect an Internet translation service at work.

I do it the old-fashioned way.

Spin-em said...

mine is from Bobby Vinton.....lol

Bud said...

lmaooooooooooooooo spin


seems like i touched a nerve ............sweeeet



'mission accomplished'

Bud said...

dick morris makes me puke.............i hate him...........almost as much as i hate frosty

Spin-em said...
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Bud said...

Bman what coal stocks do you own ??

Bud said...

AGO good one bob



PS.............can you please tell me a little bit more about the company ??? and why you liked it ??? what did you see ??

Frosty said...

Bud wants to know if you own WLT...shark stick it in ya today...I think so.

Bunkerman said...

no coals

Greens will kill that industry eventually.

And price of NG is so low, utilities will switch.

Bunkerman said...

oh I have WFT, too, in reply to y'days Q.

Bunkerman said...

well, BHP has lots of coal - they sell to China, etc.

mfl59 said...

Bunkerman do you have any Polish blood? of al lthe languages out there Polish doesnt seem all that enjoyable...no offense of course...

Frosty said...

LMAOOO...I see Mike senses how late in the week it is and the need to turn it up a notch.

Bunkerman said...

No Polish in me. Mrs. B probably has a good bit.

But it's similar to Russian except for the alphabet & I suffered two years of Russian at Harvard.

So I get some value from all that pain.

It's got quite an interesting history, too.

Bunkerman said...

Actually, the grammar is like Latin, too.

I enjoy learning it a lot.

Bud said...

don't listen to ace Bwiec..............love the polish.........keep them coming


he's a loudmouth obnoxious jerkoff.......not a surprise though.........he got some yankee blood in him

mfl59 said...

"he's a loudmouth obnoxious jerkoff"


lmaooooo....you are gonna have to do a bit better than that....


"mission accomplished"


"keep it respectable"

Bud said...

let's go BRAZIL !!!!!!!!!!!!!


beat these kafirs !


PS.........Bwiec.........you know what 'kafir' means ??

Bunkerman said...

yes, Bud.

Frosty said...

"No Polish in me. Mrs. B probably"...some pollock bout to get his aazzz kicked...I think so.

Frosty said...

sorry Mrs B....private mail from aazzhead...he is such a scumbag.

Bud said...

Bman what are your thoughts on the proshares 3x etfs......UPRO and SPXU

Bud said...

too late you cum sucking jizz swallowing lowlife dirtbag douche.........bob really is a disgusting pig.........and then like a pussy he tries to back away and blame someone else for his despicable comment



PS...........still wanna be friends ??

Frosty said...

seems like i touched a nerve ............sweeeet



'mission accomplished'

Frosty said...

checkers indeed...can it get any easier.

BFF...I think so.

Spin-em said...
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Bud said...

good one bob


lol

Bunkerman said...

All 2x and 3x ETFs should be wiped out, banned. Forbidden to sell to public. Period.

They're a fraud on the public investor.

Bunkerman said...

by the way, the word in Polish for a Polish man is in fact "Polak", a masculine noun. For a Polish woman, it's Polaka, a feminine noun.

Frosty said...

you need an unabridged pollish slang dictionary...Mern packs a tyciol maxwell street pollish, he is a real spencer.

Spin-em said...
This comment has been removed by the author.