I made a ton of CAP point red thumbing the solar hype, it looks like that opportunity may return. [more]
Rallies on Wall Street, of course, are good things -- unless it turns out that some people know the government is rigging the stock market and you don't. [more]
Is there anything this guy cannot speak on? [more]
Compilation of clips from Max Keiser's news appearances for 24 & 25 April to discuss: the New Revolution in France as boss-nappings are all the rage and the G7 finance ministers meeting in Washing... [more]
NOTE: I am still long the gun and ammo makers. Get your ammo first, that is the shortage/panic. There are still pleny of guns around at reasonable prices. Guns are for self defense, sport and hunting. Get physical gold if you can. Silver, copper are okay, etc...are better then nothing. The reason I say copper, is the rumor of China wanting to move to a copper standard. I have NO idea the validity of the rumor. Also ammo typically uses BRASS casings, which have intrinsic value, unlike paper. Yes, ammo is one of the best performing asset classes in America. Yes, ammo can be used for trade. Yes, you should have a safe. (Gun nuts can speak here as to what you are seeing) [more]
The velocity of this implosion is amazing. Having inept and corrupt leadership is just adding gas on this fire. [more]
I cannot believe this... am I beginning to think Mrs Rodham is ok? [more]
It is funny after the Dot.com bust taking him and his cleints with him Jim Crammer still has a business outside of Federal Pen, but he does! America is home of the Free and Brave! [more]
People of good intentions and progressive predilection are scratching their heads wondering just how President Barack Obama managed to turn himself into George W. Bush Lite with sugar-on-top just twelve weeks after that fateful walk down the US Capitol's east stairway to the waiting helicopter. I'm hardly the first observer to note that Mr. Obama's actions in the face of an epochal finance fiasco and economic collapse are a mere extension of the pre-January-20 policies, carried out by much the same cast of characters.
The assumption up until now was something about the reassuring value of continuity -- if we could just prop up an ailing set of banks for a little while, the US public could resume a revolving credit way-of-life within an economy dedicated to building more suburban houses and selling all the needed accessories from supersized "family" cars to cappuccino machines. This would keep everyone employed at the jobs they were qualified for -- finish carpenters, realtors, pool installers, mortgage brokers, advertising account executives, Williams-Sonoma product demonstrators, showroom sales agents, doctors of liposuction, and so on.
This was a dumb strategy for such a supposedly bright group of people surrounding Mr. Obama. That old economy was dead on arrival January 20th. Even the kindest physicians don't put corpses on life support. This particular corpse has been placed in the world's cushiest intensive care unit, with transfusions running about a trillion dollars a month -- not to mention hefty bonuses for the attending nurses. Instead, a fast and furious wake might have been held, with the corpse of the old economy laid out on a granite countertop for all to toast and bid farewell. President Obama might have led this exercise with some aplomb -- even while directing his new justice department warriors to round up a host of suspects in the old economy's suspicious death.
What it comes down to, apparently, is a leadership elite across all sectors -- politics, business, academia, media -- that is incapable of processing the truth, and then conveying it to the broad American public. Alas, this also appears to be a common theme in history, with a commonly tragic outcome, which is that elites get ruthlessly dumped and replaced by new elites, often composed of zealots, maniacs, nincompoops, and others generally ill-disposed to the able management of complex affairs. It's called the "circulation of elites," and in times of crisis it tends to take on a kind of downward spiraling flavor, with each gang of discredited leaders tossed out for a progressively worse one until a kind of exhaustion is reached -- whereupon the archetypal man-on-a-white-horse arrives on the scene.
Mr. Obama looked to be the man-on-a-white-horse -- on the exhaustion of Reagan-Bush Jesus-Republicanism -- but he's coming off more like Philippe Égalité (Louis Philippe Joseph d'Orléans, duc d'Orléans) in 1793, with perhaps Newt Gingrich waiting offstage to become Robespierre in 2012 -- and some obscure US Army captain now toiling in Kirkuk slated to become the American Napoleon of 2015. As you've surely heard a thousand times now, history doesn't repeat itself but it rhymes. The enormities of Wall Street today are a little like those of the French Ancien Régime at Versailles. If America encounters the sort of disruptions of food and energy supplies that are brewing on the horizon, and unemployment keeps arcing up its current trajectory, civil uproars could easily follow. Readers think I joke about the Hamptons going up in flames. But the antics of the bankers, hedge funders, the CEOs, the Madoffs, and even the P. Diddy's of our time, are liable to attract murderous attention as the public mood moves from sour to wrathful.
So, what people of good intention and progressive predilection want to know is how come Mr. Obama doesn't just lay out the truth, undertake the hard job of cutting the nation's losses, and get on with setting this society on a new course. The truth is that we're comprehensively bankrupt, and no amount of shuffling certificates around will avail to alter that. The bad debt has to be "worked out" -- i.e. written off, subjected to liquidation of remaining assets and collateral, reorganized under the bankruptcy statutes, and put behind us. We have to work very hard to reconfigure the physical arrangement of life in the USA, moving away from the losses of our suburbs, reactivating our towns, downscaling our biggest cities, re-scaling our farms and food production, switching out our Happy Motoring system for public transit and walkable neighborhoods, rebuilding local networks of commerce, and figuring out a way to make a few things of value again.
What's happened instead is what I most feared: that our politicians would mount a massive campaign to sustain the unsustainable. That's what all the TARP and TARF and PPIT and bailouts are about. It will all amount to an exercise in futility and could easily end up wrecking the USA in every sense of the term. If Mr. Obama doesn't get with a better program, then we are going to face a Long Emergency as grueling as the French Revolution. One very plain and straightforward example at hand is the announcement last week of a plan to build a high speed rail network. To be blunt about it, this is perfectly f-cking stupid. It will require a whole new track network, because high speed trains can't run on the old rights of way with their less forgiving curve ratios and grades. We would be so much better off simply fixing up and reactivating the normal-speed track system that is sitting out there rusting in the rain -- and save our more grandiose visions for a later time.
I don't like to be misunderstood. With the airlines in a business death spiral, and mass motoring doomed, we need a national passenger rail system desperately. But we already have one that used to be the envy of the world before we abandoned it. And we don't have either the time or the resources to build a new parallel network.
But grandiosity is just another way that we lie to ourselves about where we're at and what is really possible. Surely Mr. Obama knows that hope fades where the light of truth doesn't shine. He is a charming fellow. I don't especially want to see Newt Gingrich chop his head off.
Kunstler's 2008 novel of the post-oil future, World Made By Hand, is available in paperback at all booksellers. [more]
FYI- I have been away playing poker and taking some classes. Since the random dropping of accounting standards and the criminal support of a $700 billion check given to GS (via Hank Paulson). I have been investing more in hard assets. Finding hard assets at reasonable or fair prices takes time. [more]
Lets review my 25 March 09 post. CHANGES IN BOLD
I know Fools that followed me into this trade are wondering when to get out of it. SWHC is up over 110% since I posted on it 17 Feb 09. [more]
We most of these guys here. I don't call these guys doomsayers, they are just not stupid. Most of the others that cheerlead to the masses are inpet, corrupt and/or paid liars. Credit expansion, inflate a bubble, credit contraction cause a depression/recession. The run up in real estate etc was moronic. [more]
This website has NOT been approved by Goldman Sachs, nor does this website have any affiliation with Goldman Sachs. This website was designed to provide information about Goldman Sachs direct from the public, and NOT from Goldman Sachs's marketing and public relations departments. You may find the official Goldman Sachs website at www.GoldmanSachs.com [more]
Again, Fool is way ahead on this story on Goldman. This is not a surprise....
The bank has instructed Wall Street law firm Chadbourne & Parke to pursue blogger Mike Morgan, warning him in a recent cease-and-desist letter that he may face legal action if he does not close down his website.
Florida-based Mr Morgan began a blog entitled "Facts about Goldman Sachs" – the web address for which is goldmansachs666.com – just a few weeks ago.
In that time Mr Morgan, a registered investment adviser, has added a number of posts to the site, including one entitled "Does Goldman Sachs run the world?". However, many of the posts relate to other Wall Street firms and issues.
According to Chadbourne & Parke's letter, dated April 8, the bank is rattled because the site "violates several of Goldman Sachs' intellectual property rights" and also "implies a relationship" with the bank itself.
Unsurprisingly for a man who has conjoined the bank's name with the Number of the Beast – although he jokingly points out that 666 was also the S&P500's bear-market bottom – Mr Morgan is unlikely to go down without a fight.
He claims he has followed all legal requirements to own and operate the website – and that the header of the site clearly states that the content has not been approved by the bank.
On a special section of his blog entitled "Goldman Sachs vs Mike Morgan" he predicts that the fight will probably end up in court.
"It's just another example of how a bully like Goldman Sachs tries to throw their weight around," he writes.
Speaking to The Daily Telegraph, Mr Morgan explained how he went through a similar battle with US homebuilder Lennar a few years ago after he set up a website to collect information on what he alleged was shoddy workmanship in its homes. The pair eventually settled out of court.
"Since I went through this with Lennar, I've had advice from some of the best intellectual property lawyers, and I know exactly what I can and can't do. We're not going to back down from this," he promises.
Mr Morgan adds that if Goldman manages to shut down his site, he has a number of other domain names registered.
• Speculation is mounting that Goldman Sachs is set to raise several billion dollars via a share sale, possibly next week, in order to pay down a $10bn (£6.8bn) US government loan, as revealed in The Sunday Telegraph last week.
The rest of the story is here:
Did Goldman Goose Oil?
Forbes Magazine dated April 13, 2009
Lloyd Blankfein's Goldman Sachs turned up everywhere.
How Goldman Sachs was at the center of the oil trading fiasco that bankrupted pipeline giant Semgroup.
When oil prices spiked last summer to $147 a barrel, the biggest corporate casualty was oil pipeline giant Semgroup Holdings, a $14 billion (sales) private firm in Tulsa, Okla. It had racked up $2.4 billion in trading losses betting that oil prices would go down, including $290 million in accounts personally managed by then chief executive Thomas Kivisto. Its short positions amounted to the equivalent of 20% of the nation's crude oil inventories. With the credit crunch eliminating any hope of meeting a $500 million margin call, Semgroup filed for bankruptcy on July 22.
But now some of the people involved in cleaning up the financial mess are suggesting that Semgroup's collapse was more than just bad judgment and worse timing. There is evidence of a malevolent hand at work: oil price manipulation by traders orchestrating a short squeeze to push up the price of West Texas Intermediate crude to the point that it would generate fatal losses in Semgroup's accounts.
I am guessing, but at some point GS mouth peice Jim Cramer etc... will have to flee the country. CNBC is already advertising gold coins, tomatoe planters and has unrelated informercials on the week ends and late evenings. CNBC has lost almost all of its' credibility as a business new source. It has been predominately, a GS informercial for years. Having a comedy channel drag your top star thru the mud is the beginning of the end. [more]
The discussion of abolishing the FED has been avoided my most of the legacy media. [more]
A solution that is MUCH fairer that has a MUCH better chance of working! [more]
Kunstler's Strange Days [more]
Analysis of the legacy securities program, more Bannanna Republic activity [more]
There are banks, realtors, fast food, convenient stores etc...every half mile in the US. But where is your local gun and ammo store? Where is your local shooting range? [more]
Two of my favorites speaking today.
This is the new nature of news and learning khanacademy. No more paid liars reading telepromters of information they do not understand babbling nonsense. A smart guy explains it for free? [more]