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February 09, 2010 – Comments (25)

Mole's newest post on evil speculator is righteous. Quite literally. I have said many times that Financials are the cancer of the economy: Financially My Dear I Don't Give a XLF, Do You Smell Something?, Financial Carcinoma -- Denninger: Did You Need a PhD For That?, The Long View, Sometimes the Truest Points are Made Through Humor. These posts express my disdain (both subjectively and objectively) for financials in a number of ways: angrily, technically, humorously, etc. (And like I have also said before: while financials are at their core not evil businesses (they do perform a necessary economic function of dispersing wealth / adding liquidity to the marketplace for the trade of resources), the fact that US monetary policy and congressional action has encouraged the economy to be financially top-heavy to the point that these are simply vampire companies is evil). But I could not express my feelings better than how Mole does below

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WARNING!! - While the profanity has been edited this is still a graphic post

I rarely dabble in geopolitics (at least on this blog) but I simply can’t help myself this time around. Let me share this little tidbit with you:

ENLARGE

Click on the image to see the original Billiondollargram on informationisbeautiful.net. Now I have to ask you - evil speculator or not - doesn’t this break your heart? With the money this country alone has thrown into the greedy jaws of corrupt banksters we could have fed every f***ing child on the planet for several decades. Actually, forget about Africa or South America - right here at home one in four American children is on food stamps! That’s right - when it comes to choosing between bailing out fat rich f***heads or feeding starving/malnourished children all over the world, the choice is clear:

Yes, the banksters win every time - get used to it - that’s how the cookie crumbles.

Now you know why I don’t talk politics in here - because it’s too upsetting. And most anyone you talk to doesn’t look at the big picture and you wind up talking about red herrings and non-issues. I couldn’t give a rat’s rectum what Sarah Palin said today on her damn blog or what Obama is spewing about ‘creating jobs’ and ‘fixing healthcare’. All that crap is nothing but window dressing - the real game all happens behind closed doors, that’s where all the decisions are being made. From there it’s just a matter of ‘massaging’ public sentiment or smoldering anger to the point where the big cats know they somehow will get away with it. After all - public memory is very short - and there’s always Paris Hilton or this week’s outcast on American Idol to keep us distracted.

Which is why TARP got voted through congress in record time - 90%+ public disapproval rating notwithstanding. And it’s why it took a year to get a ridiculous health care bill passed that in the end was nothing but a b***job to the pharmaceutical and healthcare industry. Congress was bickering about pennies and pork whilst handing truck loads of cash to their bankster cronies.

Don’t you love it how that works?

This planet could be a really cool place if we weren’t so intent on f***ing it up beyond repair. All comes down to greed, folks - good ole fashioned unmitigated egotestical greed. The infoturds you get served on your boobtube are nothing but mind fodder to keep you distracted from the fact that we are nothing but pawns in a global game played by a tiny but highly connected minority. They don’t give a s*** about you or your family and they will take it all - if we let them.

You know what’s really depressing? Even more so than the chart above? It’s the fact that you can post a chart like that and nothing happens - absolutely nothing. You get a few angry comments, maybe the news spreads and you have some bald academics in cheap suits discuss it on PBS or NPR. But nothing ever happens - nobody pays attention despite the fact that we are wired beyond belief. Everyone is so busy worrying about their own ass - civil disobedience or even outrage has been banned from American life (and most of the Western world). And the just s*** continues - nobody ever gets delivered to justice - the same old cats keep getting re-elected - the people responsible for f***ing up the financial industry on a global basis even get a second or third opportunity to do it again (see John Thain) - and nothing ever changes. So please don’t talk to me about hope and change - seriously.

I guess George Carlin said it best: http://www.youtube.com/watch?v=acLW1vFO-2Q

(hat tip to David)

The broken clock continues - tick tock tick tock tick tock - wait that’s gmak’s line…

Sorry for ruining your day - but it had to be said. Now back to work - let’s hit them where it hurts the most - in their trading accounts

My ammendment: AMEN TO THAT!!!!

25 Comments – Post Your Own

#1) On February 09, 2010 at 9:50 PM, Option1307 (29.92) wrote:

Wow, that picture is really powerful and completely sad.

All that crap is nothing but window dressing - the real game all happens behind closed doors, that’s where all the decisions are being made. From there it’s just a matter of ‘massaging’ public sentiment or smoldering anger to the point where the big cats know they somehow will get away with it. After all - public memory is very short - and there’s always Paris Hilton or this week’s outcast on American Idol to keep us distracted.

Agree 100. Sad state of affairs...

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#2) On February 09, 2010 at 9:58 PM, russiangambit (29.53) wrote:

BInv, you know I look at people who I work with. None of them have any idea how financials work, even those with accounting degrees. The come to work, work, save, put their 10% in 401K, they have no idea what FED or Treasury are and how they are different. And just in general they are waiting for things to come to normal any time now. They just continue as they always have. In the evenings they cook dinner and reality watch TV and that is it. How cn you expect them to know about 2 trillion in the FED progrms when they have no idea how FED operates and when whtever FED does isn't getting publicly disclosed and  doesn't go through Congress. Their news come CNN and FOX and CNN has been on Haiti tragedy for 3 weeks now. It is a huge tragedy but there are other things that happened in 3 weeks and that is how MSM operate - they pick some emotional story and keep talking about it for a week - not thinking or knowledge required.

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#3) On February 09, 2010 at 9:59 PM, portefeuille (99.44) wrote:

rather absurd conglomerate of numbers ...

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#4) On February 09, 2010 at 10:00 PM, portefeuille (99.44) wrote:

still somewhat interesting to see some of them. it would be more fun as a mouse-over animation to check one's guessing abilities, hehe ...

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#5) On February 09, 2010 at 10:05 PM, portefeuille (99.44) wrote:

hopefully not too money will be diverted from "useful" science (stuff like good old Hubble Telescope) to stupid science (stuff like "men on mars") ...

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#6) On February 09, 2010 at 10:11 PM, Tastylunch (29.56) wrote:

never figured you for an evil speculator reader Binve. His "zero" spy trading thing doesn't appeal to me. But I do enjoy his rants

Personally I hate Lobbyists most of all.

In 1980 there were ~ 400 lobbyists in Washington DC, there is now over 50,000

That's you answer right there, why nothing ever happens

OT: Saw this today on Copper

" Copper imports by China may halve from last year’s record as the government rolls back stimulus spending and curbs credit growth, according to China Minmetals Nonferrous Metals Co., the nation’s largest metals trader. "

http://www.fundmymutualfund.com/2010/02/bloombergchina-copper-imports-to-halve.html

Btw Sarah Palin is Politic's Paris Hilton if you ask me. :)

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#7) On February 09, 2010 at 10:27 PM, AdirondackFund (< 20) wrote:

Oh yeah, Binve's an evil speculator reader.  He's matured in his understanding and outlook.  But can he compete?  This is the solution that will work for all of us.  It's a Boycott.  The way that you destroy anything is by removing it's food.  Become an excellent trader, stop paying the beast, ride a Bike instead of driving a Car, vote for 3rd Party Candidates, or not at all, and become self sufficient as much as you can in all things.  Turn off the TV, cancel the cable, live an austere life.  That is the solution.  Nature will force us to anyway, so we might as well get started because when the real sh*t hits the fan we had better be used to it.

It's good to see Binve curse.  It's righteous anger that he is displaying, but as he noted, no one is listening.  Believe me they are and they are frightened beyoond belief simply because THEY know exactly how wrong they are in all of this.    

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#8) On February 09, 2010 at 11:09 PM, binve (< 20) wrote:

Option1307,

Wow, that picture is really powerful and completely sad.

I know man. crazy isn't it.

russiangambit,

I know *exactly* what you are saying. This is by far the biggest issue on both the macroeconomic and political landscape. And those who want to discuss the Fed and the banking system are the "crazy" fringe minority. Because without backing from the general public there is very little political will to challenge the status quo. Makes me angry and sad.

Tastylunch,

never figured you for an evil speculator reader Binve.

Mole and gmak put together excellent analysis posts. I am a very avid reader of the ES blog.

In 1980 there were ~ 400 lobbyists in Washington DC, there is now over 50,000

Exactly!! And the industry that has the most number of lobbyists and the most money spent on lobbying? Financials ... by far. Yep, no surprise at all why over the last 20 years the US economy has become so financially top-heavy.

And like a sledgehammer balanced on the end of a handle, a top-heavy system in unstable equilibrium takes only a little disturbance to knock it off its unstable potential energy state to a (much lower) stable potential energy state.

Interesting Copper article!

Btw Sarah Palin is Politic's Paris Hilton if you ask me. :)

LOL! True that :)

AdirondackFund ,

This is the solution that will work for all of us.  It's a Boycott.  The way that you destroy anything is by removing it's food.  Become an excellent trader, stop paying the beast

Nicely said!..

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#9) On February 09, 2010 at 11:24 PM, ChrisGraley (30.31) wrote:

The saddest thing is that the average person doesn't even understand enough to realize the problems. 

Ignorance and apathy continue to breed non-action and that's what the government wants.

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#10) On February 09, 2010 at 11:26 PM, tonylogan1 (28.24) wrote:

I may not be following closely enough.. but this reads like the angriest binve post ever.

I think I have past anger and transitioned to numbness, while pursuing personal profitiability (aka the floridabuilder method)

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#11) On February 09, 2010 at 11:41 PM, Tastylunch (29.56) wrote:

 OT: this ain't good if true

http://www.zerohedge.com/article/china-dumping-begins-reserve-managers-notified-any-non-usg-guaranteed-securities-must-be-div

sweeeet

one two three four China declares a trade war! 

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#12) On February 09, 2010 at 11:56 PM, ChrisGraley (30.31) wrote:

Holy Mackerel Tasty! put that in it's own post!

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#13) On February 10, 2010 at 12:01 AM, binve (< 20) wrote:

ChrisGraley,

I totally agree man

tonylogan1,

Hey man :) Like I said at the beginning of the post, this comes from Mole's at Evil Speculator. But since I have ranted against financials many times in the past, I happen to agree with all of it. So I decided to repost for the benefit of Caps :)

I think I have past anger and transitioned to numbness, while pursuing personal profitiability (aka the floridabuilder method)

I hear you, but a good rant that I agree with will always resonate with me. But like Mole says at the end: "Now back to work - let’s hit them where it hurts the most - in their trading accounts"

Tastylunch,

!!!! Holy Schnikeys!!!!

Like I have been talking about in the past, I have maintained that the outcome will be stagflationary and that equities and the Dollar will resume their long term correlation, which is positive correlation.

This might be the opening salvo that changes the trend back to positive correlation. If this is true, I can't see how this is bullish for either equities or the Dollar..

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#14) On February 10, 2010 at 12:43 AM, Tastylunch (29.56) wrote:

ChrisGraley

thanks, but I want to see if it's true tmr morning or an overstatement. Zero hedge has a tendency to jump the gun and the PRC gov't loves to blow smoke.

I ahve a bad feeling it's true enough if you know what I mean.

Plus Chinese lunar new year is coming up (starts the 14th) and their markets will be closed for over a week. 

Given the situation over there, I expect continuedstrong selling leading into that as nervous speculators likely won't want to be caught long chinese equities if the EU/Greece blows up over their holiday

I have a hard time imagining the PRC is suicidal enough to actually try this as this would cause a major sell off in their own equities I'd imagine, but we'll see. I also can't imagine they would do this all at once  or announce it publicly, that would destroy their own holdings. Still they've done dumb things in the past.

japan has been talkig about buying lots of treasuries lately, I think it's possible the Chinese are doing this in part to spook them from buying any to keep prices low...

feel free to post it yourself if you want.

binve 

agreed. But I think you have to be careful of which dollar hedges you pick. Given the S/D situation in copper and Oil I wouldn't want those yet

Gold/Silver perhaps. But I'll probably just short stuff until I'm sure If this is actually taking place.

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#15) On February 10, 2010 at 2:22 AM, whereaminow (55.67) wrote:

binve,

I have a man crush on you. :)

I realize that most people don't see it the way I do, but it is the Federal Reserve's ability to create money that makes that chart a reality.

Would free market participants choose a debased currency that is willfully weakened to pay for government largesse and corporate fraud?

Woudln't free market participants more likely choose a sound currency they can trust?

End the Fed. End Legal Tender Laws. And you End the Billions Wasted.

David in Qatar

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#16) On February 10, 2010 at 3:17 AM, awallejr (82.77) wrote:

You can rant or simply deal with what faces you at hand.  Politics is politics.  It really never changes except all we can HOPE for is that they try to "get it right" in the long run despite all the lobbying.

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#17) On February 10, 2010 at 3:54 AM, APJ4RealHoldings (29.66) wrote:

+1 rec on providing the exposure on that awesome picture. wow, beautiful.

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#18) On February 10, 2010 at 9:02 AM, Tastylunch (29.56) wrote:

doesn't look good for the home team

http://ftalphaville.ft.com/blog/2010/02/10/145956/chinas-punishment-treasuries-pain/

 

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#19) On February 10, 2010 at 9:28 AM, binve (< 20) wrote:

Tastylunch,

agreed. But I think you have to be careful of which dollar hedges you pick. Given the S/D situation in copper and Oil I wouldn't want those yet.Gold/Silver perhaps. But I'll probably just short stuff until I'm sure If this is actually taking place.

whereaminow,

I have a man crush on you. :)

LOL! Thanks man :)

I realize that most people don't see it the way I do, but it is the Federal Reserve's ability to create money that makes that chart a reality.

Exactly. That fact that people don't get that astounds me. Putting a 0.25% recoup tax? IDIOTIC! Because the real problem as to why there is moral hazard and why we had to bail out financials to begin with IS BECUASE INTEREST RATES WERE NEAR ZERO WITH GREENSPAN AND *AT ZERO* WITH BERNANKE!!!

Woudln't free market participants more likely choose a sound currency they can trust?

I believe so. Could you imagine if a dollar saved really was as good as a dollar earned? And even if we don't get fully there, what if we got partially there.

The capital of this country in the 1940s and 1950s was built on the savings of private citizens. Saving is the catalyst for wealth creation, not borrowing. There can be do savings when the currency is inflated and treated like economic toilet paper.

Thanks man!

awallejr ,

You can rant or simply deal with what faces you at hand

What precludes anyone from doing both?

APJ4RealHoldings, Thanks!

Tastylunch , Ruhh-rohhhh!!!..

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#20) On February 10, 2010 at 9:41 AM, miteycasey (35.78) wrote:

And just think. We could have let them go bankrupt for free.

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#21) On February 10, 2010 at 10:28 AM, rexlove (99.36) wrote:

I think the underlying problem is our 2-party system of politics here in the US. Politicians from both the Dems and Reps always make these great claims about how they are going to change things - but nothing ever gets done. They get in to office, take care of their buddies and the lobbyists who in turn take care of them. It's a hopeless situation. "Change you can believe in" is a joke. 

Sadly - people continue to vote these politicians in. What kills me the most is people who vote blindly on party lines. They just continue the status quo. I try voting for some independent party politicos - but it gets me nowhere since we have all these lemmings in this country that just vote Democratic or Republican all the time. It's time for a 'real change' but I think we have to change people's mindsets first.  

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#22) On February 10, 2010 at 10:54 AM, binve (< 20) wrote:

miteycasey, Yep, and dealing with the aftermath would not have cost as much as was spent on the bailouts.

But even if it did. Even if we let these corrupt and vampire companies fail and it cost just as much to deal with the aftermath as it did to bail them out, we would still come out ahead. Because then we would have a leg up on rebuilding the system from the ground up.

It's going to have to happen eventually anyways, and right now we are deferring the cost of rebuilding the system *and* paying "maintenance fees" to keep the current system held together (in the form of bailout money)

rexlove,

I completely agree.

the Dems and Reps always make these great claims about how they are going to change things - but nothing ever gets done. They get in to office, take care of their buddies and the lobbyists who in turn take care of them.

There should be some legitimate lobbying refrom. Here is a perfect example of why: LINK

It's time for a 'real change' but I think we have to change people's mindsets first. 

Very much agree man. Thanks!..

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#23) On February 10, 2010 at 1:54 PM, cbwang888 (25.98) wrote:

More and more people are probably spend more time in their virtual world on their computers or ipods than thinking about what has happened in their real life.

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#24) On February 10, 2010 at 2:20 PM, binve (< 20) wrote:

cbwang888, I would not be at all surprised if that was the case.

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#25) On February 10, 2010 at 6:05 PM, miteycasey (35.78) wrote:

More and more people are probably spend more time in their virtual world on their computers or ipods than thinking about what has happened in their real life.

How do you define the difference?

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