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Is anyone else absolutely sick of Wall Street? Those bipolar monkeys hurt real people

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May 07, 2010 – Comments (24)

First and foremost, I am a capitalist.  I have profited, heavily, and become very rich because I was born an american.  Bless my great grandfather for being too ambitious and restless to stay in Norway, and  bless my father for doing the best that he could, however poor we were.  And bless my longtime business partner, who, frankly, without my life would not have turned out as it has (the same is as true or better in reverse, but nonetheless, we are never, ever, ever, better than the best people in our lives and he is better than me, which allows me to accomplish alot of stuff). 

And good for everybody who makes money in the market.  And I will make money on this correction, however severe it becomes.  I have cash, I have defensive positions, I have hedges, I have Dreman's book, and I have done this before.  And the March bottoms aren't going down.  

But you know what?  It doesn't matter what happens to me.  Not one bloody damned bit.  I'll be fine, I'm not retarded, I won't margin up and lose all my money, whatever happens in the markets, even if the March bottoms don't hold some horrible, I'll have enough dividend income to never lift a finger again and I simply don't matter.  

And you know what else?  Wall Street doesn't matter.  It doesn't matter if some Harvard Business School grad jumps out a window because his margin call wrecked him, it doesn't matter if he makes millions and buys a new 458 Italia.  Doesn't matter.

You know what does matter?  The fkn retarded volatility in the markets hurting real people.  Like my dad.  He did hte best he could, his goal was to get us kids to college so we could live better than he did.  The man didn't buy a new shirt or pair of pants for 15 years, and I am not kidding.  Rummage sales and he gave up everything so we could have like, very little, but more than we'd have had if he had thought of himself first.  He got me a pair of "strength shoes" when I was 17 so I could train for track.  Those were like 80 bucks, which was alot to him.  It was, in fact, about the same as his clothes budget FOR THE PREVIOUS DECADE.  

And he saved, and I am not exxagerating, 20% of his PRE-TAX income for our college fund.  It was nowhere near enough for all 3 of us to go, but my brother and I got academic and/or athletic scholarships and my sister got the money.  Good for her.  Good for him, he got his goal, we all have far better lives than he had.  

And you know what else?  Stocks are, historically, the best investment by far.  Dividends + appreciation have beaten everything else.  

And you know what?  This insane crap on wall street, + 600, -800 in the fall of 2008, stocks falling to stupid levels in march 2009, 40 straight up days in 2010, stupid fkn computer programs doing irrational crap.  The DJIA falling 1000 points in 10 minutes today.  Broken robot, fat finger hitting a wrong key, yen carry trade unwinding, quant funds following momentum, I DON'T CARE WHAT WAS THE CAUSE, PROBABLY ALL OF THE AFOREMENTIONED, it all sucks.

You know why?  Becuase real people, trying to do sstuff that actually matters, are the ones that suffer.  Men and women trying their best to help their kids live better than they live.  They get tired of this crap, this insane S"&P 1500, 50% loss, wait, no, wait for it, 1500 again, 60% loss, wait! rally of a lifetime.  Wait, lets drop 100 points in 10 minutes, screw it, that seems fun.

Stupid bipolar monkeys scare people:  not me, not you, we aren't the ones who are harmed, we pay attention and read and study and scrutinize and probably do far better than the average person.  Real, everyday people, who spend more time wondering if their kids are going to get good grades suffer.  Because they see shyte, no, this BULLFREAKINGSHYTE, and they just can't take it, so they buy bank CDs and treasuries.  And get ass-hosed by inflation.  Inflation necessary to bail wall street out of its computer-glitching greed-machining crash.  

I am so sick of it.  Sick, sick, sick, even though I have profited from it fantastically and will profit from it this time too.  Sick of it.  Sick and tired.  

The fkning capital markets exist to provide capital to companies to do business, which provides jobs and helps the economy.  THEY DO NOT EXIST FOR COMPUTER PROGRAMS DESIGNED BY COKED OUT MORONS TO WILDLY MANIPULATE, FANTASTICALLY, UP AND DOWN.

I don't matter, John Paulson sure as he!! doesn't matter, Warren Buffet doesn't matter, The Fly doesn't matter.

The people who actually get hurt from this, actually do matter.  And I am annoyed and sick of it.  

To our fkn useless, worthless, congressional idiots:

-don't grandtsand retardedly and try to tank the markets

-don't grandstand retardedly for other reasons, seriously, try not to be retarded.  understand that in the end whats good for the markets is, like it or not, jealous of whether CL34 is richer than you or not,good for the economy and hence all.  BUT THAT DOESN'T MEAN WE SHOULD ALLOW RETARDED CRAP IN THE MARKETS. 

-but do, FOR GODS SAKE, realize that the markets help the economy and FOR THE LOVE OF ALL THAT IS EVEN SOMEWHAT BLONDE AND BEAUTIFUL, do something to prevent this kind of crap.

That is all.  Bless America, bless innovation (which we, in all of the history of the world, are better at than any other collection of people), bless CL34, bless CAPs, bless rich hedgies and retarded inbred limp petered idiots who can't write proper trading code.  

But mostly, realize that all of the above (except america and innovation) aren't as important as normal people trying to work towards a better life.  AND PUT A STOP TO THIS CRAP.  IT HURTS EVERYBODY ON THIS PLANET AND ESPECIALLY THE PEOPLE THAT MATTER. 

That is all.  

24 Comments – Post Your Own

#1) On May 07, 2010 at 12:41 AM, starbucks4ever (97.57) wrote:

+1000

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#2) On May 07, 2010 at 12:52 AM, HarryCarysGhost (99.70) wrote:

rec.rec.rec.rec...

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#3) On May 07, 2010 at 1:14 AM, awallejr (83.81) wrote:

As usual, a rec from me.  I am just curious if the old uptick rule would have made a difference today or not.

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#4) On May 07, 2010 at 1:21 AM, MikeMark (29.64) wrote:

Good. Call your Senator and ask him to make certain the Fed gets audited.

Then go out and help some poor unemployed guy start a business for himself. Just like you and your partner.

Seems to me like many people have forgotten where the money is made. It isn't in Wall St. It's on Main St. Wall St is just where the paper chase happens. Main St is where the physical market occurs. We need a good healthy Main St full of small businesses helping people.

May you continue to be successful. May those you help become successful too.

-mikemark

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#5) On May 07, 2010 at 1:34 AM, Tastylunch (29.28) wrote:

Ditto

Felt this way since the 90's... It just keeps worse and worse.

We've let the casino gamblers hijack our economy , our culture and our government.

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#6) On May 07, 2010 at 1:51 AM, ralphmachio (24.89) wrote:

You mean it never occurred to you that our very economic system, and progress for the sake of convenience and automation, and the eventual reverse Darwinism it manifests into, the so called progress that has culminated into the possibility of nuclear holocaust, global destruction- it might not be so good?? Are we better off because of this globalized rat race? 

No.

It has suited the needs of the greediest of families and political factions. It will continue to. Are the government really upset with goldman?

No. They need someone to beat on so we will think it is not them that allowed goldman to operate with impunity for decades. We will be looking for someone to blame, and the government understands the psychological barrier that prevents the people from turning on the real problem.

Will this days trading be blamed on goldmans automated system? Perhaps, but the market had it coming, and I think it might be ready for a few more days like this one. Hello  -10,000 Dow. Get ready, and get your Father ready too.   

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#7) On May 07, 2010 at 1:54 AM, HarryCarysGhost (99.70) wrote:

awallejr

I've been curious about that for quite sometime now.

Why is their no talk about reinstating the uptick rule, and also the Glass Stegal act.

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#8) On May 07, 2010 at 2:00 AM, walt373 (99.80) wrote:

Your heart's in the right place, but I guarantee you that many people said the exact same thing in 1987. This isn't really anything new.

The stock market's been transfering wealth from ordinary people to sophisticated players since its inception. It's just the nature of the beast. The success of the stock market over the long term and capitalism in general has costed an incomprehensible amount of heartbreak and tragedy along the way. This cost takes different forms over the years, but it's always going to be there.

As long as the stock market keeps giving investors great returns, there will be volatility, and somebody will get hurt. I disagree when people call it "gambling." It's risk. Meaning there's a chance you will lose. And sometimes people dont give that concept enough respect. Regular mom and pop investors on average will always get shafted in the market. It's sad but true.

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#9) On May 07, 2010 at 3:02 AM, ralphmachio (24.89) wrote:

It's the same as craps. the bets build and build and can stay on the table for an hour and a half, but when they come down, it happens all at once and the money is gone.

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#10) On May 07, 2010 at 7:15 AM, hybridinvestor (87.88) wrote:

Amen....time to take the markets back and throw the monkeys back into the zoo!  Let them fling their crap at each other for a while, in a cage, where all they hurt is themselves.  If they're smart, they might actually start trying to groom each other and enjoy some delicious, fat juicy lice.

A call to arms.....a call to ARMS!!! 

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#11) On May 07, 2010 at 7:31 AM, ragedmaximus (< 20) wrote:

OK YESTERDAY HAPPENED I SAW IT LIVE ON MY COMPUTER AND IT WENT DOWN FROM 300-1000 PLUS in a matter of minutes not the 15 or hour they are all saying. My question whats going to happen today when all those pissed off investors got home from what jobs are left and HOW MUCH SELL ORDERS ARE GOING IN TODAY? IT'S FUNNY THAT THE LAST 2 DAYS NOTHING BUT GREECE RIOTS ON THE MORNING TV SHOWS BUT NOT TODAY IT'S FRIDAY THEY WERE TOLD NO MORE GREECE RIOT COVERAGE 24/7 BY THE USA GOVT SAID STOP FEEDING THE MARKET PANIC SO CNBC MNBC NO MORE GREECE RIOT COVERAGE !

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#12) On May 07, 2010 at 9:48 AM, checklist34 (99.71) wrote:

thx for reading, all. 

A friend or 2 who I have encouraged to invest their savings in something other than bank CDs called / texted yesterday to say screw that, screw wall street, WTF just happened?

Give the markets, freely, like don't try to manipulate them, but give them back to people, please.  

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#13) On May 07, 2010 at 11:33 AM, rofgile (99.29) wrote:

Sometimes I feel like the stock market is not ownership, not investing, but has basically become a derivative betting market itself.

That's sad.  Oh well, investors hold and be patient.  I thought the -1000 + 700 move was funny, interesting and all - but I haven't changed any positions yet.  I wish I hadn't bought more stocks 2 days ago, I could be taking advantage of this now instead.

 -Rof

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#14) On May 07, 2010 at 12:13 PM, darroj (34.31) wrote:

Great post checklist. My dad asked me yesterday what happened, like most people I was just confused.  Time to spend some of the IRA money I transferred in.

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#15) On May 07, 2010 at 1:33 PM, imobillc (< 20) wrote:

I'm bipolar

Thanks for comparing me to those Monkeys.....

NOt!

Im o Bi  p.  LLC 

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#16) On May 07, 2010 at 3:13 PM, goldminingXpert (29.50) wrote:

Wah Wah Wah, rob the bears of their money then complain when sanity returns and stocks crumble. Yeah.

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#17) On May 07, 2010 at 4:59 PM, lemoneater (77.01) wrote:

@ #15 At least you are taking charge of your condition since you have make your username a badge of pride. Too bad that the financial markets lack your transparancy and awareness. I appreciate your upbeat e-mails wishing us "Bom Dia." We all have challenges to overcome in our lives. Some of us are just less aware than others. Now I respect you even more. Have a great weekend!

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#18) On May 07, 2010 at 5:59 PM, Tagit (57.63) wrote:

Very nice ....and big yell of "whoa" for speaking your mind correctly.

I could say ALOT of foul language backing you up on this post. So, I'll just yell Arggggggg ..in your behalf.

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#19) On May 07, 2010 at 9:35 PM, amassafortune (29.49) wrote:

Exactly, checklist. For years, I kept adding to a portfolio based on the smartest, hardest-working companies in the world. If a big ketchup company shipped a couple railcars of product, I made a few cents. If a small package shipper sent out a thousand packages, I made a few cents. Mainframes for the Fortune 500? Yep, a few cents. Most innovative drug companies? A few cents. Found a way to transfer garage sales to the internet? A few cents. In short, I was investing.

Every twelve weeks, or so, I'd check the paper (later the internet) and confirm that all was well. It was slow, steady diligence on both our parts. 

Enter the bipolar monkeys. They are smart monkeys. They found a way to get the laws changed to give themselves the upper hand in these transactions. Then they created new financial vehicles to evade existing restrictions. After they had the whole financial structure leaning their way, they sped up the process to generate their cut at a much faster rate. They even took the time to discover where regulations were even more lax internationally and leveraged those systems even more.

Even when everything began to fall apart, they insisted on taking the large personal rewards they expected, mostly because they know they won't last. You see, today's events are similar to those of three generations ago. Most first-hand witnesses are no longer here to shout warnings. Lost lessons are what lead the untaught to watch a tide go out further than they have ever seen, before a tsunami catches them on the beach.

Here is a graph of our debt tsunami. The lines touched a couple times already. Will they touch again? Even the authors note on the graph that they are about to abandon the comparison because the Fed's actions have skewed the data so much. What if the level of debt and leverage is irrelevant, and like the tsunami, it follows laws of nature that complete the cycle as they always have. 

The bipolar monkeys can't stop themselves so you decide how long you are going to play their game. As checlkist points out, congress is not going to make the markets fair, nor is the SEC, Fed, or anyone who is paid with your taxes to protect your interests. That's exactly how insane today's market is. The one difference today is that the average person can hedge, short, or leave the game abruptly without even knowing a broker's phone number. So, if you choose to continue to play with the bipolar monkeys, understand that the final moves will happen faster than they ever have before in history. The Fed is all-in, the EU is all-in, China has not yet revealed their tell, Japan's been sipping a Coke for three hands, and everyone else can't change the outcome. If you can't identify the sucker at the table...

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#20) On May 08, 2010 at 12:15 AM, AbstractMotion (54.29) wrote:

I have a feeling HFT is about to get the axe (and with good reason).  I guess what shocks me is that it's not horribly different from the problem of program trading which helped contribute to Black Monday.  It's another great example of lessons being forgotten.  I remember seeing this clip when it aired and thinking "it's scary how much sense this makes".  This is something the SEC should have dealt with years ago, but avoided doing simply because there were serious fears of a liquidity crisis.  Unfortunately we probably won't see a ban on a useless form of investing, instead we'll see congress tacking on taxes to every transaction made to eliminate the profitability of this specific practice.

 

Regarding the growth of the financial system in general, there's actually some twisted but understandable logic behind it all.  There was a great paper from the Minneapolis Fed in 1974 talking about the new economic reality in the post oil shock world.  A lot of very smart people quickly noticed that we'd need to be running persistent trade deficits and it would have a major impact on the economy and investment in it.  Part of the paper's analysis basically said we needed to create a sophisticated mechanism to help recycle the money being sent overseas into investment domestically.  That's basically where the financial industry started getting it's golden boy status.  

 

Throughout the 1980's we leverageed up dramatically and the economy improved, but many of the underlying trade imbalances did not improve in the least.  The 1990's saw the creation of the WTO and with it worsening trade deficits as goods we were perfectly capable of producing domestically were increasingly produced overseas.  Along with this transition came the birth of the service economy, and the general acceptance that a country with high labor costs and low education rankings would be able to indefinitely provide all sorts of service based jobs both domestically and internationally.  

 

Everything was running along pretty smoothly, the .com bubble burst but it was more a hiccup then a serious economic collapse, we were moving business overseas at quite a pace, issuing a lot of debt internationally and the economy couldn't be stronger.  People were absolutely convinced that we could indefinitely recycle our consumption and capital into an ever growing stream of profits through the financial system.  Why do real work when you can simply move money around and make money in the process?  

 

It's not a coincidence that the financial system grew to what it is today, there was a genuine acceptance that they had been channeling trade deficits and overconsumption into a successful domestic industry for years.  There was a great quote I saw somewhere about how people who are good at finance or investing are always considered "wizards", not experts or scientists, but wizards, what they do is synonymous to magic.  It wasn't until the last decade that you really saw the term "financial engineering" being used in a serious fashion, but it does demonstrate the great change in mentality that occurred.  

 

With finance moving away from magic and towards the perception of something with a legitmate backing a lot of disturbing practices emerged.  A lot of real estate bubble was justified using equations that attempted to quantify risks, gains and trends based on 10-15 years of information.  Most of which failed spectacularly or were very incomplete in retrospect.  In typical fashion though our financial system is rapidly adapting, if large pools of money held for long periods of time couldn't be modeled, surely microsecond snapshots of the market could be, and even if they couldn't it would be easy to shut it all down pretty quickly with relatively minimal losses due to the short lifetimes and slim profit/loss margins these systems traded on, etc.  That's about where we are today with it all, it's been one big effort to avoid making the harder choices we need to make in order to rebalance our economy into something more sustainable.  

 

We've built up a risky, complicated machine to help iron out all the imperfections in our trade, economic and energy policies.  People are going to cling for it because the alternative it scaling back consumption and benefits.  The worst part of all that's happening in Europe is that it's going to help keep this system going.  Perceived risks in the Eurozone are a boon to foreign investment in our economy, the government will be able to keep on running it's deficits, companies will waste billions of ill conceived LBO's and the average American will buy more crap they don't need and can't afford on an influx of available credit.  We've managed to avoid waking the sleeping giant but it hasn't stopped growing yet.

 

 

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#21) On May 08, 2010 at 9:44 PM, Superdrol (97.33) wrote:

I am not really following your blog post/rant.  The market contains risk which is much more elevated than it has ever been in history.  Inherently, because of that equities are supposed to fundamentally reflect returns in accordance to that(not always).

 

At any rate, I think some people have a distored view of the market overall.  At least the peple that I know view it as an endless vertical line upwards with zero risk.

If an individual is unwilling to incurr the risks associated with equities, you'd be better off in CDs and bonds.  The world changes over time, this includes the stock market and many other aspects of life like technology, internet, medicine.

It is up to the individual to adapt (or not) with it.

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#22) On May 10, 2010 at 10:57 PM, jinchoice (99.65) wrote:

YEAH!!! PREACH IT BROTHA!

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#23) On May 11, 2010 at 6:06 PM, TigerPack1 (97.93) wrote:

checklist34-

The game will not change until the Federal Reserve system is abolished (that is creating ever greater waves of boom and bust, endless inflation, lower standards of living for the working stiffs, and the theft of all real savings by citizens), and we move back to a balanced budget and gold standard of basic commerce exchange...

Until then, Wall Street will continue to evolve into a nuttier and more rigged place to gamble for the little guy.

Today the FED and our government have more control over the economy than ever before, and will not let go until a real Depression hits the economy... Which may actually be a good thing long-term for America, believe it or not, after a few miserable years of existence.  Praying for a society changing Depression may be our best bet, to get America moving in the right direction again.  Food for thought anyway, and outside the box thinking.

-TigerPack

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#24) On May 13, 2010 at 6:11 PM, Pennyperson (< 20) wrote:

#23) On May 11, 2010 at 6:06 PM, TigerPack (99.96) wrote:

Wall Street will continue to evolve into a nuttier and more rigged place to gamble for the little guy.

And who's to blame for this? the Fed's or Wall Street?

C,mon .. a Depression? That *is* out there and hope for ALL Americans it never happens again. You might re-think that thought if you and your family was standing in a food line for a few years.

Good rant - good post - 62nd rec

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