Norm the Fed-up

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  • Corporate Fraud + Government Intervention = Bailout Nation
    ...oh,...almost forgot....author, I've never seen agreement with an article to this degree. And by highly intelligent, articulate and LITERATE participants. Also unusual. Again, nice work and I applaud those of you who commented. Nice work, too.
    Aug 06 08:55 am |Rating: +1 0 |Link to Comment |View article
  • Rename the Bailout
    Kudos to you, author. I've said this from day one. Calling this thing the "Wall Street Bailout" has been the problem with getting it passed. Frankly, the poor jerk flipping burgers at the local fast food joint has NO IDEA how much trouble HE'S in. He just thinks that it stinks to give $40 million to the guy who got us into trouble when he's fired. And there, I have to admit, I agree. But this won't really hit home for the burger flipper until the first time McDonald's can't borrow money to cover his pay or the ATM is empty and he can't buy that aforementioned six-pack. Should have been called the American Financial Recovery Act since it's inception. It's all in the perception. Hey Paulsen....take a lesson from history...even it if is from Joseph Goebbels.
    Oct 01 10:17 am |Rating: 0 0 |Link to Comment |View article
  • Raw Data Report: Wachovia, Bank of America, US Bancorp
    Nice to see that everyone's on the same page....NOT!!!!!!!!!!!...
    Sep 25 09:05 am |Rating: 0 0 |Link to Comment |View article
  • Where's the Bottom? Still Anybody's Guess
    Smart man, Lloyd, smart man. The best article I've ever read at this site. Excellent, excellent, work.
    Sep 24 08:18 am |Rating: 0 0 |Link to Comment |View article
  • This Is Not "the Big One"
    Years ago in my youth, I had an elderly neighbor who was a steadfast democrat. Being a young Republican, I couldn't understand his philosophy about politics, the country, the economy, etc. When I sat and spoke with him one day to get a little benefit of his years, he summed up his entire dissertation with one phrase: "I remember Hoover."

    When queried about why I became a steadfast Democrat, I hope I have the same conversation with a young Republican neighbor, just so I can make the statement: "I remember Bush."

    God bless you Louie, and please forgive me my past sins and doubting you.

    Author, I sincerely hope you're holding Morgan Stanley stock. A friggin pile of it. Errors like yours just add gasoline (even at $4 a gallon) to this flaming market. I can forgive mistakes.....not this one.
    Sep 19 09:01 am |Rating: 0 0 |Link to Comment |View article
  • Watching the Lehman Fireworks
    I sound like a broken record - for those of you who remember records - but the speculation and rumor-mongering has to stop. Too many bad reports about an entity from "experts" who are trusted by too many misinformed or simply ignorant-of-the-way-th... investors just make the predictions of doom and glook become self-fulfilling prophecies. Let's allow the chips to fall where they may based on fact, not conjecture, and the roller coaster ride will finally end with cooler, more informed minds making the decisions.

    As a totally unrelated remark, by the way, I think the Fannie/Freddy bailout was the most ill-conceived, badly timed, short sighted government decision short of the Japanese attack on Pearl Harbor. The banks, already in dire straits, did not need a $36 billion hit on the preferreds and stockholders and investors, already reeling and having daily losses from this irrational market, did not need to lose, in some cases, their life savings in an institution that they trusted....the government giveth security, the government taketh it away. A pox on you Paulson and your ilk.
    Sep 10 08:33 am |Rating: 0 0 |Link to Comment |View article
  • Why $200 Oil Is Good for US Markets
    Are you crazy?
    Aug 25 08:24 am |Rating: 0 0 |Link to Comment |View article
  • How Does Barron's Move the Market?
    Felix, I find you one of the most sensible writers on this site. I wrote the following response to a Michael Shedlock article this morning and just transferred it to your site. I don't know if this helps answer your query, I'm just one more small voice in the wilderness. I usually disagree with Michael. I've found him to favor the negativity of what's going on and it's disturbing because, again, there are too many out there on the verge of panic seeking a direction, and more importantly, a reason, to run. And in their panic, they are knocking down and stampeding over those of us who have decided to stand and fight. The current mess with Fannie and Freddie are a perfect example. They were "recovering" (and I frankly use the term loosely) over the last week or so. Some Barron's genius decided they are going down the tubes and the "panicked," let's call them the wildebeest, are off and running again, dragging down the entire market and eroding millions of people's net worth. According to Merrill Lynch, the "analysts," and they have just a FEW of them themselves, are only right 44% of the time. That means they're WRONG 56% of the time, yet they drive the markets...and the wildebeest. Fannie has a $2 billion auction tomorrow, it will be a disaster. If the auction had been Friday, no problem. But now it's Wednesday, post-Barron's, and they'll get crushed. Why? One person's opinion. That is ludicrous. Keep it up folks, the doom and gloom about Fannie and Freddie and all the dire forecasts are about to become a self-fulfilling prophecy. Again...why?...because the analysts, who are right less than half the time....are scaring the wildebeest. Let the panic and stampede begin. It's gonna be a rough ride. I used to be a millionaire. Not after yesterday. Good luck to all of us. With so many "geniuses" out there, we're gonna need it.
    Aug 19 08:52 am |Rating: 0 0 |Link to Comment |View article
  • Banks Scramble to Refinance Their Long-Term Debt
    I usually disagree with Michael. I've found him to favor the negativity of what's going on and it's disturbing because, again, there are too many out there on the verge of panic seeking a direction, and more importantly, a reason, to run. And in their panic, they are knocking down and stampeding over those of us who have decided to stand and fight. The current mess with Fannie and Freddie are a perfect example. They were "recovering" (and I frankly use the term loosely) over the last week or so. Some Barron's genius decided they are going down the tubes and the "panicked," let's call them the wildebeest, are off and running again, dragging down the entire market and eroding millions of people's net worth. According to Merrill Lynch, the "analysts," and they have just a FEW of them themselves, are only right 44% of the time. That means they're WRONG 56% of the time, yet they drive the markets...and the wildebeest. Fannie has a $2 billion auction tomorrow, it will be a disaster. If the auction had been Friday, no problem. But now it's Wednesday, post-Barron's, and they'll get crushed. Why? One person's opinion. That is ludicrous. Keep it up folks, the doom and gloom about Fannie and Freddie and all the dire forecasts are about to become a self-fulfilling prophecy. Again...why?...because the analysts, who are right less than half the time....are scaring the wildebeest. Let the panic and stampede begin. It's gonna be a rough ride. I used to be a millionaire. Not after yesterday.
    Aug 19 08:41 am |Rating: 0 0 |Link to Comment |View article
  • Don't Believe the Lies: Ride the Bank Stocks Bull
    HOORAY....a man with a BRAIN!!!!!!!!!!!!!!!! That is ONE IN A ROW! RJ, it's about time. I wish you could have written this three months ago. You tell it like it is. Kudos!!!!
    Aug 15 08:25 am |Rating: 0 0 |Link to Comment |View article
  • Financials To Resume Meltdown Momentarily
    Nice work Jason. I'm constantly the voice of dissention and usually disagree with these articles as sensationalism. Not this time. Whether or not I agree with your conclusions is immaterial. You gave us just the facts, son, and not too much in the way of conjecture. I applaud your honesty, lack of emotion, and reporting acumen. Kudos to you. I hope I see and will seek many more articles from you.
    Aug 13 08:34 am |Rating: 0 0 |Link to Comment |View article
  • Options Trader: Friday Outlook
    Phil, nice work. Just one additional voice in the wilderness screaming that assets may be worth less, not worthless. One of my current favorite lines. This market is driven by fear and downright panic, now, it's time for the little guys to run for the hills and make room for those who REALLY know what's going on. To put something into perspective that you said comparing $7 billion of Citi's dollars (sure it's a big number....but...read on) to $2 TRILLION in assets: if you had $100 in your pocket, wouldn't you pay $.35 to get the government off your back??????? So let it be with Citi...et al.....thanks, again.
    Aug 11 11:40 am |Rating: 0 0 |Link to Comment |View article
  • Corporate Fraud + Government Intervention = Bailout Nation
    Jim: outstanding, outstanding, outstanding. There's nothing I like more than a little venom with my breakfast. I, unfortunately, agree with EVERY point you've made and as a senior living off of mainly financial preferreds (down about 20% at this point by the way which is a NOTABLE improvement over where I've been in the last month or so), I believe you've hit the nail on the head. However, and not to disagree but to add a little more wood to the bonfire, I also go along with Catoelder, above. He's making the same point I've made for about a year now. Here's the scenario: the moron couple who are living paycheck to paycheck with a zero net worth and (need) TWO incomes to support their "lifestyle" of Mercedes and BMW, drift into their local bank to buy an incredibly inflated $800,000 house on an interest only ARM with no money down. Their intent and thought: "...don't worry about tomorrow or building equity, I'm living the good life today." $5,000 a month mortgage, $1,000 a month in taxes = $72,000 off the top of that two income family. One loses his or her six figure job, and they're in BIG trouble. Now throw in the "unforeseen distant possibility" that the house price would actually DECLINE (God forbid) or that the ARM monthly payment would actually go up (by DEFINITION), multiply this by about 10 million additional morons, throw in a generation of greedy unregulated banks, and you've got a disaster waiting to happen. Welcome to the day care generation, folks. Their parents went to work to save for the extravagant retirement that their untaught, irresponsible children have just taken away from them. I'm digressing. Again, author, nice piece. Catoelder, smart man. Good luck, we're going to need it.
    Aug 06 08:49 am |Rating: 0 0 |Link to Comment |View article
  • Credit Crisis Review: ARMed for Failure
    Steve, I'm usually screaming at the idiot who wrote the article. Not this time. You're a sensible, intelligent young man who's just giving us the facts. This is a really good piece. Nice work. If I were your father, I'd be proud of you.

    Commenter above, I short you, I can't disagree but have to, frankly, place most of the blame on the consumer. Think about it, these morons bought houses that they couldn't afford based on two incomes usually (suppose one lost his job...nah...that would take foresight), took out a mortgage that they KNEW they couldn't afford two years down the pike (suppose we CAN'T sell the house....nah...that would take foresight), in some cases took out interest-only loans (did they think at all about equity in the property....nah...that would take foresight) and never thought that the housing bubble would, inevitably, burst (nah..that would take foresight). Common sense, in this country, is on sick leave. Thank the day-care generation that's now growing up, reproducing, and perpetuating the breed. See this mess?... guaranteed, it's gonna happen again in about 21 years. Will anyone remember? Nah...that would take foresight.
    Aug 04 08:40 am |Rating: 0 0 |Link to Comment |View article
  • Pot Admits Kettle Obviousness: BAC on Merrill's CDO "Sale"
    As with most people in the market, I've been spending much time on the phone with my broker/financial advisor recently. I guess even after 28 years of active trading, I needed the security blanket. But I made the normal complaint/comment that if, in most cases, the "analysts" would just shut the hell up and keep their OPINIONS, not KNOWLEDGE, but opinions to themselves, the market would be a LOT less driven by fear and uncertainty and a LOT more driven by
    experience and confidence. That'll unfortunately never be the case again. Keep in mind, by the way, fellow traders, that according to the last data I can find, about 31% of all trades are made by morons sitting at their computer terminals. These are the people fretting when their "investment portfolio" of 100 shares of AMZN drops by about $110 and run for the hills taking everyone else with them. Like I said, morons. But that aside, I wasn't surprised to hear that my broker's firm, a BIG firm, has a fund that bets against the analysts. As it turns out, over the long term, these geniuses only turn out to be right 44% of the time. If you have time and money, it's a sucker bet. You're going to win by betting against the analysts. As it turns out, this particular fund has the highest overall return of any fund that my brokerage firm...again...a BIG firm, offers. Best thing these "experts" can do is, again, shut the hell up, let us do our homework based on facts, not conjecture, and stop spreading rumor based upon what you THINK but actually DON'T know. I just love when some 25 year-old snotnose analyst makes a determination that an IBM-like corporation missed his "street estimate" and is likely to "experience a downturn in the next quarter." Listen, snotnose, your butt is still pink, and that IBM-like corporation whose stock you drive down 5% today will be here LONG after you're gone. LEARN something through the school of hard knocks, lose a few bucks in the market, THEN give me your opinion. A pox on you and those like you. Those of you who made the determination YESTERDAY, the Merrills move was good, and now changed your mind, need to lose your jobs. Now the question becomes: were you right YESTERDAY or TODAY? We'll never know.
    Jul 31 09:22 am |Rating: 0 0 |Link to Comment |View article

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