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potatohead

Schwab pulling same stunt as CFC

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Let me see if I understand this.

 

From noon yestersday to the open this morning, the SPU rose about 100 points.

 

As far as I can tell, the only things that happened are Japan tanked overnight; the dollar lost value; crude went up; interest rates went up; the Open Market Operataions for today resulted in a net draing of $6 Billion; and, the Fed made an announcement that is characterized as a joke.

 

Am I missing something?

 

Is there any question of the power of Heller's concept with the coordinated action of the fed+21?

 

Yes, I know that this is only a short term impact and does not take away from an idea that the market will go down in a slow stair-step fashion.  I am not in any way denying that.  Nevertheless, what will it take for a longer term turn down or is this as good as it gets for the bears?

601083[/snapback]

 

 

It sounds to me like you have this figured out. I wonder how much was made in the opex this month. :angry:

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Slight of hand all around.? Following links on a PR search there appears some explanation of the current voyage.

 

 

In semiotics and postmodern philosophy, the term hyperreality characterizes the inability of consciousness to distinguish reality from fantasy, especially in technologically advanced postmodern cultures. Hyperreality is a means of characterising the way consciousness defines what is actually "real" in a world where a multitude of media can radically shape and filter the original event or experience being depicted. Some famous theorists of hyperreality include Jean Baudrillard, Albert Borgmann, Daniel Boorstin, and Umberto Eco.

 

...

 

Baudrillard in particular suggests that the world we live in has been replaced by a copy world, where we seek simulated stimuli and nothing more. Baudrillard borrows, from Jorge Luis Borges (which Borges also borrowed from Lewis Carroll), the example of a society whose cartographers create a map so detailed that it covers the very things it was designed to represent. When the empire declines, the map fades into the landscape and there is neither the representation nor the real remaining ? just the hyperreal.

 

...

 

Interacting in a hyperreal place like a casino gives the subject the impression that one is walking through a fantasy world where everyone is playing along. The decor isn't authentic, everything is a copy, and the whole thing feels like a dream. What isn't a dream, of course, is that the casino takes your money, which you are more apt to give them when your consciousness doesn't really understand what's going on. In other words, although you may intellectually understand what happens at a casino, your consciousness thinks that gambling money in the casino is part of the "not real" world. It is in the interest of the decorators to emphasize that everything is fake, to make the entire experience seem fake. The casino succeeds in turning money itself to an object with no inherent value or inherent reality.

 

Actually, the casino is trading the hyperreality of fiat currency for another. In reality, the money is fancy printed paper, but we share a constantly reinforced fantasy that it has inherent value.

 

Wikiup

 

post-2253-1187404848_thumb.jpg

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Speak

 

Your quotation of Hyperreality is what I refer to as a species of Postmodernism. The currenly regnant Philosophy ,if Derrida would permit me to call it that, which he would not, seems to have had a more corrosive effect on society than its original prophylactic desires, created to accomplish the exact opposite..

 

Postmodernism. and its child hyperreality, allegedly had good intentions in wanting to clean out the Augen stables of false consciousness, the divertingly dangerous aspects of a Metaphysical Potemkinism..

 

But it seems to have deteriorated into a back alley Cartesianism, a man to be held, by some of its acolytes, in disrespect, because of his simpletonian dualism...Irrespective of its superficial assesment of a mighty intellectual hero, this toad's view of many great intellectual heros, seems to hold sway over a vast number of people (non-metaphysicians mostly) who instead of being warned away from modern fantasys, would rather indulge in the academically licensed existential excuses, issued by the truckload..

 

They excuse themselves to write with style barbaric, totally misunderstanding Derrida.. thus, To protect themselves from easily being hoodwinked by ancient fallacies. And ironically by pseudo emancipating thoughts merely ending by replacing them with New ones..

 

A maudlin skepticism about todays society as well as its markets , is no substitute for a legitimate despair and indignation about being handled by the PTBs with such undignified calloseness...

 

We are entitled to our "rightful" despair and personal questioning (qustioning not bloodless skepticism) about things...

 

Think of buying a position of shares with bloodless disregard of your bet's outcome.. Nuts,isn't it, and yet, people feign a skeptics position, as if they had the luxury to disregard the outcome, no matter the ansewer

 

beardrech :ph34r: :ph34r: Im sorry to carry on so but its late and everone's asleep so I thought...

 

PS I just realised the meaning of that religous Headdress you posted the other day--Im losing it

 

And just to say Im on task--How come Interest Rates in treasuries maintain their relatively low Interest rate despite the constant alarums about endless printing of Fiat all over the world....Wouldn't you think dollar denominated Bonds would be part of the exodus shooting the rates skyhigh? After all they are only backed by dollars which are allegedly going to hell--Something out the ordinary is up...Goodnight

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WOW....only 3 pages at 12:19 AM EST....everyone must be wiped out, I now I am.....oooooo-Faaaaaaaaaaaaaaaaaa

 

"Say good night Elsie"

 

"Uh"

 

"Good nite?????"

 

Incidentally, and this might be a good chart exercise for LW or someone....

 

NOW is the time for the next bubble....but where is it gonna get blown?

 

Mid-Late 1990's TECH

 

POP!

 

2000-2005 Real Estate

 

POP!

 

Where we goin' next?

 

All's I's Know's Is.....stocks that remain very flat for many years all get their turn to blast upwards.....bad day for techs eventually turn around, bad days for the banks eventually turn around, bad days for industrials eventually turn around...etc, etc, etc

 

WHAT SECTOR IS NEXT?

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If the Yen carry trade is what's its all about then can we expect the most dramatic affects on Japan's Nikkei market?

 

N225 - Not even a recovery friday

http://finance.yahoo.com/q/bc?s=%5EN225&t=5d&l=on&z=m&q=l&c=

601127[/snapback]

 

That was yesterday. Today is tomorrow in Japan. That's how they come up with such cool gadgets. They live in the future.

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WOW....only 3 pages at 12:19 AM EST....everyone must be wiped out, I now I am.....oooooo-Faaaaaaaaaaaaaaaaaa

 

"Say good night Elsie"

 

"Uh"

 

"Good nite?????"

 

Incidentally, and this might be a good chart exercise for LW or someone....

 

NOW is the time for the next bubble....but where is it gonna get blown?

 

Mid-Late 1990's TECH

 

POP!

 

2000-2005 Real Estate

 

POP!

 

Where we goin' next?

 

All's I's Know's Is.....stocks that remain very flat for many years  all get their turn to blast upwards.....bad day for techs eventually turn around, bad days for the banks eventually turn around, bad days for industrials eventually turn around...etc, etc, etc

 

WHAT SECTOR IS NEXT?

601130[/snapback]

 

Peace, love and understanding?

 

The PLU sector is at all-time lows right now, been in a bear market for years, is hated by everyone and has no anal cyst coverage.

 

Too bad there's no PLU etf.

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According to Jimbo Krammer and the rest of the whine enthusiasts, we are in the most cataclysmic financial crisis ever in the history of the world. So we need Uncle Ben to stuff wads of dough into our pockets.

 

Yet when you look at the long-term NDX chart, the past month of fear and loathing is not even visible to the naked eye.

 

Even on the shorter-term chart showing the lazy uptrend over the past four years, not a thing has happened to indicate that the world has just fallen apart. All that you can see is that a few week's of frothy gains have been given back and the NDX is "threatening" to re-enter the lazy uptrend channel in place since 2004.

 

Is this what Krammer is screaming about?

 

"Oh, no! Save us, Unca Ben! The Nardsaq might re-enter the lazy uptrend channel again! I just lost three week's worth of frothy gains on my scrAAPLe, RIMMjob and GIGGler. Do sumthin', Bennie! I cain't takes no more of this pain!"

 

If the girlybullz like Krammer think that a minor haircut on his beloved frothmuffins is worthy of getting on his knees and praying to Lord Ben for manna from heaven, imagine what would happen if we ever actually turned bearish again? :ph34r:

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You are most definitely right. But it shows that most Americans not only believe, but NEED at a visceral level, the market to go up each and every day. The populace has been so conditioned that the market always goes up. Thus, the illusion must be maintained at all costs. The old theory of cycles must be dismissed. It has to be different now.

 

What will the reaction be if we truly enter a bear market, G_d forbid? Will Joe6 still hold everything?

 

Are the windows on Wall Street secured?

601092[/snapback]

 

 

Similar to "housing prices in Kali never go down". :lol:

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Peace, love and understanding?

 

The PLU sector is at all-time lows right now, been in a bear market for years, is hated by everyone and has no anal cyst coverage.

 

Too bad there's no PLU etf.

601132[/snapback]

 

HELP!!!

 

W.T.F. is PLU?

 

Tanks :rolleyes:

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If countrywide has been making alot of neg-am loans they are going to have another issue. Most of the neg-am loaning banks have been booking the interest payments they haven't received yet has income now, instead of when they are actually getting the money.

 

This means that if the neg-am loans fail then they will have to restate earnings. No doubt that will add up to a few more billion in losses.

 

We still have four more years of mortgage resets to go. Those resets have barely gotten started!

 

I haven't once heard this year's Credit Suisse report on resets mentioned in the mainstream media. Guess it is just too scary to contemplate.

 

I've already read a few articles in California papers on how the mortgage market has seized up.

 

some friends of mine told me to buy a house today. They have no idea of what is happening behind the scenes. None of them could afford their homes or condos at today's prices, and with today's credit requirements and loan restrictions.

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Do you think the FED cut today will have a significant effect on the coming $Trillion + in resets? Or do you think with the relief some "on the edge" lending institutions are getting, they'll be ultra conservative on their lending practices going forward?

 

BTW, Downey Financial (DSL) which I'm short, has something like 80 or 85% of their portfolio stuffed with California neg-am loans! I don't see how they'll survive.

 

Also, do you think the FED action could provide relief for the home builders.

I don't see how they have any way out. :huh:

601111[/snapback]

 

 

I can't see any way either, but they keep coming up with new tricks like Buffet is going to buy them. I guess that is why they are the smartest guys in the room. :unsure: You have got to have staying power, because the boyz can move any stock futher than you can believe before setting course in your direction. I guess that is why the money moves from weak hands to stong hands. :o

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I dont know about anyone else's full opinion about what happened today but I do know a little bit about my own...

 

I feel personally insulted that men in leadership feel confident in being able to express their commanding qualities by acting as if they support the earth on their shoulders, as if either Atlas or an Elephant or both...

 

I also feel a sense of despair---not for myself-- but for the pigsters--braying like donkeys for deliverance from their self-induced financial discomfort...

 

The alligator tears shed by Krammer about innocent home-moaners groaning about their new status as "Squatters"---

 

The almost terrifying self-imposed indignities these cheat street heros undergo when pleading for Fed intervention...

 

The distorted expressions that they ornament  their faces with, thus indicating a deep felt knowledge, that no matter how sufficient the saving event was, today their gargantuan commission  days are over.....

 

Gone is their ability to down a jereboam of $10,000 champagne with the gusto of champions---the joyless eroticism with Marxist Hookers who feel their erotic weakness  with every thrust...

 

Their dreams reduced to a  vague mist---

 

That All of the nations currincies  are racing headlong to the bottom at a steady pace so that noone notices  they're being cheated out of their last dime..

 

That everyone still continues to talk as if we werent in the trough of a Kondratieve Winter; and that very shortly we will be talking about peak protein...

 

That legislators delude themselves and their constituent dunces about energising  a decaying economy by revaluing their competitors currency while converting our own into putrescent fecal material...

 

That we inhabit a semantic jungle where ignorant armies  ,one named inflationists the other deflationists battle on a "darkening plain", not realising they both are merely diffferent sides of the same coin....

 

Where ignorant braggarts posture as if they were rare combinations of Moses and pericles.....and alternate between carrying banners declaring two plus two equaling five versus the other battalion of ignoramuses asserting the answer as being six..

 

beardrech :ph34r:  :ph34r:  Does it ever stop----Yes Im afraid---when everyone gets so sick and tired of the dys-utopian ranting  and the comical Hero enters on white horse and starts ullulating about the Rabbits

601123[/snapback]

 

AMEN :ph34r:

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Peace, love and understanding?

 

The PLU sector is at all-time lows right now, been in a bear market for years, is hated by everyone and has no anal cyst coverage.

 

Too bad there's no PLU etf.

601132[/snapback]

 

HELP!!!

 

W.T.F. is PLU?

 

Tanks :rolleyes:

601134[/snapback]

 

Peace, Love and Understanding

 

Don't tell anyone about it. I don't want all the shares snapped up before I get my stack together.

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In reading more about today's Fed action, it appears likely it was specifically aimed at the Countrywide crisis. Apparently the emergency meeting was requested by the San Francisco Fed, the district in which Countrywide is located (Calabasas, CA).

 

CFC writes 20% of the mrotgouges in the U.S., so it's a big player. And they just drew down their entire credit line of $11B. I imagine the banks they borrowed from wanted Fed assurances.

 

Many are also discussing the moral hazard behind today's Fed move, especially if it is specifically designed to "bail out" one player.

 

But if you want to see real moral hazard at work, check out the withdrawals by the Tan Man over the past two months. The f'er had the cojones to even dump stock this week. He probably dumped more today on the big schwang. All told, Tan Angelo has now dumped $536,348,378 worth of CFC in just the past two years. Who knows how much more he dumped prior to that.

 

Seems to me that it wouldn't be cricket for the Fed to prop CFC up and for other banks to loan it $11B unless the Tan Man himself kicks in...oh, let's say...$536,348,378. Heck, let's just round it down to an even $500,000,000. No need to leave the poor man without enough for toiletries and such.

 

UFB.

post-2169-1187415291_thumb.jpg

post-2169-1187415299_thumb.jpg

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Sentinel Management Files for Chapter 11 Bankruptcy (Update2)

 

By Joel Rosenblatt

 

Aug. 17 (Bloomberg) -- Sentinel Management Group Inc., a cash-management firm which froze client withdrawals three days ago, filed for bankruptcy after a judge sought to block it from selling assets to hedge fund company Citadel Investment Group LLC.

 

Sentinel, a Northbrook, Illinois-based firm that oversees $1.6 billion, stopped the withdrawals Aug. 14, causing brokers Farr Financial Inc. and Velocity Futures LP to sue.

 

http://www.bloomberg.com/apps/news?pid=206...Wtxs&refer=home

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In reading more about today's Fed action, it appears likely it was specifically aimed at the Countrywide crisis. Apparently the emergency meeting was requested by the San Francisco Fed, the district in which Countrywide is located (Calabasas, CA).

 

CFC writes 20% of the mrotgouges in the U.S., so it's a big player. And they just drew down their entire credit line of $11B. I imagine the banks they borrowed from wanted Fed assurances.

 

Many are also discussing the moral hazard behind today's Fed move, especially if it is specifically designed to "bail out" one player.

 

But if you want to see real moral hazard at work, check out the withdrawals by the Tan Man over the past two months. The f'er had the cojones to even dump stock this week. He probably dumped more today on the big schwang. All told, Tan Angelo has now dumped $536,348,378 worth of CFC in just the past two years. Who knows how much more he dumped prior to that.

 

Seems to me that it wouldn't be cricket for the Fed to prop CFC up and for other banks to loan it $11B unless the Tan Man himself kicks in...oh, let's say...$536,348,378. Heck, let's just round it down to an even $500,000,000. No need to leave the poor man without enough for toiletries and such.

 

UFB.

601138[/snapback]

 

don't forget about the big bank pier loans, might be interesting if they go to the Fed window and unload them until they can find some buyers, would relieve the immediate stress in the system :lol:

Wonder if we will see any warehouse pic's this weekend?

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In reading more about today's Fed action, it appears likely it was specifically aimed at the Countrywide crisis. Apparently the emergency meeting was requested by the San Francisco Fed, the district in which Countrywide is located (Calabasas, CA).

 

CFC writes 20% of the mrotgouges in the U.S., so it's a big player. And they just drew down their entire credit line of $11B. I imagine the banks they borrowed from wanted Fed assurances.

 

Many are also discussing the moral hazard behind today's Fed move, especially if it is specifically designed to "bail out" one player.

 

But if you want to see real moral hazard at work, check out the withdrawals by the Tan Man over the past two months. The f'er had the cojones to even dump stock this week. He probably dumped more today on the big schwang. All told, Tan Angelo has now dumped $536,348,378 worth of CFC in just the past two years. Who knows how much more he dumped prior to that.

 

Seems to me that it wouldn't be cricket for the Fed to prop CFC up and for other banks to loan it $11B unless the Tan Man himself kicks in...oh, let's say...$536,348,378. Heck, let's just round it down to an even $500,000,000. No need to leave the poor man without enough for toiletries and such.

 

UFB.

601138[/snapback]

td.jpg

 

Off with his Head!

 

post-2253-1187416792_thumb.jpg

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In reading more about today's Fed action, it appears likely it was specifically aimed at the Countrywide crisis. Apparently the emergency meeting was requested by the San Francisco Fed, the district in which Countrywide is located (Calabasas, CA).

 

CFC writes 20% of the mrotgouges in the U.S., so it's a big player. And they just drew down their entire credit line of $11B. I imagine the banks they borrowed from wanted Fed assurances.

 

Many are also discussing the moral hazard behind today's Fed move, especially if it is specifically designed to "bail out" one player.

 

But if you want to see real moral hazard at work, check out the withdrawals by the Tan Man over the past two months. The f'er had the cojones to even dump stock this week. He probably dumped more today on the big schwang. All told, Tan Angelo has now dumped $536,348,378 worth of CFC in just the past two years. Who knows how much more he dumped prior to that.

 

Seems to me that it wouldn't be cricket for the Fed to prop CFC up and for other banks to loan it $11B unless the Tan Man himself kicks in...oh, let's say...$536,348,378. Heck, let's just round it down to an even $500,000,000. No need to leave the poor man without enough for toiletries and such.

 

UFB.

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1. Recall that CFC is one of the gang of 21. If the Fed is going to help anyone, I would suggest that it will be one of the 21 first.

2. According to your reading/research, is there any indication of when the meeting was conducted. I would like to know if they purposefully sat on the decision until shortly before the cash market opened before making the announcement. I would also like to know if the meeting or the results of the meeting was communicated to the gang of 21 during the daily conference call with the Trading Desk to pass the word because for 20 minutes or so before the announcement the emini SP futures at least painted green 5 minute candles after the market had been down. Perhaps a coincidence, but I generally find coincidences to be low probability.

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