I made the point about McCain, he went in and asked questions that had absolutely nothing to do with the case. I understand what you are saying now. McCain made a fool of himself yesterday imo.
Essentially through these magical financial instruments that were peddled by TBTF, a sewer system ended up costing $25 million - that is 25 times what it should have been.
This was also going on throughout Europe. All was good until interest rates rose - UNEXPECTEDLY at that! Rates cannot stay low forever and once the cash flow runs out or more importantly the bond market says, "ENOUGH ALREADY!" *BOOM!*
By the way the bond market is warming up for the main act.
A long post from Denninger but I think it might be a good read for DL:
I think that GS is probably guilty of a lot of things. Bribing public officials, trading on inside information and manipulating markets, to name a few.
But despite that, I think that as a legal matter, the SEC's case against GS is weak.
All economic theories and an understanding of how the credit markets work would be helpful for starters. If there's a book with a good summary of Friedman, Keynes, and Austrian theories should be required reading. Plus one that has a decent summary of equity markets, fixed income, interest rates and financial products. Maybe they wouldn't sound so clueless after reading those books.
Economists themselves can't even agree on this crap...
So what? You need to get a mix of half "poly sci" guys & "lawyers" getting a half baked correspondence course on various economic schools and think THAT'S GOING TO IMPROVE THINGS????
ROTFLMAO
Frankly, I think the "kabuki theatre" is more entertaining :-)
First, synthetic CDO’s are like futures in that the total long position is equal to the total short position; the buyers and sellers know that. Second, Blankfein said that the people who were long had an opportunity to pick some securities. Those people should have assumed that the guy on the other side was given a similar opportunity. Third, Paulson’s picks amounted to a small portion of the portfolio, and moreover ACA had veto power over the picks. In addition, Paulson’s picks apparently didn’t fare any worse than the rest of the portfolio.
These were “fat cat” money managers who did the buying. They should have known something.
It doesn't matter what they should have known. My understanding is it matters what was or was not disclosed. We'll have to find out what happens from the courts. Make sure you watch that Denninger video.
Did anyone see what happened in the last 20 minutes of Europe? Gravity. Hopefully what happened in Europe in last 2 days can be duplicated here. So far 1 for 1.
Laguna foreclosures jump 66.7% over year April 28th, 2010, 11:18 am by KELLI HART, THE ORANGE COUNTY REGISTER The number of homes lost to foreclosure in Laguna Beach increased 66.7% over last year – the 10th highest increase in the county - recent MDA DataQuick foreclosure activity statistics show.
http://lagunahomes.freedomblogging.com/
Though quarter-over-quarter foreclosures dropped slightly by two homes, the year-over-year figures jumped considerably for this beach town where finding a foreclosed home is often like finding a needle in a haystack. Not so much anymore, in fact, some of these new foreclosures are hitting the beach market now.
I do a lot more reading than posting (anywhere), but you've managed to yank on a couple of nails propping up my "personal history" scaffold... ( I too have a farm... in Saskatchewan ;-)...but this Seals and Crofts thing... twice?? Long story short , they were my ticket to the bigs...my drum skills at one time similar to your golf skills...good enough to play in the bigs...however, the (following) straw boss gig paid 2K a week (about 12K in today's fiatski's) and came equipped with private planes, limos and a lot of other bullshit...I didn't need a lot of arm twisting, then... These days, wild horses couldn't drag me back to that gig...or LA for that matter. We May Never Pass This Way Again was on the set list every night..Cal Jam 1 the only day it wasn't, unfortunately. As a dedicated follower of something Joseph Campbell once referred to as... "the signs along the way", as it were... I thought I'd share the following...and as far as raising the curtain a bit, you'll find my 20 year old self at about 2:15 upstage-center in the red t-shirt... Oh yeah, I've been known to do a little trading now and again, so I'll post any decent future ideas....if I'm welcome. Thanks very much for your efforts CV, and everyone else making this such a great blog!
Nice little flush out there going into the close, should set the stage for an overnight pump in the futures, oh, I mean, "relief rally" from two days of selling, and a gap higher at the open on some kind of bailout bullcrap from the eurozone.
yeah, I've been waiting a long time. I grew up playing on a set from Remo that hasn't been made in years. I sold it and the cymbals I had for some cash when I got out of college and started my job in the casino.
Played my last formal gig on "Broadway"... in Saskatoon in '93 with the dude who played that sweet guitar solo on Maria Maulder's Midnight at the Oasis...forget his name at the moment...but being an art school grad, I've been painting for the last twenty some years... two seperate torn rotator cuffs took the edge off my playing. Jeff Porcaro was a good friend of mine...I generally used what he did...including his personal kits on occasion at sessions in LA.
McF, I did a similar thing when I was living in apartments and had no place to practice. And the thing I regret most about it now is that I've never been able to get any cymbals back that sound as good as the old Zildjians I had at the time.
cool stuff, I watched the video, saw you at around the 2:15, how cool. In a dream world I would have followed a musical path instead of what I'm doing now. Been playing a lot of guitar the last 7-8 years.
Nice comments you guys...but keep hoser diffidence in mind...and the fact that it's cool...for about five minutes. Way too many great musicians I had the privelege of playing with then...are little more then fat, graying chitlin' circuit has beens now...something I've taken great pains too avoid. If CV throws up a weekend music thread...I'll share some stories.
Wow, my own personal domain.
ReplyDeleteHow flattering.
I can see that contrary views on this site are well-received.
ReplyDeleteHahaha ... hanging out in DL's basement for the afternoon.
ReplyDeleteDL,
ReplyDeleteI made the point about McCain, he went in and asked questions that had absolutely nothing to do with the case. I understand what you are saying now. McCain made a fool of himself yesterday imo.
lol, I didn't see the DL's hero up there before.
ReplyDeletedoes anybody else look at Lloyd Blankfein and think, "That guy's a 'master of the universe'? I could take him." Or maybe it's just me.
ReplyDelete@DL
ReplyDeleteYou have never heard of Jefferson County, Alabama? tsk tsk tsk.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aia5rMTvR2V0
Essentially through these magical financial instruments that were peddled by TBTF, a sewer system ended up costing $25 million - that is 25 times what it should have been.
This was also going on throughout Europe. All was good until interest rates rose - UNEXPECTEDLY at that! Rates cannot stay low forever and once the cash flow runs out or more importantly the bond market says, "ENOUGH ALREADY!" *BOOM!*
By the way the bond market is warming up for the main act.
A long post from Denninger but I think it might be a good read for DL:
http://market-ticker.denninger.net/archives/2224-A-Sober-Warning-To-The-GOP-And-The-Democrats.html
to be fair, I think DL does have a point, you aren't giving advice as market maker.
ReplyDeletehey, for once we didn't even need a new thread.. no posting glitch that i could see..
ReplyDeleteanyway, I'm up for down day by the close..
on another note, i'll have to talk about how sh*tty NXG is more often, up 3.85% today..
Oh come on now...
ReplyDeleteI'm sure DL has better heroes than that.
Pump that shit! Pump it...
ReplyDeleteYou know they want to.
spoon,
ReplyDeleteI'm with you man.
@AMEN
ReplyDeleteDon't we need a RED candle day to get a DAILY 3lb reversal...
Not that it means a TREMENDOUS much (but it's a start)...
@DL
ReplyDeleteJust playing with you DL :-)
I'll edit this out in time...
I think that GS is probably guilty of a lot of things. Bribing public officials, trading on inside information and manipulating markets, to name a few.
ReplyDeleteBut despite that, I think that as a legal matter, the SEC's case against GS is weak.
CV @ 2:54
ReplyDeleteYou whipped up those pictures pretty quick.
McF
ReplyDeleteAll economic theories and an understanding of how the credit markets work would be helpful for starters. If there's a book with a good summary of Friedman, Keynes, and Austrian theories should be required reading. Plus one that has a decent summary of equity markets, fixed income, interest rates and financial products. Maybe they wouldn't sound so clueless after reading those books.
@ DL
ReplyDeleteI agree. It does appear a bit "showy". If they had a real case on GS, there would be no "civil case".
Hopefully, Barofsky's got something better cooking in the kitchen.
Like putting Geithners punk ass in shackles.
@DL
ReplyDeleteI have them on hand...
Secretly - He's MY HERO too!
I have the same " secret decoder ring"
11 hours yesterday summed up in 7:58 -
ReplyDeletehttp://market-ticker.denninger.net/archives/2239-The-Real-Issue-With-Goldman-And-Others.html
By the way, KD is on a roll today. All great reads no matter the fact it has been said for YEARS now.
I promised to be his pen pal when they toss him in the klink one day...
ReplyDeletethe thirty and ten at the high of day.. this could get interesting..
ReplyDelete@AMEN (2:56)
ReplyDeleteDo me a favor and BANISH the thought!
Economists themselves can't even agree on this crap...
So what? You need to get a mix of half "poly sci" guys & "lawyers" getting a half baked correspondence course on various economic schools and think THAT'S GOING TO IMPROVE THINGS????
ROTFLMAO
Frankly, I think the "kabuki theatre" is more entertaining :-)
CV
ReplyDeleteThe SPX had a daily 3LB reversal yesterday. Currently it has to break 1217.28 to reverse back up.
I'll call a 1201 on today's close...
ReplyDeleteand if I'm wrong, I dont give a shit.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aVHMZwNcj2B0&pos=10
ReplyDelete"CDOs are bundles of mortgage-backed bonds and other debt sold to investors.
Tavakoli says the CDO managers sometimes replaced relatively high-quality securities with new ones that were more likely to default.
‘Phony Labels’
“It is securities fraud if you take securities and package them and knowingly pass them off with phony labels,” she says."
wow! the miners are on a tear today..
ReplyDelete@Amen
ReplyDeleteSo as long as it STAYS under 1217, it's "confirmed"?
I was under the impression that it REVERSED, but the reversal wasn't "confirmed"...
LOL.
ReplyDelete@I-Man
ReplyDeleteI don't have an idea at the moment, but that's not a bad call...
CV
ReplyDeleteAt least they'll have a basic understanding (which is better than nothing).
McHappy @ 3:03
ReplyDeleteFirst, synthetic CDO’s are like futures in that the total long position is equal to the total short position; the buyers and sellers know that. Second, Blankfein said that the people who were long had an opportunity to pick some securities. Those people should have assumed that the guy on the other side was given a similar opportunity. Third, Paulson’s picks amounted to a small portion of the portfolio, and moreover ACA had veto power over the picks. In addition, Paulson’s picks apparently didn’t fare any worse than the rest of the portfolio.
These were “fat cat” money managers who did the buying. They should have known something.
CV
ReplyDeleteTo confirm a reversal (down) requires a lower close.
@I-man
ReplyDeleteLOL - welcome to my world.
@Amen
ReplyDeleteThat's what I mean... we need a RED candle...
@DL
ReplyDeleteIt doesn't matter what they should have known. My understanding is it matters what was or was not disclosed. We'll have to find out what happens from the courts. Make sure you watch that Denninger video.
Re: the SEC case
ReplyDeleteTo quote Sala from Raiders of the Lost Ark:
"They're digging in the wrong place!"
We haven't had a DOWNSIDE one of those since when?
ReplyDeleteFeb 25?
Did anyone see what happened in the last 20 minutes of Europe? Gravity. Hopefully what happened in Europe in last 2 days can be duplicated here. So far 1 for 1.
ReplyDelete@I-Man
ReplyDeleteThe only "digging" the SEC does is around porn sites...
I-Man
ReplyDeleteLMAO good one.
you know i've had my eye on Laguna:
ReplyDeleteLaguna foreclosures jump 66.7% over year
April 28th, 2010, 11:18 am by KELLI HART, THE ORANGE COUNTY REGISTER
The number of homes lost to foreclosure in Laguna Beach increased 66.7% over last year – the 10th highest increase in the county - recent MDA DataQuick foreclosure activity statistics show.
http://lagunahomes.freedomblogging.com/
Though quarter-over-quarter foreclosures dropped slightly by two homes, the year-over-year figures jumped considerably for this beach town where finding a foreclosed home is often like finding a needle in a haystack.
Not so much anymore, in fact, some of these new foreclosures are hitting the beach market now.
I do a lot more reading than posting (anywhere), but you've managed to yank on a couple of nails propping up my "personal history" scaffold... ( I too have a farm... in Saskatchewan ;-)...but this Seals and Crofts thing... twice?? Long story short , they were my ticket to the bigs...my drum skills at one time similar to your golf skills...good enough to play in the bigs...however, the (following) straw boss gig paid 2K a week (about 12K in today's fiatski's) and came equipped with private planes, limos and a lot of other bullshit...I didn't need a lot of arm twisting, then... These days, wild horses couldn't drag me back to that gig...or LA for that matter.
ReplyDeleteWe May Never Pass This Way Again was on the set list every night..Cal Jam 1 the only day it wasn't, unfortunately. As a dedicated follower of something Joseph Campbell once referred to as... "the signs along the way", as it were... I thought I'd share the following...and as far as raising the curtain a bit, you'll find my 20 year old self at about 2:15 upstage-center in the red t-shirt... Oh yeah, I've been known to do a little trading now and again, so I'll post any decent future ideas....if I'm welcome. Thanks very much for your efforts CV, and everyone else making this such a great blog!
Mel
Oh yeah ;-) the url
ReplyDeletehttp://www.youtube.com/watch?v=Q3Vz2I0tWrk
Mel
The SPY 1min chart is a bit intriguing to I eye...
ReplyDeleteI-man,
ReplyDeleteyou watching the 1 min bars
@CV
ReplyDeletethe url might help;-)
http://www.youtube.com/watch?v=Q3Vz2I0tWrk
ha, nevermind
ReplyDeletewhat do you think, things are getting hairy here.
Mel,
ReplyDeleteAlso a drummer, I've got my eye on a new kit from DW. You still play?
I'm a drummer as well... weird.
ReplyDeleteAnd yes, Bear22... there is some heavy posturing going on in them bars...
McF,
ReplyDeleteDW, that's really nice. I'm a drummer too but stuck in the world of Ludwig/Tama etc.
the last ten min candle on all three indices is nearly identical.. how do they do that?
ReplyDeletei feel as tho i need a drink and it is only 1:00. weird day, and I am so sick of saying that.
ReplyDeleteHP to buy PALM.. those rumors were out there!
ReplyDeleteNice little flush out there going into the close, should set the stage for an overnight pump in the futures, oh, I mean, "relief rally" from two days of selling, and a gap higher at the open on some kind of bailout bullcrap from the eurozone.
ReplyDeleteAre we having fun yet?
Lord John,
ReplyDeleteyeah, I've been waiting a long time. I grew up playing on a set from Remo that hasn't been made in years. I sold it and the cymbals I had for some cash when I got out of college and started my job in the casino.
seems dopey to me.. HP made some stupid acquisitions under Carley Fiorina, didn't it? oh, yeah, compaq.
ReplyDeleteI'm with you K, have you see Palm's debt load???
ReplyDeleteHP also bought EDS not too long ago.
ReplyDeleteBut then again, we're all entitled to smart phones that allow us to surf the web and talk at the same time!!!
ReplyDeleteRight???
oops! think there is some short covering going on AH in FSLR! close to a 25% ratio..
ReplyDeletePlayed my last formal gig on "Broadway"... in Saskatoon in '93 with the dude who played that sweet guitar solo on Maria Maulder's Midnight at the Oasis...forget his name at the moment...but being an art school grad, I've been painting for the last twenty some years... two seperate torn rotator cuffs took the edge off my playing. Jeff Porcaro was a good friend of mine...I generally used what he did...including his personal kits on occasion at sessions in LA.
ReplyDeleteMel
Mel
McF,
ReplyDeleteI did a similar thing when I was living in apartments and had no place to practice. And the thing I regret most about it now is that I've never been able to get any cymbals back that sound as good as the old Zildjians I had at the time.
Mel,
ReplyDeletecool stuff, I watched the video, saw you at around the 2:15, how cool. In a dream world I would have followed a musical path instead of what I'm doing now. Been playing a lot of guitar the last 7-8 years.
LJ,
ReplyDeleteCome to think of it, the guy I grew up taking lessons with, we practiced on a Ludwig, that thing had a great sound.
and I hear you on the old cymbals.
i didn't realize schiff had a new book out:
ReplyDeletehttp://finance.yahoo.com/tech-ticker/economics-101-peter-schiff-explains-%22why-we%27re-in-such-a-mess%22-475423.html?tickers=%5EDJI,%5EGSPC,SPY,DIA,QQQQ,%5EIXIC,IWM
Nice comments you guys...but keep hoser diffidence in mind...and the fact that it's cool...for about five minutes. Way too many great musicians I had the privelege of playing with then...are little more then fat, graying chitlin' circuit has beens now...something I've taken great pains too avoid. If CV throws up a weekend music thread...I'll share some stories.
ReplyDeleteMel
Hi Mel & Drew
ReplyDeleteDitto.
ReplyDeleteGood to see some new peeps around. (No offense to the old peeps)
And wunsacon!
ReplyDelete