Man o man, I just don't know how we could be any more ON FIRE or EN FUEGO! Wowsa! Guess my call was pretty good, no?
OK, so enough gloating for the day, it's kinda scary how much moolah I'm making lately, but I'm supersticious so let's just knock on wood for now, ya know?! Wowsa is all I'll say, seems like every day I'm making enough to pay my salary for the year! Dangggggg! I LOVE THIS MARKET! OK, so you know I'm gonna talk about the C bailout for a second, if nothing else. Yes, it's DISGUSTING. The government continues to just take tax payer money and bail out these DEAD businesses. What's best is, I'm just a DUDE and CNBC Charlie Gasperino all last week kept telling veiwers that C has a GREAT balance sheet! How could I know that C was WORTHLESS before today and had the $350 BIL in bad debt I've said they do for MONTHS and these clowns not know? They pay these carnival clowns money to report and yet they continue to feed the public misinformation after misinformation. Remember Booyah's call that BSC would be bought out? It was, of course, only problem was he said it when BSC was high $60s and it got taken UNDER at $2 then $10! He loved WB, he loved C. I mean these people are walking MONEY LOSING MACHINES and yet they get paid and with booyah they promote him like he knows ANYTHING, or hasn't cost his viewers probably MILLIONS UPON MILLIONS with these horrid and misinformed ideas. Didn't he call C, WB, WFC and JPM his Fortress Four? Something like that, right? With a fortress like that give me a windowed apartment in the eye of a hurricane and I'll take my chances! OK, so now Casper(the friendly ghost)ino says that the government is going to make money on the C debt. Huh? Haven't we learned yet that these debts are WORTHLESS? Yeah, its a great deal, they are going to rack up! Ah huh, sure they will. It is now clear that the government is intent on recreating Germany before WW 2, and a host of other failed systems where they devalue the dollar into nothingness. They will print money and create the ILLUSION that things are ok. So, if they devalue the dollar by 50% and then the housing market drops 30% then they can say "look, we stabilized the market!" It's a total LIE, and its treating people as though they are completely naive.
Look, I know some of what I say here is very inflamatory, sometimes I feel like I should just keep my mouth shut like a good boy and wave an American flag and say "yes, we can!" But, I've been around the block and I've dealt with beaurocracy, so I just don't keep my mouth shut. I really am just a dude, I don't profess to know a lot about certain things, I'm not an economic genius, but I do know when the wool is being pulled over my eyes. And, I do know that so far the taxpayers WILL be on the hook for the following, right now no one says a word because they don't realize that we will ALL be affected by this lunacy. I half expect them to say they are nationalizing the entire stock market, paying 50% more than current values and that we'll make a mint on it!
BSC $30 bil
AIG $200+ bil going up to $500 bil from what I've read
C $300+ bil
Stimulus package $70 BIL
Bailout package $700 BIL
I mean, what the hell are they doing? They have no clue and they are just swimming against the tide. So, the market is rallying on the false hope, again, that the Fed will save it! It's good, I was long all day today and we made HUGE. Let's get this party started and get us to DOW 10,300! That's the peak on any move but thats still 2000 points away and would be awesome! You gotta love it, they are creating another bubble, but this one is likely to be far worse in the end and will likely keep us in a DEPRESSION for far longer. Devaluing the dollar is not a good idea, it is doomed to failure. We should fade the #s tomorrow, which will be bad and then from there chop around more than likely. We'll see soon enough, but so far we are pretty much owning this beast of a market and I intend to keep doing so for a while! Rule! Waxie