But we did!!! Wowsa, my best day in a long while, wowsa! Sick profits today!!! You ALL should have rocked, I gave ya the keys to the Kingdom, BUY THE RUMOR, SELL THE NEWS and boy did we sell!
Tomorrow the gap should be a nice fade initially, then from there really not sure. We'll need to play it as it pans out!
Am I the only one who finds it mindboggling the level of ineptitude we failm.
Today was one of those days where I made a SICK amount of money, but felt like I should have made a LOT more! I didn't press because it seemed almost too easy! This trend works in a sick way!
Again, it felt too ill, but that's fine, what isn't fine is that we are still left without a PLAN!
which leads me too...
THE BANKING SYSTEM NEEDS TO BE NATIONALIZED!
Today's "Guithner Plan", which had rallied the markets and particularly the financial's over 8% last week proved to be a total dud. In fact, the plan isn't a plan at all, it's a plan to make a plan!
The problem appears to be that they can not come to a consensus on how to make a real plan. Why? Because the only logical and constructive plan is to NATIONALIZE the banking system, or at the very least, the banks that are effectively insolvent.
The reluctance to do so is several fold, but I would argue that it is misguided. By Nationalizing the banks you can start to restore the publics trust in the banking system, and it saves the taxpayers potentially TRILLIONS of dollars.
The fear is that they will wipe out a ton of shareholders, and that is true, but those shareholders, history has shown, will ultimately more than likely be wiped out anyway. Much of the recent fears have ultimately played out anyway. From BSC, AIG, FRE and FNM, the fear was the same, the Fed is trying to be all things to all people. They want to be able to support the system, while propping up the stock market.
If one thing is clear by now, it is that the markets do not want, nor do they respect the governments interventions or attempts to manipulate it.
A free market system means just that, the stock market needs to be allowed to fall to its proper level, the same is true of the real estate market. Historically it is almost universally agreed (even Ben Bernanke recently stated such) that when the government attempts to interfere and prop up markets, they fail miserably. See the Great Depression for Government intervention 101 details on how it not only didn't help restore confidence, or keep the markets propped up, but it extended the length of the downturn. The same seems to be holding true to form here in this market. The more intervention, the lower we have gone in the stock market, and the worse things have gotten. That seems to be pretty hard to argue at this point.
By nationalizing the banks it solves much of the issues, it allows the government to effectively cut the middle man out, guarantee ALL deposits, and because of such to give out loans with lower rates and better terms. It also allows them to renegotiate mortgages. By most noted accounts many banks are insolvent and are surviving on borrowed monies (your account!). To continue to try to maintain shareholder equity flies in the face of any common sense, or logic.
The banks need to be nationalized immediately, it allows us all of the above and perhaps most of all, it allows us to move forward instead of backwards. A novel idea, I know, in government, but one, perhaps that should be seriously contemplated and then implemented.