Despite 10% (at least) unemployment, ubiquitous bankruptcies, and $100 a barrel oil the Dow hit a 30 month high or something today. When will this insanity end?
Probably soon, as my puts are almost all gone and I haven't any inclination to buy more. I just don't have any desire to have to pay attention to the Wall Street casino any longer - fifteen years of it was plenty! I'm busy and excited trying to reinvent myself as a productive entrepreneur in the realm of education; I'm trying to become what I always should have been on track to become - had my life's script not been hijacked and written by devious third parties.
Remember, a high stock market is TERRIBLE for young people, TERRIBLE for corporate wage slaves.
The only people who benefit from high prices today are those 'old coot' plutocrats - buttholes that control our enslaving Big Government and 'old coot' retirees. Just take a sober look at what all the bailouts are explicitly designed for - to bailout property owners (not people with 25 years left on their mortgage!), to bailout government pensioners, to bailout 'old coot' entitlements, and to bail out stock and bond holders, I.E. WEALTHY OLD PEOPLE THAT DON'T WORK.
All y'all Morons could be buying the market with your monthly and annual retirement contributions at 8k instead of 12k...
I used to rib the plutogogues at Forbes about this all the time.
They would get all geeked up when the stock market upticked and I'd interrogate them, "Look, if you believe the market will be at 40k in 25 years or whatever...if you REALLY believe that then why don't you want stocks to go down? Why don't you want the market to dive so you can CONFIDENTLY buy more at better prices???"
They never had an answer for that not only because they were Morons of *little faith*, but because they were flacks for the monetarily wealthy.
4 comments:
most of the j6p have no clue. They are probably watching idol/glee if they get free time.
its kind of like an unknown disease(parasite) that everybody just accepts as part of life.
tech. is so advanced, i am surprised there are no startups in real financial tech. innovation.
you know, the ones that would get rid of waste/inefficiency and weird/complex derivaties etc, and actually does something good for j6p.
Financial tech innovation?
Do you mean new banks? Banks that would be forced to compete with government sanctioned fractional-reserve lenders whose losses are backstopped by taxpayers?
Of course we did have innovation: credit defaults swaps, CDOs, NINJA mortgages, etc....haha.
Finance theoretically does democratize capital. But after a 30 year bond bull market, all it functions to do today is create large pools of third-party cash for skimming. While I can't believe I've become so cynical about these matters, I also can't believe I was so naive about entities like Goldman Sachs for so long.
i can easily see few facebook/google type startups that can be innovated in financial space.
THERE IS SO MUCH MONEY! and all they do is move money around.
average compensation at goldman? $400K ?
Not even doctors (with specialization!) make that much.
Imagine an open bank (just like linux), that anybody can see how it works, what it loans/debts are, pretty much all important stats...openly on web.
a true open bank. No idiots making 400K working for it.
Or a tech-based investment bank that would replace/computerize most of Goldman Sachs activities.
primary dealers?
If it weren't for the Fed and their QE2, the S&P would probably be below 1100, or lower, today. I just hope QE3 isn't in the cards!
I still own a bunch of SH that I bought in the fall and have been underwater on it. I've been hedging with SPY which has helped a little. I don't know if there's ANY chance of breaking even on the SH itself, unless we were to get a major correction.
I got chopped up AGAIN last year from trying to short the futures, and it was a big loss, but less than half of my 2009 loss which was a whopper! Unless I can get my trading act together, then I'll be taking $3000 capital loss carryovers until I'm dead! Thanks Helicopter Ben!
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