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  • Why Glu Mobile Is A Sell Going Into Earnings [View article]
    Agree... Terribly written and...completely uninformed !

    Here's what Glu Mobile CEO wrote 4 days ago -

    The hub of gaming is Asia and CEO Niccolo Demasi knows it. He's been positioning the company to benefit using various strategies. KK has been just one. Leadership in Freemium mobile gaming, another.

    Consider Blackrock recently increased ownership of GLUU to 5.2% of holdings. Blackrock is never capricious in selecting investments, a huge positive.
    Feb 4, 2015. 09:49 AM | 3 Likes Like |Link to Comment
  • Another Tasty Opportunity For Freshpet Investors [View article]

    My wholehearted thanks to you for your insights, ideas and analysis of the past. They've been more often than not, actionable and have resulted in profits.
    Dec 1, 2014. 02:06 PM | 1 Like Like |Link to Comment
  • Glu Mobile: Coming Unglued ... [View article]

    Appreciative of response, Mark.

    Also note that Street Sweeper's alleged insider trades are available for all to see and extremely low for prior 3 months, compared to prior 12 months and are mostly pre-scheduled ...
    Oct 7, 2014. 04:25 PM | Likes Like |Link to Comment
  • Michael Price takes off the gloves, harshly blaming the NYSE (NYX) and the SEC for leaving "markets in shambles" by allowing the front-running of orders otherwise known as high-frequency trading. "High speed trading increases liquidity. That's nonsense. Liquidity is worse." He weighs in on the proposed merger (DBOEY.PK), calling it "a joke ... a tragedy" to sell out to a foreign competitor.  [View news story]
    HFT should be illegal for it is indeed a form of front running and is disastrous to the functions that markets were set up to serve -- namely, human trading, by human beings who expect to trade with other human beings.

    HFT actually hollows out the capital structure of markets, doing a tremendous and insidious form of damage and distortion to the trading model that human beings depend on, and is in no way justified by claims of "liquidity" needed for normal trading. Any 'liquidity' it provides is simply liquidity necessary to saturate markets with more algo and high frequecy trading. Traders and investors of every shape and stripe must file complaints with the SEC if they expect the practice to change.
    Dec 19, 2011. 10:10 AM | 2 Likes Like |Link to Comment
  • TEPCO (TKECF.PK) receives a ¥1T ($12.8B) financial assistance package from Japan's government aimed at preventing a cash crunch at the beleaguered company. The government also kicked in close to ¥1T to a fund designed to pay out compensation to people and businesses affected by the natural disaster. The disbursement of funds to the public is expected to be the first of many installments over the next few years.  [View news story]
    The magnitude of radiation contamination in northern Japan from Fukushima Daichi has extended far north and east and is seen as far south as Tokyo. It is much greater than we have been told and has spread into the Western Pacific Ocean food chain - mostly involving Cesium 137.

    As the half-life of Cesium 137 is 30 years, contaminated samples are not considered free from radio-nuclides until 10 half-life cycles have occurred. That's 300 years.

    The Japanese have deceived their own citizens and the international community about the magnitude of the crisis. Its rife with subterfuge and cover-ups from Tepco and government officials.

    Former nuclear lead engineer Arnie Gunderson offers numerous updated Vimeo clips.

    Recent clips number 48 thru 54. Clip 38 also relevant. Select from 8 months of clips via slider on right of screen:
    Nov 4, 2011. 10:57 AM | Likes Like |Link to Comment
  • Ben Bernanke's response (video) to a question on low interest rates isn't likely to give a warm fuzzy to savers stuck with sub-1% rates. He argues savers would miss out on improved stock market returns without an ultra-low interest rate policy in place to hold off a recession. The pickle: The answer doesn't quite cover the millions of retirees who rely on CDs, Treasurys, and savings accounts to cover their cost of living.  [View news story]
    Bernanke's audacity is showing through.

    Indeed, he expects us to believe that we would all be paupers now, if not for the Fed.

    After all was it not the Fed that successfully transformed the dot com crash into the real estate bubble, through which so many working class investors amassed fortunes on rising real estate assets?

    And so why should we not be grateful for the gains we can squeeze from a tortured investment environment (aka: stock market casino) which, after all has benefited us through the Fed's many generous acts of arbitrary easing. (Never mind the flash crashes, front running, HFT's and algos that have made investing perilous if not hollowing out the markets' capital structure) ?

    Meanwhile we are fortunate again to have the Fed protect our savings from inflation... which we are told is well below 2%, even as rising fuel and food costs, somehow missing from official calculations, suggest it is perhaps three or four times that.

    And for these favors we, the humble savers ought to be willing to do without interest on savings for another 2 to 3 years... or longer, as our own way of saying thank you, Ben... Our deepest gratitude to you and also to those wise and faithful governors that always vote with you.

    Its our pleasure of course to cover for you so that you are free to further debase the US dollar as you keep the interest on fiscal deficits from ballooning. After all these might make Fed policy look.... possibly questionable... even incompetent... Never!.
    Nov 2, 2011. 04:51 PM | 4 Likes Like |Link to Comment
  • Occupy Wall Street may finally have its viral YouTube moment (for better or worse) with an impassioned speech (video) from one protester rapidly making the circuit on financial blogs and websites. Hint: Ron Paul likes it.  [View news story]
    We should all be against a huge federal government because the founders of our Constitution purposely and wisely limited the central government to very few enumerated duties in contrast to the expanded and chaotic mess our federal government is today... a government which has become wasteful, legalistic, dominant, interventionist and misguided as a trustee of the peoples' intended constitutional interests and liberties.

    It also engages in international affairs often in an ill avised and clumsy manner to the point of war mongering and it fritters away billions in tax dollars on wasteful programs, innumerable departments and regulatory agencies. At its most ignoble times it has compromised the interests of the people through favoring the military industrial complex through various, often documented activities of the Joint Chiefs of Staff and their influence on the executive branch (pentagon papers among other examples). It has been involved internationally where no true interest in protecting the interests of the American people existed. And in some instances this involvement has served only to unnecessarily expand US influence and reach at the cost of US international trust and esteem.

    There is a legislative mindset on the one hand (democrat) that seeks to garner votes by generating public projects and spending every penny of available tax revenue, favoring special interests and groups whose primary aim is simply to get re-elected. On the other hand there is a mindset (republican) that seeks to serve the clandestine interests of large corporations, to grant them special favors through federal contracts, corporate welfare and tax benefits while turning a blind eye to corporate misdeeds. Meanwhile the defacto federal government mindset is one that assumes the people of the United states are helpless fools without the government's every assistance and regulatory presence.

    The Federal Reserve has brought us several times to the brink of economic ruin and it also gives the congress confidence to overspend recklessly and sustain wars through the "printing press" which often involves no printing at all. The Fed has been given an ability that would shock our founders in arbitrarily creating money out of thin air by adding decimal places to US Treasury and central bank accounts. This is all made possible with an artificial fiat currency, something else they would have abhorred . And every time money excess is generated in the Federal Reserve's bank transfers it becomes a hidden tax called inflation.

    The fact that the can create money in such a way means we the people will pay for it. And the way we will pay will be through debt monetization, a debased dollar and the resultant inflation, even though the Fed claims it can withdraw excess liquidity from the system appropriately. But when the consequences of our huge deficits finally arrives this will be a minor concern, supplanted by likely far greater threats.

    The $4 gallon of gas, the recent near doubling of the cost of lumber and building materials, the astronomical cost of copper, the price of a 5 lb can of coffee going from $8 to $13 over the past year are all examples of this hidden tax. And there are many others that are coming.

    States Rights: The Constitution clearly indicates, in the way it has enumerated the duties of a small central government, the intended scope and size of Federal government. Our forefathers knew it was easier for the citizens to control the government when it remained small and accessible by the people. They knew also it was most responsive to the needs of the people in a limited and efficient form. When it becomes so large that it cannot be easily controlled by the citizens, it will, like the Parliament of Great Britain did in 1769, assume the character of an tax-consuming oligarchy. And it has created an oppressive oligarchy now for the common American citizen. Big government draws benefits from big banks and vice versa; for there has always been a revolving door between the two. Goldman Sachs CEO's have routinely become the US Secretaries of Treasury. megalith of over-leveraged fractional reserve banking suits the interests of bankers first and those of the people come in last. The use of over-leveraged bank accounts and assets places the financial security of the people at risk. And the consequences of that risk fell not on the banks but on the American man and woman in the economic crisis; millions of homes were lost and jobs evaporated, while the large banks benefited from bailouts, FASB 157 and now pose an even larger threat to the financial system than they did in 2008. Yes little has changed, and Iceland's decision to take the hit in the beginning was wise.

    The idea each of us should be behind is that we do not want to end capitalism but we want to end crony capitalism and the oligarchy it fosters. What we have now is best described as a nearly corrupt crony-capitalist oligarchy because we have corporations and their special interests using lobbyists to influence politicians with hundreds of millions of dollars in one congressional session after another. The money available to legislators in Federal office often serves to create or assist the passage or defeat of bills, the equivalent of buying votes in congress. Lobbyists are in competition for votes of congressmen through highest favors offered to them. As long as this is in effect, many politicians no longer speak for us; they speak for big corporations. The congress does indeed frequently promote the interests of these corporations and engages in other less apparent human failings while the people are served secondarily if at all. The lobbyists often believe if a country is prosperous when large financial entities and corporations are doing well, its people will benefit as well. Pure sophistry.

    The congress alone has been given the power to print money by our constitution and that power must be returned to the congress. The common man suffers greatly from a world where money is backed by nothing more than the actions of the central banks and the promise to keep only their chartered mandates in check, inflation and unemployment. But ask yourself... have they ever done this to a satisfactory degree? Rarely. And when they break their promises, who pays? You do. And what do they do about it? Nothing.

    The power to print money is the most powerful capacity that can be conferred on any entity, and it is now in the hands of a board of central bankers under the leadership of a single chairman, Ben Bernanke.

    Look what happened to the world when one such formerly respected chairman (Greenspan) had a faulty concept in the way economies prosper and the way they should adjust to money supply issues and dislocations. His policies wrecked major economies of the free world and brought others to their knees.

    So the point is we cannot afford any longer to operate our affairs from uses and abuses of an elastic money supply. We can only expect economies to be stable and their debts to be honored and promises to be kept with financial matters managed conservatively when major currencies are pegged to a static and unchangeable currency base such as the US had prior to abandoning the gold standard.

    And let us note: The pressure to leave the gold standard under Nixon was the result of the unmanaged debt of the 1960's 'Great Society' added to by the immense spending of the Vietnam War. These were both fools' errands that were initiated by a big Federal Government and former administrations that were overly influenced by the Joint Chiefs of Staff and the military industrial complex.

    This is what the movement called 'Occupy Wall Street' is about and lets hope it spreads to become 'Occupy the US Congress' as well.

    The movement needs our support and guidance, not our criticisms.
    Oct 14, 2011. 10:53 PM | Likes Like |Link to Comment
  • Patent Trolling Is Taking Its Toll On Biotech [View article]
    Well, Justin just a bit of mirth to add to Derek's sentiment that patent trolling is a distressing reality. As if launching a tech firm didn't already give one cause enough to worry about.

    Here is a reminder from one of the most prolific American inventors (watertight bulkheads for ships, swim fins, the lightening rod, bifocals, the glass harmonica, and the odometer, among others).

    I've posted it to show how far some unashamedly exceed good reason on the issue of infringement.

    "That as we enjoy great advantages from the Inventions of others, we should be glad of an opportunity to serve others by any invention of ours, and this we should do freely and generously.” - Ben Franklin

    This statement by Franklin was in defense of good will, that inventors and their agents should not seek undue royalties but rather exhibit generosity, altruism and leniency in allowing inventions to be copied and produced freely whenever possible.
    Sep 30, 2011. 05:55 PM | 1 Like Like |Link to Comment
  • Patent Trolling Is Taking Its Toll On Biotech [View article]
    What's black and brown and looks good on a lawyer?

    Two dobermans !
    Sep 30, 2011. 02:38 PM | 1 Like Like |Link to Comment
  • Too Big To Fail May Now Be Too Big To Save - Setting Up Market For Disaster [View article]
    Thanks to the author for providing a reminder that regardless of prior attempts to recapitalize banks, fundamental issues exposed by the crisis have not been addressed and the banking system is now responding accordingly. The sector has been giving strong signals to the markets -- just as it was doing well before the 2008 market collapse.

    Chris Whalen (mentioned above) has continuously given warnings on the banks and my sense is he feels the issues will not be addressed properly until we crash again -- the only way they are likely to be addressed.

    Roubini is another economist who warned some time ago that nationalizing the TBTF banks was the most sound approach to properly restoring them. Funny how even Roubini, roundly criticized for bearish views following the apparent turnaround and recovery in banking stocks, has turned bearish again saying a "perfect storm" would hit the global economy before 2013.

    TBTF banks and investment banks should have been forced into package bankruptcy with the government backstopping each bankruptcy as was done with GM. All the assets should have been passed to or been divided among responsible financial entities and there should have been no bailouts. This way there would have been no accounting distortions (FASB 157 allowed bad debt to be hidden) and we would be well on our way to recovery after an initial phase of financial restructuring.

    Ritholtz author of "Bailout Nation" has said the recent downturn in the banking sector ”amounts to nothing more than a credible bet that these banks are not in any condition to withstand the next recession.” He has several articles also worth reading:

    Avi, a very clear piece, and helpful for those investors who know its most essential to see the big picture -- and invest accordingly.
    Sep 7, 2011. 02:28 PM | 1 Like Like |Link to Comment
  • The spate of recent bankruptcies in the U.S. solar power industry has left China as the dominant player in green energy. With over 60% of the world’s solar production capacity and huge economies of scale, GTM Research notes that “pricing is determined by where they price, and everyone else prices at a premium or discount to them.”  [View news story]
    American consumers must be educated in the fact that they are exporting their own jobs, eliminating future industry growth and assuring their own loss of employment and benefits when they buy cheap products manufactured at subsistence wages in third world countries.

    I strongly disagree with those who claim we must sit by and suffer harm from low cost/ low quality importers who often engage in dumping to ruin domestic manufacturing businesses, then raise the prices once they have the market. Japanese manufacturers did this in the consumer electronics manufacturing industry in the 1980's with the help of huge Japanese government subsidies which drove many outstanding high quality American manufacturers out of business.

    Trading can be seen as a war between 'peaceful enemies' just as much when the playing field is level, as when it is not. And it is not unlike a war of actual combat. The self preservation of the country and the survival of its citizens is at stake and national efforts may have to be expended. In the age of Getty Oil the US didn't shrink from dealing in a very direct way with the oil and railroad magnates that posed a threat to smaller diversified firms that were being put out of business on similar basis.

    At present enforcement of our IP and copyrights is abysmal with few strict penalties levied on countries that have permissively allowed infringement of US trademarks, copyrights and patents.

    By setting full and partial import tariffs on key products and by educating people -- and that is what it requires -- a first world country can achieve competitive cost parity with high quality in a reasonable time in key manufacturing sectors suffering from trade imbalances due to wage disparities.

    The problem must be addressed also through education - cheap exports carry a hidden price. This means all the components of a price must be understood -- not vaguely but in detail by the customer -- so that the customer shops not by apparent price alone but by actual costs payed at checkout and the often larger collective installment that will come due later.

    A compelling case with all the steps needed...
    Sep 4, 2011. 02:00 AM | Likes Like |Link to Comment
  • The Diminishing Returns Of QE [View article]
    I couldn't agree more on the Fed's unnecessary and costly misadventure which began last Fall. Below a section taken from a post of mine in response to a Nov 2010 article that touted expected 'benefits' of QE-2.

    "It seems clear now that it certainly would have been far better if Bernanke had simply called the whole QE-2 thing off on Nov 3... or at least stated that more time was needed to observe the economy and decide which type of 'easing' and how much might eventually be necessary.

    Stocks would have receded to about the levels they are today after the latest (summer 2010) market rout. And we would have been the better off on multiple matters, including holding inflation to reasonable levels, limiting distress among global monetary markets, and reducing the threat of growing bubbles in commodities, bond markets and precious metals.

    We would also have virtually every nation thanking us for being conscientious and acting responsibly as issuer of the global reserve currency with the willingness to cooperate and make the required sacrifices and necessary trade agreements - recalling that nothing whatsoever was achieved in the latest G-20 meeting along these lines except threats of retaliatory devaluations.

    We would also have a much stronger dollar and much lower prices for base materials and commodities, and lower prices for components that we make or in many cases only assemble but that we still sell to the world. Likewise there would have been almost a trillion dollar reduction in our 2011 deficits and the possibility of potential hyperinflation would have been reduced to virtually nil..."

    - Nov 17, 2010

    p.s. I've recently downloaded your 22 pg abstract "Understanding the Modern Monetary System" and have to say I really savored going through it... an excellent, insightful and extremely helpful piece...and I wholeheartedly recommend it... beginning the 3 others... thanks !
    Sep 1, 2011. 01:17 AM | 1 Like Like |Link to Comment
  • California tax revenues plummet in July, coming in 10% below expectations, and nixing hope a $4B budget gap would be filled by a ramping economy. Deeper government cuts will now likely be necessary. August's stock swoon could make things worse as the state is heavily reliant on capital gains taxes.  [View news story]
    California is now run by Governor Jerry (Moonbeam) Brown.

    Recently California threw open the state's prison doors and let out 30,000 criminals because in essence there was no money left in the budget to keep them behind bars. This, in effect amounts to legislators (due to their fiscal irresponsibility) serving as criminal accomplices. If someone had broken into the prisons and let these inmates out, they would have been sentenced to prison time. Right?

    Yet somehow these legislators still manage to come up with money to spend on nothing less than....illegal aliens! California legislators just last month passed another costly pro-illegal alien social program. In any case madames Pelosi, Boxer, Feinstein are the ones that do the most harm to the state's law abiding and legal residents. And in case you didn't know, illegal aliens make up over 30% of the inmates in US Federal penitentiaries. And they're not in prison for being in the country illegally... which isn't even a reason for them to be detained by police... they are in prison for theft, robberies, murder, extortion, and so on.

    It is simply mind boggling what welfare recipients and illegal aliens have been able to get absolutely free from the state of California: welfare, food stamps, credit cards, subsidized rent and, in some cases loans to buy a house, plus health care, social services, and they also have their own dedicated lobbyists and pro-illegal-alien legislators in Washington DC.
    Aug 9, 2011. 06:47 PM | 2 Likes Like |Link to Comment
  • No one should be surprised by the "extremism and irresponsibility" exhibited among Republicans during the debt ceiling talks, according to Paul Krugman. There has been no price to pay for the GOP's "tax-cut fanaticism," or "to show any kind of responsibility, or even rationality... If you’re surprised, that means that you were part of the problem."  [View news story]
    I've re-posted my longer comment from prior Market Currents, placing it near the end where longer tomes aren't intrusive to the flow of posts. Thanks to conservative posters who have countered the numerous half-truths obfuscations and sophistry that many persist in, seeking only to misrepresent and malign the crucial conservative positions in the current debt ceiling negotiations. Our purpose is to bring Democrats and the administration to recognize the importance of essential conservative principles which alone are the only hope for recovery and long term economic prosperity.


    "The fact that we're here today to debate raising America's debt limit is a sign -- a sign of leadership failure. Leadership means the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit…”

    Are these the words of a far right wing Republican? No, not at all. It was none other than Senator Barack Obama who made these comments in 2006 when voting against raising the debt ceiling. Indeed the players may change but the charade has persisted, with seemingly responsible positions held only when politically expedient for political gain or posturing.

    Yet its just possible this time the GOP is determined enough to return the US to stable fiscal principles of small government and low taxes

    The US now borrows 40% of every dollar it spends, creating a dire situation indeed with regard to upward interest rate pressure. Should a significant rise in interest rates occur, the US Will soon find itself truly beyond the means to pay its debt. Therefore the object of the negotiations for the Republicans is to once and for all change the very way Washington does business, shrink the size of government, slash the debt and reject any tax increases.

    Recently elected Republicans (and Tea Party members) have finally revitalized GOP ranks and most conservatives have at last come to realize that the government will never shrink unless it is starved of its various, highly relished sources of revenue. Indeed all of the newly elected congressmen promised their voters they would stop reckless spending by drastically limiting the government's primary source of revenue, taxes.

    In addition, they would pass a constitutional amendment to insure that essential tax reductions would remain in place and could not be arbitrarily raised to suit big spenders - regardless of party. This was clearly the promise that the new congress made to voters in the landslide elections of 2010. And these promises helped many get elected.

    A budget can work best if given some flexibility. The Democrats now complain a balanced budget will be too restrictive and are even now against a balanced budget amendment. However, a balanced budget amendment can be crafted so as to give the budget a great degree of flexibility without compromising the sought-after control over government spending that a balanced budget would insure.

    The budget must contain a reserve fund for special one-of-a-kind and unforeseen expenditures and emergency funding. Deposits and withdrawals from this reserve could be accomplished through tiered access that allowed withdrawals on a priority basis with strict conditions and well defined time schedules for replenishment of whatever was withdrawn.

    If the Republicans are successful the government will never again be able to spend us into oblivion... not that 14.3 Trillion hasn't already put us a few decimal points past oblivion.

    So lets tell the Democrats to call off the boys at Moody's and S&P. Their threats to downgrade the US to less than AAA are without merit...And it wasn't too long ago that they both were feverishly stamping sub-prime junk with rather meaningless and deplorable 'AAA ratings'.

    Furthermore, the insiders know that even if Congress doesn't raise the debt ceiling, the Treasury Department will not stop paying the interest on US debts. The Treasury does not talk about this, because it doesn't want to reach this point. But if the United States should have no overt means with which to pay its indebtedness, it will not run out of money; it will simply run out of money that comes to it through hawking its debt. And so it will have to start paying the interest on its bonds — along with everything else — out of its tax revenues, which now funds about two-thirds of its spending. The Treasury will prioritize its obligations, and make sure that any US creditors including foreign governments are paid before anyone and anything else. We will not turn a delay into a default.
    Jul 16, 2011. 02:39 PM | 2 Likes Like |Link to Comment
  • No one should be surprised by the "extremism and irresponsibility" exhibited among Republicans during the debt ceiling talks, according to Paul Krugman. There has been no price to pay for the GOP's "tax-cut fanaticism," or "to show any kind of responsibility, or even rationality... If you’re surprised, that means that you were part of the problem."  [View news story]
    Actually in 2002 Krugman stated that we needed a housing bubble to offset the tech bubble. The idiocy of Keynesianism knew no more boundaries then, than it does now.

    See the following piece by Tyler Durden:


    For a comment that refutes the erudite points Krugman has thoughtfully left us regarding debt limit negotiations, please see my post in today's comment stream 5:30 PM
    Jul 15, 2011. 07:49 PM | 3 Likes Like |Link to Comment