AndrewBaker

Wall Street Breakfast: Must-Know News

Manipulation is the name of the game, any which way you can do it. Whatever happened to buying something because it was worth it?

Cramer's Lightning Round - Citigroup is a Buy (So Shoot Me) (8/5/09)

Thing is: in the past five months the money has been made by the bulls who've totally ignored the numbers, taken no notice of the fundamentals (or lack of them), and those that have been on here have, though with difficulty and with crayon in many cases, posted comments like "Buy, buy, buy!!!" Their minders are now rolling in their money, and laughing out loud.

I have been thoughful, looked behind and beyond the hype and, except for a few safe longs such as gold, VM Ware and ATPG (though that's been up and down, and tradable), have tried my hand at shorts and been burned.

So, it's long financials and S&P now, with one eye on the board at all times! So, maybe Citi's not such a bad buy; short term anyway: it is up 9% at this point today. How long do you wanna hold it?

Wall Street Breakfast: Must-Know News

I've decided that I have to get out of the financial and index shorts that I'm holding as the powers-that-be won't let the banks and financials fall anytime soon. They will drop in time but that will be a long way into the future, when the planned-for inflationized recovery has made our pain seem not as bad as it really is because the numbers will all be bigger, but not worth nearly as much.

Doing it this way will make us all poorer than we otherwise would have been, but will enable the boys to claim they've saved the economy, the world and anything else that's not nailed down. They will be fine, we will be poorer, but not totally sure about that because it will have taken so long and values so messed up because of inflation that all we will know for sure is that somehow we were done over by legalized grifters.

Wall Street Breakfast: Must-Know News

Well, we're still getting "good" news, and being told about green shoots and adequate funds held by banks and so on and so forth, and we'll still have a motor industry, and toxic assets will be bought, and things are getting worse more slowly (positive spin here for sure), and we've had a near-two-months lift in the markets. Yet we still have problems lifting these markets without they fall back. Why? Could it be because we've not yet been told the truth about the really bad debts out there that are really chickens coming home to roost, and soon? And that people are actually wising up to it, too?