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D_Virginia

D_Virginia
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  • To those who lament the debasement of the dollar, or who think the game is rigged - or who always fight the tape and simply missed the latest rally - you can pound your chest if you want, but would you rather be right, or would you rather make money?  [View news story]
    There's nothing wrong with making money AND thinking that the game is rigged.

    I know the game is rigged.
    I lament the debasement of the dollar.
    I shake my head at the rally's blatant lack of fundamentals.

    And I will shout all of the above at the top of my lungs.

    However, I know no one listens. The activist in me may pound my chest in the hope of some change toward sensibility and away from the lunacy we have now.

    But the pragmatist in me knows that I have to make a living. And knowing that the game is rigged, etc, actually helps.
    Oct 6 06:29 PM | 29 Likes Like |Link to Comment
  • Dollar's Purchasing Power Annihilated - The Chart They Don't Want You to See [View article]
    Um...all this data says is that these days, there's ~3% average annual inflation...didn't everybody know that already? That's been a no-brainer for as long as I can remember -- and I'm no spring chicken.

    Sure, when you compound it over many years it gets scary-looking, but for most of us, it's offset by the ~11% gains in the market -- up until last year, anyway.

    Sorry, no conspiracies here -- I recommend going back to exposing Goldman Sachs for the evil cabal that they are....
    May 8 11:21 PM | 29 Likes Like |Link to Comment
  • The NYT's Catherine Rampell investigates whether the recovery really is the worst since the Great Depression and finds that on almost every measure she looked at, "there was at least one previous (completed) recovery that performed worse." However, improvements across different metrics are way below the average. [View news story]
    > Steve Jobs had zero demand for the iPad before inventing it.

    Nonsense. Steve Jobs tapped into un-met demand, but there was still demand that existed. People wanted a portable device that can perform simple computing tasks that was smaller than most laptops, intuitive to use, and had great battery life. People had and were will to pay good money for such a device.

    Go back to class. :)
    Aug 12 12:32 PM | 27 Likes Like |Link to Comment
  • The NYT's Catherine Rampell investigates whether the recovery really is the worst since the Great Depression and finds that on almost every measure she looked at, "there was at least one previous (completed) recovery that performed worse." However, improvements across different metrics are way below the average. [View news story]
    > an election win for Obama, and the retention of the Senate by
    > Democrats, will be a waterfall drop off in the equity markets
    > worldwide.

    This is a wildly ignorant prediction in light of the more than 60% gain in equities since President Obama took office.

    At a minimum, he is now a known quantity. The markets may have sold off after election day in 2008 due to the baseless straw man claim put up by the wing nuts, but the uncertainty factor is now gone in terms of market reaction to a second term for Obama.

    Of course, if Romney wins, financial stocks will double overnight and real businesses will tank, as everyone knows he will not stop until 99% of corporate profits go to the financial sector -- just so they can say they're "the 99%". :)
    Aug 12 11:58 AM | 27 Likes Like |Link to Comment
  • Individuals are earning at record levels and moving into a more stable financial foundation. Corporate cash positions are high, with little risk of sharp resource reductions. U.S. states and EU nations are reducing budget gaps. Just a few of the reasons to take comfort that 2010 is not 2008.  [View news story]
    No one I know is earning at record levels. Maybe I just need richer friends?
    Jul 6 06:55 PM | 26 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    "We have decided that Warren Buffett's contribution brings with it far too many associated implications of things like ethics and long-term focus -- these are not characteristics that we desire in the way we do business."
    - Goldman Sachs
    Oct 21 07:21 AM | 25 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    [insert something bad about Democrats here]

    [insert something worse, and completely unsubstantiated, about the President here]

    [insert useless platitude about a yesteryear that never actually existed here]

    Sorry, I'm short on time and I can't compete with most of the kids here lately on their political nonsense, so I just have to use placeholders. The above should get me TONS of likes. :-)
    Oct 4 08:01 AM | 24 Likes Like |Link to Comment
  • The NYT's Catherine Rampell investigates whether the recovery really is the worst since the Great Depression and finds that on almost every measure she looked at, "there was at least one previous (completed) recovery that performed worse." However, improvements across different metrics are way below the average. [View news story]
    So what you're saying in your...unique...fashion, is that un-met demand is not macro-economically useful, and I do agree with this. I stand corrected. :)

    But the fact remains that with high unemployment, effectively stagnant wages, and price inflation, people's purchasing power goes down.

    Someone who can't afford an iPad today still won't be able to afford Apple's next blockbuster tomorrow. They might buy it anyway due to Apple's cult-like marketing, but they will do it via debt (pay the bank later) or by not spending on other wants/obligations (simply don't pay elsewhere).

    The simple reality is that those with significant disposable income are a distinct minority, which is why AAPL is steadily focusing more on international sales, and from a business standpoint who can blame them -- but that's not going to drive a recovery here.

    However, if your consistently offensive intent is to imply that VALUE CREATION is a key element of a recovery, I couldn't agree more. :)
    Aug 12 01:25 PM | 24 Likes Like |Link to Comment
  • What's so wrong with tax cuts for the wealthy, Caroline Baum wonders - after all, most Americans aspire to being rich. It's "voodoo economics revisited," Simon Johnson says - "childishly reckless" fiscal policy that digs the U.S. into a deeper debt hole.  [View news story]
    Similarly, however, the "extend the tax cuts" crowd have offered no worthwhile proposals for reducing spending in any meaningful way.

    We have "tax and spend" on one side, and "don't tax and spend anyway" on the other.
    Dec 15 06:41 PM | 24 Likes Like |Link to Comment
  • Obama and the Fed are "killing the real economy to save the banks," Chris Whalen asserts. By allowing banks to heal their wounds through low rates, they embrace a policy of deflation that has horrible consequences for all manner of savers - retirees, companies, non-profits, municipalities - in a "massive, reverse Robin Hood scheme."  [View news story]
    Regardless of the ignorant Monday Morning Quarterbacking -- is it untrue?

    Is the government not blatantly funneling money to the big banks at the expense of helping everyone else? (Or inflicting the short-term hardships that would repair the economy's long-term health?)

    There were front door bailouts, back door bailouts, side door bailouts, you name it, and almost all of it went to the banksters.

    I support Obama too (though currently only because he's slightly less disastrous than the leading Republicans), but I really wish he'd take a stand here. I'd say that it's getting ridiculous, but the reality is that it's been ridiculous from the start.

    Not that the government is at all blameless, but the banksters have them over a barrel: if they pay the banks, the rest of the economy crumbles, if they don't pay the banks, the rest of the economy crumbles much worse and much more quickly.
    Aug 31 06:44 PM | 24 Likes Like |Link to Comment
  • On the Supposedly Rational Market [View article]
    > Any market is simply the summation of its participants' decisions.

    I think this is a key statement.

    The overwhelming majority of the stock market's participants for the past ~18 months are HTF computers, and the overwhelming majority of non-HFT participants are Wall Street day traders.

    So why wouldn't they rationally see a rosy picture?

    The computer don't care, of course, but the traders have nothing but good things to celebrate.
    - they made plenty of money on their short trades in 2008
    - they made plenty of money on their long trades in 2009
    - they're getting billions in free money from the government
    - they're lending that free money right back to the government and keeping the spread
    - their pay and bonuses are back in full swing (if they ever diminished at all)
    - they're cackling gleefully as companies lay off millions of Americans to cut costs and beat "estimates"

    If that's your world, and you are that disconnected from actual reality, then the market's behavior was really fairly rational. It made perfect sense to everyone who doesn't live in the real world that most of us live in.

    Let's call a spade a spade: the market as a mechanism is not irrational -- it's participants are.
    Jun 25 08:21 AM | 24 Likes Like |Link to Comment
  • Bankslaughter [View article]
    We criminalize recklessness in medicine.
    We criminalize recklessness in law.
    We criminalize recklessness in engineering.

    The reason for all of the above is that people who practice those professions must be trustworthy and competent, otherwise people's lives will be severely impacted.

    Why shouldn't we criminalize recklessness in finance? Is not the same criteria true?
    Jul 9 03:09 PM | 24 Likes Like |Link to Comment
  • The NYT's Catherine Rampell investigates whether the recovery really is the worst since the Great Depression and finds that on almost every measure she looked at, "there was at least one previous (completed) recovery that performed worse." However, improvements across different metrics are way below the average. [View news story]
    Hyperbolic certainly, but not ignorant. The financial sector is giving unprecedented funding to the Romney campaign, as they know full well he is born and bred of their ilk.

    Under Romney's policies, financial shenanigans would drastically eclipse the adding of real value, all in the name of the "free market" and "small government".

    This is not to say that Romney will be free to execute his policies unrestrained, as there is still congress and the supreme court -- both mostly jokes at this point, but at least there is hope.

    I'm surprised at you Wyo, you yourself have admitted is more so the financial elite pulling the government strings than the other way around -- why would you campaign for their obvious chosen champion?
    Aug 12 12:20 PM | 23 Likes Like |Link to Comment
  • The chances for a fiscal cliff deal in the next 48 hours are "exceedingly good," says Senator Lindsey Graham, appearing on Fox News. "Hats off to the President, he won," Graham adds. "The President campaigned on raising rates and he's going to get a rate increase." [View news story]
    > "hats off to the president, he won"

    Hhmm....the Republicans' definition of the President "winning" usually means that he got less than 10% of what he wanted and they got 90% of what they wanted.

    I suspect a poison pill, it will be interesting to see the details of this "deal". President Obama may not yet be experienced enough to recognize the extent of the douchebaggery that more seasoned politicians are capable of. :-)
    Dec 30 09:51 AM | 22 Likes Like |Link to Comment
  • The NYT's Catherine Rampell investigates whether the recovery really is the worst since the Great Depression and finds that on almost every measure she looked at, "there was at least one previous (completed) recovery that performed worse." However, improvements across different metrics are way below the average. [View news story]
    This is all very abstract and idealistic. Sounds like "get your government hands off my medicare" and they will come. :)

    And who really intervenes more in markets: governments, or the wealthy elite that own them?

    So long as a privileged few funnel all the wealth to themselves through their control of government and of individuals, such freedom as you describe shall never exist.

    Increasingly, invention happens, but it rewards the owners, not the inventors. And those owners do everything in their (substantial) power to keep it that way. The reward for inventors to invent is increasingly low, yet the reward for owners to sell inventions is increasingly high -- is this a good balance?

    Also, the ones being bailed out by governments the most are indeed the corporations that you claim perform such invention -- how can a nation function like this? The corporations funnel money to the wealthy few, the wealthy few pick the government, and...wait a sec....how's that going to work out?

    One solution to this madness is perhaps your favored anarchy. A true anarchistic approach may work, but its cost is high in both time and lives.

    Another approach is drastic reform. Get the corporate hand out of the puppet that is government. Government is not ideal, certainly, but the wealthy elite that /really/ rule here, and condition people to think that government is the real source of the problem, are much, much worse.

    But let me know how all that inventing goes in your Corporatocracy, or your Anarchy, or whatever you're advocating for. :)
    Aug 12 02:19 PM | 22 Likes Like |Link to Comment
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