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Jim P. Smith

Jim P. Smith
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  • Richmond Fed President Jeffrey Lacker: We're coming to the high-water mark for stimulus with the end of QE2. The job market's headed the right way, but hikes may come before a full healing. Housing and consumer spending are to blame for the recovery's weakness.  [View news story]
    "Well no bleep sherlock! You gave the money to the banks at zero so the Treasury could borrow it back from them at 2%+! Why would the banks ever bother to lend it to consumers when they can lend directly to the owner of the printing press you stupid bleeps!"
    May 10, 2011. 01:26 PM | 6 Likes Like |Link to Comment
  • An FDIC proposal sets margin requirements at 2% for retail forex investors dealing in major currencies, and 5% for other currencies - an attempt at more strict oversight in a fraud-heavy market. The plan is similar to a CFTC rule from last fall and doesn't affect large companies in derivatives and swaps markets.  [View news story]
    I don't like rules that only apply to retail investors.
    May 10, 2011. 11:16 AM | 8 Likes Like |Link to Comment
  • A Note About the Commodities Crash [View article]
    Understatement of the millenia...
    "Some of you may have noticed, commodities have crashed in the last week."


    At any rate, I would love to see margin rates on commodities in the futures market limit margin to 2:1
    May 6, 2011. 02:52 PM | 3 Likes Like |Link to Comment
  • Crude losses accelerating into the close, -2.3% at $97.51. Worries about Greece aren't helping, but can a margin hike be far behind? USO -14.2% for the week.  [View news story]
    Margin hikes would do the real economy a world of good.
    May 6, 2011. 02:50 PM | 4 Likes Like |Link to Comment
  • Leave it to Zero Hedge to see the cloud beneath the silver lining of the latest jobs report: "Today's BLS of 244K is great... until you exclude the 62K from McDonald's (MCD) hirings, and 175K from the Birth Death Adjustment, and end up with... +7K jobs." (also)  [View news story]
    It's commentary like this that makes me read Zerohedge everyday and only "check in once in awhile" with Seeking Alpha.
    May 6, 2011. 10:24 AM | 7 Likes Like |Link to Comment
  • The most immediate impact of the plunge in commodity prices could be to shave a few hairs off headline inflation, taking some political heat off of Western central bankers. Stephanie Flanders suggests the rout could mean the Fed has already started quietly withdrawing liquidity from the system.  [View news story]
    If you want to shave a few more points off inflation, keep raising margin rates. In fact, maybe some of the futures markets would do well to limit margin to 2:1 a la stocks.
    May 6, 2011. 10:14 AM | 3 Likes Like |Link to Comment
  • Thoughtful Thursday - What's Our Money Worth?  [View instapost]
    HAHAHAHAH!!!!! I thought I was the only one who would think of that Sam Kinnison reference! LMAO! I haven't thought about that stand up bit in YEARS!

    Thanks for the memories. Have You Seen Me Lately?
    May 5, 2011. 02:51 PM | Likes Like |Link to Comment
  • The scam behind the rise in oil, food prices  [View instapost]
    What happens to the speculator holding contracts for delivery when the tanker storing those barrels sinks?
    May 3, 2011. 04:14 PM | Likes Like |Link to Comment
  • Another survey: Charles Schwab (SCHW) finds that 72% of "active traders" receiving a tax refund plan to invest the proceeds in the stock market. Schwab also says 47% of its active traders are bullish, up from 38% in November and 28% in April 2010.  [View news story]
    Hello bear market indicators lol...
    May 3, 2011. 04:05 PM | 1 Like Like |Link to Comment
  • Bank of America (BAC) has a message to those still disgruntled over its $29B purchase of Merrill Lynch in 2009: We told you so. BofA's investment banking, sales and trading, and wealth management businesses - all boosted by the Merrill deal - have provided the rare bright spots in the still-struggling bank's recent quarterly results.  [View news story]
    Three words: Mark-to-market
    May 3, 2011. 03:29 PM | 3 Likes Like |Link to Comment
  • Excess Reserves: One More Thing to Worry About [View article]
    Personally I'd like to see the end of QE and the beginning of competition for savings deposits again.
    May 3, 2011. 03:23 PM | Likes Like |Link to Comment
  • The Flaw in Google's Business Model: Site Scrapers [View article]
    My content gets ripped off all the time.

    My suggestion to you is to use the spam report instead of the DMCA notice... it is quicker and very impactful.
    Apr 27, 2011. 04:09 PM | 1 Like Like |Link to Comment
  • A new lawsuit accuses JPMorgan Chase (JPM +0.5%) of allowing customers to keep money - and lose nearly all of it - in one of the bank's struggling investment vehicles while traders at the bank made $1.9B off the vehicle's collapse. "It all looks like the JPMorgan version of [Goldman's] Abacus lawsuit," Yves Smith remarks.  [View news story]
    An investment bank shafting its clients??? NO WAY! /sarc
    Apr 11, 2011. 02:17 PM | 8 Likes Like |Link to Comment
  • Sterling Global Holdings says it is offering $9.75/share, or ~$3.3B, to buy out the parent company of American Airlines (AMR +4.1%), and claims the help of unnamed backers. One little problem: No one seems to have heard of Sterling Global. AMR says it is investigating whether the offer is legit. Sterling is also said to covet Eastman Kodak (EK +2.9%).  [View news story]
    I've got a bridge in Brooklyn I'd be happy to sell if they're interested in that too!
    Mar 30, 2011. 02:25 PM | 1 Like Like |Link to Comment
  • Banking and Real Estate: The Problems Are Still There [View article]
    That pretty well sums it up.
    Mar 25, 2011. 04:15 PM | Likes Like |Link to Comment