BJS

Respected analyst John Browne of Euro Pacific Capital calls a target of 1,000 on the Dow, which is pretty astonishing for even the hairest of bears. Browne recently published Socialism Coming Back To Haunt U.S., which may help to explain his pessimism.

Hey, Mr. Browne got everyone's attention and that seems to be the name of the game these days (and for many past ones).

Clawing back the AIG (AIG) bonuses could lead to months of distraction, at a time when all eyes should be trained on keeping the world credit system from collapsing and causing global depression. "There’s real work to do. Get on with it."

Ah, but the real reason that the bonus brouhaha has gained so much traction is that it is something everyone can understand and which makes the politicians can feel like heros when they rant and rave.

"Populist perception is that everyone working in a big investment bank was greedy and/or incompetent. That is simply not true. This may sound shocking, but professionals who’ve built up a lifetime of skills, experience, and contacts do exist at these firms. They are not so easily replaced. I’ve heard rumblings already that anyone worth their salt has left any firm taking TARP money. If this legislation passes, that will no doubt be true." (Economist)

Well at least no one has (yet) suggested that all big bank employees be:

1) stoned to death
2) burnt at the stake
3) drawn and quartered

Things could be worse or maybe that will be Monday's news.

How David X. Li brought down Wall Street: Not so long ago, Li's formula to describe correlation might have brought him a Nobel prize. Now all it's earning him is scorn.

I thought that this was the most interesting article that I've read for a long time. The basic problem is that people forget that no matter how sophisticated the formula, it is based on a set of assumptions which easily become out of synch with reality.

Barney Frank is launching an offensive to roll back legislation against online gambling passed under the Bush administration that impinge the freedom of Americans. The 2006 Unlawful Internet Gambling Enforcement Act forced the exodus of U.S. listed companies.

Of all the problems there are now, certainly Mr. Frank should have better things to do than fight for online gambling. Is he listening to the lobbyists or worse??

The billionaire everyone loves to hate may be in trouble: "Donald Trump is suddenly bogged down in a string of legal and financial battles across his property and entertainment empire." So how much is Trump really worth? "Far less than he was the last time anybody took the trouble to calculate."

Oh heavens!! I'm so upset. I feel so sorrrrrrrrrrrrrrrrrrrr... for him.

Don't Be Fooled - Short Selling Restrictions Do Work

I totally agree with the author of this article. We have all seen big sell offs triggered by someone selling which results in others selling just because they have entered stop loss orders or short sales irregardless of the worth of the underlying stock. It has turned the market into a casino.

Here Go the Short ETFs

Serves them right!!

Wall Street Breakfast: Must-Know News

Guess what. Yesterday I paid $4.09 per gallon for gas in San Francisco. The future is here!!

Wall Street Breakfast: Must-Know News

Guess what. In San Francisco I paid $4.09 per gallon for gas!! The future is here.