Quote:
|
Originally Posted by Cynthetiq
I don't understand just how to vote on your poll. The two choices are too similar since they are very much encompassing the same rhetoric.
Isn't this no different than your vested interest in short sellers so that you can also make money on the sellers and deals that are coming from your own personal job?
What are you going to do host? Does this mean you are leaving your position as a day trader/speculator and going to get a job at McDonald's or your local bodega?
The question to me is are YOU selling all your positions?
|
I don't hold any positions for longer than a couple of days. I am a trader not an investor. I believe that this is not an "investment quality" market. It is a manipulated, hollowed out hulk. I was as short as I was long, at the market open on monday. Short term, no one knows what will happen. Long term, my "rhetoric", supported by what I am sharing here, either makes my argument, or it doesn't.
I watched a man on my TV on tuesday morning, who I consider is acting in a criminal manner, BS our elected representatives, and they sat there offering no challenge. They have relinquished their constitutional authority to the Fed and it's chariman. Bernanke "appropriated" $29 billion to the Bear Stearns acquisition "deal". All other major appropriations, whether we agree with them, or not, have been appropriated by congress....the Iraq war, the "stimulus" tax rebate checks, etc. IMO, we have entered a new era. It won't be pretty, and it places unchecked power into the hands of a man, Bernanke, who has not made enough correct predictions or reliable decisions, to have the power to make "deals" and steer amounts as large as $29 billion, to get them done.
Can you see a scenario where the Secretary of Defense or Homeland Security simply announces a "deal" that directs billions of unappropriated dollars into the control of private firms? Now, there is a precedent for it, and congress failed to even "grill" Bernanke about it. They and the president are leaning towards granting Bernanke greater authority, not less. His Federal Reserve Bank, via lax oversight and low interest rates, caused this mess. Last summer, the Fed allowed the four largest US banks to lend up to 30 percent of their reserves to their own brokerage arms....businesses kept separate by regulation, limited to borrowing ten percent max. from the banks that own them, because the reserves of those banks are the effing deposits guaranteed by the FDIC.
Do your usual, Cynthetiq....if sharing what I've learned influences one investor to distance himself from this market, I will feel that what I have put into this thread is worth my time.
The tone of your last post, is absurd..... I'm not the manipulator...that title deservedly goes to Mr. Bernanke, the cheerleaders at CNBC and other financial news media, the SEC, and our elected representatives.....