We are officially in the Twilight Zone. How else can one describe this.
Nationalization of the banks all set to go. Wait, hold on Propaganda Minister, errr excuse White House press Secretary Gibbs announces that there will be no nationalization. (Goebbels would be proud). News that AIG will report a $60 Billion loss, and yes before you ask that is billion with a B, loss.
Yeah sure, we'll make money on all these pieces of garbage we bought too. We can hang on to them cause we have deep pockers. Hang on all right, all the way to zero.
Absolutely textbook execution on how to instill confidence, right?
You know we're are not talking about some fly by night internet outfit with no sales nor are we talking about a crackpot banana republic. We are talking about the capital markets of the United States of America!
Pathological liars the lot of them. Former President Jackson was oh so correct, nothing but a den of vipers and thieves and they are going to take us all down with them.
But hey, don't fret. The brand new season of Dancing with the Stars is right around the corner! I wonder how the masses would react if it were not available along with Desperate Housewives and Survivor. Now then there would be someting to get upset about !!
I caught the news today that NY Attorney General Andrew Cuomo wants to get a court order forcing former NYSE chief and Merrill Lynch CEO John Thain to testify as to who received the ill gotten bonus's over at Merrill Lynch prior to the massive loss announcement. Cuomo is doing this as Mr. Thain is refusing to divulge this information.
I have some advice for the Mr. Cuomo on exactly how to make John Thain describe this bonus process in exquisite detail. It is called 'the rack' !
You see Mr. Cuomo, men like John Thain, Angelo Mozilo, Dick Fuld, Franklin Raines and their ilk do not understand decency, ethics and the law as they apply to men like you and I. So using something like 'the rack' is something I am 1000% positive Mr. Thain will eagerly and enthusiastically understand.
It should not have to come to this but it has.
I was stopped out of my short position WFC at $12.40 for a gain of about 7 3/4 pts on 1 unit.
I was also stopped out of my short position in DRI at $28.95 for a flat trade on 1 unit.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units Ultrashort MSCI EAFE ticker EFU @ $89.80 stop at $99.62/114.78
Long 2 units Ultrashort S&P500 ticker SDS @ $69.80 stop @ $69.80/83.28
Long 2 units Ultrashort Real Estate ticker SRS @ $53.80 stop @ $53.80/64.72
Short 1 unit Apple ticker AAPL @ $102.05 stop at $100.11
Short 1 unit Apollo Group ticker APOL @ $82.95 stop @ $84.52
Short 1 unit Goldman Sachs ticker GS @ 96.95 stop @ $92.94
Short 1 unit Microsoft ticker MSFT @ $19.20 stop @ $19.20