Did you catch this news out of London this morning. The news that the banks in England are selling the worthless loans on their books to subsidiaries in "an effort to avoid billions in losses were they to sell them on the open market."
This is the kind of plan a Steve Forbes would absolutely just love. He must be just clicking his heels right now! Beautiful.
The big news yesterday was, I know, you're thinking "Ben Bernanke was re-appointed". Well, in my opinion that is wrong. The big news was, it come out on Monday by the way, where a judge ruled that the Fed must make public names of recipients of emergency loans from taxpayers. Funny how this wasn't discussed on the pom pom network.
Gotta love real reporting don't you. Ironically the blogs were on it though.
My next piece is going to offend many. The only thing I can say in my defense is that my wife refers to me as an equal opportunity offender. Before I get into this I want to remind you that I am a political atheist and believe politicians are all the same, no question.
Politics = WWF wrestling, got it now!
With that out of the way, this morning we received news that senator, standard bearer of the Kennedy family and lifelong feeder at the public trough, Ted Kennedy has passed away. I realize he is an icon among the limousine liberal set. You know the crowd many out there more commonly refer to as the "do as I say not as I do crowd".
As a lifelong spender of others' money Mr. Kennedy was a champion of those not born with a better pot to piss in unlike himself. I thought today would be as good a day as any to lend a little perspective to the whole matter.
This perspective shall come in the form of one word.... Chappaquiddick.
For those more concerned with American Idol, Dancing With the Stars and Survivor, this "icon" of American politics, this so called "champion of the less fortunate"was responsible for driving his car off a bridge and into a pond. Leaving the scene with one, (ultimately less fortunate) Mary Jo Kopechne trapped inside, to drown.
If this is what an "icon" is made of then please forgive me as I throw up. Forgive me again if I save my condolences for the family that truly deserves it, the Kopechnes'. I know not what is worse for that family, that he left their poor girl there to drown, or that he never did a day in prison for this heinous act.
As anyone who believes in a Higher Authority, as I do, I do want to take this opportunity to wish Mr. Kennedy well on Judgement Day before our Maker. I highly suspect he may need it.
Again, my apologies if I offend any with my rant but I needed to get that off my chest.
Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units Ultrashort FTSE/Xinhua China 25 ticker FXP @ $10.58 stops @ $9.94/9.54
Long 1 unit Ultrashort Real Estate ticker SRS @ $11.93 stop @ $10.94
Long 1 unit Ultrashort Semiconductors ticker SSG @ $25.00 stop @ $24.32
Short 1 unit JP Morgan ticker JPM @ $43.66 stop @ $44.71