Tuesday, October 26, 2010

Apalachin Meeting - 2

It seems there is an event going on in New York city put on by the Economist magazine called The Buttonwood Gathering. What is it? Well, to quote directly from the website, 

"Once again in 2010, The Buttonwood Gathering will draw together leading policy makers, banking executives and regulators to discuss restoring trust in the financial system and evaluate our place on the road to recovery."

Are you kidding me?! Someone pinch me and tell me this is a dream. 

Let me get this straight, the thugs who perpetrated the swindle of the century are all getting together to discuss how to fix things. 

How quaint. Actually how galactically arrogant of this bunch that they think they can come together like this after they brazenly looted and destroyed the system right under our noses.

Is it me or is this reminiscent of the Apalachin Meeting of the mob back in 57'?

Quick, someone please call 911 and inform the authorities. Someone please tell the Attorneys General of all 50 states that the perpetrators of the crime of the century on our nation are reconvening in NYC right now! They are all together at one place. You can send the paddy wagons and round em' all up at once.

Ahhh....forget about it. That would be too tough to do as it would actually require enforcing rule of law in this country which we all know is being avoided. Acutally their hubris and arrogance knows no bounds which is why they are getting together, like they are daring us to do something about it and why any discussion of rounding up the culprits responsible as a first step to restore trust in the system will be avoided at all costs.

It's not just these cats thought people. It is all around us and all the way to the top. It is all so bad you start to get numb to it. Like corrupt and on the take judges for instance.For those unaware Commodity Futures Trading Commission (CFTC) judge George Painter penned a retirement letter recently. You can read the letter here. In the letter, retiring judge Painter admits that fellow judge Bruce Levine promised former CFTC chair Wendy Gramm;

“that he would never rule in a complainants favor. A review of his rulings will confirm that he has fulfilled his vow.”

Barry Ritholtz has a great summary of the whole affair and an eloquent description of Mrs. Gramm at his blog which you can read by clicking here.

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit ishares Barclays 20yr Treas ticker TLT @ 92.15 stop @ $98.74
Long 2 units U.S. Dollar Bull ticker UUP @ $22.56 stops @ $21.94/$21.44
Long 1 unit Powershares Gold Double Short @ $9.07 stop @ $8.67
Short 1 unit American Express ticker AXP @ $39.45 stop @ $40.51
Short 1 unit Apple ticker AAPL @ $312.25 stop @ $315.37
Short 1 unit Caterpillar ticker CAT @ $78.05 stop @ $81.71


Anonymous said...

You will no doubt be pleased to know that John Micklethwait - Editor in Chief of The Economist - referred to your blog post in his closing remarks today. I believe he found your post an amusing reflection on the anger that people feel about the crisis and resulting bailout.

Harleydog said...


Micklethwait must have been bored to death surfing the net to be slumming down here at this blog!

appreciate the note, travel home safe from the conference.