Friday, October 15, 2010

Yes Charles, the Rot is Within

Regular readers of this blog know that Charles Hugh Smith's blog Of Two Minds is on my daily must read list. Besides keeping up his blog Charles is the author of, what I consider essential reading, if only a few in congress and the senate felt the same, Survival+ Structuring Prosperity for Yourself and the Nation.

I bring this all up because Charles is always a good read but sometimes he truly outdoes himself with an over the top post. His entry today is certainly one of those times and definitely stuck a chord with me.

In the piece, The Rot Within: Our Culture of Financial Fraud and the Anger of the Honest, which I would suggest the kool-aid drinkers like CNBC's Steve Liesman and Larry Kudlow and apologists like Warren Buffett and Charlie Munger skip right over as it would offend their basic instincts, Charles relays the experiences and observations of a former fortune 50 accountant. Please take a few moments to make sure you read it. 

The piece might also help you begin to understand the underlying anger of my blog posts vented at so countless many of these ivy league educated, purported masters of the universe and the true harm they have inflicted on this great nation. 

I am the fiercest supporter of manners and respect, I simply feel respect is earned not an entitlement which is why I ridicule these tea bagging mainstream media types who address congressional reps and senators as sir and madam and fawning over them as they bow down before them like they are royalty. In actuality they are slightly below maggots in the food chain.

I have said before and will repeat here again, when an area or appendage of the host has cancer, the cancer must be cut out or it will consume the host and endanger survival. This is not rocket science it is common sense that even my room temp IQ can understand. 

We cannot fix that which we will not admit to. So thank you again Charles for a fantastic piece and tell your accountant friend thank you for sharing their insight, very much appreciated! 

Housekeeping notes:

I was stopped out of half of my long TLT position this morning at the open at $100.60 for a gain of about 7 pts on 1 unit.

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
Short 1 unit Amazon ticker AMZN @ $160.00 stop @ $162.11
Short 1 unit Baidu ticker BIDU @ $103.45 stop @ $105.11
Short 1 unit American Express ticker AXP @ $39.45 stop @ $40.51

No comments: