Tuesday, February 28, 2012

Please Persuade Me

Just so I understand this we now have crude into triple digits, the 10 yr note under 2%(that dumb bond again!), the majority of continental Europe bankrupt while I haven't even got to our housing market our unemployment or China, Iran or the Syrian things and yet the U.S. equity market is on uninterrupted tear higher. Of course that is assuming you still call the equity market a market which technically is defined as;

"an open place where buyers and sellers convene for the sale of goods".


Wall St., please persuade me that this, in my considered view, whole centrally planned charade is not absolutely crushing the saver (aka retiree) segment of the population. Now add to this the fact that most of these retirees children in foreclosure and have moved back in or on the verge of doing so. I am to get excited about retailers because people are NOT paying their mortgage?

Please tell me your $300K, primary dealer adored, Ivy league MBA etched sheepskin has equipped you with something more substantial in your decision making process than;
  • Don't fight the Fed,
  • Buy the dip and
  • Hopefully I'll get a a chair when the music stops.

Climbing a wall of worry you say? That's the best you can come up with with that expensive MBA? Tell me why the minute I dig more than a few inches beneath the surface of an economic indicator announcement I am shocked at the discrepancies and manipulation. Tell me why I should ignore deteriorating volume as we swell higher or how new daily highs have declined as we march higher and while you're at it please tell me who, besides federally funded, backstopped and frontrunning Wall St. primary dealers, high frequency traders and the odd algorithmic hedge fund, is participating in this alleged 'market'?

Seriously, do you think Jack and Jane retiree is in this market? My view is they are much too smart to fall, again in many cases, for Jim Cramer and CNBC's brand of snake oil. They may not call it pump and dump scheme but they sure know what one is.

For those out there that wish to ignore evidence that is directly in front of your face with the correct albeit hollow response that " well, the markets going up" couched in the narcissistic belief they can eject before implosion, then all I can say is that you will get what you deserve.

Monday, February 27, 2012

Math & the Ponzi Mix Like Oil & Water

You have heard the old adage the math never lies. Well, you can make it fib a little while if you're a Goldman Sachs investment banker hiding Greek debt in offshore Enron-esque investment vehicles to elude EU entrance scutiny. Or maybe a long while if you're an about to lose his fitness model trophy wife if you don't get your 7 figure bonus Wall St. exec hiding toxic paper in structured investment vehicles from auditors but over time, yes, the math never lies.

What happens when the math and a Ponzi scheme meet is kinda like when Superman and kryptonite meet, they don't do well at all. The math and the ponzi mix like oil and water. Today, we get news, via the Telegraph and the UK's Chancellor of the Exchequer, of the following admission: George Osborne: UK has run out of money.


The money quote, no pun intended;

“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.”

To quote the famous office cleaning company owner in the original Oliver Stone movie Wall Street; "Thank you for telling me what I already know." Or as many women on the planet are apt to say: "Men state the obvious."

Welcome to planet earth 2012. Please ensure that your seat backs and tray tables are in their upright and locked positions

Sunday, February 26, 2012

When I'm Lucid, I Struggle to See Your Point.

Anyone remember A123 Systems ticker $AONE? You mean you forget yet another of Wall St.'s hot IPO must own stocks of the future? Don't fret if you did as it's easy to do since the flavor of the moment, do as their told, propaganda puppets @CNBC hyped it incessantly pre-IPO and now that the pump and dump is complete and it has tanked into the abyss have conveniently walked away. (Please watch the movie Boiler Room for a detailed tutorial on the process.)

Well for your viewing pleasure below is an updated view of $AONE (weekly basis).


Lovely sight isn't it. Gee, I wonder why the yellow brick road, everything's peaches and cream boobs and boobs in chairs @CNBC conveniently ignore it? Well, the story continues even if @CNBC wants to pretend it doesn't.

Check out this piece from Joel Gehrke from the Washington Examiner Green company gets 390M subsidies, lays off 125. You mean they simply laid the 124 off and didn't ship the jobs to slave labor China for 74 cents/hr? Okay. I get that. I get free market capitalism, times are tough, they had to steamline things, lay off people. It happens all the time.

So some management got the axe right? Okay, well maybe not the axe but definitely no bonus' and maybe even some pay cuts right?

WRONG!

  • Robert Johnson- VP of Energy Solutions Group at A123 received a 20.7% pay raise. Just in case you prefer absolute numbers his pay went from $331,250 to $400,000.
  • Jason Forcieer- VP of Automotive Solutions Group at A123 had his pay go from $331,250 to $350,000.
  • David Prystash- CFO of A123 had his pay go from $350,000 to $380,000.

You just gotta pay to keep top talent around. Or at least that's the oft repeated rebuttal I keep hearing from the shills, apologists and hacks with their snout in the trough.

Heck, if you really want to get down to the nitty gritty $390 million in taxpayer subsidies down the tube must seem like a relative bargain compared with $500 million that was flushed with Solyndra no?

I mean I must confess I don't have an Ivy league MBA and I struggle dearly when someone who does possess one tells me 2+2=6 or that -47% loss is outperformance of -53% and a raise is due for relative outperformance.

No matter how the flacks and water boys want to spin this it is yet another exhibit, in an seemingly endless stream of them, of more crony capitalism. In the land of crony capitalism or BizarroLand as future generations will mockingly call it, failure is rewarded with not with ridicule and purgetory but rather bonus' and promotions. Of course the oligarchy will breathlessly harp that its not. To which I, again sans Ivy league MBA respond, of course its not but please pass me another Xanax with a Prozac chaser because when I'm lucid, I struggle to see your point.

Monday, February 20, 2012

Quick History Lesson

Do They Really Hate Us For Our Freedoms and Liberties? A short history lesson, which is the only thing the yellow-bellied, warmongering neocons fear more than actually having to suit up and be airlifted to the front line, might be in order. Much thanks to #BrandonSmith at Alt-Market.com for the link to this video below.



video


Is it possible the phrase 'reaping what you sow' applies. I wonder how we would react say if someone did that to us? Hmmm....


video

Required Reading

Absolute fantastic piece today from #BrandonSmith over at Alt-Market.com entitled Consequences to Expect If The U.S. Invades Iran. Please take a few minutes to read it as it's well worth your time.

He Who Panics First Panics Best.

My friend Charles Hugh Smith of the blog Of Two Minds sends out a weekly piece entitled Musings Report. His latest:; 10 minutes after the Titanic hit the iceberg. is a very interesting read as it makes me think back to my grandfathers advice that "he who panics first panics best". Great piece Charles, much thanks for the report.

Musings Report #8 02-19-12:
10 minutes after the Titanic hit the iceberg

You are receiving this email because you are one of the 451 subscribers/major contributors to www.oftwominds.com.
For those who are new to the Musings reports: they are basically a glimpse into my notebook, the unfiltered swamp where I organize future themes, sort through the dozens of stories and links submitted by readers, refine my own research and start connecting dots which appear later in the blog or in my books. As always, I hope the Musings spark new appraisals and insights, and thank you for supporting the site.

Has the stock market topped? (Part 2)

Three technical analysts I follow have posted some interesting charts, if you are into timing the stock market or want to avoid getting crushed if a steep decline actually occurs at some point (as impossible as that seems):
The Macro Story (video presentation and commentary, about 20 minutes)
We seem to be at a point where either the market breaks toward new highs or it rolls over. Technically, there are plentiful signs of weakness.

10 Minutes After the Titanic Hit the Iceberg

In rewriting my next book "Resistance, Revolution, Liberation: a Model for Positive Change" I hit upon what I think is an apt analogy to the present: 10 minutes after the Titanic hit the iceberg.
As we all know, the "unsinkable" Titanic suffered a glancing collision with an iceberg on the night of April 14, 1912. In those first 10 minutes, it was not at all apparent that the mighty vessel had been fatally wounded, as there was no visible evidence of damage except to those below decks in the 6 watertight compartments (out of a total of 16) that had been damaged.
But some rudimentary calculations soon revealed the truth to the officers: the ship could survive the first 4 watertight compartments being compromised, but not five. Water would inevitably fill the fifth compartment and spill over into the sixth, and so on in a domino-like fashion until the ship sank.
We can sympathize with the disbelief of the officers, and with their confused reaction, both reassuring passengers and attempting to goad them into the life boats. As we know, with the mighty ship only slightly down by the bow and the interior still warm and bright with lights, it seemed far more dangerous to clamber into a lifeboat and drift into the cold Atlantic than it did to stay onboard. As a result, the first lifeboats left the ship only partially full.
Only when it became undeniable that the ship was doomed did people attempt to "make other arrangements," but by then it was too late.
The tragedy was a cruel mix of human error (entering an ice field at nearly top speed, 23-25 knots), hubris-soaked planning (only enough lifeboats for half the passengers and crew) and design flaws: the high-sulfur iron hull plating did not bend when struck by the ice, it shattered like china, as did the rivets.
I found this interesting engineering report on this materials failure. As noted above, the watertight compartment design was also flawed; indeed, some studies have found that the ship would have lasted an additional six hours had there been no watertight compartments, as water would have sloshed evenly along the entire length of the vessel.

I think this perfectly describes the present. Our financial system seems "unsinkable," yet the reliance on debt and financialization has already doomed it, whether we are willing to believe it or not.

In effect, our expenses and new debt are rising at a rate far above the actual expansion of goods and services. This is like a household that increases its debt by 10% a year and its expenses by 6% a year, yet the household income is stagnant. Just as with the Titanic, default or insolvency are the only possible end-states.
We have no idea when the death-spiral of financialization will gain speed and become undeniable. We know the Status Quo will pull out all the stops to maintain the illusion of "growth" and that the rising debts of the Central State, corporations and consumer are sustainable. They are not, and tricks will only "extend and pretend" to a certain point.
Maybe the illusion that the ship is unsinkable can be maintained for another year or two, but we must note that the ship was visibly breaking up in late 2008. So the illusion of solvency, stability and permanence has already been conjured for four long years at staggering expense: $2 trillion added to the Fed balance sheet, $1.2 trillion in secret giveaways to the banking cartel, and $6 trillion in additional Federal debt/spending, to name just a few of the costs.
Those who anticipate the inevitable foundering will be better placed to survive and prosper. They will also be better placed to design a truly sustainable model after our corrupted financial and political systems dissolve in default or insolvency.

From Left Field
I am sorry that the "History of Iron Age Britain Episode 1" was not available--it turned out the free video was only available in Australia.
My recent interview with Max Keiser is now available for viewing; I arrive on the scene via Skype about halfway through. As usual Max is entertaining.
How Companies Learn Your Secrets (free registration with the NY Times required). A long, fascinating exploration of the modern marketing machine.
Budget Woes Prompt Erosion of Public Jobs, With a Heavy Toll in Silicon Valley: A growing city in the heart of Silicon Valley has had to lay off about a fifth of city employees and reduce services sharply. (via Joel M.)
When a County Runs Off the Cliff: Jefferson County, Ala., is a place where government finances, and government itself, have simply broken down.... and so has the municipal bond market, though nobody is willing to admit it yet. (via Joel M.)
These are the results of structural flaws in funding, pensions and governance. These cannot be "fixed" with the minor policy tweaks the Status Quo offers....
"Ms. Pries said it took two years to open the ice cream parlor, due largely to the city’s morass of permits, procedures and approvals required to start a small business. While waiting for permission to operate, she still had to pay rent and other costs, going deeper into debt each passing month without knowing for sure if she would ever be allowed to open.
“It’s just a huge risk,” she said, noting that the financing came from family and friends, not a bank. “At several points you wonder if you should just walk away and take the loss.”
Ms. Pries said she had to endure months of runaround and pay a lawyer to determine whether her location (a former grocery, vacant for years) was eligible to become a restaurant. There were permit fees of $20,000; a demand that she create a detailed map of all existing area businesses (the city didn’t have one); and an $11,000 charge just to turn on the water."

"The enemy of the conventional wisdom is not ideas but the march of events."
- John Kenneth Galbraith

Thanks for reading--
charles

Friday, February 17, 2012

Journalism 101

I've been thinking about $BLK's #LarryFink and his line recently that " investors should be 100% in equities". In my haste to take him to task given the surrounding fundamental data that in my opinion is in no way supportive of this position, other than equity prices are rising and his living depends on people's commitment to the market, I omitted a very important element of the story. That part being Mr. Fink's aiders and abettors, the mainstream media prostitutes at the propaganda outlet CNBC.

Did any of the purported financial journalists of CNBC ask Mr. Fink if he is personally 100% in equities? How about his wife's account or his mother's? Did it even cross their mind?

Of course they didn't ask a question like that. They didn't because this would require onions. They didn't because they like their jobs at CNBC and as pathetic as you and I may feel it is to grovel on bent knee before so many of these Federal Reserve and Wall St. shills this groveling is job security.

Watch Steve Liesman any day. Oh, he's a tough buy with Rick Santelli but with a Fed head or Wall St. shill on Liesman takes grovelling to the next level such that he could teach a PhD level course on the subject. Kinda makes me think of the Seinfeld episode and shrinkage. (Way too funny!)

It's much easier to ask fawning questions about Mr. Fink's philanthropic endeavors or praise his market acumen and position rather than risk offending, his Wall St. maven-ness or Wall St. titan-ness I know not which, by asking a basic journalism 101 question for fear of offending and losing access to Mr. Fink and Blackrock.

Larry Fink might very well be a great guy and its not his fault the professional grovellers that masquerade as journalists at CNBC, won't or can't ask the tough questions that need to be asked. I betcha Fink laughed his ass mocking those faux-journalists for their lack of spine.

I'd also betcha dollars to doughnuts that Fink is NOT 100% in equities?

Thursday, February 16, 2012

He Who is the Most Connected #CronyCapitalist Wins

In the Brave New World we live in, where Xanax and Prozac are the new Soma, it is he who is the most connected Crony Capitalist who really wins. The Washington Post has an excellent piece Federal Funds flow to clean-energy firms with Obama Administration ties. Don't for a New York minute think that this is a Democrat thing either. In the faux world of politics, much like the WWF wrestling it is all for show. The Republicans before them are just as adept as the Dems at swilling at the public trough, they just pretend they're not.

This piece from the Post by Carol Leonnig and Joe Stephens is yet another in a long line of evidence and should be required reading for all those up and coming IVY league MBA's on how business is REALLY conducted in this country.

You can forget cash flow analysis, forget the 4 c's of credit (it's now the NINJA of credit), if they even teach that useless drivel anymore. No, you want to study the formulae used by the esteemed Charles Ponzi, where 2+2=6 or, depending on the perceived quality of the institution you matriculated at, whatever you say it is!

You must also learn the revolving door concept between Wall St. and the regulators and never ever look up the word recuse or fiduciary responsibility. Another helper is to never ever discuss the downside or the risks as that may scuttle the scam and give the fee generating sheeple in front of you cold feet. Above all, make sure you repeat over and over again that: awards based on merit, decisions are vetted, no personal involvement, good of the nation, patriot act, blah blah blah. Rewind, then repeat. Rewind then repeat.

Then, just when the jackals who see your charade for what it is show up and say so, employ the method that, as Lenin put it.... "if you repeat a lie often enough it becomes the truth". It also helps to brand those nay saying jackals as permabears, pessimists, worry warts and if all else fails you can report them under the see something say something Homeland Security snitch campaign. Heck you might be able to buy their confiscated possessions via your federal contacts at the subsequent estate auction.

Oh yeah, I almost forgot. When a presidential candidate like Ron Paul wants to shut it all down and cites barbarous relics like the Constitution and the Bill of Rights remind everyone that he is the nut job, the wacko, and off the reservation. Just make sure you do it over and over again as marginalization of one can take time, especially amongst the segment of the population not medicated.

I wish everything I just wrote was bull$&*# but sadly it is not. Just goes to show you that now more than ever in this land of lies and lawlessness of the ruling oligarchy, that Orwell was certainly correct when he stated that:

"during times of universal deceit, telling the truth becomes a revolutionary act".

Friday, February 10, 2012

Another Segment of: You Just Can't Make this Stuff Up!

Check out this piece on #WallSt. juicing and let's see if you still tell me that you don't think they'd sell their mothers, wives and daughters into sex slavery for a 7 figure bonus. Maybe WallSt.'s finest will put out a hunks of WallSt. calendar soon, just like the cops and firefighters... all proceeds to charity of course!!

Thursday, February 2, 2012

Shortage of Optimism you say?

I have an awful habit of saying it the way it is. Many in this country don't like hearing that which is fine by me. I was at an outstanding business leader awards event recently sponsored by a university and one of the award recipients remarked in their acceptance speech that there was a shortage of optimism in this country. I stifled my laughter at that one. Shortage of optimism huh? Not a shortage of criminal charges, not a shortage of law and order dispensed equally and without bias, not a shortage of self reflection, not a shortage of free market capitalism but yes readers, a shortage of optimism.

Given my belief, based on the numbers, that we have only recently exited the mother of all bubbles, that being the debt and credit creation bubble, I wanted to ask said award recipient if she thought people become indentured debt surfs when they were optimistic or pessimistic. I mean my simpletonian logic might suggest when they are optimistic but I wonder her thoughts. If being optimistic is what created this mountain of never, ever payable debt creating one giant ponzi scheme, then I for one will take a bout of pessimism for sure.

Her laugher about optimism is like a virus we see around us. Yes, simply more optimism would just fix everything. Sadly she is not alone. In fact, I believe is far more mainstream. It is one of the reasons why the vast majority of individuals out there cannot honestly and candidly assess what is going on economically for to do so would impeach their own existence.

I believe it was Upton Sinclair who once famously said:

"It is difficult to get a man to understand something when his salary depends on his not understanding it"

Read that quote again please. Think about it. It goes a long way to help explain the environment of denial and apathy we live in.

Did you happen to catch Bill Moyers interview with former Citi CEO John Reed? You can watch it here. Reed is refreshingly candid in the interview, men (who remember a thing called a conscience) tend to get that way as their mortality catches up with them. I mean, he still thinks (cronycapitalism does this to you) that the banks had to be bailed out as there was no other choice but for the most part he is admitting what only a paid propaganda hack or CNBC boob (now that's redundant) cannot, that Wall St. is a cesspool of maggots period.

Now you can't tell me Reed is stupid and that he doesn't realize that there were other choices to the bank bailouts. Free market capitalism choices like bankruptcy, nationalization, firing the board, executives and senior management, prosecution of fraudulent securitization, pricing and sale of toxic garbage, claw back of all bonus monies, wiping out all classes of equity and bond holders and a open outcry public forum liquidation sale. Amazing I could figure that out sans an Ivy league MBA while those who do cannot. Fascinating (refer to Sinclair quote yet again).

I mean Reed might be dumb but in no way shape or form can he be stupid to rise to where he got to not understand this. In Mr. Reed's case you can substitute the word pension in for salary in Sinclair's quote above.

I am lucky as I get lots of email from readers. Links with articles to look at and of course comments some good, some bad, some laced with profanity and the odd outlier laced with compliments and a thank you. It seems my use of the Bonfire of the Vanities zinger "crumb chaser" hits a nerve with the maggots on Wall St. along with "they'd sell their wives and daughters into sex slavery for a bonus" is another dandy.

I bring this up because we got some interesting news today on a couple of fronts. First from the mortgage bond prosecution of Credit Suisse and its traders. Read the article and check out the quotes from the thugs in question Higgs and Siddiqui and you will start to understand why I say what I say about these maggots. Here are a few gems from this pair:

“I, with the agreement and assistance of Kareem Serageldin and others, manipulated and inflated the cash bond position markings of a trading book referred to as ABN1, in order to hide losses in this book and to achieve specific daily and month-end profit and loss objectives,” Higgs told U.S. District Judge Alison Nathan.

“As a result of my actions, senior management of Credit Suisse was given the false impression that the ABN1 book was profitable and caused Credit Suisse to report false year-end numbers for 2007 in their books and records,” he said.


Higgs told the judge he participated in the scheme,

“because I wanted to remain in good favor with my boss, Kareem Serageldin, and enhance my job performance.”

In a phone call on Sept. 17, 2007, a data-entry employee in the ABN1 book who reported to both Higgs and Serageldin, asked Higgs:

“What sort of P&L do you need today?” according to the charges.

“Higgs responded that all books should end the day ‘up’ by $35 million,” according to the U.S. Later, one of the traders “artificially increased the prices of several ABN1 positions” to meet Higgs’s profit target, prosecutors said.

But of course I exaggerate wildly when I claim they would sell their niece or daughter into sex slavery for a 7 figure bonus.

Next up we find that Dept. of Justice prosecutors accepted bribes from finance executives.

My point here is you can tell me there is a shortage of many things in this great nation just please don't tell me there is a shortage of optimism.

Wednesday, February 1, 2012

My Two Cents.

The market action of the last two days should tell you all you need to know about this market. I would like to call it broken but that would be a compliment as that would imply that it could be fixed. This market is beyond repair. It has become a giant sham and a farce. Yes, I realize these are harsh words but they are true.

Lets look at the last 2 days shall we? We start the week on Monday in the dumper only to rally well off those lows as the day wore on. Then Tuesday, we start the day on nirvana only to slide well off those highs as the day wore on. Tit for tat. Today we get Amazon news that proves volume doesn't make profits yet we rally big on news of Greece. How about tomorrow we decline on Portugal, Spain and Italy.

Did you see it coming. Of course the brilliant minds of CNBC's Fast Money did as they always do but did you? I realize the brilliant money crowd of Fast Money on CNBC have it all figured out, that is if you believe their horseshit. Kinda like the casino gambler who never loses. Yup, no losers over in Vegas, only winners. Not so lucky for the rest of us.

The Baltic Dry Index is threatening its lows from the post Lehman decline for those unaware yet the pundits dismiss this as a non event. Do you begin to smell a rat? Or do you simply take it a face value, ignore a respected and long standing indicator flashing warning and buy stocks because some shill on CNBC told you he talked to his BIG clients and they're buying or they like this market? Or do you ask yourself, what the f#$% is going on here?


Without question I believe these are free markets no longer. There is no such thing as open price discovery. I believe we have an amalgamation of - too big to fail, privy to all the information they need from the Fed, client front running financial whorehouses like JP Morgan, Goldman Sachs, et al. Then we have the high frequency arms of those same firms among many others- swapping back and forth the same 500 share lot thousands of times per day to each other over and over again with the appearance of liquidity. Then we have the expert network, gnome above the Alps pay to play connected hedge, private equity and venture capital funds playing the pump and dump game. The same game JT Marlin played in the movie Boiler room cept' these boyz have cuff links, went to Princeton and daddy actually approves of what they do, cause he did it, his associates do it and the state senator and congressman does it.

Oh yeah, did I mention those too big to fail, privy to info, client front running whorehouses get all the free money they need from a revolving door Fed and a pass from the SEC who are the same guys you they worked with on Wall St. prior to becoming public serpents.

Volume in this market, no lets call it a facade. Volume in this facade is nothing for the vast majority of the day save for a surge a the open and a massive bout of tape painting at the close. Watch the boobs and boobs in chairs who masquerade as financial journalists make every excuse for the missing volume. This is the new normal, volume will come back when volatility subsides blah, blah, blah. They know nothing of what they speak save for what they are told to regurgitate via the teleprompter. Always remember volume = validity no matter what the boobs tell you.

Others have done yeoman's work on this subject of missing volume which I will not bore you to death with as your eyes will glaze over 8 seconds into the dissertation. Based on this, I firmly believe that if someone wanted to sell a significant position en masse there would be no market for that sale period. I also believe, like has happened in the past, people in the market have been reached out to by the powers that be and have been asked, told and yes threatened to stop selling stock period.

Do you think Raj Rajaratnam name was simply picked out of a hat for an SEC insider trading investigation or do you think he rubbed the wrong cat the wrong way. Again, I have no Ivy league MBA and was born at night, just not last night.

If you read the history books on past markets there is much evidence to this having had occurred. You can dismiss me if you wish but ask yourself this question. Having watched what has transpired over the last 3-4 years, after all the insider dealing, bailouts, lies, and thievery do you really intend to dismiss these possibilities?

What I do know is that I have watched markets trade on a daily basis since 1992 and even this simpleton cannot help but notice an ebb and flow to the markets over time much like a weather pattern. I also know that liars keep lying, thieves keep thieving, and there is never, ever just one cockroach.

This whole situation is one of the very reasons why my posting has been down.

Quite frankly there is little to write about. Sure one can wax poetically about the Facebook IPO or the litany of other social media ventures (according to Wall St. you just have to own) sold to a return starved (hence bonus challenged) institutional equity market. Alas most will end up the like the stimulus propped green companies so many waxed poetically years ago about yet have memory loss today as they go bankrupt. There is very little public participation left in this market as many have taken their ball and gone home.

The shills and their propaganda organ mouthpieces on CNBC try their mightiest on a daily basis to get the common man and woman to return to this market. These same maggots who would sell their daughter or wife into sex slavery for a 7 figure bonus will say and do anything and everything to get you pack in the game of stocks. They need someone to unload to. Please don't listen to them and just like the title says, this is my 2 cents.