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Category: Humor

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

16 Responses to “Stock Broker in the News”

  1. Bruce in Tn says:

    Franky: When your mom gets through giving you your bath this morning, this is David Rosenberg’s summary of the last set of employment numbers and what he sees “going forward”…now put your rubber ducky away, get mom to read this to you, and see if you can put down your Frogger for awhile this morning.

    by the way, the new Star Trek movie is the best one yet, gang.

  2. I’m friendly with Rosie, and while he is generous in allowing his work to be reproduced, ZH should expect a MER/BAC takedown notice within a few days . . .

    PS — Saw the movie last night — it rocked.

  3. Bruce in Tn says:

    Thanks Barry for the edit.

    I think people who don’t fully agree with the bullish investment sentiment here, are becoming more like me…they may be traders, but they have their investor hats on in times like these…

    Thanks again for the blog site…I am uncomfortable in sites that are too silly with paranoid thinking, or “FIRST!”…those sorts of things…and as long as Leftback has moved away from burgers and up to T- bones..I’ll be fine..

  4. Marcus Aurelius says:

    From The Washington Post:

    “Showing Hints of Improvement:
    Recession enters new phase, pulling away from an abyss into period of steep, but orderly, decline.”
    _____________________

    Not to worry, it’s only the Bataan Death March of economic declines.

  5. catman says:

    A stockbroker, what a quaint concept, kind of like dial up internet.

  6. hipster says:

    Guys….this rally is going to go for awhile…i went to pick up chinese food and the owner started talking the market…seems that he wants in on one of those “citibank quadruples” The euphoria could last into next quarters earnings or even longer…..

    Powerful money chasing momentum, killing shorts forced to cover magnifying the gains….Far too many skeptics out there that still need to be converted.

    My guess is we head towards 10,000 before the exuberance may be curtailed. But “curtailed” not crashing down like people want….at that point, dip buyers will provide enough fuel to keep us from crashing…this time it will be 1 step forward to steps back…a slow bleed back down to the 8000 range.

    By the time the news is so sour about “soup lines” the Fed(SEC) will have restored an uptick rule that will allow for a slow unwinding of the greatest ponzi scheme on earth, the market!

    I’m going long….all in!

  7. Transor Z says:

    Also saw Star Trek last night. Very fun movie. Watching a Trek movie with a bunch of MIT kids is like watching a horror movie with a mostly African American audience — extra fun.

  8. insaneclownposse says:

    BR – kudos to you for the mention in Abelson’s column.

    Regarding Rosenberg, obviously he is dead on regarding the state of the economy. (thanks for posting the link)

    However, the economy’s correlation to the stock market is always tenuous. The last recession ended in less than a year, yet the bear market dragged on for an additional 12 months.

    If you are looking at macro factors and their impact on the markets, something worth considering is that, during this bear market, we had a genuine crisis of confidence.
    The market is a discounting mechanism – I think we can agree on that – and the nastiest part of this bear was the market pricing in a complete absence of trust in a system that can’t function without it.

    I think we can safely say that confidence is making a comeback. Apparently the stock market thinks it is worth something.

  9. Marcus Aurelius says:

    hipster:

    In 1929, Joe Kennedy got out of the market when his shoe shine boy started giving him stock tips. Maybe it’s time to head to the airport and get my Nikes buffed up.

  10. dead hobo says:

    BR,

    I listened to a lot of your visit to Bloomberg Radio yesterday. I liked your take on W vs L uncertainty. Me too. I vacillate on both. I’m going to split the baby and converge it into a semi-W, the last leg up will look like a wavey, anemic check mark that is struggling with gravity.

    Disagree on oil. The consumer might drive off on vacation if speculators weren’t driving up the price of gas while a glut of oil exists. That theory sounds more like a sales pitch you bought into than solid economic logic. Given your astute insight into employment, I don’t think you understand what passes for the middle class any longer and find that surprising. The oil thieves are just working another wealth transfer and Uncle Stupid won’t step in. For some idiotic reason, Uncle Stupid can’t find speculation in the oil markets.

    I’m fascinated that the papers haven’t said much about Fannie Mae’s newest troubles. It need another $19 billion from Uncle Stupid and will need lots more in the future, or so it says. I suppose that doesn’t follow the current theme of less bad is really good. They’ll probably get the cash quietly, the MSM will ignore it and more idiots will ignore the frail state of the consumer economy and buy stocks. Whew, the higher it goes, the more it will look like that big 2008 dip when sanity returns.

    Is it true that risk, ie big leverage, is financing a lot of the run up now? If so, whatabunchofdumbasses.

  11. R.D. says:

    Rosie ROCKs

  12. wunsacon says:

    >> by the way, the new Star Trek movie is the best one yet, gang.

    I will go reluctantly… Looks like it will be just another Hollywood action movie. I guess I’m being parodied here:

    http://www.theonion.com/content/video/trekkies_bash_new_star_trek_film?utm_source=a-section

    ;-)

  13. “I’m fascinated that the papers haven’t said much about Fannie Mae’s newest troubles.”

    dh,

    if the MSM followed of the “Trash Trucks” dumping their ‘impaired assets’ into the Landfill that is Frannie/Freddie–Phoney/Phraudie, somebody would have to do ‘something’ about it/it’d be a photon-stream that would cast those ‘green shoots’ into a whole new spectrum of recognition..

  14. @Marcus Aurelius Says: May 9th, 2009 at 9:00 am

    In 1929, Joe Kennedy got out of the market when his shoe shine boy started giving him stock tips.

    That is what he said publicly, but, according to this, he had insider warning that gave him advance notice of what was going to happen:

    Excerpt from Chapter 23 of The Creature From Jekyll Island:

    Mellon (Secretary Treasury) was even more
    emphatic. Herbert Hoover described Mellon’s views
    as follows:

    Mr. Mellon had only one formula: ” liquidate
    labor, liquidate stocks, liquidate the farmers,
    liquidate real estate” He insisted that, when
    people get an inflation brainstorm, the only way
    to get it out of their blood is to let it
    collapse. He held that even a panic was not
    altogether a bad thing. He said “It will purge the
    rottenness out of the system. High costs of living
    and high living will come down. People will work
    harder live a moral life. Values will be adjusted,
    and enterprising people will pick up the wrecks
    from less competent people”

    If this had been the mindset between Mellon and
    Norman and the Federal Reserve Board, the purpose
    of their meetings would have been to make sure
    that, when the implosion happened, the central
    banks could coordinate their policies. Rather than
    be overwhelmed by it, they should direct it as
    best the can and turn it ultimately into their
    advantage. Perhaps we shall never know if that
    scenario is accurate, but the events that followed
    strongly support such a view.

    ADVANCE WARNING FOR MEMBERS ONLY

    Immediately after the meetings, the monetary
    scientists began to issue warnings to their
    colleagues in the financial fraternity to get
    out of the market. On February 6, the Federal
    Reserve issued an advisory to its member banks to
    liquidate their holdings in the stock market. The
    following month, Paul Warburg gave the same advice
    in the annual report to the stockholders of his
    International Acceptance Bank He explained the
    reason for this advice:

    If the orgies of unrestrained speculation are
    permitted to spread, the ultimate collapse is
    certain not only to affect the speculators
    themselves, but to bring about a great depression
    involving the entire country.

    Paul Warburg was a partner with Kuhn, Loeb & Co.
    which maintained a list of preferred customers.
    These were fellow bankers, wealthy industrialists,
    prominent politicians, and high officials in
    foreign governments. A similar list was maintained
    at J.P. Morgan Co.. It was customary to give these
    men advance notice on important stock issues and
    an opportunity to purchase them at two to fifteen
    points below their price to the public. That was
    one of the means by which investment bankers
    maintained influence over the affairs of the
    world. The men on these lists were notified of the
    coming crash.

    John D. Rockefeller, J.P. Morgan, Joseph P.
    Kennedy, Bernard Baruch, Henry Morgenthau, Douglas
    Dillon – the biographies of all the Wall Street
    giants at that time boast that these men were
    “wise” enough to get out of the stock market just
    before the Crash. And it is true. Virtually all of
    the inner club was rescued. There is no record of
    any member of the interlocking directorate between
    the Federal Reserve, the major New York banks, and
    their prime customers having been caught by
    surprise. Wisdom, apparently, was greatly
    affected by whose list one was on

    You can read the entire chapter here:

    http://tinyurl.com/pup9of

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