The General
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This is absolute GOLD. Whatever happened to keeping emotions out ?
http://www.cnbc.com/id/15840232?video=452808336
http://www.cnbc.com/id/15840232?video=452808336
Cramer Going Off ! - This is GOLD !
- Thread starter The General
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SOCRATES
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What happened ? That he is right, that is what happened.
Fed tightening has gone far enough and is now hurting a lot of people.
As for emotions, they are a luxury that can be enjoyed off floor or off pit or off desk.
Like me, he happens to know EXACTLY who's who in the zoo, and he is too old.
The man's a chump. What is going off is a lot of people who made bad decisions are having to pay the bill. A lot of these people now expect the fed to ride to the rescue to save them. Problem with that is twofold. One , these people will not have learned their lesson , save them now and they will simply do it allover again just like last time and the time before that. Two , it penalises all those people who made the kind of prudent decisions that underlie sustainable long term growth.They learn the wrong kind of lesson if the fed bails out the idiots.
The people now hurting are typically overleaveraged for a variety of reasons and need to learn from this. Let Cramer and his fellow chumps pay the piper..
The people now hurting are typically overleaveraged for a variety of reasons and need to learn from this. Let Cramer and his fellow chumps pay the piper..
In fact I'm going to indulge being 'pissd' for a second...Albert ...you talk about behaviour ...codes of conduct etc etc and you then post as above..shame on you.
The peeps in question have been dealing below the deck for at least the last two years...some will have already jumped ship to a new home to escape what they know they have done...this is corporate 'dummies' living up to every 'bad' example of behaviour that I can think of short of 'murder'....
The peeps in question have been dealing below the deck for at least the last two years...some will have already jumped ship to a new home to escape what they know they have done...this is corporate 'dummies' living up to every 'bad' example of behaviour that I can think of short of 'murder'....
A little history lesson.
A guy called William Martin Jnr once replied to a question as so "the Fed’s job is to take away the punch bowl. The Fed is in charge of making sure that the economic party does not get out of hand.The Fed was supposed to allow, or even induce, the occasional recession to wipe out the excesses from the economy. Basically making sure the short term excesses did not foul up long term needs to sustain growth.This was a much hard learned lesson from the great depression of the 30's...that is, the financial markets cannot be trusted to rein in their greed ...nothing appears to have changed in that respect.
Greenspan being a better politician than banker put the nail in that coffin.Now we will get to see if Bernanke is a better banker than politician...if he is he will sort this out and lose his job for doing so.
A guy called William Martin Jnr once replied to a question as so "the Fed’s job is to take away the punch bowl. The Fed is in charge of making sure that the economic party does not get out of hand.The Fed was supposed to allow, or even induce, the occasional recession to wipe out the excesses from the economy. Basically making sure the short term excesses did not foul up long term needs to sustain growth.This was a much hard learned lesson from the great depression of the 30's...that is, the financial markets cannot be trusted to rein in their greed ...nothing appears to have changed in that respect.
Greenspan being a better politician than banker put the nail in that coffin.Now we will get to see if Bernanke is a better banker than politician...if he is he will sort this out and lose his job for doing so.
The General
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Don't Make Me Laugh...
SOC,
As you know all in advance, why didn't you tell him ? That would've saved his hissy-fit. Also, FWIW, he aint that upset for Americans losing their homes, I'm sure there is another reason......closer to home for him perhaps ? Maybe the entirety of his net worth or thereabouts ?
As for age, it seems that wisdom doesn't go hand-in-glove does it ?
SOC,
As you know all in advance, why didn't you tell him ? That would've saved his hissy-fit. Also, FWIW, he aint that upset for Americans losing their homes, I'm sure there is another reason......closer to home for him perhaps ? Maybe the entirety of his net worth or thereabouts ?
As for age, it seems that wisdom doesn't go hand-in-glove does it ?
fibonelli
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Maybe Mr C had some money in this fund
A cash-plus fund from a major fund house that has lost more than 20% in a month
http://www.citywire.co.uk/Blogs/InvestmentSolutions/Entry.aspx?VersionID=95051
A cash-plus fund from a major fund house that has lost more than 20% in a month
http://www.citywire.co.uk/Blogs/InvestmentSolutions/Entry.aspx?VersionID=95051
when is overleaverage mistaken for overperformance ? ideally when assets are so priced to perfection that the finance industry has to reinvent another methodology for further sales...solution ....shout down the nearest University milkround for a few thousand quants rocket scientists....they can then make the numbers sound reasonable to anyone who already wants to hear what they have to say...the fact they know buggerall about the things that make the world goround having seen so little of it really does not matter because the audience is already prepped.
If Central banks start throwing money at this just watch the prices of all those commodities that are highly correlated to inflation and the dollar.....inflation would be welcome compared to what might potentially happen.
If Central banks start throwing money at this just watch the prices of all those commodities that are highly correlated to inflation and the dollar.....inflation would be welcome compared to what might potentially happen.
Trouble with clowns like Cramer is, they want it both ends. They’re the first to bleat & postulate when they’re racking it up on the back of their ‘brilliant market timing & clever pre-emptive analysis’ LOL. Yet when the market begins to squeeze their nuts, they throw their toys out & begin shouting for Mommy.
He’s supposed to be a trader? (I use that term incredibly loosely), so what happened to taking responsibility for his trades? or at least managing his risk & spreading his potential liabilities? Cos as The General implied, he don’t give a s*** for Joe Public.
Ok, so the Fed may well be the instigators of a good percentage of their own problems, & cutting rates might just be the option Bernanke takes down the line as all this junk plays out - but he sure as hell aint going to skip to the beat of morons like Cramer, & neither should he.
That female reporter ought to have slapped him with her crib sheet a couple times & tossed him a Mark Douglas publication to digest in his padded cell.
He’s supposed to be a trader? (I use that term incredibly loosely), so what happened to taking responsibility for his trades? or at least managing his risk & spreading his potential liabilities? Cos as The General implied, he don’t give a s*** for Joe Public.
Ok, so the Fed may well be the instigators of a good percentage of their own problems, & cutting rates might just be the option Bernanke takes down the line as all this junk plays out - but he sure as hell aint going to skip to the beat of morons like Cramer, & neither should he.
That female reporter ought to have slapped him with her crib sheet a couple times & tossed him a Mark Douglas publication to digest in his padded cell.
SOCRATES
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Homes you say ?
Just recently announced, American Home Mortgages has filed for bankruptcy today.
I'm talking about a liquidity crunch that also coincided with a commodities boom and high global growth...where creating liquidity had an inflationary effect right when you didn't need it ...took down 30 ,or 40 secondary 'banks' and people like Slater.
http://www.ft.com/cms/s/2842ea82-450f-11dc-82f5-0000779fd2ac.html
You've got to laugh have you not. Really ,do you need more rules ,or do you just need to cap the amount of leaverage these lending institutions/corporate dummies can have at their discretion and enforce the rules that are already in place for consumer protection and do so rigorously so that the penalty will always be known to be more than the reward is worth ? There again if you want to win popular votes who really give a shti as long as it sounds like what people want to hear.
You've got to laugh have you not. Really ,do you need more rules ,or do you just need to cap the amount of leaverage these lending institutions/corporate dummies can have at their discretion and enforce the rules that are already in place for consumer protection and do so rigorously so that the penalty will always be known to be more than the reward is worth ? There again if you want to win popular votes who really give a shti as long as it sounds like what people want to hear.
Gamma,
If the lending institutions didn't have such free rein to create liquidity then they would be a damn sight more careful about where they made their loans because they would have fewer funds available to begin with and in that case they might go back to lending practices 40 or 50 years ago where you really had to show you could handle the size of the loan. My only sympathy with the insitutions ,and it isn't much, is that they did take their leads from what the central banks did which in my view was incredibly stupid.
My hat off to the small local banker in the backwoods of Georgia ,or similar , who I read about a couple of years back. Some how he had managed to keep his business jogging along and maintain his lending principles intact when all around him people who who also should have known better had decided to sink their noses into the trough and to hell with the consequences....such an individual is priceless.
If the lending institutions didn't have such free rein to create liquidity then they would be a damn sight more careful about where they made their loans because they would have fewer funds available to begin with and in that case they might go back to lending practices 40 or 50 years ago where you really had to show you could handle the size of the loan. My only sympathy with the insitutions ,and it isn't much, is that they did take their leads from what the central banks did which in my view was incredibly stupid.
My hat off to the small local banker in the backwoods of Georgia ,or similar , who I read about a couple of years back. Some how he had managed to keep his business jogging along and maintain his lending principles intact when all around him people who who also should have known better had decided to sink their noses into the trough and to hell with the consequences....such an individual is priceless.
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http://www.bloomberg.com/apps/news?pid=20601068&sid=aIFemixwbDFU&refer=economy
Well there you go. Big f...ing signpost from at least one central bank.
Well there you go. Big f...ing signpost from at least one central bank.
What I really want these central bankers to get to grips with is this.....how many times Mr Banker over the last years have you tried to get a plumber, electrician , painter etc etc to come and do some work just to find....they don't call you back ,they call you back and then tell you they are too busy , they quote you then disappear ,they start work but disappear off to other jobs leaving you knee deep in muck, they do the work and charge you rocket scientist rates , they do the work and do it 'badly'.....all of this Mr Banker is symptomatic of too much money....right now ,you Mr Banker have a chance to hit back for all that crap...please take the opportunity to do so
TheBramble
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Only slightly tongue-in-cheek I appreciate chump, but isn't that situation you despairingly describe potentially symptomatic of too much demand (which results in too much money)?
I also believe you have (deliberately or not I can't gauge anymore as you're far too clever by half for my own good these days young fella me lad...) hit the proverbial on the proverbial.
Irrational liquidity spills over into all areas, not just the financial markets. High times for you then just around the corner – your trading capital in tatters, but quality tradesman doing a quality job for peanuts on your property empire.
I also believe you have (deliberately or not I can't gauge anymore as you're far too clever by half for my own good these days young fella me lad...) hit the proverbial on the proverbial.
Irrational liquidity spills over into all areas, not just the financial markets. High times for you then just around the corner – your trading capital in tatters, but quality tradesman doing a quality job for peanuts on your property empire.
I don't have a prop empire...I sold it all while there was still someone who wished to buy and the wife had to stop me selling the 'family castle' for a rent a tent...so capital in 'tatters' ...no ..I never bought the 'dream' but I sold to those that did.... I'm looking for payback for all those poor fixed income greys who have seen the last few years leave their dreams in tatters ( I feel a book coming on )..time is not on their side whilst the younger peeps do have the time to fix their futures...but yes, it's demand ,and it's the money ..too cheap...that gave rise to the demand....our bankers have got to take the honeyjar away before they start imbedding a cultural behaviour pattern in all the younger generations.....sorry lads/lasses but the reality is you actually do have to work for a living and get to grips with spending less than you earn...this is sustainability...not something that people have had to get to grips with for quite awhile...dreams of passive incomes from props/stocks and anything else that means longer lie ins in the morning need to be put away in the cupboard until people get the message.
I might add that the Asians and other emerging economies have this message and are competing us into the dirt....good for them.
I might add that the Asians and other emerging economies have this message and are competing us into the dirt....good for them.
TheBramble
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It is tough on those that were born into the dream rather than the reality. Not quite sure when that would have been, but there was one talking head on a UK radio broadcast this week that summed it up quite nicely. She was suggesting that Big Brother (UK 'Reality' TV Show?) should be compulsory viewing for politicos.
Apparently it totally identifies and encompasses the overriding ethic of the current generation (mid-teens to late 20s I guess) – “They know they have rights and no Responsibilities”. When they don’t get some sort of trial done on time or done right or whatever, they are penalised through loss of privileges or food. (Does anyone watch this programme?). And when, the point the talking head was making, they actually do something worthwhile (sic) that benefits the rest of the team, there is a glow of delight and emotion of for the first time ever, having done a job well, or even having done a job at all.
Bring back conscription, never did me any harm. Apart from the nightmares, the neurological complaints, tendencies to sociopathic behaviours and having all the leaves falling off my trees.
I’m sounding as old as you chump…
Apparently it totally identifies and encompasses the overriding ethic of the current generation (mid-teens to late 20s I guess) – “They know they have rights and no Responsibilities”. When they don’t get some sort of trial done on time or done right or whatever, they are penalised through loss of privileges or food. (Does anyone watch this programme?). And when, the point the talking head was making, they actually do something worthwhile (sic) that benefits the rest of the team, there is a glow of delight and emotion of for the first time ever, having done a job well, or even having done a job at all.
Bring back conscription, never did me any harm. Apart from the nightmares, the neurological complaints, tendencies to sociopathic behaviours and having all the leaves falling off my trees.
I’m sounding as old as you chump…
"Bring back conscription"....when you're 'scrubbing' the latrine floors with a toothbrush it's hard for your expectations and perception of reality to become misaligned in a damaging way....and when you're shuffling up those yorkshire tracks to cut peat on the moors at 6am before school then the 'skies the limit' means just having a decent pair of clogs.
Seriously, underlying all of this is one simple message....the young generations are mortgaging their future incomes and some people (of which I am one) are milking them and that will continue until they understand that instant gratification comes at a high cost.
What we are seeing / living through has all been quite accurately analysed half a century ago by Joseph Schumpeter and Gottfied Von Haberler. Unfortunately I'm not sure our cuurent crop of central bankers would agree.
in a damaging way....and when you're shuffling up those yorkshire tracks to cut peat on the moors at 6am before school then the 'skies the limit' means just having a decent pair of clogs.Seriously, underlying all of this is one simple message....the young generations are mortgaging their future incomes and some people (of which I am one) are milking them and that will continue until they understand that instant gratification comes at a high cost.
What we are seeing / living through has all been quite accurately analysed half a century ago by Joseph Schumpeter and Gottfied Von Haberler. Unfortunately I'm not sure our cuurent crop of central bankers would agree.
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