Hedge Fund Manager Claims Victim Status; Claims "We Have to Work Together and Pull Together"

UPDATE! Via Tami, the Uniparty has decided to investigate these troublemaking likely-Nazis!!!

@disclosetv 15m
NEW - Elizabeth Warren (D-MA) sent a letter to the SEC asking them to investigate Reddit and social media posts.
https://tinyurl.com/y4jzpksz
(Gab link)

Back to main post about the whining hedge fund manager:

Weirdest thing: they're all in favor of radical libertarian individualism and red-in-tooth-and-claw absolute capitalism when they're fleecing you of your money, but when they're losing money -- as they did in 2007-2008-- suddenly they're in favor of socialized risk, government bailouts, and "working together and pulling together."

When they win their bets, they're archcapitalists, but when they lose, well, now we have to work together and distribute the losses fairly.

Is there anyone who doubts we're going to have another TARP bailout within three months?

It's estimated that the hedge funds have lost $70 billion in the short selling this year so far. (Note this includes many more stocks than the GameStop, AME, and Nokkia stocks we're talking about lately.)

Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.

Do not doubt that the bailout is coming. You gotz to know it's coming.

Their profits are private, their losses are socialized.

And you know exactly the politicians, in the Democrat Party and in the corrupt GOP as well, who will championing the bailout.

Will Mitt Rombley take a lead role in explaining to you that you're really saving your own money by transferring trillions of taxpayer dollars into private hands? Or will he just write the script for Mr. Sanctimony-and-Snark Ben Sasse to read?

Below, this asshole whining, and then after that, a lesson I learned in the crisis of 2007-2008.

Listen to this incredible crybaby pic.twitter.com/KmJvZpBQ59
— Timothy Burke (@bubbaprog) January 28, 2021

Wait, so now we're all in on this together?

Say, the Capital Class probably got richer by a half trillion dollars or more during this lockdown, while most people lost money.

Will we be dividing that up between us?

Or are you guys keeping that for yourselves?

When Bush proposed the TARP bailout, I supported it, because, back then, I was an idiot neocon authoritarian who believed all the bullshit those higher in the hierarchy told me.

I expected that all the commenters would likewise support it, and was surprised to find most didn't.

So, to get some insight into this problem, I turned to my friend, who was in risk management at a major, major institutional investor.

I expected him to support TARP, because he was part of that world.

I was shocked that when I asked him if he supported TARP, he said flatly: "No."

I'm going to write up my conversation with quotations, but of course, this was 13 years ago and so the actual quotes are reconstructions. But this is very much the gist of what he said.

Because when someone you know has some knowledge in an area says the exact opposite of what you expected, you pay close attention.

"Why don't you support it?" I asked.

"Look, I've been in the room with these guys, the guys who make trades for institutional investors, when they screw up and lose hundreds of millions of dollars. And I can tell you, these guys live very risky lives. And when their risky moves blow up in their faces, they're very, very good at explaining why this is really mostly your fault, and why we're all in this together, and why it's really in your best interests to bail them out."

"Wait," I said. "These guys court risk? I thought they'd be risk adverse, being institutional investors?"

"No. They're cowboys."

"The companies don't know they're cowboys?"

"They know they're cowboys. They specifically seek out people who make risky choices. They want these people to be as aggressive as possible in their bets. If you're in an interview for one of these jobs, and you tell them about a trip to Vegas two months ago where you had $50,000 in play at three craps tables at the same time, they'd count that in your favor. It would show you had the gambling, swaggering nature they're looking for."

Then he explained that because these guys were constantly living on the edge -- and of course, frequently losing very big bets -- they had developed the skill of manipulating other people to cover their losses for them, or to excuse their losses.

He repeated: "These guys are very good at convincing you that it's in your best interest to cover their losses. That somehow, if you don't cover their losses, you'll be the one who winds up getting hurt the worst. I hear this bullshit that we have to give these people trillions of dollars to 'save the economy' and keeps the banks open, and it reminds me of a dozen meetings I've had with investment bankers who'd cost us a hundred million dollars patiently explaining why we their bonus shouldn't be reduced. Because, really, aren't we all just one big team? And don't we all win and lose as a team?"

That was an eye-opener.

No, I have no problem with anyone electing an aggressively risky investment strategy.

But I have a very big problem when these Risk-Courting Cowboys keep losing their bets and then come to the American taxpayer to tell us that it's in our best interest to give the a trillion dollars to cover their losses.

Their profits are capitalized; their losses are socialized.

Every single fucking time.

Bet as aggressively as you like.

But stop telling me that your losses are my problem.

And if you don't think they're working on TARP 2.0 right now -- and that China Joe isn't going to sign it, and read a prepared speech about why giving these people trillions will trickle-down to benefit us -- well, you're living in a dream-world.

I would note that sociopaths have two primary personality markers: they are extremely comfortable with taking big, brazen risks in their lives, and they are very skilled manipulators.

Now, I'm not saying these guys are sociopaths. (I'm also not saying they're not sociopaths.)

But what I am saying is that anyone who courts very big risks every day of his life will very naturally evolve the skill of explaining to other people why you should treat their bad fortune as your bad fortune.

If they didn't evolve the skill of explaining why you should cover their losses and excuse their risky lifestyles, they wouldn't survive long. Manipulating others to get out of jams they caused themselves is a survival skill for these people, whether actual sociopaths or not.

One more point: these people have been planting stories in leftwing outlets like The Guardian that the WSB group is filled with Nazis.

This is not some innocent misunderstanding.

They are laying the groundwork for declaring the people who beat them to be Domestic Economic Terrorists and be arrested.

And for the government to offer these Domestic Economic Terrorists a lighter sentence -- if they give back the money they legally won from these criminals.

It was that predicate, that these are "Nazis," that got the Discord shut down, demolishing the communications among the WSB guys. It was this sort of pressure, I'm sure, that got all the day-trading firms to crack down on this Nazi trading.

Unfortunately, these guys are about to be branded and arrested for Nazi Day Trading practices -- all so the guys who fleece us every fucking day can get their money back.

Update: We've had our first #MuhRussians sighting -- an MSNBC analyst suggested that we needed to "subpeona" the Redditors because they might be acting at the behest of "foreign powers."

Literally: Any time the Establishment does not like you, it will call you a conspiracy theorist, a white supremacist, and an agent of Russia.

They pay no price, neither in loss of money nor in loss of reputation, for these constant, lunatic, self-serving, delusional, vicious defamations.

And at 7:45, the corporate media goes to its go-to: The fat bastard on CNBC demands MOAR CENSORSHIP to keep these hobbits from communicating on social media.

It's literally their first go-to move now. "CENSOR THEM!"

One more thing: RobinhoodApp, which will certainly be facing Congressional and DOJ probes due to its decision to come to its Cartel-Partners' aid and shut down trading in GameSpot, is now accepting job applications for a flack.

@DaybookJobs

Job Opportunity!
Robinhood seeks a Federal Affairs Manager based in Washington D.C. to focus on federal advocacy and government affairs related to legislative and regulatory matters.
@RobinhoodApp

Posted by: Ace at 12:10 PM

Comments

(Jump to bottom of comments)

1
1st

Posted by: fixerupper at January 29, 2021 12:10 PM (8XRCm)

2
ooooh.

Roomy

*stretches legs.

Posted by: fixerupper at January 29, 2021 12:10 PM (8XRCm)

3
oh shit.

Did I MISS the Rapture???

Posted by: fixerupper at January 29, 2021 12:11 PM (8XRCm)

4 "work together and pull together"

Does that mean another mask and a lockdown?

Posted by: Bruce at January 29, 2021 12:11 PM (vd8XM)

5
Damn. Bob from NSA whacked all the horde but me!

Posted by: fixerupper at January 29, 2021 12:11 PM (8XRCm)

6 "work together and pull together"

Does that mean another mask and a lockdown?
Posted by: Bruce at January 29, 2021 12:11 PM (vd8XM)

-----

No. We're slave rowers on Greek battle boats.

Posted by: fixerupper at January 29, 2021 12:12 PM (8XRCm)

7 First, kill all the traders. - Bill Shakesman

Posted by: Wyatt Earp - Biden Is Not My President at January 29, 2021 12:12 PM (qoNQ/)

8 I just got an email to remind me to upgrade to RobinhoodPro ...

Posted by: Jean at January 29, 2021 12:13 PM (Xih1H)

9 "We Have to Work Together and Pull Together"

That's what I told two teenage twin cheerleaders when we were in bed together way back when...

Posted by: J.J. Sefton at January 29, 2021 12:13 PM (s2VJv)

10 Willowed from ape thread. Rush on now. Every day's a blessing.

Posted by: Notorious BFD at January 29, 2021 12:13 PM (W4eKo)

11 Make them broke SOB, all of them.

Posted by: Gmac - WTF did you think was going to happen? at January 29, 2021 12:13 PM (qZdIZ)

12 Dear fleeced hedge fund operators: LOLGF

Posted by: exdem13 at January 29, 2021 12:13 PM (W+kMI)

13 "Is there anyone who doubts we're going to have another TARP bailout within three months?"

The big guys will prevail, whether by a TARP, or whatever else they can pull. No hedge fund manager is going to go broke just because a crowd-sourced syndicate of small investors is pulling a big prank.

Buying shorted stocks to "teach a lesson" to hedge fund managers is like jumping off a cliff to "teach a lesson" to Gravity.

Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:14 PM (qpX6U)

14
One more point: these people have been planting stories in leftwing outlets like The Guardian that the WSB group is filled with Nazis.

-----

The reason given by Facebook for shutting down the WSB page???

"Hate Speech"

Posted by: fixerupper at January 29, 2021 12:14 PM (8XRCm)

15 FIRST!!!!!

Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 12:14 PM (Zz0t1)

16 UNITY!!!!

As long as you're on my side.

Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 12:15 PM (Zz0t1)

17 Say what you will about Romney, he opposed the auto bailouts and said they needed to reorganize under bankruptcy.

Posted by: pep at January 29, 2021 12:15 PM (v16oJ)

18 Note, no money was LOST. The stock market does not create wealth. The stock market just makes money change hands.

Yes, Big firms lost money, but that money did not go poof in a puff of smoke.

Posted by: Romeo13 at January 29, 2021 12:15 PM (oHd/0)

19 Holy shnikees that's some girthy content, Ace!

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:15 PM (mZUr4)

20 I thought we'd be better off if we let more firms go under like Lehman Brothers.

I thought it then.

I still think it now.

The pain would have been sharp and short, but the lessons invaluable.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:15 PM (LvTSG)

21 13 "Is there anyone who doubts we're going to have another TARP bailout within three months?"

The big guys will prevail, whether by a TARP, or whatever else they can pull. No hedge fund manager is going to go broke just because a crowd-sourced syndicate of small investors is pulling a big prank.

Buying shorted stocks to "teach a lesson" to hedge fund managers is like jumping off a cliff to "teach a lesson" to Gravity.
Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:14 PM (qpX6U)

Remember 10 years ago the Occupy Wall Street crowd railing against the 1%?

Well, guess what assholes; the 1% is your Democrat Party that you put in power. I'm waiting for the Alec Guinness "Kwai" what-have-I-done realization to kick in. Meh, it never will.

Posted by: J.J. Sefton at January 29, 2021 12:15 PM (s2VJv)

22 I still like Tucker Carlson because instead of a professionally bland polite visage, he has the same kind of "WTH" expression that I would have in the same circumstance.

Posted by: exdem13 at January 29, 2021 12:16 PM (W+kMI)

23 Cool. Pull together and slide me a cool 3 million cash.

Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:16 PM (ifmtJ)

24 The big guys will prevail, whether by a TARP, or whatever else they can
pull. No hedge fund manager is going to go broke just because a
crowd-sourced syndicate of small investors is pulling a big prank.
Good. It's a small price to pay to bring a grand convergence of the left and right in their detestation of the "elites". If Cruz and AOC work together on this, something useful might actually happen, especially to the tech giants.

Posted by: pep at January 29, 2021 12:17 PM (v16oJ)

25 Holy shnikees that's some girthy content, Ace!
Posted by: Doof

That's what she said

Posted by: Bruce at January 29, 2021 12:17 PM (vd8XM)

26 The GOP will literally sign on to anything if there are enough H1b carve outs.

So expect that to be part of any bailout.

Posted by: Thomas Bender at January 29, 2021 12:17 PM (/8PIA)

27 I am with Portnoy. These people should be jailed.
He was on F&F this morning making his case.

Posted by: redridinghood at January 29, 2021 12:17 PM (NpAcC)

28 Are the short losses to date/in prospect really anything that would lead to "intervention"? How do they stack up compared to the 10-yr average situation? Have no idea, but as usual that kind of context is everything.

Posted by: rhomboid at January 29, 2021 12:18 PM (OTzUX)

29 One more point: these people have been planting stories in leftwing outlets like The Guardian that the WSB group is filled with Nazis.

The reason given by Facebook for shutting down the WSB page???

"Hate Speech"
Posted by: fixerupper at January 29, 2021 12:14 PM (8XRCm)

Just had this discussion with my Son. He kept saying the Right was full of White Supremacists.

I said, give me names. Show me proof.

Posted by: Romeo13 at January 29, 2021 12:18 PM (oHd/0)

30 24 Good. It's a small price to pay to bring a grand convergence of the left and right in their detestation of the "elites". If Cruz and AOC work together on this, something useful might actually happen, especially to the tech giants.
Posted by: pep at January 29, 2021 12:17 PM (v16oJ)

=========

Cruz will work with AOC. AOC won't work with Cruz because she's dumb and emotional in an effort to keep up her profile and attract donations.

She's an establishment stooge who makes noises of being on the far left for financial purposes.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:18 PM (LvTSG)

31 14 One more point: these people have been planting stories in leftwing outlets like The Guardian that the WSB group is filled with Nazis.
-----
The reason given by Facebook for shutting down the WSB page???
"Hate Speech"
----
It's 2021, after 16 years of "everyone I hate is literally Hitler" does it have any force or validation?

Posted by: exdem13 at January 29, 2021 12:18 PM (W+kMI)

32 I am with Portnoy. These people should be jailed.
He was on F&F this morning making his case.

-------

Yup. Clearly against the law.

Posted by: fixerupper at January 29, 2021 12:18 PM (8XRCm)

33 Willowed:

355 157- *If* that is true, it could bankrupt brokers and clearinghouses. That might actually be disastrous, because it means the market makers are caught with their pants down. If that is true, look out below.
Posted by: Joe Mannix (Not a cop!) at January 29, 2021 11:38 AM

I was also wondering if RobinHood restricted accounts to liquidating transactions only because some of these new market players weren't paying for their purchases. That's a Reg T violation. You can't buy and then cover with proceeds from the sale in a cash account and you can't margin stock you haven't paid for. Maybe we're only hearing from clients who were thusly restricted.
Posted by: Moonbeam at January 29, 2021 12:11 PM

Posted by: Moonbeam at January 29, 2021 12:18 PM (qe5CM)

34 Can I just say ... LOLGF?

Posted by: sunny-dee at January 29, 2021 12:18 PM (Z2HD7)

35 Investment bankers are not cowboys. Cowboys knew that if they ran the herd over a cliff they, and the horses they rode in on, were going with it.

Posted by: huerfano at January 29, 2021 12:18 PM (DzhEB)

36 Why can't the hedge fund managers just make their own stock market?

Posted by: AlaBAMA at January 29, 2021 12:18 PM (7moj5)

37 No. We're slave rowers on Greek battle boats.
Posted by: fixerupper

And the captain wants to go water-skiing.

Posted by: mindful webworker
and Smile! Darn ya, Smile!
at January 29, 2021 12:19 PM (rTqAd)

38 Cronies gonna' crony.

Posted by: BignJames at January 29, 2021 12:19 PM (AwYPR)

39 And if you don't think they're working on TARP 2.0 right now -- and that China Joe isn't going to sign it, and read a prepared speech about why giving these people trillions will trickle-down to benefit us -- well, you're living in a dream-world.
++++
Don't be so old-school, Ace. They needed acronyms and legislation before, but that's ancient history. This time around, they'll just launder tax dollars to their pals through the Fed and look the other way on the massive fraud involved as brokerages and clearinghouses conspire to steal from retail investors to keep themselves and their buddies out of the rape cage they accidentally built for themselves.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:19 PM (UZVEt)

40 35 Investment bankers are not cowboys. Cowboys knew that if they ran the herd over a cliff they, and the horses they rode in on, were going with it.
Posted by: huerfano at January 29, 2021 12:18 PM (DzhEB)

=========

They probably mean gambling gunslingers.

I still don't know why cowboy became a synonym for gunslinger.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:19 PM (LvTSG)

41 She's an establishment stooge who makes noises of being on the far left for financial purposes.

Yeah, people on the left have started to wake up to the fact that she's Trey Gowdy with tits. She talks a good game, but always ultimately sides with Pelosi and the grifter class.

Posted by: Ian S. at January 29, 2021 12:19 PM (ZGrMX)

42 Ace - sorry to go OT like this, but if you're here you really, really should consider a post on Kamala's stepdaughter's new modeling contract. It's a perfect encapsulation of the situation in New America. And you will LOVE posting photos of this unfortunate young woman on your blog... Kamala's husband's ex-wife must have hired the ugliest drifter on Craigslist to sire this poor girl.

https://tinyurl.com/y4votagz

Posted by: Yudhishthira's Dice at January 29, 2021 12:19 PM (Bvn1K)

43 No. We're slave rowers on Greek battle boats.
Posted by: fixerupper

And the captain wants to go water-skiing.
Posted by: mindful webworker

And tonite is your turn in the barrel

Posted by: Bruce at January 29, 2021 12:19 PM (vd8XM)

44 Here's the thing....lots of the WSB people aren't "nazis" but they sure as hell are socialists who would be quite happy to see all of us thrown in a gulag, so take that into consideration when deciding how much support to throw their way.

Me? I hope both sides of this lose

Posted by: trump at January 29, 2021 12:19 PM (GSJcT)

45 Cruz will work with AOC. AOC won't work with Cruz because she's dumb and
emotional in an effort to keep up her profile and attract donations.

She's an establishment stooge who makes noises of being on the far left for financial purposes.
And yet, she's already sharply criticizing Robinhood and calling for an investigation. She may not understand why, but it gives the left cover.

Posted by: pep at January 29, 2021 12:19 PM (v16oJ)

46 As was just pointed out on talk radio, hedge funds do notghing for the public but steal money legally.

Posted by: Skip at January 29, 2021 12:20 PM (Cxk7w)

47 The crybaby, Leon Cooperman said he voted for Biden.

Posted by: redridinghood at January 29, 2021 12:20 PM (NpAcC)

48 Private profits and Socialized losses.

Posted by: JAS, AoSHQ addict at January 29, 2021 12:20 PM (2BZBZ)

49 I read the content, whew...

Posted by: Curly Shuffle at January 29, 2021 12:20 PM (ch6++)

50 The Federal Government will turn into the Politburo and the FBI will become the NKVD. You will see it happen in your lifetime, maybe in this year, unless you're lucky.

Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:20 PM (ifmtJ)

51 Not 'roomy'! Romney!

Posted by: andycanuck at January 29, 2021 12:20 PM (d6he9)

52

Pretty sure a lot of these cocksuckers donate to the progressive maniacs on the left.

So, no sympathy.

Posted by: Rev. Dr. E Buzz Miller, Lesbian at January 29, 2021 12:21 PM (lg/F7)

53 45 She's an establishment stooge who makes noises of being on the far left for financial purposes.
And yet, she's already sharply criticizing Robinhood and calling for an investigation. She may not understand why, but it gives the left cover.
Posted by: pep at January 29, 2021 12:19 PM (v16oJ)

=========

Oooo, a congressional investigation.

Maybe Robinhood can join Twitter in the poorhouse after Twitter's congressional investigation.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:21 PM (LvTSG)

54 37th!

Posted by: callsign claymore at January 29, 2021 12:21 PM (CUR+x)

55 Kamala's husband's ex-wife must have hired the ugliest drifter on Craigslist to sire this poor girl.
I dunno. I think the tats, greasy hair, and pit hair really set off her complexion.

Posted by: pep at January 29, 2021 12:21 PM (v16oJ)

56 Does anyone really believe that the DOJ will do anything? I mean besides prosecuting the little guys.

Posted by: Duke Lowell at January 29, 2021 12:21 PM (kTF2Z)

57 Mandy Moore looks good as a 40s housewife.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:21 PM (LvTSG)

58 The President of NASDAQ looks like a well off divorced 45 year old dressed to go out with her girlfriends and play with some bad boys at a biker bar.

Posted by: lowandslow at January 29, 2021 12:21 PM (qH6FZ)

59 Here's the thing....lots of the WSB people aren't "nazis" but they sure as hell are socialists who would be quite happy to see all of us thrown in a gulag, so take that into consideration when deciding how much support to throw their way.

-----

Point of Historical Accuracy.

NAZIS *were* Socialists. National Socialist Workers Party.

But.... the thrust of your point still stands.

Posted by: fixerupper at January 29, 2021 12:21 PM (8XRCm)

60 Dang, a lot of Hordites commented since 36th...

Posted by: callsign claymore at January 29, 2021 12:22 PM (CUR+x)

61 I still don't know why cowboy became a synonym for gunslinger.
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:19 PM (LvTSG)

Because cowboys carried guns too and people on the East coast and in Hollywood couldn't tell the difference between them.

Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:22 PM (ifmtJ)

62 28 Are the short losses to date/in prospect really anything that would lead to "intervention"? How do they stack up compared to the 10-yr average situation? Have no idea, but as usual that kind of context is everything.

Posted by: rhomboid at January 29, 2021 12:18 PM

Agreed. And the government coming to the aid these private hedge funds would be the equivalent of bailing out Bernie Madoff.

Posted by: Moonbeam at January 29, 2021 12:22 PM (qe5CM)

63 ace, surprised to hear you initially supported TARP.

Aside from a healthy extreme skepticism about any kind of large financial intervention by the state in such things (other than anything designed only to keep the machinery moving/liquid in a general sense), there was simply nothing at all justified about it.

The key factoid: non-financial commercial paper flow was *normal* at the height of the "crisis". The daily money flows that grease the real economy.

The entirely artificial bubble, which was created only by extensive, even aggressive, malevolent intervention by the Fed and Treasury in the first place (destroying reliable standards of lending and credit-worthiness and then force-feeding the crappy derivatives needed to sustain this to others).

Posted by: rhomboid at January 29, 2021 12:22 PM (OTzUX)

64 >>> Ace - sorry to go OT like this, but if you're here you really, really should consider a post on Kamala's stepdaughter's new modeling contract. It's a perfect encapsulation of the situation in New America.

thanks, I have that as a palate cleanser post, though I don't have anything to say about it.

Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

65 A commenter here yesterday said Wall Street was worth $85-trillion and hedge funds were just $3-trillion of that. So why do they need bailing out?

Posted by: andycanuck at January 29, 2021 12:22 PM (d6he9)

66 56 Does anyone really believe that the DOJ will do anything? I mean besides prosecuting the little guys.

Posted by: Duke Lowell at January 29, 2021 12:21 PM (kTF2Z)

Probably frame up some completely random person too, but yeah, those little guys are f'ed.

Posted by: sniffybigtoe at January 29, 2021 12:22 PM (xfb67)

67 Go 4chans and Reddits, bring pain to da man!

Posted by: Zeera at January 29, 2021 12:22 PM (RLANM)

68 Oooo, a congressional investigation.

Sure, they usually accomplish nothing, but most of them are conducted by only one party. Give both parties something to win, and things might actually happen.

Posted by: pep at January 29, 2021 12:23 PM (v16oJ)

69 "Wait," I said. "These guys court risk? I thought they'd be risk adverse, being investment bankers?"
++++
Risk aversion or balance, aggressive risk management, exposure minimization, etc. - all of that stuff is for stodgy old-school guys like people who run pension funds and insurance companies.

Hedge funds, private equity, boutique investment banks (and many mainstream investment banks) are a different game. A lot of those guys make the "YOLO" crown on WallStreetBets look like shivering, terrified pikers.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:23 PM (UZVEt)

70 It's estimated that the hedge funds have lost $70 billion in the short selling this year so far.

Alternate Headline: Traditional Investors Reap $70 Billion in Hedge Fund Overreach

Posted by: G'rump928(c) at January 29, 2021 12:23 PM (yQpMk)

71 27 I am with Portnoy. These people should be jailed.
He was on F&F this morning making his case.

Posted by: redridinghood at January 29, 2021 12:17 PM (NpAcC)

Agree but be careful on Portnoy. He's out there on twitter accusing billionaires of criminal acts BY NAME. He's gonna find himself and Barstool nuked by lawsuits if he doesn't rein it in

Posted by: trump at January 29, 2021 12:23 PM (GSJcT)

72 64 >>> Ace - sorry to go OT like this, but if you're here you really, really should consider a post on Kamala's stepdaughter's new modeling contract. It's a perfect encapsulation of the situation in New America.

thanks, I have that as a palate cleanser post, though I don't have anything to say about it.
Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

=========

I wouldn't call that a palate cleanser.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:23 PM (LvTSG)

73 Governor Cuomo is doing a press conference.
He is so full of sh*t. Trying to take the blame off himself for the nursing home fiasco.

Posted by: redridinghood at January 29, 2021 12:23 PM (NpAcC)

74 I don't understand the niche that Discord makes up, it seems like a complete duplicate of reddit

Posted by: Christopher R Taylor at January 29, 2021 12:23 PM (KZzsI)

75 >>>47 The crybaby, Leon Cooperman said he voted for Biden.
Posted by: redridinghood

you know, almost all of them did.

But we're supposed to keep doing favors for them, because Bitch McConnell is demented and still thinks it's 2002.

Posted by: ace at January 29, 2021 12:23 PM (5+1A/)

76 Yeah the derivative crap was of their own making but I do believe that preventing a full collapse was in our best interest even if it saved their undeserving ass. The problem is they really didn't learn their lesson .

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:24 PM (2DOZq)

77 >>>Oooo, a congressional investigation

Hopefully they'll have arrests like all of Graham's investigations...

Posted by: Wyatt Earp - Biden Is Not My President at January 29, 2021 12:24 PM (qoNQ/)

78 68 Oooo, a congressional investigation.

Sure, they usually accomplish nothing, but most of them are conducted by only one party. Give both parties something to win, and things might actually happen.
Posted by: pep at January 29, 2021 12:23 PM (v16oJ)

=========

The uniparty is fine with what Robinhood did.

AOC is just the vehicle for pointless theater that will drive Twitter reactions.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:24 PM (LvTSG)

79 >>>I wouldn't call that a palate cleanser.

stomach voider, maybe

Posted by: ace at January 29, 2021 12:24 PM (5+1A/)

80 Plot twist:

Harris' daughter has a modeling contract with Hunter Biden.

Posted by: AlaBAMA at January 29, 2021 12:24 PM (7moj5)

81 They probably mean gambling gunslingers.

I still don't know why cowboy became a synonym for gunslinger.
Posted by: TheJamesMadison

Back in the day, you wore a gun, or you didn't.
Cowboys wore guns. Sometimes had to use them.
Thank westerns.

Posted by: rickb223 at January 29, 2021 12:24 PM (dkrmM)

82 Fuck you, Sir Issac Newwwwwwwwttttttttooooooooonnnnn! [splat!]

Posted by: andycanuck at January 29, 2021 12:24 PM (d6he9)

83 so Hitler was against naked shorts and he killed Hitler?

Posted by: x4 at January 29, 2021 12:24 PM (0tE/i)

84 i'd wager the political leanings of the average WSB poster don't line up with the average redditor, and certainly not the average 4chan poster, where this also has been a big deal. I've seen a lot of "well they stole the election you think they'd let you just take down hedge funds" after all the BS that was pulled yesterday
or maybe we're all just russians

Posted by: brak at January 29, 2021 12:24 PM (cG+eD)

85 I wouldn't call that a palate cleanser.
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:23 PM (LvTSG)

I checked out the photo. My palate is not clean.

Posted by: N.L. Urker at January 29, 2021 12:24 PM (lgiXo)

86 I sure hope that congressional investigation is led by a blue ribbon committee. They're the best kind.

Posted by: callsign claymore at January 29, 2021 12:25 PM (CUR+x)

87 69 Joe and Ace,
They haven't met these gamers, autists, and meme masters at WSB.

The number of subscribers has went from 1.7 million to over 6 million. They are Legion and tasting blood.

Posted by: whig at January 29, 2021 12:25 PM (pO7gM)

88 Because of ZIRP, my about to be 83 year old parents are having to stay in the market because that is the only way to get any kind of returns at all. These are people who diligently saved and put away 20% of their salary every year for retirement and who lived modestly and, yes, that has allowed them to live a nice retirement, nothing lavish but also not penny pinching, and instead of being in CDs kicking out, say, 5-6% and then living on the interest, they have to play the market slot machine. This angers me. They played by the rules and now they have to put money at risk because hedge fund bros can never, ever, ever lose.

Hedgebros bet shorts. Someone else bet long. Right now, the long is winning. That's how it's supposed to be. High returns come from high risks. This high returns no matter what but you Poors don't get any is how things get guillotiney.

Beating us at investing is a hate crime is going to go places that people really need to ponder if they want to go. They won't though and the traditional manner will eventually begin.

Posted by: alexthechick - Boobs and hysteria at January 29, 2021 12:25 PM (mf5HN)

89 The problem is they really didn't learn their lesson .
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:24 PM (2DOZq)

----------

They didn't learn their lesson because there was no pain.

Posted by: Duke Lowell at January 29, 2021 12:25 PM (kTF2Z)

90
Yo!

Posted by: Yo! at January 29, 2021 12:25 PM (r4bSV)

91 79 >>>I wouldn't call that a palate cleanser.

stomach voider, maybe
Posted by: ace at January 29, 2021 12:24 PM (5+1A/)

========

Labels are important.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:25 PM (LvTSG)

92 Let them build solar panels.

Posted by: MCPR at January 29, 2021 12:25 PM (ipMTH)

93 Pretty sure a lot of these cocksuckers donate to the progressive maniacs on the left.
So, no sympathy.
------
You got that right. The Wall Street firms have thrown money and stock tips at the Uniparty for decades. They consider it the price of doing business. Well, there's another price to pay for double-dealing, and I hope they are paying it good and hard. And they should expect no sympathy from everyone here who has spent the past decade worrying about paying the bills.

Posted by: exdem13 at January 29, 2021 12:25 PM (W+kMI)

94 $70 Billion this year!

These fuckers are betting on failures of companies.. some likely due to COVID shutdowns.. and would walk away with their winnings happy as clams..

Well, fuck 'em. Let them take their losses.

Posted by: Chi-Town Jerry at January 29, 2021 12:25 PM (CjFDo)

95 >>>Harris' daughter has a modeling contract with Hunter Biden.

She is not even remotely attractive. In one pic she looks crosseyed

Posted by: Wyatt Earp - Biden Is Not My President at January 29, 2021 12:25 PM (qoNQ/)

96 And recall that TARP actually had lots of opposition on the Hill, mostly in the GOP as I recall, maybe some Dems too, mostly in the House.

And it birthed the Tea Party - a fact that of course is completely ignored (or even not known) in the delusional hate fantasy that is 98% of "political punditry" now.

Posted by: rhomboid at January 29, 2021 12:26 PM (OTzUX)

97 Repeat from yesterday: Do not take advice from Ja Rule. He was one of the Fyre Festival scammers. Watch the documentaries about Fyre, and you'll never listen to Ja Rule again.

Tim Pool is also a poor source for investing info. Listen to his stupid reasons for buying NOK. He does not have a clue.

Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:26 PM (qpX6U)

98 Some people are just begging to be strung from lamp posts, aren't they?

Posted by: TrivialPursuer at January 29, 2021 12:26 PM (k4dH2)

99
Is Biden really removing the Trump wall?

Or just stopped the construction?

Posted by: Yo! at January 29, 2021 12:26 PM (r4bSV)

100 stomach voider, maybe
Posted by: ace at January 29, 2021 12:24 PM (5+1A/)

---------

The AOSHQ weight loss plan. GAINZZZZ!

Posted by: Duke Lowell at January 29, 2021 12:26 PM (kTF2Z)

101 So... Irish Democracy with the possibility of the I. R. A?

Posted by: Vyx at January 29, 2021 12:27 PM (tjZg/)

102 A commenter here yesterday said Wall Street was worth $85-trillion and hedge funds were just $3-trillion of that. So why do they need bailing out?
Posted by: andycanuck at January 29, 2021 12:22 PM (d6he9)
++++
Cascading liabilities due to counterparty risk. A lot of these guys are interconnected and many of those connections aren't very clear. They hold some of each others' capital, sell each other derivatives, etc. They also clear through major players like big investment banks, clearing houses, etc. Leverage is so huge in so many places a seemingly innocuous loss of a few billion dollars that destroys a hedge fund can have serious knock-on effects with their counterparties, reducing their available capital cushions - and it doesn't take all that big a move to cause problems when there is so much leverage involved.

I doubt the GME action is going to cause a cascading problem, but if this kind of behavior - targeted short squeezes to punish hedge funds or other players who draw the ire of the rubes, for example - continues, things could get sporty. I don't think it's likely, but it's possible.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:27 PM (UZVEt)

103 Sad thing is, Kamala's step daughter would actually be fairly cute if she made any effort. But it's a leftist trend to intentionally uglify yourself. Kind of like modern art.

Posted by: Biggs Darklighter at January 29, 2021 12:27 PM (LZ7Gl)

104 Investment bankers aren't investors. They're salespeople. High social skills and risk tolerance but not really involved in investment decisions.

AIG went bankrupt not because it wasn't trying to make fairly conservative investments but because it wrongly thought it was making conservative investments which were actually quite risky.

What went wrong:
1. The banker who originates loans is normally conservative, because he doesn't want to hold bad loans. But because he could pass these along, this became a lot less of a concern.
2. The people selling the product in turn have little interest in really vetting it.
3. The government basically guaranteed they'd provide demand for the investment product.
4. Ratings and such were pretty bad at capturing risks. This involves an industry-wide poor understanding of probability, it's how they end up saying stupid stuff like 16-sigma event. Black swans aren't black swans, they happen at least once a decade in general.
5. Some key institutions like insurance companies stupidly ended up with these risky assets on their books thinking they weren't that risky.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:27 PM (Zm+LZ)

105 96 And recall that TARP actually had lots of opposition on the Hill, mostly in the GOP as I recall, maybe some Dems too, mostly in the House.

And it birthed the Tea Party - a fact that of course is completely ignored (or even not known) in the delusional hate fantasy that is 98% of "political punditry" now.
Posted by: rhomboid at January 29, 2021 12:26 PM (OTzUX)

Recall that TARP was not popular here at the Q - except with ace.

And he called us terrorists for opposing it.

Posted by: blaster at January 29, 2021 12:27 PM (ZfRYq)

106 Don't worry...the SEC is on it!

You Can't Make This Up: Disgraced Former FBI Agent Peter Strzok's Wife, Melissa Hodgman, Named Acting Director of the Division of Enforcement for the SEC

The SEC reported on January 22, 2021 -

The Securities and Exchange Commission today announced Melissa R. Hodgman, currently an Associate Director in the Commission's Division of Enforcement, has been named Acting Director of the Division of Enforcement.

https://tinyurl.com/yxawypo8

Posted by: Tami at January 29, 2021 12:27 PM (cF8AT)

107 Ace - sorry to go OT like this, but if you're here you really, really should consider a post on Kamala's stepdaughter's new modeling contract. It's a perfect encapsulation of the situation in New America.

Some news stories gave her high marks in fashion design. Cool. Not every body was meant for the runway. Hers wasn't.

Posted by: rickb223 at January 29, 2021 12:27 PM (dkrmM)

108 76 Yeah the derivative crap was of their own making but I do believe that preventing a full collapse was in our best interest even if it saved their undeserving ass. The problem is they really didn't learn their lesson .
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:24 PM (2DOZq)

Those derivatives were never wound down. They still exist. There is still a market for them.

TARP was used as a slush fund to consolidate the banking industry.

TARP 2.0 will be used to rebuild big business after the Covids, so they keep the market share they stole from Small Businesses... once again, consolidation.

Why is consolidation good for Government? Bigger companies write bigger checks and give better jobs to spouses.

Posted by: Romeo13 at January 29, 2021 12:27 PM (oHd/0)

109 Would love to see how many Congress-critters are in Hedge Funds and Private Equity. I would bet the vast majority are.
And, you have to know, have to find out, who is investing in the hedge funds that are squawking. And not just the names of the 'investors', but the names behind the Trusts that are doing the investing, (...getting their payoff...). Those early round VC IPO's don't magically show up at the Hedge Funds for no reason.

Posted by: lady liberty at January 29, 2021 12:27 PM (2bjbT)

110 So some Vegas Whale goes into the casino and loses bigly, all his credit, and then some. The casino says pay up. Then he says, that everyone else should share in his loss, even the people that were in the casino with him. Because we are all one big family. Mind you, whenever he won, you never heard from him.

Basically these are gambling addicts who thought they had rigged the game (point shaving style) but it didn't work and now they are facing a beat down and a shallow grave in the desert.

If you let them get away with it, you are just subsidizing more of it. You get more of what you subsidize. Let them die.

Posted by: simplemind at January 29, 2021 12:27 PM (uiObG)

111 defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.

some of these retail investors have been posting how they used their modest gains to pay for surgery for their family members both human and animal.

Posted by: kallisto at January 29, 2021 12:27 PM (DJFLF)

112 Good news Texas morons, Beta is considering running for governor!

Posted by: Wyatt Earp - Biden Is Not My President at January 29, 2021 12:28 PM (qoNQ/)

113 I was halfway sorta kidding the other day about them coming up with charges for these guys, because white supremacy.

But that is so gonna happen. What a stupid fucking country we live in. Really. Even the gay Euro countries are more approximately actual nations than us, anymore.

Posted by: Yudhishthira's Dice at January 29, 2021 12:28 PM (Bvn1K)

114 65 A commenter here yesterday said Wall Street was worth $85-trillion and hedge funds were just $3-trillion of that. So why do they need bailing out?
Posted by: andycanuck at January 29, 2021 12:22 PM (d6he9)

They don't. This event really isn't a threat to financial markets or the economy unlike the failure of AIG.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:28 PM (Zm+LZ)

115 I do not remember ace supporting TARP, but some did, like that guy from Rhode Island who was all big business and sneered at poors. I think he's back under a new name though

Posted by: Christopher R Taylor at January 29, 2021 12:28 PM (KZzsI)

116 Risk aversion or balance, aggressive risk management, exposure minimization, etc. - all of that stuff is for stodgy old-school guys like people who run pension funds and insurance companies.

My impression is that they've infested a lot of the pension funds and insurance companies as well.

Posted by: Colorado Alex in Exile at January 29, 2021 12:28 PM (jOcSX)

117 With regards to Kamala's daughter....man, how unfortunate. On several levels. My sympathies for the agency that got saddled with her as a favor.

Posted by: exdem13 at January 29, 2021 12:28 PM (W+kMI)

118 Also - TSLA is a bit of a proxy for SpaceX as a stock.

TSLA has taken a fairly strong hit today, I would not be surprised it is around the FAA cancellation of the launch.

Posted by: blaster at January 29, 2021 12:28 PM (ZfRYq)

119 They haven't met these gamers, autists, and meme masters at WSB.

The number of subscribers has went from 1.7 million to over 6 million. They are Legion and tasting blood.

Posted by: whig at January 29, 2021 12:25 PM (pO7gM)
I saw a meme today that said Wall Street isn't prepared for investors who grew up planning Friday night World of Warcraft raids.Also these are the now adults who were teens in 2008 (if you are 30 now, you were 18 then) who watched their parents and family members who did all the right things lose everything because the Masters of the Universe gambled it all away without their family members' consent and no one went to jail for it. There is a huge amount of rage out there for that, as well there should be, and many of those kids are smart as hell and even more nihilsitic than I am.

Posted by: alexthechick - Boobs and hysteria at January 29, 2021 12:28 PM (mf5HN)

120 So, Irish democracy with the potential for another export from that country that caused issues in England?

/you don't get a stimulus check, but instead, we'll bail out Your Betters. yeah, that's going to work well

Posted by: Vyx at January 29, 2021 12:28 PM (tjZg/)

121 Yes, the bailout is coming...because the elite never pay for anything.

It will be blatant and in-your-face. It will destroy the upstarts who tried this and ensure that it will never happen again.

And there won't be a damn thing they/we can do about it.

Posted by: creeper at January 29, 2021 12:28 PM (XxJt1)

122 >>>104 Investment bankers aren't investors. They're salespeople. High social skills and risk tolerance but not really involved in investment decisions.

thank you, my nomenclature is off, then. I think I just meant institutional investors. That's who my friend worked for.

Posted by: ace at January 29, 2021 12:29 PM (5+1A/)

123 In other news, Jake Tapper is coming out with a sequel to the novel that Ace brilliantly reviewed.

Posted by: Biggs Darklighter at January 29, 2021 12:29 PM (LZ7Gl)

124 There are logical reasons for the derivative market, managing the risk of a failed crop, or the rapid drop in oil price. The derivative market can prevent companies from bankruptcy.

But now the derivative markets are larger than the actual physical markets and much of it never even involves the actual transfer or physical goods. It's just assholes in hedge funds slinging around huge sums of money on imaginary things.

Posted by: sniffybigtoe at January 29, 2021 12:29 PM (xfb67)

125 Well, f*** 'em. Let them take their losses.

Who's defending them? They are the only people arguing for them. The Dems are going to be looking for scapegoats for their tanking of the economy, and it isn't like they're shy about the anti-billionaire rhetoric. The right (i.e., NOT the GOPe) wants to take down big tech and the money behind the uniparty, and this is an excellent way to start the process.

Posted by: pep at January 29, 2021 12:29 PM (v16oJ)

126 >Buying shorted stocks to "teach a lesson" to hedge fund managers is like jumping off a cliff to "teach a lesson" to Gravity.
Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:14 PM (qpX6U)

Completely disagree. Yes, the hedge fund boys will get their bailout, but I'm pretty sure that most of the WSB autists knew that, and also knew there is a good chance they'll lose money. They don't care about that. They are exposing the corruption, and it's working bigly. A huge red pill has been shoved down a lot of throats.

Posted by: Dworkin Barimen - anarcho-tyranny? you're soaking in it! at January 29, 2021 12:29 PM (7cERy)

127 Now, I'm not saying these guys are sociopaths. (I'm also not saying they're not sociopaths.)

at the very least, they're NPD

Posted by: kallisto at January 29, 2021 12:29 PM (DJFLF)

128 For the cowboy debate. I think that comes from how ranch hands behave when they get their paychecks - women, booze, coke, gambling, what have you. High risk, wild lifestyle. You see it in the oil fields now more often.

Posted by: Mishdog at January 29, 2021 12:29 PM (F/Rk0)

129 117 With regards to Kamala's daughter....man, how unfortunate. On several levels. My sympathies for the agency that got saddled with her as a favor.
Posted by: exdem13 at January 29, 2021 12:28 PM (W+kMI)

Giving her a modelling contract is like the mean kids at school nominating a Down syndrome child for homecoming queen.

Posted by: N.L. Urker at January 29, 2021 12:30 PM (lgiXo)

130 115 I do not remember ace supporting TARP, but some did, like that guy from Rhode Island who was all big business and sneered at poors. I think he's back under a new name though
Posted by: Christopher R Taylor at January 29, 2021 12:28 PM (KZzsI)

People forget what you say, they forget what you do, they never forget the way you made them feel.

Posted by: blaster at January 29, 2021 12:30 PM (ZfRYq)

131 Yeah the derivative crap was of their own making but I do believe that preventing a full collapse was in our best interest even if it saved their undeserving ass. The problem is they really didn't learn their lesson .
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:24 PM (2DOZq)
++++
They should have let it collapse. You have to take your medicine at some point. That said, if there *was* going to be an intervention, then it should have come from the FDIC forcibly liquidating the banks, giving depositors first crack at the remnants (which in almost all cases is fully funded, with the FDIC needing to put in *nothing*), then dealing with the rest and letting the bondholders go to zero like it's *supposed* to work (instead of what the FDIC has become, which is a bond insurer). The non-banking entities (the "shadow banks") could have been merged into a bad bank and sold off over time.

This crap of cutting trillion dollar checks to the financial sector was absolutely fucking insane.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:30 PM (UZVEt)

132 Naked shorts are not allowed on the Book thread!

Posted by: Josephistan at January 29, 2021 12:30 PM (0M+OL)

133 Those derivatives were never wound down. They still exist. There is still a market for them.

TARP was used as a slush fund to consolidate the banking industry.

TARP 2.0 will be used to rebuild big business after the Covids, so they keep the market share they stole from Small Businesses... once again, consolidation.

Why is consolidation good for Government? Bigger companies write bigger checks and give better jobs to spouses.
Posted by: Romeo13 at January 29, 2021 12:27 PM (oHd/0)

Mortgage backed securities aren't typically considered derivatives. They're basically bonds with the cash flows backed by a pool of mortgages. Their creation and distribution process introduces moral hazard but in simple principle they're not all that different from a savings & loans.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:30 PM (Zm+LZ)

134 Repeat from yesterday: Do not take advice from Ja Rule. He was one of the Fyre Festival scammers. Watch the documentaries about Fyre, and you'll never listen to Ja Rule again.

That was an awesome documentary. "But.. the app. We've got a great app!!!"

Posted by: shibumi at January 29, 2021 12:30 PM (tjZg/)

135 Posted by: Romeo13 at January 29, 2021 12:27 PM (oHd/0)

I understand your position I just disagree with you based on how what was going on at the time and the potential for it to snowball into a global financial crisis. As I said we will never know for sure if that would or would not have happened because of TARP.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:30 PM (2DOZq)

136 That flack job looks tailor-made for someone with the last name of Biden.

Posted by: lazlong at January 29, 2021 12:30 PM (ejRhU)

137 Most cowboys carried a revolver as a signalling device. There were few "quick draw artists" as can be seen from frontier "Slim Jim" holsters.

Posted by: bill in arkansas, not gonna comply with nuttin at January 29, 2021 12:30 PM (I58tH)

138 76 Yeah the derivative crap was of their own making but I do believe that preventing a full collapse was in our best interest even if it saved their undeserving ass. The problem is they really didn't learn their lesson .
_____________

Oh they learned a lesson.

They learned that they can always run to government to bail them out of the consequences of their stupid, risky moves.

Posted by: TrivialPursuer at January 29, 2021 12:30 PM (k4dH2)

139 Alex, welcome to financial repression, continued. ZIRP is a hit of opium that just keeps being administered to sustain the "system" despite its imbalances, and of course like every intervention it creates distortions over time (misallocations of capital and imprudent behavior).

A lot - not all, obviously - of the stagnation of the Obama lost years was precisely due to the refusal to allow things to properly reset after 2008. Any short-term pain relief was dwarfed many times over by the total pain (opportunity cost pain, the kind a dumbed-down society now literally doesn't seem to understand), and of course it was shifted to the masses, where it didn't belong.

Posted by: rhomboid at January 29, 2021 12:31 PM (OTzUX)

140 thanks, I have that as a palate cleanser post, though I don't have anything to say about it.
Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

Honestly, it's of a similar kind to these hedge fund psychopaths: you have institutions and an entire system set up to trade on power and access and give the worst sort of people influence which they shouldn't have, based solely on their connections.

See also, Mr. Chelsea Clinton, who was given a hedge fund that lost billions betting on the Greek Economy.

Posted by: Colorado Alex in Exile at January 29, 2021 12:31 PM (jOcSX)

141 @disclosetv 15m

NEW - Elizabeth Warren (D-MA) sent a letter to the SEC asking them to investigate Reddit and social media posts.

https://tinyurl.com/y4jzpksz

(Gab link)

Posted by: Tami at January 29, 2021 12:31 PM (cF8AT)

142 Let's face it, we're all Nazis now.

Posted by: Gaelic Girl's Irish Democracy at January 29, 2021 12:31 PM (5FCda)

143 >I am with Portnoy. These people should be jailed.
He was on F&F this morning making his case.
Posted by: redridinghood at January 29, 2021 12:17 PM (NpAcC)

Louis Rossmann (on YouTube) has also been saying the same. That if we can't get justice on this one issue where the left and right are rarely united, there is no justice in this country. I have a feeling we'll be seeing no justice.

Posted by: Dworkin Barimen - anarcho-tyranny? you're soaking in it! at January 29, 2021 12:31 PM (7cERy)

144 The fantastic scam in TARP worked like so:

Take all the banks saddled with dogshit that was valued as not dogshit (this would be the "troubled assets" in the "TA" of TARP). Tell them they're backstopped if they buy those assets and then sell them for a loss.

Solution? Every bank sells their dogshit to another bank at full comically wrong value. Then they buy them right back at the real value.

Taxpayer makes up the difference, banks sort out who owes who what from the windfall. Voila.

Meanwhile SEC and DOJ is already making noises about prosecuting the little guys here. In terms of waking people up and converting them, this mess is like a few years of Gamergate all crammed into 3 days. People are OUTRAGED.

Posted by: there are only three star wars films at January 29, 2021 12:31 PM (EEVQU)

145 Clinesmith just got sentenced to...probation.

See? They paid a heavy price for all that huh.

Posted by: jhawk90 at January 29, 2021 12:31 PM (I6Qlc)

146 Good news Texas morons, Beta is considering running for governor!
Posted by: Wyatt Earp

Yay! Pancho Vanilla for Gubanator!
Si se puede!

Posted by: rickb223 at January 29, 2021 12:31 PM (dkrmM)

147 141 @disclosetv 15m

NEW - Elizabeth Warren (D-MA) sent a letter to the SEC asking them to investigate Reddit and social media posts.

https://tinyurl.com/y4jzpksz

(Gab link)
Posted by: Tami at January 29, 2021 12:31 PM (cF8AT)

==========

Anyone who still thinks that Warren is for the little guy deserves their fate in the camps.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:32 PM (LvTSG)

148 >>>123 In other news, Jake Tapper is coming out with a sequel to the novel that Ace brilliantly reviewed.

OOOH! "Wikipedia: The Novel" is getting a sequel?!

Good, there are so many unanswered questions! Like what happens on the Wikipedia page digest of the year following the story!!!!

(Tapper literally just opened Wikipedia to "1954" and superficially name-checked everything on it to give his fake book "historical authenticity.")

Posted by: ace at January 29, 2021 12:32 PM (5+1A/)

149 probs some other hedge fund buying and selling GME, just to fuck over the other fund

25-30 million shares will move today and that aint the holding redittors.

everybody likes to play games, even HF managers

Posted by: REDACTED at January 29, 2021 12:32 PM (zZxh0)

150 80 Plot twist: Harris' daughter has a modeling contract with Hunter Biden.
---
Only if the CW is writing. I've seen pics of Hunter's skanks, he can and does do better.

Posted by: exdem13 at January 29, 2021 12:32 PM (W+kMI)

151
"I do not remember ace supporting TARP"

Lot's of big fights here over TARP but remember it right during the election cycle where McCain suspended his campaign to deal with the crisis, blah, blah. Lot's of big stories going on at once.

Posted by: lowandslow at January 29, 2021 12:32 PM (qH6FZ)

152
The number of subscribers has went from 1.7 million to over 6 million. They are Legion and tasting blood.
Posted by: whig at January 29, 2021 12:25 PM (pO7gM)

*******

The part that I love is that media is providing the stock picks for normals. Yahoo, Marketwatch, Motley Fool, etc. are all telling everyone "these are the trades that are banned!!!"

Yahoo even has a "trending" ticker on their financial homepage. hahahaha

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:32 PM (nMXLX)

153 145 Clinesmith just got sentenced to...probation.

See? They paid a heavy price for all that huh.
Posted by: jhawk90 at January 29, 2021 12:31 PM (I6Qlc)

NO ONE COULD HAVE FORESEEN THIS!!!

Posted by: blaster at January 29, 2021 12:32 PM (ZfRYq)

154
Grandma is going to lose her IRA if you don't bail out the hedgies!

Posted by: Hadrian the Seventh at January 29, 2021 12:32 PM (mht8P)

155 Well, as we've been living our lives trying to take care of our families and providing for the future, our future is being stolen from us in real time.

That whiny bastard up top can go fvck himself.

Posted by: Jak Sucio at January 29, 2021 12:32 PM (jvt6t)

156 143 >I am with Portnoy. These people should be jailed.
He was on F&F this morning making his case.
Posted by: redridinghood at January 29, 2021 12:17 PM (NpAcC)

Louis Rossmann (on YouTube) has also been saying the same. That if we can't get justice on this one issue where the left and right are rarely united, there is no justice in this country. I have a feeling we'll be seeing no justice.
Posted by: Dworkin Barimen - anarcho-tyranny? you're soaking in it! at January 29, 2021 12:31 PM (7cERy)

=========

"Nothing will happen to us if we keep stealing big wins from the people, right?"
-The Uniparty

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:33 PM (LvTSG)

157 It's just assholes in hedge funds slinging around huge sums of money on imaginary things.
Posted by: sniffybigtoe at January 29, 2021 12:29 PM (xfb67)

For a similar example see: Enron.

Posted by: creeper at January 29, 2021 12:33 PM (XxJt1)

158
Local news just reported that the listing of short sales will be stopped

Hmmmmmmk

Posted by: Yo! at January 29, 2021 12:33 PM (r4bSV)

159 "Yes, the hedge fund boys will get their bailout, but I'm pretty sure that most of the WSB autists knew that, and also knew there is a good chance they'll lose money. They don't care about that. They are exposing the corruption, and it's working bigly. A huge red pill has been shoved down a lot of throats."

And that's a "win" in your opinion? Hedge funders prevail, insurgents lose, and corruption is exposed?

Like the public does not already KNOW there is widespread corruption?

My mileage varies from yours.

Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:33 PM (qpX6U)

160 Bahahahah Warren siding with the hedge funds and asking the SEC to go after the peasants basically puts her political career to a dead end. We couldn't ask for a better betrayal; Until now Warren walked on water for the 25-35 office worker crowd.

Posted by: there are only three star wars films at January 29, 2021 12:33 PM (EEVQU)

161 Robinhood seeks a Federal Affairs Manager based in Washington D.C. to focus on federal advocacy and government affairs related to legislative and regulatory matters.
@RobinhoodApp

=====

These goofballs, should have had this one from the get go.

Posted by: runner at January 29, 2021 12:33 PM (HEKn5)

162 retirement, nothing lavish but also not penny pinching, and instead of being in CDs kicking out, say, 5-6% and then living on the interest, they have to play the market slot machine. This angers me.
===
This is what we are all looking at, forever. You will never see 5% interest again. If you want to keep pace with inflation you'll have to be in the market. That's the whole endgame. They have decided that it is a source of infinite free money. THey can zero percent loan to banks who can invest and make cash. The bonus is that with zero interest rates, there is no good source of return except the stock market so you are all locked in. And, it reduces the interest on natty debt payments. Win, Win, Win, if you are a govt. sociopath.

Posted by: simplemind at January 29, 2021 12:33 PM (0R4H+)

163 collusion is the other hedge funds and brokerage house not betting against the oversold naked shorts.

Posted by: x4 at January 29, 2021 12:34 PM (0tE/i)

164 I was actually opposed to TARP. Before I was in favor of it.

-- John Kerry

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:34 PM (mZUr4)

165 They always blame Russia because they know it's never Russia.

It's China, every time.

Posted by: BeckoningChasm at January 29, 2021 12:34 PM (E+OcO)

166 >>> NEW - Elizabeth Warren (D-MA) sent a letter to the SEC asking them to investigate Reddit and social media posts.
https://tinyurl.com/y4jzpksz
(Gab link)
Posted by: Tami at January 29, 2021 12:31 PM (cF8AT)

The left's hero for the little consumer guy. suckers

Posted by: banana Dream at January 29, 2021 12:34 PM (FdmAd)

167 Because of ZIRP, my about to be 83 year old parents are having to stay in the market because that is the only way to get any kind of returns at all. These are people who diligently saved and put away 20% of their salary every year for retirement and who lived modestly and, yes, that has allowed them to live a nice retirement, nothing lavish but also not penny pinching, and instead of being in CDs kicking out, say, 5-6% and then living on the interest, they have to play the market slot machine. This angers me. They played by the rules and now they have to put money at risk because hedge fund bros can never, ever, ever lose.

I've always felt a little uncomfortable about the way they pushed everyone into the stock market and out of pensions, while at the same time killing any sort of "safe" investments.

Also, as is pointed out in many places, the Boomers are starting to retire, and they're going to want to unload decades' worth of stocks and houses.

Posted by: Colorado Alex in Exile at January 29, 2021 12:34 PM (jOcSX)

168 NEW - Elizabeth Warren (D-MA) sent a letter to the SEC asking them to investigate Reddit and social media posts.

here in MA, we are so proud of her

overrun with pride

Posted by: REDACTED at January 29, 2021 12:34 PM (zZxh0)

169 My amusement at the idea that Redditors might flock towards Trump (AFTER the purge) is just about Endless in its Space.

When the Biden team headed by Yellen and Friedman announce yet another bailout of the trust fund kids- you'd better believe I will be here every hour of the day, reminding you of the DC tribe.

Posted by: trev006 at January 29, 2021 12:34 PM (UtI/u)

170 ... 4. Ratings and such were pretty bad at capturing risks. This involves an industry-wide poor understanding of probability, it's how they end up saying stupid stuff like 16-sigma event. Black swans aren't black swans, they happen at least once a decade in general. ...
Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:27 PM (Zm+LZ)
++++
I think this one is two-fold. First is that bond ratings are system that begs for corruption, and have been since the late 70s. But a lot of the stuff like CDOs and structured MBS made a lot of assumptions about risk waterfall based on historical assumptions drawn from a period where high-risk assets in the mortgage business were extremely rare. So assumptions of things like 5% default being unlikely and therefore the higher tranches of the issue were safe were bad because they were drawing from historical data where default risk was low because lending standards were extremely conservative.

Bad assumptions and what is in essence a built-in conflict of interest is a toxic combination.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:34 PM (UZVEt)

171 Warren...Bernie Sanders still a senator? What doe he say???

Posted by: runner at January 29, 2021 12:34 PM (HEKn5)

172 160 Bahahahah Warren siding with the hedge funds and asking the SEC to go after the peasants basically puts her political career to a dead end. We couldn't ask for a better betrayal; Until now Warren walked on water for the 25-35 office worker crowd.
Posted by: there are only three star wars films at January 29, 2021 12:33 PM (EEVQU)

==========

I think her presidential campaign showed us the limits of her ability to appeal to people outside of Massachusetts.

Do you even remember that she had a presidential campaign?

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:35 PM (LvTSG)

173 "Like the public does not already KNOW there is widespread corruption?

My mileage varies from yours.
Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:33 PM (qpX6U)"

A majority of Americans still think, or thought, that there was some semblance of fairness in the markets. There is a huge leap from "big guys get bailed out when they fuck up" to "big guys get bailed out, and little guys get threatened with criminal charges and fines after the big guys fuck them up the ass in broad daylight actually breaking the laws the little guys are accused of breaking"

Posted by: there are only three star wars films at January 29, 2021 12:35 PM (EEVQU)

174 Good news Texas morons, Beta is considering running for governor! Posted by Wyatt Earp-Biden in not my President

That's the uniparty trying to make hot wheels (Abbott) look good. I swear they collude and do these things on purpose.

Posted by: The Walking Dude at January 29, 2021 12:35 PM (cCxiu)

175 Grandma is going to lose her IRA if you don't bail out the hedgies!
Posted by: Hadrian the Seventh at January 29, 2021 12:32 PM (mht8P)

That's exactly it: they've got tens of millions of retirees as hostages.

Posted by: Colorado Alex in Exile at January 29, 2021 12:35 PM (jOcSX)

176 This story keeps repeating. Rigged elections, rigged social media, rigged markets.

It's all been rigged for a long time. Now it's gotten to the point where it's so rigged that the cheats don't need to hide it and don't care if you know it or not.

Posted by: Mozam at January 29, 2021 12:35 PM (uToj1)

177 Bahahahah Warren siding with the hedge funds and asking the SEC to go after the peasants basically puts her political career to a dead end. We couldn't ask for a better betrayal; Until now Warren walked on water for the 25-35 office worker crowd.
---
once again, forcing them to do/say the thing that they must not do/say.

Its probably the oddest super power of all time, but extremely useful in politics. . .

Posted by: simplemind at January 29, 2021 12:35 PM (PKatg)

178 @153

So it's good to know that trying to get your daughter into the school of her choice is a bigger crime than actually perpetrating a coup de tat on a sitting President.

Posted by: Thomas Bender at January 29, 2021 12:35 PM (/8PIA)

179 Posted by: Colorado Alex in Exile at January 29, 2021 12:34 PM (jOcSX)

Printing money and zero interest is a tax on savers that the politicians get way with because too many people don't understand what is happening.

Posted by: sniffybigtoe at January 29, 2021 12:36 PM (xfb67)

180 https://tinyurl.com/y4votagz
Posted by: Yudhishthira's Dice at January 29, 2021 12:19 PM (Bvn1K)

That is one ugly girl. Probably just as ugly on the inside.

Posted by: Gaelic Girl's Irish Democracy at January 29, 2021 12:36 PM (5FCda)

181 Because cowboys carried guns too and people on the East coast and in Hollywood couldn't tell the difference between them.

Damned stoopid city-slickers...

Posted by: BackwardsBoy, who did not vote for this shit at January 29, 2021 12:36 PM (HaL55)

182 177 Bahahahah Warren siding with the hedge funds and asking the SEC to go after the peasants basically puts her political career to a dead end. We couldn't ask for a better betrayal; Until now Warren walked on water for the 25-35 office worker crowd.

Hahahaha indeed. Massachusetts will elect her until she is dead.

Posted by: blaster at January 29, 2021 12:36 PM (ZfRYq)

183 It seems unlikely that a position hated by ideologues on both sides will ever pass. The actions they have taken are already the most significant unforced error they have made in a century, and exposing them as the enemy of the people at large. Passing any sort of legislation risks a unification of sorts between classic liberalism and modern liberalism in concept that *they* also can't be trusted to look after the people. Communism in concept survives on the basis you can trust the political process more than the market process, what happens when communists realize both are a complete pile of dung but overall you can trust the political process less?

Posted by: Saintly Akin at January 29, 2021 12:36 PM (1QYCL)

184 Do you even remember that she had a presidential campaign?
Posted by: TheJamesMadison

It was a popular as the biden campaign.

Posted by: Infidel at January 29, 2021 12:37 PM (twGU3)

185 The fact that DeBlasio's ugly, crazed daughter doesn't have a modeling contract should turn the story about Harris's stepdaughter into one about white privilege.

Posted by: Mark1971 at January 29, 2021 12:37 PM (xPl2J)

186 Posted by: alexthechick - Boobs and hysteria at January 29, 2021 12:28 PM

They weren't prepared for "Leroy Jenkins" either!

Posted by: Tree of Liberty Landscaping at January 29, 2021 12:37 PM (DB16e)

187 yep, left and right joined together against wall street, see following tweet from Glenn Greenwald:

https://tinyurl.com/y5ykuywb

(he's rooting for GME to reach $500)

Posted by: kallisto at January 29, 2021 12:37 PM (DJFLF)

188 103 Sad thing is, Kamala's step daughter would actually be fairly cute if she made any effort. But it's a leftist trend to intentionally uglify yourself. Kind of like modern art.
-----
Her dour expression doesn't help much either. Looks like she's seen me holding "Wench Collectors of Gor" and now disapproves of all my life choices.

Posted by: exdem13 at January 29, 2021 12:37 PM (W+kMI)

189 Red Turban I think the real crimes lay in the way the bundles of really s***ty MBSs were effectively backed/guaranteed by sovereign entities (like the Fed) and then pushed into the actual markets.

We actually had a commenter here at the time who was up-close involved in the process, and described Fannie Mae pushing the crap onto the market and the lack of enthusiasm from most. And how the galley slaves at Fannie Mae were all shaking their heads, as they saw what a ridiculous house of cards was being built.

On a much more narrow anecdotal but relevant level, someone I played hockey with just prior to all that mess who worked at Fannie Mae (not in the financial side) - a few years prior to the crisis - was casually describing how he and everyone he knew there was "diversifying" their stuff away from the whole sector, as they sensed it was insane, and were being advised by their colleagues on the finance side to do so.

Posted by: rhomboid at January 29, 2021 12:37 PM (OTzUX)

190 What do you think the Redditors will do with a UBI every month?

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:37 PM (LvTSG)

191 "Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms."

So, on top of the vile self-preservation of these vulture billionaires against the little-guys-with-a-loophole, the short-sellers are licking their chops as the COVID lockdowns and Biden economic policies wreak havoc on our country, too?

To quote Forrest Gump: "Sometimes, there just aren't enough rocks."

Posted by: red speck at January 29, 2021 12:37 PM (gS3OW)

192 "Troubled" Assets...yeah, the GOPe/Chamber of Cocks will love them some of this action. It will fly through Congress, with a Kamaltoe rubber-stamp awaiting.
I hate these f*^ks. I never thought I would root this hard for a total collapse.

Posted by: Brave Sir Robin at January 29, 2021 12:37 PM (7Fj9P)

193 Like the public does not already KNOW there is widespread corruption?

My mileage varies from yours.

Look at Biden's approval ratings. Yes, people are astonishingly stupid, but some fraction of them eventually wake up when it's their ass getting reamed.

Posted by: pep at January 29, 2021 12:37 PM (v16oJ)

194 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.

Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

195 4. Ratings and such were pretty bad at capturing risks. This involves an industry-wide poor understanding of probability, it's how they end up saying stupid stuff like 16-sigma event. Black swans aren't black swans, they happen at least once a decade in general.

That... was basically Taleb's point, IIRC. Black Swans aren't rare at all, but happen quite often. Especially in complex systems, where any model is going to miss key correlations and underestimate the probability of a catastrophic failure.

Posted by: Colorado Alex in Exile at January 29, 2021 12:38 PM (jOcSX)

196 I think her presidential campaign showed us the limits of her ability to appeal to people outside of Massachusetts.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:35 PM (LvTSG)

=================

Ask the current Veep if that matters.

I think Warren will be chosen as the replacement Veep when Kamala ascends to become 47.

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:38 PM (mZUr4)

197 103 Sad thing is, Kamala's step daughter would actually be fairly cute if she made any effort. But it's a leftist trend to intentionally uglify yourself. Kind of like modern art.

I think the hairy pits are saying FU to the patriarchy.

(That's a callback, morons!)

Posted by: blaster at January 29, 2021 12:38 PM (ZfRYq)

198 I think this one is two-fold. First is that bond ratings are system that begs for corruption, and have been since the late 70s. But a lot of the stuff like CDOs and structured MBS made a lot of assumptions about risk waterfall based on historical assumptions drawn from a period where high-risk assets in the mortgage business were extremely rare. So assumptions of things like 5% default being unlikely and therefore the higher tranches of the issue were safe were bad because they were drawing from historical data where default risk was low because lending standards were extremely conservative.

Bad assumptions and what is in essence a built-in conflict of interest is a toxic combination.
Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:34 PM (UZVEt)

Since something along these lines happens pretty regularly, like the savings and loans crisis and the various financial crises JP Morgan stepped in to prevent, I think fundamentally humans are just bad at dealing with tail risk. I might be able to devise a system to avoid the moral hazard created by MBS, I can't think of a way to keep this from happening in other ways though.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:38 PM (Zm+LZ)

199 My amusement at the idea that Redditors might flock towards Trump (AFTER the purge) is just about Endless in its Space.

Umm... there were a lot of Redditors that supported Trump. He took questions at one point on a forum called (IIRC) The Donald. It was shut down in 2020. There are also a lot of Trump supporters at 4Chan.

Posted by: shibumi at January 29, 2021 12:38 PM (tjZg/)

200 You know, I keep reading about this coming "revolt" of the "middle class" in the USA. And I keep saying, "Yeah? When? What's it gonna take?"

Obviously stolen national election? Nope.
Destroying the middle class over decades to enrich the "elites"? Nope.
Locking us in our homes for months over a cold? Nope.
Deliberate diluting and weakening of our culture and norms through unrestrained invasion? Nope.

But maybe, just maybe, yet another bankster bailout will do it. Maybe.

Or not. We'll see.

Posted by: Doctor.Boom at January 29, 2021 12:38 PM (NYS7S)

201 "....And to hear the lamentations of the hedge fund managers."

Posted by: Dr. Mongo at January 29, 2021 12:38 PM (IU8aO)

202 Also, as is pointed out in many places, the Boomers are starting to retire, and they're going to want to unload decades' worth of stocks and houses.
Posted by: Colorado Alex in Exile at January 29, 2021 12:34 PM (jOcSX)
++++
I sold one boomer house (my parents') and bought another one (someone else's parents') in the space of six months. That's well under way.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:38 PM (UZVEt)

203 150 80 Plot twist: Harris' daughter has a modeling contract with Hunter Biden.
---
Only if the CW is writing. I've seen pics of Hunter's skanks, he can and does do better.
Posted by: exdem13 at January 29, 2021 12:32 PM (W+kMI)

They're a good-lookin' family

Posted by: josephistan at January 29, 2021 12:38 PM (Izzlo)

204 Probation for Clinesmith? What a load of shit. Watch these redditors catch harsher punishments.

Seriously, fuck these assholes, we are long overdue for a b ig shakeup.

Posted by: there are only three star wars films at January 29, 2021 12:38 PM (EEVQU)

205 188 103 Sad thing is, Kamala's step daughter would actually be fairly cute if she made any effort. But it's a leftist trend to intentionally uglify yourself. Kind of like modern art.
-----
Her dour expression doesn't help much either. Looks like she's seen me holding "Wench Collectors of Gor" and now disapproves of all my life choices.
Posted by: exdem13 at January 29, 2021 12:37 PM (W+kMI)

Raising unhappy, maladjusted or insane children has become a point of pride for the left.

Posted by: N.L. Urker at January 29, 2021 12:38 PM (lgiXo)

206 196 Ask the current Veep if that matters.

I think Warren will be chosen as the replacement Veep when Kamala ascends to become 47.
Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:38 PM (mZUr4)

=========

Warren will need to be assigned any increased in power. She'll never appeal to voters for it.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:38 PM (LvTSG)

207 158
Local news just reported that the listing of short sales will be stopped

Hmmmmmmk
Posted by: Yo! at January 29, 2021 12:33 PM

That is insane.

Posted by: Moonbeam at January 29, 2021 12:39 PM (qe5CM)

208 "Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms."

*****

You nobodies aren't allowed to sit at this table. You're only allowed to give us your money so WE can play.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:39 PM (nMXLX)

209 Pretty sure a lot of these cocksuckers donate to the progressive maniacs on the left.
So, no sympathy.

I've read that Melvin Capital, the central firm in this GameStop mess, is one of the largest Democrat donors in the world.

Posted by: Ian S. at January 29, 2021 12:39 PM (ZGrMX)

210 Local news just reported that the listing of short sales will be stopped

****

Only to the general public.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:39 PM (nMXLX)

211 When they win their bets, they're archcapitalists, but when they lose, well, now we have to work together and distribute the losses fairly.

So is this a zero-sum gain, or no?

Question: when they win big, are we all in this together, and they'll distribute their gains fairly?

It's a rhetorical question, obviously.

Posted by: Deplorable Jay Guevara at January 29, 2021 12:39 PM (YnEiF)

212 "We all need to work together to short and bankrupt companies and destroy the jobs..."

Posted by: Dr. Mongo at January 29, 2021 12:39 PM (IU8aO)

213 194 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.
Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

Again NO ONE COULD HAVE PREDICTED THIS!!!

Posted by: blaster at January 29, 2021 12:39 PM (ZfRYq)

214 So Hedge Fund Managers are 'Brokeback Mountain' cowboys. Seeking out people who make risky choices.

Posted by: Butt Pirates Is Their Other Name at January 29, 2021 12:39 PM (+nWCH)

215 I've always felt a little uncomfortable about the
way they pushed everyone into the stock market and out of pensions,
while at the same time killing any sort of "safe" investments.
Also, as is pointed out in many places, the Boomers are starting to
retire, and they're going to want to unload decades' worth of stocks and
houses.

Posted by: Colorado Alex in Exile at January 29, 2021 12:34 PM (jOcSX)The money that will be moved around as the Boomers go on to the great Woodstock in the sky is in the trillions with a t. Yeah, you think the Feds are going to let that go by without gorging on it?

Posted by: alexthechick - Boobs and hysteria at January 29, 2021 12:39 PM (mf5HN)

216 so Clinesmith basically walked

ok

I give up lol. USA no longer exists

Posted by: BlackOrchid at January 29, 2021 12:40 PM (j9HX3)

217
(That's a callback, morons!)

Posted by: blaster at January 29, 2021 12:38 PM

deep, too

Posted by: AltonJackson at January 29, 2021 12:40 PM (k8Sei)

218 209 Pretty sure a lot of these cocksuckers donate to the progressive maniacs on the left.
So, no sympathy.

I've read that Melvin Capital, the central firm in this GameStop mess, is one of the largest Democrat donors in the world.
Posted by: Ian S. at January 29, 2021 12:39 PM (ZGrMX)

=========

It's totally unbelievable that Biden's admin would call Robinhood and tell them to stop buying of GME.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:40 PM (LvTSG)

219 And at 7:45, the corporate media goes to its go-to: The fat bastard on CNBC demands MOAR CENSORSHIP to keep these hobbits from communicating on social media.

Sucks for them that WSB is already on Gab. Until the government makes it actually illegal to discuss investment strategy on a public forum, they're safe. Once the government does make it illegal, which is coming, they shift to some mechanism outside the US.

They can't stop the signal, Mal.

Posted by: I used to have a different nic at January 29, 2021 12:40 PM (U7wke)

220 I think Warren will be chosen as the replacement Veep when Kamala ascends to become 47.
Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:38 PM (mZUr4)

=========

Warren will need to be assigned any increased in power. She'll never appeal to voters for it.
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:38 PM (LvTSG)

================

Agree. She will become Veep the same way Rockefeller did

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:40 PM (mZUr4)

221 189 Red Turban I think the real crimes lay in the way the bundles of really s***ty MBSs were effectively backed/guaranteed by sovereign entities (like the Fed) and then pushed into the actual markets.

We actually had a commenter here at the time who was up-close involved in the process, and described Fannie Mae pushing the crap onto the market and the lack of enthusiasm from most. And how the galley slaves at Fannie Mae were all shaking their heads, as they saw what a ridiculous house of cards was being built.

On a much more narrow anecdotal but relevant level, someone I played hockey with just prior to all that mess who worked at Fannie Mae (not in the financial side) - a few years prior to the crisis - was casually describing how he and everyone he knew there was "diversifying" their stuff away from the whole sector, as they sensed it was insane, and were being advised by their colleagues on the finance side to do so.
Posted by: rhomboid at January 29, 2021 12:37 PM (OTzUX)

Without a doubt, government guarantees for an investment product are unethical bullshit. Student loans are another example of this stuff polluting the country.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:40 PM (Zm+LZ)

222 Do you even remember that she had a presidential campaign?
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:35 PM

This is about me, isn't it?

Posted by: Carly Fiorina at January 29, 2021 12:40 PM (DMUuz)

223 On a much more narrow anecdotal but relevant level, someone I played hockey with just prior to all that mess who worked at Fannie Mae (not in the financial side) - a few years prior to the crisis - was casually describing how he and everyone he knew there was "diversifying" their stuff away from the whole sector, as they sensed it was insane, and were being advised by their colleagues on the finance side to do so.
Posted by: rhomboid at January 29, 2021 12:37 PM (OTzUX)

One of my professors in grad school was an economist for Countrywide back when this went down, and gave a long talk one class about how things were there. The impression I got was that there's a lot of blame from both sides to go around. The gov wanted to push more housing, especially for "underserved" communities (read: bad risk), and there were plenty of people in the private sector who got greedy and were willing to take risks.

Posted by: Colorado Alex in Exile at January 29, 2021 12:40 PM (jOcSX)

224 @213

I'm pretty sure everyone except for exactly two people predicted this.

But here we are.

Posted by: Thomas Bender at January 29, 2021 12:41 PM (/8PIA)

225 Assless shorts aren't allowed anywhere outside of Pride.

Posted by: andycanuck at January 29, 2021 12:41 PM (d6he9)

226 TARP never went away. It is the reason we haven't had an actual budget since 2001. Congress reauthorizes that 800 billion every year. Last actual budget we had was 2.1 trillion. The next year the spending authorized by Congress was 3.2 trillion. It has only gone up from there.

Congress is a criminal enterprise.

Posted by: AZ Hi Desert (Gringo fuertemente armado-Si Vis Pacam, Pac Bellum) at January 29, 2021 12:41 PM (l7Kbv)

227 194 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.
Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

Again NO ONE COULD HAVE PREDICTED THIS!!!
Posted by: blaster at January 29, 2021 12:39 PM (ZfRYq)

Nobody? LOL

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:41 PM (ONvIw)

228 >>I think the hairy pits are saying FU to the patriarchy.

Nothing wrong with hairy pits on a chick...IF she is hot enough.

...and you, my dear. You are not approaching that level of warmth.

Posted by: garrett at January 29, 2021 12:41 PM (bjtRb)

229 We're on it!

Posted by: The FIB at January 29, 2021 12:41 PM (SWbVS)

230 Red Turban I think the real crimes lay in the way the bundles of really s***ty MBSs were effectively backed/guaranteed by sovereign entities (like the Fed) and then pushed into the actual markets. ...
Posted by: rhomboid at January 29, 2021 12:37 PM (OTzUX)
++++
They weren't supposed to be. Fannie and Freddie had no explicit government backstop. Non-agency MBS had no implicit government backstop.

A lot of people bought Fannie and Freddie paper because of the *implicit* guarantee that the government would let them collapse.

When the time came to test that thesis, the US government blinked. Then it shut its eyes, yelled "YOLO!" and bailed out *everyone* as it ran toward the cliff.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:41 PM (UZVEt)

231 If you want to be even more annoyed, low interest rates cause insurance rates to be higher. Because insurance companies use discount rates(based on interest investment rates of return because they have to mostly buy really safe bonds) to determine how they can meet future investments by investing policy payments.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:42 PM (Zm+LZ)

232 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.
Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

---------

Also, he must write "I will not get caught next time" 100 times on the chalkboard.

Posted by: Duke Lowell at January 29, 2021 12:42 PM (kTF2Z)

233 Ahh, so Warren is sending in the Gamestopo to bust a few Redditor heads and ship a few off to the camps.

Posted by: Dr. Mongo at January 29, 2021 12:42 PM (IU8aO)

234 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.
Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

*****

hahahaha

That was almost literally what I said would happen a year or two ago in JJ's threads when the topic would inevitably come up.

Some guy made a meme in 2016, was arrested, and will serve 10 years for charges related to it, though.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:42 PM (nMXLX)

235 The number of subscribers has went from 1.7 million to over 6 million. They are Legion and tasting blood.
==
Its not just U.S. based either. The rest of the world tuned in . . .

who ever is naked, is dead. two syllables de-ad.

Posted by: simplemind at January 29, 2021 12:42 PM (ove+i)

236
There is always a market for shorted stocks be why the have to be bought back

Posted by: Yo! at January 29, 2021 12:42 PM (r4bSV)

237 Posted by: rhomboid at January 29, 2021 12:37 PM (OTzUX)

The Bush administration went to Congress at least three times to warn them and request reforms with no success. They offered no graft in exchange for the graft they were receiving.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:42 PM (2DOZq)

238 lots of the WSB people aren't "nazis" but they sure as hell are socialists who would be quite happy to see all of us thrown in a gulag, so take that into consideration when deciding how much support to throw their way.

Oh, I know. I'm finding it *delicious* that they're getting deplatformed.

I

Posted by: Gman at January 29, 2021 12:42 PM (GfWuY)

239
Just had this discussion with my Son. He kept saying the Right was full of White Supremacists.

The left is full of Black Inferiorists.

Posted by: Bertram Cabot, Jr. at January 29, 2021 12:42 PM (63Dwl)

240 224 @213

I'm pretty sure everyone except for exactly two people predicted this.

But here we are.
Posted by: Thomas Bender at January 29, 2021 12:41 PM (/8PIA)

But trust teh plan and all that!

Posted by: Thrawn at January 29, 2021 12:42 PM (Z5BUl)

241 Well, shutting down the computer here. I will check in this evening, once home in Alberta.

Posted by: Alberta Oil Peon at January 29, 2021 12:42 PM (mzC78)

242 .
You've got to remember that Biden voters are just simple liberals. These are people of the swamp. The common clay of the Marxist system.
You know... morons.

Posted by: Dr. Mongo at January 29, 2021 12:42 PM (IU8aO)

243 174 Good news Texas morons, Beta is considering running for governor! Posted by Wyatt Earp-Biden in not my President

That's the uniparty trying to make hot wheels (Abbott) look good. I swear they collude and do these things on purpose.
------
Like, say, every presidential election from 1996 to 2016?

Posted by: exdem13 at January 29, 2021 12:43 PM (W+kMI)

244 Scotch is on me later tonight, btw.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:43 PM (nMXLX)

245 239
Just had this discussion with my Son. He kept saying the Right was full of White Supremacists.

The left is full of Black Inferiorists.
Posted by: Bertram Cabot, Jr. at January 29, 2021 12:42 PM (63Dwl)

==========

"I hate black people and want them to be rich."
-Trump, apparently

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:43 PM (LvTSG)

246 Kamala's stepchild looks hostile and her knit "designs" are very um, "derivative", simple, and poorly executed from what I've seen.

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:43 PM (ONvIw)

247 >>Local news just reported that the listing of short sales will be stopped

'You fucked up. You trusted us.'

Posted by: garrett at January 29, 2021 12:44 PM (bjtRb)

248 The Purge was just a series of movies. But I'm starting to think it's a good idea. The Purge: Wall Street Big Squeeze. Who's in?

Posted by: Stacy0311 at January 29, 2021 12:44 PM (SqpTW)

249 Buying shorted stocks to "teach a lesson" to hedge fund managers is like jumping off a cliff to "teach a lesson" to Gravity.

Except for this. What WSB is doing is opening the eyes of a lot of people. Yes, most of the people invested in GME are going to take it in the shorts...but people are taking about the collusion going on between the party of the little guy and the big guys to stomp on the little guys.

That's a sacrifice...but it's not for nothing.

Posted by: I used to have a different nic at January 29, 2021 12:44 PM (U7wke)

250 1000 seal indictments to go!

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:44 PM (ONvIw)

251 Not one cent of tax payer's money should go to those who play the market, my portfolio has tanked twice in forty years and that's my problem not society's problem.

Posted by: Rose at January 29, 2021 12:44 PM (f/Wek)

252 You nobodies aren't allowed to sit at this table. You're only allowed to give us your money so WE can play.
Posted by: Your Betters in Perpetual Government at January 29, 2021 12:39 PM

I will work harder.

Posted by: Boxer at January 29, 2021 12:44 PM (ejd/p)

253 I doubt the GME action is going to cause a cascading problem, but if this kind of behavior - targeted short squeezes to punish hedge funds or other players who draw the ire of the rubes, for example - continues, things could get sporty. I don't think it's likely, but it's possible.
Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:27 PM

Then maybe the shorters should close out their positions calmly now before they are targeted and stay on the sidelines for a while.

Posted by: Chuck C at January 29, 2021 12:44 PM (awtm/)

254 My vaunted and feted Prairie Crab Dip recipe is enough appeal for you Deplorables.

Posted by: Elizabeth "Two Dogs" Warren at January 29, 2021 12:44 PM (DMUuz)

255 Yeah but do you know what a year probation means to Clinesmith? It means he will have to meet with a probation officer once who will explain what he can and can't do. Then check in by phone once month maybe. Brutal.

Posted by: lowandslow at January 29, 2021 12:44 PM (qH6FZ)

256 How about one of these fashion "designers" actually make something that looks good? Maybe go back to historical designs and modernize them. I want women in Victorian-era dresses. #makebustleskirtsgreatagain

Posted by: Colorado Alex in Exile at January 29, 2021 12:45 PM (jOcSX)

257 It's Nazis all the way down.

Posted by: jakee308 at January 29, 2021 12:45 PM (D4OO0)

258 >My mileage varies from yours.
Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:33 PM (qpX6U)

So then what motivation would you ascribe to WSB? Seems like you're claiming they're incredibly stupid, which I don't believe.

Posted by: Dworkin Barimen - anarcho-tyranny? you're soaking in it! at January 29, 2021 12:45 PM (7cERy)

259 Joe M., you're on the exactly right path. Hollowing out the basics (the actual risk of the increasingly crappy paper that was being generated by stupid lending practices, not all of it a direct result of the CRA), with a corrupted rating system as the cherry on top, was the main problem. All of it only possible because of non- and disastrous mis-regulation by Treasury/Fed, not to mention it being actually pushed by the quasi-state entity FNMA (and its toxic products pushed, and hard, by the NY Fed under the future Treasury secretary who pretended to not know all World Bank/IMF gigs were tax-net).

Posted by: rhomboid at January 29, 2021 12:45 PM (OTzUX)

260 The NEW meme will be that promulgating publicly available information, will be insider trading.

Thus Redit and such must be shut down, because only our Elite at Wall and Broad, can use large amounts of capital to swing the market.

Posted by: Romeo13 at January 29, 2021 12:45 PM (oHd/0)

261 >>>I still don't know why cowboy became a synonym for gunslinger.

It was the hat. People think everyone who wears the ole western sombrero is a cowboy. While most of them are from the west few are cowboys. I agree cowboys in general are the risk mitigators of the west. They use hard work, astute observations, and careful planning to bring as much stock in as good a shape as they can to market. They are generally risk averse when it comes to business decisions. They want as much predictability as they can get because working with big animals in the wild outdoors is risky enough. The sidearm a cowboy carries is about mitigating risk not seeking it. Tackling difficult situations aggressively, quickly and head on is about mitigating risk not seeking it.

Posted by: Saintly Akin at January 29, 2021 12:46 PM (1QYCL)

262 255 Yeah but do you know what a year probation means to Clinesmith? It means he will have to meet with a probation officer once who will explain what he can and can't do. Then check in by phone once month maybe. Brutal.
Posted by: lowandslow at January 29, 2021 12:44 PM (qH6FZ)
Keeps his law license? Of course he does.

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:46 PM (ONvIw)

263 Ask Biden voters if they feel stupid yet.

Posted by: Dr. Mongo at January 29, 2021 12:46 PM (IU8aO)

264 Grandma is going to lose her IRA if you don't bail out the hedgies!
==========================
That's why we'll need you to turn over your IRA's and 401Ks too. Far, far too much risk for your uninformed minds. Don't worry, we'll give you a big, fat annuity for life. And by life, we mean the appropriate life expectancy as deemed fit by our blue-ribbon panel of Dr. Fauci and Bill and Melinda Gates.

Posted by: Yer Bettors at January 29, 2021 12:46 PM (7Fj9P)

265 They don't have me hostage. I pulled my money out of the 401k last week. I've been pulling it out every year to cover property taxes. This time, it's what I'll use to get out of here.

Market Ticker has a post up on the RobinHood mess, if you want to take a look.

Posted by: Notsothoreau - look forward at January 29, 2021 12:46 PM (JKNZq)

266 I bought Henry Paulson's book "On the Brink" at Dollar Tree a few years ago and after I read it I was gobsmacked at how tone deaf he was. He was Mr. Too Big to Fail and creator of so much of the moral Hazard that drives so many of these Asshoes.

I do believe that a rectification is due and all the EOs a brain dead corrupticrat can sign in 40 days can stop it.

Posted by: Minuteman at January 29, 2021 12:46 PM (bnpEs)

267 Kamala's stepchild looks hostile and her knit "designs" are very um, "derivative", simple, and poorly executed from what I've seen.
Posted by: CN

Like Babushka simple.

Posted by: rickb223 at January 29, 2021 12:46 PM (dkrmM)

268 @250

Apparently "sealed indictments" is code for Crunchy Taco Supremes at the DOJ.

I mean it shocked me at first then it all made perfect sense.

Posted by: Thomas Bender at January 29, 2021 12:46 PM (/8PIA)

269 I think the only lesson from all this is we need to VOTE HARDER!

Serious, you guys.

Posted by: blaster at January 29, 2021 12:46 PM (ZfRYq)

270 If you want to be even more annoyed, low interest rates cause insurance rates to be higher. Because insurance companies use discount rates(based on interest investment rates of return because they have to mostly buy really safe bonds) to determine how they can meet future investments by investing policy payments.
Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:42 PM (Zm+LZ)
++++
Want to get even madder about interest rate repression? Put on your thinking cap and consider the following question:
"What effect does artificially depressing the cost of capital have on the labor market?"

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:46 PM (UZVEt)

271 Can't actually say what would solve this problem.
Well. I could, but the blog has enough outside forces to deal with already.

Posted by: LeftCoast Dawg at January 29, 2021 12:46 PM (sy5kK)

272 Repeat from yesterday: Do not take advice from Ja
Rule. He was one of the Fyre Festival scammers. Watch the
documentaries about Fyre, and you'll never listen to Ja Rule again.

Tim Pool is also a poor source for investing info. Listen to his stupid reasons for buying NOK. He does not have a clue.

Posted by: gp's Dark Energy Acceleration at January 29, 2021 12:26 PM (qpX6U)

Who the hell ever listened to Ja Rule in the first place? Dave Chappel even did a bit about MTV putting him on the air during 9/11 for his thoughts.

Posted by: Brian in New Orleans at January 29, 2021 12:46 PM (CQ3Qb)

273 Here's Warren's letter from a twitter link, if you couldn't read the Gab link...

https://tinyurl.com/y2dpyftf

Posted by: Tami at January 29, 2021 12:47 PM (cF8AT)

274 The Purge was just a series of movies. But I'm starting to think it's a good idea. The Purge: Wall Street Big Squeeze. Who's in?
Posted by: Stacy0311 at January 29, 2021 12:44 PM (SqpTW)

Except in the Purge it was the rich going after the poor.

Posted by: Colorado Alex in Exile at January 29, 2021 12:47 PM (jOcSX)

275
It is such a damn shame that too many ideologically-driven issues separate the upstarts who justifiably and legally fucked over the hedge fund cronies and the rest of us.

We are aligned against this crony, fascistic governmental tyranny, but they are too wedded to the other anti-American agitprop to understand that we are aligned in this issue, which really is the mother of all issues: freedom vs a tyrannical government.

Posted by: J.J. Sefton at January 29, 2021 12:47 PM (s2VJv)

276 I don't know what I'm signing.

Posted by: Biden on Tarp 2 at January 29, 2021 12:47 PM (2KBwe)

277 "Robinhood seeks a Federal Affairs Manager based in Washington D.C. to focus on federal advocacy and government affairs related to legislative and regulatory matters."

Wesley Mouch, your phone is ringing.

Posted by: MW at January 29, 2021 12:47 PM (KIuRu)

278 NEWS UPDATE- Kevin Clinesmith receives a sentence of 12 months probation, 400 hours of community service and a $100.00 fee
Yes, you read that correctly a $100.00 fee.
Posted by: redridinghood at January 29, 2021 12:38 PM (NpAcC)

---------

Also, he must write "I will not get caught next time" 100 times on the chalkboard.
Posted by: Duke Lowell at January 29, 2021 12:42 PM (kTF2Z)

this is horrible.

Posted by: LASue at January 29, 2021 12:47 PM (Ed8Zd)

279 You know, I keep reading about this coming "revolt" of the "middle
class" in the USA. And I keep saying, "Yeah? When? What's it gonna
take?"

Obviously stolen national election? Nope.

Destroying the middle class over decades to enrich the "elites"? Nope.

Locking us in our homes for months over a cold? Nope.

Deliberate diluting and weakening of our culture and norms through unrestrained invasion? Nope.

But maybe, just maybe, yet another bankster bailout will do it. Maybe.
Or not. We'll see.
It's a bubble. The argument by some seems to be that because it hasn't popped yet, it never will. Of course, at some point, it has to implode, and will. Am I sure this is the needle that will pop the bubble? No, but it seems like a pretty good bet.

Posted by: pep at January 29, 2021 12:47 PM (v16oJ)

280 Then maybe the shorters should close out their positions calmly now before they are targeted and stay on the sidelines for a while.
Posted by: Chuck C at January 29, 2021 12:44 PM (awtm/)
++++
HAHAHAHHA
:: takes deep breath ::
HHAHAHAHAHHAHA HAHAHAHAHA

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:47 PM (UZVEt)

281 274 The Purge was just a series of movies. But I'm starting to think it's a good idea. The Purge: Wall Street Big Squeeze. Who's in?
Posted by: Stacy0311 at January 29, 2021 12:44 PM (SqpTW)

Except in the Purge it was the rich going after the poor.
Posted by: Colorado Alex in Exile at January 29, 2021 12:47 PM (jOcSX)

=========

Until Rick and Morty showed up. He evened the playing field a bit.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:47 PM (LvTSG)

282 think the only lesson from all this is we need to VOTE HARDER!

I vote to vote early and often!

Posted by: runner at January 29, 2021 12:47 PM (HEKn5)

283 thanks, I have that as a palate cleanser post, though I don't have anything to say about it.
Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

Ummm, I'mma need a palate cleanser after seeing that palate cleanser. To paraphrase The Dread Pirate Roberts from The Princess Bride, DEAR GOD WHAT IS THAT THING??!?!??

Posted by: Grapefruit LaCroix at January 29, 2021 12:47 PM (42It2)

284 "Leon can't do everything."

Posted by: Hedge Fund Manager, Leon Cooperman at January 29, 2021 12:47 PM (+nWCH)

285 The rest of the world sees the Cowboy as some sort of social maverick (swidt) living on risk, when in truth they probably just like the western landscape and being outdoors away from cities and shoulder the risks that come with it and having a job supported by that.

Posted by: Saintly Akin at January 29, 2021 12:48 PM (1QYCL)

286 I want women in Victorian-era dresses. #makebustleskirtsgreatagain
Posted by: Colorado Alex in Exile at January 29, 2021 12:45 PM (jOcSX)

There is an issue with that. As someone who has gone to, and participated in, many Ren Faires can attest.

Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.

Posted by: Romeo13 at January 29, 2021 12:48 PM (oHd/0)

287 No offense to women, but the doom of a country is presaged by a predominance of women in its government

Posted by: Christopher R Taylor at January 29, 2021 12:48 PM (KZzsI)

288 Big guys: "let's not suck each others' dick just yet"
"let's let the little guys do that for us".

*O Face*

Posted by: jakee308 at January 29, 2021 12:48 PM (D4OO0)

289 A lot - not all, obviously - of the stagnation of the Obama lost years was precisely due to the refusal to allow things to properly reset after 2008. Any short-term pain relief was dwarfed many times over by the total pain (opportunity cost pain, the kind a dumbed-down society now literally doesn't seem to understand), and of course it was shifted to the masses, where it didn't belong.
Posted by: rhomboid at January 29, 2021 12:31 PM (OTzUX)

Yep. The amount of damage done to people's lives by Obama is really staggering when you think about it. Literally everyone lost five years. Kids starting out lost 5 years they will never get back, middle aged people lost 5 years at peak income, retired people lost, and are still losing, because of zero interest rates.

Obama was a motherfucker as far as I am concerned.

Posted by: G'rump928(c) at January 29, 2021 12:48 PM (yQpMk)

290 263 Ask Biden voters if they feel stupid yet.
Posted by: Dr. Mongo at January 29, 2021 12:46 PM (IU8aO)

=================

How does one speak to fabricated digital tallies on a USB stick??

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:48 PM (mZUr4)

291 Ask Biden voters if they feel stupid yet.
Posted by: Dr. Mongo

I would if I could find them.

Posted by: rickb223 at January 29, 2021 12:48 PM (dkrmM)

292 thanks, I have that as a palate cleanser post, though I don't have anything to say about it.
Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

I think the only thing to say about it is "Of course."

Posted by: blaster at January 29, 2021 12:49 PM (ZfRYq)

293 Also, he must write "I will not get caught next time" 100 times on the chalkboard.
Posted by: Duke Lowell at January 29, 2021 12:42 PM (kTF2Z)
this is horrible.
Posted by: LASue at January 29, 2021 12:47 PM (Ed8Zd)

Wasn't it said he "flipped" and that the indictments will be coming down like a waterfall soon?

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:49 PM (ONvIw)

294 Pretty sure a lot of these cocksuckers donate to the progressive maniacs on the left.
So, no sympathy.

I've read that Melvin Capital, the central firm in this GameStop mess, is one of the largest Democrat donors in the world.
Posted by: Ian S. at January 29, 2021 12:39 PM (ZGrMX)

Speculate no longer.

OpenSecrets.org used to be a good source for such information, but is now a Red-infested outfit. The home page features such gems as "Exploring the top donors to GOP Electoral College objectors" and "Trump-tied lobbyists’ revenues peaked in president’s final year."

Posted by: Deplorable Jay Guevara at January 29, 2021 12:49 PM (YnEiF)

295 @278

And if you're mad now, just wait until Al Dur Ham, quitley closes his investigstion and waddles of into the sunset.

Posted by: Thomas Bender at January 29, 2021 12:49 PM (/8PIA)

296 so Clinesmith basically walked

ok

I give up lol. USA no longer exists
Posted by: BlackOrchid at January 29, 2021 12:40 PM (j9HX3)

******

It wasn't the Kraken.

It was the cracking.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:49 PM (nMXLX)

297 But the kill shot appears at the bottom of the home page:

Ruth Marcus, columnist, The Washington Post

"The Center for Responsive Politics has made itself into an essential Washington - actually, make that an essential national - institution. Now more than ever, with the proliferation of super PACs and 501(c)(4) groups pouring huge sums into campaigns, it's critical to have a reliable and handy source of information on money and politics. Opensecrets.org is the go-to site for this data -trustworthy, accessible and well-presented."

Posted by: Deplorable Jay Guevara at January 29, 2021 12:49 PM (YnEiF)

298 I sold one boomer house (my parents') and bought another one (someone else's parents') in the space of six months. That's well under way.
Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:38 PM (UZVEt)

If I could figure out where to go, I would sell my house in the Berkshires and move

NYC weekenders have tons of buyer agents around here making unsolicited offers on homes like mine in the 1.5 - 2 million range. That's nothing to NYC peeps, most offers are all cash

but still, don't know where to go

Posted by: REDACTED at January 29, 2021 12:49 PM (zZxh0)

299 There is an issue with that. As someone who has gone to, and participated in, many Ren Faires can attest.

Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.
Posted by: Romeo13

Bent over, lifted up. Way less time.

Posted by: rickb223 at January 29, 2021 12:49 PM (dkrmM)

300 YOU WILL BE MADE TO VOTE

Posted by: Oregon's Congressional Delegation at January 29, 2021 12:50 PM (786Ro)

301 All this money stuff remains mostly over my head, but I keep going back to a speech Trump have before the 16 election, where he talked about this very thing. Reining in the cowboys who rake in cash on their wins, and pass their losses onto the rest of us. So... here we are.

Posted by: BurtTC at January 29, 2021 12:50 PM (yqmDO)

302 Victorian era women wore crotchless underwear though. The Ren faire woman must not have been doing it right.

Posted by: Notsothoreau - look forward at January 29, 2021 12:50 PM (JKNZq)

303 Their profits are capitalized; their losses are socialized.
----------

Which means it's not a risky strategy, it just pays higher and faster.

Posted by: ... at January 29, 2021 12:50 PM (tvnpt)

304 DON'T WANT TO VOTE? WE WILL SEND SOME HELPERS OVER TO VOTE FOR YOU.

Posted by: Oregon's Congressional Delegation at January 29, 2021 12:50 PM (786Ro)

305 183 It seems unlikely that a position hated by ideologues on both sides will ever pass. The actions they have taken are already the most significant unforced error they have made in a century, and exposing them as the enemy of the people at large. Passing any sort of legislation risks a unification of sorts between classic liberalism and modern liberalism in concept that *they* also can't be trusted to look after the people. Communism in concept survives on the basis you can trust the political process more than the market process, what happens when communists realize both are a complete pile of dung but overall you can trust the political process less?
-----------
Orwell's final punchline in Animal Farm was that the Bolshevik party elite would become like the humans they ousted in their own little club, and happily do business with them, while the other "liberated" farm animals slaved away for the pigs. The Bernie bros didn't even get the Revolution first, it was co-opted and sold for optics by the Establishment, the same establishment that's partying hard right now that they think they've saved their "legacy".

Posted by: exdem13 at January 29, 2021 12:50 PM (W+kMI)

306 thanks, I have that as a palate cleanser post, though I don't have anything to say about it.
Posted by: ace at January 29, 2021 12:22 PM (5+1A/)

===============

That would be a great time for your oft-repeated question -- "Had enough yet?"

Posted by: Doof (Invested in Sonic the Hedge Fund) at January 29, 2021 12:51 PM (mZUr4)

307 All of it only possible because of non- and disastrous mis-regulation by Treasury/Fed, not to mention it being actually pushed by the quasi-state entity FNMA (and its toxic products pushed, and hard, by the NY Fed under the future Treasury secretary who pretended to not know all World Bank/IMF gigs were tax-net).
Posted by: rhomboid at January 29, 2021 12:45 PM (OTzUX)
++++
There was so much bad behavior, and so little of it was actually dealt with. It was papered over and savers have been punished for close to two decades to deal with it (and the preceding Tech Wreck).

Another hugely bad move - and on that helped set the stage for the so-called "SIFIs" (Systemically Important Financial Institution - "too big to fail" in rube parlance) to rise to dominance was repealing Glass-Steagal. That happened under Clinton (1998, I think), which allowed investment banks and retail banks to merge for the first time since the Depression. The amount of capital to play with became pretty gigantic. In retrospect, I have started to consider that Glass-Steagal might have been a rare example of decent law.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:51 PM (UZVEt)

308 old and busted: BAKE THAT CAKE
new hotness: FILL OUT THAT BALLOT

Posted by: Oregon's Congressional Delegation at January 29, 2021 12:51 PM (786Ro)

309 Mr Meeseeks, excellent thing I'd not included here.

The Bush team actually tried to do the right thing, as they clearly realized the absurd house of cards that was being built, but were rebuffed by Congress.

Such a tragic mix of (often) good instincts but disastrous failure/results. Trying to defuse the bomb when nobody else was being responsible in any way, failing to get it done, and THEN fully subsidizing the collapse when it happened - huh? I think the malign influence of the Treasury Sec. in place at the time was key, just a disastrous big money shill with zero vision or sense of responsibility. And there *were* voices of reason, and expertise, screaming against every bit of TARP at the time, but from the outside.

Posted by: rhomboid at January 29, 2021 12:51 PM (OTzUX)

310 Populist messaging: Yes, the hedge funds lost $70 billion, but that's $70 billion that was put in the pockets of the regular folks who took a risk on buying this stock. $70 billion that was put into local economies and will help small businesses.

Posted by: WitchDoktor, off to the great beyond. at January 29, 2021 12:51 PM (C+We0)

311 The market is being stress tested!

Posted by: runner at January 29, 2021 12:51 PM (HEKn5)

312 Must be a different Elizabeth Warren than the one who is The Champion Of the Little Guy Against The Evil Big Banks, who pushed for the Consumer Protection Financial Bureau to help the little guys.

Posted by: Gref at January 29, 2021 12:51 PM (AMIL/)

313
I see by your outfit that you are a cowboy
You see by my outfit that I am one, too
We see by our outfits that we are both cowboys
If you get yourself an outfit, you can be one, too.

Posted by: Duncanthrax at January 29, 2021 12:51 PM (DMUuz)

314 It's a bubble. The argument by some seems to be that
because it hasn't popped yet, it never will. Of course, at some point,
it has to implode, and will. Am I sure this is the needle that will pop
the bubble? No, but it seems like a pretty good bet.

Posted by: pep at January 29, 2021 12:47 PM (v16oJ)

They should've let it pop in 2008. Let the bad banks fail and new ones will emerge without the baggage. Yes, it would've sucked for about three months. Instead it's going to be 100x worse now when it pops, and it's guaranteed to.

Posted by: Brian in New Orleans at January 29, 2021 12:51 PM (CQ3Qb)

315 hahaha

Gamestop is rolling again.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:51 PM (nMXLX)

316 "The Greenspan Put" has been around since the 90's ... the LTCM bailout was then direct intervention ... "TooBigToFail" became real policy, which meant bailing out the billionaires, and their multi-millionaire "investors". TARP was even bigger. ---

But this last fandango is different ... JJ had posts on how billionaires increased their net worth by (40%?) a LOT because (imo) they got out before the Plandemic (these stocks are too damn high) but got back in when Trump/Feds promised to GoBig and save the markets at all costs. Stocks/Bonds got bailed out first, not the average Joe that was out of work (he got to eat a little cake)
Current short funds are being squashed mostly by The Fed policy of saving markets at all costs, and now funding unlimited socialism. It is the billionaire longs that are getting the support ... $70B loss by a few hedge funds is small potatoes, the cost of funding Globalism Inc. with rigged stocks (and a quadrillion dollar unregulated derivative market, also underwritten by Uncle Sam)

Posted by: illiniwek at January 29, 2021 12:51 PM (Cus5s)

317 So Clinesmith was the fall guy and it was nothing more than a little stumble. At least the GOP punishes their fall guys till the end of the term and then pardons them.

Posted by: sniffybigtoe at January 29, 2021 12:51 PM (xfb67)

318
Clinesmith got less than my friend did for a DUI this year

Posted by: Yo! at January 29, 2021 12:52 PM (r4bSV)

319 The gov wanted to push more housing, especially for "underserved" communities (read: bad risk), and there were plenty of people in the private sector who got greedy and were willing to take risks.
Posted by: Colorado Alex in Exile

it was less risky to make bad loans to underserved communities and have real property as collateral and lose 20% than it was to not make the bad loans and pay judgements under the CRA and lose 100% and have nothing to show for it but more lawsuits and judgements. it was all completely rational given the law.

Posted by: x4 at January 29, 2021 12:52 PM (0tE/i)

320 Clinesmith made a 180 degree change on a legal document

compare that with what Flynn was charged with

Posted by: REDACTED at January 29, 2021 12:52 PM (zZxh0)

321 Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.
Posted by: Romeo13 at January 29, 2021 12:48 PM (oHd/0)
++++
Not too hard if you have a sharp box cutter and a steady hand...

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:52 PM (UZVEt)

322 ONLY ONE MAIL-IN BALLOT? HOW ABOUT THREE?

Posted by: Anthony Faucit AND Oregon's Congressional Delegation at January 29, 2021 12:52 PM (786Ro)

323 Oh, and TARP? Planned from the start as a winner-picking exercise based on some whiz-kid mortgage back product that wasn't thought through all the way.

Posted by: WitchDoktor, off to the great beyond. at January 29, 2021 12:52 PM (C+We0)

324 Until Rick and Morty showed up. He evened the playing field a bit.
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:47 PM (LvTSG)

That last purge scene was slightly over the top to say the least. Dancing in pools of blood was interesting.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:52 PM (2DOZq)

325 1930s - 1960s was the high point of women's fashion.

Posted by: josephistan at January 29, 2021 12:52 PM (Izzlo)

326 "Robinhood seeks a Federal Affairs Manager based in Washington D.C. to focus on federal advocacy and government affairs related to legislative and regulatory matters."

Also to distribute bribes to politicians and regulators. But mostly to distribute bribes to politicians and regulators.

Posted by: Deplorable Jay Guevara at January 29, 2021 12:53 PM (YnEiF)

327 I wonder how many Americans just want to own one share of GameStop, to stick it to the oligarchy that frauded Xiden on this country.

Posted by: Mutnodjmet at January 29, 2021 12:53 PM (Ik7Hi)

328 Lastly, in the 90s it didn't help that regulators were pushing CRA loans like crazy. I know, I was there.

Posted by: WitchDoktor, off to the great beyond. at January 29, 2021 12:53 PM (C+We0)

329 324 Until Rick and Morty showed up. He evened the playing field a bit.
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:47 PM (LvTSG)

That last purge scene was slightly over the top to say the least. Dancing in pools of blood was interesting.
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:52 PM (2DOZq)

=========

When "Feels Good" plays and you just began satiating your bloodlust, you just go with the beat.

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:53 PM (LvTSG)

330 @318

Clinsmith got less than a washed up actress who tried to get her daughter into a top tier school.

As the saying goes, everything is broken.

Posted by: Thomas Bender at January 29, 2021 12:53 PM (/8PIA)

331 I fucking hate Rick and Morty

Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:53 PM (ifmtJ)

332 I doubt the GME action is going to cause a cascading problem, but if this kind of behavior - targeted short squeezes to punish hedge funds or other players who draw the ire of the rubes, for example - continues, things could get sporty. I don't think it's likely, but it's possible.
===========================
The wild hair here is, and has been for some time: program trades. Once this shit starts tripping sell, (or buy) circuit breakers at the institutional level, it could lead to a runaway crash like we've never seen before. My broker, a decent guy, has railed about program trading, as do most of his peers.

Posted by: Brave Sir Robin at January 29, 2021 12:53 PM (7Fj9P)

333 so Jack Straw was right

something happened

Posted by: REDACTED at January 29, 2021 12:53 PM (zZxh0)

334 btw, speaking of things falling apart, a large fan-created mod to Fallout New Vegas called "The Frontier" was taken down after only a week online. One of the devs put Easter eggs in the game directing people to his personal account with pedo porn on it, so the other devs are combing through it and seeing what else this pedo-dev put on there. Hopefully they'll also get rid of the lizard people and the deathclaw romance.

https://tinyurl.com/yxuuk8ko

The Frontier took about 7 years to develop, all by people using their own personal time. There was also a lot of nonsense in the expansion itself, with lore-breaking (terrible) writing, and situations suited more for Call of Duty games than Fallout games. Hell, it's stated directly in the mod that you cannot join the Enclave because it is "objectively bad" (Trump reference?), but you can still play in the Legion faction, a "nationalist, imperialist, totalitarian" slaver army cosplaying as Imperial Rome.

Just look on Youtube and you'll see a bevy of videos detailing the nonsense from this mod in all its glory.

Posted by: Thrawn at January 29, 2021 12:53 PM (Z5BUl)

335 Victorian era women wore crotchless underwear though. The Ren faire woman must not have been doing it right.
Posted by: Notsothoreau - look forward at January 29, 2021 12:50 PM

We'll need MP4 to weigh in on this one.

Posted by: RedMindBlueState at January 29, 2021 12:54 PM (ejd/p)

336 The market is spooked by naked shorts!1!!

Posted by: runner at January 29, 2021 12:54 PM (HEKn5)

337 Wasn't it said he "flipped" and that the indictments will be coming down like a waterfall soon?
Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:49 PM

Ja.

Posted by: Felix Steiner at January 29, 2021 12:54 PM (DMUuz)

338 You know, I keep reading about this coming "revolt" of the "middle class" in the USA. And I keep saying, "Yeah? When? What's it gonna take?"

Posted by: Doctor.Boom at January 29, 2021 12:38 PM (NYS7S)

It's easy to imagine that we're the tip of the spear that'll bring down the system, someday, but it's the millies and zeds that are being ground into the mud by the corruption. Lots of anger and energy and a lot less to lose than us 29 year Olds.

Posted by: Grudge Harbor at January 29, 2021 12:54 PM (uhPTO)

339 331 I fucking hate Rick and Morty
Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:53 PM (ifmtJ)
==========

*burps*
*drools*
*farts*

"Genius!"
-The show's worst fans

*giggles slighly*
-Me

Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:54 PM (LvTSG)

340 319 The gov wanted to push more housing, especially for "underserved" communities (read: bad risk), and there were plenty of people in the private sector who got greedy and were willing to take risks.
Posted by: Colorado Alex in Exile

it was less risky to make bad loans to underserved communities and have real property as collateral and lose 20% than it was to not make the bad loans and pay judgements under the CRA and lose 100% and have nothing to show for it but more lawsuits and judgements. it was all completely rational given the law.
Posted by: x4 at January 29, 2021 12:52 PM (0tE/i)

Part of liberal theology is the notion that lenders won't lend to blacks because racism.

In fact, they'd lend money to Satan if they thought the loan would perform. It isn't as though if you lend to someone you have to provide your daughter to him.

Posted by: Deplorable Jay Guevara at January 29, 2021 12:54 PM (YnEiF)

341 Unlikely to be a TARP-style straight bailout, it's not big enough for that sort of thing.

It'll mostly just be more of what we're already seeing ... rule changes (corporate or legal) and selective enforcement of otherwise dead letter laws that amount to rule changes (think Logan Act but for costing Establishment Bros cash) to stamp out the problem.

Fed will definitely toss some zero interest cash at the problem, but much of it'll be indirect via big banks and we'll never even notice.

Posted by: All Just Part of the Plan at January 29, 2021 12:54 PM (dYe5S)

342 The Bush team actually tried to do the right thing, as they clearly realized the absurd house of cards that was being built, but were rebuffed by Congress.

Such a tragic mix of (often) good instincts but disastrous failure/results. Trying to defuse the bomb when nobody else was being responsible in any way, failing to get it done, and THEN fully subsidizing the collapse when it happened - huh? I think the malign influence of the Treasury Sec. in place at the time was key, just a disastrous big money shill with zero vision or sense of responsibility. And there *were* voices of reason, and expertise, screaming against every bit of TARP at the time, but from the outside.
Posted by: rhomboid at January 29, 2021 12:51 PM (OTzUX)

I don't hate W the way some conservatives do. I see a lot of his decisions as the natural outcome of years, or decades, of bad decisions prior to his administration. He always struck me as a competent manager who could see the problems and solutions, but too closely aligned with the establishment to be able to effectively fight them.

Posted by: Colorado Alex in Exile at January 29, 2021 12:54 PM (jOcSX)

343 323 Oh, and TARP? Planned from the start as a winner-picking exercise based on some whiz-kid mortgage back product that wasn't thought through all the way.

Posted by: WitchDoktor, off to the great beyond. at January 29, 2021 12:52 PM (C+We0)

Which itself was the industry response to a hair brained govt edict to loan money to people that had trouble...this can't be right...paying back loans!

Posted by: sniffybigtoe at January 29, 2021 12:55 PM (xfb67)

344 I love that yahoo's financial homepage has an article/video saying DOW FALLS 600 POINTS!!! at the same time 1980s headphone maker Koss is up 95%.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:55 PM (nMXLX)

345 One good thing about this story.
I got to see Tim Pool really angry.

Posted by: Palindrome Paduan at January 29, 2021 12:55 PM (AHq56)

346 333 so Jack Straw was right

something happened
Posted by: REDACTED at January 29, 2021 12:53 PM (zZxh0)

LOL

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:55 PM (ONvIw)

347 Oh here we go bashing Jackstraw again....

Think I'll check back in later.

Posted by: Tami at January 29, 2021 12:56 PM (cF8AT)

348 Gamestop is rolling again.
===============
...and the Dow is down 2%.

Posted by: Brave Sir Robin at January 29, 2021 12:56 PM (7Fj9P)

349 I fucking hate Rick and Morty
Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:53 PM (ifmtJ)

Aren't they the dynamic duo on The Regular Show?

Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 12:56 PM (Zz0t1)

350 It's a bubble. The argument by some seems to be that because it hasn't popped yet, it never will. Of course, at some point, it has to implode, and will. Am I sure this is the needle that will pop the bubble? No, but it seems like a pretty good bet.
Posted by: pep at January 29, 2021 12:47 PM (v16oJ)

True. But I fear we're in for far more bullshit before it gets to that point. 30-years ago? This candle would have been lit already. Now? We're just to fat, lazy, and comfortable. Still. Bread and circuses will be enough for a good long while. People won't even realize we're living in the Outer Districts during the Hunger Games era.

Posted by: Doctor.Boom at January 29, 2021 12:56 PM (NYS7S)

351 Must be a different Elizabeth Warren than the one who is The Champion Of the Little Guy Against The Evil Big Banks, who pushed for the Consumer Protection Financial Bureau to help the little guys.
Posted by: Gref at January 29, 2021 12:51 PM (AMIL/)
++++
Fuck that scrunt in particular. There was a time when I respected Warren. I didn't like her policies, but I respected her intelligence. She *is* smart. Go back and read some of her congressional statements and research work on finance going back to the repeal of Glass-Steagal but particularly from 2006-2009. She understands a whole lot about how the markets work, where risks lie, how certain behaviors can become pathological and represent systemic risk, etc.

She is a *very* smart woman and has very good understanding in her area of interest. Yet look at what she proposes (MOAR SOCIALISM) and how she actually acts - like this GME debacle, for example - and try to square that with what she knows and the fact that she knows how to think.

In a word: evil. She's not stupid. She's just fucking evil. She is beneath contempt, and hell is too good for her because she's doing it *knowingly* and does it anyway.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 12:56 PM (UZVEt)

352 So true: Anytime you beat these assclowns, they call you a racist, homophobe, science denying nazi.

These are the fat little asshole neighbor kids who sucked at sports and crying home everytime they lost.

We outnumber them a million to one. Why do we accept their stupid rules and games? Fuck em.

Posted by: Eli Cash at January 29, 2021 12:56 PM (SScvq)

353 here we go bashing Jackstraw again....

Think I'll check back in later.
Posted by: Tami at January 29, 2021 12:56 PM (cF8AT)

Why does he get a pass?

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:56 PM (2DOZq)

354 We'll need MP4 to weigh in on this one.
Posted by: RedMindBlueState at January 29, 2021 12:54 PM (ejd/p)

Traditionally women wore a linen chemise and petticoats under their dresses. Later they wore split drawers and combinations.

This gal has a good overview of dressing in various periods.

https://youtu.be/ED-wKZBAl5w

Posted by: Colorado Alex in Exile at January 29, 2021 12:57 PM (jOcSX)

355 The Bush team actually tried to do the right thing, as they clearly realized the absurd house of cards that was being built, but were rebuffed by Congress.

Posted by: rhomboid at January 29, 2021 12:51 PM (OTzUX)

I completely disagree. The Bush admin may have said the right things for your consumption but they had no intention of cracking down on any of the fraud. They didn't even acknowledge it until his last 6 months in office when the rest of the planet was aware of the problem at least a year earlier. We have to stop with the R vs D talk on this subject, they're all in on it together. The 2008 bailouts were cooked up before Bush left office, even before the 2008 election. Remember when they put up the sheets around the White House so the public couldn't see who was coming and going to those meetings, McCain suspending his campaign for a month to "work on the problem", etc? THEY WERE ALL IN ON IT.

Posted by: Brian in New Orleans at January 29, 2021 12:57 PM (CQ3Qb)

356 I've posted it before: How Victorian Women went to the toilet

https://www.youtube.com/watch?v=ED-wKZBAl5w

I follow some of the historical costume makers.

Posted by: Notsothoreau - look forward at January 29, 2021 12:57 PM (JKNZq)

357 Plot twist: Harris' daughter has a modeling contract with Hunter Biden.
---
Harris doesn't have a daughter. Emhoff and his wife had kids but divorced way back when (somewhat unpleasant experience) when the kids were little. Harris didt come into the picture until they were at least mid-to-late aged teenagers

Posted by: LASue at January 29, 2021 12:57 PM (Ed8Zd)

358 332 I doubt the GME action is going to cause a cascading problem, but if this kind of behavior - targeted short squeezes to punish hedge funds or other players who draw the ire of the rubes, for example - continues, things could get sporty. I don't think it's likely, but it's possible.
===========================
The wild hair here is, and has been for some time: program trades. Once this shit starts tripping sell, (or buy) circuit breakers at the institutional level, it could lead to a runaway crash like we've never seen before. My broker, a decent guy, has railed about program trading, as do most of his peers.
Posted by: Brave Sir Robin at January 29, 2021 12:53 PM (7Fj9P)

That's likely mitigated by the huge portion of the market that is now almost completely passive these days. Something like what you're worried about happened in the crash of 1987.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 12:57 PM (Zm+LZ)

359 Clinsmith got less than a washed up actress who tried to get her daughter into a top tier school.

As the saying goes, everything is broken.
Posted by: Thomas Bender at January 29, 2021 12:53 PM (/8PIA)

You're moving the goalposts!!!

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:57 PM (ONvIw)

360 Joe I'm not sure I agree on Glass-Steagall. Mostly because nothing malign that was done was inevitable, or even highly likely, after that went away, if prudent regulation and practices continued. It was the abandonment of all that which led to the disaster. I think the timeline would show that after repeal, not a lot that was really stupid really happened, not for quite a while, and the stupid stuff would not have been possible without all the other pieces being in place - corruption of ratings systems, collapse of lending standards, and finally the deliberate "marketing" of garbage by FNMA and the NY Fed, to the entire planet, to sustain the idiocy.

Posted by: rhomboid at January 29, 2021 12:57 PM (OTzUX)

361 I'm so excited to witness Elizabeth Warren sell whats left of her idiot, worthless soul to wall street in order to prop up Yellen adn the Biden regime.

What a bunch of fucking losers!

Posted by: Eli Cash at January 29, 2021 12:57 PM (SScvq)

362 Yo, Clunk, Eep, and Fang, You need to give me some of your food. I took the risk of throwing my spear at the Mastodon. Now we need to amortize my loss of the spear by giving me some of your food. It's in your best interest. We're all in this cave together.

Posted by: Grug, 1st Hedge Fund Manager at January 29, 2021 12:57 PM (+nWCH)

363 I love that yahoo's financial homepage has an article/video saying DOW FALLS 600 POINTS!!! at the same time 1980s headphone maker Koss is up 95%.
Posted by: Your Betters in Perpetual Government at January 29, 2021 12:55 PM (nMXLX)

I've learned that Koss is still around. I had no idea.

They made killer headphones back in the day. First pair of liquid filled pillow headphones I'd ever seen.

Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 12:57 PM (Zz0t1)

364 These are the fat little asshole neighbor kids who sucked at sports and crying home everytime they lost.

We outnumber them a million to one. Why do we accept their stupid rules and games? Fuck em.

Posted by: Eli Cash at January 29, 2021 12:56 PM (SScvq)

These people were never your neighbors. In their mind, being your neighbor is about the worst thing that could happen to them.

Posted by: sniffybigtoe at January 29, 2021 12:58 PM (xfb67)

365 Why does he get a pass?

I think he was nice and gentlemanly to the 'ettes

not me but the normal ones

I mean there's no point anymore

I just wonder if he was assigned to us or just deluded

I guess I'll never know

Posted by: BlackOrchid at January 29, 2021 12:58 PM (j9HX3)

366 Gamestop is rolling again.
===============
...and the Dow is down 2%.
Posted by: Brave Sir Robin at January 29, 2021 12:56 PM (7Fj9P)

****

Ace posted yesterday that there's apparently a big "hold the line" movement going on to get past this week, and for the nobodies to not get discouraged and tricked into selling off their stock when they get a hint of it dropping because it's manipulation by the big boys. It will interesting to see what happens through February.

Posted by: Your Betters in Perpetual Government at January 29, 2021 12:58 PM (nMXLX)

367 Harris doesn't have a daughter. Emhoff and his wife had kids but divorced way back when (somewhat unpleasant experience) when the kids were little. Harris didt come into the picture until they were at least mid-to-late aged teenagers
Posted by: LASue at January 29, 2021 12:57 PM (Ed8Zd)

Emhoff isn't the only sullen, androgynous model out there.

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 12:58 PM (ONvIw)

368 Clinsmith got less than a washed up actress who tried to get her daughter into a top tier school.

As the saying goes, everything is broken.
Posted by: Thomas Bender at January 29, 2021 12:53 PM (/8PIA)

Unfair. She was not a washed up actress.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:58 PM (2DOZq)

369 >>> Obviously stolen national election? Nope.
Destroying the middle class over decades to enrich the "elites"? Nope. Locking us in our homes for months over a cold? Nope. Deliberate diluting and weakening of our culture and norms through unrestrained invasion? Nope. But maybe, just maybe, yet another bankster bailout will do it. Maybe. Or not. We'll see.
Posted by: Doctor.Boom at January 29, 2021 12:38 PM (NYS7S)

America is formed, almost entirely, of people who dealt with situations they didn't like by fleeing to another place. That's who we are, who we're from at least, and here we are with no where left to run.

I have a lot of respect for Nurse R and others who say, "Hell No I'm not leaving" when people say, Well so sympathy just leave your leftist state. This is a new idea in America, standing your ground. It might seem all motherhood and apple pie but, again, look where we came from.

Us saying, "no more" is going to come down like lightning when it happens and will reverberate across the world. But I don't see the will yet.

Posted by: banana Dream at January 29, 2021 12:58 PM (FdmAd)

370 Bush tried repeatedly to get congress to deal with the housing fraud over his first term but they blew him off. He really did, he warned them about the Fannie/Freddie corruption, he tried to get legislation passed and the GOPe flipped him off. Just like he submitted balanced budgets every single time and they laughed in his face, ripping them apart.

Posted by: Christopher R Taylor at January 29, 2021 12:58 PM (KZzsI)

371 The more history i learn, the angrier i get. The more science i learn, the angrier i get. Ect.....

Posted by: humphreyrobot at January 29, 2021 12:59 PM (yTRuK)

372 Until Rick and Morty showed up. He evened the playing field a bit.

Heh!

Posted by: Puddleglum at work at January 29, 2021 12:59 PM (TrbBa)

373 "When Bush proposed the TARP bailout, I supported it, because, back then, I was an idiot neocon authoritarian who believed all the bullshit those higher in the hierarchy told me."

Ace is certainly not alone on this road of discovery. I used to like the National Review.

Posted by: Zuke at January 29, 2021 12:59 PM (UelxP)

374 "Genius!"
-The show's worst fans

*giggles slighly*
-Me
Posted by: TheJamesMadison, paying for my sins on the Scorsese streets at January 29, 2021 12:54 PM

* beams *

Posted by: Prometheus at January 29, 2021 12:59 PM (DMUuz)

375 I've been expecting the bubble to pop since LTCM and the dotcom pop ... I was very wrong on how long it could go on, TARP was big, but I never saw trillions in QE and negative rates. Bernanke even openly lied about QE, because it is a scam, they lie to prop up fiat money.

That Said ... is Bitcoin or gold a real alternative? They may just float us along until we have the communism (in a new form) they want ... US crypto, guaranteed incomes whether people work or not, unlimited fake money. Maybe the inevitable pop does not happen, if they just marginally restrict inflation ... (we lose sovereignty, and maybe China wins the world, other downsides, yes ... but till then ... money creation maybe does not yield hyperinflation ... the masses can't buy enough since they will be taxed toward zero, so they keep working) idk, but the bubble pop is not automatic, it may be New World Order first.

Posted by: illiniwek at January 29, 2021 12:59 PM (Cus5s)

376 Channeling Bush Jr, the reddit kids had to end the hedge funds to save the hedge funds?

Posted by: Your Betters in Perpetual Government at January 29, 2021 01:00 PM (nMXLX)

377 286 I want women in Victorian-era dresses. #makebustleskirtsgreatagain
Posted by: Colorado Alex in Exile at January 29, 2021 12:45 PM (jOcSX)

There is an issue with that. As someone who has gone to, and participated in, many Ren Faires can attest.

Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.
====
As someone who also has a lot of Ren Faire experience, it's not that hard, and with practice can be foreplay of its own too. Plus the ecstatic sigh when the woman in question gets her bodice/corset unlaced means she's halfway there...

Posted by: exdem13 at January 29, 2021 01:00 PM (W+kMI)

378 370 Bush tried repeatedly to get congress to deal with the housing fraud over his first term but they blew him off. He really did, he warned them about the Fannie/Freddie corruption, he tried to get legislation passed and the GOPe flipped him off. Just like he submitted balanced budgets every single time and they laughed in his face, ripping them apart.
Posted by: Christopher R Taylor at January 29, 2021 12:58 PM (KZzsI)

It was already too late

Posted by: REDACTED at January 29, 2021 01:01 PM (zZxh0)

379 You have to buy the stock before you know which ones.

Posted by: humphreyrobot at January 29, 2021 01:01 PM (yTRuK)

380 Ask Biden voters if they feel stupid yet.
Posted by: Dr. Mongo at January 29, 2021 12:46 PM (IU8aO)

A lot of them do. Check out the Twitter account "Biden Voters Posting Their L's Online"

https://twitter.com/BidenLs

Posted by: Biggs Darklighter at January 29, 2021 01:01 PM (LZ7Gl)

381 Mom, why didn't I get offers for modeling jobs?

Posted by: Chelsea at January 29, 2021 01:01 PM (AMIL/)

382 Must be a different Elizabeth Warren than the one who is The Champion Of the Little Guy Against The Evil Big Banks, who pushed for the Consumer Protection Financial Bureau to help the little guys.
Posted by: Gref at January 29, 2021 12:51 PM (AMIL/)

LOL yeah

Posted by: ... at January 29, 2021 01:01 PM (tvnpt)

383 Joe I'm not sure I agree on Glass-Steagall. Mostly because nothing malign that was done was inevitable, or even highly likely, after that went away, if prudent regulation and practices continued. It was the abandonment of all that which led to the disaster. I think the timeline would show that after repeal, not a lot that was really stupid really happened, not for quite a while, and the stupid stuff would not have been possible without all the other pieces being in place ...
Posted by: rhomboid at January 29, 2021 12:57 PM (OTzUX)
++++
Doubtless, it is not a one-variable problem. In the context of the FDIC, however, I think Glass-Seagal is necessary. If the government is going to backstop depositors, it has to be able to limit the risks taken on by the depositories. FDIC creates its own perverse incentives (like my savings account with a credit card lender that is high risk but insured, for example), but allowing retail banks to play in the same waters as investment banks (through common ownership like JPMC) in the context of taxpayer-backed insurance is bonkers.

Posted by: Joe Mannix (Not a cop!) at January 29, 2021 01:01 PM (UZVEt)

384 373 "When Bush proposed the TARP bailout, I supported it, because, back then, I was an idiot neocon authoritarian who believed all the bullshit those higher in the hierarchy told me."

Ace is certainly not alone on this road of discovery. I used to like the National Review.
Posted by: Zuke at January 29, 2021 12:59 PM (UelxP)

TARP did what it set out to do. Whether that was wise(avoiding some short-term pain in exchange for long-term pain) seems to pointing towards a no.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 01:01 PM (Zm+LZ)

385 Why does he get a pass?
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:56 PM (2DOZq)

Explain in detail how he caused the election fraud. A lot of you people have ridiculous tiny hard-ons for him, when he's not the cause of anything that happened.

Posted by: Ian S. at January 29, 2021 01:02 PM (ZGrMX)

386 Nood. Flaming skull

Posted by: Furious George at January 29, 2021 01:02 PM (9vQJW)

387 5
Damn. Bob from NSA whacked all the horde but me!
Posted by: fixerupper at January 29, 2021 12:11 PM (8XRCm)

*********

Bob works for us now.

Please get this point straight, will you?

Posted by: Wang, the Chinese Data Intel Guy at January 29, 2021 01:02 PM (xxG/v)

388 here we go bashing Jackstraw again....

Think I'll check back in later.
Posted by: Tami at January 29, 2021 12:56 PM (cF8AT)

Why does he get a pass?
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:56 PM (2DOZq)

That dead horse has been beat to a pulp.

Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 01:02 PM (Zz0t1)

389 BiNO I think you missed some actual things that were attempted, and "fraud" wasn't the issue. It was much worse, it was systemic erosion from within (lending standards, ratings corruption, etc). Not sure what was done for "my consumption", I wasn't following House committee activity on this, was pretty focused on other things, but there absolutely were efforts to begin to defuse the bomb. Inadequate and failed, obviously.

But yes, if "in on it" means riding along with an unsustainable thing that brings short-term pleasure (hot housing market and related joys), and failing to politicize and throw yourself at the issue, then they were "all in on it".

Posted by: rhomboid at January 29, 2021 01:02 PM (OTzUX)

390 It's easy to imagine that we're the tip of the spear that'll bring down the system, someday, but it's the millies and zeds that are being ground into the mud by the corruption

You know what I love? No one remembers Gen-X.
Shit, Gen-x was forgotten about when they were kids, and it's *still* going on.

Posted by: Gman at January 29, 2021 01:02 PM (GfWuY)

391 Bush the younger has been wrong on just about everything since leaving office and clearly misunderstood the situation at home when he had a long term plan for peace in the middle east, but he wasn't entirely wrong about everything. He did pretty well in a lot of areas,. Its just he's been an incredible dunce or jerk about Trump and his fellow Americans lately.

I think its family and being part of the elite: Trump destroyed Jeb's chances at anything beyond dog catcher and was not One Of Them.

Posted by: Christopher R Taylor at January 29, 2021 01:02 PM (KZzsI)

392 "Their profits are private, their losses are socialized."
........

I can feel the Unity.

Posted by: wth at January 29, 2021 01:03 PM (v0R5T)

393 Doubtless, it is not a one-variable problem. In the context of the FDIC, however, I think Glass-Seagal is necessary. If the government is going to backstop depositors, it has to be able to limit the risks taken on by the depositories. FDIC creates its own perverse incentives (like my savings account with a credit card lender that is high risk but insured, for example), but allowing retail banks to play in the same waters as investment banks (through common ownership like JPMC) in the context of taxpayer-backed insurance is bonkers.
Posted by: Joe Mannix (Not a cop!) at January 29, 2021 01:01 PM (UZVEt)

The upside to preventing certain types of banking activity from merging is that it prevents "too big to fail". The downside is that individual banks are much more likely to fail.

Posted by: Red Turban Someguy - The Republic is Already Dead at January 29, 2021 01:03 PM (Zm+LZ)

394 FDIC isn't capitalized to even 1% of deposits. It's a total joke. The plan all along was to print money if it was needed.

Posted by: sniffybigtoe at January 29, 2021 01:03 PM (xfb67)

395 It looks like Notsothoreau and I were on the same wavelength...

Posted by: Colorado Alex in Exile at January 29, 2021 01:03 PM (jOcSX)

396 Barney Franks was ottering with the head of Fannie Mae. He was the biggest roadblock to any reform.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 01:03 PM (2DOZq)

397 Posted by: Mark Andrew Edwards, Logan Tiberius Edwards (2012-2021) at January 29, 2021 12:20 PM (ifmtJ)

That ship has sailed and is half way around the world.

They just won't use the same initials.

Posted by: jakee308 at January 29, 2021 01:03 PM (D4OO0)

398 Ace posted yesterday that there's apparently a big "hold the line" movement going on to get past this week, and for the nobodies to not get discouraged and tricked into selling off their stock when they get a hint of it dropping because it's manipulation by the big boys. It will interesting to see what happens through February.

Supposedly a lot of the short options come due today, so the higher GME is today, the more of a bath the Democrat donors will take.

Posted by: Ian S. at January 29, 2021 01:03 PM (ZGrMX)

399 I hope
Carter Page has civilly sued Clinesmith.

Posted by: LASue at January 29, 2021 01:03 PM (Ed8Zd)

400 293 Also, he must write "I will not get caught next time" 100 times on the chalkboard.
Posted by: Duke Lowell at January 29, 2021 12:42 PM (kTF2Z)
this is horrible.
Posted by: LASue at January 29, 2021 12:47 PM (Ed8Zd)

Wasn't it said he "flipped" and that the indictments will be coming down like a waterfall soon?
----
Since his "punishment" of getting slapped with a wet noodle was handed down, it's a likely story.

Posted by: exdem13 at January 29, 2021 01:03 PM (W+kMI)

401 286 Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.
foreplay enforced by fashion

Posted by: Comrade Anachronda, behind the Newsom curtain at January 29, 2021 01:03 PM (sGtp+)

402 Hedge Fund Manager Claims Victim Status
.......

The landscape laborers are bleeding him dry!

Posted by: wth at January 29, 2021 01:04 PM (v0R5T)

403 Clinesmith should be hounded constantly wherever he goes.

The crime was actually treason and the punishment should have been death.

Posted by: Eli Cash at January 29, 2021 01:04 PM (SScvq)

404 Channeling Bush Jr, the reddit kids had to end the hedge funds to save the hedge funds? Posted by: Your Betters in Perpetual Government

Nah, We had to bankrupt them to see whats in them

Posted by: Reddit Kid Pelosi at January 29, 2021 01:04 PM (cCxiu)

405 I wish Jack Straw would come back.

Even though he missed the mark, I enjoyed his posts.

Come back Jack!

Posted by: Hairyback Guy at January 29, 2021 01:04 PM (RPVE/)

406 285 The rest of the world sees the Cowboy as some sort of social maverick (swidt) living on risk, when in truth they probably just like the western landscape and being outdoors away from cities and shoulder the risks that come with it and having a job supported by that.
Posted by: Saintly Akin at January 29, 2021 12:48 PM (1QYCL)

Grew up raising cattle, lots of family still doing so.

Cowboys tend to avoid risk because it endangers their livelihood. Protect the cattle so they can make it to the stockyards. That means looking out for predators - human or otherwise. Watching the weather and determining the safest place for the herd in the event of a storm/snow/tornado/flood. Eating properly to keep up your strength, and making sure the herd has food and water. Preparing for long days in the field with first aid for you, your team and the herd. And so on.

That's not wild assery. Wild assery is frat boys seeing who can beer bong the most.

Posted by: Moki at January 29, 2021 01:05 PM (+X9Vs)

407 399 I hope
Carter Page has civilly sued Clinesmith.
Posted by: LASue at January 29, 2021 01:03 PM (Ed8Zd)

No standing!

Plaintiff cannot show harm!

Posted by: SCROTUS at January 29, 2021 01:05 PM (Z5BUl)

408 "We're all in this together".

"It's just that YOU all are together over there and WE are together over here."

"Say can you let me hold a couple trillion till I get paid next week?"

Posted by: jakee308 at January 29, 2021 01:05 PM (D4OO0)

409 BiNO I think you missed some actual things that were
attempted, and "fraud" wasn't the issue. It was much worse, it was
systemic erosion from within (lending standards, ratings corruption,
etc). Not sure what was done for "my consumption", I wasn't following
House committee activity on this, was pretty focused on other things,
but there absolutely were efforts to begin to defuse the bomb.
Inadequate and failed, obviously.
But yes, if "in on it" means riding along with an unsustainable
thing that brings short-term pleasure (hot housing market and related
joys), and failing to politicize and throw yourself at the issue, then
they were "all in on it".

Posted by: rhomboid at January 29, 2021 01:02 PM (OTzUX)
I didn't mean you you, I should've typed 'us' or 'our'. I don't think I missed anything, I recognized the housing bubble and wrote about it daily beginning in 2004. Being one of the very few who could see the oncoming train in the tunnel while 95% of the population is calling you crazy was very educational.

Posted by: Brian in New Orleans at January 29, 2021 01:05 PM (CQ3Qb)

410 We have an economy and government based on destruction. No one in our elite class has the talent or the appetite to build anything. I'd say "burn it all down", but that would just be giving them exactly what they want.

Posted by: Paragon at January 29, 2021 01:05 PM (fT8Wk)

411 299 There is an issue with that. As someone who has gone to, and participated in, many Ren Faires can attest.

Do you know how difficult it is to get a drunk woman OUT of those dresses? Serious Mood Killer.
Posted by: Romeo13

Bent over, lifted up. Way less time.
--------
That also works in a pinch. It's period too! ;D

Posted by: exdem13 at January 29, 2021 01:05 PM (W+kMI)

412 Listen, if these hedge fund guys only show up with. 75 ft yacht to the Hamptons they will be mercilessly mocked. So in order to address this injustice we must give them all a minimum of $100M to buy a decent yacht worthy of their status as VIPs. And of course they need a massive tax cut too.

And remember when they buy the 100 ft yacht millions of jobs in the yacht industry will be created. So really this is in the best inte re st of every American.

- GOP and Conservative, Inc.

Posted by: Joe XiDen at January 29, 2021 01:06 PM (aqxIW)

413 Mortgage fraudsters Fannie Mae and Freddie Mac played the private profits / public losses game in the 2008- 2009 meltdown, and they are still doing it today.

Posted by: JM in Florida at January 29, 2021 01:06 PM (HCeRP)

414 Warren (D-Hedgefunds and Big Banks)

And yet she'll still be allowed to parade as a champion of the little guy. Because America is fake and gay.

Posted by: Dr. DJ3Way at January 29, 2021 01:07 PM (bhPL1)

415 Wasn't it said he "flipped" and that the indictments will be coming down like a waterfall soon?

I did place a bet on that with my bookie. I got a nickle on trickle.

Posted by: The Walking Dude at January 29, 2021 01:07 PM (cCxiu)

416 That dead horse has been beat to a pulp.
Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 01:02 PM (Zz0t1)

From what I've seen that horse is alive and well and put in an air condition stall.

I had no plans to bash him but seeing how others get bashed here it seems cliquish to me. I hate cliques.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 01:08 PM (2DOZq)

417 Why does he get a pass?

Jackstraw was very comforting to the ettes who were very upset and worried. He gave them hope, and the people who were warning against hope were often quite harsh and angry.

I don't think he should get any more of a pass than I should but I am uncomfortable with kicking a man when he's down or especially when he's not around to respond. And besides, he was wrong in the right direction: I wanted him to be right.

Posted by: Christopher R Taylor at January 29, 2021 01:08 PM (KZzsI)

418 RE Clinesmith: We will see if Durham appeals the sentence. This is a downward departure on the sentence from my memory and thus appealable by the govt. to the DC Circuit.

Posted by: whig at January 29, 2021 01:09 PM (pO7gM)

419 As a banker at a top three deposit institution during the rollout of TARP, I was completely opposed to the loan at gunpoint.

The public sentiment backlash was severe, and drove two coworkers to end their lives; people who were completely separated from the investment and housing loan sides of the house, because we were the bank, and the bank was the bank, and there's no differentiation under the brand or the concept in the eyes of the people.

One of those fellow associates checked out in the parking lot on break.

The CEO stopped in about two weeks later on his whirlwind institutional tour to "show we're listening". But never a word about listening to how their decision making at the top had affected us. And nobody at the center management level had the guts to mention what many of us had just witnessed a few days prior.

Gut them. Let them burn.

Posted by: Kurt Cobain at January 29, 2021 01:09 PM (FPur3)

420 We are all so much more cynical these days.

Good.

Posted by: jakee308 at January 29, 2021 01:10 PM (D4OO0)

421 Bush tried to do the right thing with TARP? Maybe, but his Treasury Secretary was a former Goldman Sachs guy ... and even if Secretary Paulson himself didn't own any part of Goldman at the time of the bailout almost literally everyone he socialized with (and wanted to) was an investment banker type. For those types the bailout was existentially necessary, so surprise! They got it from him.

Posted by: All Just Part of the Plan at January 29, 2021 01:10 PM (dYe5S)

422 On my LinkedIn feed today there are many experts pimping the idea of mandatory vaccines by employers. Cuz science. Funny enough though in the comments, the plebes are saying fuck no. A poll someone created had 90k votes and 58% said no way Jose.

It is just like GME. The big boys telling the little people how it has to be. Because the little people are too dumb to understand what is good for them.

Posted by: Joe XiDen at January 29, 2021 01:10 PM (aqxIW)

423 Do not forget how they whine when the socialists demand that capital gains be taxed at the same rate as other income.

THEIR losses have to be compensated for from taxes because of the risk;
AND!
THEIR profits have to be taxed less because of the risk.

Venture Capitalism: The "New" Entitlement.

Posted by: Sam at January 29, 2021 01:11 PM (ohyxL)

424 417: Criticism of Jack's views were met with stuff like this: 312 Posted by: CN at November 02, 2019 04:02 PM (U7k5w)
*******
SWEETHEART TRUMP HAS A FUCKING CHAPTER IN HIS BOOK ON REVENGE ! INSTEAD OF SHITTING YOUR PANTS ON HERE GO BUY IT & READ IT & THEN COMEBACK
Posted by: Deep State is in Deep Shit at November 02, 2019 04:05 PM (BqBId)

I don't recall anyone worried about the people who put up with that for years.

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 01:13 PM (ONvIw)

425 388 here we go bashing Jackstraw again....

Think I'll check back in later.
Posted by: Tami at January 29, 2021 12:56 PM (cF8AT)

Why does he get a pass?
Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 12:56 PM (2DOZq)

That dead horse has been beat to a pulp.
Posted by: Sponge - Saying Ashli Babbitt at January 29, 2021 01:02 PM (Zz0t1)

Quick! Drag the carcass down to the river and shove it's rotting head under water. It has to take a drink eventually.

Posted by: BifBewalski AOS Moron at January 29, 2021 01:13 PM (VcFUs)

426 Christopher Taylor,
Jack was always polite and well mannered and provide information as to why his position was reasonable. Same as you.

Other not so nice people were essentially attributing to Jack, things that he did not say along with insults because he did not agree with their opinions.

It is not the fault of either of you that the federal justice and law enforcement has been thoroughly corrupted.

Posted by: whig at January 29, 2021 01:13 PM (pO7gM)

427 Bush started the bailout bonanza. He he let the market crash there would have been some very short term pain but long term restructuring. Instead he bailed out investment banks and sent the message that you will never lose money again regardless of what you do.

Posted by: Joe XiDen at January 29, 2021 01:13 PM (aqxIW)

428 And people are going to be shocked! shocked! when someone with a brain starts running on "eat the rich" and he gets popular.

Posted by: Dr. DJ3Way at January 29, 2021 01:13 PM (bhPL1)

429 The saying a rising tide lifts all boats also works the other way. That's why people with good intentions sometimes support bailouts.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 01:13 PM (2DOZq)

430 "Bush the younger..."

Bush the younger gave petty bureaucrat functionaries the right to molest women and children to board commercial flights.

Fuck him.

Posted by: Kurt Cobain at January 29, 2021 01:14 PM (FPur3)

431 Posted by: Joe XiDen at January 29, 2021 01:13 PM (aqxIW)

How do you know it would have been short term?

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 01:15 PM (2DOZq)

432 427 Joe XiDen
Actually Alan Greenspan started it in the Clinton years with the LTCM bailout. Clinton was also responsible for weaponizing the Carter era Community Reinvestment Act plus the repeal of Glass Stegel along with the dot.com boom.

Posted by: whig at January 29, 2021 01:15 PM (pO7gM)

433 Those who have the money pay the piper for the tune.

The rest of us has to listen to it or leave.

People are "in" the stock market because they hope to have some sort of windfall. Hoping for someone else to get ripped off.

It's just like unions. Those who join willingly do so because they hope to have some other sucker pay more so that they don't have to.

Posted by: jakee308 at January 29, 2021 01:16 PM (D4OO0)

434 If there were an election tomorrow between Bernie and Jeb or Mittens Id support Bernie. All the shit he has been saying for years, decades, turned out to be 100% accurate. But I was blinded by my allegiance to muhCapitalism pimped by Conservative Inc.

Posted by: Joe XiDen at January 29, 2021 01:16 PM (aqxIW)

435 The first bailouts justify the next bailouts.

Let it burn and maybe we won't need bailouts.

Also, Lizzy vs. reddit...the ultimate red pill.

Posted by: The Central Scrutinizer at January 29, 2021 01:16 PM (KbCG3)

436 431

Because historically tht is what happened without gift interference. The Great Depression only became great because fdr decided to help.

Posted by: Joe XiDen at January 29, 2021 01:17 PM (aqxIW)

437 434 If there were an election tomorrow between Bernie and Jeb or Mittens Id support Bernie. All the shit he has been saying for years, decades, turned out to be 100% accurate. But I was blinded by my allegiance to muhCapitalism pimped by Conservative Inc.
Posted by: Joe XiDen at January 29, 2021 01:16 PM (aqxIW)

Said this to my father, Bernie is 100% correct on the problems and 100% incorrect on the solutions to said problems.

Posted by: The Central Scrutinizer at January 29, 2021 01:17 PM (KbCG3)

438 434 Bernie became corrupt too. He is now a multimillionaire via owning a campaign services corporation that subcontracted with his very own 2020 campaign. He knew the fix was in and took the payout.

Posted by: whig at January 29, 2021 01:17 PM (pO7gM)

439 The problem with the Jack Straw-ian nonsense was the problem with basically all verifiably stupid conspiracy theories (he was just spinning positive conspiracy theories rather than negative ones), it wastes time and energy that might (or not) be used more productively on things that aren't nonsense.

Posted by: All Just Part of the Plan at January 29, 2021 01:17 PM (dYe5S)

440 Ace - sorry to go OT like this, but if you're here you really, really should consider a post on Kamala's stepdaughter's new modeling contract. It's a perfect encapsulation of the situation in New America. And you will LOVE posting photos of this unfortunate young woman on your blog... Kamala's husband's ex-wife must have hired the ugliest drifter on Craigslist to sire this poor girl.

https://tinyurl.com/y4votagz
Posted by: Yudhishthira's Dice at January 29, 2021 12:19 PM (Bvn1K)

Great googly moogly, that needs to come with a warning label.

Posted by: Opustx at January 29, 2021 01:18 PM (qeQmM)

441 417 Why does he get a pass?

I don't think he should get any more of a pass than I should but I am uncomfortable with kicking a man when he's down or especially when he's not around to respond. And besides, he was wrong in the right direction: I wanted him to be right.
=====
Exactly this. It wasn't JackStraw's fault that the system failed when he trusted it to work as advertised. I wish he had been right and it had worked, and Donald Trump was still president, and we weren't watching the Republic crumble before our eyes. He's probably more in need of friends here now more than ever.

Posted by: exdem13 at January 29, 2021 01:18 PM (W+kMI)

442 LTCM was a drop in the bucket compare to tarp. But youre right it did get the call rolling.

Posted by: Joe XiDen at January 29, 2021 01:18 PM (aqxIW)

443 The Savings and Loan crisis and bailout prior to W Bush of course.

Posted by: Mr. Meeseeks, Look at me. at January 29, 2021 01:19 PM (2DOZq)

444 They can pull my pud together.
I suspected what was going on when the Savings and Loan thing happened.
I was pretty sure when they did TARP.
How can they come up with all that money when supposedly we're deficit spending?
Want to know where the "Peace" dividend is? Bush Sr. did the first one and Bush Jr. did the second. (note how chummy Bush Jr. is with the Obamas)
One day people will realize that we are getting screwed with our permission. On that day if we all quit following their rules, their rule ends. But it has to be at least 80% do something about it or it fails and fails disastrously. That's what keeps things in stasis. FEAR.

Posted by: jakee308 at January 29, 2021 01:21 PM (D4OO0)

445 439 Umm, no. Jack had nothing to do with QAnon. He simply was reporting news stories and public statements from prosecutors, the DOJ, investigative reporters, etc.

Go back and check, he provided links and mention to his sources. A lot of his attackers, not so much.

Dave in Fla got a lot of grief as well. There is a certain class of poster that keeps silent when they are wrong but loves to attack others for the mistake of being wrong and using them as a scapegoat for all ills.

Some do it for free; others are paid to do it. There are companies that do that sort of thing, some of which have been paid by political campaigns and hedgefunds depending on what the issue is.

Posted by: whig at January 29, 2021 01:22 PM (pO7gM)

446 420 We are all so much more cynical these days.

Good.
--------
It's not that we're more cynical, we're just left without illusions in a world where the worst case scenario got played out, with extra house rules. But an absence of hope shouldn't lead to inert, pointless grousing like Piers Plowman. "If there is no hope, we must do without hope. There is always revenge!'

Posted by: exdem13 at January 29, 2021 01:22 PM (W+kMI)

447 420 We are all so much more cynical these days.

Good.
Posted by: jakee308 at January 29, 2021 01:10 PM (D4OO0)

Not cynical. Woke. But in a good way.

Posted by: The Central Scrutinizer at January 29, 2021 01:24 PM (KbCG3)

448 I don't understand the niche that Discord makes up, it seems like a complete duplicate of reddit
Posted by: Christopher R Taylor at January 29, 2021 12:23 PM (KZzsI)

Each group manages their own setup, short of being banned by the overlord. You can set who is allowed in and read, and post.

Posted by: Oldcat at January 29, 2021 01:25 PM (eoQWY)

449 Biden hasn't been in office 10 days and the DOW has been down 2% on two different days

Posted by: SMOD at January 29, 2021 01:26 PM (3aI0K)

450 443, The fall of the S&L was caused by the massive inflation of the Carter and early Reagan years and Regulation Q which restricted S&L industries in their loan portfolios but required them to pay market interest rates for deposits. So, they went in for risky development loans to try to bridge the gap.

The savings and loans were not so much bailed out (depositors were) but liquidated like AIG. Think when all settled out, the gov made a small profit and even owned a whorehouse at one pt in NV from the S&L liquidation.

Posted by: whig at January 29, 2021 01:26 PM (pO7gM)

451 We are all so much more cynical these days.

--

Amazing what the dissolution of the rule of law can do. And how quickly.

Posted by: Lady in Black at January 29, 2021 01:26 PM (O+I8R)

452 445: I don't recall profane attacks against Straw, but I recall plenty toward people who challenged his theories.

He told me that Horowitz report would be devastating to the FBI/DOJ and referred me to the report about "Fast and Furious". I read the report on fast and furious, it attributed all misconduct to poor supervision and exonerated Holder completely. This is the sort off reply his pitbull gave, and it was tolerated for years, the elegant Mr Straw never said a word. So lay off the lectures about civility,
312 Posted by: CN at November 02, 2019 04:02 PM (U7k5w)
*******
SWEETHEART TRUMP HAS A FUCKING CHAPTER IN HIS BOOK ON REVENGE ! INSTEAD OF SHITTING YOUR PANTS ON HERE GO BUY IT & READ IT & THEN COMEBACK
Posted by: Deep State is in Deep Shit at November 02, 2019 04:05 PM (BqBId)

Posted by: CN thinks Joe Biden is a total saint! at January 29, 2021 01:28 PM (ONvIw)

453 @cvpayne
In romance parlance its called: find a Sugar Daddy and never let go.

@geegimoto

#morningjoe
@morningmika

find someone who loves you like corrupt politicians love Wall St.

Posted by: Braenyard, Patriot dog at January 29, 2021 01:29 PM (xj2l7)

454 All this shit is insane. I started watching religious documentaries on amazon this last week because, well, i kinda feel like we are inching our way toward the apocalypse. and Farscape is starting to get boring. anyway, i watched one about the "end times" and though most of these have a lot of silliness to them, this one got me thinking. the premise was that there have been several great empires that ruled the world and they are part of the end times. okay.
the narrator talks about the british empire and how it was controlled by the Rothschilds and how they have been puppet masters, illuminati all of that stuff. whatever. heard it before. don't really buy it.
but then they made this astronomical claim that the rothschild family owns over a trillion in assets- like between 50 and 100T. I thought, no fucking way.
but sure enough, i checked on Forbes and they have a more conservative number- like 2-50T.
has anyone ever heard of that?
anyway the documentary went on to say they are trying to control everyone through a one world govt etc etc. we all know that schtick.
but then i thought, Great Reset. And i'm wondering...am I crazy or is this conspiracy shit starting to add up?

Posted by: Jack Burton, who is ready for the weekend at January 29, 2021 01:36 PM (F/Bx0)

455
Joe has erected an Ironic Curtain around the Capitol.

The BiDen Wall.

Posted by: Dr. Mongo at January 29, 2021 01:36 PM (IU8aO)

456 The problem with the Jack Straw-ian nonsense was the
problem with basically all verifiably stupid conspiracy theories (he
was just spinning positive conspiracy theories rather than negative
ones), it wastes time and energy that might (or not) be used more
productively on things that aren't nonsense.

Posted by: All Just Part of the Plan at January 29, 2021 01:17 PM (dYe5S)

This is a blog. We have all the time in the world. I say something. You say something. There's no stop watch. If you have something to say, you are free to say it. I like people being free to say it.

Posted by: grammie winger at January 29, 2021 01:39 PM (45fpk)

457
Wealth people gave joined the Pantheon of Heroes!

Their welcome from Heroic Teachers will be epic!

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars (TM) at January 29, 2021 01:39 PM (pNxlR)

458 >>>This is a blog. We have all the time in the world. I say something. You say something. There's no stop watch. If you have something to say, you are free to say it. I like people being free to say it.
Posted by: grammie winger at January 29, 2021 01:39 PM (45fpk)

Life is the stopwatch. Lifetimes are finite. Time spent believing Rod Rosenstein is running a sting that's going to be revealed any day now, just you wait, is not time you'll get back. But, sure, there are worse ways to pass the time than engaging with Jack Straw-ian nonsense ... like, myself, I waste time pointing out that other people are wasting time.

Posted by: All Just Part of the Plan at January 29, 2021 01:49 PM (dYe5S)

459 The problem with the Jack Straw-ian nonsense was the
problem with basically all verifiably stupid conspiracy theories (he
was just spinning positive conspiracy theories rather than negative
ones), it wastes time and energy that might (or not) be used more
productively on things that aren't nonsense.

Posted by: All Just Part of the Plan at January 29, 2021 01:17 PM (dYe5S)

Redragging Jack Straw's empty suit around the walls of troy also wastes time and energy, and is entirely pointless.

Posted by: Oldcat at January 29, 2021 01:50 PM (eoQWY)

460 "The title means exactly what the words say: naked lunch, a frozen moment when everyone sees what is on the end of every fork." -William S. Burroughs

To him who has ears to hear...

Posted by: Ed Snyder at January 29, 2021 01:56 PM (Y9JDc)

461 >>> Dave in Fla got a lot of grief as well. There is a certain class of poster that keeps silent when they are wrong but loves to attack others for the mistake of being wrong and using them as a scapegoat for all ills.

Posted by: whig at January 29, 2021 01:22 PM (pO7gM)

Dave in Fla was on the ONT last night for awhile. Talking about the hedgefund stuff. People were decent and it was nice to have him around.

Posted by: banana Dream at January 29, 2021 01:57 PM (FdmAd)

462 'no business reason'?
How about that Gamestop has more cash on hand than debt, and there is no business reason for its stock to have been near bankruptcy level except that hendge funds were shorting it in hopes it would become bankrupt?
Maybe they thought the company would be hurt by the guy who called a customer 'sir' instead of his preferred 'maam'?

Posted by: MikeN at January 29, 2021 02:40 PM (o/eHL)

463 So let's get this straight. The average citizen isn't allowed to act collectively, or cooperate in a group investment strategy? I guess we have to crack down on these wallstreetbets guys and keep them from organizing because we just don't know where this all will go. Who knows they might organize themselves into a hedge fund and then we'd have real problems.

Posted by: DFCtomm at January 29, 2021 02:59 PM (50gG9)

464 No great insight here, but to anybody who's been watching we bail out this or that economic sector (or the economy itself) about every 12-15 years or so - and the price doubles each time. This has been going on since I opened my baby blues 70 years ago, and it is going on still.

Another indicator is when "Get Rich Quick Through Real Estate" schemes take a noticeable uptick, the next melt-down will be within 3 years. About 2018 'house-flipping' was getting popular again, and my spam folder was filling up with offers.

After TARP and all that crap was settling down into its usual patterns about mid-2009, I wrote "See you in 12 years at twice the price."

And here we are.

Posted by: LCMS Rulz! at January 29, 2021 04:30 PM (YPZzQ)

465 You are an idiot when it comes to short selling. Some hedge funds lost lots of money here, other funds made tons of money. A much larger number of dumb-money, idiot redditors are going to lose everything they put into this suicide mission. Paying $400+ for a sub-$20 stock is irrational and you and the reddit hype men are encouraging more of these lunatics to light their money in fire by making them sound like freedom fighters. Almost all retail investors chasing this trade are being manipulated to benefit far richer people and they are going to lose everything they put into it. I sure hope you have put your money where your mouth is, Ace.

Posted by: Shortsellersarenttheproblem at January 30, 2021 12:57 AM (sliVX)

466 What i love about this is subtly rubbing it in the face of liberals.

I work in a highly leftwing industry, so I often play the part of moderate leftist. I'll agree by repeating thier shit and acting concerned, but also sliding in a bit of fact. Like with the Jan 6th party, responding to thier insane ideas with approving nods, but then bringing up how buffalo head guy is a crazy climate leftist, or how it's good the national guard is protecting DC, but odd that they aren't allowed bullets because it's all an act, which makes my coworkers actually start to question what they're being told.

So when we talked about this someone wad like "oh we've got support now, Elizabeth Warren was talking about Gamestop" so i went along with it saying something like "oh that's good, she'll fight the wall street thieves" then going back to them 10 minutes later with articles showing how she's been full of shit and is trying to punish the redditors.

The look of defeat in thier eyes when they realize they've been had time and again is fucking beautiful.

Posted by: Rbastid at January 30, 2021 07:55 PM (j60Z9)

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