Clusterstock reader comment:
Gordon said: Sep 22, 9:28 PM
When will you fools learn? “If one tortures a dataset long enough, it will confess to anything!” - Andrew Lo
Clusterstock reader comment:
McCain=WW3 said: Sep 10, 5:49 PM
Very nice “we’re on our best behavior” speech from Blankfein, he knows very well that GS could still see clawbacks or other backlash in the U.S. and elsewhere. In other words, he knows where his bread is buttered… Now that the full extent of the excesses of the past 10-15 years will likely not be revisited for a long time, there is no harm in taking this all around reasoned/reasonable position and be the “regulator’s pet”.
I don’t see it as coincidence that Mack announced his retirement today either, maybe Blankfein will follow him before long.
The era of the roaring banksters is over, and shilling ain’t easy… it takes real psychic energy to lie with such a straight face all of the time…
ClusterStock.com reader comment:
name said: Sep 4, 11:14 AM
The fact is that there are very few jobs out there outside of the federal government. Most of those jobs are reserved for former government employees, veterans, and affirmative action cases. I know experienced people with graduate degrees who can’t find a job. Others are taking entry level jobs and paycuts of over 50%.
This is the worst job environment I’ve seen since the late 1970’s to early 1980’s when there was nothing out there. I’ve seen several restaurants in my area shut down and people in the service sector are seeing their incomes drop dramatically.
The government made a huge mistake by bailing out the banks instead of the people.
From Clusterstock.com readers:
Travis said: Aug 7, 5:48 PM
On this news, I predict the stock market will surge.
Bob said: Aug 7, 6:37 PM
And the stock market surges because… . well because the worst is over, I see green shoots, we are an optimistic people, the glass is half full, unemployment is a lagging indicator, because its going to be a V shaped recovery, a U shaped recovery, its morning in America, decoupling from Asia, pent up demand, inventories are down, confidence is back, fundamentals are improving, I really have no idea but I’m paid by the soundbite.
Blurtman said: Aug 7, 6:53 PM
Sounds like a buying opportunity!
From a Clusterstock.com reader:
black swan said: Aug 6, 7:18 AM
Ex-Goldman director, Bolton, when acting as Chief of Staff for Bush, gets Goldman Sachs CEO Paulson appointed to the Treasury Secretary post. Paulson then “appoints” former Goldman Sachs director, Ed Liddy, as AIG CEO. Paulson funnels over $80 billion to Liddy at AIG, and Liddy funnels $12.9 back to Goldman Sachs.
From a Clusterstock.com reader:
yep said: Aug 6, 9:42 AM
That’s great, Lloyd. Now give back the $13 bill in AIG counterparty payouts, end your fraudulent status as a commercial bank holding company, give back the FDIC guarntees and stop helping yourself to the Fed’s discount window which is only for commercial banks (i.e., those that actually lend to the public).
Done? Okay, back to business as usual and now you can pay your people whatever obscene amount you feel fit keeping whatever capital in reserve you desire. Not done? Then shut the F**K UP. You’re a cancerous tumor on the American Economy driving up asset values with taxpayer funds and destroying the free market.
From a Clusterstock.com reader:
Bob said: Jul 29, 2:39 PM
The stock market is a rigged casino. The casino owners (Goldman, et al.) rake in fees on endless transactions from the suckers (average investors) who place their bets and hope to hit it big.
When the casino owners get into trouble (credit crisis) the government bails them out with taxpayer (sucker) money and the system resets itself. The financial media, like CNBC, act as shills for Wall Street and encourage people to to try their luck at the casino.
Reader comment on Clusterstock:
Joe Q said: Jul. 09, 1:19 PM
@Luis E simple sites to read
70% program trading http://www.tradingmarkets.com/.site/stocks/how_to/articles/-76495.cfm
50% program trading is from Goldman Sachs http://zerohedge.blogspot.com/2009/06/goldman-sachs-principal-transactions_26.html
40% of oil speculation done by GS/MS, search a little more and you’ll find the raw data. http://wallstreetblips.dailyradar.com/story/goldman_morgan_stanley_threatened_by_cftc_review_1/
JPM biggest derivative holder, 95 Trillion. http://georgewashington2.blogspot.com/2008/11/citibank-is-third-largest-holder-of.html
Note- JPM is said to hold over 90 trillion in derivatives from a market of 700 trillion. We don’t know the extent of the derivative market because it is “UNREGULATED” which means it could range from 700 trillion to 1.5 Quatrillion.
JPM and HSBS biggest short position holders at the COMEX http://www.rollye.net/BlogArchivesGold309.html
Reader comment on Clusterstock:
DaveInDenver said: Jul. 06, 1:31 PM
These guys are way late to the party and we are NOT in middle innings, we are in maybe the 3rd inning. I said 5 years ago that we would see 1995 levels on housing prices. We are already there in several markets. We are going to see MUCH lower price levels.
There is no reason that homes won’t actually go BELOW the cost of production for a while, as all commodities overshoot to the upside and the downside. Supply is beyond ridiculous, anyone who could have bought a home has either bought one, or is getting foreclosed out of the one they bought.
Here’s a stunning annecdote, and Denver is one of the more stable economic regions in the country: my friend who is a broker said that 1) 19% of all homes in Denver are delinquent on their mortgages 2) most home sales in Denver are short sales 3) financing is nearly impossible.
I can attest that I see more and more “for sale” signs pop up all around Denver, and I’m now seeing “for rent” signs next to “for sale” signs - that is a common sight now. That is the sight of desperation.
And one more point, and this is directly from a consultant to the Government on the mortgage mess: Analysts on Wall Street and at banks have NO CLUE just how big the pipeline of foreclosure inventory is that’s building BECAUSE the processing of foreclosure paperwork is incredibly backed up.
Reader comment on Clusterstock:
skyline is falling said: Jul. 06, 12:39 PM
No surprises here. Just wait until prices on the high-end houses start to collapse as owners are forced to sell to poorer generations of Americans. It’s going to flatten the lower end. Why buy a $400K 3/2, when a 4/3 mansion costs $500K (down from $750,000).
Those young families that bought “starter” houses in ‘08 and ‘09 are going to get pancaked. They better like the house they bought—they’ll be there for a while.
Clusterstock.com reader comment:
black swan said: Jun. 30, 4:51 PM
If it was a change for more transparency, Blankfein and Dimon would be screaming. This has got to be just more market obfuscation. If you own shares of anything in the stock market other than Goldman Sachs or JPM (and possibly CITI), sell now! The quant boys no longer have to report their huge swing trades. They are free to run up the prices of these big banks under a cloak of complete darkness. When they are done and have cashed in on their stock gains, they will be free to short each other under that same cloud of darkness.
We saw what happened to the prices of these big bank stocks when they were able to get rid of mark-to-market accounting, so get ready for a re-run. The pump will be breathtaking, and the dump will kill what’s left of the pensions and small investors. Welcome to the Obama-Summers-Geithner-Bernanke-Rubin definition of “transparency”.
There is the old dog and cat analogy that explains how these banks have been able to pump up each other’s net worths. Imagine that GS has a dog, and JPM has a cat. GS values its worthless mutt at $1 million. JPM values its worthless ally cat at $1 million. GS buys JPM’s cat for a borrowed million dollars and takes a 10% commission. JPM buys GS’s dog for a borrowed million dollars and takes a 10% commission. The dog and cat are now collateral for the worthless $2 million in loans. The Fed backstops the loans, the Treasury backstops the Fed and the American taxpayers backstop the Treasury. Guess who wins and guess who loses.
GS and JPM, without mark-to-market audits get to count all that backstopped worthless paper at face value. These phony assets and the pure profits they made trading them to each other and then to other banks, pension funds and investors enable them to pump up the values of the stock shares of their own insolvent banks. Now, cloaked under the total secrecy of non-reporting, their highly leveraged quant traders can force that value even higher. Once the banking barons have dumped these worthless shares at crazy prices, the damage to the market and the US economy will be cataclysmic.
