So, anyone considering re-loading on the short side today?

If not today, then tomorrow. When hedge funds and mutual funds start unloading this week to meet redemptions, who's gonna take the other side of the trade?

It's a good week to take a break from knife-catching.

What the hell is going on? How do you price anything that is owned, and if not already, will eventually be owned by the government? We pay for it with magic fairy money and then "the market" praises it. Now everyone goes gaga over Tim Geithner and we are supposed to be infinitely impressed by how well pedigreed these guys are. At least we won't give GM 25 big fairies. They aren't a bank. Rant over. Get to Work! Pay your Taxes!

At least we won't give GM 25 big fairies.

You misspelled "we haven't yet given".

Wait until Jan 21.

Meet the new boss, same as the old boss...We WILL get fooled again.

Funny, the only way to win is not to play.

Amazing how many people are only just realizing this.

Funny, the only way to win is not to play.
--boycott

You are playing. Has the Citi news made you evaluate what your time is worth in relation to what a dollar is worth? How do you store the wealth you have created? You have to play.

Look, these guys aren't dumb, they just got indoctrinated into their own belief system, and their own self reighteousness. Things looked pretty good for a while, on the upside of the bubble. Ive worked in (and have been drummed out of) enough places to know that this general belief system is very widespread. It is very difficult to be a realist, and impossible to be a pessimist. Even if you just try to do what I did, and highlight the risk, you are a party pooper, and also, while the bubble inflates, you are wrong and a loser of money for those who dont participate.

But think about it. These guys have all got a serious wake up call. What you have to wonder about, is the extent of their denial now. Are they the types who would think, wow, maybe I ought to step back and reassess how this stuff works. Or are they just, screw it, Im still entrenched in the system, and now I'll just perpetuate a different set of lies?

Im a wee bit hopeful that Geithner realizes the people above him perpetuated a massively flawed system. He had a couple of choices though - if he chose to stand up to his supposed beliefs and quit (like I did a couple of times) then where would that leave him? Certainly not as Treasury Secretary. Did he know that he just had to try to operate within the system long enough to get to the top and have a chance to change it? Doubt it.

We wont know for sure until Jan 20, when he is free to take the reins, but Im pretty sure that things wont change much.

So then we are faced with the issue of why he would continue to perpetuate the current madness. Has anyone asked him what he thinks the consequences are? Perhaps the bunch of us here can put together a question list for his confirmation. (oh wait, he doesnt HAVE one, does he?)

"(Reuters)- Today President elect Obama has selected Somali pirate Black Ceasar as Secretary of Homeland defense. When asked to comment on his new position, Black Ceasar claimed “Hearty Ho, Wheres the loot”. To that, Obama had to remind him that he did not select him for Secretary of Treasury."

Comment of the day/week IMO.

Absolute Gold econ.

Ciao
MS

just a free pony with no teeth!

Never look a gift pony in the mouth...

If we are going to have a corrupt administration in place, better the corrupt Clinton professionals over the corrupt Bush amateurs.

C&C-

My thought exactly.....just think if it just dropped and stayed static I (and several others here) wouldn't have new furniture, new TV, new car..

Ciao
MS

bork-

Do those figures factor in the well over $4t in repo.s since late '06?

Add 'em in because the difference between stated and actual values may not equal the entire amount but it's damn close to $3t in my book..

Ciao
MS

cobra-

no I have no idea...why? it's early (PST) and I can't fathom why someone would voluntarily cancel the one thing they need the most.

Do elaborate if you may.

Ciao
MS

My ex FIL blames carter for the economy and Clinton for Iraq...

Geoff writes:
Im a wee bit hopeful that Geithner realizes the people above him perpetuated a massively flawed system.
Geoff | 11.24.08 - 9:20 am | #

It isn't "massively flawed" to those whose wealth and/or power increases as a result of its collapse. I don't know who that will be, but they are not the stupid ones.
In fact, they are so relentlessly effective in pursuing their goals, that I am tempted to let it be, to accept it. People like myself, born into this great country, gave it all away. Why would I want to be governed by people like myself? Look around you at who is voting. Maybe an effective shadow government is the answer, but it is necessary to face that as the reality, and make decisions accordingly.
I'm very disappointed in myself, because I suspected (in an amateurish way) that the economy was hollow and the government was fake, but failed to govern my life accordingly. I am the stupid one, while they inherit the earth! Perhaps rightfully.

ewbie - I dont disagree. The winners are still taking all. I see even fewer heads rolling after the travesty announced last night that they are keeping Citi mgmt intact. Just utterly disgusting.

Found this at another site, and I just had to add this fact for additional background.

Wait, what’s this?

“Also in a footnote in its third quarter report: Citi has a notional derivatives exposure amounting to $36.8 tn, including equity, commodity and foreign exchange swaps. Trillion– though it of course hedges those positions.”

• Business News | Financial News | Personal Finance | Stock Market Quotes | Commodities Market | Currency Market - FOXBusiness.com

Oh, they just forgot to mention prominently the $36 .8 TRILLION in toxic derivatives their psychopathic greed has exposed them to? And they just, very quietly, announced rate hikes on all their credit card products, as well as penalties for those who are current on their bills, but not paying down balances. And YOU, the taxpayer, get to bailout these degenerates, and have the priviledge of even higher interest rates if you use their credit cards!

How's that government guarantee for YOUR mortgage working out?

Maybe if President Elect Obama names Monica Lewinsky to his economic advisors, she can blow the Credit Bubble back up? Just trying to think outside the box.

Obama declares Hillary winner of the presidential election. Clinton Administration; Part II