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Must be time to go long the TBTF
Seriously, why of all the people in the finance industry does this little mole looking twit get a microphone put in his face every week? You can't have a double dip if you never left the Depression in the first place.
Because he's been bullish throughout - and makes statements like 'C going to $12'.
It will be interesting to see if he makes it back on CNBS soon...or if his privileges have been revoked.
CNBS in full hopium mode today.
Is there a bigger tool on the planet than Dick Bove?
Long Dong Silver comes to mind.
More pump for QE2. Getting pretty loud out there. Do you think anyone is listening.
How could this tool flip on a dime and now be bearish all of a sudden?
Re JPM, i listened to the c.c (just q&a as the beginning is always bs) and the JPM people seemed a bit shaky with their responses...
"and the JPM people seemed a bit shaky with their responses"
Maybe borrowing silver at market rates has them...ummm...distressed ;-)
Truth is beginning to dribble out all around.
When Permabulls turn bearish, is that a bearish sign, or in these crazy times, a bullish one?
Hard to tell.
And this double-dip name makes it sounds like a bun or a biscuit we are speaking of. Should call it what it is.
First leg of the real DEPRESSION has begun.
I think we will start hearing that word even as early as August first week, if the next two weeks prove out what the signs have been saying.....
M3, nuff said.
Dickie B shovelin the shit.
I am willing to bet (net worth) that the over/under on ones stay at said monastery is 2 hours. I will take under.
I'm trying to figure out if everyone here was junked by Jamie Dimon, Dick Bove, or Tyler for that comment.
Why do I always feel like I have to take a shower after listening to that guy?
Yeah he's like a creepy pedo santa.
Perhaps Dick has found a conscious, and then again, perhaps not. It is really hard to be un-labeled as a sell-out and apologist for the banks.
I listened to the interview. It wasn't clear because he got cut off at the end, but I'd swear that he said he has a buy recommendation on JPM. ?
He stands by his decision of a rock solid maybe and perhaps.
I'm guessing that he also reserves the right to change him mind...tomorrow...or by the closing bell...or by lunchtime.
does it really matter?
Bove was cut off abruptly but Becky "Is my back straight" Quick was ....um....quick to remind Joe Kernan that he had a "buy" recommendation on JPM, which surprised the hell out of Joe "I'll die before I change my view on anything" Kernan.
DoucheBag Top 5:
Please feel free to amend/add to list.
What? No Kramer?
6) CNBC..FAUX news...MSM in general
Who is the crazy uber-nerd looking perma bull that Kudlow has on frequently...serious, the guy looks like the nerd from the Simpsons...
That guy is over-the-top-and-into-orbit douchey...(Sp?)
Paulson - the money manager guy from Minnesota
Luvornia (spelling?) from DB
Doll from Blackrock
The shill from MS that has the squeaky voice
It used to be 50/50 a month ago! Hughe bullish BUY signal! :)
Moin from Germany,
must be a reason why he has only a BUY and not a STRONG BUY on JPM.... ;-)
interesting comment on the Fed loosing control of the money supply....bring the Maestro back!
one can hear the cracks in the damn.....
replacing the canary in the coal mine with a fake one doesnt change the fact that deadly fumes are coming out....it will only make sure more miners will be killed...yes, on the positive side one will get a few more hours of coal production because the miners will not be warned and get out in time....is it really worth it??? well...it all depends...we are about to fnd out soon...
Jaime Dimond should be charged with racketerring, extortion and tax evaison....then serve justice Utah style.
yes, he absolutely shoud be.
however, in a few months you will likely hear the following:
"I am pleased to introduce the new secretary of the Treasury, MR. DIMON"
we had Hank, right in time for the TARP. we're going to have Dimon, just in time for TARP 2.0, b/c we all know that the original TARP was such a success for the too-big to fail banks!
absolutely audacious that they have the gall to release reserves. think about how bad everyone else is if JPM needs to do this to meet numbers.
market feels like its being supported unnaturally again, the empire and philly fed numbers should be causing a lot larger down move.
Its called levitation. Any decent magician can do it!
"Its called levitation."
I always get a chuckle when I hear or see the commercial for "Levitra" which immediately brings to mind levitation. You just know the marketing guys, who are the people who actually give any new drug it's commercial street name, were laughing when they came "up" with this name.
Well they are nearly out of suckers to participate in the markets Oso so they release the reserves. I cannot believe the "premier minds in finance" are follish enough not to see how terrible the fundamentals are becoming even with mark to unicorns. HELOCs and Prime mortgages are just beginning their taint and this is a last push to keep the eps up as in order to pay quarterly bonuses.
Meanwhile they deleverage into quarter close..repo it up to make it look they are not leveraged a trillion to 1 so they can squeeze every ounce of profits out of their trading and then resume to ramps after the earnings report which is why we saw the ramps right after quarter close. The efforts are yielding less profits and becoming more risky as the data really heads off a cliff so I take solace in that.
They are however exposing how weak they are to a market pullback since their trading revenues were down about 44% since past quarter. I am sure Ben feels is not liking them just holding onto this money for reserve and paying it out to themselves while lending since it is killing his credibility of any recovery.
this is a very simple plan:
1) reduce loss reserves, which inflates "paper" profits
2) use "paper" profits to pay real bonuses. But hurry, because the "paper" profits may not last
3) right before s**t hits the fan, move Dimon to the Treasury (just as Goldman did with Hank)
4) as s**t is hitting the fan, get TARP 2.0 from Dimon and QE 2.0 from Uncle Ben
5) goto step 1
btw, Lehman, Merrill and Bear bought tens of bullions worth of their own stock in 2H 2007, right as the market peaked. the sellers (mostly insiders) greatly benefitted from that. the rest of the shareholders, employees and the public - not so much...
I was thinking the same thing . . . and then along came your post. Absolutely believe reduced reserves are to take care of business (compensation for special bankers and execs) today anticipating another bailout down the road.
I have on very good authority that regulators conducting regularly scheduled audits are making community and regional banks up their loan loss reserves big time, and scheduling more frequent call backs and reviews. The JPM story doesn't add up logically.
Ever noticed that when these companies announce a "stock buy back" that they rarely do and if they do it is a tenth of what they initially announced.
Maybe they will say anything to move the market?
I am on to something.
Weak attempt by Kernen to get Bove to say something positive about JPM at the end of the interview FAILS. By feigning 'hurt' by what Bove had to say and then hitting him with the 'Harley jab', he was surely expecting some back peddeling. Which of course, sucker that he is, Bove fell for and hurried to say that 'he does have a BUY rating on the stock.'
Bove is never gonna recover from his Lehman legacy. That's why you take him with a ton of salt everytime he opens his mouth.
In a nutshell that is what is wrong with the world economy - we have to build more houses to increase the money supply or is it the other way round.
Whether it is the chicken or egg - increased consumption = increased wealth in these bozos eyes.
A simple message from Dork - increased consumption is ultimately a function of energy supply.
If most of the money created goes to consumption eventually it will hit a energy wall.
If you want long term growth from this point you will have to starve consumption in the short term and redirect this surplus to viable energy investments.
Everything else is just mindless noise.
PS. transferring the surplus from one consumption class to the another such as what happened in the 80s will not work this time - this surplus will have to be invested on wise projects or else the whole western civilisation thingy if there ever was such a entity is Kaput.
I tell you what, that shirt is really spectacular! Butterscotch with a white collar? Jesus Christ.
He looks like a middle-management representative for a butterscotch factory.
Fed is already talking about QE 2.0, even while they are talking about removing stimulus.
They have lost it completely.
How can you lose what you never had?
The Fed is totally irrelevant at this point as they have succeeded in building the bridge to nowhere. Well they are out of building blocks now. The bond market and some very pissed off citizens are calling the shots in DC now.
Last time I checked the FED and the Owners hadn't used very much in their arsenal yet.
No massive flame thrower QE (on the way), massive eco-disaster (just one, so far), no recent false flag (unless you count GoM, which us tin foilers do.), power plant failures, hurricanes, earthquakes, oh the list is loooooong.
"The Fed is totally Relevant." They are the heads of this receivership, the shots being called by the Owners in Europe and parts elsewhere.
Glad you at least put a lower case on "citizens" as we are chattel. Calling the shots? /giggle/
You're kidding, right?
I keep waiting for the so-called bond "market" to rise up and bitch-slap fedgov for its transgressions, but what do I see but the fabled "flight to safety," and its near record low yields.
At this point, the Fed IS the bond market, the stock market, the repo market, the Forex market, the MBS market, ad infinitum.
The only shots being called by pissed off "citizens" are along the lines of "Don't Taze me bro!"
The mark-to-myth carnage has long legs. Forget about organic revenue. The banksters believe they can hold off a FASB fair value challenge forever. They will pay off all necessary parties to keep their own bonus party going as long as possible.
No one should underestimate their ability to continue the game.
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