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While I sort of feel sorry for firms with some measure of integrity, the fact is that corruption has destroyed capital markets. No one with any measure of authority has acknowledged this. Therefore, the simplest and most urgent financial advice is simple: Get Out.
Looking forward to GS taking a hit bitchez!
Looking backward into history, Goldman doesn’t take hits. They are the hitters. “They” are the Fed. —“Twentieth Century Economics in One (brutal) Lesson.”
i saw some analyst on GS say he would be lowering his estimates dramatically...can't recall exactly, but something like $1.50/share for next quarter...
if so, i'd say GS is due for a BIG drop...not sure why it's still holding right here. Don't think it will last.
So the small group of HFT shops that employee a small number of people are going to kill the brokerage industry that employees many many more people.
I sense there are calls being made to the Congressman screaming "Pull the plug on these guys they're killing us!!!"
They get the intern though because the Congresscritter is on the phone requesting donations from the HFT shops.
HFT would really be much more efficient based in India or China....we didn't need a financial sector here anyway, did we? Is the stench of irony choking anyone else?
Here is the Future: Central banks and their national pension subsidiaries renting gamer kidz to gun HFT algos in Madras and Shanghai. That will be the sum total of the market. Oh, and zombie bank subsidiaries of the central banks, like GS and JPM and WFT. They will pretend to be cool but actually be state bureaucratz. They already are....
Hmh, Damn Them Accounting "Rules"!
NOT WHY, OR HOW, BUT WHEN?
Don't worry volume is really going to pick up in October!!!
jefferies, bad karma.
Gotta love the morning headlines:
Yahoo Finance, "Stocks Drop After Fed Statement"
10 minutes later, "Stocks Up After Fed Statement"
Should read, "Stocks Up On Treasury Pump Job"
The markets are set up for a BIG drop in the next day or so.
Stocks are fluctuating in early trading as traders turn to buying Treasurys and gold after the Federal Reserve failed to take any immediate steps to help the economy.
Should read: Stocks are fluctuating in early trading as traders turn to buying Treasurys and gold after the Federal Reserve failed to take any immediate steps to help Wall Street.
Speaking of, what time to the POMO festivities start today?
As soon as Jocko Pomo gets out of bed.
Sing it with me together now folks, this one is dedicated to corrupt/swindling securities dealers, FINRA, hedge funds, and derivatives traders "And my heart cries for you!!!" Main street revenge "bitchez!!"
W/out an industrial or manufacturing base what need is there for financial services? The credit bubble became so big it consumed everything and left the shell , now the banks are wondering what happened.
Sprott is correct this is the end game of the Keynes monetarists, (RIP) , An economy based on consumerism/debt flawed from the get go.
Hmmmm, I think of it this way. The stock market is like a giant game of Texas Hold'em poker. The game continues as long as players bring money to the table. This game is and has been rigged for years. The small players were robbed of their money. They are cashing out. No one left to take money from, i.e. retail investors. You made your own bed, now lie in it!
As you well know, he goes by "Rich", not "Dick".
And he's a lot more forthcoming than all public bank/IB CEOs. But it's clear that business conditions on the Street are deteriorating quickly, as Deutsche Bank and now JEF show.
Well, I know a guy who's name is Dick Rasch and he doesn't call himself Rich or Richard, its Dick.
It's been a long time coming. The day of reckoning on Wall Street is finally here.
Without bailouts courtesy of you and me the downsizing and layoffs would have happened 2 years ago. Now we're actually worse off since lots of the bailout money disappeared into deep pockets in the form of pay for "outstanding performance", but firms and capital markets are still a smoking ruin.
This is not the kind of cyclic fat trimming we've seen after booms. This is a secular downsizing of an overbloated sector.
In a debt based system when it reaches it max saturation level Economy becomes a hollowed out log lying in the woods.. the rot happens from the inside. Now they are wondering what happened to the wonderful Tree that once stood.
massive pay cuts have been on the "cum" for a long time now and well reported by the WSJ. again: "this is devastating to state and local governments" and of course New York City in particular. We shall see who replaces Summers but to not call his resignation a huge deal is to "minsunderestimate" the way regimes (especially in DC) actually function. The "big-ness" can be measured in that it's being reported at all as slowly but inexorably the media protections granted this Democratic onion keep getting peeled away.
Trading is seasonal. The markets are supposed to pick up in September. Unfortunately, they have been even worse than in July and August.
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