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US More Bankrupt Than Ever - $83 Billion April Deficit Is Record For The Month, $30 Billion Worse Than Expected As Tax Receipts Plunge
Well, if nothing else, we now know officially just how great those tax receipts were. Good thing too - we can end that whole superficial tax receipt debate and focus on important things. April's tax deficit of $83 billion was the highest April deficit on record. America is now more bankrupt than ever. Income was $245.3 billion, 8% below the total
recorded last April. Spending was $328.0 billion, up 14%
year-over-year. A
year ago in April the deficit was $20.9 billion. And here is the data: tax receipts down 7.9% YoY, Individual Income Tax down 21.5% YoY, and more importantly, spending: Total spending up 14.2%, National defense up 17%, Medicare up 39.4%, Social Security up 4.2% and General Government up 5.6%. At least interest payments were down 9.5%.
And now back to your regularly scheduled bankrupt country market melt up.
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Mother
of
All
Short
Squeezes
MoASS!!!!!!!!!!!!!!!
I don't understand how record federal monthly deficit could be construed to be a short squeeze.
Could you please explain the basis of your favorite acronym in this context?
Turd trying to start shit. Reverse Harry Wanker. Try to short squeeze someone who spends 1/2 TRILLION EVERY YEAR on their military. FAIL. Metals can be manipulated and helicopter ben will use the blades on his chopper to give GG a haircutt. Not saying I agree ...just saying.
I actually thought the little light at the end of the tunnel was a firefly...
bummer...
Nope, its the train coming towards you.
Standing ovation for Pman.
Pretty firefly! :-)
Just keep swimming. Just keep swimming. Just keep swimming.
http://www.youtube.com/watch?v=cxB_TemN1pc
Do you see anything?
I see a light....
It's so... pretty.
Ben at the printing press mug at the ZH Fundraiser Store:
On the mug: Deficits don't matter, until they do...
http://www.zazzle.com/ben_at_the_printing_press_mug-168921577105737484
Why it does not have the ZH logo??!
No! Get away from the LIGHT!
http://extraordinaryintelligence.com/files/2010/01/Poltergeist-movie-08.jpg
with 1.6 million layoff scheduled for 7/15, they are the search party!! no worries, all is well...
Are you serious? Who is planning a 1.5 million layoff?
Every state and central government on in the western hemisphere.
Census workers terminate starting July
Medicare spending up 39.4%?! WTF!!!!!!
YOU'RE WRONG!!!!
Obama said it was ALL FREE and FREE FOR ALL! :)
'Free for all' is completely accurate...
You all have it wrong!
Freefall
+1
Queue the Nuge!
It's true! He said it was free!!! And the magical unicorn he was riding said the same thing!!!
can't believe you're calling Hillary a unicorn.
Speaking of free health care - I just got back from trying to do a walk-in to the VA hospital here in Atlanta - Big traffic jam outside with no parking available - went to clinic - long waiting line - did not get to see a doctor so just decided to do the bloodwork and left - I'm wondering what it will be like when the Iraq and Afghanistan Vets come home (if ever)
Speaking of healthcare, I did my usual 6 month round with my doctors, which Ive been going to the same ones for about 7 years now , all 4 of them said they are throwing in the towel in the next 18 months or less, they simply cant make money with OBAMA care happening, things are so bad now , just wait we are going to have a shortage of doctors that will boggle the mind, not convinced? If your on good close terms with your doctors, ask them yourself about their current state and future plans you'd be suprised.
Exactly Obama care is a farce of farce. It isn't healthcare, it sure isn't socialized medicine, and it sure isn't paid for by yourself medicine.
It's just extend and pretend on the human level. Screw the doctors, hand slap or less the big drug and insurance companies. Take their death panels and instead of making them illegal, decide to implement your own, but it's much worse with Comparative effectiveness research and all manner of bunk statistics, incorrectly interpreted to show that a procedure that can save your life, is in fact a waste, and will not work.
The system was going to fail anyways. Now when it fails, they've got their cost cutting structure in place. Genocide is free ya know.
America can afford whatever it wants, except monetarism. With monetarism, no way you get a sound healthcare. Especially when monetarism is crashing. We can afford single payer, if we weren't playing the banksters monetarist games. We also could have a system where people could afford to pay for it themselves. But too bad we have monetarism, which makes either impossible.
Nowhere in the Queen's NICE modelled after T-4 from 1930's Germany are there plans nor logistics for increases to medical care. No new schools, no new hospitals, no or little new research funding, etc, etc.
Already a couple of hospitals here in the PHX area won't accept medicare patients, which could be a problem, since people come here to retire. My guess is Florida and others will be hit hard as well.
What Obama doesn't realize is that he can't cut 30 percent out of everything, when costs are going up by 12-13 percent a year, and not have a genocidal situation. But since Obama is an idiot, just like the queen's bankers tell him the numbers work, so do the queen's healthcare people.
What we instituted was the British offshoot of the T-4 program. Not applied to same way, we all can be undesribles now....we're all equal to suffer now.
Just watch. Just like the economy, the healthcare, and ANY conservative alternative, is a farce. (that is if the conservatives have the balls to put anything forward...which they don't...at least and keep a straight face)
Everyone deserves healthcare, period. The only supply shortages come from poor planning, monetary concerns. It's that simple. It's not hard to build more defibulators, or build more hospitals. Prescription drugs? C'mon...they're in stock at thousands of pharmacies.
But like the above guy says, once the doctors are gone, there will be a REAL shortage. So why not some new nursing schools being funded to open? Because Obama doesn't really plan on delivering more care.
But in reality you should feel lucky, the republicans would never of done crap about Healthcare, and would let its costs outstrip your ability to pay for it on your own, and done nothing.
We needed change in our health care system, just not Obama's/Queen's/T-4. Funny how we passed something the Heritage foundation wanted passed as a compromise ~1990. Now the idiots think it's socialism. Nope, it's corporate fascism. Obama took a republican think tank plan along with the Queen's N.I.C.E. idiot board, and passed it.
Just wait until the crap hits the fan, and what great timing, it should be hitting us in the midst of an economic depression from hell. You think you're going to get congress to repeal that when they are most in hock? Good luck on that. Merely that's the point the queen whispers that you'll be solvent if you cut x, y, z from your medical system...and look this bunk research says it's not worth it.
But the absolute worst is the percentage game that's was passed in Obamacare. They will only pay you for outcomes.
Well guess what, a good cancer procedure may 'cure' just 20 or 50 percent of people. So what that means is if you have to do a treatment to 100 people and 20 or 50 survive, it is working. But if you tell the hospital you will only pay for the 20-50 that survive....what will the hospital do? Raise prices, sure. Will they deny treatment? Sure. So what happens when they do that? You mean besides people needlessly dying for the bank bailouts?
Simple. If you have 100 and say 50 survived. Now since you're only gonig to be paid for 50, you are only going to do 50.
But it only cures half the people? So if only 50 get the treatment only 25 are going to survive, and get 'paid for'.
So then you got paid for 25...how many are you going to do? 25.
So out of 25, how many are going to survive 12 or 13. So on and so forth.
That's your denial of care. You don't even NEED a deathpanel to look at bunk research. Not to mention you have a deathpanel that will be constantly looking at bunk reserach to discountinue things. Oh mammograms not needed until 40, no self-checking breasts or nuts. Don't have medical screenings.
These guys are idiots. They'll kill people, and STILL won't balance the budget. Because that's the game of monetarism. We'll NEVER be out. Monetarism is like paying the monthly minimum on the credit card, you never get out.
Noticed that, too. Yes, let's provide health care for everyone, it's more fair.....when no one gets any, that is.
ROFL, only people who think idiotic, believe this.
There is no, no one can get any. That's complete bs. Everyone does deserve healthcare, just for being born.
It's the facts that no one wants to look at the overall picture and fix it, that is crushing the system. Guess what, continue on your way, there will be shortages for everyone. Continue on obama's way, there will be too. Because your way, and obama's way are BOTH DEAD WRONG.
Just like Helium 3. We need it for fusion, we need it for other things we currently use on earth. But we're running out. So should we constrict use based on who deserves it the most, or who has the most money?
Or do we go to the moon where there is a 1000 year supply for fusion reactors, let alone any other industrial use for it.
If we run out of H3, blame Barack Obama (Larouche said it perfectly)
same situation can be applied to health care.
If you aren't 'going to the moon', then you are just creating scarcity where it does not need to exist.
That's the point about scarcity many people forget about. There's ACTUAL scarcity, and market induced scarcity.
We live in a world of constant market induced scarcity. So I find your viewpoint on everyone not being able to have healthcare because there isn't to go around laughable. It's only not enough to go around, because WE CHOOSE FOR THAT TO BE THE CASE.
We can choose the other way too. We can choose to end the banker's swindles too, but haven't yet.
Self-limiting behavior. You should look it up, and then see you have a self-limiting mindset, it's based on bs, and is a complete fabrication of your mind.
It's your right to think that way, but it's not your right to be correct about it. You aren't. You believe our scarcity is real. I KNOW it is manufactured. Thus anything that we can't meet like healthcare, because of it, is bs.
Tell it to the Canadians and Britons.
Tripple A Rating!!!!!!!
Word! The rating agencies are the biggest joke of all...
Is a more accurate accurate accounting of the deficit closer to $-175.6 billion? The numbers in the link aren't labeled.
edit: The $-175.6 billion number is the month-to-month change in debt outstanding from March to April. The U.S. issued $257 billion in debt over the last 2 months to raise cash ($176B in March, $81B in April). Interpret for yourself.
But, isnt the worry over debt 'subdued' as CNBC said today? Oh well, back to 'risk on' equity gas pedal to the floor with a maniac meth head at the wheel.
Not subdued, just offset by the increase in the value of all the gold in Fort Knox.
Are those bars the tungsten filled variety?
This might be enough to make Paul Krugman think there's a problem.
You are assuming Krugman gets his head out of his ass. I think it's permanently stuck there.
He does like the taste of the gas he passes
Smells like garbanzo beans sprouts.
If deficits were monuments America would be remembered forever.
@GH
You need to get this to Howard Beale. Would make a great addition to the collection. And thanks for this.
I got it. In the meantime, check out the Deficits don't matter until they do with Ben at the printing press:
http://www.zazzle.com/ben_at_the_printing_press_mug-168921577105737484
awesome
+10000000 e10Hehe. If deficits were butt plugs maybe Americans would understand the position they're in better?
It's easy math really...
If you give out money for free, then pay 2,3,4 % interest on that money
You are going to end up in the hole every month
Add tax income losses to that and you get further in the hole each month
Kicking the can down the road, has become kick it down the dead end alley, and the brick wall is about one or two more kicks away from ending the game.
I don't like to say "easy math," I prefer to call it new math
You gotta come up with something better than that!
New math was created by Max Beberman and he was actually my professor.
http://www.state.il.us/HPA/Illinois%20History/giridaran106.pdf
I think that new math is now the old math we are back to.
I graduated in '90 and by the time my first was in elementary in '02 I could not help her with math homework because I couldn't force myself to figure out the longcut. They scrapped it and went back so my son is now on the same page as me.
and the dead end alley is in the Bronxs, you're carrying the latest IPAD with GPS (but the 3G connection fails so you're lost) and you're trying to call your wife with your latest 3GS Iphone that has a cover that matches your new Armani suit and also has a gold trim that matches your Rolex.
And on the wall a lot of curious native baseball players (I guess they are baseball players because they all carry baseball bats and all wear the same Tshirts with the name of their team: THE WOLFPACK) and they are comming to you to help you get back on your way.
Nice chaps...
I thought you were about to throw in a Warriors'reference by naming the gang "the baseball furies" which were located in the Bronx, I think to remember.
those types are really fond of consumer merchandise, pimp suits, and gold watches.
I dig the icon.
mother of god, will my kid ever earn a dime she is allowed to keep?
Bernanke......he's doomed the next two generations to serfdom....
Ha..Ha..Haa....only "two generations"
Man you are one funny guy.
You should ask her pimp
Only if that dime is a pre-1965 silver dime.
Even coins are being inflated:
http://online.wsj.com/article/SB1000142405274870486620457522443168267108...
They can't even afford to make them out of wood.
Gubmint spending thru the roof, tax receipts in the gutter, oh well PARTY ON equity markets! Theres zero volume so just gap open to DOW 36,000 tomorrow morning really who gives a fuck?
Luckily, US Army is in the Gulf region, ready to clean up! Oh sorry, wrong Gulf..my bad. Is that why Obama is letting BP "do stuff, try guys something, maybe?" with the leaking a-hole in the Gulf?
Out of control debt and a Congress that won't even pass a budget resolution for 2011.
Yes, by all means, buy as much US equities as possible.
Total wipeout ahead.
http://www.youtube.com/watch?v=T8__EwAT8VM
We're all going to the locker. Getting used to the algae as we speak.
I posted that one yesterday...sweet video. They rocked it.
How much better can the economy be if individual income tax receipts fell 21.5%? Any talk of economic recovery is nothing but lies, damn lies, and Baghdad Bob "we are crushing the infidel invader" lies.
Come on... if income tax reciepts are down 21.5 percent that just means the public has that much more money to spend. It's a great thing really... Harry help me out a bit here...
Now mix in a little money-multiplier 'magic' and voila things are fantastic again! Look at the increase in the price of gold for instance... everyone is so stinking rich they are buying jewelry again!
"How much better can the economy be if individual income tax receipts fell 21.5%?"
That sure is the question, isn't it?
1001001 SOS
1001001 in distress,,,
Amen, brother.
Bennie Mae can just print up mo money. No need for taxes. Why keep up the charade? When social trust is completely broken no one will pay taxes ( see Banana Republic definition ) . Bennie can print as much as he wants - no one gives a damn.
if I ever see someone arrested for counterfeiting, I don't think I will view them as harshly as I once did. Just a small time operator wanting a piece of the central banker pie.
Party seems to be about over, Bernanke was just seen under the sink licking an empty Sterno can, oh well buy Alleve liquigell stawks, this hangover is gonna be a doozie.
Notice also, not one media outlet is reporting on these kinds of issues, NONE!
The FED has told these idiots what to report and when, nothing else.
Wow , am i in N Korea yet?
+1
Merehuman if you see this, I believe you said you live in Oregon? Which part of the state?
I'm moving to central Cali in 3 months but have spent all day today looking at exit strategies...secluded state parks and lakes in southern Oregon which could support a man and his wife with fish and game for a while.
Any suggestions?
The Cascades are the shiznit homie, the shiznit!
Thanks Len, looking into it now.
Ditto. Make sure you stash a lot of back-up food somewheres nearby in case you decide you don't like "squirrel a la twigs et berries".
All along the coast route , 1/2 mile inland benefits from the cool ocean breeze and is higher ground more sunny. A creek or river lot would be preferable with the house sat well above flood height. Mostly retired and the biggest dangers are crack heads thieves and drunk contractors with multiple DUIs. Hospitals have a bad rep but its still good not to be too far away. Hunting isnt what it used to be, but anyone with a good greenhouse operation can make out ok. Me, am itching to go gold mining around gold beach . BTW Gold beach has a highly rated HS .
Check the rules before you buy. In city limits they dont allow chickens, never mind a rooster. I am going to move, i really want those chickens in MY yard! lol
Baghdad Bennie! 'We are clearly crushing the infidel enemy depression'! Cant you see the enemy tanks and bodies strewn all about the landscape?'
Budget deficit about 25 percent. "PIIG" Spain pitiful has about 11 percent but USA is very special and bond market investors are really really wise men...or not. I don't know about Greece but probably even they are doing better than that. Obama trying to outzimbabwe Zimbabweans?
there must be a mistake in the -7.9% yoy calculation.....we are having a robust economic recovery, unemployment is a lagging indicator, and the green shoots have blossomed into a lush verdant rain forrest....besides, how can tax receipts be down with 275,000 new jobs?
I demand a recount on the Census! Everybody to work!
I betcha Mrs Palin can see the bottom from there!
Get to tha CHOPPAAAAHHHHHH!!!!!!!!
Ben is going to need Airwolf to drop all of the money they are going to need to keep this going...
AirwWolfPac starring BS....Ahnold...Clause Trichet....and Staus Con.
We will keep the theme music.
"Dis is a bright bouy aluurt... Repeat, dis is a bright bouy aluuurt!!!"
"You may as well say good-bye", said the voice. And then another quite different voice, a thin, cultivated voice which Winston had the impression of having heard before, struck in; "And by the way, while we are on the subject, Here comes a candle to light you to bed, here comes a chopper to chop off your head!"
Airwolf is bitchin. One of our local stations is running it. Blast from the past.
JMV could of done a better job faking the cello playing, but that is nit picking. Any show with Ernest Borgnine is guaranteed quality. Loved the fully synthetic theme song done by a 7 year old on a Fisher Price keyboard:
http://www.youtube.com/watch?v=AXehSng0NV4
No problem, introduce a value-added tax like the rest of the developed world!
Yeah, and then solar voltaic would be so expensive the EROEI would be negative. VAT is idiotic.
Yep, just saddle up a new 25% VAT tax thats already been floated on top of all the present ridiculouslu high taxes since at present no one can pay any taxes, coming in at -$80 billion shortfall, great idea. Well its a great idea IF your plan is to completely kill america.
No worries, we also have the Bush tax cuts expiring, and cap and tax on the table. Recepts will go through the roof doncha know. Also that little war in Iraq will be over and just think of all the savings we get from that. Hmm, what increasing taxes in a recession is a bad idea? Oh no!
"developed world"...lol
it's hard to tell if you're being sarcastic.
Medicare spending is up 40% YOY?! If that is not a typo, we are sooooo f**ked.
Typo. Too funny. The only typos the government have go in the other direction.
But CNBS and all the "experts" told me the consumer was alive and well? I don't understand. Should I buy more? I just heard this was a great place to enter the market. Watch as my 100sh SPY market order bumps it up 10 points.
It's funny, in a tragic way, that citizens under the age of 18 are not allowed to vote. Maybe it should be the other way around?
Damn fine idea Hedgeless Horseman! Vote up till 18, after that youre cut off. Hell it HAS to work better than what we've got now!
What, are you nuts? With the propaganda they are being fed in school, we will have a politburo next week.
FED = politburo
I am amazed at the sheeple who think the tax system is just basically a law of nature or something. Know this . there are advanced civiled countries that have NO tax on capital gains or interest income and a basically flat tax of aboit 10% on earned income. Seems to work for them.
Imagine living life without having to decide if it is better to die in 2010 or 2011 because it will make a huge estate tax difference to your kids. Imagine a life where you dont wotk 6 months of the year to earn enough to pay taxes and spend months and lots of dollars filing taxes and you still have a nagging feeling that they are gonna get you. the tax system is a prison. It is shameful.
Wrong. Most of those countries have a VAT added on top. A flat tax in US would be 40%+ to bring in same revs.
OK if that works for you - carry on.
You gave up easy. Name one country that fits your description..."seems to work well for them". Carry on? Bloody hell? cheers?
Wrong. Most of those countries have a VAT added on top. A flat tax in US would be 40%+ to bring in same revs.
Please explain.
Happy too. MOST OF THOSE COUNTRIES HAVE A VAT ADDED ON TOP. A FLAT TAX IN US WOULD NEED TO BE 40% TO BRING IN SAME REVENUE. Cheers, carry on.
Laffer curve suggests otherwise. I have some issues with it's construct, but the general idea is actually pretty sound, you grow tax revenue primarily through private economic growth.
Regarding the VAT, I actually favor it if it's the only form of taxation (ie., basically just a flat sales tax).
VAT is the Holy Grail...
Cap & Trade is like a VAT on energy production and consumption.
VAT + Cap & Trade is the promised land of infinite riches for the progressives. They can double Federal spending to $ 4 Trillion a year and still have a budget surplus.
Amen.
Gotta say it's brave of the Treasury to print this thing at 2 pm Eastern, 8th bus. day of the month, like clockwork. What a mess. it reads more like a ransom note than a balance sheet. And what da hell is that 20 billion "off balance" sheet income item under Soc Security? That's about double what it's been in recent months. Phantom interest from the trust fund, I guess, designed to make the "big" month of April look slightly less nauseating. It's a complete disaster. Could it be the "Birth/Death" model is a little optimistic? How 'bout just straight Death?
Does this mean I can't get my Obama money? Sheeeet
YUP, just put a X at the bottom of the page and tell us how much you need.
It'll have to be paid out in Euro's. You got a problem with that?
You didn't think they would pay you with real money did you?!
Deficit bitchez.
When individual income tax receipts drop to less than the cost of running that function of the IRS, could be an opportune time to eliminate both - nothing to lose at that point.
How about the SEC man? have a heart - tax revenues are needed for broad band downloading services.
Sorry, the IRS is needed to enforce compliance with Health Care Reform.
Does this mean I can't get my Obama money? Sheeeet
And one in 8 Americans so flush with funds that they get food stamps.
Oh dear, fiscal responsibility is evident everywhere.
Enjoy
CNBC makes Muhammed Saeed al-Sahaf look honest.
How can the CNBC crew LIVE with themselves? Just in order to sleep they must be on such heavy medication that theyre nothing but zombies.
Blue pills Sheepdog... they get paid to take the blue pills...
Time for them to change the programming I think... we have a major crisis developing in the middle east... and 71% of the citizenry can't be wrong... right?
MSM Confirms... Iran now has nuclear weapons!
http://www.opednews.com/articles/CNN-Poll-71-of-Americans-by-Deano-10022...
The same ones are simply crushed that Simon left Idol.
Iran with new-clear weapons is not a problem. In fact this will help unemployment. They take out Jewrusalem and we get all the oil. Almost as if on cue.
Actual -82; Expected - 50; Prior -21.
But that's a good sign for robots, gov still supports the non market economy, until it DOESN'T.
tax receipts are down because wages are down - this is a good thang. See it reflects an Output Gap . This GAP allows Bennie to keep on going. Wages are the enemy. If wages go up Bennie might have to take away the free trillions to the banks. And then where will bonuses come from. Ever think about that. Huh?
No worries, we'll issue bonds and sell them to the Chinese. Oh no wait.
Beijing Home Prices Plunge 31.4%There has been all kinds of bluster - SEC fraud charges, justice dept blah blah blah . has anything actually happened? Huh?
Millions are living in homes without paying on their mortgage. Their hardworking neighbor is maybe a bit miffed. Huh?
Granma gets ZERO on her savings account so banks can borrow at ZERO. fair? Huh?
So - bit by bit any social glue and trust there was in the system is being leached out. No rule of law. No private property rights. Laws sometimes apply sometimes not - all depends on who you know and who you are.
In the meantime, Obamacare is now $115 billion more expensive than originally claimed.
http://www.politico.com/news/stories/0510/37081.html
No crap Politico...now that we all have to pay the hospital rate for aspirin...$75 per pill.
Amazing...just to show how bad the Euro is, the dollar is actually strengthening on this news against against it's horrendous fiat cousin. Makes you wonder what sorta news would make people a little nervous 'bout the dollar?
You know -- I find it more palatable to stand on my head and then watch the market. I can make believe it's going in the right direction then.
Dont be so harsh. $83 billion is not that much after all.
Um.. Um.. It's a lagging indicator.. That's it..
**Phew, I feel better now.
Bankrupted? bleh go Lakers
Meanwhile Marketwatch report "stocks advance as investors turn focus to recovering domestic economy"
They trudged in over hundreds of miles - shoes worn out, some had wrapped tshirts around their feet to keep going. They came by the thousands to see the great miracle. The great ticker in NY . They saw it . The cries started -its hit 36000 - see it says so on the display . We are saved. We'll get shoes and a hot meal!! They hugged each other and wept for joy.
You left out the part where the crowd parted to allow Blankfein's limo to pass, their hats in hand to show reverence for his presence.
They can have their VAT after they repeal the amendment allowing federal income taxes. The political support for that would be overwhelming, given some kind of universal individual rebate up to the poverty level.
And it's green. You ought to like that, not withstanding the insofar not green nature of solar technology to date.
no rebate, just exclude food and medicine from the VAT. everyone needs to pay and feel the pleasure of funding federal spending.
Exactly.. and refunding is ripe for abuse.
Plus there are plenty of charities to help out.
You want to laugh really hard. Some of these Associated Press financial headlines on the main stream websites., i.e Yahoo are just hilarious.
The latest knee slapper, "Stocks Bounce as Investors Return Attention to Improving U.S. Economy- AP".
Who the fuck writes this shit and when will the AP reporters remove their heads from their asses.
For God sakes, if you don't read Zerohedge you haven't got a fucking clue whats going on. Seriously.
It would be funny if it weren't true. Wait, maybe it is funny. Nah, it is just sad.
Got to love those 'investors', daily following whatever feeling the Governmedia wants them to follow according to the headline like sheep, and theyre always correct never experiencing a loss of course. Hail to the mighty 'Investor'!
HFT bot's = "investors"