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Presenting Cramer's "Massive Multiday Short-Covering Rally In Financials"
First, myth from Comcast's financial clown channel (the actual source is more than clear): "this is a turning point, Buffett's bailout marks the beginning of a massive multiday short-covering rally in the financials." And here's reality...
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Fuck you Cramer! You make turds look good!
Buffett gonna take a MASSIVE haircut on that $5 billion.
Maybe he thinks of it as one way of taxing the super rich?
Interesting. On the other hand, maybe he will be able to deduce it as charity?
Cramer talks a lot of shit.
Fucking Cramer...
Plus that wasn't cool when he used the "N" word in that comedy club a few years ago.
Nortel?
Jimothy Cramer Geithner
Do you really think it was Buffetts money he used, or was it satans i mean Bens (well yours)
and now Roubini creating a panic rumor: that Paulson will have to start liquidating to cover his gold positions (which we know is a minor part of his aum)
you cant take a haircut when you own perferred, and OBama has already promised a bail out to you in private. #crony-winning
Maybe, maybe not. With preferreds, he obviously will do pretty well in the event of a bankruptcy. This is probably another bet on the US Govt providing a backstop to the banks.
Of course he won't take a haircut. After all, since they are TBTF Buffettttt will be made whole.... by us!
Ahhhhhhhhaaa! The New TBTF.
Too Buffeted To Fail.
Vivek
http://aadivaahan.wordpress.com/2011/08/24/precursor-03-bottom-falling-out-still-still-and-a-gander/
There is no us. The taxpayer is gone. The pensions are bled dry. Which is why it's taken so long to double dip. Buffet's probably in better shape than blackrock-blackstone-blackops. But a couple more disasters, hail, will do him in. 10 billion in premiums can set him up for 200 300 billion in risk.
It's the whole social security scam. It was really just another tax but it's turning into a huge money counterfeiting operation. Same thing with goverment pensions.
Apple stores can "pretend" to get a shipment of some gadget and sell 200 of them when the doors open but the reality is the stores wharehouse is filled to the rafters. This is an artificial supply demand creation profile similar to walt disney that doesn't print any dvd's for years then prints a bunch at inflated prices.
But the opposite is happening in insurance. The supply is too great and the demand is too broke to afford premiums that would work.
All we need now is a deathlock bracelet. With a threat from it's wearer to axe murder anybody who offers them medical attention or first responder attention. And the system is fucked.
We are auto glutted, construction equipment glutted, computer and computer gadget glutted and insurance starved. When the insurance companies start marking to market on weak ass payouts.....
Buffett taking a haircut???
You better do some research on that... Who is to say he is not massively short from above $10???
Locking in a buy at just over $7......not a bad way to gaurantee yourself some profits....
You're probably right....
Buffett just pisses me off because he's twice my age and still has hair.... being bald sucks, well, the hair kind, but at least I still get some. Surely that old fart can't anymore....
What do you mean...he's in the process of fucking you, me and every other tax payer in the US. I would says he's gettin his!
A later day depression era JP Morgan if there ever was one, strutting across the stock market floor buying everything in sight for 10% over the asking prices so that the plebs may bask in the light of his radiant confidence.
He will also have the same long term effect.
The Fed. backstopped his investment. Bet your little buns on it! This crap is amazingly evil. Free markets are dead. RE-INSTITUTE GLASS-STEGALL NOW !!!!!!
Nah, I'mn sure Uncle Ben has his back on that one!
I agree with the sentiment, but you *really* don't think he did this without recognizing that too-big-to-fail would kick in and prevent him from losses, do ya?
what is Roubini's motivation to call Gold bugs "Freak neo-nazis"
Coke?
Vaginas on his apartment walls?
Dealing with ones' own failure at life causes one to project that failure onto others in many ways. One of those ways is to ridicule those of whom you understand to be correct. Even worse is when you're proven wrong by hacks without PhD's. That would cause someone like Bimbini to go bat-shit crazy at the detriment to his own credibility (what's left of it). In other words.. the last throws of a dying man trying desperately to remain relevant.
Well said, Sir
Thanks.. but like Fuu said.. it could be the Coke too :) perhaps a combination? or maybe the failures led to Coke binging and the start of the downward spiral. Who knows. Either way, last nights ZH vs Bimbini twitter fight club match was precious.. :)
Fear. How would you feel if your world views were being trashed day after day? Wouldn't you find something/someone to beat on to avoid looking at your own shortcomings? Human nature.
Richard Bove says Bank of America Has ‘No Reason’ to Raise Capital
Bove's other calls:
Hello Richard Bove, Repeating Nonsense Does Not Make It True; Bank of America Will Not Survive in One Piece
Roubini has been in, even for him, a pissy mood lately.
I think people indicting the absolute perfection of Keynesianism set him off.
In reality, Keynes was brilliant, but economics is the most dismal science, after all, and even Keynes' theories were short on mathematics and had some serious gaps.
There was a time when one could aggressively question Keynes, such as when stagflation was raging in the late 70s and early 80s, as Friedman did, and few would defend Keynes so dogmatically.
I believe that Keynesianism was the closest thing to a good paradigm available for a long period of human and economic history, but as recent events show, much of what Keynes espoused is really poorly suited to explain cause and effect relationships that we are and are not seeing today.
We need a far better paradigm to explain the radically different economic structure that exists today than did in Keynes' lifetime.
One final point, few economists (certainly not Krugman or those openly endorsing inflationary policies) talk about the fact that Keynes became highly sensitive to the absolutely destructive force of inflation, and that KEYNES HIMSELF WARNED AGAINST GOVERNMENT DEBASING OF CURRENCY IN THE STRONGEST WORDS POSSIBLE:
J.M. Keynes on inflation in The Economic Consequences of the Peace (p. 235-6):
"In reality, Keynes was brilliant, but economics is the most dismal science, after all, and even Keynes' theories were short on mathematics and had some serious gaps."
Or just a paedophile kook.
The problem with the most dismal science...is ECONOMICS IS NOT A SCIENCE. If it were a science, you get the same response everytime to an action. It is a theory at bet, more apporpiately labled a philosophy.
Because gold bugs are anti government and don't accept paper as money. And the government is socialist, fascist, capitalist, communist, er... whatever those things mean in the year 2011 I guess.
He's French and can't do anything about it. If I was french I would be pissed off about it too....
Not that it matters (it doesn't in the least to me), but Roubini is an Iranian Jew (yes, Jews live in Iran, in relative peace).
It's probably more factual to state that Roubini is an American of Jewish & Iranian ancestry (but the latter part is complicated, given the demarcartion between Jewish'ness' as a religion and Jewish'ness' as a race).
Maybe Spaceballs had it right, after all. Roubini is a Druish Prince.
***Disregard the above, Eagle Keeper, if you were referring to Sarkozy.
Gotta cite for that?
today marked the end of the multi day short squeeze.
I think you failed to decode the hidden message in the honking horns, BUY BUY BUY button, and other wonderful noises in his clown board. /sarc
we gotta fill the gap first.
that's what she said
We must be getting to the end of today's news cycle if Cramer is the headline....
With such low volume currently, Cramer can move the marginal investor. Of course, he's doing a lot to rid the market of those folks, too.
Crazy like a fox that Cramer...he knows his calls always go wrong so he declared this "Opposite Day" when he was putting on his garters this morning and look at how well things are starting for the QE3 screamers
Just like George Constanza.
http://www.youtube.com/watch?v=cKUvKE3bQlY
His butt buddy Dougie Kass has gotten smoked on Goldman @140 and his great xlf call that went 10% under fast
Makes ya wonder how WRONG somebody has to be to get banned from further spouting of misinformation.
You mean his conman ass-pals short position. All you would have to do is the opposite of anything doug kasswipe "recommends(LOL!)" to make money.
He has the best call screens in the world. Never does an angry person get on and bitch him out over his shitty calls.
"short rally in financials"
see, remove a few words and the truth comes out. That's Cramer's problem, too many words. He talks too much.
BKX meet hard place.
By short-covering he meant putting more shorts on top of your shorts. doh!
This guy's hit percentage is less than a coin toss.
He's the Adam Dunn of finance.
Not if he is on the other side of the trades he recommends.
I don't think so. That would be unethical. And, I think it's pretty well established that traders are the poster children for ethics.
He might have to roll up the sleeves on that peach colored shirt and extra level today. That means he's really REALLY serious.
Ha - they even lowered the banners to show MCC's DD's and that did not even stimulate viewership. Made it less painful though.
Getting Back to Even, must be one of the most ironic book titles of the last 12 months.
Seriously, he is the reason for automute tv technology.
Yeah; and watching ZH vs Nouriel on Twitter is awesome. Hmmm.... did I just put Nouriel and Cramer in the same thought?
Buffet has made mistakes before.
At his age why is he investing in something that may never recover while he is alive?
Although Barry has said before that he would not allow Bof A to go BK.
It is about ego and reputation. Money has little to do with it at this time. Besides, he bought the shares for Junior (Becky) Quick's trust fund.
Hard to imagine he did much due dilly. But, I guess he doesn't have a lot of time to waste at this point.
It was fun hearing Becky this morning describing how this "came up" in the bathtub. Kid screaming in the background musta brought back some memories.
Memories of winters and summers past.
"Warren, sugar-shame ! The camera is rolling !"
"Well, next time, wear slacks."
http://myiiphone.com/images/080303_IMG_3272.standard.jpg
It's all part of his philanthropic giving
Yeah, paying 6% and diluting the hell out of the company sounds like a great deal! Sadly, it probably really is a great deal for BAC, and therein lies the problem. Glad to see all that blather about not needing capital has been put to rest.
I have some free time these days and yes I have watched CNBC (don't tell anyone ... I am ashamed). CNBC is just pure marketing and they often try to feed very optimistic information. Cramer is himself very bad and I don't think anyone should listen to him. The worst are however a guy called Cortes - he has no clue about anything and the young asian lady - god she is worse than Cortes.
Sometimes they invite interest people to speak but the whole thing looks so unprofessional. I guess this is what the viewers want to see.
No. what the viewers really want to see is Amanda Drury and Michelle Caruso Cabrerra topless mud-wrestling. Everything else is just waiting.
Any idea when that's scheduled to air?
It was Buffett's announcement of purchasing shares of Goldman Sachs in 2009 that brought a bottom and lead to a 3-year stock market rally. I'm not saying I like it, but it created a precedent! I've wondered ever since what insider information he had, or what guarantees he had from the powers that be that he wouldn't take a loss. I have no doubt that he received such "assurances".
I hope this time, he gets slaughtered!
Didn't he have a private meeting with Obama a couple of days ago? "Hey Warren, that BAC looks pretty cheap right about now, nudge nudge, wink wink."
I see a breakout coming in RV manufacturing stocks
I like
DW - NYQ $18.44 0.47 2.49% Drew Industries Incorporated Costay away from Gulfstream, they made to old ones.
http://www.rvinvestor.com/
possible 1-2 million homeless after sunday. many of the existing FEMA trailers have been sold this last year.
lumber and sheetrock also on the buy list.
This is more of a cardboard box or tent pricepoint economy.
Air mattresses and shotguns.
RV's cost too much. And too much fuel costs.
Well by getting into this deal probably Buffet is set to prove the zerohedge tagline "On a Long enough Time Line the survival rate for everyone drops to zero"....
"On a big enough malinvestment, every octogenarians net worth drops to zero"?
Long guillotines, Bitchez!
Yep. That straddle was fun. Well worth it. Never thought they'd dilute and the shares would go up. But whatever
Once I lost a job by mentioning Cramers name at the interview
Do tell.. do tell..
CNBS talking head: What do you think Jim about the abrupt reversal in the market?
Cramer: Um, uh, oh....kaboom!
Scanners (the movie), bitchez!
The presumed massive short covering rally should be in undervalued junior golds as ppl sell their Canadian bank stocks.
Buffet: "Buy America!"
CNBS: "Yah, what he said, Buy America"
America, bought and sold.
LOL - Uncle Warren - aaaaand it's gone!
South Park vs. Cafe Del Mar - And It's Gone (Johannes Dahlberg Financial Crisis Mash) - YouTube http://bit.ly/qTjGKJ
h/t KD -
Yeah, he's a great influence, my near retirement parents listen to him nightly. I try to wean them off his diarrhea, but it's so pungent they can't deny him.
I sat through one show with them the other night and honestly his advice was to "pick stocks that go down less in a decline", which of course is infinitely better than straight liquidating those positions while they are still in the money - appearently it's better to find a better deckchair on the sinking ship, even if there is a perfectly good life raft present.
The guy is a f*cking parasite.
I see it!
Look closely. Dont you see that little upturned squiggle?
It's a rally in the making!
Crony Capitalism at its finest
http://money.cnn.com/2011/08/25/news/economy/buffett_obama_fundraiser/
How is this man Not in prison. I just do not get it.
The hopeless monetarist Cramer is just doing his job. To the likes it just doesn't matter where the grease comes from. Yet to a hopelessly insolvent financial system, more grease or not, it just doesn't matter anymore either. It's over. Bankruptcy cannot be easily papered over any longer, as shutdown will only accelerate with every new dime of fantasy assets added to the system. A debt trap built on zero due diligence now is set to consume every participating banker. Poetic justice, were only an unimaginable social calamity not in the offing.
Cramer's autobiography is worth reading if only for this nugget anecdote.
Cramer faced redemption demands from his LP's he couldn't meet without liquidating, and market was dropping.
Cramer's best trader was his wife, who had retired to do...wife stuff.
Cramer calls her back in for hand holding in the crisis.
The market is dropping further, and Cramer writes a post stating, give it up, market is in a terminal down trend, sell everything.
Whereupon wife starts trading and buying everything. Market rallied just as Cramer wrote his capitulation.
When asked why she thought it was time to buy, she replied, when a perma-bull like Cramer capitulates, that is the market bottom.
And SAVED HIS ASS.
Cramer's wife should have the show, not Cramer.
Tyler, you don't have to present anything. Cramer is a classic idiot made in USA.
Can anyone tell me why this guy is even given air time
It was so juvenile watching Crammer this morning... and then the prop desk replaying their "someone needs to step in an buy" comment from yesterday. Yes - CNBC is what Warren Buffet heeds for advice.
This is so phoney. When Crammer talks, it's as if he is trying to rally a bunch of 8 year-olds before a game. CNBC would do well to take a page from last week when Hobbs called out Crammer over the hysteria he was creating last week.
You won't know if there is a bottom in the financials here for a few days or weeks. It is easy to pile on someone because of the intraday movements, but I was not impressed by the selling so far today. The long bond in looking toppy and the selling in the general market is waning. The bottom will be in when the banks make it back above todays highs...
gh
The bottom will be in when banks make it back above today's highs...wow.