So lets take a look at what these carnival barkers on Wall Street said, and their dire warnings that were the presage of doom to come! And these were said to keep you safe. And to keep you out of stocks. And to keep you out of the biggest rally you have seen in your lifetime.
But they didn't raise the flag of hope. They trampled it with despair, foreboding, and displaced antipathy against our Government, our country, and our companies.
So I'm on a rant again, so I'll just list them as I think of them.
- The bankruptcy of GM would be the wreck of America. Didn't happen.
- The bankruptcy of Chrysler.
- The G-20 meeting in April would be stormed by protesters.
- The low prices of oil would induce an drilling reductions and contribute to another oil spike.
- The legacy assets of the major banks would render them insolvent.
- The US was at risk of losing its sovereign credit rating.
- The downgrade of Berkshire Hathaway. If Buffett wasn't AAA, nothing was.
- The outbreak of civil unrest, with the purchase of guns.
- The PPIP.
- The PPIF.
- The TALF.
- The bus tours of AIG, and the revealing of their counterparties.
- The depression invading America.
- The coming pension debacle.
- The coming municipality bankruptcies.
- The coming Swine Flu pandemic.
- The outbreak of frugality!
- The bank stress tests.
- The quants non participation in the formative stages of the bull market.
- The giant sucker's rally.
- The bear market bounce.
- The "dreaded anglerfish" on the cover of the Economist.
- The desertion of Las Vegas.
- The mirage of the green shoots.
- The market sugar high!
- The bearish screeds of David Rosenberg, Whitney Tilson and Nouriel Roubini.
- The seven deadly banking sins of Mike Mayo.
- The WSJ proclaiming the coming profit debacle.
- The myth of mark-to-market.
- The "manipulated end of May mark-up!
- The myth of the double dip, W, L, and the disdain of the V!
- The coming breakdown in consumer confidence.
- The so-called "nationalization" of the banks.
- The end of the dollar.
- The United Nations new currency, or Roubini's Renmimbi.
- The looming bankruptcy of California.
- The $134 billion dollar fake bearer bonds.
- The piss poor pontificating of TrimTabs Charles Biderman!
- The contraction of credit.
- The protests in Iran.
- The brick wall proffered by PIMCO!
- The next leg "down" at 840
- The next leg down at 880
- The next leg down at 970
- The next leg down at 1030
At least, on every headline of doom, that these bears said, that were written above, you had someone take the opposite side of that trade. And write about it, while it was happening.
Here. On this blog.
So forgive me, if I take offense. I've seen enough of this nonsense, and I'm tired of Wall Street's games. I don't care how you dress it up, or present it, it's still just crap.
Today we got another headline. From Meredith Whitney. That home prices were going down another 25%.
I'm sorry, but that is just stupid. And it is just dumb. And it is just patently false.
Maybe though, she really believes it. Maybe her clients need her to believe it. I think both of those statements may be true. But it doesn't make it right, or it doesn't make it real.
It's still nonsense, dressed and gussied up, and spouted over the airwaves. After all, if the folks on these pictures were making these predictions, would anyone buy them?
You need a good front man for a con. But this time, you get the pretty lady, who believes what she is selling!
But she's Forbes 39th most powerful women. So she's entitled to make predictions of nonsense. But no-one will say they are predictions of nonsense when they were made. But I will.
So add another to the litany above. And let me ask the question again. When will Wall Street just tell us the tooth?
Maybe Wall Street will tell you the truth, when their interests aren't different from yours!
But you should be used to headlines of disbelief. A few days after the market bottom, on March 14, I gave you this post entitled, "More headlines of disbelief." Here's part of it.
In Barron's this weekend we have:
- Up and Down Wall Street's headline is "No Safe Haven."
- Streetwise's headline is "Resist That Urge to Call the Bottom."
I'll give Barron's a headline "Be Long or be Wrong."
Stand aside, and miss the action, until you will hear this maxim. "First the market proves it, then Wall Street reports on it for a fee."
Now if the whole world seems to think that you can't make money on Wall Street, what were the markets doing up over 10% this week?
And if the only ones left standing on Wall Street or selling advice, were those peddling doom, then do you think that those buying their advice or listening to their screeds weren't acting on it?
Why do we have such a vocal crowd complaining that the Government is meddling into markets?
These are the markets that these individuals are short in.
Do you think they are just "vicariously" short?
Or do you believe the fantasy tales that the shorts are only reflected in the bi-weekly short interest tables?
This naked shorting was the biggest ponzi scheme since Madoff!
Today we heard more tapes about Bernie Madoff, but that's the wrong ponzi scheme. Wall Street is missing the naked shorting ponzi scheme--and it's unraveling right before your very eyes!
It just takes higher and higher prices for it to be revealed.
So ignore those that hate this market, and hate America's comeback.
Eight years ago, the only people that we thought that hated America were Islamic terrorists.
But people didn't realize that their were also economic terrorists that wanted to rip apart our financial system. That didn't want to play by the rules. That wanted to destroy capitalism. And they also wanted to destroy our markets.
And then, they wanted to profit at the people's expense.
And just like good investors got hurt on the previous bear market, well intentioned bears will get run over by this bull market of the beast, as the system still purges the scoundrels that still haven't unwound their bets on America.
And we still need to go a lot higher, for that to happen.
Until they wave the flag.