Truth Tellers!

A couple days ago, Meredith Whitney,  gets glammed up to go on CNBC, because now that the market has come in, and S&P has wrongly downgraded the USA's printing press, she thinks it's safe to tell the world, "I told you so!"  She didn't care that any widows or oprhans that listed to her wrong advice to dump munis would lose money. She was just looking for her moment to start selling her broken franchise on Wall Street , and have her "I told you so" moment.




But Rick Santelli called her on the carpet.




"Come on. Think about it. Stick with munis."

That's the closest Wall Street will ever come to telling someone  STFU.

Now the SEC is investing S&P, to see what clients they leaked their downgrade information to. Which is, of course, the reason for their downgrade.

Yesterday Cramer said this rally was a sham. Really? Maybe the sell-off was the sham!

But that's Wall Street. Nobody tells anyone they are full of sh*t. Even when they are.

Yesterday, people referenced this story by Marc Cuban, written last year "What Business is Wall Street In?"

The only people who know what business Wall Street is in are the traders. They know what business Wall Street is in better than everyone else.  To traders, whether day traders or high frequency or somewhere in between, Wall Street has nothing to do with creating capital for businesses, its original goal. Wall Street is a platform. It’s a platform to be exploited by every technological and intellectual means possible.

The best analogy for traders  ? They are hackers. Just as hackers search for and exploit operating system and application shortcomings, traders do the same thing.  A hacker wants to jump in front of your shopping cart and grab your credit card and then sell it.  A high frequency trader wants to jump in front of your trade and then sell that stock to you. A hacker will tell you that they are serving a purpose by identifying the weak links in your system. A trader will tell you they deserve the pennies they are making on the trade because they provide liquidity to the market.

And that's Wall Street. Crashes are just hackers exploiting the system, quote stuffing, rumor mongering, and making a bigger deal out of something that isn't, so they can crash the market and then profit on the way back.

It's nothing more than that. That's the business Wall Street is in.

You know who are the naysayers in this market? They are like Ross Perot Jr. He sold the Dallas Mavericks to Marc Cuban, but he kept a 5% stake. The whining Perot then sued Cuban, because he said he mismanaged the team.

Cuban's lawyers, sent the following brief--with a picture of the World Champion Mavericks.

2011-06-22 WC Mavs and Radical Mavs Mngt MSJ

Two years from now, when the market is at all time highs, you won't hear a peep from today's handwringers!

These bears need a Cuban brief!

Because when it's obvious, you don't even need to say "I told you so!"