28JAN09:
Q1-09 DOW: 8900
Q2-09 DOW: 7250
Q3-09 DOW: 5810
Q4-09 DOW: 3960
CITI NATIONALIZED
OBAMA GETS SICK 27AUG09:
Mini Crash 21SEP09 Predicted correctly:
Bailout=Bonuses
Demise of Bear Stearns
Demise of Lehman Bros.
Demise of AIG
Subprime would cause problems
Date of 2007 crash
CRAs were to blame
G20 riots were a party
Northern Rock run
Northern Rock Nationalization
HBOS and RBS demise
UBS really was Useless
So the UK's debt is a few billion off the budgeted forecast. Like the USA, the UK has its largest ever debt since the Second World War when there was a good reason for a large amount of debt - War. This time around, the reason for the debt is ...Investment Banking. So we defeated Hitler and a potential world of horror, spent decades paying off the loans for these loans to reappear because a few bankers needed to continue their lifestyles.
Seems rather bizarre, doesn't it?
But not as bizarre as the Galleon sheep who are ripping out its hedge fund with panic like zeal. It looks like the fund will be forced into liquidation and this always results in less for those who stand last and I am surprised Galleon hasn't just gated the fund. Even so, when panic sets in, panic sets in. Has anyone checked out who these investors are? I got a sneak preview from a disgruntled to be out of work Galleoner and hey presto, a few of these also had Madoff exposure. Bad luck seems to follow those who are useless.
Benality A few days ago I tried to tweet the 5 billionth tweet. I was close but not close enough. I must try harder:
Ian Shepherdson, chief U.S. economist at High Frequency Economics, said the U.S. equity rally from the lows of March can continue. He sees nominal GDP rising and unit labor costs declining next year.
"If we're right, the spread between sales and cost growth next year should be nearly six percentage points, which is consistent with S&P earnings rising by around 25%," he said. That would put the S&P 500 on a forward earnings multiple of about 14.2%.
"On that basis, it is hard to argue that U.S. equities are overvalued."
Dozens of employees at Galleon Group are hunting for new jobs as investors debate how to react after the hedge fund's founder was arrested and charged with running one of the biggest insider trading schemes, Reuters reported.
For years, Galleon prided itself on hiring only the best in the technology and healthcare industry — top-notch analysts and portfolio managers boasting Ivy League degrees and stints at Goldman Sachs and Needham & Company.
Fintag says Ship. Rats. Jumping.
wall street journal says "Rakoff Gets Galleon Case And Will Bharara Become the Great Preetinder? "
Mind you seems ironic that Australia, the world's only booming economy has a Sri Lankan boat problem. Given Galleon owned a lot of the SL stock market, we may see a few more immigrants looking for new homes.
Mervyn King, governor of the Bank of England, called on Tuesday night for banks to be split into separate utility companies and risky ventures, saying it was “a delusion” to think tougher regulation would prevent future financial crises.
The economic crisis has prompted governments across the world to re-evaluate their financial regulatory frameworks
Mr King's call for a break-up of banks to prevent them becoming “too important to fail” puts him sharply at odds with the direction of domestic and international banking reform.
The Treasury and the Financial Services Authority have specifically rejected the idea of spliting up the banks, while the Conservatives think action in Britain alone along these lines would not be feasible.
Fintag says Looks like King is prepping himself for the job of top regulator once the FSA is binned. His statements are so obvious and a sentiment we have been espousing for years. Glass Steagall 2.0. Alternatively GS 2.0. Spooky.
18 comments
GalwayBoy said ...
Nice pic Fin. Have you taken up dogging recently?
21 Oct 09 - 12:15 gmt
author of a blog said ...
Galway good one
Hey Fintag could we get more of your adventures on twitter, like the ones with the HR lady a while back
21 Oct 09 - 13:41 gmt
anonymous said ...
aoab, consistently boring and banal as always. What great binary guesses - sorry - trades, are making you a "nice bit of mint" at the moment? Been offered any cleaning roles at the local job centre today?
21 Oct 09 - 13:56 gmt
anonymous said ...
obviouslyt got stopped out of his oil trade as well..hahaha
21 Oct 09 - 14:19 gmt
anonymous said ...
AUDJPY -- 84.21
21 Oct 09 - 14:19 gmt
Moron said ...
this dumb floozy pa chick is walking around flashing her legs today.....I have an intense desire to just grab her and sort her out!!!!!!!!
21 Oct 09 - 16:13 gmt
author of a blog said ...
anon 13.56 not been offered any cleaning roles yet said were reserving them for bitter ops monkeys, said the roles were quite similar...you know having to clean up other peoples crap and all that anon 14.19 how could I get stopped out of a long oil trade which I initiated in the mid 70s...whose the imbecile now anon
21 Oct 09 - 16:27 gmt
Moron said ...
the only thing that makes women even remotely tolerable is that they come ready fitted with so many holes:)))
21 Oct 09 - 16:42 gmt
anonymous said ...
aoab - who's, not whose. Where did you learn English? Cretin.
21 Oct 09 - 16:56 gmt
Moron said ...
there should be a new attractiveness mantra...the tighter the hole...the hotter the chick....will give the stupid bi*ches an incentive to keep their mouths shut....most of the times:))))
21 Oct 09 - 17:02 gmt
anonymous said ...
oil at new highs today so aoab is out of the money no matter what fantasy contract he is trading
21 Oct 09 - 17:31 gmt
howie said ...
@Moron THE CORRECTLY NAMED MORON
21 Oct 09 - 18:45 gmt
author of a blog said ...
anon 17.31 what are you talking about...are you crazy?? I went long through a spreadbet in the mid 70s (it's on my blog) how could I be out of the money???? Think you need your brain scanned, you seem to be going senile
21 Oct 09 - 19:58 gmt
anonymous said ...
Arthur of a blog, your desperation to be cool and accepted is just so utterly sad. You are just trying too hard to be part of this and all you do is irritate people.
21 Oct 09 - 22:01 gmt
Moron said ...
howie mate....go grow some hair....ur silly little fund is gonna blow up next year......and u know it:))))...short bald and stupid!!!!
21 Oct 09 - 23:02 gmt
anonymous said ...
Looks like fintag has done a runner ...
h ttp://fintag.wordpress.com
22 Oct 09 - 00:26 gmt
howie said ...
Ah moron - did u tell ur shrink about the time ur mother touched u inappropriately and acted like it was an accident until she did it again with that serious look in her eye? that was really the start of everything going wrong with women --- wasn't it!!!!
22 Oct 09 - 00:49 gmt
Moron said ...
howie mate...what shud I say....as u lie happily asleep all smug in ur little 1 bed rabbit hole somewhere in central london thinking u got one over the mighty Moron....if u manage to read this....I eat rodents like u for breakfast.....fuc#king lightweight!!!!!!!!
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