I am Mad as Hell and totally agree with esteemed scholar Dennis Kneale. Short sellers are indeed all criminals. Some may say that the easy money, lax regulation, incompetent ratings agencies, and the whole cheerleading complex may have something to do with this mess.
Give me a break. None of that would matter if not for some shorts profiteering by correctly seeing through this.
Jeff Macke apparently begs to differ.
Muzzling negative opinions with a perverse bias towards punishing those criticisms which prove to be correct (the government is targeting rumor mongers in Bear (RIP), Lehman (LEH), Fannie and Freddie) is the antithesis of a free market. It's neither rational nor tradable. It's simply oppression.
.......To paraphrase Kipling, "Free is Free and Fake is Fake and Never the Twain Shall Meet". Silencing the bears isn't just Stalin-esque idiocy; it's a move towards creating outright fake markets. It's a strategy that has never worked for the long term and never will. A fake market is one in which no one, anywhere, should participate.
Yeah, ok. Jeff's a good guy, but he's way off base here. Why would we ever invest in something in any size if we didn't know the government has our back? That's why we pay taxes, isn't it? Governments should defend our borders, deliver our mail, talk up markets, reimburse us for bad investments, and shoot anyone who has a contrary opinion. Then get out of the way and let the free markets work.
And don't let anyone tell you it's a bit agenda-driven on CNBC's part to try to deflect blame for this mess from actual company management that made all these investment decisions and enriched themselves. All while leaving the tax payer to foot the bill when the paper profit turned to paper disaster.
11 comments:
Terrific, just terrific. Great writing. Thank you.
Rick
Ack...all this stuff is just bloviating.
The only thing that matters is that markets are "orderly." They can be orderly on the way down, or on the way up, or sideways...
tanks.
and it has been oddly orderly. A little unhinged today though, maybe it's getting to a head.
We want free markets that never go down. EVER.
See any Hampton Tomatoes in this "Free Market"? If so, I'll take a peck. Sorry...kinda bored today watching the cosmetic knife fight in the markets while sitting on my hands...thumbs up.
James is right. A market is only "Free" if it does what you want it too, lol.
matt: thanks. And no Hampton Tomatoes, although our Jersey tomatoes on the deck are ready.
Wasn't it a bit odd for Ackman to be on there this am talking about how he shorted the short-term debt of FRE&FNM, and now he's able to pitch a "plan," that ensures that it's a winning trade?
What I love is when D. Kneale gets all excited over the fact that "only" 1% of mortgages are in default, what's the big deal?
Well, if FNM's portfolio is representative of that 1%, at 40 times its equity in leverage, um, yeah it's a big deal.
Guess CNBC will hire ANY clown.
puck: yeah, ackman's big on that, he had the same playbook in Ambac. Short it then come up with a rescue idea that makes his stock worthless.
pk: don't give them any free lessons, lmao.
dennis kneale is a clown. period.
watch the clip below to see dennis get owned by none other than Joe Kernan, lol
http://youtube.com/watch?v=pu0pxcIg-08
The odd thing about Dennis Kneale is people who know him say he is pretty bright and a good guy and all. CNBC has literally brainwashed him or something.
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