Posted on 02/20/2009 6:26:40 AM PST by farlander
Great thoughts!
I love the symbolism of Wyatt’s Torch.
>> I’ve seen speculation that there will be a market capitulation today but that’s rumor.
What’s the sign of a “market capitulation”? Dow at zero? :-)
Interesting rumor, Mark to Market.
http://www1.investorvillage.com/smbd.asp?mb=4148&mn=111771&pt=msg&mid=6716912
Don't you just love it when people post things and assume everyone knows what he's talking about?
Many FOREX firms are PONZI schemes...be careful...
It was intended for people in the industry that might be on the board, that may have additional information.
May I ask, org.whodat, what is your problem with the folks in the financial industry ? Seems there’s a sizeable chip on your shoulder there. Honestly, if you have nothing constructive to offer, I suggest keeping quiet - that way you don’t give away your petty hangups.
That is old news from Monday
This is today. Karl is pixxed....
http://market-ticker.org/archives/812-CAUTION-October-87-Re-Run-On-Deck.html
Guys, be wary of “holidays” being declared for the banks and maybe for the exchanges
Whoever engineered this crisis knew LAST SPRING, a year ago, that Feb 2009 was crash month (ref Freep thread on March 2008 secret meeting in DC)
Let us only hope that while over in Europe Nancy Pelosi’s government credit card is declined and that she cannot afford to gas up her private jet to return home
LOL.
I wouldn’t call most Futures Commission Merchants (FCMs) ponzi schemes. If that was the case, commodities markets and the foundations of most production in the US would have disappeared long time ago. Now, if you’re talking about managed Forex accounts at independent advisory firms, that may be a different issue. However, the days of the Wild West Forex are over. All Forex traders have to register with CTFC and NFA this year. That imposes certain level of regulation, compliance, as well as capital requirements, all of which is a good thing.
You have a lot nerve calling yourselves an industry
An industry makes useful tangible items like steel and oil and TV sets
Good luck to you as a fellow Freeper but lets get real. You are a paper shuffler and like I said I wish you good luck
Ah I see. Making assumptions knowing NOTHING of what I do, nor what it entails. For your information, I’m a Software Architect. I enable market operations for various trading organizations, as well as participate in trading through development of automated trading algorithms.
And, by the way, you have NO CLUE as to how difficult it is to actually create a return for your clients. It is a nightmare, and the job is 24/6. I provide value to the economy by facilitating greater liquidity and efficiency of financial markets, which benefits EVERYONE through more efficient allocation of capital.
For your information, I’m an electrons shuffler, not paper shuffler. But I guess all of us are dirt now as we have the easy life making supposed millions or some such nonsense.
What a load of crap.
Good for you but I will never buy you guys calling it the financial industry. It is not an industry
And since you talk like a trader that is a legitimate assumption by me. You have a crucial job it seems
I understand all that about providing liquidity and the legitimate functions of the futures and other markets.
But the markets became too full of non-industry participants. Too top heavy
This massive speculator participation is what drove up commodity prices, oil prices. We are now left sorting thought the wreckage from those euphoric times
Oh..... and my tax money is now bailing out hedgers via TARP. Hedgers were big on driving up oil prices. So was Wall St
Certainly we can argue about semantics, but I suggest the following thought: do you believe entrepreneurship could actually exist without ability to finance business ? Can a factory invest into expanding without financing it somehow ? Industry is whatever facilitates wealth creation. Wealth creation is done through traditional manufacturing, yes, but also through efficient allocation of available capital to the most worthy investments.
In other words, say you have 5 guys come up with a fantastic idea for a new widget. Right. So they need to raise capital to actually make the damn things and provide love and happiness to all the masses of potential customers. BUT - there are limited resources in the world, and, not every one of those can be built. Through the free markets, or, financial industry, the capital is allocated to the most worthy recipients. That’s one aspect.
I actually do most of my work in Commodities Futures markets. The Commodities Futures are a means of efficiently managing production of everything from bread to plastics. In the old days, grain farmers would collect their grain and store it, and try to sell it on the old markets. But they’d never know what price they’d get. The buyers, bakeries, also never knew what the price of grain would be. Neither could efficiently manage their businesses. The futures markets were designed to do exactly that - create a uniform marketplace where both the producers and buyers could agree on future prices and smooth their busines operations. It also became possible for large bread bakeries who needed more grain than a single farmer could provide to acquire what they needed at close to same price from many providers.
The commodities markets have been the MOST important invention in the way industry operates in the 19th century. Today, the commodities markets enable efficient operations of virtually every aspect of traditional industry.
Ie, oil - energy, inputs for all kinds of industrial products, metals, gasoline, grain, cofee, cattle... you name it.
Still feel it’s not an industry ? None of what you see around you would exist in the shape it is now without this efficient resource distribution mechanism.
But trust is the currency of markets, and what has happened, due to CDS is that there is no longer trust. When there is no trust, there is no market. Restoring trust is what must be done to get markets working again. And all of these bailouts and stimulus plans are not addressing the only issue that really matters, the restoration of trust in our markets.
Oh, you’re preaching to the choir on the bailouts. As I work towards helping make markets more efficient, I want to see the wrongdoers burnt at the stake. Literally. People like Madoff should be pushed off the roof of their fancy appartments. I’m not even interested in a trial - he already admitted it.
Those who risked the SYSTEM for everyone deserve what’s coming to them. But let’s not throw out the good with the bad.
In fact, the bailouts and stimulus only make the problem worse, because of moral hazard and additional, unneeded regulations put on businesses and the markets without debating the consequences.
Agreed. As I said in my previous post, maybe if we push some of the bad actors off the roofs of buildings like they had the good decency to do themselves in the 19th century, some trust may start to return.
In the meantime... my suggestion is a hefty tax cut. Let the vultures pick on the remains of the failed banks and toxic assets and find what’s worth eating. There’s trillions sitting in money market funds looking for opportunity. We should give them the incentive to swoop in, instead of this insane socialistic crap.
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