If you own banks, that’s what you were saying today.
I hear that if you were watching CNBC, it was the shortsellers who are now getting blamed . Shortsellers are sneaky and out to make a buck, but what a shitty way to make it. It’s just their turn. The real crooks (Wall Street) has just run out of ways to shill paper for the moment. It’s called confidence and the people they are pitching their longside bullshit paper too just ain’t buying.
Now, if you are a shortseller and have not been booking profits in your financials, maybe you should go to jail for being a hog. Pressing has been absolutely correct but what’s left on the bone is not for amateurs at this point.
If you believe as CNBC does today (mostly for ratings) that the shortsellers are to blame, you also believe in witches, fairies and goblins.
Fannie Mae imploded (finally) because management had the GOVERNMENT as a backstop. It lead to wreckless behavior because that was how you got a bonus. Volume, not quality mattered. If the government backed every hairbrain start-up idea I had, life would be grand.
The financial system is cracking because of the reward system and the value system that has been accepted in the financial markets.
Confidence is cooked for now in the financial sector. Shoot first, cover later.
With Twitter, WordPress, Facebook, Instant Messenger at least the little guys can talk in the backchannels and make fun of the big guys ripping us off. We can also try and protect ourselves with trusted conversations. It’s hilarious that CNBC is now telling us who is to blame when it’s them that is most guilty of cheerleading and than panic and blame.
Sad days and no end in sight based on TODAY’s action.