Positions
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+100 GS @ 97.57 vs. cost @ 74.79
+2000 UYG @ 2.51 vs. cost @ 2.00
Communist, Oh I meant Markets
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America the communist. Seems strange to say. How is it that this administration has received so much blind support (me included)? If we continue in the direction we are going, the facelift that is given to Wall Street will render America useless. America, "the land of the free," has been the destination of capital for quite a while. Understandably, lawmakers are upset, but Robin Hood isn't taking their undeservingly absurd pay and distributing it to homeless shelters. Okay - so I am a bit vexed by this whole thing. I apologize. Congress needs to take a quick look in the mirror and regulators should follow.
"Perfectly legal."
~When Obama was asked if people should be going to jail his response was that the activities were perfectly legal.
Economics 101 - Incentives. Take away incentives and mediocrity will reign.
This crisis occurred do to excessive risk taking and slightly lax regulation. Apparently, the government wants to have their cake and eat it too. When booming, they sat back and relaxed. You cannot have reward without risk. If you didn't understand the risks, well who did, then maybe you have to suffer the consequences. I know many companies will not be able to give back the TARP money, but many will choose to do so even if they cannot afford to. This will prolong the recession, cause more pain, AND reduce productivity.
Well done! I say "well done."
Equities trading is underway (unchanged), with few catalysts today before Bernanke's speech.
Who voted for these guys?
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