Global Financial Crisis (28 Viewers)
- Thread starter Dostoevsky
- Start date
DUDE, this is fucking AWESOME. This recording is from yesterday when the crash was going on, straight from the S&P 500 open outcry pits.
The guy on the recording is yelling out the bids and offers for the S&P 500 futures contracts. So when he says 05's or 78 evens are trading, that is just an abbreviation for 1105 or 1078 in the S&P futures contracts.
Apparently JP Morgan and Merrill Lynch came in with massive buys towards the end, and that's why right after the crash the market went back up immediately. I wouldn't be surprised if they received a call from the Fed telling them to get their asses buying stuff immediately, but I can't prove that.
This whole thing looks suspicious, and no, it was not a lone trader. That's just media lies.
But listen to this, it's crazy pit trading at its best.
http://www.zerohedge.com/article/panic-and-loathing-sp-500-pits
The guy on the recording is yelling out the bids and offers for the S&P 500 futures contracts. So when he says 05's or 78 evens are trading, that is just an abbreviation for 1105 or 1078 in the S&P futures contracts.
Apparently JP Morgan and Merrill Lynch came in with massive buys towards the end, and that's why right after the crash the market went back up immediately. I wouldn't be surprised if they received a call from the Fed telling them to get their asses buying stuff immediately, but I can't prove that.
This whole thing looks suspicious, and no, it was not a lone trader. That's just media lies.
But listen to this, it's crazy pit trading at its best.
http://www.zerohedge.com/article/panic-and-loathing-sp-500-pits
And here is video of a day trader giving a webinar while the crash is happening.
"CANCEL ALL ORDERS. CANCEL ALL ORDERS."
http://www.businessinsider.com/guy-goes-crazy-while-giving-a-webinar-during-the-crash-2010-5
"CANCEL ALL ORDERS. CANCEL ALL ORDERS."
http://www.businessinsider.com/guy-goes-crazy-while-giving-a-webinar-during-the-crash-2010-5
From ZeroHedge:
We need an audit of the Federal Reserve NOW. This shit has got to stop. We cannot be held hostage by these financial terrorists at the Fed who are utterly destroying whatever real economy we have left.
All this means is that they will dish out dollars cheaply to buy the plummeting Euro. Just like they did with stocks, just like they did with subprimes, just like they did with certain bonds.
And in the end, these sort of policies only create more problems for OUR economy.
I don't care about Europe. I'd rather let them fail.
We need an audit of the Federal Reserve NOW. This shit has got to stop. We cannot be held hostage by these financial terrorists at the Fed who are utterly destroying whatever real economy we have left.
All this means is that they will dish out dollars cheaply to buy the plummeting Euro. Just like they did with stocks, just like they did with subprimes, just like they did with certain bonds.
And in the end, these sort of policies only create more problems for OUR economy.
I don't care about Europe. I'd rather let them fail.
Interesting read on current stock market happenings...
http://www.huffingtonpost.com/larry-gellman/what-in-the-world-is-goin_b_568694.html
http://www.huffingtonpost.com/larry-gellman/what-in-the-world-is-goin_b_568694.html
Britain rejects Eurozone bailout fund
Posted 4 hours 7 minutes ago
European Union finance ministers meeting to consider ways to prevent the Greek debt crisis from spreading across Europe have hit a roadblock, with Britain announcing they will refuse to underwrite a bailout fund worth some $60 billion.
EU leaders are worried that financial markets will continue to lack confidence in countries with high deficits.
Officials and diplomats in Brussels hope that a stabilisation mechanism will calm the international markets' fears about default in Europe.
But the loan guarantees are too much for the UK to swallow, and the UK Treasury will have nothing to do with them. Without the UK onboard the package looks pretty thin.
Political acceptance from European countries is critical, but British officials say that the stabilisation mechanism is something old, that is already been used to help Hungary, Latvia and Romania , and something new - a set of potentially huge loan guarantees.
ABC
______________
So, apart from this, Merkel is losing her election base as Germans are pissed she signed off on bailing out Greece. I didn't think she would be dumb enough to do that, but she was, and now she will suffer the consequences by potentially not being re-elected.
But what is more important is that most likely Germany will NOT bail out other PIIGS nations and will NOT provide more stability to the Euro.
Things may start to unravel pretty quickly in Europe, faster than what we have seen in Greece. I'd urge preparedness to folks in any nation over there who have massive debt to GDP ratios. Get yourself out of debt as quickly as possible, keep yourself liquid, and get your money out of the banks calmly because they will eventually have bank holidays, meaning you can't get your money out.
I love that terminology. "Holllllllliday!" :scarf:
Posted 4 hours 7 minutes ago
European Union finance ministers meeting to consider ways to prevent the Greek debt crisis from spreading across Europe have hit a roadblock, with Britain announcing they will refuse to underwrite a bailout fund worth some $60 billion.
EU leaders are worried that financial markets will continue to lack confidence in countries with high deficits.
Officials and diplomats in Brussels hope that a stabilisation mechanism will calm the international markets' fears about default in Europe.
But the loan guarantees are too much for the UK to swallow, and the UK Treasury will have nothing to do with them. Without the UK onboard the package looks pretty thin.
Political acceptance from European countries is critical, but British officials say that the stabilisation mechanism is something old, that is already been used to help Hungary, Latvia and Romania , and something new - a set of potentially huge loan guarantees.
ABC
______________
So, apart from this, Merkel is losing her election base as Germans are pissed she signed off on bailing out Greece. I didn't think she would be dumb enough to do that, but she was, and now she will suffer the consequences by potentially not being re-elected.
But what is more important is that most likely Germany will NOT bail out other PIIGS nations and will NOT provide more stability to the Euro.
Things may start to unravel pretty quickly in Europe, faster than what we have seen in Greece. I'd urge preparedness to folks in any nation over there who have massive debt to GDP ratios. Get yourself out of debt as quickly as possible, keep yourself liquid, and get your money out of the banks calmly because they will eventually have bank holidays, meaning you can't get your money out.
I love that terminology. "Holllllllliday!" :scarf:
There is so much tripe in that article, I don't even know where to begin.
He bought into the job data hype in which the government couldn't even account for half the supposed jobs created last month, he said that the Greek contagion could spread when it already has (look at Portugal CDS, Italy CDS, et cetera, as well as credit spreads and banks all over Europe), and he alludes to the recent crash as capitulation in the market.
If so, then I'd like to see him put his money where his mouth is and buy stocks.
He talks about the crash, but then doesn't even mention the real issue as to why it happened... it was a NO BID situation and the high frequency trading programs went out and found bids in less liquid electronic markets.
The last time some clown said the words "capitulation" and "market", we saw the below happen... in October of 2008.
This article sounds like the typical CNBC propaganda of, "all is well, just buy stocks!" Folks need to be real careful here.
He bought into the job data hype in which the government couldn't even account for half the supposed jobs created last month, he said that the Greek contagion could spread when it already has (look at Portugal CDS, Italy CDS, et cetera, as well as credit spreads and banks all over Europe), and he alludes to the recent crash as capitulation in the market.
If so, then I'd like to see him put his money where his mouth is and buy stocks.
He talks about the crash, but then doesn't even mention the real issue as to why it happened... it was a NO BID situation and the high frequency trading programs went out and found bids in less liquid electronic markets.
The last time some clown said the words "capitulation" and "market", we saw the below happen... in October of 2008.
This article sounds like the typical CNBC propaganda of, "all is well, just buy stocks!" Folks need to be real careful here.
Political doctrine - meet Newton's third law. Headline from Reuters. This will serve as a huge setback to a consolidated European rescue of not only Greece but all PIIGS (and then all of Europe itself).
From Reuters:
Chancellor Angela Merkel's centre-right coalition parties failed to retain their majority in a state vote on Sunday, an exit poll showed, robbing her government of a majority in the upper house of parliament.
An exit poll by ARD television put Merkel's Christian Democrats (CDU) on 34.5 percent and their Free Democrat (FDP) allies on 6.5 percent, short of a majority and leaving the make up of North Rhine-Westphalia's next government unclear.
The CDU and FDP have ruled in the state -- Germany's most populous -- since 2005, when they won 44.8 percent and 6.2 percent of the vote respectively.
Their loss of a majority in the state -- and as a consequence in the federal upper house -- means Merkel will have to rely on opposition parties for support for her policy programme, which includes tax cuts, health reform and extending the lives of some nuclear power plants.
http://www.zerohedge.com/article/br...jority-german-state-vote-according-exit-polls
Looks like we need an atomic bomb smiley for more reasons than one.
From Reuters:
Chancellor Angela Merkel's centre-right coalition parties failed to retain their majority in a state vote on Sunday, an exit poll showed, robbing her government of a majority in the upper house of parliament.
An exit poll by ARD television put Merkel's Christian Democrats (CDU) on 34.5 percent and their Free Democrat (FDP) allies on 6.5 percent, short of a majority and leaving the make up of North Rhine-Westphalia's next government unclear.
The CDU and FDP have ruled in the state -- Germany's most populous -- since 2005, when they won 44.8 percent and 6.2 percent of the vote respectively.
Their loss of a majority in the state -- and as a consequence in the federal upper house -- means Merkel will have to rely on opposition parties for support for her policy programme, which includes tax cuts, health reform and extending the lives of some nuclear power plants.
http://www.zerohedge.com/article/br...jority-german-state-vote-according-exit-polls
Looks like we need an atomic bomb smiley for more reasons than one.
At the very end he actually said to keep your money out of the stock market unless you're a long term investor. Must have been his conscious.
Then he said "I really have no idea what's going on".
Interesting stream of confusion.
The best thing is he has a link on his blog site that is to a guy who says simply "Get out".
Then he said "I really have no idea what's going on".
Interesting stream of confusion.
The best thing is he has a link on his blog site that is to a guy who says simply "Get out".
But notice how he was painting a more rosy picture than what is really happening right now.
This is the modus operandi of much of the financial media.
If he doesn't know what's going on, then what is he doing writing this article? Or better yet, why does he have his own column?
Perhaps he isn't a trader, but even average investors can figure out what happened on Thursday.
I guess I'll give him some credit though -- he didn't mention the "fat finger" trader lie, unlike CNBC. That was just a straight LIE. I bet traders all over the world were laughing their asses off at that one... I know I was.
This is the modus operandi of much of the financial media.
If he doesn't know what's going on, then what is he doing writing this article? Or better yet, why does he have his own column?
Perhaps he isn't a trader, but even average investors can figure out what happened on Thursday.
I guess I'll give him some credit though -- he didn't mention the "fat finger" trader lie, unlike CNBC. That was just a straight LIE. I bet traders all over the world were laughing their asses off at that one... I know I was.
A whopping 0.1% GDP increase! BLOW OUT NUMBERS HERE!
It's just too bad that during the Great Depression, even the US had several quarters of positive GDP during the late 20's and the 30's.
And the reason why it happens is because of government spending and the fact that economies don't just go straight down.