Monday, May 13, 2013

ATTENTION: Wall Street is Hiring Bagholders. Step Up!

How do you know you are Bearish and showing cognitive bias? How many Zero Hedge articles you reference in a work. Bullish? Anything by Joe Weisenthal on Business Insider.

Anyways, If I hear people "missed out" on the 145% rally from the lows I will scream. Only Wall Street types and morons think some dude with a job reacts in minutes or hours to market gyrations.

My chart (click for larger view):
We know, PE expansion due to low rates, etc.

The taunting, the smug dismissive attitude has to stop. No wonder normal folks do not do anything but steady invest and not watch. Main Street has seen enough of the baloney. Keep selling this uptrend (its not a 'rally' morons going on 4 years; if of course you missed the murder holes then bought the bottom which is easy) and no one is buying. Wall Street needs a bagholder that is not them (think 2000-2001; did YOU get bailed out? No? Too bad...) so buy in if you want.

Good luck.


GawainsGhost said...

Hmmm. The lie the media is selling is that the stock market is the economy. The lie Wall Street is selling is that most stocks, or IPOs, aren't soon to be worthless pieces of paper. The lie that the banks are selling is that they are not connected and protected. The lie the politicians are selling is that they are not trading on insider information.

Anyone know where the term "a jury of their peers" comes from? It descends from English common law, which was written in the 1300s. It refers to the peerage, also known as the aristocracy. See, back then if a nobleman committed a crime, such as murder, he could only be tried by a jury of his peers, in other words other noblemen. It was in fact perfectly allowable for a nobleman to kill a commoner, since no jury would convict him and he knew it. But if a commoner killed a nobleman? Let's just say he would regret it. Believe me, the punishment was severe--torture, hanging, disembowlment, being drawn and quartered, if not burned at the stake.

One law for me, another for thee, I believe the old saying goes, which gives a peculiar twist to the term "common law."

Few people today realize that's what the American Revolution was all about. The self-evident truth that all men are created equal was a direct refutation of the divine right of kings and of the idea of an aristocracy.

This is the problem as I see it. After World War II, the Baby Boomers, out of some misguided sense of justice, set about trying to establish a new aristocracy, this one based on education. If you went to the Ivy League or elite private schools, you could become an aristocrat. If not, you couldn't. You would always be a commoner. And a commoner has no chance in court against an aristocrat, who can only be judged by a jury of his peers.

Think about it. Why do you think these bankers, these Wall Streeters, these politicians, and the like, can commit high crimes, murder even, and misdemeanors, blatant acts of fraud, theft, tax evasion, harrassment, and intimidation, and not be convicted if they are ever prosecuted?

The peerage does not convict their peers, especially for crimes against commoners. If you are a peer, meaning if you went to the right schools, you can pretty much do whatever you want. If you are a commoner, meaning you didn't got the right schools, well, the deck is stacked against you.

Laws are for little people. One law for me, another for thee. The Baby Boomers sure screwed up America, didn't they?

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