6/15/11…game, set, match?

Bloomberg Top Stories:

*U.S. Industrial Production Rises Less Than Forecast on Drop in Utilities

*Stocks, Oil, Fall on New York Manufacturing Report; Euro Weakens on Greece

*Fed Officials Said to Discuss Adopting Inflation Target Backed by Bernanke

*Greece Bailout Prospects Darken as European Bickering Weakens Papandrou

*J&J to Eliminate as Many as 1,000 Jobs, Take Charge of Up to $600 Million

*Merck With AstroZeneca Leads Rivals-turned-Collaborators on Cancer Grugs

*Oil Drillers Turn Shipwreck Hunters as U.S. Rules Stiffen After BP Spill

*Hoe-Price Explosion Seen in Silicon Valley as Facebook Makes Millionaires

(Note that in May Facebook lost an unprecedented 5 million subscribers. Fad?)

Volume was just 915 million shares on yesterday’s 1% Dow rally on what? Increased growth in China – accompanied by increased reserve requirement??? Our data looked pathetic and continues this morning. Not going to waste any more time on this meaningless drivel as we approach mid-year and performance suddenly not looking so hot. Market is opening weak today giving back most of yesterday’s ‘faux’ gains. Good luck.

…finally finished reading Matt Taibbi’s book, Griftopia. The final chapter is on Goldman Sachs or Goldamn as TB’s readers know it. This firm has gone from one with principles to one of greed at any cost and is a blight on our markets. Yet it has permeated not only the financial sector but the government sector and not just in the U.S. but internationally. Unquestionably they are the force that created the dotcom bubble and manipulated corporations. Yet Jim Cramer, who was a former employee praises it despite his former hedge fund having sued them for ‘spinning’ – something they have long denied but a CFO of a former client told me of being invited to join small syndicates to participate in IPO’s which were ‘flipped’ on the opening day. Is this not spinning? Price manipulation? TB asked him: do you think you could have been in these pools if you weren’t the CFO of a tech company? Sheepishly, he remained silent. They were buying his firm’s business at a cost to shareholders and he didn’t even see it. Are they now doing the same with Facebook and other social networking companies? TB believes in some form they are and they will game it just like they did mortgage-backed securities thru lies and deceit. A wonderful company, that even the employees don’t believe in any more…except for their obscene bonuses…why else would they be shorting their restricted shares?

. . .  – – –  . . .    . . .  – – –  . . .

How have we, Americans with a birthright, allowed our system of government to decay into a sham democracy. Think of the sacrifices that were made to create it and to maintain it. Yet we have a government of two parties who don’t give a damn about the people they are sworn to represent, only how much is in it for them. That is not conjecture, it is fact. We have a president who ran on ideals then sold out his healthcare plan to pharma and the insurance companies as the GOP did with prescription drugs and instead is calling for dissolution of Medicare without even trying to rein in the cost side of the equation.

We are pathetic. You want hope…there is hope…but where are the leaders? Where are people committed to improving America for Americans, not just the wealthiest 1% and corporate America.

Have a great day and please reflect on this,

TB

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: