Wall Street Love's Making Money -- Literally 04-02-09 mpg Stocks soar on optimism for an economic recovery This website rarely has any comments on the market, versus at least five to ten articles a day on the economy, but this little gem in the LA Times really deserves an extra special mention - mpg A
quote...."The Dow Jones industrial average climbs 216 points to
close at 7,978 as investors cheer the easing
of
bank accounting
rules and steps by G-20 policymakers to bolster [i.e. spend another trillion
dollars for the IMF] the
global economy."
You see folks, it was all a deluded figment of your collective over-active imaginations. As has been repeatedly stressed recently by our glorious "leadership", everything you've been told up till now about excessive spending and borrowing beyond ones means, along with the gutting of all those security rules on Wall Street which enabled the Banksters to create over one Quadrillion dollars in unknowable, unpriceable and therefore untradeable financial instruments as being the proximate and principle cause of our current financial difficulties....was completely and totally wrong. As it turns out, it's actually savings that are bad for the economy, that basing financial instruments on "actual value" or "real rates of return" is simply passé, that such outmoded concepts are part of the "old economy", that "fundamental" or "value investing" is only practiced by financial dinosaurs, that in the "new economy" the deeper in debt you go, the healthier your financial system will actually be. That unlike the stripped down, minimalist Bush regime's financial regulations, in the new economy advocating any financial rules at all is now considered ludicrously simple minded, wrong headed and frankly embarrassing to everyone involved. So go out there folks and get yourselves deeper into debt, create your very own ponzi schemes, borrow as much as you can without any collateral whatsoever, print as much dubious paper as you can possibly crank out, max out your credit cards, sell that house to three different buyers at the same time, use other people’s money as much as you can and pump, pump, pump it all into the market. If you can, in anyway, leverage beyond the pitiful fifty percent margin (0.5 to 1) allowed for the "little people" .... you should do so. Twenty to one, thirty to one, a hundred to one....the sky’s the limit folks, act just like the rich Banksters and you too could someday succeed as they do. So go out there, create, fabricate, obfusticate, speculate and watch your wealth procreate. Just remember, Barack Obama, Ben Bernanke, Henry "Hank" Paulson, Larry Summers and Timothy Geithner told you to do so. One more thing though, don't try to print your own currency; even if the Banksters and the Wall Street crowd get away with doing practically the same thing, it’s still illegal for the "little guy" to actually print money for himself. – mpg |