NeverEndingMe
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GM is good, the problem is that you refuse to follow the government rule of consumer car care. that means you buy 3 GM to make sure at least 1 is working at any given time
What happened to all of the doom and gloom economic threads?
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GM is good, the problem is that you refuse to follow the government rule of consumer car care. that means you buy 3 GM to make sure at least 1 is working at any given time
patrick1
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Thanks for putting this in such a kind friendly way. You're a tribute to the American Constitution.
Patrick
RightField
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GM is building some decent cars now...that $45 Billion in taxpayer money they got was a real boost to their prospects. That equates to each family in the US "donating" $1,000 to the UAW. Is that a good use of your money or should the Government let them go through the normal bankruptcy proceedings, sold the assets and let someone else take a shot at using them to build a new (or 2 or 3) auto company (without the debt of GM or the UAW constrictions).
(The whole reason the Govt saved GM was to preserve the UAW - which donates millions to the democrats).
(The whole reason the Govt saved GM was to preserve the UAW - which donates millions to the democrats).
4est_4est_Gump
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Ford might be going gangbusters.
The economy might be better if everyone had that $1000 to spend or if it had never been borrowed because the interest will have to be serviced with tax money, not GM products. We will be told they "paid" all the money back, which is a lie and that which we were paid "back" with was with inflated, therefore, less valuable dollars.
Plus, they would have been able to emerge from bankruptcy leaner and a better company; profitable lines would have been snatched up, unprofitable rightly not so. If they relocated the bulk of their manufacturing to right-to-work states, then their cars would be more competitive price-wise.
As we can see, one "sees" that a company and jobs have been saved, but what one does not see is the cost to future productivity through this action and the cash for clunkers which tried to accelerate future sales into the present. We did not see the new manufacturers springing up and current ones expanding. We do see capital being removed from the economy in artificial wage floors because of the sophism of the Socialist Economists that companies can be too big to fail. It wil be said that the local economy was "saved" by keeping those jobs there, but since government cannot simply create Capital (all it can do is destroy it by printing money) that means Capital was denied to other, more competitive locals.
So, while see can see everyday that good ol' GM is still there, we enjoy less purchasing power and we have no idea what we are missing out on as far as the innovations made and lower cost of cars produced by the competition of those that survived, that were, shall we say, just the right size to not fail. We suffer from the loss of the unseen part of the economy.
The economy might be better if everyone had that $1000 to spend or if it had never been borrowed because the interest will have to be serviced with tax money, not GM products. We will be told they "paid" all the money back, which is a lie and that which we were paid "back" with was with inflated, therefore, less valuable dollars.
Plus, they would have been able to emerge from bankruptcy leaner and a better company; profitable lines would have been snatched up, unprofitable rightly not so. If they relocated the bulk of their manufacturing to right-to-work states, then their cars would be more competitive price-wise.
As we can see, one "sees" that a company and jobs have been saved, but what one does not see is the cost to future productivity through this action and the cash for clunkers which tried to accelerate future sales into the present. We did not see the new manufacturers springing up and current ones expanding. We do see capital being removed from the economy in artificial wage floors because of the sophism of the Socialist Economists that companies can be too big to fail. It wil be said that the local economy was "saved" by keeping those jobs there, but since government cannot simply create Capital (all it can do is destroy it by printing money) that means Capital was denied to other, more competitive locals.
So, while see can see everyday that good ol' GM is still there, we enjoy less purchasing power and we have no idea what we are missing out on as far as the innovations made and lower cost of cars produced by the competition of those that survived, that were, shall we say, just the right size to not fail. We suffer from the loss of the unseen part of the economy.
4est_4est_Gump
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Additionally, keeping in mind that economics is a part of the Sociology Department, we have to consider the Human Action of the company and the Union now that they know, being too big to fail, that the government is now the business partner of both the Union and the company, so wages do not have be negotiated against the backdrop of market realities, but of how much the government will subsidize in the future to make sure their partners (and campaign contributors) do not fail.
4est_4est_Gump
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Will DC wreck the economy again?
We've seen politicians in Europe roil the market, and now the congressional supercommittee is running out of time. Will members make the hard decisions we need? Sure backdoor cap & trade will fix it.
No, they will make a political decision, for the Democrats, the best possible outcome is no decision at all and for the Republicans the best possible outcome is a compromise that the Democrats favor.
Since the Democrats have their tactic, no compromise will be big enough to satisfy their goal, therefore, they get a two-fer, military spending cuts, along with Universal Health Care, one of their Holy Grails and the willing compliance of the Democratic PRess machine to trumpet intransigence of the side of the Republicans...
Roiled markets play into their strategy as it did with the debt negotiations, we're working harder than we've ever worked on anything before for our beloved 99%, but the evil greedy oppressors in the 1% are directing the Republican Party to just say no to anything that might cost them as much as one thin zinc dime...
They'll "fix" everything when they're back in power with a $2 Trillion dollar stimulus, a few more government programs, and a couple of new bureaucracy watchdog agencies to keep an eye on the 1% and their SA Storm Troopers in the Tea Party.
Last edited:
4est_4est_Gump
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As I pointed out earlier, the fallacies of static scoring and static models...
They ignore Human Action, the CBO by law.
Again, the seen action was the acceleration, the unseen consequence was how do you permanently then continue to force the distance future into the near future pressed into the present...
4est_4est_Gump
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Got Questions?
BCM Has Ceased Operations (source)
Posted by Ann Barnhardt - November 17, AD 2011 10:27 AM MST
Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,
It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.
The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.
The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.
Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.
I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.
Perhaps the most ominous dynamic that I have yet heard of in regards to this mess is that of the risk of potential CLAWBACK actions. For those who do not know, “clawback” is the process by which a bankruptcy trustee is legally permitted to re-seize assets that left a bankrupt entity in the time period immediately preceding the entity’s collapse. So, using the MF Global customers as an example, any funds that were withdrawn from MFG accounts in the run-up to the collapse, either because of suspicions the customer may have had about MFG from, say, watching the company’s bond yields rise sharply, or from purely organic day-to-day withdrawls, the bankruptcy trustee COULD initiate action to “clawback” those funds. As a hedge broker, this makes my blood run cold. Generally, as the markets move in favor of a hedge position and equity builds in a client’s account, that excess equity is sent back to the customer who then uses that equity to offset cash market transactions OR to pay down a revolving line of credit. Even the possibility that a customer could be penalized and additionally raped AGAIN via a clawback action after already having their customer funds stolen is simply villainous. While there has been no open indication of clawback actions being initiated by the MF Global trustee, I have been told that it is a possibility.
And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.
Remember, derivatives contracts are NOT NECESSARY in the commodities markets. The cash commodity itself is the underlying reality and is not dependent on the futures or options markets. Many people seem to have gotten that backwards over the past decades. From Abel the animal husbandman up until the year 1964, there were no cattle futures contracts at all, and no options contracts until 1984, and yet the cash cattle markets got along just fine.
Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.
To my clients, who literally TO THE MAN agreed with my assessment of the situation, and were relieved to be exiting the markets, and many whom I now suspect stayed in the markets as long as they did only out of personal loyalty to me, I can only say thank you for the honor and pleasure of serving you over these last years, with some of my clients having been with me for over twelve years. I will continue to blog at Barnhardt.biz, which will be subtly re-skinned soon, and will continue my cattle marketing consultation business. I will still be here in the office, answering my phones, with the same phone numbers. Alas, my retirement came a few years earlier than I had anticipated, but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law.
As for me, I can only echo the words of David:
“This is the Lord’s doing; and it is wonderful in our eyes.”
With Best Regards-
Ann Barnhardt
BCM Has Ceased Operations (source)
Posted by Ann Barnhardt - November 17, AD 2011 10:27 AM MST
Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,
It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.
The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.
The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.
Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.
I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.
Perhaps the most ominous dynamic that I have yet heard of in regards to this mess is that of the risk of potential CLAWBACK actions. For those who do not know, “clawback” is the process by which a bankruptcy trustee is legally permitted to re-seize assets that left a bankrupt entity in the time period immediately preceding the entity’s collapse. So, using the MF Global customers as an example, any funds that were withdrawn from MFG accounts in the run-up to the collapse, either because of suspicions the customer may have had about MFG from, say, watching the company’s bond yields rise sharply, or from purely organic day-to-day withdrawls, the bankruptcy trustee COULD initiate action to “clawback” those funds. As a hedge broker, this makes my blood run cold. Generally, as the markets move in favor of a hedge position and equity builds in a client’s account, that excess equity is sent back to the customer who then uses that equity to offset cash market transactions OR to pay down a revolving line of credit. Even the possibility that a customer could be penalized and additionally raped AGAIN via a clawback action after already having their customer funds stolen is simply villainous. While there has been no open indication of clawback actions being initiated by the MF Global trustee, I have been told that it is a possibility.
And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.
Remember, derivatives contracts are NOT NECESSARY in the commodities markets. The cash commodity itself is the underlying reality and is not dependent on the futures or options markets. Many people seem to have gotten that backwards over the past decades. From Abel the animal husbandman up until the year 1964, there were no cattle futures contracts at all, and no options contracts until 1984, and yet the cash cattle markets got along just fine.
Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.
To my clients, who literally TO THE MAN agreed with my assessment of the situation, and were relieved to be exiting the markets, and many whom I now suspect stayed in the markets as long as they did only out of personal loyalty to me, I can only say thank you for the honor and pleasure of serving you over these last years, with some of my clients having been with me for over twelve years. I will continue to blog at Barnhardt.biz, which will be subtly re-skinned soon, and will continue my cattle marketing consultation business. I will still be here in the office, answering my phones, with the same phone numbers. Alas, my retirement came a few years earlier than I had anticipated, but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law.
As for me, I can only echo the words of David:
“This is the Lord’s doing; and it is wonderful in our eyes.”
With Best Regards-
Ann Barnhardt
4est_4est_Gump
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Thank you Governor Corzine (D)...
Shit Happens!
Shit Happens!
richard_daily
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NeverEndingMe
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well, I waited for you...you had nothing. wasn't sure if you ran to hide from me
patrick1
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A fine woman, and example of Amiercan values. Hey, she burns the Quran on YouTube - and attacks Mitt Romney, which is more moral? -
http://www.youtube.com/watch?v=riSJcZC89Hc
Thank goodness for tolerance.
Obviously she hasn't run off with anyone's money.
Patrick
richard_daily
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Nobody runs and hides from you, they just cover their face in embarrassment every time you post.
NeverEndingMe
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yeah, cuz I embarrass your sorry ass. your love for all things socialist are an epic fail. I find it funny that your new mayor was trying to bust the union!
your way of thinking is over my little friend .... you were left behind. please try to come up to at least the 20th century
richard_daily
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No, you embarrass yourself, and you embarrass humanity through the simple fact that there is someone alive as stupid as you are.
Did you go to public or private school?
NeverEndingMe
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richard_daily
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You went to sad school? Is that the opposite of clown college?
koalabear
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Stocks waver as eurozone worries simmer
The ECB's chief urges policymakers to meet their commitments to resolve the debt crisis. Pressure mounts to expand the eurozone's rescue fund. US leading economic indicators rise more than expected.
http://data.moneycentral.msn.com/scripts/chrtsrv.dll?symbol=%24US%3AINDU&width=298&height=160&c1=3&ce=0&cf=0&d2=0&d3=0&d4=1&d5=0&e8=1&legend=0&banner=5&af=2&palette=2
The ECB's chief urges policymakers to meet their commitments to resolve the debt crisis. Pressure mounts to expand the eurozone's rescue fund. US leading economic indicators rise more than expected.
http://data.moneycentral.msn.com/scripts/chrtsrv.dll?symbol=%24US%3AINDU&width=298&height=160&c1=3&ce=0&cf=0&d2=0&d3=0&d4=1&d5=0&e8=1&legend=0&banner=5&af=2&palette=2
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richard_daily
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NeverEndingMe
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no wonder you don't work. you are a sad excuse of a human being. that's why you need more socialism as you milk the system
NeverEndingMe
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maybe you need to run over to your favorite glory hole and get a little vitamin C
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patrick1
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<<Quote:
Originally Posted by patrick1 View Post
Thanks for the economic analysis.
You are entirely mistaken.
Patrick
oh which part, that Europe is fucked or socialism is a sickness?
__________________
Merc has his head so far up his ass, he can see Russia
Obama is a dick
Merc/cebalrai - > wake up! those are not m&m, leaking from your ass >>
I'm intrigued that you think the remarks in your footer are useful.
1. Europe is going through an economic crisis. I did notice. But it's a wealthy capitalist set of countries, it will get over this, it's not 'fucked'. The eurozone countries got in a mess in trying to have a joint currency without a joint economic policy. So it goes.
2. Is socialiism a sickness? No it's a point of view you strongly disagree with. So it goes. Kindly don't confuse it with Communism or with my own belief, left-libertaranism.
Please don't be rude.
Patrick
Originally Posted by patrick1 View Post
Thanks for the economic analysis.
You are entirely mistaken.
Patrick
oh which part, that Europe is fucked or socialism is a sickness?
__________________
Merc has his head so far up his ass, he can see Russia
Obama is a dick
Merc/cebalrai - > wake up! those are not m&m, leaking from your ass >>
I'm intrigued that you think the remarks in your footer are useful.
1. Europe is going through an economic crisis. I did notice. But it's a wealthy capitalist set of countries, it will get over this, it's not 'fucked'. The eurozone countries got in a mess in trying to have a joint currency without a joint economic policy. So it goes.
2. Is socialiism a sickness? No it's a point of view you strongly disagree with. So it goes. Kindly don't confuse it with Communism or with my own belief, left-libertaranism.
Please don't be rude.
Patrick
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