Intra-day Update: US $$ backed by bull-shit
Intra-day Update: US $$ backed by bull-shit
UPDATE 11:35am EST: I have seen this chart flowing around for some time now, but had not seen it with the levels as low as they currently are. If you have not seen it, it will surely open your eyes as to how bad this current crisis ACTUALLY is. Read ’em and weep.
From a creativity stand-point though, you have to love it when our Federal Reserve, which until this year had never had less than say 75% of its assets as treasuries, has decided to become a full-fledged bank. As if we didn’t think that by bailing out buying assimilating these bad banks the Fed wouldn’t become one massive monolith of a bank. But come on…Around 25% of it’s assets are treasuries. Translation… 75% of what the United States Federal Reserve is holding is nothing more than straight BULL-SHIT. Do I need to breakdown the shit into its more understandable alphabet soup nomenclature (I hope not)?
Simple but scary!
That said, the Fed, like any big bank, saw a chance to make a few quick bucks, and in doing so, has cast our entire financial system into a huge turmoil. How do you think foreign countries would react if they knew our Federal Reserve had only 1/4 of its total assests as something tangible…. Food for thought.
Skål!
UPDATE 12:36pm EST: Mole here – the chart that really scares me is this one:
UPDATE 2:11pm EST: Berk and I have been nibbling on shorts. Here’s what I grabbed: AAPL, DHR, STRA, WYNN, POT, GLD. I also like RIMM at 55. All puts – yes 🙂
UPDATE 3:00pm EST: I like Basic Materials this week – they exploded last week and are taking a big hit. Here are some symbols for you guys to play with:
| ABX ACI AGU ANR APA APC ARD ATW BTU CAM CF CHK CLR CNQ COG CRK DO DVN EAC ECA EOG ERF ESV EXH FCX FST GDP HES HP IMO IPI MEE MON MOS MRO MUR NBL NE NFX NOV NUE OIS OMG OXY PBR PCZ POT PVA PX PXD PXP RIG RRC SFY SII SM SPN SQM STR SU SUN SWN TRA UPL WLL WLT XEC XTO |
I also like FSLR – thoughts?
