Here it is two years after a melt-down and the crooks are still at it. Government regulation is guaranteed at this point. I think more and more trading will move away from the NYSE in the future.
Oil will be the main source of energy for the next 30 years, I plan to buy the majors as they sell off, including TOT. The euro dollar situation will be interesting.
The point is that the large companies with quant's programs, the hedge fund group stampede psychology, technical trading, and downright manipulation by naked short traders, media control, and inside information sharing has made the actual financial information secondary. No selling here in the last few weeks but I've gotta say that my trust in the entire scope of what happens on Wall St. is shaken. From fictitious credit ratings to falsified records, it seems that fiduciary responsibility is a thing of the past.
If you were investing on the fundamentals you should have been buying as the market crashed last week and would have made a killing on the rebound. Yet your complaints make it sound like you sold in a panic based on nothing but market action. How about following your own advice?
As a recent recipient of SS, I can't say I'd like it to be abandoned. What would be better would be for the $ that were involuntarily extracted from my pay over the past 40 years as I worked my ass off be paid out in a lump sum with even a nominal rate of compounded interest over those years. Of course that's not how it works and retirees have to accept the measly monthly payout and hope they live long enough to collect some of it back. There is nothing wrong with a SS system and a civilized society needs something like this to assure old folks aren't out on the streets (which many are anyway for many other reasons). The problem is the federal bureaucracy and its unfailing record of squandering the wealth of America on wars, a rigged medical system, huge government programs which produce absolutely nothing, and various form of corporate welfare. Again: they ALL need to go.
Smurphny, you hit it right on the nose, koert thinks his guys are doing a great job, my Dad thinks his guys are doing a great job, but they complain about everyone else.
The older generations have voted for the same guys forever to keep the ponzi schemes like social security and medicare going. It is hard to understand how these older generations can do that to their kids and grandkids. They seem to think that the younger generations owe them for something that they voted for themselves but didn't pay enough in to get what they are receiving. It is all a ponzi scheme where current workers will pay so their parents and grandparents get what they voted themselves and probably most workers under 50 will never see a dime as the ponzi scheme crashes and burns.
Greed can be a terrible thing.
I am 56 and I have been voting for the other guy on the ballot for 20 years. All I hear is that you don't know what you are getting when you vote for the other guy. My response is that I know what the guy currently in office is/does and the other guy can't be any worse.
Nothing will change until those who have voted themselves these wonderful freebies are gone and those who have had to pay for the freebies have a chance to decide if they want to burden their kids and grandkids with taking care of them or if they decide that it is up to them to take care of themselves and their kids and grandkids money is theirs, not their parents!
Here's my take on the latest debacle:
If BP or Exxon spill oil, they pay damages. If I crash my car into another, I pay the damages. It's called accountability. If a brokerage or its computer program causes millions to lose billions of dollars, they MUST BE HELD RESPONSIBLE. If some jackass makes a blunder setting off a panic whereby people are damaged financially, they must pay the damages they created. Is there any class action suit talk yet? If this turns out to be purposeful manipulation, someone needs to take a perp walk. If it's a stupid error, people pay damages for stupid errors every second of every day. Brokerages should have no special privileges or immunity to damages caused. This needs to cost those who are responsible SO much money that they will quickly figure out how to avoid having it happen again.
Spread the class-action idea.
You are right, but nothing will happen.
This country is controlled by the wealthy business interests - including wall street and large banks. They buy Congress. Most congressmen are millionaires.
It's amazing we are able to survive it. I am 62 and have never been this discouraged by the total free hand given to greed and incompetence in the private sector by our bought Congress.
Poor men go to jail or the electric chair for intentionally hurting or killing 1 person.
Speculators and corporate "whiz kids" get a slap on the hand for intentionally hurting or killing hundreds.
It's a sad state of affairs. We have met the enemy - and he is ourselves. Our greed. Our fear. Our government is a reflection of ourselves.
<Oil will be the main source of energy for the next 30 years, I plan to buy the majors as they sell off, including TOT. The euro dollar situation will be interesting>
I agree with you and unfortunately began accumulating on 4/21, TOT closed at $57.89. Seems hard to believe that was only a little more than 2 weeks ago. What I didn't foresee was the precipitous drop in the euro, which is down > 5%, but TOT is down over 15% since then. I averaged down a couple of times, my last lot was @ 52, but Im keeping my powder dry now. Excluding 1Q/09, TOT is at a 5-year low, which is just incredible. But what I find extremely troubling and inexplicable is TOT has lost more than BP the last 2 weeks.
Well I started in small lots at 54, I consider the latest a nose bleed, not to worry if you think building a long term strategy. If day trading you are cooked.
Everything happened at once
1. BP screw up
2. GS screw up (huge oil future trader, along with TOT)
3. Euro dollar problems