Bastards!
One of my friends has been after me to set-up a place like this.
And after watching the total bulls**t of what happened over the last few weeks . . . especially Friday . . . I finally said O.K. Just do it.
I’m mad as hell that the little guy gets screwed everywhere he/she turns: dishonest brokers churning commissions while your account steadily drops; almost automatic, phantom slippage from certain unnamed brokerage firms; fraudulent “gurus” who couldn’t even trade in a crashing market but who sell their “knowledge” to newbies; fraudulent snake-oil salesmen who steal money selling worthless trading systems and software; and, now, when the little guy gets through all that and does everything right, they still get f***ed by private bankers (the Federal Reserve) who effectively just wipe out their proper short positions at substantial loss – maybe even blowing accounts out – just so their rich buddies get a second chance to profit and dump their positions.
I heard about Jim Cramer ranting and raving like an idiot a week ago, demanding Fed Chairman Bernake lower the discount rate to bail-out some of Cramer’s rich buddies who invested in a few of the sinking hedge funds. He whined, “they’re losing their jobs . . .” Well, tough! They deserve to lose their jobs, and their fat bank accounts . . . and maybe even their houses like middle-class Americans are every day because of the credit-fraud game they played. I’d get fired for this level of incompetence and so would you.
Don’t be fooled . . . they knew exactly what they were doing Friday morning.
The timing was especially cruel . . . not just a quarter-point but twice that much, and before the open on Options Expiration Friday. And all that on top of the Fed putting hundreds of BILLIONS of money created from thin-air into the markets the prior 10-days to “prop them up.”
The government puts unlimited resources into prosecuting one, single NBA Referee who fixed a few basketball games, and it should . . . and the media goes on and on about it, and I guess it should too . . . but I’ll bet good money there won’t be a single dime spent investigating and not a single word written by the corporate-owned media about who made tens or hundreds of millions on “lucky” options trades between Thursday afternoon and Friday morning.
Yeah, one of the NBCs had Cramer on by phone right after the open to praise the “courageous” decision by the Fed . . . and all I could think was, “What crap!” I wanted to just reach out and choke him!
As a daytrader, I don’t really care if the market goes up or down . . . as long as it moves . . . and as long as the game is not rigged . . . and it sure looks rigged when you give rich people 2 or 3 chances and the little guy is lucky to get 1 good one.
So put a cork in it, Cramer.
Here’s Cramer’s meltdown.