August 04, 2007

Jim Cramer thinks we should care that thousands of investment bankers will be losing their jobs at Goldman Sachs, Bear Stearns etc. Do you care?

I don't know about you, but after years of fleecing America for billions of dollars in illicit personal gains, after years of manipulating our mortgage markets so that home prices grew to unsustainable levels, and after years of insane personal wealth creation for the few at the expense of the masses, frankly, when the mass layoffs come at the investment banks (and they will), I think HP should declare it a holiday.



Note to Jim Cramer - America hates your investment banker friends. We'll kick 'em when they're down, and if this was 218 years ago, we'd be lining them up at our version of the Place de la Concorde.

This mess was of their own making, spawned by out of control unregulated greed. The investment bankers have blood on their hands, and now they'll see blood in the streets.

37 comments:

SerpentMage said...

While I don't agree with your tone, I do agree that this is a mess of their own making. The investment bankers had to get greedy, and when you get greedy you take risks and then you fall...

Anonymous said...

Unlike the other comment I agree with your attitude. I have my shotgun ready too.

Anonymous said...

Why does To Kill A Mockingbird come to mind?


Boooo Ratley Hooooo!!

(Did I spell Ratley correctly?)

HereWeGo said...

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died

Everybody talking to their pockets
Everybody wants a box of chocolates
And a long stem rose
Everybody knows

Everybody knows that you love me baby
Everybody knows that you really do
Everybody knows that you've been faithful
Ah give or take a night or two
Everybody knows you've been discreet
But there were so many people you just had to meet
Without your clothes
And everybody knows

Everybody knows, everybody knows
That's how it goes
Everybody knows

Everybody knows, everybody knows
That's how it goes
Everybody knows

And everybody knows that it's now or never
Everybody knows that it's me or you
And everybody knows that you live forever
Ah when you've done a line or two
Everybody knows the deal is rotten
Old Black Joe's still pickin' cotton
For your ribbons and bows
And everybody knows

And everybody knows that the Plague is coming
Everybody knows that it's moving fast
Everybody knows that the naked man and woman
Are just a shining artifact of the past
Everybody knows the scene is dead
But there's gonna be a meter on your bed
That will disclose
What everybody knows

And everybody knows that you're in trouble
Everybody knows what you've been through
From the bloody cross on top of Calvary
To the beach of Malibu
Everybody knows it's coming apart
Take one last look at this Sacred Heart
Before it blows
And everybody knows

Everybody knows, everybody knows
That's how it goes
Everybody knows

Oh everybody knows, everybody knows
That's how it goes
Everybody knows

Everybody knows

Anonymous said...

Let me see if I can make clear for all of you. Let's say that a banker (or broker, realtor, Karl Rove, Cheney) and I were lost in the desert. If the banker caught on fire, I wouldn't waist my piss on him by trying to put the fire out. That's how concern I'm with Jimbo's crooks who work in Wall Street.

Anonymous said...

Marx and Lenin are smiling today. It took longer than they both expected, but communism has taken over. Congrats.

anon said...

Wall Street = crooks

US Monetary System = fiat

The "Fed" = illegal and unconstitutional

Future of average "joe" = doesn't exist anymore

No, I don't care about the bankers, knowing that ALL of us are going to lose EVERYTHING much sooner than we all think.

I am happy about one thing, though - I no longer have to worry about saving for retirement, saving for the kids' college, etc. There's no point...

Anonymous said...

no

out-of-control said...

True, but the reason they did so was because the US Military Industrial Complex (under the control of the bush/cheney/jew-co regime and PNAC)are way out of control. Nothing can stop them. Not even the corrupt democrats.

America is doomed with these paranoid, chilling, GOP power-freak idiots in control that not only master-minded the war on terror, but also the 9/11 fake attacks and mass-murder and fear mongering operations. It will NEVER end.

We are in a serious grave situation with bush and cheney in charge, so I can see why the bankers came up with a way to rip off uneducated home buyers. Its the only way to make money while the bushies produce billion dollar war contracts for their jewish and military/oil/energy buddies, while they laugh and turn their backs on America.

J.P. Latellga III, USA

Anonymous said...

You don't really think Paulson & Bernanke are gonna let em feel too much pain do you? Guaranteed bailout on the way. Unfortunately, 95% of the American people won't realize that they are the ones bailing these guys out. Until the average guy understands how this Good Ole Boy Ponzi Scheme works, and revolts, nothing is going to change. More of the same on the way. The dumb sheeple will probably elect Billary thinking that she'll change everything, which she will. After she's in control, you can pay higher taxes, & get screwed by Bernanke & Paulson.

Anonymous said...

Let's look on the bright side. Now that the "REIC Based Economy" (where all we had to do was sell houses to one another) is deader than a door nail, we can get on with the serious business of having... a REAL economy!

After the dust settles, no one in their right mind will buy MBS and we can begin in earnest the disconnect between Wall St. and the REIC. John Devaney (U.S Capital Markets) is already having to sell his MY (that's m-o-t-o-r y-a-c-h-t) for the rest of us. Oh, along with his Aspen abode and other holdings.

Cramer is almost single handedly tanking the HF's. This is a good thing. Now the REIC can go to locally controlled banks and credit unions for "financing". Good luck generating bidding wars with THAT distribution channel!?

I think a celebration IS in order.

DinOR

Bitter Renter said...

I hate the greed-mongering investment bankers like poison and hope they end up jumping from their high-rise condo balconies. But I wonder how many of you voted republican for the past several decades, basically voting for the greed, selfishness and indifference we find ourselves mired in in this country?

Can't have it both ways. If you vote for a savage culture and get it, don't bitch when it fucks you up.

Anonymous said...

F EM

fish said...

Keith,

I'm surprised at you man.....never hit a man when he's down....kick him, that way you don't have to bend over!

Anonymous said...

Hmmm, I think the saying is: "I would piss down his throat if his heart were on fire."
Just to clarify.
Roidy

GenX said...

I have to agree with keith on this blog..I dont care about these snot nose a holes who are so removed from reality of Life in the "real working world" and the true high cost of living as inflation rages out of control....They made there bed and must lie in it..Its ok when they where making Billions upon Billions year in and year out..SO they fell off a cliff because of their GREED! Remember most hegefund guys are brats in there 20's who have been riding the Bull market and have never been in a confirmed downdraft. Wall Street doesnt even want to pay its fair share of income Taxes..Enough already..Mark it to Market and take your losses.

Wall Street seems to love when company's announce layoffs and 1000's lose their jobs so now the shoe is on the other foot..Dont let the door hit you in the ass.

take_a_shower said...

Keith - THANK YOU for NOT SUCKING UP to Cramer now that he is READING your BLOG!!!!

He and his ilk should roast.

Batman said...

Hey Herewego, love the quote, I see your "Everybody Knows" and raise you a "The Future"
http://tinyurl.com/2lxwtz

Don't know which suits the HP meltdown better:

"And now the wheels of heaven stop,
you feel the devil's riding crop,
get ready for the future, it is murder"

or the bit about crack and anal sex...

Let's get a hangin judge and get those Goldigger-Sachs grifters and their ilk on the end of a rope!

Anonymous said...

no

Westchester Chick said...

Hell no I don't care - let the exodus begin. Come December without all those big bonuses to buy houses in Spring - the real estate outlook will look mighty bleak.

Anonymous said...

Bear Stearns Chief of Capital Markets is getting axed. I'm sure he will be leaving with a nice big bonus for putting the firm out of business.

This is the end of Bear Stearns. They have no more credibility in the investment world.

Anonymous said...

please. does anyone really believe these Wall Streeters have put any of their personal money at risk?

Wake up folks! These guys make more in one year than we make in several lifetimes and they are still not satisfied.

Thank you George Bush.

a better way said...

Since we have become a nation of the bankers, by the bankers, and for the bankers, instead of a nation of laws; the fed will cut rates and then the PPT will prop the dollar as much as humanly possible. Gold and silver still goes parabolic eventually however.

Knowing this, I plan on covering half of my puts on Monday, especially the augusts and septs. The octs, and out I will let ride.

Then I will buy some gold and silver calls calls to hedge whatever helecopter does, but here this, they don't call him 'helecopter ben' for nothin'.

Anonymous said...

Lets see, these are the same guys who for years punish companies who "don't meet the mark", praise companies who lay off thousands of employee's "because they are taking positive steps to get their profitability back" all the while the CEO takes in a record haul.

Sympathy, no, I'm sure that they can be retrained and find other work elsewhere, perhaps in construction, real estate, home improvement, automotive manufacturing, steel making, perhaps they can find work exporting American goods over seas, or importing rubber dog shit from china, or as a last resort they can work in our "service" economy, "would you like fries with that?" or "welcome to wal mart"

s@ck it bee ah chez

Anonymous said...

die, you wall street cumsuckers.

burn baby burn said...

Not one bit. I think they should have to get jobs where they do real honest work. I think 7-11 is hiring maybe I could out in a good word for them.

Anonymous said...

oh please..spare me the dribble i'm getting tired of you guys whining about how the "big bad wolf " fleeced you guys out of your hard earned $$$$ and ran up the housing prices to unsustainable levels.... blah blah blah...

1. who twisted your arm to sign on the dotted line ...REALLY? you did it to yourself PERIOD!

and now everyone is crying SAVE ME, SAVE ME FROM MYSELF.....

FACT #1

GREED PLAIN AND SIMPLE...

fact # 2

THIS HAS NOTHING TO DO WITH SHADY GOVERNMENTS, INDY MAC, BLOOD SUCKING LOAN SHARK TYPE SUBPRIME SLIME LENDERS... they simply provided a service YOU asked for ....

they catered to people with bad credit ...what did you expect to happen... HELLO?

don't like the terms ...then don't sign it ..... hiding your head in the sand won't make it go away...

falacy number #1

real estate prices will go up forever ...NOT!

falacy # 2

were running out of land, i'll get priced out of the markets etc.... or any variation of it ....

prices only go up because more sheeple are willing to pay the higher ludacrous prices...if you don't like it don't buy it ...period...


YOU SAY TO YOURSELF... even tho i know i can't afford to make the payments on this house NOW... let alone if interest rates increase which everyone knows they WILL at reset .... BUT .... if i hide my head in the sand and buy into fallacy # 1 i can unload it @ a huge profit to a greater fool than ME.. and do it all over again ....

OH...but you say i'm not a flipper i just want to buy a house for my fmaily.... that's even more stupid.... @ least a flipper has an " out " or stupid excuse for doing someting so dumb ... ( greed) he wants to sell it @ profit ....

how can you ever hope to pay something off like that ...lunacy man!!!

the wall street " guys " aren't the only culprits... they only gave you what you wanted.... you said ... i can't afford to buy a house ... gimme gimme...

okay ...here is a principle only/ liar loan ( for example) knowing full well it will never be paid off in this lifetime .... how stupid is that....




how is this doing things that in your best interest.... REALLY ?

YOU DID IT TO YOURSELF .... nobody forced your hand ...

nobody can force yo to do anything you don't want to in the first place...

Anonymous said...

Dopes was the only one here who got fleeced

FLUSH CRAMER down the LOOO said...

EEE GADS Cramer--Your act has become woefully tired and transparent at this point..your investment Cronies are simply getting the KARMA they deserve for being such greedy little bastards and expecting the hard working tax payers of this country to foot the bill. Boooo Fuc#$$ing Hooooooo

Switch to Schlitz Malt Liquor trade in your Benzie for a Kia, and your Hamptons house for a Brooklyn studio, and we'll see you at McDonalds. I will definitely buy stock in whichever Pharma makes Xanax, Paxil, and Prozac, because you and your buddies will be keeping them in business big time.

BOOOOO YAAAAAAAA You Pathetic idiot!!

Anonymous said...

how is this doing things that in your best interest.... REALLY ?

YOU DID IT TO YOURSELF .... nobody forced your hand ...

nobody can force yo to do anything you don't want to in the first place...


Well, these same people you are blaming for wanting these bad loans, might also want to go in and load up a cart at Walmart, (or home depot) for free too, but it's against these law. Same with these loans, they should NEVER have been allowed to exist...and these people didn't 'invent' these freaking loans, the mafia mortgage and all the rest of the cons did. Moron.

Anonymous said...

Do I care that IB's lose their jobs? Bwahahaha...You have got to be kidding.

If only from a purely practical viewpoint, these guys and gals took in so much money over the past few years that if they've been putting even a tiny fraction of it aside for a rainy day, they'll be doing WAY BETTER than your average American.

And if they were stupid enough to blow it all...well, welcome to the Club of the Unemployed and Downsized, bub. C'est la vie.

Anonymous said...

The comment above makes no sense. These loans weren't illegal. They were just stupid. The people that bought them were absolute idiots.

Imagine I told you I would sell you a $200,000 Bentley for $500 a month. If you didn't ask how that works and just said "cool, I can own a Bentley - let me sign and read nothing" - you're just stupid.

HereWeGo said...

batman - gotta love Leonard Cohen, he pretty much has got it covered, and is laughing about it.

http://www.youtube.com/watch?v=h27HRNm_r4U

StanDaMan said...

he also thinks we should care that speculators that took out arms are now "losing their homes". most were gambling and knew what they were getting into, got suckered into a place they could never afford in the first place, borrowed and spent money they never earned in the first place, lied on their morgage apps and/or were failed flips. They were amongst those who turned housing into a get rich quick commodity instead of home. Not only should they be allowed to "lose their homes". They should be punished with poor credit scores, tax bills, fines, jail time, whatever else they deserve.

Anonymous said...

You know... I've never fired a gun in my life, but today I found myself picking out a good handgun (Ruger SP101 I think) and signing up for gun training and a concealed carry license.

Strange.

Needing explanation said...

I don't know much about financing so can someone explain to me in laymans terms what Cramer's tirade was all about?

Midlifecrisex said...

My Father never went to school a day in his life. He was raised by a bootlegging alcohlic Father and a mentally ill Mother. After 2 years in the ARMY, he worked as a blue collar laborer at Nabisco for 45 years. He swept broken crackers off the floor, and cleaned the machines. He never owned a checking account or a credit card. He paid cash for his first and only house at age 30. He paid cash for every auto he ever bought. He died at age 73 leaving over a million dollars in the bank in U.S. Savings Bonds and R.J. Reynolds Stock, both of which he bought through payroll deductions over those 45 years. He did not believe in borrowing money (or anything else) for any reason. He felt borrowing money was a form of gambling, which he just would not do. He taught me two things about money. #1 If You can't afford it--DO WITHOUT IT. #2 It is easier to do without something than it is to own it and NOT BE ABLE TO PAY FOR IT.
I paid $13,000 cash for my first house in 1975, at age 21. I worked on it for 3 months before I moved in. I have never had a mortage. I just moved into a new house in the North Georgia Mountains that appraised for $875,000. It took me and my wife 3 years working two full time jobs to build the house. We spent $300,000 and every spare minute of the last 3 years doing most of the work ourselves. Our current net worth is $2,000,000. We owe nothing. It has been 29 years since I graduated from college. I have averaged 80 hours at work every week since I graduated.
The number one biggest piece of advice I can give anyone is to HEAVILY INVEST IN YOURSELF with the best education available starting as early as first grade. I rode my bike and played Little League, but I spent much more time reading and studying than my classmates. I grew tomato's and okra for sale, and cut grass with a push mower from age 10. By the time I was 15 I had read most of the books in our Public Library. At 16 I started work, and worked at least 56 hours every week until I graduated from college(with honors). I was saving for college and a home, while my classmates were playing and attending High School Sports. YOU CAN NOT PLAY YOUR LIFE AWAY AND THINK YOU WILL WORK A 40 HOUR WEEK AND HAVE ANYTHING OF SIGNIFICANCE IN AMERICA.
We do not teach our kids to work for what they want. We do not teach patience. We do not teach saving toward a goal. We want what we want RIGHT NOW, and we are willing to sign away our financial future to get it.(mortage)
I am just a poor ole country boy from a family where neither my Mother or Father could read or write. What could I possibly know about obtaining wealth in the U.S.?
I do not weep for those in the banking business losing their jobs, nor am I concerned for those who can not pay a mortage they signed. They should have worked harder and saved longer before buying a house. The American Dream of owning a home is a privilege, not a guaranteed right. In the U.S. we can have anything we are willing to work for. I have one question for those who whine about being on a fixed income. Who fixed it?