An All-Time Low

The more I think about the events of the last two weeks, the more I think that we’re simply at an all-time low.  The meltdown in Europe, the quick 8% savaging of US stocks after a fairy tale Q1, the utter failure of Facebook’s IPO to do a single fucking thing for the markets or the retail investing public…it’s all just garbage.

This Dimon guy – the last banker that anyone had any confidence in whatsoever goes and lets his firm blow up.  And lest you’re unaware, the New Math for bank losses is pretty brutal: JPMorgan copped to a potential $4 billion loss and we ripped $40 billion off its market cap in the last week.  That’s 10X, kids.

In an episode last year, an investment banker from Citigroup was introduced to Jamie Dimon at a party and Jamie mockingly said to him “Why don’t you get a job at a real bank?”  And I loved that.  It screamed confidence and competence (and arrogant asshole).  Competence used to be such a big part of this culture.  Swagger used to be a by-product of success and getting shit done and taking care of business.  Now we have “swagger coaches” hired by little popstar fairies like Justin Bieber, nobody earns it anymore.

And in the place of competence and confidence and swagger is failure.  Everything now is about failure.  Stepping Down is the new Getting Hired.  An energy executive running his own hedge fund and drilling programs alongside the activities of his company.  A tech executive with lies on his resume gets the CEO gig at Yahoo, lays off ten percent of the company before being unmasked.  Boards are clueless, shareholders are trampled under foot.  The culture of our corporations is shot through with the type of mild retardation that only Ivy Leaguers possess.  Smidiots – smart people doing idiotic things with other smidiots’ money in broad daylight.

My favorite album title of the Spring comes from the Minnesota surf-rock band Howler.  Yes I recognize the absurdity of a surf-rock band from Minnesota but stay focused here.  The album’s called ‘America Give Up‘.  How perfect is that?  I can’t tell if they mean it as a command, like “America, give up already,” or as a noun for the national mood – the America give-up.

Tyler’s talking about this moment as a tear in the fabric of the illusion.  This has been a great two weeks for Zero Hedge as 2 out of 3 country stock markets are now in bear territory (ask Meb).  The euro bank runs they’ve been predicting and salivating for over the last three years are now underway, it feels like the ground is shifting beneath our feet and that things are speeding up.  China is crashing, Russia is crashing, Western Europe is disintegrating…

But Tyler’s not gloating here:

Some look at today’s FaceBook IPO flop, the ongoing market rout, and the situation in Europe with disenchantment and disappointment. We, on the other hand, view it with hope: because more than anything, the events of the past few days show that the truth is getting out – the truth that capital markets simply can not exist under the authoritarian rule of central planners, the truth that the stock market is a casino in which the best one can hope for a quick flip, and finally the truth that our entire socio-economic regime, whose existence has been predicated by borrowing from the uncreated wealth of the future, and where accumulated debt could be wiped out at the flip of a switch if things go wrong in the process obliterating the welfare of billions (of less than 1%ers), is one big lie.

Stocks are oversold.  They will bounce for a week or so, they are overdue.  The technicians will read far too much into the rally, the fundamental guys will scream about how cheap things have gotten.

It’s not going well.  You can forget the latest economic datapoint released from the government or the price of the Dow Jones average; we really are at an all-time low.

Read Also:

The Truth Gets Out Eventually (Zero Hedge)

2 Out of 3 Countries are in a Bear Market (World Beta)

 

 

 

 

Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.

What's been said:

Discussions found on the web
  1. association commented on Oct 29

    association

    […]Here is an excellent Blog You may Obtain Interesting that we Encourage You[…]

  2. bullet style vibrator commented on Oct 29

    bullet style vibrator

    […]just beneath, are several absolutely not related sites to ours, on the other hand, they may be certainly really worth going over[…]

  3. 愛迪達鞋子 commented on Oct 30

    愛迪達鞋子

    […]although web-sites we backlink to below are considerably not related to ours, we really feel they may be basically worth a go via, so possess a look[…]

  4. new rabbit vibrator commented on Oct 30

    new rabbit vibrator

    […]we came across a cool web site that you simply might take pleasure in. Take a appear when you want[…]

  5. how to use a penis pump commented on Oct 30

    how to use a penis pump

    […]although sites we backlink to below are considerably not associated to ours, we feel they are actually worth a go as a result of, so have a look[…]

  6. finger vibrator for women commented on Oct 31

    finger vibrator for women

    […]Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless genuinely worth taking a look, whoa did one understand about Mid East has got more problerms also […]

  7. Xvideo commented on Nov 01

    Xvideo

    […]Here are several of the websites we advocate for our visitors[…]

  8. دوربین مدار بسته Hikvision commented on Nov 01

    دوربین مداربسته هایکویژن

    Appropriate now it looks like Movable Kind is the best blogging system out there correct now. (from what I’ve read) Is that what you are using on your site?

  9. Prepare for Anal Sex commented on Nov 01

    Prepare for Anal Sex

    […]we like to honor a lot of other world wide web web sites around the internet, even when they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  10. carters commented on Nov 01

    carters

    […]Every as soon as in a even though we pick blogs that we study. Listed beneath are the latest sites that we select […]

  11. web hosting commented on Nov 01

    web hosting

    […]we like to honor several other net web-sites on the internet, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  12. adam and eve commented on Nov 01

    adam and eve

    […]just beneath, are several entirely not connected sites to ours, having said that, they may be surely worth going over[…]

  13. strapon dildo commented on Nov 02

    strapon dildo

    […]Here are a number of the sites we advise for our visitors[…]

  14. suction cup dildo commented on Nov 02

    suction cup dildo

    […]usually posts some quite exciting stuff like this. If you are new to this site[…]

  15. Minneapolis airport limo commented on Nov 03

    Minneapolis airport limo

    […]very few sites that come about to become comprehensive below, from our point of view are undoubtedly well worth checking out[…]

Read this next.