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. earn money commented on Nov 28

    earn money

    […]please stop by the web pages we adhere to, including this one particular, because it represents our picks in the web[…]

  2. sex movie commented on Nov 29

    sex movie

    […]Here are a few of the sites we advocate for our visitors[…]

  3. Professional Masonry Company in NJ commented on Nov 30

    Professional Masonry Company in NJ

    […]we came across a cool web-site that you simply may possibly appreciate. Take a search when you want[…]

  4. earn money online commented on Nov 30

    earn money online

    […]that could be the finish of this report. Right here you’ll locate some web pages that we believe you’ll enjoy, just click the links over[…]

  5. new comers strap-on and dildo set commented on Dec 01

    new comers strap-on and dildo set

    […]below you’ll uncover the link to some web-sites that we think you must visit[…]

  6. P-spot commented on Dec 02


    […]always a huge fan of linking to bloggers that I adore but really don’t get a lot of link really like from[…]

  7. double penetration vibrator commented on Dec 02

    double penetration vibrator

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

  8. xvideos commented on Dec 02


    […]that would be the end of this post. Right here you’ll obtain some web pages that we assume you will value, just click the hyperlinks over[…]

  9. realistic dildo commented on Dec 05

    realistic dildo

    […]The information and facts talked about inside the article are a number of the very best accessible […]

  10. anal vibrator commented on Dec 05

    anal vibrator

    […]always a big fan of linking to bloggers that I adore but don’t get a lot of link like from[…]

  11. licking sex toy commented on Dec 05

    licking sex toy

    […]we like to honor several other world-wide-web websites on the net, even though they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  12. best kona coffee beans commented on Dec 05

    best kona coffee beans

    […]we came across a cool site that you just could take pleasure in. Take a look in the event you want[…]

  13. wand massager review commented on Dec 06

    wand massager review

    […]please go to the web sites we adhere to, such as this one, as it represents our picks in the web[…]

  14. personal lube commented on Dec 06

    personal lube

    […]the time to read or go to the subject material or sites we have linked to beneath the[…]

Read this next.