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Mauldin is someone I used to correspond with and of course someone that wrote abook. For one, Bullseye investing is a misnomer in that there hasn'tbeen widescale investing for a good part of 15 years. The entire gameis leveraged and it is leveraged by the very outside the bankingindustry ploys that he mentions. The Fed is Scroomed as Ras likes tosay.
There isn't anything going to fix this. He mentionsdeleveraging. How much deleveraging? I would say all of it because itisn't something that can be done half way. These bastards need to loseevery dime they have and more, as they have basically bragged andleveraged themselves to stardom. It is a sorry world that supportsgangsters who basically take $1 and make it into 20 or 30 or 40 anddraw a spread of 3% to 5% on the entire pile and beat their chestsabout it. Then cry foul when the Fed doesn't bail them out.
The Fed can't RESTORE CAPITAL.This seems to be what the bulls are missing. They can't make a bankruptlower class that these idiots, these chest beating hedge funds, loanedmoney to at 15% or higher, got it rolled into AAA paper insured by anidiot company and rubber stamped by another culprit of the bull marketS&P and their competitors, Fitch and Moody's. All this moneycreated a consumer boom. Give an idiot credit and what happens? Hisfriends have to have credit too. Go to the slums and see the $30,000automobiles. The plasma TV's, the Ipods, the cellphones and the garbagecans loaded with last years model that I'm still trying to acquire. Itis all AAA, so keep lending right?
The Fed isn't going to fixthis stuff. It will get worse faster if they try to bail this out thistime. The $30,000 SUV has to stay parked in the hood, else we haveanother $3500 bill for imported oil. In fact, the repo guy is probablygoing to need a bigger wrecker, as some of these SUV's outweigh thewreckers. This is all going upwards.
China isn't going tocarry the game this time either. In fact, it has been the criminalelement lending to the poor in the US that floated China and India inthe first place. The Fed can't fix that. The Fed won't fix the recentstars of the market either SBUX and MCD, the second of which is stillin a bull move. Their dollar menu is about to get more popular and SBUXis going to have to close units and cut the price of their coffee to $1from $2 if they are going to keep any customers.
One thingMauldin hit right on the head, that a recession is deflationary. Ithink this one could be a 10% pullback, as the entire world has beenriding on this leveraged credit. The counterparties to a lot of thisstuff are going to default and the hedges are going to burn. We aregoing to find out about a lot of commodity corners, maybe even cornersin the oil and gasoline game.
Lastly, I think everyone thatever plays this game is usually caught at some point. I think WarrenBuffett is going to walk in one morning and find his boat leaking. Iget the sense that though he understands this stuff, he don'tunderstand what is going on here and is prone to jawboning recentlyhimself. I don't know how Icahn is even in business unless he has a wayof stealing the assets out of companies because every time I hear himassociated with something, it goes broke. I think it is time for thecorporate raider type to set in the west. Hopefully all these guys endup busted, as they rode this magic carpet made of imaginary money.
There isn't anything going to fix this. He mentionsdeleveraging. How much deleveraging? I would say all of it because itisn't something that can be done half way. These bastards need to loseevery dime they have and more, as they have basically bragged andleveraged themselves to stardom. It is a sorry world that supportsgangsters who basically take $1 and make it into 20 or 30 or 40 anddraw a spread of 3% to 5% on the entire pile and beat their chestsabout it. Then cry foul when the Fed doesn't bail them out.
The Fed can't RESTORE CAPITAL.This seems to be what the bulls are missing. They can't make a bankruptlower class that these idiots, these chest beating hedge funds, loanedmoney to at 15% or higher, got it rolled into AAA paper insured by anidiot company and rubber stamped by another culprit of the bull marketS&P and their competitors, Fitch and Moody's. All this moneycreated a consumer boom. Give an idiot credit and what happens? Hisfriends have to have credit too. Go to the slums and see the $30,000automobiles. The plasma TV's, the Ipods, the cellphones and the garbagecans loaded with last years model that I'm still trying to acquire. Itis all AAA, so keep lending right?
The Fed isn't going to fixthis stuff. It will get worse faster if they try to bail this out thistime. The $30,000 SUV has to stay parked in the hood, else we haveanother $3500 bill for imported oil. In fact, the repo guy is probablygoing to need a bigger wrecker, as some of these SUV's outweigh thewreckers. This is all going upwards.
China isn't going tocarry the game this time either. In fact, it has been the criminalelement lending to the poor in the US that floated China and India inthe first place. The Fed can't fix that. The Fed won't fix the recentstars of the market either SBUX and MCD, the second of which is stillin a bull move. Their dollar menu is about to get more popular and SBUXis going to have to close units and cut the price of their coffee to $1from $2 if they are going to keep any customers.
One thingMauldin hit right on the head, that a recession is deflationary. Ithink this one could be a 10% pullback, as the entire world has beenriding on this leveraged credit. The counterparties to a lot of thisstuff are going to default and the hedges are going to burn. We aregoing to find out about a lot of commodity corners, maybe even cornersin the oil and gasoline game.
Lastly, I think everyone thatever plays this game is usually caught at some point. I think WarrenBuffett is going to walk in one morning and find his boat leaking. Iget the sense that though he understands this stuff, he don'tunderstand what is going on here and is prone to jawboning recentlyhimself. I don't know how Icahn is even in business unless he has a wayof stealing the assets out of companies because every time I hear himassociated with something, it goes broke. I think it is time for thecorporate raider type to set in the west. Hopefully all these guys endup busted, as they rode this magic carpet made of imaginary money.
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