I’m not sure what Bove’s been on this weekend, but it looks like something good.
The Rochdale analyst, in a rage and megalomania-infused report released today, predicts a new huge market crash if politicos don’t put their shit together, and soon.
On the Democratic side, there’s a “Venezuelan Style Democracy.”
Hugo Chavez maintains himself in power as Venezuela’s President by following a simple path: He constantly attacks the moneyed classes charging them with creating that nation’s problems. In so doing he keeps the population in a constant state of anger over the fact that it must be made to suffer due to the actions of the rich and what were once the powerful.
In the United States a similar style of Democracy is being crafted by its leaders: It is being argued that the moneyed classes of Wall Street have created the financial crisis through greed and fraud.
And on the Republican side, it’s not much better:
The opposition is so intent on gaining political power as opposed to solving the nation’s economic and financial problems, That no one can say for certain where this sector is going. It is hoped that this period of insanity will end without recreating the financial crisis and recession.
In an emotional conclusion, our friend Dick calls for some discipline and reason:
In sum, the market is appalled at the lack of understanding being demonstrated by the nation’s two political parties. It is appalled at the rabble rousing based on half truths and deceitful statements. It is appalled by the willingness of placing party above the nation. Therefore, investors are voting. The election today is not at the poll booths, it is in the stock market. The decision is one of no confidence. The fear being expressed is that these politicos in their drive for personal power will destroy the financial system and drive the economy back into recession. We are on the edge of a politically driven stock market crash.
Time to apply for Geithner’s or Bernanke’s jobs Dick?
Dick Bove Report [PDF]
work on tags. ie 'david the gnome', banging swift, gargamel etc
How sad is it that one of the saner voices belongs to someone with a split personality of furry woodland creature and jilted diva? No wonder Einhorn bought gold (and I hate gold bugs like I hate fire ants).
yael=caleb
Wait, let me get this straight… NOW you are expressing your "vote of no confidence?" Really? Where the fuck have you been for 8, 10, 20, 50 years?
And as far as "We are on the edge of a politically driven stock market crash." goes, just kill yourself. That never even happens.
More transparent, crap excuses to bitch about banking regulation.
-Out of cigarettes, hung over, hungry, and, whatever, fuck off
So, at least we found out that Yael is "friends with" Dick, so there's that…
Bess was one of maybe seven people that read that waste of time Bove. The rest of the equity research world laughs at him. Then again we laugh at ourselves and the lack of business model we have.
@7 O RLY? "Posted by Yaël Bizouati, Jan 25, 2010, 12:40pm"
@EPD – so you're saying Pres. Obama's comments on the banks had nothing to do with their shares declining on the same day, which eventually brought down the index?
But since a 2% decline cannot be called a crash, lets focus on the events of 2008. Misguided politicians played no role in the clusterfuck leading up to the credit crisis? Think subprime lending and the role of politicians. Not to say the financial community was guilt free, but please, lets not give politicians a get-out-of-jail-free card.
To @EPD
The racketeers at Goldman Sachs got a get-out-of-jail-free card, why no our sleazy politicians?
These self righteous comments are 30 years late and our course is
set! Thirty years ago we were the world’s largest creditor nation
today we are world’s largest debtor nation! We use to be number
one in manufacturing and many other areas! Your expressed outrage
is too late, the jobs are not coming back and we will default
on our national debt and the dollar will be replaced as the world’s
reserve currency! All those that have served in both sides politically are accountable as well as the top people in the private
sector. We are reaping the collective benefits of 30 years of bad
policies and it is too late change as our creditors are about to
cut off our unlimited capacity to borrow!
Gold will not save us because based on the amount of dollars
printed, gold would have to rise to about 40,000 per ounce
for us to back all the dollars printed thus far! This does
not include the new dollars that are constantly created!
We will default on our national debt and there is no way out
regardless of who gets elected! In a few years the interest
on the national debt will be more than the amount of revenue
that the government collects! Social Security will pay out
more in benefits than it collects beginning in Sept this year!
You are right JG! In the end the rich and greedy politicians that got us in to this mess will have to get us out of it by giving back all the money they robed from the middle class by paying paying it back in higher taxes! The only other way is to make it a crime for U.S. company’s to make their products over seas taking away our jobs, and then turn around and ship their goods back to the U.S.! I guess we could put a tax on those goods and give them a tax break by bringing back their factory’s to the U.S. if they would hire good union workers and pay them a wage that they could support their family’s on! lol