First, the numbers.
Now: the real talk. Spoiler alert: Professor Loeb is not happy with a certain someone in Washington, who is about to experience what it feels like to be Ken Griffin.
- 27 Aug 2010 at 5:30 PM
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Dan Loeb Breaks Out The American History Text Books For Q2 Letter
By Bess Levin — Advertisement —
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yeah Ronnie really shrank the scope of Federal government
Loeb’s a jackass. Of course, in this case he’s right.
“The ability to quote is a serviceable substitute for wit.” /W.S. Maugham
@4:51 thus proving yourself witless.
Amen Daniel. Obama’s team administration does expresses neither an understanding nor a respect of the rule of law. Can someone please create and distribute a clear, concise account of wtf happened at GM? I cannot believe it does not already exist in the age of the internet.
Hey – what the hell happened here? I can’t post as SP*DE anymore? This site is going downhill bithches…
I’m currently developing a line of underwear with pockets. Actually it’s just one pocket, back left. Field research showed anything more was just down right arrogant. Anyways… the point of the pocket is a place for those items you seem to always be losing. “Now wear did I put that…?” and the next thing you know you remember it’s in your underwear pocket. Simply genius you say; I know, I know.
Anal already informed me he’s above my invention. He goes commando and benches two fitty.
SPODE
http://www.poopreport.com
His orgy of quotations comes at minimum 2 years too late. Bottom line is that those in the mortgage industry and those buying homes acted on greed, stupidity or grandiose vision about future prices and we are paying the price for the necessary corrective actions. This stuff predates Obama. Regulators, mortgage industry professionals, Republicans, Democrats, banks, insurance firms, the average Joe all had a hand and it’s something that 19 months in office is not gonna fix.
Loeb should stick to his 2 and 20. He sounds like a libertarian tea partite. Just because Jefferson halfway knew what he was talking about in 1801 does not in fact mean it makes any sense today, in today’s more complicated world- you know, where you have like derivatives, extremely large firms, no slaves, a non agricultural society, 310 million Americans, and so on.
Frankly this bunch of supposed modern day patriots are the most anti-American historically ignorant bunch of people around. Where the hell is Alexander Hamilton when you need him.
Oh here:
“Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.”
Alexander Hamilton
His orgy of quotations comes at minimum 2 years too late. Bottom line is that those in the mortgage industry and those buying homes acted on greed, stupidity or grandiose vision about future prices and we are paying the price for the necessary corrective actions. This stuff predates Obama. Regulators, mortgage industry professionals, Republicans, Democrats, banks, insurance firms, the average Joe all had a hand and it’s something that 19 months in office is not gonna fix.
Loeb should stick to his 2 and 20. He sounds like a libertarian tea partite. Just because Jefferson halfway knew what he was talking about in 1801 does not in fact mean it makes any sense today, in today’s more complicated world- you know, where you have like derivatives, extremely large firms, no slaves, a non agricultural society, 310 million Americans, and so on.
Frankly this bunch of supposed modern day patriots are the most anti-American historically ignorant bunch of people around. Where the hell is Alexander Hamilton when you need him.
Oh here:
“Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.”
Alexander Hamilton
Trapezoid, your low cunning gives me the fantods.
Mark Twain
CNBC says it is broadcasting “live” from New Orleans, but the sun is up here but on CNBC it is still a little dark??? Come on!!
~AIG Quant
New York
My momma always said that a man only needs so much money and then, after that, the rest is just for show.
-Forrest Gump
Bayou La Battrie, AL
Man, going forward, my nuts are going to need professional oiling for quite some time.
Roger Clemons
Nutbush City Limits, TX
“One of the most memorable parts of the book that hasn’t made it out yet is a bizarre story about Roger Clemens, and how he prepared for starts.
The story comes courtesy of Yankee trainer Steve Donahue who told Verducci about what Roger Clemens did as part of his usual routine to get ready for facing the Mets in Game 2 of the 2000 World Series. Donahue said Clemens’ usual pregame preparation included taking a whirlpool bath at the hottest temperature possible.
“He’d come out looking like a lobster,” Donahue said.
But here’s the money quote:
Then Donahue would rub the hottest possible liniment on his testicles.
“He’d start snorting like a bull,” the trainer said. “That’s when he was ready to pitch.”
Man, talk about way too much information. That must be why Roger was such a crotchety bastard on the mound. Well, that and the steroids.”
Where is opening bell you dumb bitch?
yawn. When did hedge fund managers turn into experts in economic policy? So many quarterly letters read all the same, Obama a communist, Govt uncertainty/regulation, yadda yadda.. Get over it guys, we can turn to Fox news for that gibberish. Just focus on making money, because frankly, no one cares about your political views.
“Just focus on making money, because frankly, no one cares about your political views.”
Well, it’s nice to have a scape goat for poor performance. Their card-carrying Republican clients will find it very hard to object to this type of political fluff.
Nothing like blaming everyone else for your lackluster performance.
except at 12.7% ytd his performance is hardly poor.
Irony.
Herbert Hoover
Jimmy Carter
Obama
Larry Kudlow
Glenn Beck
Jim Cramer
fidelcastro
Throwing around Jefferson quotes is so much fun! What about this one, Mr. Loeb? “Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.” Or this one: “I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country.” Or this one: “All the capital employed in paper speculation is barren and useless, producing, like that on a gaming table, no accession to itself, and is withdrawn from commerce and agriculture where it would have produced addition to the common mass… It nourishes in our citizens habits of vice and idleness instead of industry and morality… It has furnished effectual means of corrupting such a portion of the legislature as turns the balance between the honest voters whichever way it is directed.” Or this one: “We are now taught to believe that legerdemain tricks upon paper can produce as solid wealth as hard labor in the earth. It is vain for common sense to urge that nothing can produce but nothing; that it is an idle dream to believe in a philosopher’s stone which is to turn everything into gold, and to redeem man from the original sentence of his Maker, ‘in the sweat of his brow shall he eat his bread.’” Or this one: “Every discouragement should be thrown in the way of men who undertake to trade without capital.” Or this one: “The system of banking [I] have… ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.” Or this one: “I sincerely believe… that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” Or this one: “The bank mania… is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.” Or this one: “No one has a natural right to the trade of a money lender, but he who has the money to lend.” Or this one: “…the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.” Or this one: “Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.” Or this one: “Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoilation desolate the country.”"To the existence of banks of discount for cash… there can be no objection, because there can be no danger of abuse, and they are a convenience both to merchants and individuals. I think they should even be encouraged, by allowing them a larger than legal interest on short discounts, and tapering thence, in proportion as the term of discount is lengthened, down to legal interest on those of a year or more. Even banks of deposit, where cash should be lodged, and a paper acknowledgment taken out as its representative, entitled to a return of the cash on demand, would be convenient for remittances, travelling persons, etc. But, liable as its cash would be to be pilfered and robbed, and its paper to be fraudulently re-issued, or issued without deposit, it would require skilful and strict regulation.” Or this one: “I am an enemy to all banks discounting bills or notes for anything but coin.”
Just investing in a gold brick would have got you 30% per year…see GLD.
“Perhaps too, a cloven-hoofed mammal”… gah. It’s a good thing Loeb’s an investor, not a writer. Because he sucks at that.
I disagree, AB. Anyone who thinks capitalism means his greed is more sacred than another man’s life and health deserves to be gelded with an unwashed spoon.
A belief in (real free market) capitalism does not imply one is indifferent to another man’s life and health. It may simply mean said belief also has no faith in government ( the very essence of self-serving interests forcing others to participate vs. asking for voluntary participation) to solve the problems of another man’s life and health in all but the most basic ways (e.g. protect it from others who would use coercion to steal it). Mind you, I think Loeb is a bit of a jackass — he complains now about the system merely shifting its state protection from some to others. Those he names are hardly innocent victims, they are at the epicenter of parasitic capitalism – steering legislation and bailouts there own ways. Granted, the changes are BS, but what he opines for ain’t free market capitalism, either.
Oh, but what of those cloven hoofed, bristly haired mammals??!! Hmm? Hmmm? So Witty!
Yeah, TJ was a real moron with no foresight:
“If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air… We are warranted, then, in affirming that this parody on the principle of ‘a public debt being a public blessing,’ and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:423
Your quoting Hamilton is a joke and indicative of your politics. I’ll instead quote Jackson, Hamilton’s arch nemesis, on the subjects Hamilton pushed aggressively for:
“I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.” — AJ
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.” — AJ
Yes, Jackson must be a moron, too. Times then were so much different than today. Obviously those guys had no idea about what / who they were dealing with.
Amen. “Obama a communist” makes the genuine deal roll in their graves. Obama is on for the ride, and realizes he’s better off using duct tape and wire to keep this together rather than upset the apple cart one way or the other. The Health Bill and Financial Reform bill only reward the same corporate elite and throw tiny bones to the handout dependent crowd.
bah. Hoover was FDR Lite, go look it up. Carter? Compounded economic mistakes of Nixzon. Obama? Handed a bag of sh#%t by the prior 12 administrations. Only options are to try to hold it together — impossible long term. He’s piling on with more stupid stuff, but economically applying spit and duct tape to keep it going.
Just to be clear, he was for private enterprise and moral help of one’s neighbor. The government he speaks of defending was merely a protector of property and life in those days. He’s speaking up against corporatism (not free markets) and banker fraudsterism — ala today’s Federal Reserve monopoly, fractional reserve banking (legalized counterfeiting), and finance for the sake of finance only, financed thereof by said counterfeiting — all while impoverishing the common man and the genuine free market wealth creator. He knew these same a$$hole$ would coopt any central government made too strong to fleece both. Yet that’s what we have today.
CAPITALISM IS SLAVERY.
THEN COMES AN ASSHOLE LIKE YOU
You are a skilled backward-looking GLD trader, denim. You probably make a killing in your back tests. Jackass.
I really do want to hear from some of the US’ erudite, ideologically pure free-marketeers how it came about that the US’ manufacturing base and its houses — in short: the US economy — came into the possession of communist China.
Please, do tell!
Ah, never mind… you couldn’t be bothered to rationalize the doomed attempted theft of Iraq. No need to explain anything to simpletons like me.
exitstan, can you post the phone number of your drug dealer? You must be smoking some good stuff because you make no sense whatsoever.
Seeing the rhetoric of a thirteen year old usually signals that one is dealing with an ankle-biter. I make no sense to you because your religion is in the way. (By religion, I mean neo-liberal economics — religion dressed up in cute math.)
Why don’t you just answer the question, instead spouting baby talk?
And exitstan exhales. Do you find it difficult to type while holding your bong?
Perhaps if you had any ability to do math you wouldn’t find it so cute. As far as your ankle-biter comments goes, this “thirteen year old” will be happy to meet you at a time and place of your choosing to discuss the matter. I hope your government-mandated health insurance has kicked in.
Ah yes, the usual nonsense, followed by threats of violence.
(Yawn.)
Says exitstan while looking for his balls. Don’t mistake the little white string for a cock. It’s your tampon.
Jsmith: The fact that “the commies own you” really makes you crazy, doesn’t it?
Good luck working that out in your head, and with your future intellectual and economic… um… development, in general.
(I’m done here. Tchau.)
You certainly are done here. Promote your communist agenda elsewhere and let the real men get back to work. You are a lazy, pathetic shit stain.
The only person who put the words “moron” and “Jefferson” in proximity to each other is you. Would you like some privacy in which to fellate your straw man?
Dan Loeb-Pink, your a jackass big times and your going to hell!
Keep up the great post !
or as my jew hating idol Voltaire said,”Common sense is not common”
And Jjhe lacks grammar skills.
LITTLEHOUSE1 is a communist.
You have not written one civil, intelligent phrase here. You lie, make threats, and rant like a schoolyard bully. You are a truly unexceptional know-nothing. People like you have made the term ‘american’ a synonym for “dumb-assed, bloodthirsty loser who doesn’t matter anymore”.
You are nothing, and it is hard to feel sorry for you.
You can get back to work now… at whatever is your haven’t wrecked yet.
sweet bro.
So many sheep in this country… Do you really think CORRUPT POLITICIANS care about the SHEEPLE? Come on man, the reason there is such a huge wealth discrepency is the GOVERNMENT not people playing poker against the corrupt corporate slime… Loeb is not your enemy, Loeb is merely a market participant. The problem with America is that our government both republican and democrat have stolen the wealth of the nation. People want to look at Loeb as the enemy when really he is not partisan, not statist, not socialist, and not really even speaking as a capatalist… Americans need to speak up about corruption and the destruction of our constitutional rights… Hell I can’t smoke a cigarrette in some public outdoor areas or light up a fat spliff! Their selling public land to the Chinese… Wake up, the average public sector employee makes $120,000 per year… without the bloat there would be no crises or unemployment…
“The average public sector employee makes $120,000 per year.” Where on earth did you get that number from considering that that’s what the head of our public sector, the PRESIDENT, makes in a year???
The pay of government employees is not why the average person is being f*ed over five ways to purgatory. The fact that CEOs make $10M a year (on average) and leave with $30M severance packages when they caught revealing themselves to be the tools they are (sexual harassers, frauds, embezzlers) IS the reason why the average worker is being sheared like a lamb. How many jobs could have been saved if you eliminated the ‘Bye bye Bastard Bonus?’
Americans are sheep but the wolves are the CEOs and their Boards. The paper-pushers in Washington are in no way smart enough to have castrasted the workforce. You doth give them too much credit.
“This stuff predates Obama.” Head in the sand. Obama worked hard for sub-prime loans as a community organizer, and supported it as a U. S. Senator.
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You know Buster you sound like a really good guyI can retale to a lot of what you post here on IRN. WOW!!! That was scary. I was waiting for the infamous transitional words of but or however and the bullet that would accompany it. I am honored you enjoy most of my postings. Most of what I say just comes from memory and the heart. In regards to the U of I, I respect the historians there and their body of work. Dr. Carlos Schwantes did excellent work in Idaho History and I have noted a large amount of material regarding teaching methodologies for History that of high quality. Despite these superlatives, I have bled blue and orange since 1979 and would find in treasonous, not to mention deadly, to pursue a masters in Vandal country. Now, to the main point of this discussion, Bill Gratton passed away a few years ago. Paul J., Larry Chase, and Marty Holtman would likely remember the exact date. I was unable to find it in research. Your memory has served you correctly. Bill Gratton did work for KIVI in his later career. I found an Idaho State Historical Society Reference Series paper regarding the history of Idaho commercial television in my research. I am including the text pertinent to Mr. Gratton found in the paper:
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