The New York Times reports:
It is the Wall Street equivalent of a perfect game of baseball — 27 up, 27 down, the final score measured in millions of dollars a day. Despite the running unease in world markets, four giants of American finance managed to make money from trading every single day during the first three months of the year.
Their remarkable 61-day streak is one for the record books. Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase & Company produced the equivalent of four perfect games during the first quarter. Each one finished the period without losing money for even one day.
Goldman Sachs — which is fighting an S.E.C. suit claiming the bank defrauded customers on a complex mortgage investment — posted its first perfect quarter ever. Goldman made at least $100 million on 35 days during the quarter, and at least $25 million on the remaining trading days.
Bobbo, I you brought up AGW… not I.
While you are exclaiming the obviousness of the big picture… I am more focused the causes. Like AGW, the truth is in the details. While you scream it’s the end of the world, I try and sort the wheat from the chaff. So while you may not like my ‘quibbling” on details… my reply is “suck it up” and try not to be such an alarmist. The system isn’t rotten to the core. It needs a cleanup, and better management.
As for the 6 largest banks you mentioned, What does their size have to do with anything? If those 6 banks were 20 smaller banks, would the mortgage crisis NOT have happened?… or would the government have bailed out 20 banks instead of 6?
If you want to compete on the world market you have to be a big player. You haven’t offered one viable alternative. That’s because there isn’t one unless you are up for a new world order.
Winston, interesting stuff. Perfect quarters have happened before as well, so I suspect that skill has made the game less of a gamble for some. That’s why we allow the skilled players to manage our money in hopes of beating the odds.
#21–QuibbleMaster==errors in thinking tend to bunch up. You get to quibbling by mischaracterizing the argument/proposition/theme/Big Idea.
I never screamed and never claimed the end of the world. You see your manipulation?
I’m happy to suck it up/deal with the ambiguity/accept the bad with the good, but isn’t that a two way street? How does one avoid your mischaracterizations when posting what really is plain to all: Wallstreet needs to be re-regulated.
Deal with that instead of quibbling, misdirecting, mischaracterizing, and apologizine.
Same dodge is used with Winston, although I haven’t looked at his links. Accepting his statement as accurate, I am SKEPTICAL of your statement that there have been perfect quarters before. Not a quibble, you are now making up BS. Now, the last time I said that to you, you proved me wrong. Care to try that again? I will rest on Winstons stated odds and wait for your contradicting link. I doubt you can respond on point.
Bobbo, I agree with you. Those guys are the casino and all the games are rigged. They are pigs that are first at the trough, get first dibs on every cent, and everyone else gets what’s left, and it ain’t much, or even remotely
fairly distributed. We are a goddamn banana republic at best. When I sold the old house back in 2005 for too much money ( By today’s standards, anyway.) I should have split to Europe when I had the chance, instead of buying another house.
RTFA…
“A JPMorgan spokesman said the last time the bank had a perfect run was the first quarter of 2003. ”
You should know me better than that by now.
Refreshing your memory, you posted…
“We currently have 6 huge financial institutions who have assets over 60% of our GDP. Thats insane.”
My response…
“What i object to is alarmist exaggeration, and mincing terms like assets and GDP so that they SEEM alarming.”
So although some of you postings make perfect sense, That one caught my eye as sensationalism. You took it as a personal attack… again… and lambasted me in the next post.
GetSmart===”Please allow me to introduce myself, a man of wealth and fame!”====I HAVE LOST MONEY ON EVERY HOUSE I HAVE EVER OWNED!!!!!! While my friends have become rich doing just the opposite. All just timing and market fluctuations. Others made money before and after me on the same houses. Thank goodness I made enough money as a wage slave.
but on a related personal note, I was thinking just last night that I have accomplished much, more than most people with only 2-3 failures. I don’t care about losing money on houses, that actually was partially caused by selling to move to better jobs. But relatedly, I have always wanted to build my own house of my own design. Not be the contractor==pound every nail, run every wire. I’ve done parts and pieces of the entire job. But, none of it all together. But then I want to live in the house for my entire life==watching the grape arbor grow and develop. Put my arms up to the main cross beam and know I put it there.
But our lives go in other directions. I blame Wallstreet.
I’ve decided that we should “Nuke the Street from orbit, it’s the only way to be sure.”
27,
Aim for Wilmington Delaware..PLEASE.
Wikipedia…
“Taylor was uninvited to an international meeting of polar biologists held 29 Jun – 3 Jul 2009 in Copenhagen. The chairman of the Polar Bear Specialist Group (PBSG), Dr Andy Derocher explained that his rejection had nothing to do with his undoubted expertise on polar bears: “it was the position you’ve taken on global warming that brought opposition”. Dr Taylor was told that his views running “counter to human-induced climate change are extremely unhelpful”. His signing of the Manhattan Declaration was “inconsistent with the position taken by the PBSG”.[4]
Taylor was a participant in all the previous PBSG meetings between 1981 and 2005.[5]
In their press release after the meeting, “The PBSG renewed the conclusion from previous meetings that the greatest challenge to conservation of polar bears is ecological change in the Arctic resulting from climatic warming.”[6]
Lets just nail this one shut, shall we?
US Senate Committee on Environment and Public Works.
http://bit.ly/aKLKlv
Shat… wrong thread. Sorrrreeeee.
Thanks Skeptic. I respond on other thread.