The Golden Truth: Look Out Below: BAC In Liquidation Mode

Wednesday, October 20, 2010

Look Out Below: BAC In Liquidation Mode

Not quite in "take no prisoners" mode, but I would guess a big hedge fund is hitting the exit button:

(click on chart to enlarge)

If you own this stock, you still have to get out before the slow moving elephant herd of fund managers (i.e. Janus) realize they have to sell or face fiduciary responsibility lawsuits from big fund investors.

We've seen this pattern before. It will not end well unless you are short the stock...

This just in: Bank of America RICO'd in Indiana: Bank of America Accused of Racketeering in Foreclosure Lawsuit in Indiana

Here's the news link from Bloomberg: Look Ma, No Hands Expect many more of these...

6 comments:

BillWednesday, 20 October, 2010
I will throw a BAC party in their honor...Goodbye Bank of America...don't let the door hit you in the ass on the way out.

Oh and ( Whispers ) pull your money out of the bank folks..wink wink.
ReplyDelete
Replies
AnonymousWednesday, 20 October, 2010
Dave we just had a EUR/USD cross...

Interesting.
ReplyDelete
Replies
AnonymousWednesday, 20 October, 2010
just shorted bank of America 3500 shares .
ReplyDelete
Replies
RothbardWednesday, 20 October, 2010
So BAC is the new garbage can? Will they get assets dumped on them or will they dump on someone else in a sweetheart takeover? Maybe JPM is stuffed to the gills with crap so the taxpayers will take it over.

That is how it goes in a banana republic anyway.

Armaggedon happens if we don't pour billions into this garbage can, they'll say.
ReplyDelete
Replies
Dave in DenverWednesday, 20 October, 2010
Rothbard, they already dumped the garbage of Countrywide and Merrill into the BAC can. Now it's time to do a complete chemical burn. Maybe they'll recycle some of the thermate found at ground zero to get the annihilation started...
ReplyDelete
Replies
AnonymousThursday, 21 October, 2010
I love your posts, Dave! And what I most love is that you are a genuine patriot and not a brainwashed Ami.
Why can't more Americans be like you?! Instead of hating you - the world would love you!
ReplyDelete
Replies

Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.