Here's a pretty damned good article in a Pasadena, California newspaper, that I would encourage everyone to read and forward on to your favorite elected officials. Especially those on the Senate Committee on the Judiciary.
The author, Wayne Jett, is the person responsible for organizing the CFA round-table on naked short selling, which was abruptly canceled at the last minute by the CFA board.
Now, reading this, I see a clear, concise, factual articulation of the issues.
Makes me wonder why everyone seems to feel that those who recognize the looming problem in the markets are somehow unhinged. Or at least, that is the portrayal by the NY press - who are beholden to Wall Street for their daily bread. Could it be that the bad guys' influence fades the farther from Wall Street one gets - with some rare exceptions in San Diego and Marin?
Huh. Who would have thunk.
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Speaking of compromised lackeys of Wall Street, CNBC had a panel discussion this morning, wherein the sentiment touted was that the Senate hearing next week is some sort of conspiracy against hedge funds, perpetrated by Patrick Byrne.
Nobody bothers to test the logic, of course.
It goes something like this: Bad old Patrick is somehow persecuting a $1.3 trillion dollar industry, whose top dogs make hundreds of millions or billions per year, as individuals. He is ostensibly doing this because he is a mean old rich guy.
Nobody bothers to point out that his worth pales in comparison to even a few of the guys he's supposed to be persecuting.
Instead, CNBC, who has been calling him a conspiracy kook (as has the rest of the NY press, in lockstep, obviously per Wall Street's agenda), is now credulously parroting and disseminating conspiracy theories of their own wherein his shadowy hand is somehow controlling events to persecute the poor, innocent billionaires.
All I can say is, do they really think we are that stupid? I was embarrassed listening to this pap. It's insulting. And frankly, that Gasparino was involved is disheartening.
But it is encouraging that CNBC, Cramer, Greenberg, and the rest of the whining apologists are inventing more conspiracy theories now than the flat earth society, Area 54 nuts, alien abductionists, grassy knoll theorists, and tri-lateral commission zealots combined.
It's profoundly amusing to hear the entrenched, privileged power structure that owns the market and the financial system whine because Congress is waking up to the fact that they have run amok, and are stealing the nation's savings.
Boo hoo hoo. Sniffle. Patrick is picking on us. Whaaaaaahh.
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The Bunny will be hopping down the bunny trail starting today, for a week, going to undisclosed locations. You are free to use your imaginations to conjure up all sorts of lively scenarios. I won't be checking in much during this week, but will try to get on here and there. Please be civil, and feel free to post articles here in the comments section as they break - I suspect we will see a lot of them this week.