Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Monday, April 20, 2009

#1 for Craziest Bullshit in the market I've ever heard

Last night, The Turner Radio Network, a white supremacist outlet run by Hal Turner, published what it claimed was a "leak" of the Treasury stress tests. They didn't actually publish a document, just a summary and in short they said the stress tests showed the entire banking system was stunningly insolvent.

Zero Hedge says the leak definitely had a negative impact on the market as news of it started to spread -- it's being discussed heavily on message boards, etc -- so the Treasury was prompted to put out a denial, saying they don't even have the results yet.


This one is so Crazy even Clusterstock doesn't believe it.

So is there any chance that it was a legitimate leak? We're skeptical for the obvious reason that we don't consider the source to be credible. But beyond that, it just doesn't sound right that there'd be a memo floating around out there detailing the carnage in the way Turner has described it. The whole thing will be designed and packaged in such a way to show that everyone's fairly healthy, but that some might need a few billion here or there.

Ok... So Clusterstock is only Skeptical..... It's almost like those dimwits don't believe it. I guess Clusterstock is only the #2 for being "Challenged" and Number 1 Goes to ZeroHedge.

Yep, the market gets it's news from White Supremists.... Next it will be UFO's

UPDATE: For those of you who don't realize how crazy Zero Hedge is, he needs to get back on his medication. The things he is typing up are absolutely crazy. But if you want some indicator of how CRAZY the market is... the fact that he is getting so much play. Just shows how much Bullshit the market is willing to believe.

4 comments:

Tony said...

What's next, Charles Manson divulging Cheesecake Factory recipes on his website?

This is a classic case of confirmation bias. He believes the same dogma that I believe, so he must be rational.

Eric said...

damn 3:40 am....

the other thing is there is no report, and what details there are are fishie... Like talking about non US banks...

some trader typed something up and sent it to him.

Tony said...

ZH posted an update to corroborate Hal Turner's credibility since he accurately broke the "right wing extremists" CIA report 48 hrs before CBS.

Eric said...

I say ZH sent it to him...

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