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Still Mad as Hell and Not Gonna Take It Anymore….Open Thread

Posted by Larry Doyle on January 25, 2012 5:01 PM |

Have you had just about enough? What’s that, you say? You’ve had more than enough. You feel alone and disenfranchised while doing the best to navigate the economic landscape. You now finally appreciate that nobody is there to protect you.

You have a home here at Sense on Cents.  Let’s navigate together.

In late 2009, I asked “What’s Fueling America’s Rage?” and people responded in spades.

In mid-2011, Jim Garvin’s message exploded across America that he was, “Mad as Hell and Not Going to Take it Anymore”.

Just over the last few days, some regular readers, such as Coe and BR, have unleashed as never before. I commend them for speaking their minds so eloquently and aggressively.

On that note, I welcome you to do the same. Are you also “still mad as hell and not going to take it anymore”? Then here’s your chance to unload. For the first time in the three years since launching my blog, here is a Sense on CentsMad as Hell and Not Gonna Take it Anymore” OPEN THREAD.

Who do you want to unload upon? What company? What politician? What faker? What broker? What phoney? Go ahead, be respectful but “Let ’em have it”!!

Larry Doyle

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Do your friends, family, and colleagues a favor and get them to do the same. Thanks!!

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

 

  • Peter Sivere

    On Congressional Trading:

    Congress should do what most employees in banks already do. Employees have a choice of a using a designated broker for personal trades. Before a trade gets executed it has to be pre-approved by “compliance” to ensure that there are no conflicts in executing the trade. The trade approval would be good for that day only and must be held for at least 60 days if filled. The designated broker statements would be forwarded to “compliance” where they would be reconciled on a monthly basis.

    Banks currently conduct this type of review for thousands of employees. I am pretty confident that this type of review can be conducted for the 535 members of Congress. If they choose not to participate in the process they can resign from office an day trade for a living instead.

  • David T

    How about every presidential candidate, including the incumbent? Every speech, every line, every word, seems to be nothing but spin, lies and half-truths.

    And don’t get me started on the congressional insider trading bill………seems to have fallen off the radar. How can that be? DT

  • fred

    I don’t watch the puck too often because if I did I couldn’t focus on where it’s going. ~Gretsky

    Monetization has no lasting impact? PLEASE! every dollar I pay for gas or for food or for a replacement part for my washing machine or the zero interest I’m getting on my savings at the bank includes a monetization tax.

    Furthermore, when the gov’t assumes the future liability for the fallout of neg real rates (the next bubble), who pays. We all do! Just keep your eyes focused on the rising debt to GDP ratio or the national debt.

    So Obama is waging class warfare, the way I see it, the 99%working class pays more for essentials or gets a lower rate on savings, that’s a $ for $ loss of income. The upper 1% or corporate executives watch their stock options increase in value then pay $.10 more in taxes, thats only $.20-$.25 on a rising $1.00.

    Which class is Obama really waging war on?

    So now Bernanke doesn’t want us to focus on cpi or even core cpi but PCE. (I get it, now that the CPI is poised to rise because of owner equivalent rent (OER) it’s no longer valid. The new ‘old’ OER (that can be manipulated neutral) will be systematic health care costs (SHCC). It’s all smoke and mirrors, tell me what the hell does OER or SHHC have to do with what I’m paying at the pump, paying in tuition, or the $ I get IF I get to retire?

    Do they think we’re all just a bunch of idiots?

    • fred

      While we’re at it, let’s remove the dual mandate of the Fed. Doesn’t the full employment mandate simply provide the Fed with the incentive to monetize via neg real rates?

      Full employment should be a (non public) fiscal initiative, implemented through the taxation mechanism, to coerce private employers to seek higher profits.

      For example, why not reduce corp tax rates and increase tarriffs on products made by non-American workers.

      Global companies, both US and non US, who sell product here would be incentivized to produce product here and hire American workers.

  • Munk
  • Bruce

    Larry,

    Expression of anger in the US has started in earnest. It will grow to massive civil disobedience and destruction of people and property. I cannot see anything to stop it or corral the anger, channeling it into something useful and productive. Polarization of the political process is but one instance of deep-seated hurt and unhappiness. And the rest of the world still thinks this place is the best place to try and escape to, in spite of the growing discontent.
    I have wondered for many years if there is a positive correlation between the steady increase in the number of laws and the nation’s discontent (as if it is possible to measure).

    I don’t get mad, but sad.

    Gretsky is right. Where are we going? Self preservation is becoming more and more important. Economically for me and my family, my pockets are getting heavier due to increasing percentage of real gold versus decreasing percentage of corporate shares.

  • Peter Ninen

    The economy will improve some. Some jobs will come back.

    If the govt doesn’t go nuts and spend too much, we’ll muddle thru.

  • Andrew

    LD, I was a PHLX member-owner until the NASDAQ bought it in 2006. In 1998, the PHLX and AMEX tried a merger that would have closed the PHLX. My Firm got an injunction in Common Pleas Court to halt the deal. We were successful. In 2003, PHLX management had nearly bankrupt the place, while bonusing themselves big $$$. Thus, they sought to restructure the exchange by “Demutualization”. Our TRO was still in force. They sought to extinguish it. We objected, and sued to examine the PHLX finances to see where the money had gone. The judge granted discovery. After a long summer of depositions, we presented our case. We were outlawyered, and the case was tossed. In 2004, PHLX mgt. passed “Rule 651”, essentially a fee-shifting rule that permitted mgt. to collect legal fees from any member-owner that was unsucsessful in legal actions vs the exchange. In 2007, after all appeals were exhausted, PHLX presented me with their side of the legal bills dating back to 1998!! (Almost 7 figures) We refused to pay, and were suspended. We appealed to the SEC, got no help, the Third Circuit, no help, and then PHLX went to commerce court and got a judgement against us. Now on appeal in PA Superior Court. I had to get a bond to forestall collection. (More $$ than Jerry Sandusky had to post as a child molester).
    As a trader, that’s my working capital. No competent court has been willing to address the retroactivity issue. Thank goodness for the Fiero opinion from the 2nd Circuit in New York.

    And let me tell you about my experience with FINRA…

    • LD

      Andrew,

      All I can do is say WOW!! Talk about getting railroaded.

      If you have the time and the inclination I know you could provide all who come here a wealth of ‘sense on cents’ by sharing your experience with FINRA.

  • Andrew

    LD, Since you are curious. After suspension by PHLX, we switched DEA to NYSE/Arca, as we were members there, too.
    They came into our office for the first time in 2008. We had a four man operation at the time. Each of us registered market-makers. Our partnership is a simple LP, with mostly family and friends as participants. You’d have thought I was MS or GS, the way they interrogated us. Written supervisory procedures, duplicate confirms from our partners, fax log for our fax machine, certified audits, etc. There is no secretary here, we each perform multiple functions. Our P+L is performance based. No commissions. Real simple. The incompetent examiners acted like they had never seen anything like it before. Their biggest issue was and is our Partnership Agreement. They had to approve it upon our admission in 2004. Suddenly, a second reading in 2008 and they did not like it. Nowhere in the Arca Rulebook is anything written about the founding documents of a market-maker. We had to hire an expensive law firm to rewrite the agreement. We submitted to FINRA counsel for review. Got approval. 6 Months later, during an exit conference, they said they never approved the rewrite. But we have an email from FINRA counsel with her OK. WTF? It is still an issue of contention to this day. They called each of us to NY from PA to give testimony. Another expensive lawyer. Then they issued a “Wells Letter” That was a year ago. We resigned from NYSE/Arca mid last year, couldn’t take the harrassment. No charges have been filed, to date. The hysterical FINRA Enforcement counsel has attempted to interview my limited partners. (My mother-in-law is one.) We refused. They got “Wells Letters” too, for not appearing. This is like how it must have been in the old USSR. Now, I am a regular customer, trading like anyone else. I have 16 years market making experience, and never violated any securities Rule or law. I passed plenty of tests to be in that position, yet no FINRA examiner ever had to take one of these tests. Why? Shouldn’t they pass the Series 7? I digress.
    The trouble is there is no other side. They punch, and I cannot counter-punch. The Supreme Court did not do me a “Solid” by not hearing the Standard Chartered Case.
    I cannot list the number of ways in which my business has been irreparably damaged.
    If anybody else has a similar FINRA tale,please share.

  • fred

    So now Obama, in another bid to be re-elected is proposing a revised Home Affordable Modification Program (HAMP) or HAMP tier 2. The expected cost $150 billion. In effect this program will pay Fannie and Freddie, who are owned by the gov’t to reduce the principal on loans to 63 cents on the dollar. It will also triple the incentives to banks, and effectively give them in ‘out’ on any Robo Signing scandals and prior mtg fraud.

    It will be real interesting to see how Ed DeMarco, FHFA director, who is charged with minimizing losses to Freddie, Fannie and the taxpayer can spin this in a positive way.

    (Credit Bloomberg for the story)

    Doesn’t a program that will cost taxpayers $150B require Congressional approval? I can already hear the White House Spin, a Republican House doesn’t want YOU to be able to reduce your mtg payment.

    WAKE UP PEOPLE, just another scam to kick the can down the road. Soon we will be faced with the same problem as Japan, any increase in interest rates, even as little as 1-2%, will not allow us to pay the interest on our debt. Enough!

    Instead of United States of America our new name is quickly becoming the United States of China.

  • LD: Funny

    Anger Management

    When you occasionally have a really bad day,
    and you just need to take it out on someone,
    don’t take it out on someone you know,
    take it out on someone you don’t know,
    but you know deserves it.
    I was sitting at my desk when I remembered
    a phone call I’d forgotten to make.
    I found the number and dialed it.
    A man answered, saying
    ‘Hello.’ I politely said,
    ‘This is Chris.
    Could I please speak with Robyn Carter?’
    Suddenly a manic voice yelled out in my ear
    ‘Get the right f***ing number!’
    And the phone was slammed down on me.
    I couldn’t believe that anyone could be so rude.

    When I tracked down Robyn’s correct number to call her,
    I found that I had accidentally transposed the last two digits..
    After hanging up with her,
    I decided to call the ‘wrong’ number again.
    When the same guy answered the phone, I yelled
    ‘You’re an asshole!’ And I hung up.
    I wrote his number down with the word ‘asshole’ next to it,
    and put it in my desk drawer.

    Every couple of weeks,
    when I was paying bills or had a really bad day,
    I’d call him up and yell, ‘You’re an asshole!’
    It always cheered me up.
    When Caller ID was introduced,
    I thought my therapeutic ‘asshole’
    calling would have to stop.
    So, I called his number and said,
    ‘Hi, this is John Smith from the telephone company.
    I’m calling to see if you’re familiar with our Caller ID Program?’
    He yelled ‘NO!’ and slammed down the phone.
    I quickly called him back and said,
    ‘That’s because you’re an asshole!’ and hung up.

    One day I was at the store,
    getting ready to pull into a parking spot.
    Some guy in a black BMW
    cut me off and pulled into the spot
    I had patiently waited for.
    I hit the horn and yelled
    that I’d been waiting for that spot,
    but the idiot ignored me.
    I noticed a ‘For Sale ‘ sign in his back window,
    so I wrote down his number.
    A couple of days later,
    right after calling the first asshole
    (I had his number on speed dial)
    I thought that I’d better call the BMW asshole, too.
    I said, ‘Is this the man with the black BMW for sale?’
    He said, ‘Yes, it is.’
    >>>
    >>>I then asked,
    >>>’Can you tell me where I can see it?’
    >>>
    >>>He said,
    >>>’Yes, I live at 34 Oaktree Blvd. , in Fairfax
    >>>It’s a yellow ranch style house
    >>>And the car’s parked right out in front.’
    >>>
    >>>I asked,
    >>>’What’s your name?’
    >>>
    >>>He said,
    >>>’My name is Don Hansen.’
    >>>
    >>>I asked,
    >>>’When’s a good time to catch you, Don?’
    >>>
    >>>He said,
    >>>’I’m home every evening after five.’
    >>>
    >>>I said,
    >>>’Listen, Don, can I tell you something?’
    >>>
    >>>He said,
    >>>’Yes?’
    >>>
    >>>I said,
    >>>’Don, you’re an asshole!’
    >>>
    >>>Then I hung up,
    >>>and added his number to my speed dial, too.
    >>>
    >>>Now, when I had a problem,
    >>>I had two assholes to call.
    >>>
    >>>Then I came up with an idea…
    >>>
    >>>I called asshole #1.
    >>>
    >>>He said,
    >>>’Hello’
    >>>
    >>>I said,
    >>>’You’re an asshole!’
    >>>(But I didn’t hang up.)
    >>>
    >>>He asked,
    >>>’Are you still there?’
    >>>
    >>>I said,
    >>>’Yeah!’
    >>>
    >>>He screamed,
    >>>’Stop calling me’
    >>>
    >>>I said,
    >>>’Make me.’
    >>>
    >>>He asked,
    >>>’Who are you?’
    >>>
    >>>I said,
    >>>’My name is Don Hansen.’
    >>>
    >>>He said,
    >>>’Yeah? Where do you live?’
    >>>
    >>>I said,
    >>>’Asshole, I live at 34 Oaktree Blvd. , in Fairfax ,
    >>>a yellow ranch style home and
    >>>I have a black Beamer parked in front.’
    >>>
    >>>He said,
    >>>’I’m coming over right now, Don.
    >>>And you had better start saying your prayers.’
    >>>
    >>>I said,
    >>>’Yeah, like I’m really scared, asshole,’
    >>>and hung up.
    >>>
    >>>Then I called Asshole #2.
    He said, ‘Hello?’
    I said,
    ‘Hello, asshole,’
    He yelled,
    ‘If I ever find out who you are…’

    I said, ‘You’ll what?’
    He exclaimed, ‘I’ll kick your ass’

    I answered,
    ‘Well, asshole, here’s your chance.
    I’m coming over right now.’

    Then I hung up and immediately called the police,
    saying that I was on my way over to 34 Oaktree Blvd , in Fairfax , to kill my
    business rival.

    Then I called Channel 7 News
    about the gang war going down in Oaktree Blvd in Fairfax …..
    I quickly got into my car and headed over to Fairfax .

    I got there just in time to watch two assholes
    beating the crap out of each other
    in front of six cop cars, an overhead news helicopter
    and surrounded by a news crew.
    NOW I feel much better.
    Anger management really does work.






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