Fubsy Cooter: Wall Street Watchdawg: Another Awesome Story by Matt Taibbi

Saturday, November 7, 2009

Another Awesome Story by Matt Taibbi

Ok. For the past couple weeks I've been thinking I need to give more focus to the infuriating goings on at Goldman Sachs, the investment bank that basically staffs the federal reserve, and consequently, takes a significant slice of the trillion dollar pie per year. What does GS doe with all this generosity by the taxpayer via the Fed? Do they payt their taxes? Nah, not really. Do they contribute to charities, non profits, or many of the other pssible means of giving back to common man? Nope. They pretty much take every liberty they can to profit off the loss of public wealth, and continue to push the envelope for more. Goldman is the poster child of greed, and avarice, and they act as though they can get away with murder. Hmmm, can they Check out Matt's latest piece.

Fubsy

http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle

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Action Plan

People often ask me, "Ok, things are screwed up, but what can we do?" Below are some steps we can each take to encourage a free and vital society.

1: Contact Elected Representatives. Below is a link to contact federal elected officials, as well as my current message to these officials. Please contact me if you have any questions.

http://www.usa.gov/Contact/Elected.shtml

My current message to elected officials:

Dear...
As a voting citizen of the United States, I strongly encourage you to advocate and vote for legislation that Audits the Federal Reserve. Somehow, the U.S. Government has put a private bank in charge of the money supply of our country, and has no means of knowing how our money is spent. I believe the single most pressing issue for our national security is improving our fiscal strength so that we may fund the support services necessary to remain a solvent...no, vital nation of free people. This starts with taking responsibility for our money supply through robust accounting practices. It is inconceivable to me that a private bank has the ability to determine how many U.S. dollars are printed, and how they are spent, without stringent oversight. Fix this now! I am awake. I am paying attention. I will not vote for you if you do not take action on this matter.

Sincerely,

Name
City, State

2: Transfer money from large money center banks to local credit unions or regional banks.

3: Buy from locally owned businesses. Talk with business owners about why you choose to buy from them. Tell them about your banking choices, and encourage them to support local businesses by depositing their money with a local credit union/bank.

4: Use cash or debit cards instead of credit cards. Pay off credit card balances, or transfer balances to cards run by credit unions/regional banks. Every dollar you owe a bank contributes to the transfer of wealth from you to a corporation.

Trading Rules and Definitions

Rules
Risk Management: The most critical aspect of my trading is managing risk. I am more concerned with how much I can lose in a trade than how much I can make. The amount of risk I'm willing to tolerate depends on the situation around a trade...am I trading with the trend, or am I trying to time a reversal? I usually limit risk to a range from 1/4% to 2% of my portfolio depending on how I judge the odds of winning.

Do not enter trades randomly: Always have a good reason for entering a trade. Typically, I look for shifts in the supply/demand balance of an asset to time my trade. Are there more sellers or buyers? Is the ratio of sellers to buyers changing? I use pivots in price, and changes in volume as clues to the nature of this dynamic at any given time.

Definitions
Swing reversal: A change in direction of an asset's price. In the case of a topping pattern, the closing price of the day (or week, depending upoin the time frame being used) is lower than the lowest price on the day/week that the asset made it high for the move. In the case of a bottoming pattern, the closing price of the day/week is higher than the highest price on the day/week it made it's low. I frequently use swing reversals as entry points to initiate or add to positions.

introducing Fubsy's Backporch War

Hey Folks!
Fubsy here. I'm starting this blog to shake things up. I feel like rabble rousing. There’s something amiss, and I want to stir the pot and sift through the watered down version of news fed to the American public to find something that more closely resembles truth.

So, I’m gonna sit here on my porch, sipping my Iced Tea, playing my banjo, and farting right along with my hound dog Lou, and somehow find the time to snoop around. dig up a little dirt, and sprinkle it on the pages of this here blog.

And I’m gonna make some money while I do that by beating the pants off Wall Street. I'm going to take money from the markets, as worthless as it’s becoming, and dole it out through my purchases to local folks…. farmers, craftspeople, nonprofits, environmental concerns, food cooperatives etc…I suppose I’m having a Robin Hood complex, but mainly I just want to contribute to a more sensible flow of money from wall street to tax payers and those who dedicate their lives to producing meaningful commerce, rather than the other way around.

I hope to have two threads running: One that shares noteworthy perspectives of prominent economic and political issues, and another that chronicles my trading.

Enjoy!

Fubsy

Fubsy Cooter: Wall Street Watchdawg

Saturday, November 7, 2009

Another Awesome Story by Matt Taibbi

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