While the hysteria was almost obscene on Wall Street and in the mainstream media about the most hyped IPO in the last decade, it was just days before the Facebook IPO we discussed on here that Facebook executives and investment bankers were using this IPO to loot society.  A far different reality.  That is exactly what they did.  The financial system is completely rotten.   Too many people want to pretend the issues of corruption our nation faces aren’t as deep and systemic as they really are.  Predation is and always has been the Wall Street game.  ...

To summarize for new readers, we were very bearish on banks going into the 2008 collapse.  At the time I even wrote on here that I liquidated my family’s holdings in Wall Street firms at what later became evident was within a few percentage points of the banking index peak.  Then when Citi hit 99 cents, I said that I was no longer bearish on banks because exogenous factors would determine their future.  And, that the seeds of a rally were building.  Those exogenous factors turned out to be the attempted reliquification of these firms through various facilities including...

I really haven’t mentioned anything about my favorite tout TV lackey since the 2008 collapse.  At that point his credibility went to just about zero.  Cramer has proven himself time and again to be one of the best anecdotal contrary indicators.  In other words, he is presciently wrong at just the right time and consistently so.   His mouth literally becomes unhinged and seemingly he is unable to stop himself. This is again no exception as the Facebook pigs slides again.