Spent my morning watching Part 1 and Part 2 of a CBC documentary called Meltdown which was broadcasted again on Al Jazeera (watch all four parts below). Kudos to Zero Hedge for posting this on their blog as it was just as entertaining to watch as another documentary I saw on the plane ride over from Greece, The Inside Job.
These documentaries are frightening and show us how little regulators and policymakers understood about the scale of the problem. And now that the truth is exposed and we all realize that the global economy has basically succumbed to the tyranny of financial oligarchs who run Wall Street and world governments, we are all thinking the same thing: how the hell are we going to get out of this economic mess and get people back to work and rebuild our global economy on more solid footing?
I wish I had the answers but I don't. And as much as I loathe Wall Street weasels who got us into this mess, I simply don't trust regulators and policymakers to get us out of it. History has shown us that they will fumble it up every single time and this time isn't different. The only thing I know, however, is that financial oligarchs who created this mess will do everything in their power to keep the global financial system afloat and ensure they can continue raping and pillaging people around the world. That much I guarantee you.
Most investors are glad this crazy summer is over. This was the worst quarter for the stock market since the financial crisis supposedly ended as the S&P 500 lost 14% in Q3. The only people making money in these markets are high frequency traders, short sellers and a few elite hedge funds. Most investors, including global pensions, got absolutely slaughtered in Q3.
I also got hit but my trip to Greece saved me because I wasn't in the mood to trade much while on vacation and when I got back, cut some losses and got out of this market altogether. I should have gone long volatility before my trip, making a killing, but like my psychologist says, "forget the could have, should have, would have and focus on what is." She also tells me "acceptance is deliverance from hell and I can't change the financial world or the weasels that rule it."
No, I can't, but I can try. The trip to Greece saved me in other ways. It helped clear my mind and focus on what really matters in life. Sure, I am struggling with MS, unemployed, blacklisted by a few pension pricks, struggling to make some money trading, blogging and consulting, but I have so much to be thankful for and the truth is that I really have no regrets in life.
Importantly, I like who I am and what I've achieved. Each challenge I confronted in life -- had more than my fair share -- made me a lot stronger. And if you too are unemployed or suffering from a health issue, remember this, unemployment or your health condition don't define you; it's just another hurdle in life you have to go through and you will come out much stronger. Focus on your health, putting yourself first, and surround yourself with people that truly love you and want the best for you.
I hope the world comes out of this crisis stronger but I worry about the future because the greedy idiots who run our banks, plunder our pensions, are busy making foolish bets trying to score another "big one" while millions of people are looking for work. Politicians across the political spectrum are hopeless, offering no concrete solutions to tackle this crisis. It's basically more of the same shit coming from the "Right", the "Left" and the "Middle".
Think people are tired of all the theatrics. We don't want to hear politicians and bankers peddling the same crap, we want to hear something fresh, new, authentic and we want to hold people accountable if they take stupid risks with other people's money. We all want a better future for ourselves and the next generation but we know we're headed down the wrong path. Global capitalism is destroying itself at an alarming rate and our leaders are doing absolutely nothing about it. Not sure they can do anything right now except print and pray as the world enters a protracted period of deleveraging and deflation.
So this weekend, I'm not as concerned about what's in store for stocks in the final quarter of the year. I'm more concerned about what's in store for our collective future and what challenges my nephews here and my nephew in Greece (that's him in the pic above) will confront. We are failing miserably and their generation will end up paying the price. It's time we start thinking about them and move beyond the global financial tsunami.