You. Shutup about the bailout.

Poor Doug Kass.

Do you know Doug Kass? He’s a journalist/hedge fund partner who writes at thestreet.com.  Specifically, he’s the token “short” guy, meaning he makes his money by betting against the rise of stocks.  I feel sorry for Mr. Kass these days.

Before this financial mess happened, Doug Kass was writing fervently about how ugly things were going to get.  He wrote, on at least fifty occasions, that the subprime mortgage situation was not contained. He warned about the seizing of the credit markets and the toxic assets hidden on AAA balance sheets.  He would frequently butt heads with Wall Street’s more bullish folks, both on Larry Kudlow’s (amazingly boring) CNBC show and in more prominent print publications.

Kass used to annoy me. It’s not that I disagreed with his analysis, but just that I lack respect  for anybody with a plan to time the market.  His frequent suggestions to short X,Y, and Z would have lost you a lot of money as the market climbed to its pre-bailout peak.  A broken clock, like a CNBC guest, can be right twice a day.

Now that the scope of the mortgage mess has been realized, everybody and his dog are suddenly jumping into the pool with Mr. Kass.  There are cries for regulation. There are countless articles about the loose lending practices and the corruption that ran free on Wall St.  I am equally disgusted at the kool-aid drinking journalists who hopped on this bandwagon as I am with the bailout.

You. You with the sudden, strong opinion about the Economy. Where was your outrage and acute financial prescience two years ago?

Oh, that’s right. You were writing pieces the various pros/cons between the Blackberry and the iPhone.  You were debating if Crox could hold on to its marketshare.  You were busy doing the same thing everybody else was doing. White. Noise.

Guess what, media, internet, and Johnny-come-latelys?  The time to invent the airbag was before the car crashed.

So I now feel bad for Doug Kass.  He was one of the voices who warned that this would all happen (and, importantly, stuck to his thesis).  Now his voice is muffled in a great sea of lemmings. The shame of those corrupt lenders! The shame of those CDO packagers! Imagine if an asteroid obliterated the Eastern hemisphere tomorrow.  I can just see the opinion columns of the WSJ.  Where was our asteroid program!? Who let these scientists waste time on unimportant things! Why didn’t those corrupt insurers give us asteroid insurance?!

Forget the bailout. It’s our loose asteroid-protection legislation that has me worried these days.

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~ by wcuk on October 3, 2008.

5 Responses to “You. Shutup about the bailout.”

  1. I see your point, but I also think that blaming “[w]hite […n]oise” and the vapid nature of consumer culture is a shotgun-style complaint. That people are stupid shouldn’t surprise you, and it’s definitely not surprising that the stupidest people become self-styled experts on whatever subject matter the TV tells them is important.

    Still, I of all people recognize the need to bitch about it for awhile. 😉

    Forgive my use of an emoticon. I’m in a phase.

  2. What was I doing? I was listening to and supporting Ron Paul.

  3. You seriously can’t blame the American sheeple. I mean come on, if the populous is not dealing with one “crisis” then we are recovering from another. If we were suddenly outraged about EVERYTHING at ONCE, it would be pandemonium. Thanks to the powers that be, we can all concentrate our outrage on one specific subject at a time. The “if it aint broke then don’t fix it” mentality is a very strongly held idealogy. Shit MOST OF US DIDN’T EVEN FUCKING KNOW THE ECONOMY WAS IN TROUBLE. Especially when we had “experts” (and I know they are experts, because the captioning on the bottom of the TV fucking SAID SO) are telling us everything is fucking HONKY DORY, why the fuck should I worry? I was under the full belief that these people KNEW what the fuck they were doing, and why shouldn’t I be? I had no reason to as an average American to see it any other way, I knew NOTHING about the subject… Ofcourse, when some one goes on TV and asks for my motherfucking tax dollars, and a shit ton of them, I am certainly going to find out why the fuck they want to bleed me dry, and I am going to form an opinion on it. So don’t try to act all high and mighty Mr.Bloggerdouche, and accept it for what it is.

    Eat a dick.

  4. I agree with Samuel, especially when he makes such strong points as “fuck”, “fucking”, and “motherfucking”. Take that, Bloggerdouche!

  5. Ron Paul would have made this worse…

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