Musings —05.22.2012 12:48 PM
—Facebust
Ha ha ha ha ha ha ha ha ha ha ha.
Oh, the geniuses of capitalism at work, once again. I so love it.
Musings —05.22.2012 12:48 PM
—Ha ha ha ha ha ha ha ha ha ha ha.
Oh, the geniuses of capitalism at work, once again. I so love it.
Alot of poor retail suckers left holding the bag on this.
And the revised projections were not made available to the public prior to the IPO.
If were only the geniuses getting screwed, I wouldn’t mind.
http://www.reuters.com/article/2012/05/22/us-facebook-forecasts-idUSBRE84L06920120522
I bet it’s Bono short-selling. He’s buying a mid-sized province in the Ethiopia, or refinancing the Republic of Ireland.
Bono finally made a comment on the Facebook IPO: “Lemon”
I heard Bono was actually looking to purchase a large swath of land some place, high on a desert plain. He’s cashing out because the drop in FB value is giving him vertigo.
That’s what happens when you invest in something intangible.
sort of like Carbon credits.
sounds good….but when you invest too much in something that has no substance…this is what you get. Come to think of it….the same “carbon credit” folks who proclaimed this the cure for Global warming…have been found engaging in Billion dollar frauds throughout Europe. And guess what…no impact on CO2 emissions.
Oh well…Zuckerberg lost 2 Billion of the 40 Billion he made….I’m sure he’ll be fine.
Im pretty sure this hot air filled comparison did something to increase CO2 emissions. It’s most definitely weaker in substance than the FB IPO
Jason, everything you do creates CO2.
And as you know…CO2 is what you breathe out….and it is what feeds the plants you eat. It’s what helps create the plants that the animals you eat…eat.
The point being, carbon credits and FACEBOOK are both intangible. you cannot hold onto it, you cannot touch, taste or smell it……..but you can sell it. Basically, you are buying an idea and hoping the value goes up.
My points stand.
The value of Facebook is complete bullshit.
This is the new economy. We used to actually build *things*.
And we want to let China become the new manufacturing centre of the world? “That’s okay, we’ll all be knowledge workers.”
exactly!
“let China become the new manufacturing centre of the world”. It’s not about “letting”. China, Mexico and Eastern Europe is where the loaded labor rates are very low and therefore where the manufacturing jobs are and continue to go. Resource extraction and inovation is what Canada will need to
“manufacture” moving forward in time.
http://www.youtube.com/watch?feature=player_embedded&v=zkbBeQ21d1c
Nice scam. It’s sort of like the bullshit that Harper’s selling – laying off government employees and making sure everyone is employed by changing E.I requirements.
Capitalism at it’s finest.
Where the ef are the narrative people?
Did you hear? The Harper government is planning an expensive marketing communications campaign to convince citizens that the budget cuts are good for them. We are in the absurd bureaucratic world only imagined by Franz Kafka.
So fred, clearly you think the Government is obligated to employee thousands of people whether they are needed or not? Please tell me how this makes sense?
Here’s a clue…because obviously you are lacking one. Government employees are paid wages through the TAXPAYERS. True, Government employees pay taxes, but their wages are 100% paid for by other people’s taxes, so for the most part they are simply returning a little to those who have paid for their wages.
Clearly, we need government employees, but this number alwasy varies. Why for example, should we pay the salaries to a group of 100 beaurocrats, when 80 beaurocrats can do the job well enough on their own? If a private business had a slowdown in operations, they lay people off because it makes no sense to pay someone when there isnt’ enough work to go around, or if they find new efficiencies.
As for the EI….it’s about time they changed it to be more realistic to actual needs. Why for example, should a fisherman from the Maritimes be allowed to collect EI after the fishing season is over? Some of these guy earn more than $60K in the three months they fish. Are you saying they should be allowed to collect another $25K in EI for the remainder of the year?
Some people work the entire year and do not make this kind of money. There is no reason the rest of us should pay a group of seasonal workers a living simply because they feel they are entitled to it. EI is not a right….it’s meant for people who through no fault of their own find themselves without a means to make a living.
Personally, I would make EI a means test. If you make more than $40K per year, you will have NO RIGHT to EI or any other welfare benefit.
If anything, I think Harper is being to lenient. Save the EI for the folks who actually earn it. Don’t pay it out to people who contribute $1000 per year in premiums knowing full well they will see a return over more than 20 times that amount. That’s just economic suicide.
Looks like angry Professor James finally figured out how this site’s Reply button works. You can always tell a Conservative, you just can’t tell them much.
I always knew where it was. I just didn’t use it when someone wasn’t worth replying to. In this case, I’ll make an exception.
http://www.youtube.com/watch?v=GI7-m919ynU
Actually, this is capitalism in its essence. Supply exceeds demand, and the price goes down. The suckers who took part in the IPO get their come-uppance by the marketplace.
By contrast, if this was a crown corporation, there would be the predictable flag-waving and union bullshit that dismissed the market value and instead demanded that Ottawa provide support with taxpayer dollars.
Gord….is that you?
By contrast if this was the mayor of a small town in Parry Sound – Muskoka there would be the predictable flag waving and slush fund bullshit that dismissed accountable application procedures and instead demanded that Ottawa provide support with taxpayer dollars.
See what I did there?
Both S.E.C and F.I.N.R.A calling for an investigation of the Facebook IPO. It seems the underwriters (hello Morgan Stanley) may have pulled that classic, bait and switch, in order to get the retail investors lined up shearing. More in the link below:
http://www.theglobeandmail.com/globe-investor/regulators-call-for-review-of-facebook-debut/article2440453/
Subpoenas? Lawsuits? In America?
It seems as if some investors have just discovered that they have more faith in the American justice system than in the market’s “invisible hand”. Or Morgan Stanley’s underwriters.
More in today’s Globe and Mail:
http://www.theglobeandmail.com/news/technology/tech-news/lawsuits-and-subpoenas-add-to-facebook-ipo-fiasco/article2440910/
No doubt someone will be along shortly to blather on about how this is exactly how capitalism is supposed to work.
Philip, I actually agree with you in one sense. I am (as you know) a huge supporter of capitalism and market forces. What I don’t agree with, is the charlatans and crooks who use the markets illegally, or unethically. (insider trading, short selling, etc.)
The meltdown in the USA was caused by traders, dealers, and crooks on Wall Street. I’m still surprised that none of these folks have been investigated and charged for their malfeasance. I think deriviative trading, shorts, etc…are a fools game and ripe for abuse, and given what we have seen, should not be allowed. Markets should deal in “TANGIBLE” items that have a known value. The market shouldn’t be so complex that the average investor cannot understand it. Derivatives, are like the lottery…only it’s fixed. And only those who know how to manipulate it benefit from the practice. We’ve even seen one investment bank make an investment, and immediately lay odds against that investment failing. They were playing both sides of the game. These folks, should go to jail.
Markets work when those who work there have basic beliefs of fairness, probity, and prudence. The rotten apples need to be punted off to jail, and they need to have every penny they own taken away and returned to those who were duped. Unfortunately, in the USA you cannot tell the difference between investment banks and regular banks. They take huge risks with other people’s money, and apparently suffer no consequences when they guess wrong. They assume no risk to their own wealth.
This is exactly how capitalism is NOT SUPPOSED to work…but sadly, it became the norm. That’s why I handle my own investments, and why I stick to tangible products that provide dividends, or have a chance of growth. NEVER deal in derivatives……