Thursday, April 3, 2008

C'mon Let's Save Everybody!!!!!!!!!!!!!!

Tax loss carry BACKWARDS? That's a new one, but that seems to be what the homebuilders will soon be able to do. Lost money this year Mr. Homebuilder? no problem the government is here to save you. If you are Joe Schmo with a bit of a tax problem, rest assured the IRS will put a $22,000 a year schmuck on your ass like white on rice. I'll go back to my doorman in Naples Florida who owned four condos on a $37,500 salary,crazy stuff. But he gets to walk and we bail out the bank and the home builder that enabled the entire transaction.Good work if you can get it I guess. What ever happened to the free market man?
John Paulson made $6 billion being short home builders and junky mortgage debt and says we are only 25% there according to the gang on Fast Money.That's a guy I am going to watch. I have a short term horizon but the real F.U. money that is made is by placing a bet in a large way and living with your decision. That is how sick wealth is created. One caveat-you have to be right. My hat is off.

The market looked ok today but I did nothing.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.