Why Are People So Scared of Banks?
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A financial "blogger" by the name of Mr. Guppy was recently interviewed on CNBC, criticizing several financial companies calling them poor investments, even going as far as calling Citi a "heart attack patient." As a share holder in several companies he felt prudent to criticize, I feel I should rebute! First of all, I would like to point our a recent surge in quite a few financials lately, not that I'm too concerned with short term movement. The real arguement I am going to make right now is, people like him are everything that is wrong with the market today. He is a self admitted short term trader, who's written on things like "bear market trading," and even something he'll call "trend trading." Short term traders are why markets crash, because they have no backbone when it comes to making investments. They can't stand behind a company, because they aren't willing to put in the effort to research it in depth. How many of these short term investors do you think actually go to locations of the companies they're concidering investing in, talk to employees, and just observe customer trends. How many long term traders do you think do as much, if not more fundemental research that is done by your average investment firm. I will say thank you to people like this man though, in spite of all his "short sightedness." If it weren't for people like him, I could've never bought companies like AIG at less than a dollar per share and have it worth over 20 per share today. So, my hats off to you sir, keep making me money.
Filip 13 months ago
Banks are pieces of shit... or to be more accurate, the families that own the banks are pieces of shit. My daddy once told me when I was quite young that Canada (the country we were residing in at the time and the country I still reside in) has a huge national debt! At the time I didn't understand who the country owes money to. It owes money to the Banks boy. Even when we say things like "America owes China money," it is not correct.. what it really means is that Americans owe money to the Chinese BANKS. Banks know no borders my friend! Today I know the truth. Banks rule the world. When the Government goes to a business for money, you know there is something wrong with the world. Of course, to some people, this is just how they want it.
You wanna talk about backbones? Banks like AIG or the people who represent them are a joke. They have no backbone, that's why they don't talk about the dirty fraudulent shit they commit daily. I'm glad you've found a way to take advantage of their snake-like business practice, I would too, but it doesn't mean I agree with what they do.
Now, you were saying something about how great AIG was??