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FUMARE

Law, culture, and Catholicism...up in smoke!

Thursday, October 09, 2008

Let the Fleecing (Re)commence

The Fed lowered interest rates earlier this week, which has the side-effect of making it far cheaper to hedge money on position margins. Who cares? you ask. The ban on short positions ended this week, too. That means the short sellers now have open season on our productive economy.

Before the Paulson joke, short sellers sat around in the finance, but they've been banned from further marauding there. Now, they can go plunder our productive companies, like GM, Agribusiness, manufacturing, and the rest. In other words, short sellers are now going to steal our ability to make real things.



It appears that GM is target number 1 to our hedge fund pirates. Opening this week, GM traded at $9 a share. Today, volume on GM shares traded over 60million (that's like three time normal volume), GM closed at $4.76. 50% in a week. The volume says more than the amount -- it says, "avast ye maties and prepare to be boarded by Captain Black."

There's even talk of selling the headquarters building (again). Who will kill the pirates before they steal our food? I hope you realize that's what's next -- they plundered the treasury, now they are robbing the cabinets, last stop is the pantry.

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