“Shit, if this is gonna be that kind of party, I’m gonna stick my dick in the mashed potatoes” – cred

With all of the hubbub over AIG’s executive pay, you’d think the dipshits at CNN and in the media would at least have half a brain to stop and think about what they are reporting. Then again, it’s all being fed by dipshits in Congress.

The money quote of the day:

“Schumer: AIG employees should return bonuses or face high tax”

I don’t know about Schumer, but the last time I looked at my bonus check, withholding was running me around 40% on bonus monies. So for all of the wanton raving and frothing and foaming at the mouth, the government is going to get most of this money back – just not in the way it expected. Of course, a $600k after-tax bonus would be nice in my bank account. Then again, I don’t really want to pay that person’s tax bill.

So I’m guessing the bullshit on Capitol Hill will only get deeper as they rush to pass yet-another-dumb-stupid-stupid-stupid law that will have even more dire consequences than the prior law. Unfortunately, Congress is going to have to really cross the line on this one by singling out a single company.

The only thing that pisses me off even more is those who support these maniacal bailouts. You have absolutely no reason to expect an idealistic outcome when reality (and a ton of real coo-coo for coco-puffs libertarians) told you the outcome was going to be bad. Economics 101 people. Come on.

So after my post on March 6, I went into a few more trades. I ended up at $999 for about five minutes with nothing open. I thought I saw an opportunity and jumped on it only to have it go backwards on me fast. I’ve just spent the past 4 trading days trying to catch up. At one point, my total equity in my account was down to ~$650 – nearly $340 loss. I was attempting to try out a new hedging strategy that almost ate me alive.

I was hedging hard, long on the USD/JPY and holding ground. A few stupid mistakes and I was at close to $750 in equity when I started trading tonight. Still down but better than where I was. It has take me about 4 hours of hard trading. My problem is that I was carrying two very heavy, negative trades. So I switched my strategy. I sucked it up and closed down almost 400 pips in losses (over $400). I had open trades going on so my equity wasn’t in that bad of a situation. As I was bouncing around the charts, I noticed I was sitting on the falling side of a right-shoulder so I went to all short on the USD/JPY. After riding it out and resisting temptation, it finally paid off.

So. As of today, I am out of the market with a total balance of:  $1014.01

That puts me at a total return since February of 14.18% – only ~4% this week.

My head hurts.

Milton Friedman at his Best