I am grateful that a reader recently suggested to me the idea for this post about Anthony Weiner and I will carry over his sentiment.
One thing I find particularly funny and stupid is when people with no marketable skills, ability to generate wealth, who lack prognostication skill and have a terrible record of managing their personal situation think they should babysit those with marketable skills, the ability to generate wealth, who are skilled prognosticators and have an excellent record of managing their personal situation.
All I can think is, seriously, you have rocks for brains making idiotic decisions resulting in stupid consequences and yet you want to tell me what to do? I suppose the only reasonable response is: Leave me alone and don't touch my stuff, you idiot.
ANTHONY WEINER BEARISH ON GOLD
On 27 May 2010 I wrote about the Congressional Critter Anthony Weiner who decided to attack Glenn Beck and Goldline. While I did not defend Beck or Goldline's assertions, I would use a different bullion dealer like Apmex with lower premiums, what I did defend was their ability to engage in consensual transactions with voluntary customers at mutually agreed upon terms unlike Mr. Weiner's congressional salary which he extorts through violence from federal taxpayers.
On 18 May 2010 CBS News reported,
Weiner accused Beck and other conservative spokespeople (among them Mark Levin and Fred Thompson) of using "their shows to prey on the public's fears of inflation and socialist takeovers while actively promoting the purchase of gold coins as insurance against this purported government overreach."
WHAT ANTHONY WEINER BOUGHT INSTEAD OF GOLD
Assuming Anthony Weiner actually has excess capital, inquiring minds may want to know where he allocated it instead of gold. Thanks to Open Secrets we can easily access the Anthony Weiner 2009 financial disclosure form. Due to the form being out of date and containing generalized amounts we will have to estimate his actual financial position. It appears he had about $170,000 of net worth with about $12,500 of credit card debt.
Mr. Weiner owned 3M (MMM), CR Bard (BCR), DOW Chemical Co. (DOW), McGraw Hill (MHP), Questar (STR), Rowan Companies (RDC), Sony (SNE), Teco Energy (TE), Zimmer Holdings (ZMH), Calpine Co. (CPN), Hewlett-Packard (HPQ), Micron Technology (MU), New York Times (NYT) and Wells Fargo (WF). I warned against buying McGraw Hill or the New York Times, Hewlett-Packard and Wells Fargo.
Although unlikely, we will assume on 31 December 2009 that his portfolio was worth $170,000, or about 154 ounces of gold, and equally allocated among the 14 companies listed on his disclosure form. From 31 December 2009 until 2 October 2010 this shows a decline in Mr. Weiner's net worth of about $10,398 or 6.1%. But if we are consistent with RunToGold's practice of using gold as the numeraire, then the loss is even more staggering going from 154 to 121 ounces of gold or about 21.2%.
So Mr. Weiner, how is not buying gold working out for you? Scoreboard. Look, losing over 20% of your net worth in a mere 10 months may be suitable for you but it is not suitable for me so leave me alone, don't touch my stuff and stop trying to babysit me because obviously you are completely incompetent at even babysitting yourself.
Of course, Mr. Weiner is not the only one. After seeing the record and the numbers I chuckle at some of the Establishment ‘financial professionals’. For example, in January 2009 on my article ‘How the Treasury Bubble Will Burst and Why‘ at Seeking Alpha I received a comment from Alan Brochstein, CFA of AB Analytical Services and fellow Gold Standard Contributor who provides analytical services for hire.
He said, “Trace, sorry, but this makes absolutely no sense…” This is not surprising considering his 8 Dec 2008 article, when gold was about $772 per ounce, ‘Own Gold? Time to Fold‘ where he stated, “Gold remains a sucker’s bet…”
ANTHONY WEINER'S DAILY SHOW APPEARANCE
On John Stewart's Daily Show Mr. Weiner makes an incredibly funny comment, "Yeah, but considering that I don't have a lot of marketable skills I am like one of the jobs Obama created so I get to keep doing this. (1:41)" Well, I guess it would be funny but it isn't. Fortunately, it appears Mr. Weiner is not intentionally exacerbating the greater depression but just doing it through sheer stupidity and lack of marketable skills, the inability to generate wealth and a really bad prognostication ability which has led to a massive decline in his net worth.
As the United States moves into election seasons keep in mind that almost all those on the ballot, in federal, state and local elections, are like Mr. Weiner. Not only are they unable to adequately manage their own financial and personal circumstances but in almost all cases they lack marketable skills and foresight. Like Mr. Weiner their portfolios when measured in gold have sustained heavy losses.
Unfortunately, misery loves company and they want to extend the pain to those with marketable skills, the ability to generate wealth and have properly prognosticated which has resulted in increased net worths. So protect yourself from these incompetent looters and moochers which is easier to do at the state and local level through state income tax optimization. By all means, please leave your opinion in the comments about these Congress critters and other looters and moochers!
DISCLOSURES: Long physical physical gold, silver, platinum and no position the problematic SLV or GLD ETFs (MMM), (BCR), (DOW), (MHP), (STR), (RDC), (SNE), (TE), (ZMH), (CPN), (HPQ), (MU), (NYT) and (WF).