Showing posts with label Bankrupt. Show all posts
Showing posts with label Bankrupt. Show all posts

January 31, 2021

GameStop Is What I Call A Sh*t Store

For those of you who have been in GameStop, you know what I mean. 

Let's face it, it's a sh*t store!

They have videogames (some that I like) that you can buy online for half the price and crappy toys and collectables (i.e. "made in China" trinkets)!

Hey, I think you can get some action hero socks on sale for $5. 

The company makes nothing!

Their intellectual property is virtually nill!

Their assets are some leases in strip malls and shopping centers that have less and less traffic due to e-Commerce and Covid!

For those who drove the stock up from a year-low of $2.57 to a high this week of $483.98, congrats on showing that the market can be completely irrational and manipulated by the social media masses. 

Like right before the dot.com bubble of 2000, showoff your brokerage statements and brag about your beefy balances, I remember the local yocals from the barber shop doing the same back then--when everyone was a stock maven and becoming a multimillion from the likes of Pets.com.

But GameStop and AMC (another almost dead company unable to face Netflix, Amazon Prime movies, and all the other streaming plus Covid) are probably worth in concept less than good 'ol Pets.com or the Tulip Mania of the 17th century (at least flowers are beautiful). 

This will end in tears for the ever "greater fool" who's following the herd.  

Let's hope they and the spiraling, out of control national debt don't take down all of us with them!  ;-)

(Credit Photo: Andy Blumenthal)

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November 23, 2020

What A Dumb Education System

School is supposed to help teach our children. 

Unfortunately, the education system here starts out dumb from the get-go!

As the WSJ today reports, $400 billion out of a $1.4 trillion educational loan portfolio is likely uncollectible.  

That's almost 30% bad debt!

But what is unforgivable is that they system is geared towards crappy lending practices. 

As per a former head of the Congressional Budget Office (CBO):

"We make no attempt to evaluate the quality of the borrower, the ability to repay, the effectiveness of the loans...[so] the taxpayer ends up picking up the tab."

Is that fair to all the responsible students and families that pay for their education and repay their student loans?

This systems is so broken, and on top of it yet we want to forgive more student debt all together and teach our children to be deadbeats!

It seems like this education system can't teach anything of value except how to play an already broken system!  ;-)

(Credit Photo: Andy Blumenthal)


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