Here is the FriendFeed synopsis so you don’t waste your time there:

1. DUMB.

2. Almost Useless!

3. Bad Interface.

4. Home to cheap ‘A’ list internet putz’s, only interested in themselves but hiding it in veil of caring about community.

This is not to say that FriendFeed won’t sell out for a big number (it won’t) or that there is some usefulness in it, there is, but if you want to make money off a tight community of stock people, you won’t find it there. Ever. You will find us on Twitter everyday, for now .

Oh man are the nerds just about done. This close.

I read Investor’s Business daily and when I go to the grocery store to buy Captain Crunch and thirty people are ahead of me in the express line with more than eight items (serenity now), I catch up on the STAR and The Enquirer. I do still dream of paparazzi following me around and me trying to lose them, but I digress .

We finally got around to making fun of Newspapers death spiral on Wallstrip :

It’s funny how everyone talks of the bubble in web video when nobody has truly got it right yet. That keeps me bullish.

Yesterday I saw a great blog post over at Beet.TV that drove home how early we still are in web video. It’s so early, the US Army has figured it out. They are getting 70 percent of their prospects from online video. People…this is not ice cream they are selling.

You watch your cost structure, you find a niche and you deliver a good message that adds value…YOU BUILD AUDIENCE.

Or you are the government.

Either way .

Making fun and warning of Fannie Mae is not new to me or this blog…I have written about the coming mess for three years here .

The ’specialized’ hedge funds that smell blood and funds in trouble with their financial longs facing redemptions are just killing it. Betting on that easy trade is now getting a little old for the average investor.

It’s why the Fannie DUMP today was my signal to cover my shorts this morning. Yes, a slow tortuous decline in stocks may JUST be beginning, but as a small hedge fund and investor, I need MEAT on my investment opportunities, not morsels. Later in the day, even ‘THE FLY’ was covering (he reads this blog closer than you). It’s not even fun anymore. It’s so ‘UnAmerican’ that it has become American to short financial stocks. Love this excerpt:

Here are some final parting thoughts:

Was it a good idea to raise Fannie Mae’s GSE portfolio caps to $730,000? Everyone with an IQ over 100 knew it was a horrid idea.

When will CNBC stop inviting fucktards who have been poleaxed in this tape, in exchange for stock Gods like “The Fly”?

Finally, beware of more “this is the bottom” calls.

I could not agree on the bottom caller stuff more. Just stop it and be patient. Strength will be back. The Fannie debacle just keeps pushing things back in time.

Take a long hard look at the stock chart of Fannie Mae . The piece of shit paper was propped for years just like CountryWide.

Most busted institutional stocks end the same way and look the exact same.

The SEC could spend a lifetime chasing the fraudsters that prologed this fantasy.

Instead, we may just have the government watching US more closely and backing our home loans directly and slowing a recovery down trying to manage the destruction underway.

Sad day for capitalism and big day for government lovers worldwide. Pathetic.

Not so much noticeable in Toronto, but mothef$%$king Phoenix is in complete meltdown. Las Vegas and Florida and parts of California have got to be in the same crash.

The ratcheting UP of interest rates has begun and it’s not pretty for most mortgage holders who took out the adjustable mortgages in the last 5 years.

Let’s just say the the ‘DUMPAGE’ of real estate is about to enter phase two. I am watching the housing stocks right now and they are telegraphing the same thing.

The dislocations will be significant and pain quite sad for some.

Hard to step up but I am definitely looking for dislocations in the neighborhoods I know and love.

With the Dow down 3,000 plus points from the high and China down 50 plus percent, I need to put on my positive hat for a moment.

I have been selective shorting stocks and ETF’s to stem part of the bleeding to my mainly long only accounts, but as of right now I have pretty much booked profits other than my China short (FXP).

It is taking up too much brainpower and energy and a lot of meat is off the bone.

Fannie ‘freaking’ Mae is printing $15. That is a tremendous blow to our housing industry and even capitalism at this point. Citibank is $15 as well. Shorts win.

Congrats again to the shortsellers, their patience has been rewarded, but other than the remaining highfliers, which are crowded with shorts, I don’t want to be short anymore.

I am starting to consider long ETF’s, the strongest sectors into this selloff and otherwise, honor my stops, which are coming fast and furious and just more watching. I have traded many selloffs since 1998 in my fund and they are all different. This one is the most scary. I say scary not because I am a wuss, but because I have survived very well so far, am now 42 and appreciate the nastiness of bear markets. It’s a cleansing process in the market and the speed and acceleration is getting pretty damn nasty now.

What makes things worse is the complete destruction of the financials which is the largest (don’t quote me) percentage of the S&P. Some fundamental changes and more important, time, will have to take place for a lasting new bull market. It’s not just about price drops and value. No one believes the value.

Putting my list together for a Dow break of 11,000. Your ETF suggestions are appreciated. No rush.

He has written an open letter to shareholders - half in pencil and half with a fountain pen and lot’s of liquid paper to cover his mistakes. The Y on his typewriter is broken.

This is like watching three horse and buggy carriers get together and worry about trains and automobiles by merging and saving on HAY.

It’s pathetic enough now that Time Warner has entered the fray.

There is not a web MIND in the group of leaders, but plenty of ego’s. It’s not even fun at this point other than to be mocked by selling of the common shares which is what Microsoft and Time Warner shareholders continue to do.

We all know I hate the airline industry. There are just too many touch points with employees and customers. It’s a bottomless pit for common shareholders and not an industry I recommend.

BUT, I love and respect Southwest Airlines for their ability to survive without government support and employee strikes.

Today on Wallstrip, we take a look at Southwest Airlines (LUV) . As their competitor’s need a new round of government support or mergers to save them, Southwest should be entitled to profit. They likely won’t an continue to face unfair competition in the air.

“We all know that we overpaid, but this is just as much a bet on improving stock market conditions as it is a $3.5 billion dollar blunder. Once stock market conditions improve, we will pawn this off as an IPO on Global stock putz’s (maybe even package it with iVillage. In the meantime, we will lever this bitch to the moon and start buying more adwords with the word BAROMETER.’

The Peacock..

I am noticing more bear market covers which I think has more value at this point. Last week was Business Week’s Housing Price Abyss cover that I mentioned.

On the other hand, we need a financial system that works for some stability and this chart from Eddy at Crossing Wall Street says more than anything else I have read recently.

Any hint of Best Buy guffawing here and the stock will see the 20’s. Institutions are barely holding on.

It’s happened to Harley Davidson, International Game Technology, Citibank, Whole Foods, and Fannie Mae to name a few so please don’t kid yourself.

Dangerous times for long time favorite brands.