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Latest Comments117 Comments
Survival of the Longest
This problem was created by the use of non-standard, non-transparent custom derivatives and the statists in Washington don't want the "smartest guys in the room" to pay for their virtual fraud, Just mark these derivatives to their zero value and we will be on the way to solving the problems. Its not the economy it is the Banking and Washington Bureaucrats with conductors Greenspan, Dodd, Barney F... and the rest of the greedy Congress. destroying Free Markets.
My paid off home will be here regardless of what these greedy oafs do. Unless we have an Obama defense Dept. which will allow the terrorists to turn it to rubble.
We are politically looking at economics when we should be looking at National Defense and Homeland Security. The economy will do o.k. if the government stays out. The Depression ended when we supplied both the "Allies" and Hitler with the products of our Military/Business Complex not any economic policy from FDR who believed hard working men like my father should have a job moving dirt from one side of the road to the other. Now we have Government Controlled Capitalism and business decisions will be based upon political power and contributions.
We have had worst housing busts the past five decades but we had transparency. We didn't have transparency because Congress didn't want it. Bigger interestate banks, dump Glass-Steagall adding risk to commercial banks, and allow worthless derivatives to go wild. I thought that LTCM, with their two Nobel winners would bring an end to this. Now we have the Enron Adviser getting on so he can joining the group of Esteem losers Arafat, Carter, Scholes and Merton - all bankrupt or bailed out by the government.
One of the great out comes of all of this is that the voters, if they ever did, will not believe Congress, Banks and Wall Street for decades and those thieves know it that is why they are the tube every day telling us that all of this mess will not cost taxpayers. Bull! It will but it wouldn't if we had integrity in our investment, banking and political institutions which will never happen in my life as the voters really believe these folks look out for their best interests.
Julian Robertson: Some Buying, but Bearish on the Economy
Does anyone actually believe that all of this government will not be inflationary and even the idiots in Congress won't cut anyone's a taxes.
If the Government would have just told the people who made all of the mistakes they would have to eat their losses, the propblem would have quickly and more efficiently ended months ago.
Now Congree of both parties have all of these dollars to buy votes and bureacratic jobs to stick their political hacks until the next election as they did with Fanny and Freddie.
Congressional Term Limits anyone?
Lehman's CDS Mess: Who's on the Hook?
The Free Market works but the Capitalistic power brokers are bothered by that. Consequently, we will get SociObamism and we won't have a free market as the will control the Treasury, Military, Courts, Media (superfluous?) all without firing a bullet.
Subprime Writedowns and Losses for Major Financials
Give them enough credit and the will hang themselves and then we (statist socialists) will be in charge of the governemnt: Treasury, FBI, Military, Supreme Court Justices (+2), Courts, Defense, Homeland Security.
Got it all without firing a gun!
U.K. Limits 'Quality of Life' Meds to £30,000 a Year
How long does a patient have to wait for treatment? Six months when they are in their grave?
How Oversold Are We?
The past several weeks the situation much different and it has reach irrational. and maybe not, reasoning as wealth destruction accelerates around the world. There are investable and lendable funds available but no one wants to take the risk of investing when the leading candidate in the presidential elections wants to raise taxes on capital gains and dividends. When the leading candidate in the presidential election wants to institute socialized medicine and the leading pharmaceutical companies in the world, those that have nothing to do with real estate, are plunging to twenty year lows. Companies that have absolutely nothing to do with real estate and debt, in fact these companies are debt free themselves, are plunging because the leading candidate for the presidency of the Unitized States is a Socialist.
The magnitude of the market plunge the last several weeks has a direct correlation with Obama's strength in the polls. People want to hide their money from the government. I know I do. The Obama Administration will, admittedly, redistribute the wealth while McCain is silent. The media is silent. The Wall Street Journal is silent. Those who don't understand that the greatest destruction of wealth the world has ever seen is taking place in front of their eyes while a Socialist is seizing power, a power that will adversely affect the wealth and culture of this great nation.
A Socialist, well bred for this job by powerful forces in and outside of this country, will destroy the country that many of us have fought and worked so hard to protect. Do the left-wing journalist, academics and activists actually believe that they and the country will be better under Socialism? If they are that naive they should study what the demise of their fellow travelers was when Marx, Engels and Stalin ruled the Soviet Union. The wealth was distributed to the politically powerful statists and freedom of the press, education and national wealth was destroyed. Individual incentive and productivity plunged and, finally, the country became one large gulag. If you think it cannot happen here, you are in denial. This has been planned for decades and the powers to be, and Obama is just a pawn, will get what we let them take by, ironically, democracy.
Where is the anger?
Media Meltdown Is Even Worse Than Markets
At the end of 2006, we saw a real estate bubble burst. This affected credit and credibility for much of 2007 and, of course the stock market. It is understandable that any company that had business dealings with real estate and real estate credit would be in trouble as the Administration realized in late 2007. What no one, and I mean no one, understood the extent of the damage caused by derivatives and off-balance sheet debt, etc. I know quite a lot about this as I have been an investment professional for close to fifty years.
The past several weeks the situation much different and it has reach irrational. and maybe not, reasoning as wealth destruction accelerates around the world. There are investable and lendable funds available but no one wants to take the risk of investing when the leading candidate in the presidential elections wants to raise taxes on capital gains and dividends. When the leading candidate in the presidential election wants to institute socialized medicine and the leading pharmaceutical companies in the world, those that have nothing to do with real estate, are plunging to twenty year lows. Companies that have absolutely nothing to do with real estate and debt, in fact these companies are debt free themselves, are plunging because the leading candidate for the presidency of the Unitized States is a Socialist.
The magnitude of the market plunge the last several weeks has a direct correlation with Obama's strength in the polls. People want to hide their money from the government. I know I do. The Obama Administration will, admittedly, redistribute the wealth while McCain is silent. The media is silent. The Wall Street Journal is silent. Those who don't understand that the greatest destruction of wealth the world has ever seen is taking place in front of their eyes while a Socialist is seizing power, a power that will adversely affect the wealth and culture of this great nation.
A Socialist, well bred for this job by powerful forces in and outside of this country, will destroy the country that many of us have fought and worked so hard to protect. Do the left-wing journalist, academics and activists actually believe that they and the country will be better under Socialism? If they are that naive they should study what the demise of their fellow travelers was when Marx, Engels and Stalin ruled the Soviet Union. The wealth was distributed to the politically powerful statists and freedom of the press, education and national wealth was destroyed. Individual incentive and productivity plunged and, finally, the country became one large gulag. If you think it cannot happen here, you are in denial. This has been planned for decades and the powers to be, and Obama is just a pawn, will get what we let them take by, ironically, democracy.
Where is the anger?
Monetary Madness: Global Margin Call Underway
As one who believes that we will have no free markets without a strong defense, this is more important than few believe. Proof is that the media doesn't get it.
Wells Fargo Swoops in on Wachovia: Days of 'Something-for-Nothing' Likely Over
Time to give the next president, whomever that may be, the line item veto, then put on a full court press to rid Congress of the professional term seekers and enact Congressional term limits. This may not answer all of out problems but two of the most egregious professional politicians, Chris Dodd whose father got chased out of office, and Barney Frank whose addition to the discourse is to insult his adversaries which Bill O'Reilly shoved down his fat throat and the fat slob ran off the set. What a "guy?".
Rid of us all these "experienced"... policians and we wouldn't have the current credit crisis.
Is the Dollar Becoming Less Global?
Wake the f... up!!
Rescuing the U.S. Dollar
The world has been living in a dreamland by spending future earning and now that future is upon on us and there are no earnings. Unfortunately, the power structure of the world was living in this denial and the media bowed down to them as they don't employ anyone with objective, realistic business or financial experience.
We are waking up from the dream and it is on our watch. No political poll is valid as they represent the dreamers. We had a dream and it turned into a nightmare.
Some want to distribute the wealth but will end up distributing pain.
JPMorgan: Options Investors Cashing In
They are getting what many uninformed call "too big to fail" which means too big. And, too big means they will certainly fail. This band aid may work for a while but this is a recipe for financial disaster not a solution.
Welcome to Government Capitalism and the end of Free Enterprise.
I have never been so pessimistic since it looked like Jimmy Carter may be reelected. Hopefully another Reagan may come along but certainly Obama isn't even in the same planet but he has the One World Government supporters in his corner and they are getting their way now.
How to Rescue a Bank
The Government Capitalism of Goldman now has Thain, Rubin with his Manchurian Candidate, along with fellow traveler Paulson controlling the securities, bond, banking and federal financial markets.
Wake up and see the trees in the forest.
Bye, Bye U.S. Dollar?
All the big boys are on board, led my the statists at Goldman. Took fifteen years for Robert Rubin's mission to be accomplished. When his Manchurian Candidate takes over Free Enterprise will be dead if it already isn't.
The left/liberal will be surprised when they find out how they were used and I hope I survive my cancer to see the smugness wiped off of their arrogant faces. They will live on the handouts like the rest of us.
Is Paulson's TARP a TRAP?
Manage correctly, which is easy but easy is difficult for Wall Street to comprehend, this is the greatest U.S. Government arbitrage, in fact of any arbitrage, in the world.
Like Warren, I wish I could get a piece of the action. But, unlike Warren, I won't.
The issuance of credit based on the value of the collateralize asset rather than the cash flow is over. You would think lenders would have learned that from the debacle years ago. Cash flow talks and hopeful appreciation walks.