naked capitalism

doc holiday says:

Is that the let sleeping dogs lie pix? Is there a theme with sleeping animals here?

It’s Confidence, Stupid!

http://www.cnbc.com/id/23698095

Re: Well … I wouldn´t go THAT far. Maybe more along the lines of Deutsche Bank chief economist Norbert Walter, who put it this way: “Weekend emergency rate moves don´t help … Right from the start, the Fed has been part of panic in the markets – both fed from it and added to it … The Fed is not, was never on top of the situation …”

Did it work? Mission accomplished? Confidence restored? – Well …. you tell me!

I´d say – Nope. Mission NOT accomplished. Confidence in markets these days is harder to find than an abandoned pint of Guinness in an Irish pub on St. Patrick´s Day.

Sorry, but I´m almost inclined to quote ECB President Jean-Claude Trichet on this one: “The best way to restore confidence to the markets is to keep your monetary policy solidly anchored in price stability.”

Dave Raithel says:

RE “SEC Opens Bear Stearns…” I think David Leonhardt(?) has an article in today’s NY Times how it is that not even “insiders” understand what financiers have created – e.g., Rubin’s admission that he’d never heard of “liquidity puts” until they were brought to his attention as a problem. So I shouldn’t feel too slow as an outsider looking in, through a glass darkly… But doesn’t this story suggest, if this happened, that somebodies played the Fed like a cheap drum? How does this manipulation causally relate to another asserted cause (that I came across here)- that Bear Stearns’ problems followed upon Fannie and Freddie being authorized to take on JUMBO mortgages (which drove up spreads, etc.)Wouldn’t it be too rich if JP Morgan were involved in creating Bear’s problems – since from the first post re Wikileaks, we have the suggestion that ethics is not their product…