Monthly Archives: November 2009

Happy Turkey Day (Antidote du Jour)

I must confess my father hunted wild turkeys (if they aren’t too old, they are flavorful but the meat is stringy). I’ve seen them a couple of times live, in Maine, and they are bigger than I expected them to be. They are smart and normally wary of people, but there are always exceptions. From […]

Read more...

Dubai World Restructuring: Sovereign Risk Shock or No Big Deal?

Today, a story about the need to restructure state-owned Dubai World created a bit of a frisson. Dubai is proposing to delay debt payments as it negotiates to extend maturities. According to Bloomberg: Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging […]

Read more...

Guest Post: Gold Is Rallying Because…

Served by Jesse of Le Café Américain Gold is a superior store of value. It resists the attempts by the monetary authorities to debase it, because except for concerted attempts to suppress its price through non-profitseeking selling at key market points by central banks, and naked short selling by the global commercial banks in the […]

Read more...

Links 11/25/09

Scientists give grubby children a clean bill of health Guardian 100 Stray Icebergs Approaching New Zealand Clusterstock Alpha males must trade on more than machismo John Coates Financial Times The Ides of March and the Fed exit strategy John Hempton. I don’t agree with this (that the financial system was not insolvent, particularly now that […]

Read more...

More on the Miller-Moore Amendment and Unintended Consequences

Yesterday, I went after two targets in one post. The primary one was Andrew Ross Sorkin, who despite the considerable reporting and storytelling skills he demonstrated in Too Big Too Fail, seemed unable to keep a heavy-handed pro-Fed posture out of an article yesterday on the Paul-Grayson-DeMint bill, which more popularly goes by monickers like […]

Read more...

“A significant portion of policymakers are simply clueless”

Tim Duy, my favorite Fedwatcher, has a very good post up which combines a general reading on the state of the consumer and then segues to the Fed’s take on matters. The section I found particularly telling: As has already been widely noted, the minutes of the most recent FOMC meeting reiterated the Fed’s eagerness […]

Read more...

Guest Post: Instead of Fixing the U.S. Economy or Creating Jobs for AMERICANS, Obama Will Spend The Money in Afghanistan and Iraq

America is in the most severe unemployment crisis since – and perhaps including – the Great Depression. And yet Obama, like Bush, has done virtually nothing to create more jobs. Instead, they both gave trillions to the biggest banks (who are not loaning it out to the little guy) and for waging wars in Afghanistan […]

Read more...

British regulators disclose terms of emergency aid during panic of 2008

By Edward Harrison of Credit Writedowns The Financial Times reports that British regulators have now opened up to reveal more of the details surrounding the emergency aid banks received during the most acute periods of stress to date in the financial crisis.  Meanwhile, in the U.S., the Federal Reserve continues to resist providing greater details. […]

Read more...

Links 11/24/09

American Express takes aim at PayPal with Revolution Raw Story (hat tip reader John D) S&P raises fears over health of some banks Financial Times Pimco’s Gross Increases Government Debt to Most in Five Years Bloomberg. Gross has been talking inflation but betting on deflation. Paul B. Farrell: 15 signs Wall Street pathology is spreading […]

Read more...

Goldman/AIG Conspiracy Theories: There’s a Reason They Won’t Go Away

Note: this post is by Thomas Adams, at Paykin Krieg and Adams, LLP, and a former managing director at Ambac and FGIC, with some minor additions by yours truly. This is a significant piece of some puzzles he, some other experts who prefer to remain anonymous, and I have been pushing on for several months. […]

Read more...

The Kanjorski Amendment Trojan Horse and Prompt Corrective Action

By Edward Harrison of Credit Writedowns Two weeks ago as the Financial Reform Bill was wending its way through Congress, Paul Kanjorski emerged as the champion of breaking up too-big-to-fail financial institutions.  After seeing trillions of dollars in taxpayer money go to backstopping, propping up and guaranteeing the liabilities of weak financial institutions, It looked […]

Read more...

A few thoughts about the limitations of government

By Edward Harrison of Credit Writedowns. In this post: A few thoughts about the limitations of government Our founding fathers How large should government be? How policy helps frame the debate Where we are headed In a recent post, “Stop the madness now!” I voiced my growing concern with the direction in which the country […]

Read more...