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I think the part where she talk about TARP taking even more losses from declining bank stocks is quite funny.
I fell in love with her after watching that.
nice stick save nemo
xxx
I really like her a lot, to bad she doesn't have any power. She also had a great lecture a few years ago that you can watch here: http://www.youtube.com/watch?v=akVL7QY0S8A. It runs about an hour, but is well worth your time.
Breaking News! Fed's holdings of MBS increased 50% in month!!!!!!!!!
News, that is, to anyone not in the MBS market.
This is what I have been saying: the Fed is the ONLY buyer of MBS.
Let's put it this way - last year the total mortgage market was about 1.8T. That is 150B a month. This year is on a run rate of about 2.8T, 235B a month.
Some of that does end up on bank balance sheets. Some of it is held to hedge MSR.
The rest, apparently, is being bought by the Fed. THERE ARE NO MARGINAL BUYERS OF MBS.
Why not? Well, Fannie/Freddie are not guaranteed by the government. They are being bailed out, but no "full faith and credit".
Would you buy an MBS backed by 30 year mortgages, meaning you need to take Fannie/Freddie counterparty risk for up to 30 years (realistically, 10 years before a cleanup call)?
Neither would the Chinese.
Now, without the government giving the full faith and credit behind Fannie/Freddie, how is the Fed ever going to sell those MBS without losing their shirts? They won't.
That idea of good bank/bad bank.
Same idea that sponsored colonization to a new world.
Leave the debt, pollution, government constraints, sclerotic geriatric expectations behind.
And start anew.
Let's raze TX to the subsoil. And pretend again we have unexploited frontiers.
An off balance sheet state.
It's not easy to beat the bot. Requires a little bit of luck and little bit of cheating.
- Nemo
I'm not impressed. If that's hard-hitting, we're screwed. Well, we were already screwed, but come on, this wasn't anything special.
We need more like her in government.
I did like the lecture Dirk linked to, but I'm not impressed with this latest speech. That was then, this is now. We need some serious ass kickers and a guillotine.
Rutgers Law - Newark alum.
I blame Greenspan.
She did extremely well - she doesn't have her ticket punched for tumbrels and the chopper - so she has to play an influence game. If we want to see some real ass kicking, then she needs subpoena powers.
Yahoo! News is reporting that the "Rodenator" may be "cruel," here. Just when many thought it might work well on the banksters.
jim hearts Elizabeth Warren....
plain talk (mostly), tell it as it is.
but I'd bet Geithner/Summers hate her guts for speaking out.
She should be given subpoena power and a full time US special prosecutor to clean out the rat nests.
it's sad really, i've listen to her in many shows and she says basically the same thing, we have no power, we are blind and useless
She should be given subpoena power and a full time US special prosecutor to clean out the rat nests.
If she had that, she would also be caught in a hotel room with some call guy and have to resign.
If this is all we have, we have nothing.
http://www.federalreserve.gov/releases/h41/Current/
Scroll down, section 2 has the MBS holdings, now $355B, up 118B from last week.
She has an awkward, geeky charm, and an air of truth telling that serves her well. But she'll need a shark cage if she's going to survive Washington. And how weird is it when Comedy Central is the best financial news show around?
She's wonderful. Guess, i am easily impressed. Just wonderful.
tarpy to timmay: i should have had hank tell dick to make her an offer she can't refuse when i had my chance
Let's beat the crap out of the driver who took us over the cliff.
While plummeting.
Dig two graves before going out for revenge.
Passed the inflection point where any remedy can be made.
No clicking ruby (silver) slipper to get back home.
You're in OZ and her flying monkeys forever now.
Tell me again what level of hell is this?
She's like that Internet sensation from the British show You Got Talent!!!
Makes you feel good, but doesn't leave you anything attractive to look at...
for the future that is.
Don't fall in love with her. She's married.
"I blame Greenspan"
------------
Don't we all.
This is what I have been saying: the Fed is the ONLY buyer of MBS.
Someone on iTulip reported that the Treasury has purchased 100+ billion of MBS. They gave a link, but I didn't follow it up.
But if that's true, that means the Fed is not alone. Its siamese twin is on the job too. So no reason to worry!
How nice of the Kleptocracy. They're letting Ms. Warren oversee the elimination of the middle class since she's so qualified on the subject.
BTW, on the Fed's balance sheet, you have to like footnote 4 on their MBS holdings:
"4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages. "
Yeah, so basically they are assuming no counterparty Fannie/Freddie risk, even though no one else will buy these things precisely because of the counterparty risk.
In a way I feel bad for BB, I truly believe he is trying to paper over the cracks, realizing he can't do it alone, but getting very little help from the government. No one wants to touch Fannie/Freddie in this political environment, so they sit out there in limbo, and he has to suck up their useless paper.
In an ideal world, people would buy MBS based on their actual estimate of losses, and/or banks would originate them and hold them at rates that are reasonable. But not in America. We gotta keep the debt-fueled economy going.
A couple of anecdotes, one of them a pretty amazing exhibit of uncommon sense, the other one, just a rumor.
Common sense: I'm defending a foreclosure. Relatively small first, big second. B of A is offering to settle at 25 cents on the dollar. Better than 2 cents on the dollar, and puts the guy at about even, maybe his snout sticking out of the water enough to breathe. B of A recognizes that 25 cents is better than 2 to 10 cents on the dollar (or nothing). Stunning. Reality sinks in. Whocouldanode?
Rumor. Trying to settle a first in favor of BankUnited, the Bank I love to hate. Can you give us a mod. Ummm, nope we aren't giving any mods; they are all stopped for the present. And anyhow, it's with the attys, so I have to talk to them about a mod. Meaaaannnn attys, that I know personally. So I ask hesitantly, ummm, is that because the FDIC is about to take you over. He laughs, yeah, probably. I say you are nice I hope you keep your job, he laughs again, not too bitterly.
lawyerliz
I blame Ayn Rand.
Elizabeth Warren is our ace in the mole.
Nobody else in the financial power structure dares say what she utters..
" scone wrote on Thu, 04/16/2009 - 1:49pm.
She has an awkward, geeky charm, and an air of truth telling that serves her well. But she'll need a shark cage if she's going to survive Washington. And how weird is it when Comedy Central is the best financial news show around?"
King Lear weird, that's how weird. When the Fool is the only member of court who dares speak the truth, it's a pretty good sign that the end is near. Some end, anyway.
ghost,
Cool, thanks - so from that table, note 4 applies:
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
So they are holding the notes basically at par (defined as the outstanding principal balance)?
Those are Fannie, Freddie and Ginnie mortgages - anyone have any recent stats on default rates for the new lending by the agencies?
Are they lending? They aren't lending here.
And the fool's function IS to speak the truth.
lawyerliz
Righty-Tighty-Tools are like wind-up toys, they prattle on saying the same thing over & over, one-trick ponies.
Aarrgh, CR scooped me!!!
BankU has nobody to merge with or they would have done so.
lawyerliz
Some of the GOOG magic seems to be wearing off in the AH trades - was up over $21/sh now about $11/sh...something from the conference call or realizing that they had the first QoQ decline in revenues ever...
Bank Me? no! Bank U!
there was a good interview on NPR yesterday
http://www.npr.org/templates/rundowns/rundown.php?prgId=13&prgDate=4-15-...
"Fighting America's 'Financial Oligarchy'
Economist Simon Johnson discusses the next phase of the financial bailout. In the May issue of The Atlantic Monthly, Johnson insists that the U.S. government will have to get rid of its "financial oligarchy" to regain economic stability. "
Who went short with me on GOOG?
Righty-Tighty-Tools are like wind-up toys, they prattle on saying the same thing over & over, one-trick ponies.
I weep for my CR Companion...
The fix is in. Main street was sold out, wall street was bailed out. Elizabeth Warren means well, but she is powerless against the financial machine that has hijacked our country.
Thanks to years of financial fraud, most are going to be eating sh%t sandwiches untill the end of their years.
And don't forget, we need to save wall street in order to save main street! What a crock.
Out of curiosity on the Fed/Treasury's holdings of MBS -- are they flat out buying them, or are they just holding them as collateral, so that banks would be on the hook for potential losses due to deterioration?
This is a bit easier to see the trend in the balance sheet.
http://www.federalreserve.gov/releases/h41/hist/h41hist3.pdf
For all the talk about the Fed buying Treasuries, the bigger story IMHO is their buying of MBS and agency debt. They are basically funding Fannie/Freddie off the balance sheet of the US Government.
At least with Treasuries they will be able to get out of them eventually. Depending on what happens to Fannie/Freddie, they may never be able to get out of that position without taking a huge loss.
ghost,
Here you go:
http://uk.reuters.com/article/businessNews/idUKN0736878220080907
Thank goodness the government is on the job.
GOOG now down over $6 AH; someone must be looking at the anemic top line growth and a P/E of ~ 30.
Read the Atlantic Monthly article on GS
Geez Does anyone under 30 read the Atlantic Monthly anymore.
" Gavshire Hathaway (member) wrote on Thu, 04/16/2009 - 2:05pm.
Out of curiosity on the Fed/Treasury's holdings of MBS -- are they flat out buying them, or are they just holding them as collateral, so that banks would be on the hook for potential losses due to deterioration?"
At least for the Fed (probably for the Treasury), these are outright purchases, in exchange for newly-minted cash, these are not repos.
Actually, I doubt they actually print dollars, they just credit Fannie/Freddie's accounts eletronically.
At least with Treasuries they will be able to get out of them eventually.
That's the most optimistic thing I've read all day!
"With his 401(k) in ruins, our correspondent visits investment gurus, hedge fund managers, and a freakish Arizona survivalist with one question in mind: How can the ordinary investor recover?"
OT: GS sold stock at $123 the other day. Suckers!
" MLM (member) wrote on Thu, 04/16/2009 - 2:06pm.
ghost,
Here you go:"
Thanks, if you want a real kick, Google the news for purchases of MBS over the past year or so: first, the government pushed the FHLBs into buying more MBS by giving them capital room, then they pushed Fannie/Freddie to buy more by expanding their balance sheets, then the Treasury stepped in, now the Fed, presumably all four branches of the quasi-government are buying with abandoned.
No doubt they are forcing some banks to buy some too (would not be surprised to see a ton on the books of C and BAC).
But the Asian governments? Not interested at all. Hell, they are barely interested in Treasuries, they sure aren't going to buy MBS at a spread of 120bps over Treasuries. Only the government would do that.
Elizabeth Warren has such a weak presence in my opinion. I can just see her breaking down and crying after Larry Summers berates her. They need a stronger person. Too bad Hillary is already gainfully employed.
That Reuters link is fantastic. It just makes me giddy!
Treasury will begin later this month by investing in new GSE MBS, which are credit-guaranteed by the GSEs.
It couldn't be that they are trying to CONfuse me, could it? (with apologies to Angry Saver)
Warren was in the movie "Maxed Out" and she did a great job.
http://www.maxedoutmovie.com/clips/index.html
You Tube trailer:
http://www.youtube.com/watch?v=YiOVNWoWTAU
Harndog
Anyone with 20 minutes to spare should read the Atlantic article Tim waiting for 2012 references above.
The basic thesis is that the individual investor is playing against a stacked deck.
--
The Zombie Apocalypse begins when U3 hits 15%
"At least with Treasuries they will be able to get out of them eventually."
At a profit? Rates are low now, so if rates go up treasuries will be worth less. Treasury can also call its bonds; ask those who bought double-digit yield bonds in the eighties. Treasury buyers are playing a game against the guy who makes/changes the rules.
" MLM (member) wrote on Thu, 04/16/2009 - 2:07pm.
At least with Treasuries they will be able to get out of them eventually.
That's the most optimistic thing I've read all day!"
LOL! True. I guess what I meant is there will be some liquidity.
For all we know, Fannie/Freddie MBS could be collector's items, their fate is in the hands of Barney (Frank) and friends.
At least the US govt is sustainable for a few more years; no way the current Fannie/Freddie situation is sustainable.
That is a big gamble to be taking to the tune of, what, several trillion when you add up the holdings of FHLBs + Fannie/Freddie + Treasury + Fed.
"Elizabeth Warren has such a weak presence in my opinion."
This may be a case of mis-underestimation; however, if her "presence" corresponds to her power, then, yes it is weak. But that sort of weakness, if it is a weakness, is not her fault. "Sheer plod makes plough down sillion shine," -- I forget who wrote that..
Who shall we name the Bond Czar to investigate how oh so many boobus Americanus sought safety in a numbers game?
So if anybody knows anybody underwater with a B of A 2nd, they should call B of A immediately to see if they get their own personal bailout.
lawyerliz
Mansefield??
lawyerliz
"Sheer plod makes plough down sillion shine," -- I forget who wrote that..
I think it was Britney Speers.
" they had the first QoQ decline in revenues ever"
-----------
I told you so.
2001 was an inflection point in IT growth, from accelerating to decelerating.
2008 is a second transition point, from positive to negative growth.
Predicted evolution of the IT Market, from Sept 2006, when I was generally ridiculed by IT people...
http://www.realmeme.com/roller/page/realmeme/?entry=evolution_of_the_it_...
I actually predicted inflection points at Defcon in 2005 but I suspect that very people understood what the hell I was talking about. In other news, I'm now the #1 Google entry for "Schramm model", which combined with Coase theory is the foundation for design patterns but once again, I suspect that 90% of IT people have no idea of what I'm talking about.
http://www.google.com/search?hl=en&q=schramm+model&btnG=Google+Search&aq...
It's vaguely annoying.
Imagine how much better shape our banking system would be in if we had modest, reserved, risk averse people like Warren in charge instead of a bunch of blustering, peacocking, self-proclaimed "talent"ed and "genius" alpha males.
Remember when the stereotype of a banker used to be someone a lot like her? Guess all those sorts of people got innovated right out of there to make room for the chuckleheads we've been bailing out (and not replacing).
My reaction to the video: just like it would be great if people like her were in charge of the banks, it would be great if she was in charge of the bailouts. She's not. So it just depresses me when she talks optimistically about reforming the banking system as soon as the bus is out of the ditch... because I know she would do that, and I'm sure they've told her they plan to do that, but I also know that chances of it happening are slim to none.
Hell, they haven't even been willing to tell us what the reform plan is, like they promised they would.
GOOG is an advertising company not a services company (IBM) or a product company (Microsoft). IT growth is not really relevant to their top and bottom lines.
"Sheer plod makes plough down sillion shine," -- I forget who wrote that..
I think it was Britney Speers.
You drove me to evil google! It was Gerard Manley Hopkins! Not Britney Spears! Britney Spears is running the banks.
I caught this morning morning's minion king -
ah, reptillian, thanks.
I got the Man part right.
Margaret are you grieving over golden grove unleaving?
lawyerliz
Off to Merritt Island.
lawyerliz
ghostfacedinvestah wrote on Thu, 04/16/2009 - 3:16pm.
For all we know, Fannie/Freddie MBS could be collector's items, their fate is in the hands of Barney (Frank) and friends.
At least the US govt is sustainable for a few more years; no way the current Fannie/Freddie situation is sustainable.
That is a big gamble to be taking to the tune of, what, several trillion when you add up the holdings of FHLBs + Fannie/Freddie + Treasury + Fed.
As I'm sitting here thinking about this, it occurs to me that the Fed, FHLB's, and Fannie/Freddie are really just off balance sheet SIV's for the government. The second thing that occurs to me is ....... RUN AWAY, RUN AWAY!!!!
"As I'm sitting here thinking about this, it occurs to me that the Fed, FHLB's, and Fannie/Freddie are really just off balance sheet SIV's for the government. The second thing that occurs to me is ....... RUN AWAY, RUN AWAY!!!!"
---------------------------------------------------
Surely you're not insinuating that the emperor has no clothes?
The emperor has no close, as in none of the hedges can be covered.
............for hardware side ..........Samsung , Hynix and other major memory makers increased prices by 10% for big PC makers today.....memory biz leads IT indu. out of recession rather quick...........
Well... I read the Atlantic before I was 30. Oddly, I cancelled after I turned 30.
------------------------------------
"I am disrespctful to dirt!"
Surely you're not insinuating that the emperor has no clothes?
We'll be able to make all the clothes we want, by sewing $100 bills together. Lots cheaper than actually paying for cloth.
Sorry Jas, there I go being dopey again.
"They are basically funding Fannie/Freddie off the balance sheet of the US Government."
I thought they were going to wind those GSEs down, and switch the business to the FHA. I guess Dobbs, et al didn't want to lose their source of campaign funds.
Absolutely the Fed, FHLBs, and Fannie/Freddie are off-balance sheet financing. The FHLBs and Fannie/Freddie issue their own debt to finance themselves, the Fed prints money to finance itself.
Where it gets really strange is when the Fed buys debt from Fannie/Freddie so those off-balance sheet entities can be funded by the other off-balance sheet entity.
At least the FHLBs have a true govt guaranty, so although their debt isn't counted toward the national debt, at least it shows up someone I suppose.
By keeping Fannie/Freddie at arms length, the govt can totally keep them off balance sheet.
At the end of the day, it all amounts to the same thing - a cost borne by the US taxpayer.
No way to run an economy, I think.
The fact that everyone seems to like and trust Ms. Warren tells me again that she is going to be a public face to reassure everyone while the real burgling gets underway.
Whether or not she really believes that the Administration cares what she says or if she is disingenuous is secondary if you ask me. Just a distraction. That being said, I like her too!
------------------------------------
"I am disrespctful to dirt!"
The federal government's mismanagement of their responsibility and legacy costs they are dumping on the taxpayer will put out country in the same situation GM is in.
---------------------
Who the hell does the main stream media think they are, taking it upon themselves to control the minds of individuals, trying to turn us it into a collective? We are individuals! We are not a collective and we cannot be controlled!
At the end of the day, it all amounts to the same thing - a cost borne by the US taxpayer.
I'm thinking at the end of the day it ends up as a huge number of dollars on one side of the USG universal balance sheet, and no corresponding entry of the same value on the other side. The day they want to start sopping up those dollars, that's a whole lot of extra Treasury issuance that I'm not sure anyone is factoring into the equation.
Thank glod that Jas is out there ready to buy.
So I thought I would take a drive down memory lane here and see what is new.
The crisis grinds on, in a most boring fashion, now beginning to smell just like the S&L crisis except that houses are also massively involved.
Did everybody like my bottom calls? Kinda looks like the double bottom might hold now throughout the summer.
In other words, the worst of this crisis is past- the next is several years away, meanwhile all of the wreckage of the last one heaves into view and the punditocracy grinds away at the reality of it.
The best was watching all of the deluded folks from my office yesterday as they paraded with their teabags.
Pining for stuff that was gone before they were born.
How's everyone enjoying that Velvet Fist of Government?
The system was saved, sort of, kind of, but not to be anywhere near as good as it once was.
I told you Wall Street wouldn't like what my colleagues in DC had in store for them- now they are positively miserable.
I do note that our Chinese friends are beginning their long run away from the dollar- a true so long and thanks for all the fish moment is still a long ways away.
So, enjoy the boredom, punctuated by moments of volatility that will faintly recall that magnificent fall- but those days have truly past. Now we sit and wait.
Someday this war's gonna end...
Gavshire Hathaway (member) wrote on Thu, 04/16/2009 - 4:05pm.
Out of curiosity on the Fed/Treasury's holdings of MBS -- are they flat out buying them, or are they just holding them as collateral, so that banks would be on the hook for potential losses due to deterioration?
Banks on the hook? BWAHAHAHAHAAA yeah right, this is America, banks are always covered
Nice to see you AllenM.
"Elizabeth Warren has such a weak presence in my opinion. I can just see her breaking down and crying after Larry Summers berates her. They need a stronger person."
She reminds me of an older female version of myself. Could be mistaken for a female relative. Anyhow, if she's gotten on the Harvard faculty, done a book tour that speaks truth to power, and gotten appointed to this controversial position, I'll bet people can't just make her break down and cry.
I've run into some class-A aholes. I have worked for some of them. People who ate turfbuilder for breakfast. They are actually comparatively easy to deal with in public (backroom covert threats are a different matter). Two techniques have worked very well for me. 1. Ask "show me the evidence". 2. Make bets. Nothing shuts down people who are full of crap faster than losing a couple of bets in public. My first boss out of college was so annoying in his negativity. I wanted to changeover some things in IT. He said, "What if it doesn't work? Nobody will be able to get into anything on Monday". Everything was tested, prepared, backed up, had an outside consultant on call if I needed him. Boss was not persuaded. I said "$20 says it's done by friday at midnight" and put my money on the table. I won.
Did the same kind of thing one other time with him for $50. After that, he wouldn't take my bets. He said "If you're that sure, go ahead".
Note to Ms Warren: when you have the facts on your side, make bets in public with people who are trying to spin the media or lie to the public.
Local unemployment rate for march is coming
Michigan 12.6% (up 0.6%)
Oregon 12.1% (up 1.4%)
Illinois 9.1% (up 0.5%)
Tennessee 10% (up 0.4%)
Missouri 8.7% up 0.4%
MN 8.2% up 0.2%
NJ 8.3% up 0.1%
Mass 7.8% up 0.1%
Georgia holds at 9.2%
I pray for the day the BLS releases the true birth/death model numbers. Liberals need to see how many small business they are losing themselves and the tax system and regulations that are killing them too.
---------------------
Who the hell does the main stream media think they are, taking it upon themselves to control the minds of individuals, trying to turn us it into a collective? We are individuals! We are not a collective and we cannot be controlled!
AMEN to that call! Chick has brains and they only give her enough of a voice to go on late night cable and entertain the masses.....Who knows that may very well come back and bite them on the bum come 2010.
"I fell in love with her after watching that. "
So did I, but in a maternal way. I want to call her mommy and ask her to make the bad bankers go away.
I guess the shine is off America. It seems to me that a big part of the problem is that companies don't work for their customers anymore. I know someone, went to see a Dr. about an achy stomach. $75.00 doctor visit; Dr. gave patient some Nexium, saying, "if it's not better come back and see me." Patient experienced a miraculous recovery -- the Nexium worked -- but the insurance company balked at paying the $75 and demanded medical records for the last several years, looking for a pre-existing condition, so that they could avoid paying the $75! Patient had been paying the insurance company about $250/month for coverage! Weasels!!!! That's what has become of us: a nation of weasels.
"Local unemployment rate for march is coming"
.........all less than 15% .................why worry?...........
Seb, it's you, admit it.
Good for Stewart and Warren.
Stewart's one of a handful of US media stars who haven't got the memo that "news" is meant either to be air freshener, providing the right aroma for selling antacid, urination and erection pills, or else a Two Minutes' Hate for right wing trogs.
Not for nothing is it like this now nor was it easy to build a monumentally stupid, and stupefying, news media. I wonder if Jon will be Spitzered.
She will be the first head of the United States Postal Savings Bank.
Run down to the post office and get your passbook now!!!
MLM, thanks, I dropped off because I was just getting too irritated by some of he stuff being said here.
I kinda like the new hoocoodanode commenting set up though.
But, like I said, ultimately, what we saw was the collapse of the Wall Street scam of the deregulators and leveragers.
Now we get the boring aftermath. Too many are expecting great changes one way or the other- this country will change slowly.
Unless we go BK suddenly, something I don't expect to happen for quite a while, as the rest of the world still loves the dollar.
Someday this war's gonna end...
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One of things I love about Warren's performance is her faux naif act.
"Pee Pip?! What does that stand for?"
"I don't remember. It's...an investment...'thing.'"
[Audience roars.]
Perfect. There's just no better way to illustrate for people how they're being swindled.
"Margaret are you grieving over golden grove unleaving?"
Hopkins. One of my favorite poems.
Pavel Chichikov
Unless we go BK suddenly, something I don't expect to happen for quite a while, as the rest of the world still loves the dollar.
I think this is the most interesting question to watch. We are going to have a lot fewer dollars recycled by trade partners over the next couple years, so even if they love the dollar they are going to have fewer of them to spend on Treasurys. Tax revenues are cliff diving. On budget outlays are soaring. Social Security is on the verge of becoming a net drag. And, the balance sheet of the Fed et al are up to the brim with bad mortgage debt.
I think it's a recipe for continuing excitement. But I haven't come to any conclusions about exactly when the cake will be baked.
As far as being irritated, no doubt. As a closet optimist, I'm hoping more of my favorite commenters will slowly show back up now that the commenting system is really good.
Long term, I am not an optimist, I just realized that enough was thrown at the mess to stop the deathspiral.
As for the new commenting system, I will use it for a while and then decide. I also got distracted at work as things have gotten pretty hairy.
But for now, we are going to be shuffling along in quite the boring time. The stimulus will work through the system, and folks will decide the world didn't really end last November, and then, well, slow climb up from the bottom. Reregulation will cause wall street a ton of heartburn as the winners will not be most of the current banks of large size, unless they can truly deliver consumer service at *low* cost.
The dollar is a puzzle, but the answer will not be found here- with the election of the dems we will regenerate some percentage of our peak consumption, but we will never on a per capita surpass it again in real terms. Now, in nominal, well, your guess is as good as mine. The dollar is ultimately now far more important to our national economy than most realize, since so much is imported, higher prices transmit nearly instantly as we saw with higher energy last year. The days of years lag in production through consumption price increases is now long past.
In other words the current setup is basically a transition, but to what state?
Someday this war's gonna end...
AllenM, good to see you back. Your posts form a couple months ago are looking very good right now.
I think some of you are way underestimating Elizabeth Warren. She may come across as a mousy academic, but what she is doing by appearing on places like the Daily Show is stirring shit. She's pissed that Treasury is blowing her off and she was subtle, but going for the jugular about it. The best thing she can do is get the word out confirming that what is going on at Treasury is BS, rather than letting the MSM continue to blow smoke up everyone's asses that it's all going to be rainbows and kittens soon.
Did you catch the part where she says that in the next 6 months we are going to choose one of two paths - either we are going to re-regulate the living bejeazzus out of the financial industry just like in the 30's or we are going to pretend that we don't need no stinkin' regulation and zombify ourselves for the next 10 or more years while the banksters loot us of everything we have.
The big question is whether or not Obama has the cojones and the integrity to do what is right or if he's just another bought and paid for politician.
Repulsive to see Mrs. Warren, an educated and serious person on this serious matter put through such an repugnant "ass-clowning procedure" .
An important and serious matter dealt with in pre-Kindergarten style ! An good example of the mental shortcommings of manny Americans. I hope nobody will pretend this has any educational value. Just to used to make entertainment and clown around , no education .
And of course a commercial at the end too.
Poor Mrs. Warren . She will have to learn to avoid mixing with these fools and loose here good reputation . I am afraid her good intentions will be badly betrayed by these media-idiots.
One only can have pitty with America and it's shameful scams .
"Elizabeth Warren has such a weak presence in my opinion."
"I think some of you are way underestimating Elizabeth Warren."
"Repulsive to see Mrs. Warren..........put through such an repugnant "ass-clowning procedure"
........she is the best thing so far to come out of this Congress. The woman has the brilliance to show the listener the substance for the correct answer without alienating her "sponsors". She is a perfect combination - having to deal with the egotistical self-centered bureaucrats on one hand and on the other, having the ability to explain the system's inadequacies and challenges on an elementary level to the distrustful. In a nutshell, she delivers a believable, harmless high school school-teacher lesson in economics. As to whether she can continue this juggling act without running from the room screaming at the idiots and their idiocy, is the only question.
The oversight committee's report was the simply spin.
some investor guy (member) wrote on Thu, 04/16/2009 - 3:00pm
> I said "$20 says it's done by friday at midnight" and put my money on the table. I won.
Sounds like your boss got hours of good work from you for the low price of $20.
realistTheorist, you are hilarious. Like a blog run by people from the Ayn Rand Institute is remotely competent and objective.
I am really starting to gravitate toward this tiger. I feel strangely protected by her.
She'll rip your lungs out, Tim.
Art Eclectic @4:44pm
+1
You are spot-on.
Ach Gott, Werner...The public discussion in Germany is so dismal, and ruled by smoke blowing 'experts'...there are plenty of fools in high positions...the media still get away with twisting the facts and jubilating about every stock market uptick...bitte bitte, no need to get into a such a superiority attitude.
Wow everyone here needs a girlfriend if they're swooning over this woman. She's way off btw. The FED was an attempt at regulation, designed to stop the "boom and bust" she's talking about. Obviously government intervention is causing the booms and busts. She wants to give the gov. more control, causing more booms and busts. But hey, it made john stewart feel better. Everyone feel better yay! happyfaces! 
chicken soup! wake up.
You would be wrong. Don't mistake her civility and honesty for weakness. I could see her mercilessly putting Larry's nuts in a vice and squeezing, all the while never missing a please or a thank-you.
that's interesting information, thanks
She has a little bit of the ultra-lefty schoolmarm about her...
But she is also exactly right. Great interview.
- Nemo