Comments for "The Financial Crisis: An Inside View"
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CRbot Thu Apr 2 14:29:30 2009 CDT #
Jay D. says:
................RESERVED for Nemo................
Jay D. Thu Apr 2 14:33:28 2009 CDT #
Guest says:
Thanks CR.
Makes up for all the idiotic things I have to read MS and Jas post.
Ciao....
Guest Thu Apr 2 14:33:52 2009 CDT #
rickrolled says:
first?
rickrolled Thu Apr 2 14:34:12 2009 CDT #
Clay says:
Yay! My first hat tip.
Clay Thu Apr 2 14:36:22 2009 CDT #
Haha says:
From JS's site, look familiar? :
http://216.157.72.247/wp-content/uploads/2009/04/cartoon.jpg
Haha Thu Apr 2 14:43:24 2009 CDT #
MS says:
don't like?? don't read it... you have a choice....but since you keep going back to it I suppose you have more then enough time to figure out your own stupidity.
But I gather that would take a very long time.
Ciao
MS..
MS Thu Apr 2 14:46:14 2009 CDT #
Anonymous says:
All righty! reading for the weekend 8-)
Anonymous Thu Apr 2 14:46:23 2009 CDT #
1 currency now [yogi] says:
Bberg:
"Dresdner would be the second dealer this year to resign from the network of firms which was formalized by the Fed in 1960. The dealers are mandated to bid at Treasury auctions and that act as counterparties for the central bank as it conducts open-market operations. At 16 firms, the number of dealers is already the smallest on record.
The withdrawals come as the Treasury sells a record amount of debt this year and the central bank buys government debt for the first time since the 1960s in an attempt to drive consumer borrowing costs lower."
One more chair gone, start the music...
1 currency now [yogi] Thu Apr 2 14:49:32 2009 CDT #
Money Man says:
Cliff Notes...Short Version...."We're Screwed"
Money Man Thu Apr 2 14:50:13 2009 CDT #
Guest says:
I think the previous Guest meant to say "all the idiotic things he's read MS and Jas post" and AMEN to that brother....
Live and learn not to read the dopes' posts in the future. They are just 2 among many.
Guest Thu Apr 2 14:51:30 2009 CDT #
Dead_Monkey_Bounce says:
Oregon stocks take a beating? http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090402&id=9756173
Dead_Monkey_Bounce Thu Apr 2 14:51:54 2009 CDT #
Nemo says:
It's a good thing the crisis is just part of history now.
Nemo Thu Apr 2 14:52:02 2009 CDT #
Max says:
Anybody else as frustrated as I am reading this?
Moral hazard was a huge concern, but the feeling at Treasury was that even when the Bear transaction was renegotiated up from $2 per share to $10, the loss of wealth was still large enough to give pause to market participants and thus mitigate the moral hazard. Of course, there was moral hazard more broadly from the fact that Bear’s bondholders and counterparties did not suffer a loss. But Treasury and the Fed saw little alternative to rescuing the firm at that time (or least cushioning its fall), simply because the speed of its collapse left markets unprepared.
This whole essay reads like the War of the Roses, told from the perspective of the family dog. A narrative of events without context or insight into the players' motivations.
Max Thu Apr 2 14:52:54 2009 CDT #
Guest says:
MS - your posts blow ciao
Guest Thu Apr 2 14:54:32 2009 CDT #
bearly says:
I wonder if Maria packed her nightstand cowboy in her suitcase. It'll sure come in handy tonight.
bearly Thu Apr 2 14:55:43 2009 CDT #
1 currency now [yogi] says:
Do I hear a distinct fizzle?
1 currency now [yogi] Thu Apr 2 14:55:44 2009 CDT #
Nemo says:
Nemo's Handy Guide for Evaluating Comments
Boring: Talking about Obama
More boring: Talking about Bush
Most boring: Talking about each other
thanks for reading
Nemo Thu Apr 2 14:57:31 2009 CDT #
nincompoop says:
The best things about this site is it has t he best conductor and by far the best commentators. I enjoy them all even those I may not agree with. To all I say keep on posting and don't change.
Parent Post
nincompoop Thu Apr 2 15:40:40 2009 CDT #
Max says:
More outrage:
At Treasury, two additional lessons were learned: (1) we had better get to work on plans in case things got worse, and (2) many people in Washington, DC did not understand the implications of non-recourse lending from the Fed. This latter lesson was somewhat fortuitous, in that it took some time before the political class realized that the Fed had not just lent JP Morgan money to buy Bear Stearns, but in effect now owned the downside of a portfolio of $29 billion of possibly dodgy assets. This discovery of the lack of transparency of non-recourse lending by the Fed was to figure prominently in later financial rescue plans.
Can there be any doubt now that the Fed and Treasury deliberately misled the Congress and the American people when Bear was bailed out?
Max Thu Apr 2 14:57:58 2009 CDT #
popeye says:
This was, after all a very strange day for a rally. Tomorrow's employment numbers don't bode well at all.
popeye Thu Apr 2 14:59:08 2009 CDT #
MS says:
that all you can muster??
please stop wasting space...you do it so well.
Ciao
MS
MS Thu Apr 2 14:59:42 2009 CDT #
Interesting Times says:
Nemo - Whew! Thank goodness we averted that disaster! Now look at this drive...
Interesting Times Thu Apr 2 14:59:56 2009 CDT #
Anonymous says:
http://www.bloomberg.com/apps/news?pid=20601109&sid=atf_2mZ2XQKw&refer=home
-----------------------------------
Key take home point 'root cause'.
Anonymous Thu Apr 2 15:00:43 2009 CDT #
Comrade Byzantine_Ruins says:
This was, after all a very strange day for a rally.
Important people don't like unpleasant realities to interrupt their fois gras and speechifying.
Comrade Byzantine_Ruins Thu Apr 2 15:04:26 2009 CDT #
CRbot says:
New Thread: Markets: Another Day at the Casino
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CRbot Thu Apr 2 15:06:38 2009 CDT #
ghostfacedinvestah says:
Is it me, or is all the talk about the March 9th low strangely similar to the talk about the Nov 20th low a few months ago? "That was the bottom, we got capitulation, strong resistance, etc."
I wonder if they had these same discussions in the 30s? Or in Japan in the 90s?
I guess the "experts" need something to talk about.
ghostfacedinvestah Thu Apr 2 15:07:55 2009 CDT #
Comrade_Terry says:
Nincompoop, we can usually disagree without being disagreeable. I think that's the strength of the Commentariat.
Comrade_Terry Thu Apr 2 15:58:50 2009 CDT #
Anonymous says:
thanks for posting a link to the doc. signed, anonymous.
Anonymous Thu Apr 2 17:11:14 2009 CDT #
killben says:
All the discussions on the home crisis while it was brewing is mengingless and waste of time if it is not started with a basic question "How was the value of a home rising by the minute". Maybe someone raised it and was not listened to .. likely as no one likes a party pooper!
It jsut means too much easy money was chasing homes and thus the bubble has to come about!
If authroties and regulators cannot identify bubbles then what is their job ... creta the mess and then clean up the mess while looting the dumb suckers (tax payers). If that is the best they can do, then do you think we need them?
It is surprising that no one has been brought to book from the Fed, Lenders and the Rating Agencies, who have shown dereliction of duties!!
God save America when it is led by such undeserving louts!!
killben Thu Apr 2 23:25:34 2009 CDT #
Nahtanoj says:
Thanks for this post. It will be a valuable document for future historians trying to figure out what happened during the first 18 months of the crisis.
Nahtanoj Fri Apr 3 05:21:57 2009 CDT #
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