I am out of pocket for most of today, but with the upcoming two-day FOMC Meeting next week, its a good time to bring these recent cartoons to your attention:
And what might actually be the funniest comic of all comes from Stocks, Futures & Options mag:
fantastic!
especially the last one.
here is another cartoon greenspan/bernanke
http://immobilienblasen.blogspot.com/2007/03/business-week-cover-story-what-market.html
have a ice weekend
have to add that you need to scroll down to the bottom of the post
I was never one to really disrespect Greenspan, up until a few weeks ago. I guess his comment on housing was the straw that broke this camel’s back. The guy really needs to learn to keep his mouth shut.
Greenspan is simply saying what Bernanke cannot. I’m sure they are both on the same page.
You sure don’t want to go out and say what you really think about the economy when Uncle Karl is still in the oval office.
I am a futures broker in a PFG branch office. PFG (Peregrine Financial Group) is who publishes SFO.
When the current issue came out, my branch manager and I had a discussion about whether I needed to be cured of not being conservative. I was kind of hoping for George Soros as the hero. . .
“I was never one to really disrespect Greenspan, up until a few weeks ago.”
Greenspan lost my respect for good when he gave the nod to tax cuts that created massive structural deficits.
When he praised adjustable-rate mortgages when interest rates had nowhere to go but up, he earned my disgust.
SFO is a worthless rag. It is hard to find any actual content in its pages of endless advertising . I think of it as the Maxim of financial publications.
When that issue of SFO appeared in my mailbox and I saw the cover I threw it straight into the trash. Seriously.
The Greenspan chiding is fun, but which way are you folks going to go? You can’t have it both ways, as it is intellectually lazy. If he was off base before, and now he is stating things which agree with the tenor of the arguments which tend to be posted here in this blog (There are problems in the economy which are not being accurately reported or reflected in prices) how can you rile him for this? He seems to be on the same wave length as far as real estate goes.
As far as him keeping his mouth shut, why should he? He can say whatever he damned well pleases, even if he is off base. Just like you.
Now that he is out of his position, and is an old man, it might actually be wise to listen and not dismiss everything he has to say.
A statement made in an article from today Greenspan said:
http://washingtontimes.com/business/20070315-111354-6346r.htm
It is not a small issue,” he said, adding that the woes of subprime lenders have been tied to the flattening and fall of home prices in the last year. “If we could wave a wand and prices go up 10 percent, the subprime-mortgage problem would disappear” because delinquent borrowers would be able to get out of their obligations by refinancing or selling their homes.”
I find the magic wand comment to be quite funny. It might be a clue as to what type of things the Fed might do to try and get out of this mess. As in crank up the money supply and try to inflate their way out of this mess.
I’ve said it before and ill say it again, common sense simply does not exist with these guys.
The ability of them to live in the real world seems to have all but disappeared.
The comment about selling on is priceless, yep stick someone else with the problem, anyone else think this sound remarkably like a pyramid scheme of some kind?
A.G. is free from his contractual obligation, as Fed Chairman, to lie to Congress and the American public. He is liberated, in his 80’s, and it feels good to actually tell it like you see it. Let it all hang out Al, death’s doorstep isn’t to far away.
“When that issue of SFO appeared in my mailbox and I saw the cover I threw it straight into the trash. Seriously.”
Same thing I did with a recent issue of Worth that had Al Gore on the cover.
The last one rings so true!
Thank you, Alan, for all the volatility; how could any of us traders go on without you? :)