Look Whose Blogging Now: NYSE

August 20, 2007 2:30pm by

Perhaps the better question might be who isn’t blogging!

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  2. SINGER commented on Jun 28

    There is that one guy in an indigenous tribe in Borneo whose not blogging… but a nature filmmaker is scheduled to give him a quick tutorial tomorrow so I believe he will have a page up on Blogger by Monday…Something about “Great BarBQ Recipes for Wild Boar…..

    Holla…

  3. Bob Loblaw commented on Jun 28

    wouldn’t that be “who’s blogging”? Unless you mean whose blog it is.

    At least it’s not a law blog.

  4. KirkH commented on Aug 9

    To modernize, all Tribune publications are going to append “Blog v2.0” to the title of all of their newspapers. And classifieds will now be known as Meta-Wiki-Lists.

  5. techy2468 commented on Aug 20

    Off Topic:

    any idea what is going on in todays market?

    it fell down in the middle of day like it was embracing reality…..and now it is going back up?

    is there any news driving this? or is it just because traders are very busy??

    on the same topic: in india the people who made most money during the last 4-5 weeks are day traders, they made around $4 billion it seems.

  6. SPECTRE of Deflation commented on Aug 20

    Just found this at another site. DAMN!! Barry, ya think they will Blog on this containment subject?

    The U.S. Government’s Office of the Comptroller of the Currency (OCC) reports that, in the United States …
    Just FIVE banks control 97.1% of the derivatives in the entire U.S. banking system.
    Worse, among these five banks, none — not ONE — has the capital to cover its net credit risk, the primary measure the OCC uses to evaluate the risks these banks are taking in their derivatives trading

    And now, the OCC reports that JPMorgan Chase has a whopping $7.99 in credit risk per dollar of capital, or more than double its 1998 risk level!
    HSBC, which was barely a player in the derivatives market back in 1998, now has $5.65 in credit risk per dollar of capital!
    Citibank: $2.03 per dollar of capital in 1998; $4.60 today.
    Bank of America: 90 cents on the dollar in 1998; $2.88 today.
    Wachovia: Just 18 cents on the dollar in 1998; $1.56 today.
    This means that …
    Even though Wachovia has the least exposure to derivatives among the top five, it is still extremely vulnerable — with more at stake than its entire capital.

    America’s largest bank — Bank of America — is also embroiled up to its eyeballs, risking over FOUR times its capital.

    And the single largest player in the derivatives market – JPMorgan Chase – is taking the most risk of all: EIGHT times its entire capital, according to the OCC’s data.

  8. mhm commented on Aug 20

    Does the FDIC have a way to insure all accounts (100k, I know) in case one of the big five retail banks fail?

  9. David commented on Aug 20

    Bernanke should start a blog, he needs the PR.

    So Senator Christopher Dodd wants a unusual meeting with Bernanke, I bet he wants to bail-out “his” people on wall street, just like Jim Cramer cried to bail-out “his” people.

    As for the stock market today, all I can say is beware, “There ‘s daggers in men’s smiles”. Macbeth

  10. zero529 commented on Aug 20

    A meeting with Chris Dodd could mean anything — remember, he was the Senator advocating a bailout for homeowners in trouble. Well, either way I guess we can expect him to be looking for ways to throw more dollars out there.

    Scary news on the big 5. Are there other websites that provide bank ratings besides bankrate’s Safe & Sound? Anything more up to date than 5 months ago?

    F me, I guess, for having everything in short term treasuries. F me for thinking the Fed had a spine.

  11. Florida commented on Aug 20

    SPECTRE,

    Any way you can let us know where you found that factoid about the banks? I’d like to read that myself.

    Thanks!

  13. RobT commented on Aug 20

    I think people are overreacting it comes to a meltdown in simple corporate default swaps and interest rate / fx swaps which likely make up as substantial dollar amount of the figures above. The stuff is not that complicated IMO.

  14. SPECTRE of Deflation commented on Aug 20

    SPECTRE,

    Any way you can let us know where you found that factoid about the banks? I’d like to read that myself.

    Thanks!

    Posted by: Florida | Aug 20, 2007 5:41:05 PM

    I visit so many sites each and every day that it becomes very hard when trying to remember exactly where I pulled this information, but I promise I will look this evening. The news isn’t surprising with the leveraging that has been taking place.

    I heard another this evening. A real belly laugher concerning Deutsche Bank per Mish’s site:

    A Show of Support?

    And adding to the Fed’s charade of cutting the discount rate is a claim “by people close to the situation” that Deutsche Bank was showing support for the Fed, supposedly by borrowing cash it does not need. No one borrows money at the discount rate to show support for the Fed. The statement is simply preposterous.

    [Anyone thinking that a bank hit the discount window to “show support” is in need of a beautiful bridge I have for sale in the FL Keys. LOL!]

    What’s pushing down short term yields is a basic flight to quality. Everyone is abandoning non-traditional money market funds, in mass. This means that speculative credit demand has come to a standstill. It’s also a loud and clear recession signal. Given that T-bills are the next best thing to cash, this is simply yet another variation of a Mad Dash For Cash.

  15. RobT commented on Aug 20

    Spectre, that is Mish’s blog. A top source.

  17. David commented on Aug 20

    Will money market rates tank with 3% t-bills?
    When fed funds were 1% in 2003, I do not remember 90 day t-bills were 3%?
    This is deadly serious; they are down by more than 3% in just four trading days.

    “The earth hath bubbles, as the water has,
    And these are of them. Whither are they vanished?
    Into the air, and what seemed corporal
    Melted, as breath into the wind. Would they had stayed
    Were such things here as we do speak about?
    Or have we eaten on the insane root
    That takes the reason prisoner?” Macbeth

  18. VJ commented on Aug 20

    Treasury Bond yields took the largest one-day drop in 20 years today, as demand for safety outstripped supply.
    .

  19. whipsaw commented on Aug 20

    Errm, maybe you guys need to slow down a little before you write everything off? I say that mainly because what Bernanke did Friday morning was the equivalent of a sniper scoring a headshot at 1000 meters in low light which suggests that a lot of people “misunderestimated” him, including me.

    If he understands markets well enough to completely gut shorts like that, then I think you can assume that he and Paulson will put up a pretty good fight, whether win, lose or draw. For trading purposes, do not mess with these guys.

    In a broader economic sense, I mostly share your opinions about where things sit, but have seen this movie several times before and it generally winds up with the villains winning. Aside from that, I’ve previously seen (and probably helped) people here become almost religious in their bear fervor when things went south and we all ultimately suffered because of the lack of reasonable contrary opinions. That has nothing to do with BR’s policies, just kind of naturally happened.

    So I will identify myself as a non-bull realist who has enough (very non-professional) experience in getting batted around trading and educational background to offer what I hope are objectively reasonable opinions.

    ==whipsaw==

  20. Devo commented on Aug 21

    the floor is definitely going away.

  21. techy2468 commented on Aug 21

    i completely agree with whipsaw…

    we may be definitely heading towards south…..but i will not bet my money in the short term since no one in the world wants to see USA stock market going down…

    its the last symbol of world economy still intact….its the psychological pillar which will keep the consumer feeling good.

    and definitely Bush does not want to get another bad label….as the president who also crashed the economy.

    chinese do not want a recession during olympics.

    india/brazil/other emerging countries..do not want a usa recession…

    so we will keep seeing that the stock market keeps going either up or steady….despite all the bad news…

    i am not saying that they can keep this party going forever….but imagine if $2 trillion wants the stock market to stay steady…..what are the odds??

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