Bailout Gravy Train
By Barry Ritholtz - November 28th, 2008, 5:30PM
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Macro Notes
US$ rally continuesPeter Boockvar
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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November 28th, 2008 at 5:48 pm
Note the low tunnel ahead and the bankers on top of the boxcar. Anyone with a background in the visual language of action movies or cartoons knows what happens next.
Seems like a metaphor for the bailouts that keep having to hop back on the gravy train (AIG, Citi, Freddy and Fannie)
November 28th, 2008 at 11:43 pm
That’s no gravy train. Just beyond the tunnel is the bridge over the river Quai. Hyperinflation simply will not forestall the effects of our financial system’s insolvency. The question is will the coming social explosion be strong enough to get rid of the sold-out, politic quacks who haven’t the courage to pursue a bankruptcy reorganization, or will this be forestalled by such furthering of chaos as has become a growing trend these past ten years?
November 29th, 2008 at 11:04 am
Those wankers who are chasing the train aren’t going to get more than pennies. The real cash is going to those who managed to fly ahead and are now waiting at the station. You should never underestimate the value of distraction.
November 29th, 2008 at 1:13 pm
On the other side of the tunnel more boxcars are waiting to be hooked up to the train, getting ready for the second leg of this bailout trip that has an undetermined destination.
Looks like the banks will be getting a bailout from the Govt. AND their customers. I’ve noticed that many ATM’s have increased their charge $.50 to $1.00 higher. One out of area ATM wanted to charge me $3.50 to withdraw $200. That’s a 1.75% charge!
Recently, my bank was going to charge me $25.00 to make a stop payment on a check to a cable company. I told them to forget it since the check was for $39 and some change. I’ll make the cable company send me a check back if they cash it.