Is this the Bottom?
By Barry Ritholtz - November 8th, 2008, 4:00PM
via Tom Toles
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 8th, 2008 at 4:09 pm
Concise summation of the MSM financial analyses.
November 8th, 2008 at 4:32 pm
Yeah, those little risk pieces they labelled “tranches”. That’s such a nice French name for trench.
November 8th, 2008 at 4:36 pm
Kevin Pillips says it all when he says the whole 700 billion dollar thing was a scam. The world was going to end if they didn’t get the money to lend us (ha ha) and now they decide to use it for mergers? What a crock!
November 8th, 2008 at 5:21 pm
Maybe the bottom won’t come until CNBC becomes a premium channel because too few people watch it for it to be on basic cable anymore.
November 8th, 2008 at 5:57 pm
Nov. 8 (Bloomberg) — Lewis Ranieri, who helped create the mortgage-securities market in the 1980s while at Salomon Brothers Inc., became a victim of its collapse after his Houston-based bank was seized.
Ah, it’s so refreshing to see one of the responsible parties get theirs. It’s a start. Hey Scholes, you’re next.
November 9th, 2008 at 6:42 am
Well, maybe we are near the bottom since I upgraded my cable in order to get access to Bloomberg Financial and Fox Business News. (I don’t really think we are anywhere close to the bottom.) …I now see why they call it Fox. There are some real cuties on there. Due to their leaning, that is about all I expect to get from FBN.
CNBC has become a cesspool of politics. LK and others like him think they are masters of the universe when in fact it is their kind of thinking that has fucked everything up. He is nothing more than a mouthpiece for the 5%. Interesting that CNBC is affiliated with NBC which leans to the left. I wonder if CNBC will moderate their programming as a result of the sea change evidenced by the election. At times, I can detect a reaction from some of the others on CNBC when they see how little Kudlow cares about anyone other than himself and others like him.