My boy Paul comes up with the single funniest thing ever to grace a muni bond (I have no idea if its real, but its amusing nonetheless) :
via Infectious Greed
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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December 10th, 2008 at 11:27 am
Must be about time for the Presidential Pardon list – or as it’s better known, the Make This Go Away and You’ll Get Your Lousy Library list.
December 10th, 2008 at 11:31 am
There will be a massive shortage of astericks on the news presses, thankfully we have the internet these days. Search the f-word for the best parts of the PDF indictment.
Jon Stewart had a great segment last night, “Rod Blagojevich is a jagoff” Jon: “Holy F-en Bleep”
http://www.thedailyshow.com/video/index.jhtml?videoId=213346&title=rod-blagojevich-is-a-jagoff
My wife and I have our picture with Blago, that’ll get put on the mantle for the Christmas party, great conversation starter.
December 10th, 2008 at 11:41 am
watched that episode yesterday
a> the pressures of balancing the unbalancable is getting to him
b> figured it was time to shakeout the wire and room taps
c> make a name for himself the Jessie James way
I’m going for b
and all this talk of free market capitalism and the bailouts – same ultimatum for government I say – except give ya more time than Mar31st – PAYGO and balance in all levels of government in one 4 year term of Change Yes We Can – so government fix it or retire like the rest of us – No Pension and Health Care For You
December 10th, 2008 at 11:54 am
BR – Primarily involved in fixed income but read your blog religiously to monitor equity side of things. Have inquired via email with no response, and via phone (number not working) about getting more info before subscribing to Fusion IQ for a screening process for handful of equity accounts.
In regards to bond addendum – hillarious – curious though if this entire fiasco in any way tarnishes Obama’s rep among market participants.
December 10th, 2008 at 12:03 pm
Some of our friends made a top ten list this year for “The Ten Worst Predictions of 2008″:
http://www.foreignpolicy.com/story/cms.php?story_id=4569&print=1
Coming in at #2, Jim Cramer with his “Bear Stearns is fine” rant and then loses 90% of it’s value over the next week and shortly dismantled after that.
Don Luskin at #4, ““[A]nyone who says we’re in a recession, or heading into one—especially the worst one since the Great Depression—is making up his own private definition of ‘recession.’” —Donald Luskin, The Washington Post, Sept. 14, 2008
#8 is from Goldman Sachs with oil: “The possibility of $150-$200 per barrel seems increasingly likely over the next six-24 months.” —Arjun Murti, Goldman Sachs oil analyst, in a May 5, 2008, report
#10 is Hank Paulson (very underrated IMO) just last month ““I believe the banking system has been stabilized.”
December 10th, 2008 at 12:15 pm
For those interested in “Tobin’s Q ratio”, there’s an article on the subject and what it means for the stock market.
Based on this ratio, Russell Napier says that the SPX could go to the 400 level within the next five years.
http://www.bloomberg.com/apps/news?pid=20601213&sid=aKlTQb6af0jc&refer=home#
December 10th, 2008 at 1:50 pm
I’d love to hear what Barry thinks about Napier’s Q ratio prediction of a two year rally followed by a fall to 400 by 2014.
Can such long-term forecasts have any credibility?
I would tend to think that if we can get over the current hump sufficently to cause a 2 year rally, that it would be impossible to see accurately what would happen after that.