This guy Ritholtz is a firebrand . . .
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Source:
Get Long Torches & Pitchforks: Bailouts “Absolutely Asinine,” Ritholtz Says
Aaron Task
Mar 10, 2009 11:15am EDT
http://bit.ly/90lhV
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.
Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely arbitrary assumptions to precisely stated but irrelevant theoretical conclusions. —Wassily Leontief, Science, Volume 217, 9 July 1982, p. 106.
Poor sovereign government finances are not just the province of Europe. Fitch this morning downgraded the credit rating of Japan to A+, one notch below both S&P and Moody's. Fitch stated the obvious extraordinary amount of debt they have relative to GDP but said "the country's fiscal consolidation plan looks leisurely relative even to other fiscally challenged high income countries." As in some European countries, there will never be enough growth in Japan to sustain their debt so policy makers have only two choices, debt restructuring/writedown or print money and unfortunately printing money will be the politically easier decision. The...
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March 11th, 2009 at 11:16 am
NO NATIONALIZATION
That’s socialist.
“Capitalization,” now that’s something I think we can all get behind. C and BAC need to be “capitalized.” If the people who put in the capital get 100% ownership, well that’s just how the game is played.
March 11th, 2009 at 11:22 am
sorry, what is the “torches and pitchforks” ETF?
March 11th, 2009 at 11:25 am
That’s TPF there on the Big Board, johnh. Also there is another one that trades on the NAZ: BURN.
It’s going to be an interesting summer. Protest march, NYC, April 3rd.
March 11th, 2009 at 11:32 am
pitchforks are available on traget online but long target right now still scares me!
March 11th, 2009 at 11:36 am
It’s early but follow up to yesterday’s rally seems tepid to me so far. Still don’t think there’s any conviction and John Q. Public (hat tip, AT) may just not come back into the market the way we think he will, at least for a while anyway. The scars run deep. No confidence + no trust = no sustained rally. Selling strength will be the mantra until those things come back.
March 11th, 2009 at 11:37 am
Anybody see the CNN update on the Jon Stewart/CNBC dust-up? Love the part about Cramer’s smile fading.
http://www.cnn.com/video/#/video/business/2009/03/10/moos.stewart.rips.cnbc.cnn
March 11th, 2009 at 11:41 am
The CNN video writes me: “This CNN.com feature does not currently support the platform you are using.”
Ah crap…
March 11th, 2009 at 11:44 am
VERY WELL STATED!
I’m so glad you got the Pimco shot in there as well….
March 11th, 2009 at 11:45 am
Good, insightful interview, Barry. But, before anything is done, we will be an even larger debtor nation. Unfortunately, the odds of anyone in the financial institution’s servant, the federal government, finally doing the right thing is best described by Lewitt in his HCM Market Letter:
“The economy has to be completely retooled, and this process will not happen overnight, particularly because such a program must be directed by a highly inefficient democratic political system that is inefficient in reaching consensus about its goals and how to achieve them. Unfortunately, the deeper involvement of the government in the financial and other sectors of the economy is likely to stifle growth, innovation and creativity and further contribute to lower growth for years to come.”
March 11th, 2009 at 11:46 am
цитаты за сегодня…
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Source:
Get Long Torches & Pitchforks: Bailouts “Absolutely Asinine,” Ritholtz[...]…
March 11th, 2009 at 11:56 am
Unloaded some stocks to Johnny Retail at 9.45 this morning. Keeping an eye on 715 or 690, as applicable.
Here at Schadenfreude Asset Management we are also watching developments in Greenwich with interest, as hedgies are said to lay off 20,000 staff this year.
http://www.bloomberg.com/apps/news?pid=20601213&sid=avVD1FvGmD3o&refer=home
No pitchforks and torches in Fairfield County yet, unless they come from “upscale retailer” Smith & Hawken.
Muffy and Hunter wouldn’t dream of going to Home Depot.
March 11th, 2009 at 12:08 pm
tom brokaw on Morning Joe today: in context of Buffet complaints about Obama dithering, said another “senior” financial wizard making same complaint, then said “Volcker meeting w Obama friday morning, see what comes of that”. i think next shoe to drop will be Volcker giving O a fill-or-kill: are u serious about reforming Wall St, leverage ratiios, bad debts etc? if not i have better things to do with my time than watch Larry Summers closing the door in my face every time i try to get some quality time w u
March 11th, 2009 at 12:29 pm
this is spot on–check out the picture!
http://thereformedbroker.com/2009/03/10/ritholtz-get-long-torches-and-pitchforks/
Barry Ritholtz of The Big Picture makes the case for Bank Nationalization, this time in a fantastic interview on Yahoo!’s Tech Ticker.
Must-see whether you agree or not.
March 11th, 2009 at 12:32 pm
For anyone interested, here is an excellent commentary from Brazilian President Luiz Inácio Lula da Silva. It gives even a cynical bastard like me some hope as to what we might strive for on the other side of this mess.
http://www.ft.com/cms/s/0/4623a78e-0ce2-11de-a555-0000779fd2ac.html?nclick_check=1
(Think it’s free but if not, FT has a free registration option)
March 11th, 2009 at 1:21 pm
LOL.
Pitchforks and torches. Sounds like a recommend for Home Depot and Lowes.
Are YOU talking your book BR?
;-)
March 11th, 2009 at 1:23 pm
awesome
March 11th, 2009 at 1:37 pm
10cc, if even you fall for this guy’s talk then there is no more hope.
That guy is an ignorant that brags to never have a finished a book on his life (it gives him headache) or even reads newspapers today (makes him sick). Does he have a personal opinion then? Nope it is all fed to him and he goes and spits it out to the broader audience. He is a great artist though.
But don’t fall for his sweet talk on capitalism. He is one of the leader of the comunist movement expanding in south america, along with Chavez (Venezuela), Moralez (Bolivia) and Correa (Ecuador).
March 11th, 2009 at 2:04 pm
Hey Barry.
That was amazing stuff. I gave you and Aaron a nice write-up here.
http://dailybail.com/home/2009/3/11/must-see-bailout-news-video-barry-ritholtz-from-the-big-pict.html
Well done, truth-tellers, well done.
The Daily Bail
March 11th, 2009 at 2:45 pm
Not sure about buying a pitchfork and taking to the streets but I did close my ShitiBank checking acct and shreadded my credit card some time ago. Didn’t like the way they did their business so they’re not going to get mine. Simple as that! I realize that my 75K/YR deposits is like one raindrop in a tropical storm, but hey, I feel I did my part. The zero interest balance transfer didn’t hurt either :)
March 11th, 2009 at 5:47 pm
going broke,
if you don’t add to the problem, you aid in its solution.
BR,
That clip was well done, it’s always refreshing to see incisive minds ‘on the tube’..
dare I say, we need more of it..\
past that, the 5-6 minute length seems to work for people..
March 11th, 2009 at 8:47 pm
mhm,
Sorry to disappoint you but you named some of my favorite heads of state. Putin is another. Guess that makes me some sort of communist. May I ask how you feel about Chile?
March 11th, 2009 at 9:10 pm
“May I ask how you feel about Chile?”
Bachelet is on par with Lula, sounds soft but undermines the country’s institutions as well. I guess the next wave is already under way… I call it the pink-army attack on most western-hemisphere armies. You’ll what it is if you follow world news headlines…
March 11th, 2009 at 9:13 pm
The vast majority of US citizens think that the Fed is a US Government Institution. Perhaps if they start to understand otherwise, they might begin to understand why taxpayers funds are being used to bail out these institutions?
March 11th, 2009 at 9:15 pm
“May I ask how you feel about Chile?”
Some of the Cbernet’s are excellent but I still prefer the Merlots on balance.