SEC Examining Oversight of Credit Rating Agencies
Looks like an interesting panel — anyone near D.C. on April 15 should consider going . . .
10:10 a.m. — Panel One: Current NRSRO Perspectives: What Went Wrong and What Corrective Steps Is the Industry Taking?
- Daniel Curry, DBRS
- Sean Egan, Egan-Jones Ratings
- Stephen Joynt, Fitch Ratings
- Raymond McDaniel, Moody’s Investor Service
- Deven Sharma, Standard & Poor’s
11:30 a.m. — Panel Two: Competition Issues: What are Current Barriers to Entering the Credit Rating Agency Industry?
- Ethan Berman, RiskMetrics Group
- James H. Gellert, RapidRatings
- George Miller, American Securitization Forum
- Frank Partnoy, University of San Diego
- Alex Pollock, American Enterprise Institute
- Damon Silvers, AFL-CIO
- Lawrence J. White, New York University
12:30 p.m. — Lunch Break
1:15 p.m. — Panel Three: Users’ Perspectives
- Deborah A. Cunningham, Securities Industry and Financial Markets Association
- Alan J. Fohrer, Southern California Edison
- Christopher Gootkind, Wellington Management
- James Kaitz, Association of Financial Professionals
- Kurt N. Schacht, CFA Institute
- Bruce Stern, Association of Financial Guaranty Insurers
- Paul Schott Stevens, Investment Company Institute
2:45 p.m. — Panel Four: Approaches to Improve Credit Rating Agency Oversight
- Richard Baker, Managed Funds Association
- Jörgen Holmquist, European Commission
- Mayree C. Clark, Aetos Capital
- Joseph A. Grundfest, Stanford Law School
- Glenn Reynolds, CreditSights
- Stephen Thieke, Group of Thirty
The roundtable is expected to end at approximately 4:15 p.m. with concluding remarks by Erik R. Sirri, Director of the SEC’s Division of Trading & Markets.
In the fall of 2006, Congress passed the Credit Rating Agency Reform Act, providing the SEC for the first time with authority to supervise credit rating agencies. Using this authority that became effective in June 2007, the Commission has adopted two major rulemakings, has conducted an extensive 10-month examination of three major credit rating agencies, and has several pending proposals to further the Act’s purpose of promoting accountability, transparency, and competition in the rating industry.
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SEC Roundtable to Examine Oversight of Credit Rating Agencies
2009-46
http://www.sec.gov/news/press/2009/2009-46.htm
Washington, D.C., March 6, 2009 — The Securities and Exchange Commission will hold a roundtable on April 15 relating to its oversight of credit rating agencies. Discussion topics will include issues related to recent SEC rulemaking initiatives, such as conflicts of interest, competition, and transparency.
In the fall of 2006, Congress passed the Credit Rating Agency Reform Act, providing the SEC for the first time with authority to supervise rating agencies. Using this authority that became effective in June 2007, the Commission has adopted two major rulemakings, has conducted an extensive 10-month examination of three major credit rating agencies, and has several pending proposals to further the Act’s purpose of promoting accountability, transparency, and competition in the rating industry.
“Although our statutory authority to regulate rating agencies has only been effective for less than two years, it is clearly one of this agency’s most important responsibilities,” said SEC Chairman Mary L. Schapiro. “The SEC will hear from leading experts on credit rating agencies and the financial markets. Their insight will help the Commission as it continues its aggressive oversight of the industry, and considers whether to adopt the pending proposals.”
Roundtable participants will include leaders from investor organizations, financial services associations, government agencies, credit rating agencies, and academia. A final agenda including a list of panelists will be announced at a future date.
The roundtable will be held in the auditorium at the SEC’s headquarters at 100 F Street, NE, in Washington, D.C. The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC Web site.
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April 1st, 2009 at 1:26 pm
Barry – Why don’t we see your name in the speaker list?
April 1st, 2009 at 1:32 pm
All these regulators and politicians were patting themselves on the back for a job well done during the peak of the bubble. Anybody screaming about this stuff in 2005 knows they were marginalized as a “fringe lunatic”.
What is the point of regulation if the regulators don’t understand finance and economics except for when it’s politically expedient?
No part of the “re-regulation” agenda addresses the fundamental problem of regulators only doing their job selectively.
It looks to me like yet another special interest group using a crisis as an excuse for a power grab.
April 1st, 2009 at 1:36 pm
here comes another push – xlf leading. 820 or bust.
April 1st, 2009 at 1:51 pm
get through 809 around 2
onto 815 by 3
820 @ close
April 1st, 2009 at 2:05 pm
one negative tea leave – there’s quite a bit of selling going into this strength.
April 1st, 2009 at 2:10 pm
I’m not really a technical trader, but it sure is fun to draw lines on a chart during the trading day.
April 1st, 2009 at 2:15 pm
I noticed that the momentum of financials and REITs is not keeping up the major indicies again. That always gets me scratching my head…
April 1st, 2009 at 2:21 pm
XLF may be making a lower high, which is not a good sign for this rally.
I don’t want to short the XLF with the “Mark-To-Fantasy” chatter out there.
But if that doesn’t come to pass, this thing will fall like a stone.
April 1st, 2009 at 2:21 pm
in a bear market – it’s very hard to consistently make money without TA.
in a bull market ANY trader can make money.
i hope the forum forgives me if i am cluttering up the posts with these nuggets/turds from the turret. if it’s a nuisance i will stop.
April 1st, 2009 at 2:23 pm
guidepostings,
Really appreciate your posts. Please keep them coming!
April 1st, 2009 at 2:26 pm
in a bear market – it’s very hard to consistently make money without TA.
I guess I’m not really sure precisely what counts as technical analysis:
When we got under 700 I figured the market was oversold. Too much bearish sentiment, too many down days in a row. It just felt overdone so I started covering shorts and putting on long positions.
Now I’m getting a similar feeling about the upside now. I wouldn’t rule out something like 900, but the movement makes me feel more comfortable about taking off long positions and putting on short positions.
Does that count as technical analysis?
April 1st, 2009 at 2:32 pm
leftback-
looks to me like the xlf is consolidating under a moving average before busting through it later in the day. getting above 9.07 in this hour would qualify.
April 1st, 2009 at 2:39 pm
My instincts tell me not to get in the way of this here. Kind of like the SKF in October…
April 1st, 2009 at 2:55 pm
Where is the panel on illegal activity?
Or is that covered on What Went Wrong.
I hope corrective action includes jail time for these SOB’s.
April 1st, 2009 at 2:56 pm
exited longs.
April 1st, 2009 at 2:57 pm
“Where is the panel on illegal activity?”
The wheels of Justice grind exceeding slow, my friend, but grind they shall.
April 1st, 2009 at 2:58 pm
Off topic, but word is Dylan Ratigan is signed up with ABC News now. We won’t see him on the air for 6 months, though, due to a 6 month noncompete clause in his contract with CNBC.
Melissa Lee is in as Fast Money host…bleh… I’m going to start watching “The FBI Files” on Discovery instead.
April 1st, 2009 at 3:09 pm
Melissa Lee has been rated “AAA” by Moody’s and S&P, but slightly lower at Schadenfreude Asset Mgmt.
“exited longs.”
And why not? You’re in the money. My swing trades have a few days in ‘em, I hope.
We may see a + ve factory orders number tomorrow, could be good for a modest leg higher.
April 1st, 2009 at 3:12 pm
i will most likely buy back before the close or after tomorrows open.
my trading vehicles of late has been fas/faz. i find them more attractive than options due to their liquidity.
holding to me when they swing 10-20% in a matter of hours is not permitted if i feel a pivot has been reached.
April 1st, 2009 at 3:16 pm
Alexis Glick looked very perturbed this morning with the protestors in the City Of London.
Generally speaking it was more amiable than the crowds for an English soccer match.
I probably will not be taking her to the Fulham v Millwall match any time soon.
April 1st, 2009 at 3:25 pm
my trading vehicles of late has been fas/faz. i find them more attractive than options due to their liquidity.
Have you had any liquidity problems with FAS/FAZ?
I was playing around with FAZ but switched back to SKF after I had a sell order take longer than I was comfortable with.
April 1st, 2009 at 3:34 pm
@ super-anon-
average volume for SKF and FAZ is similar- today however FAZ has 73million vs 30million for SKF- would think trades would happen fairly quickly.
April 1st, 2009 at 3:36 pm
to keep things liquid i limit my buys with fas to 10K share lots – faz 3K lots.
sell orders – fas 20K faz 6K
April 1st, 2009 at 3:38 pm
My use of TA is done with the knowledge that there are a lot of people using it for their trade decisions. Knowing this and knowing the company helps a lot in the trade.
April 1st, 2009 at 3:39 pm
@ guidepostings
@ 3:16 Here comes the PPT?
April 1st, 2009 at 3:42 pm
to keep things liquid i limit my buys with fas to 10K share lots – faz 3K lots.
sell orders – fas 20K faz 6K
A few days back I sold 5K shares of FAZ. Seemed to take about 2 mins and got split 10 different ways.
I don’t know if it’s my broker or what (big name stock/mutual fund focused company), but I just wasn’t used to seeing that with SKF. I’m used to seeing confirms within about 5-10 seconds.
I might try doing some FAS/FAZ trades with an alternate broker I have that I use for futures and see how that works out.
April 1st, 2009 at 3:43 pm
@batmando
Here we come to save the day!!!
April 1st, 2009 at 3:45 pm
Never fails. Big uptick in buying in the last 20-30 minutes of trading. Am I the only one who finds that a bit strange?
April 1st, 2009 at 3:47 pm
@ 3:16 Here comes the PPT?
No such thing, old chap. It’s just a bit of portfolio dressing at Schadenfreude Asset Management.
IN other news: Thornburg Mortgage filed BK. A major player in the Prime Jumbo space.
We can look forward to a decrease in the uses of the words: Premium, Upscale, Previously Owned and Luxurious.
Look forward to an increase in the use of: Cheap, Bargain, Beater and Ostentatious.
April 1st, 2009 at 3:49 pm
Never fails. Big uptick in buying in the last 20-30 minutes of trading. Am I the only one who finds that a bit strange?
I’ve noticed this to be very common in bear market rallies, especially when there’s a lot of short interest.
It’s gotten me into the habit of waiting until after 3:30 pm to put on short positions.
April 1st, 2009 at 3:50 pm
815 isn’t 820.
if we close around 815 the odds favor a pullback to around 800 on the open. i would buy into that weakness.
April 1st, 2009 at 3:51 pm
LB: IN other news: Thornburg Mortgage filed BK.
Aaaaah THMR, a particularly painful lesson for me
April 1st, 2009 at 3:53 pm
I’m thinking about not even paying attention to the markets until 2 p.m. Central time, the final hour of trading. Seems like that’s when all the real action happens lately. Maybe I’ll just stay in bed until then.
April 1st, 2009 at 3:56 pm
It’s gotten me into the habit of waiting until after 3:30 pm to put on short positions.
BTW, that saved my ass a couple of Monday’s ago.
April 1st, 2009 at 3:56 pm
“a particularly painful lesson for me”
All those Mortgage guys were on the TV in 2007 telling Porky Pies about their Prime Pristine Portfolios…
Weep for the sanctity of truth in American business (snark)
“the final hour of trading”:
Not for oil, all the action is in the morning, then afternoon short covering.
April 1st, 2009 at 3:59 pm
@mannwich
Sounds like a prescription for a 2-3 hour lunch. Knock off early, couple of drinks of your choice. Get back in around 2. Trade for an hour go home.
April 1st, 2009 at 4:08 pm
Maximum Pain Principle:
The rally will somehow roll on longer than expected, ending in a big blow-0ff day as shorts finally throw in the towel. After that, many late entrants will take an early bath.
You think this rally can’t last weeks longer than expected? Just look at last spring…
April 1st, 2009 at 4:10 pm
LB:
“a particularly painful lesson for me”
All those Mortgage guys were on the TV in 2007…
I should have referenced TMA, which I tried to play when knocked down below $4 in March ’08 and got my ass handed to me.
April 1st, 2009 at 4:16 pm
LB:
2008 Mar 14 – May 16 ^10.6%
2009 Mar 9 – Mar 26 ^23%
Might Sell in May will come early this year?
April 1st, 2009 at 4:18 pm
“All those Mortgage guys were on the TV in 2007…”
That’s why we watch CNBC and Faux with the sound down and get our news from Barry and Mish.
Just watch the birdies.
LB notes that Faux Business Channel skirts are rising steadily, even as their viewing figures are falling.
April 1st, 2009 at 4:37 pm
Q: What’s the capital of Iceland?
A: About $3.50 – and that’s after their loan from the IMF.
April 1st, 2009 at 4:47 pm
leftback
Just watch the birdies.
LB notes that Faux Business Channel skirts are rising steadily, even as their viewing figures are falling.
If an ebb tide reveals who was swimming nekkid.
There is a lot more ‘skin’ in this game.
Ward,
I’m worried about The Beaver.
June
April 1st, 2009 at 4:50 pm
Re: the topic at hand
Will the current ratings business model remain in place much past these hearings? As well-documented on this website and on others, how does the “you pay me to rate you favorably” have the integrity to withstand time? Put it another way:
Shamwow guy to prostitute: “How much to tell me you love the Shamwow?”
Prostitute to Shamwow: “Not much, just a bite.”
Shamwow to prostitute: “Let’s kiss!”
Most of you TMZ/Perez Hilton lovers know how that story ends. When is the same fate going to lay waste to S&P as happened to that prostitute?
April 1st, 2009 at 4:52 pm
PS- It really does always come back to at least hookers, if not blow.
April 1st, 2009 at 4:52 pm
4:00pm Tar and fethering of Moody’s and S&P.
5:00pm gang wiz on SEC building to put bonfire out
April 1st, 2009 at 4:56 pm
Speaking of hookers,
Let’s get Client #9 back on the case.
It all makes sense now, heh?
April 1st, 2009 at 5:01 pm
@ PS- It really does always come back to at least hookers, if not blow.
True. You can basically look at modern US capitalism as a simple transfer of wealth from little old ladies from Pasadena to hookers and coke dealers, guys called Sal, and the people who install marble counter tops.
The mortgage brokers, securitizers, ratings agencies, lobbyists, politicians and bankers are just conduits.
April 1st, 2009 at 5:04 pm
@lb- “The mortgage brokers, securitizers, ratings agencies, lobbyists, politicians and bankers are just conduits.”
Those clowns take their haircuts or should we say Brazilians in the process.
April 1st, 2009 at 5:12 pm
@ leftback
“You think this rally can’t last weeks longer than expected? Just look at last spring…”
If it all comes to housing being the barometer I think there is a good chance that we have seen the worst of it. Whether this alone will lift the markets long term, I don’t know. I would say there is a good chance of happening what you described the other day- just up and down in a narrow range- no bull, no bear.
April 1st, 2009 at 5:15 pm
There are still many boogeymen lurking. Beware. It’s a matter of when, not if, they strike the markets.
April 1st, 2009 at 5:29 pm
@Mannie: Longer term I am with you. This isn’t your father’s recession. The obvious long-term boogeyman is rising rates but God knows when that will happen. The short-term ones are more obvious.
(“Write down shocks at banks as jumbo mortgage defaults soar!!” by Penelope Muffington, in Greenwich Time)
I must take issue with the local deflationists who seem to think that you cannot enjoy the twin horrors of commodity inflation hitting you from behind in the pocket while asset class deflation proceeds in front of you. Add in sticky high unemployment and you have a lovely cocktail.
Seriously, do any of you ever go shopping for food? A subway ride is going up 25% in NYC soon. Do any of you know any actual middle class Japanese people? Do you think they didn’t see price increases while the carry trade was at its height and the Yen was “tankan”?
If you watch the price of gasoline since January you are watching the future of our food prices. Wake up. Any success trading this market has been earned by looking out the windscreen – not in the rear view mirror.
April 1st, 2009 at 5:32 pm
Mannwich
There are still many boogeymen lurking. Beware. It’s a matter of when, not if, they strike the markets.
There’s that and there is a tendency, and how could one help it, to just look at the US.
20 years ago, even 10, we were the big dog, not now
That pesky new world order and all, a thousand points of light, NAFTA, GATT, etc.
The reds have a $trillion$ of cash, on hand, they can make or break any market they want.
Play in the casino, but just remember who the house is.
April 1st, 2009 at 5:34 pm
I agree Mannwich- but I have to ask myself- has everyone been so shell shocked that the market can’t take another big fall- I look around and say yes it can- there are so many negatives- but then- maybe it has been cooked in. I definitely don’t see a catlyst for a big rise but maybe a la Roubini we’ll have that L shaped SPX where the bad news just can’t drive it much further. I don’t know . . .
April 1st, 2009 at 5:41 pm
I hear you, leftback. I do think inflation is coming. I just can’t decide when but I don’t think we’re there yet. De-leveraging has only just begun (and may not continue if they can get the game going, I know), and job losses show no signs of abating. How can there be inflation in such an environment until jobs return and housing prices stabilize? I’ve actually seen some decent deals here in Minny on food prices lately. Not crazy cuts but some decent prices in places like Costco for steaks and other meats. Not sure what it’s like in other places though.
As you and Kedrosky have asserted, perhaps the W shaped recession is the right call. I will say, your calls (and others here) have been pretty darn good lately, so I’d be crazy to not pay some attention. Once this mark-to-market charade goes through, we may get our little run up (although, how much is already priced in?), but it won’t last. Burying the truth of these balances sheets is simply playing games and gets us nowhere towards resolving the underlying issues that we face. Deflation, inflation, either way, we’re going to continue to get smoked in this epic time period that nobody has ever seen or lived through before. Many nasty chapters are to be played out yet. I’ll admit that I’m losing my patience with the markets but am going to hang in there. What else would I do with my life at this point? Business sucks anyway. Might as well hang in there and waste untold hours on sites like this one and others.
April 1st, 2009 at 5:45 pm
Keep in mind consumer spending can’t really bring this economy back unless the consumer: (1) has a job and a regular income, (2) has decent savings to fall back on (how many in this country have that and why spend it when you’re not sure if you’ll need it for basic necessities?), or (3) has more easy credit to just charge it up again, and kick the can down the road even further. Until one or both come back, we’re nowhere near a recovery. I vote for #3 coming back first if the feds are successful in their reflation attempts, which I’m highly circumspect about. If that happens, then maybe #1 will follow. Maybe but common sense tells me we’re in for at least one more big dip, if not several.
April 1st, 2009 at 5:46 pm
@ Leftback
Are you bullish or bearish right now?
April 1st, 2009 at 5:50 pm
Assets purchased with debt are deflating (unlimited past supply of credit) while assets with limited physical supply (commodities) will rise. Commodities tanked since they were being bought with the use of unlimited (past supply) of credit. Real supply and demand will now drive commodities much more than the credit fueled speculation.
April 1st, 2009 at 5:51 pm
My point is: you can profit by being LONG inflation hedges and SHORT the detritus of the FIRE economy.
Getting the LONG:SHORT ratios and the timing correct is the hard part.
You are right – it is going to be long grinding and bloody awful and eventually reminiscent of the 1970s.
More or less beyond the comprehension of everyone below 35.
April 1st, 2009 at 5:56 pm
Agreed, leftback. Still kicking myself for largely missing this latest run up (not completely, I did grab MOS, MON and PBR) after having gotten ready for it but going against my plan when the Dow and S&P went below my 7,000 and 700 targets. Chalk it up to inexperience. I won’t miss the next one. I hope.
April 1st, 2009 at 6:00 pm
TPC: Short-term bullish- but only as long as we hold the 780 level. If that caves then I am back on the Dark Side. As I have said before, if we see a blow-off rally and all the shorts fleeing I would sell into that strength.
I should clarify – I am almost all in energy/materials, and I like distressed stocks like GMO, WFT, AA and UEC.
Basically I like anything that is connected to a real economy – making things work or filling gas tanks.
I don’t trade the SPOOS. I mainly trade around a core of energy and commodities. I know I am early.
When I short I like to use FAZ for short-term trades and QID for the longer trades b/c of lower volatility.
The higher the banks go on this round the happier I will be – more profits down the line. XLF 10 please !!!
April 1st, 2009 at 6:26 pm
Does anyone have an opinion on the current dramatic increase in US savings rate?
Is it simply a reaction to the calamity or a permanent change in behavior.
The amount of $$ could be staggering over a full year or more.
Is it feasible for the US to have a positive trade balance in the next 3-5 years?
April 1st, 2009 at 6:45 pm
Moss,
Is it simply a reaction to the calamity or a permanent change in behavior.
It all depends on when your ox gets gored.
Flint MI used to be one of the most vibrant cities in America.
Dallas TX used to be the hub of the Telecom Corridor.
Here at the ranch, our ox got gored in telecom meltdown.
It has been permanent change of behavior for us.
April 1st, 2009 at 6:46 pm
Moss-
you mean when the savings rate went from negative to positive? I always found it rather embarrassing when it was reported that Americans had a negative savings rate. Talk about optimists- let the good times roll- who needs savings. I know that credit standards have been tightened and is harder to get a loan. People are saving more because they probably don’t feel comfortable spending in such uncertain times. Being a finance major and not an economics major- I can’t answer your last question- however I can assume that if people are saving they are spending less on imports which must reduce the balance of payments.
April 1st, 2009 at 6:51 pm
Foghorn Says:
“Here at the ranch, our ox got gored in telecom meltdown.
It has been permanent change of behavior for us.”
an allegory?
April 1st, 2009 at 7:02 pm
http://www.bloomberg.com/apps/news?pid=20601087&sid=aElaOivgENMY&refer=worldwide
GM Said to Be Warned Obama Won’t Make Debt Payment (Update2)
“April 1 (Bloomberg) — General Motors Corp.’s 60-day deadline to restructure is unlikely to be extended because the U.S. won’t repay $1 billion in convertible notes maturing June 1, according to a person with knowledge of the discussions. “
April 1st, 2009 at 7:09 pm
Bad debt is nowhere near unwound. There’s still some Alt-A, some Option ARM, all commercial RE, and a buttload of CC defaults. I see deflation in dollar terms of leveraged assets (as Moss says, and based on the fact that nobody buys what nobody wants, e.g., no demand, price drops), but inflation in terms of income (lower) vs. expenses (static for durables coupled w/inflation in consumables (bread, gas, milk), but not necessarily all commodities – copper, steel, etc).
The only way out will, eventually, be to inflate (at the personal level and by government action), or default (personal and governmental).
Other than that, our markets are fundamentally strong.
April 1st, 2009 at 7:13 pm
an allegory?
On closer inspection, nearer to a mixed metaphor.
To clarify,
It was my ox,
and it went from 100k to zero,
mixed or not, it was messy.
But the sun always rises.
A good wife and a good dog,
find something more important.
April 1st, 2009 at 7:33 pm
“I’ve actually seen some decent deals here in Minny on food prices lately. Not crazy cuts but some decent prices in places like Costco for steaks and other meats. Not sure what it’s like in other places though.”
Mannie,
you’ve seen the Cattle-on-feed report, recently?
http://www.lmic.info/memberspublic/InTheCattleMarket/Archives/2009/cattlemarkets0323.pdf
above, and the current report, below
http://www.lmic.info/memberspublic/InTheCattleMarket.html
LSS: those lower prices you’re eating=Bellwether Bessie hitting the abattoir
the ‘banks’ are cramping Credit to Farmers, again, and the Farmers are lightening Herds, and reducing Plantings..
can you say Demand-push/Supply-constrained Price Increases?
April 1st, 2009 at 7:41 pm
Answers:
Panel 1: Collusion
Panel 2: Oligarchy
Panel 3: Fraudulent
Panel 4: Replace
April 1st, 2009 at 8:42 pm
Fascinating. The next financial nirvana. Starting new ratings agencies.
Oooops back up. All these expert consultants are going to have to be hired.
And the improvement is……..
April 1st, 2009 at 9:21 pm
This APPEARS very positive, assuming that the SEC will be forced to get off its but and do something in furture.
More competition is one part of the solution but IMHO the model of the Company/Security being rated paying for the rating is fundamentally flawed. One of the Companies involved, Jones, if I am not mistaken never used this model and always charged users for ratings details. Seems to me a better way to go.
April 1st, 2009 at 9:52 pm
@ LB
I like your approach lefty. thanks for your daily comments. I TBP before the market opens in Australia. I don’t trade inter day. I’ve done pretty well buying a trodden down oil services company BLY, leveraged bet due to it’s debt problems, a rare earth exploration company, LYC, again speculative, a deversified resource compnay SRL, and an oil company ROC. My best choice was to start buying the day after the rally started. I got a similar run from the gold miners late last year. I’m looking closely and wanting to buy Northwestern? they are another trodden down services company that is making a run up but I’m nearly 15% into equities so I have to be very careful now. Longer term I’m eyeing up some ag companies.
To me its somewhat nuts how the powers that be want desperately to restart the credit growth engine. It’s like saying to all those who missed out last time now is your chance. However you guys get the advantage of knowing what follows. Apart from us all becoming socialists I don’t have and alternative. My guess though is that one more severe cycle and the credit growth pundits will be done.
An alternative will be found or chaos will abound. Hmm it rhymes.
May 28th, 2009 at 4:47 pm
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