Interview and analysis with Mariner Kemper of UMB Financial regarding about the testifying of Sheila Bair before the congress on the too big to fail situation.
4:16
Bloomberg
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. ~Jesse Livermore
According to the CFTC weekly data for the week ended Tuesday, net shorts in the euro fell by 38% from last week's record high and are now at a 6 week low. Net shorts in the pound moved up a touch to just shy of its record high. Net longs in the Australian$ rose to the most since May '08 and net longs in the Canadian$ rose to the highest since Nov '07. Gold new longs fell to a 4 week low. Net longs in crude rose 14% and are just 12k contracts from a record high dating back to...
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May 17th, 2009 at 11:00 am
Debunking the “too big to fail” propaganda is a must. At least one Fed official Thomas Hoenig, agrees.
This propaganda combined with Greenspan and the bnaking industry’s asssumption that the industry was capable of “self-regulation” combined to make a particularly lethal Molotov Cocktail to the US economy. You see, too big to fail meant the banks became implicitly guaranteed by the US govt, or GSE’s. And once they became implicitly guaranteed by the govt, well, then, under the new “self-regulation” regime they could all sorts of recklessly insane self-destructive behaviors, as they ultimately had the govt, i.e. the taxpayers to backstop their chicanery.
No, “too big to fail” is a paradigm that must die. That has to become one of the lessons we takeaway from this crisis. if the banks knew they would beco
May 18th, 2009 at 12:47 am
Too big to save should be the motto perhaps if they knew they had to live with consequences of their actions like us mere mortals do they would learn a valuable lesson. I do not think we should be bailing out anyone including the people who took “Liar’s Loans” or those who were greedy thinking it would be a fast way to make a buck or those who used their homes as a means to buy things they could not otherwise afford since when is it acceptable to gamble and make others responsible for your losses? Having said that this is another “Glaring” hypocrisy….
D-O-U-B-L-E Standard
http://www.butasforme.com/2009/05/15/video-as-gm-closes-1000-dealers-an-obama-double-standard-emerges/