Whalen: Banks, Regulators Make “Deal with the Devil”
By Barry Ritholtz - June 10th, 2009, 11:27AM
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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June 10th, 2009 at 6:18 pm
Excellent. Really helpful to hear this while we are living in Bizarro World. Thanks.
June 11th, 2009 at 5:17 am
Unfortunately for me after reading about the side letters of AIG etc I sold some stuff thinking that this HAS to come out, there will be blood, I’d bought mid March. I only saw a fraction of the subsiquent movement. Luckily I kept some too.
It’s like the end of the 8th round and the “champ” is unconsious on the mat but he’s saved by the bell. Then he gets injected with some stuff…you know, stimulus… and hes just up and at em and fighting hard and even though the ref saw them do it he doesn’t care…
You’d think that there’s got to be repercussions for that kind of activity but I’m not so sure. In nature an overwhelming advantage gets rewarded not punished.