Saturday Afternoon Reading
I will be otherwise occupied on this gorgeous Saturday with my M-in-L’s 85th B-day for whom we are hosting a BBQ /party!
In the meantime, here are a few items I have NOT read, but want to get to in the coming days when time allows.
• Cash is King: Take It to the Bank: (Barron’s) IF YOU REMAIN SHELL-SHOCKED FROM THE near-obliteration of your stocks, bonds and retirement nest egg by the Great Recession, then — metaphorically speaking — have we got a bunker for you. It’s called a bank
• Tight Mortgage Rules Exclude Even Good Risks (NYT) I am once again forced to say Housing bottom my arse!
• Major Lender Faces Crunch (WSJ) One of our favorite shorts from ‘07 year, CIT, is in trouble
• Toughening Up the SEC (Marketwatch)
• Geithner Pushes Derivatives Plan (Washington Post)
• A Stock With Bounce: Investors Stick to GM: Shares in “General Motors,” the company says, are worthless. But many investors apparently have missed the message. See also: Primer on the New General Motors
• Who Is Your Investment Co-Pilot? (Abnormal Returns)
• First International Workshop on Managing financial instability in capitalistic economies at Reykjavik University in Iceland
• Stop Paying Attention: Zoning Out Is a Crucial Mental State (Discover magazine)
• The trailer for Ricky Gervais upcoming movie: The Invention of Lying
Anything else worthwhile I should see?
July 11th, 2009 at 3:19 pm
The CIT-story is very telling..
That, coupled w/ the, recently, announced ‘expanded SBA-lending’, gives, further, rise to the Thesis that the AMC is being, methodically, squeezed-out..
Tho, I guess the ‘Bright Ones’, in WDC, have figured out that taking ‘Amerika’, one stop, into a 1/9/90 Socio-Economic split wasn’t going to go down to smoothly in ‘Fly-Over’-land..
Looks like they’ll settle for a 1/9/20/70 distribution, as long as *They get to distribute it..
Given that ~30% of us are, already Lost, an organized ~30% can crush a disorganized ~40%, any day of the Week, and Twice on Election Day ( Thanks, Diebold~ ).
They, just, might be able to get away with it..
~~
past that, BR, tell your M -in- L — Nice going!~, and, with that, a hearty Mazel Tov!
http://www.dailywritingtips.com/the-yiddish-handbook-40-words-you-should-know/
July 11th, 2009 at 3:38 pm
Mazel Tov? Huh? What are you trying to say there, Hoffer?
To Andy T – You wrote something about wanting to maintain your anonymity, but everyone here knows you are Andy Taboo. You need a new username or else the NSA will “get” you for making Krazy Kommunist remarks like you did on the other thread. May I suggest “Ritholtz.com Sucks”? I know neither of us feels that way, but it would be fun to see if Ritholtz will approve your comments.
July 11th, 2009 at 3:49 pm
CNBC S,
anyone who attends a BBQ-Party on their 85th b-day, definitely, has a ‘nice Constellation’ going for them, and a Traditional “Good Luck!~” is, certainly, more than appropriate for the occasion.
past that, on the wry side, “it’s about Time!”, considering the context, is, to me anyways, fittingly amusing..
though, past any of that, you should do yourself a Favor, and drop the A**hole shtick, it’s, past, Old..
and, it’s becoming indicative of your tsuris..
http://www.dailywritingtips.com/the-yiddish-handbook-40-words-you-should-know/
July 11th, 2009 at 3:54 pm
The GM stock article is hilarious, in a pathetic sort of way. I guess those animal spirits aren’t quite dead, eh? LOL
People are stupid.
July 11th, 2009 at 3:57 pm
Don’t bother with this one:
http://www.abnormalreturns.com/2009/07/who-is-your-investment-co-pilot/
Just PF blog blather. Nothing of substance there.
July 11th, 2009 at 4:42 pm
barry,
is this your site http://bigpicture.posterous.com/.
July 11th, 2009 at 4:52 pm
Hoffer, I might do YOU a favor and drop “the A**hole shtick”, but as long as cvienne keeps laughing, I am afraid said shtick continues. I don’t really care what the rest of you think; I only post for cvienne.
By the way, the joke was about the ethnic nature of your pleasant platitudes – or is it platitudinous pleasantries – to Ritholtz. For a while around the election, I kept calling Ritholtz a good Christian because he had disclosed that he was a “liberal Republican”. Everybody knows the Republican Party is the party of Christians, not “the other kind”.
Hoffer, you are just jealous Barry Wuzzy wuvs The Great CNBC Sucks, while he told you to “lose all the damned clusty searches, fer cryin out loud”.
http://www.ritholtz.com/blog/2009/06/7-habits-of-highly-suspicious-hedge-funds/#comment-187662
From now on, you are The Jealous Libertarian Mark E. Hoffer.
July 11th, 2009 at 6:08 pm
Dunno if it’s worthwhile but if you want to see a trainwreck and a half check out Jane Wells interview w/
Lenny Dykstra on CNBC.com/id/15840232?video=1176740145&play=1
July 11th, 2009 at 6:25 pm
Cash is king? Hardly. Let’s see where the USD is in say, a year’s time.
July 11th, 2009 at 6:26 pm
cnbc-
you definitely read these threads thoroughly- so you must be more serious then you let on- at times you can wax poetic- and tell us what you really mean- such as emo and indie- but you can also be funny- and you are definitely not a republican- more of a progressive- but if I may add-
your shtick is to is to paint with a broad brush- in a stereotypical fashion- to bring out the absurdity of things- thus the zeroing on the libertarian comment by BR- who is in my view- a realist-with his own ideas- a libertarian would let the banks fail- BR wanted temporary nationaization- personally I agreed w/ BR- but it is not a Libertarian viewpoint. But after reflection I have come to the conclusion you are on to something- and what brings that to light is-
the Michael Jackson death and subsequent circus that followed- what a fucking show- and I have come to the conclusion that FAME and CELEBRITY trump everything- even-
pedophilia and narcissism to the point of turning your own face into a freak show- and thus the America we live in is -as you say- preoccupied with amusements and entertainment and can not be bothered with issues that require attention and depth of thought-
lastly- I think BR was ribbing MEH regarding clutsy- I think it was hoffer who turned me on to scroogle- guy knows some things
July 11th, 2009 at 6:30 pm
Some thing more about how bad this great what ever it is
http://www.calculatedriskblog.com/2009/07/unemployment-and-gdp.html
July 11th, 2009 at 6:31 pm
Went to the lake today…big lake…I think I have formulated a set of rules..
T-shirts are good for men or women if they can’t see their knees….or haven’t seen them in 20 years.
Cell-u-lite is not the new, smaller cell phone.
If you are trying to eat while driving a Ski-Doo…you may be taking in too many calories for your own good.
If you need help getting out of your boat, so that you can get you boat out of the water…perhaps swimming would be a good relief for you at the lake…
….later, time for supper and some relaxation…
July 11th, 2009 at 7:40 pm
bruce, lol, and people wonder why I’m adverse to fresh water… I won’t even eat anything that comes out of freshwater… trout, eel, etc.
July 11th, 2009 at 7:44 pm
I thought I posted this already but check out this headline from Bloomberg-
“CIT Hires Bankruptcy Specialist Skadden as Bond Access Wanes”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHOrbEKeCVzk
July 11th, 2009 at 8:11 pm
@MEH: You left out schicksa! (sp)
You are correct about CNBC Sucks. Dude’s got some serious ego/insecurity issues.
But if you pump him you can get lots of good info to share with the world.
July 11th, 2009 at 8:32 pm
karen,
I hear that, though, you should familiarize yourself with Closed-Systen Aquaculture. Part of its Beauty is, beyond the Clean Water the Fish, etc., swim/grow in, is that Hydroponics is a natural adjunct to such systems=the Plants assist in Cleaning the Waters, at the same Time, while cutting Fertilizer/Filtration costs…
LSS: Economics has many things to Teach the Finance-centric Idiots..
~~
alfred e,
if you can ‘pump’ ‘lots of good of info’ from CNBC S, please, show us how..
July 11th, 2009 at 8:39 pm
“and thus the America we live in is -as you say- preoccupied with amusements and entertainment and can not be bothered with issues that require attention and depth of thought”
I think there may very well be a large segment of Americans who care about the issues that matter and less so about the celebrity worship, but, even if it were a majority of people, for the most part the mainstream media will never seriously cater to that, lest they upset their corporate advertisers.
July 11th, 2009 at 9:06 pm
@MEH: Well I guess you were gone, but last weekend or the one before, he and I had quite a conversation going . I was against speculation on cap and trade carbon. He thought I was an anti-green a…. and using that as a cover.
But he p0inted me to the CFTC report on oil speculation, which I still have on file, and found fascinating.
Actually, other than that I don’t guess he’s shared all that much.
July 11th, 2009 at 9:20 pm
“I was against speculation on cap and trade carbon. He thought I was an anti-green a…. and using that as a cover.”
alfred,
that he thinks CO2, and/or ‘Tax n’ Trade’, has Anything to do w/ being Environmentally Responsible, only, tells the Tale of how far bewnt his conception has become by his reception of all things CNBC/MSM.
LSS: he’s channeling the wrong Mediums, and it’s frying his Brain.
July 11th, 2009 at 9:31 pm
@MEH: thanks. You keep using LSS, and I haven’t yet found it. What is it? I’m sure it’s something quite simple.
July 11th, 2009 at 9:49 pm
alfred,
LSS: = long-story short
July 11th, 2009 at 9:50 pm
“if you can ‘pump’ ‘lots of good of info’ from CNBC S, please, show us how..”
___________
Please don’t.
July 11th, 2009 at 9:52 pm
Hoffer and alfred – I am waiting for the 10 PM showing of Public Enemies and decided to check TBP on my PDA and what do I see…you guys ripping into The Great CNBC Sucks. You guys need to get out more…it’s Saturday night in the summer, for Ritholtz’s sake! Geez, don’t take my crap so seriously. alfred, you need to know that carbon trading doesn’t mean people actually trade carbon and Hoffer, don’t worry…Barry Wuzzy wuvs you too. BTW FWIW and LSS, I don’t know if I am for cap and trade if it will bring about trillions of dollars in subsidies for a nuclear renaissance.
OK?
Now, get out, will ya? It’s summer.
July 11th, 2009 at 9:57 pm
and oh, ahab said I paint with a broad brush. No, I throw a bucket of cheap paint against the wall and see what sticks.
You guys take this stuff too seriously. Don’t. We are all doomed anyway.
July 11th, 2009 at 10:12 pm
@CNBC Sucks: Very cool. Thanks. There’s a great swing band giving a concert tomorrow in the park near here. Will be there.
July 11th, 2009 at 10:21 pm
Friends carbon makes up less than five percent of all green house gas whether it be created by humans or from nature, carbon is less than five percent, that is it; in the totality of green house gas carbon is almost insignificant. The question you want to ask is why is carbon the focus? The answer: It’s an easier sell than trying to tax oxygen.
July 11th, 2009 at 10:31 pm
@Forbes: Interesting. Tell me more.
I am learning that MSM doesn’t do such a good job.
So why is it everyone is focused on coal powered plants and their spew?
July 11th, 2009 at 11:37 pm
>> The question you want to ask is why is carbon the focus?
>> The answer: It’s an easier sell than trying to tax oxygen.
I don’t understand: why do you think “5%” is a meaningless number? A change of a “few parts per million” can change some systems significantly. (E.g., ask fish about a few ppm of BPA.)
Also, how much oxygen are we releasing each year into the atmosphere? (I ask b/c: If the concentration of oxygen isn’t rising, then it’s not a problem.)
Or, maybe oxygen is falling and it’s a problem:
http://www.guardian.co.uk/commentisfree/2008/aug/13/carbonemissions.climatechange
(I don’t know.)
A quick search suggests oxygen is not a greenhouse gas. Are you sure it is?
Stepping back a bit, maybe the “answer” to your question is really: when scientists attempt to convince us of the most pressing problems and run into too many obstructionists who think the scientists are a left-wing cabal bent on obtaining more research dollars or ruling the earth, the scientists have to continue spending time gathering more evidence on that single issue and thus can’t branch out into other problems.
Seems society is no better off no matter how advanced our technology becomes. I’m reminded of Jor-El on Krypton…
July 11th, 2009 at 11:44 pm
>> You are correct about CNBC Sucks. Dude’s got some serious ego/insecurity issues.
Huh? He just likes to kid. Nothing wrong with that.
>> If you are trying to eat while driving a Ski-Doo…you may be taking in too many calories for your own good.
Bruce, no way!! That’s … “wrong”.
July 11th, 2009 at 11:47 pm
My wife and I were eating lunch today and I told her about the things I learned this week about computer trading and dueling algorithms and the “liquidity” role the heavy hitters provide. I went on for a few minutes, blah blah blah.
She let me finish my little professorial lecture, shrugged and said, “Sounds like the vig you have to pay a bookie.”
July 12th, 2009 at 12:20 am
@wunsacon: Correct. We are living in the post-modernist era. Kind of like we need a contemporary Voltaire. CNBC Sucks does not kid.
@Transor Z: Correct . You need to open an account at G-S.
July 12th, 2009 at 12:40 am
Two concurrent stories:
1) High-speed computer algorithms make up 70% of NYSE trading volume
2) US and South Korean gov’t sites are hacked
What if the two stories melded…computer hacker crashes the market? I’m not predicting this, but certainly someone ought to be looking into the possibility, just like the possibility of flying planes into buildings.
July 12th, 2009 at 1:24 am
Public Enemies – 3 stars
It was good to see Johnny Depp in a role where he wasn’t wearing mascara. Christian Bale, Billy Crudup, and the guy who played Baby Face Nelson stole the show though. And I think even the Libertarians would agree they needed a little gun control in that movie.
I kid you not
@ alfred e – I have been paying more attention to the oil speculation debate thanks to you and I still do not think it is conclusive. However, I do have more appreciation of the importance to people of that issue. As for the ‘environmentalism’ of which Hoffer accuses me, my big issues are mountaintop removal mining and nuclear waste disposal, not climate change. I am neither a believer nor a denier. However, unlike Hoffer, I do believe we are at risk of a shortfall in conventional oil. Hoffer talks a lot about natural gas and the oil at Prudhoe, but neither of those will help much if a liquids crunch hits us in the next 1 – 10 years. Thankfully, we will probably be too preoccupied with a 10-year-plus recession to notice.
July 12th, 2009 at 1:38 am
So why is it everyone is focused on coal powered plants and their spew?
Because cheap energy tends to make a richer middle and lower class. That gives them more free time to think, study and talk with each other. When they do that they stop recreating as was said above and start looking at the way things are. Then pitchforks and torches automatically start selling out because ‘what is going on’ is so self evident that even an American Idol viewer can add it up with a little free time to think above and beyond taking care of the kids.
July 12th, 2009 at 10:07 am
What if you are furloughed on Friday in California?
http://www.sacbee.com/forums/?plckForumPage=ForumDiscussion&plckDiscussionId=Cat%3a6e168eed-7546-4026-846b-984ee7d8ffa8Forum%3a423c9c45-6317-4a4b-9226-9942f9e73a11Discussion%3ae4863b77-b626-4aa8-8ce8-85acf3eed44c&plckCurrentPage=0
July 12th, 2009 at 11:26 am
BR,
to your Q — “Anything else worthwhile I should see?”
“Former Vice-President Al Gore came to Washington on July 17, 2008, to deliver yet another speech warning of the “climate crisis.”
“The leading experts predict that we have less than 10 years to make dramatic changes in our global warming pollution lest we lose our ability to ever recover from this environmental crisis,” Gore stated. But the former Vice President, who has been warning of a 10-year “tipping point” for several years now, appears to be unaware that the United Nations already started the 10-year countdown — in 1989!
According to July 5, 1989, article in the Miami Herald, the then-director of the New York office of the United Nations Environment Program (UNEP), Noel Brown, warned of a “10-year window of opportunity to solve” global warming. According to the 1989 article, “A senior U.N. environmental official says entire nations could be wiped off the face of the Earth by rising sea levels if the global warming trend is not reversed by the year 2000. Coastal flooding and crop failures would create an exodus of ‘eco-refugees,’ threatening political chaos.” (LINK) & (LINK)
While Gore repeats his standard stump speech promoting man-made climate fears, much of the international science community is now openly dissenting from human caused global warming fears.
Below is a very small sampling of very inconvenient developments for Gore, the United Nations, and the mainstream media. Peer-reviewed studies, analyses, and prominent scientists continue to speak out to refute climate fears. The majority of data presented below is from just the past month or two. …”
http://epw.senate.gov/public/index.cfm?FuseAction=Minority.Blogs&ContentRecord_id=37AE6E96-802A-23AD-4C8A-EDF6D8150789
July 12th, 2009 at 12:02 pm
@MEH
I tend to be in your camp with respect to the Global Warming ballyhoo…
On things like this, I like to take a VERY BROAD perspective…I mean, when you have half the scientists on the planet saying one thing, and half saying another (all funded by research grants), what kind of argument can I (or anyone make), that doesn’t have crunched numbers and data points behind it…
So when that happens, I revert to common sense…It seems that in the multi billion year history of Earth, the planet has endured very long periods of ICE AGES, and other climate phenomenon (oftentimes when there were NO PEOPLE)…Who knows why? Sunspot activity? deforestation? volcanic activity? gravitational factors? magnetic field reversals? whatever…
Let’s put it this way…Probabaly one big Krakatoa type eruption would put us right back on a decent glide path without spending a dime!
FWIW – I have gone totally “off grid” with respect to energy consumption, but it has NOTHING TO DO with my fears of global warming…Instead, MY FEAR, is that this ‘inconvenient truth’ propaganda is going to result in higher energy costs (and possibly shortages, embargos, & brownouts) going forward…Besides, our electricity grid is crumbling…
So I just want to assure myself of a steady supply in case of emergency…I’m not going to let these FOOLS change my lifestyle & habits based on one Presidential LOSERS personal pet project…
July 12th, 2009 at 12:37 pm
I thought this was interested re the discussion above:
http://www.elliottwave.com/freeupdates/archives/2009/07/07/Climate-Change-Debate-Why-So-Many-Skeptics.aspx
July 12th, 2009 at 1:18 pm
@ben22
Wouldn’t it be hilarious if Stevie Chu’s recommendation…
http://blogs.wsj.com/environmentalcapital/2009/05/27/steven-chu-white-roofs-to-fight-global-warming/
tossed us into the next ICE AGE…
July 12th, 2009 at 8:08 pm
http://www.nytimes.com/2009/07/13/business/13goldman.html?hp
Goldman Sachs Likely to Post Huge Profits, Analysts Say
July 12th, 2009 at 8:16 pm
cvienne,
that would be hilarious, but also fitting considering where the rec came from. The govt has a real talent for getting it wrong.
@I-man,
I’ll go out on a limb and say all the big banks are going to have some great “earnings” this quarter. Hard to say though what that leads to in the market. Lots of pressure right now to the downside. I wouldn’t be surprised to see a bounce early this week to the 900-905 area.
August 4th, 2009 at 1:36 am
[...] because someone calls CNBC Sucks the “best blog of the decade” or another mentions Voltaire when writing about me does not overly inflate my ego. My ego is at the proper huge level of [...]