Some interesting reading today:

• Martin Wolf: Don’t Learn Wrong Lessons from Lehman (Financial Times)
Where are the subprime perp walks? (CNN/Money)
Huzzah! Judge Rejects Settlement Over Merrill Bonuses (NYT)
Lehman Estate Blasts Barclays ‘Windfall’ (WSJ)
Sick and Wrong: How Washington is screwing up health care reform – and why it may take a revolt to fix it (MATT TAIBBI, Rolling Stone)  
Extreme steel ‘Velcro’ takes a 35-tonne load (New Scientist)

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

78 Responses to “Afternoon Reading”

  1. I love these quotes in Taibbi’s article:

    “This White House makes a serial vacillator like Bill Clinton look like Patton crossing the Rhine.”

    “The infamous obfuscating dick Max Baucus, a right-leaning Democrat from Montana . . .”

    “Baucus, one of the biggest whores for insurance-company money in the history of the United States.”

    “. . . groused right-wing douchebag George Will”

    “The much-ballyhooed right-wing scare campaign, with its teabagger holdovers ridiculously disrupting town-hall meetings with their belligerent protests and their stoneheaded memes (the sign raised at a town hall held by Rep. Rick Larson of Washington — keep the guvmint out of my medicare — is destined to become a classic of conservative propaganda), has proved to be almost totally irrelevant to the entire enterprise. ”

  2. call me ahab says:

    only a 5 spot?

    i guess times must really be tough

    ~~~

    BR: I want to keep writing this, but its a huge time suck

    This allows me to throw a few items up

  3. constantnormal says:

    also … Guest Post: Reflections on Blowups and Bailouts (nakedcapitalism.com)

    It’s kind of a “rational investor” model as applied to politicians, which portrays them as “rational beings” rather than “________” (insert the 8-letter derogatory term of your choosing).

    But what it clearly shows is why reforms need to be started when the fire is raging, and not Obama-style, after the dust has settled and the partisans are dug in.

    Perhaps we will have reforms in the wake of the next collapse — which could happen during any “inning” of the game, with a “game called on account of financial panic” situation. At least until reforms are effected that provide some sort of crash-barriers to financial implosion.

  4. leftback says:

    Deflation in Linkage!!! Barry is too busy counting his massive profits. We’ll help you get to ten, Barry.

    Ireland is creating a Bad Bank:
    http://www.bloomberg.com/apps/news?pid=20601087&sid=ah73GDbwTXfg

    Many of us are discussing Ramsey King’s thoughts on QE this morning.

  5. Extreme steel ‘Velcro’ takes a 35-tonne load

    Don’t let CNBC sucks know about this stuff. He’ll be trying to put into one of his fashion forward designs

  6. aitrader says:

    “Huzzah” – the old form of Hurrah. ‘Bout time we sought our roots again (talkin’ -200+ years here). We can seek ‘em or events can force us to. I prefer to be proactive m’self.

  7. leftback says:

    Read the whole thing by Blodget including the little slide show from 1930 at the end. Fascinating.

  8. river says:

    Last night I seen this latest blog entry over on Karl Denninger’s site, where the guy is basically screaming at the top of his lungs in a crowded movie theatre “Fire”, only in regards to the economy. So, it basically boils down to three possibilities, he’s crazy, he’s wrong, or he’s right. So I offer the following for the peanut gallery here, or for B. Ritholtz himself, to offer any quick thoughts on how real is the danger that Denninger is talking about (I myself am one of those crazy american idol watching citizen’s whose trying to understand this world we live in, but don’t know who to trust anymore):
    http://market-ticker.denninger.net/archives/1439-WARNING-Deflationary-Collapse-Dead-Ahead.html

  9. wunsacon says:

    Holy smokes:
    http://news.yahoo.com/s/livescience/20090916/sc_livescience/therapyfixescolorblindnessinmonkeys

    *Everything* will eventually possible. This is a step towards that.

  10. Marcus Aurelius says:

    river:

    Haven’t watched the video, yet, but Denninger usually supports his opinions with good research and realistic assessments of what he discovers.
    ______

    okay, watched it. Sounds like good math to me, and i happen to agree with him.

  11. Chinese Tires can make the MSM’s HLNewz, though, this:
    “A company run by the son of Chinese Pesident Hu Jintao, who does business with Iran, Cuba and Venzuela, was hired a year ago for $1.9 million to X-ray cargo being loaded on to cruise ships in Los Angeles.
    Now, maybe you say, “Farah, what’s wrong with that? These cruise ships are leaving from the U.S. They’re not cargo ships entering the U.S.?”
    Maybe that’s what officials thought when the awarded the contract to low bidder Nuctech Inc. (Yes, that’s actually the name of the company.)
    But were the motivations beyond securing the contract other than monetary?
    That is the question being raised by U.S. and British competitors. They suggest Nuctech wanted the deal primarily to get its high-tech scanning machines into a major U.S. port. Or, maybe the company so closely tied to the Chinese government wanted to get hooked up to the Department of Homeland Security’s databases.
    Remember the outrage over the Dubai Ports deal? Somehow, few have noticed what could be an even bigger government debacle.
    A handful of members of Congress are trying to alert the public to the threat.

    “We should not be depending on Chinese technology for our national security,” said Rep. Dana Rohrabacher, R-Calif. “It’s not the fault of the Port of Los Angeles for taking the lowest bidder, but rather the fault of the federal government for not setting standards to prevent us from being dependent on our adversaries to provide equipment used for national security purposes.”
    Rohrabacher says in a time of crisis the Chinese could potentially disable the equipment or withhold spare parts.”…
    http://www.fourwinds10.com/siterun_data/government/homeland_security_patriot_act_fema/news.php?q=1253040086
    …not so much..
    ~~
    and, this, from the original Trilateral President: “”In an interview with NBC’s Brian Williams, former Democratic President Jimmy Carter attributed much of the conservative opposition that President Obama is receiving to the issue of race…”
    http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=8655693
    http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Jimmy+Carter+Trilateral+Commission

  12. cvienne says:

    I love that STEEL VELCRO…

    Gotta get me some of that!

  13. mcHAPPY says:

    river:

    I agree 100% with Denninger. Short term, intense, extreme pain vs. long term permanent meltdown. BB and the FED know what they are doing.

    BB and Co. have achieved their desires. They have injected new capital in the markets while sending markets sky-rocketing allowing GS and others to make a shit load of money and leave Harry and Brian holding the bag.

    Also keep in mind, H1N1 will be a great excuse if/when the markets collapse this fall and the notion of stimulus left to be spent. While everything is in free-fall, be prepared for these two excuses.

  14. constantnormal says:

    @river

    Don’t worry too much about Karl Denninger “screaming at the top of his lungs in a movie theater”, ’cause nobody is listening to him.

    His charts are correct, in so far as debt has been compounding and continues to compound at rates significantly higher than those at which the GDP is growing.

    That will almost certainly have an ugly end — but probably not the kind of armageddon that Denninger is preaching. There is a lengthy history of countries that have bankrupted themselves and run their ability to borrow into the ground. Russia, Mexico, Argentina, Brasil, … and yet all those countries are still around. We’re going to be just another banana republic before this is all over.

    What can you do? Hell if I know. The standard advice is to pay down your debt and get very nimble in your investments. But that advice seems to be not so applicable these days, with people dealing with crushing debt in a wide variety of creative ways, and no debtor’s prison. I guess it’s a matter between you and your conscience.

  15. leftback says:

    Is this for real on Bloomberg, it says, 3-month T-bills down to 9 bps? If so it might be very significant.

  16. Marcus Aurelius says:

    wunsacon:

    What will the National Colorblind Monkey Foundation do now?

  17. emmanuel117 says:

    Treasury eases tax rules for commercial real estate loans (hidden bailout?)

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aCibSuQOF8XE

  18. I love that STEEL VELCRO…

    Yep, finally, something to help me keep my zipper up

    *Everything* will eventually possible. This is a step towards that.

    ‘cept no one will be able to afford it due to insurance restraints

  19. leftback says:

    UFB. The Trash Rally was in full-on mode today, even solid dividend-paying stocks like MRK were actually DOWN on the day while the banks, REITs and trash complex of BK babies screamed higher. This is freaking unstoppable right now. At least one more day of this before expiration.

  20. What will the National Colorblind Monkey Foundation do now?

    LOL! Classic!

  21. franklin411 says:

    @Barry
    Bleh…that’s why I never read anything by Taibbi. I agree that Senators like Ben Nelson, Kent Conrad, and Max Baucus are bought and paid for corporate shills. George Will is an honest conservative who I respect, even if I don’t like him. In fact, I used to read his columns regularly as a kid (I read everything in the paper except the sports page!).

    How sad that Taibbi, who must be somewhat gifted to have reached the prominent level he has, insists on debasing himself with expletives and coarse language. If an intelligent man cannot express himself without using such language, then he ought to hold his tongue until he can.

  22. The Curmudgeon says:

    What do you use to attach extreme steel velcro to something such that it supports 35 tons? Extreme titantium velcro?

    Does the cure for monkey colorblindness mean that my team-in-training running the Boston Marathon for the National Colorblind Monkey Foundation have to disband?

  23. Marcus Aurelius says:

    F411:

    I agree 100%. Fuckin’ A on the Taibbi criticism.

  24. The Curmudgeon says:

    (I read everything in the paper except the sports page!).

    Damn, that explains everything.

  25. Marcus Aurelius says:

    NCMF motto: “What color is YOUR banana?”

  26. CNBC Sucks says:

    Some of you peeps who are older than 30 and are guys may not know the meaning of “fashion-forward”.

    What the hell am I saying! All of you are guys and many of you are older than 30, so I should explain a little bit what “fashion-forward” means, seeing as typing “fashion-forward” into Google requires a few micro-Joules of energy.

    “Fashion-forward”: What The Great CNBC Sucks is while waiting for ahab, Mannwich, and that lurker dude named CaptainConch – or whatever – to make up their minds about his trade proposals outstanding. Just remember, peeps, these trade proposals outstanding are…OUTSTANDING! ;)

    PS: I don’t know if you guys notice, but the only time I ever post on the Ritholtz blog these days is to move FF-related things along before we have to freeze our rosters!

    PSS: Bergsten is not The Great CNBC Sucks, but pretend he is and keep coming back to my site. Give me LOTS of page views. I don’t care if you agree with what I write or like it or despise it…just click click click!

  27. cvienne says:

    @The Curmudgeon

    “What do you use to attach extreme steel velcro to something such that it supports 35 tons? Extreme titantium velcro?”

    I’ve often wondered about things like that… like… just the other day I was thinking…

    “Before there was SLICED BREAD, what was the “best thing ever”?

    Stuff like that!

  28. emmanuel117 says:

    It occurs to me that a 200 pt rally on the Dow tomorrow would bring us to 10000 (cue the CNBC hats), and totally destroy the shorts. Sure, the S&P futures have been up 10 straight days, but that’s not like a sign of speculative froth or anything…

  29. karen says:

    Emmanuel, thank you for the bloomberg link on CRE… looks like they are working over time to forestall an avalanche. On the previous thread I posted this:

    Fed Reviewing Regional Bank Exposure To Comml Real Estate-Source 2:40 PM ET 9/16/09 | Dow Jones
    By Maya Jackson Randall

    WASHINGTON (Dow Jones)–The U.S. Federal Reserve is ramping up its scrutiny of regional banks’ exposure to the ailing commercial real estate market, according to a Fed source.

    The source Wednesday said the Federal Reserve is conducting more intense reviews of banks’ commercial real estate lending practices and comparing exposure among various banks.

    Earlier this year, the Fed and other regulators conducted “stress tests” on the nation’s 19 largest banks.

    Now, the Federal Reserve is taking a closer look at regional banks. The review comes as commercial real estate prices have declined significantly. Weakness in the market as well as the market for commercial mortgage-backed securities is seen as a serious threat to the economy’s recovery

  30. km4 says:

    Government spending accounts for a bigger share of the nation’s economy — 26 percent — than at any time since World War II.
    This is probably max because BB and Timmy have already shot their collective spending wads
    This is not good for US economy that’s still far from being healthy
    This is unsustainable going forward i.e. gov must start to unwind positions but to who ?
    This is looking fuglier and fluglier http://www.usdebtclock.org/

  31. bergsten says:

    To save all of you even that microjoule of energy:

    http://www.urbandictionary.com/define.php?term=fashion-forward
    http://www.urbandictionary.com/define.php?term=fwb

    What all of this has to do with: http://en.wikipedia.org/wiki/Fantasy_football_(American)
    eludes me.

    (three URL’s in one post is all but guaranteed to put this into the spam holding pattern)

  32. Marcus Aurelius says:

    karen:

    Of course, the Fed is “reviewing” the obvious. Like everything else they’ve done thus far (stress tests included), they’re a day late and will be several trillion dollars short.

  33. call me ahab says:

    f411-

    about the sports page- me too-

    its old news anyway- and it doesn’t have very good stats on UFC and Boxing-

    so I feel your pain

    CNBC sux-

    dude- I saw the trade last night- it hink you were looking for Hightower and Benson- for – shit- I can’t even remember who- so will take a look at it again- to tell you the truth- i haven’t looked at the upcoming week as of yet so not sure what I am going to switch up-

    won in my other league too- I’m a stud

  34. cvienne says:

    @TGCNBCS

    Just keep in mind… ALL TRADES are APPROVED… Don’t be getting on the case of “the commish” just because his pea brain is occupied with “juggies” (I mean, occupied “juggling” various aspects of humanity)…

    I mean, THIS “commish” is a compassionate guy… Not like the OTHER “commish” of the NFL (whose name rhymes, appropriately for Harry, with “don’t sell”)… All that guy thinks about is building pyramids and sphinxes in his likeness…

    Well, actually, so do I… But I know that I’m going to have to build them myself (not on the backs of ‘slave labor’)… And I also know that the end product will end up more like a sphinx you’d see on a miniature golf course…

    So let it be written… So let it be done!

  35. DL says:

    Leftback @ 3:54

    Also, action in the VIX a little odd today.

  36. The Curmudgeon says:

    @CV:

    The best thing since sliced bread? (Which has been around since 1928)

    Apparently it’s not vegemite…

    http://www.news.com.au/story/0,23599,23975515-5017303,00.html

    Sliced bread appeared on the scene suspiciously about a year before the Great Crash. Perhaps it’s like what Homer Simpson says about beer–the cause and solution to all life’s problems.

  37. bubba says:

    @f411

    “If an intelligent man cannot express himself without using such language, then he ought to hold his tongue until he can.”

    it’s all relative frankie o’ boy. some on this board (who am i kidding, MOST on this board) would interpret your incessant obama shilling to be quite vulgar. so it stands to reason that, by your stand, one should not consider you very “intelligent.”

  38. frankieboy,
    Thanks for pointing out the Taibbi article, it almost slipped by me.
    Really kicks the dems in the nuts doesn’t he?

  39. cvienne says:

    @HTCMSI

    Wait – I just read this post…

    http://www.ritholtz.com/blog/2009/09/afternoon-reading-7/comment-page-1/#comment-216266

    It’s only September 16th… We’re not even to opex Friday, the Rosh Hashanah – Yom Kippur pause, or, the Louise Yamada 89week MA… So there’s A LOT of posting yet to come…

    But THAT is my nomination for POST OF THE MONTH!

    Congrats “Common Man” – you keep that 35 ton thing zippered up now (oh for the benefit of HUMANITY!)

  40. call me ahab says:

    who says we’re intelligent?

    and i use to be a sailor in the USN so i am exempt from “colorful language” restrictions-

    (although BR moderates my comments from time to time when I’ve been a bad boy)

  41. Curmudgeon,

    re: “What do you use to attach extreme steel velcro to something such that it supports 35 tons?”

    see: http://www.uslasercorp.com/envoy/welding.html

    the ‘velcro’ is based on a metal alloy substrate, lasers could certainly handle the app.

  42. cvienne says:

    @TC

    “Sliced bread appeared on the scene suspiciously about a year before the Great Crash. Perhaps it’s like what Homer Simpson says about beer–the cause and solution to all life’s problems.”

    Sliced Bread (1928) = The Great Crash (1929)
    Steel Velcro (2009) = ??? (2010)

    Whoda thunk it?

  43. cvienne says:

    @TC

    While we’re on the subject of CORRELATION… The following one was inexplicably caught by the eyes of cvienne after today’s close…

    The FXI printed a high today in a way that would qualify it as a “double outside” month (on a monthly chart)…

    That same phenomenon was registered before on the following occasions:

    May ’06
    August ’07
    January ’09
    March ’09

    draw your own conclusions… (a 5 in 60 occurrence)

  44. CNBC Sucks says:

    Hey look, Columbo, it’s The Great CNBC Sucks and bergsten on the same thread! Of course, it could be one guy logging out and logging back in under the other name. Or it could be the same guy with two computers. The possibilities boggle the mind!

    Just busting your chops, ahab. I think I made a fair offer, but if you want to be a greedy bastard, I will throw in Shiancoe, who has a different bye-week than Shockey.

    Chet – Are you saying what I think you are saying? Anyway, you are definitely a good commissioner and a good buddy on this blog, even if Henry Wanker seems to be trying you a little bit.

    Ritholtz – This is what happens when you create the expectation that you will provide 10 links daily and one day deliver only 5. Remember what cvienne and I did to your thread when you announced you would be on the Glenn Beck show, but was instead interviewed by some guy named Eric Bolling? I won’t go there — there being my preferences for KFC and Burger King — this time…but Mannwich and Captain Conch, what does a guy have to do to get a trade in this fantasy football league?

  45. Robespierre says:

    On the NYT article of BoA and SEC collusion ( I call them as I see them):

    Some guy says:
    “I’m having a difficult time understanding who was harmed here,” said Richard X. Bove, a banking analyst with Rochdale Securities. “Why is this company being put into court over a series of events that benefited the nation, its economy, its financial system, the shareholders of Bank of America and the bank itself.”

    My answer to Richard is because they MUST LIKELY BROKE THE LAW you jerk or are bankers not require to obey the laws? This single comment by Richard summarizes how sociopath the financial “industry” is.!

  46. call me ahab says:

    the great bergsten-

    i will take a peek at it tonight- like i said- haven’t looked at the upcoming week-

    i am assuming you are starting Mcnabb? w/ Chicago D :-)

    hahhhahahaha

  47. CNBC Sucks says:

    By the way, Ritholtz, The Great CNBC Sucks IS retired. Don’t get giddy all of a sudden.

    But if I leave my fantasy football peeps — including Detective Columbo above — to argue all day with Happy Wanker about green shoots, they aren’t making and approving trades with me.

  48. call me ahab says:

    question-

    what of the stay on the order for the Fed to disclose the names of the banks using its emergency lending programs?

    I know the Fed wanted time to appeal-

    any new info?

  49. Thor says:

    I dunno Ahab – I do know this though.

    He’s tall
    And Good Lookin’
    And he’s LARGE

  50. Mr. Obvious says:

    CNBC gets an “A” for persistence….

    P.S.: I just don’t see the fundamentals that support the market’s current valuation. Pray tell…what has changed from one year ago?

  51. manhattanguy says:

    Let’s print more money to support CRE, shall we? We know they are in dumps.

    CNBCSucks – good to see you post frequently now.

  52. call me ahab says:

    thor-

    man- i had to ponder your response for a while before it hit me you were talking about the Popeye movie-

    I can’t see the avatars in my office- just a red X where a pictue should be- so it wasn’t readily apparent-

    i am just trying to be Fashion- Forward and add a littler color-

    not sure i like ‘ol Bluto though-

    maybe Swee’ Pea or Wimpy- or Popeye himself?

  53. Thor says:

    Ahab – hah, I’m glad you got the reference, I was worried there for a second no one was going to get it and think I’d had a meltdown.

    I like the Bluto avatar! Goes well with your writing style.

  54. constantnormal says:

    @Mr. Obvious

    “… what has changed from one year ago?”

    We gots a WHOLE LOT MORE DEEPER IN DEBT.
    And a whole lot more folks is unemployed.
    And a whole lot more folks is no longer homeowners.
    And a whole bunch of the banksters is a whole lot wealthier.

    Otherwise, not so much. Same mess, same risk of going up in smoke on any given day.

  55. call me ahab says:

    “And a whole bunch of the banksters is a whole lot wealthier”

    you see cn- it’s not all bad

  56. cvienne says:

    @ahab

    “you see cn- it’s not all bad”

    An OAK TREE produces many ACORNS
    Chauncey Gardener

  57. constantnormal says:

    @ahab 5:42 pm

    as to the matter of the Bluto icon vs a Popeye icon — you’ve made the appropriate choice

    [ grumble, grumble, grumble ... not all bad ... grumble, grumble, grumble ]

  58. cvienne says:

    Being There (1979)

    [With other poor black seniors, watching Chance on TV] substitute at will…

    Louise: It’s for sure a white man’s world in America. Look here: I raised that boy since he was the size of a piss-ant. And I’ll say right now, he never learned to read and write. No, sir. Had no brains at all. Was stuffed with rice pudding between th’ ears. Shortchanged by the Lord, and dumb as a jackass. Look at him now! Yes, sir, all you’ve gotta be is white in America, to get whatever you want. Gobbledy-gook!

    President “Bobby”: Mr. Gardner, do you agree with Ben, or do you think that we can stimulate growth through temporary incentives?
    [Long pause]

    Chance the Gardener: As long as the roots are not severed, all is well. And all will be well in the garden.

    President “Bobby”: In the garden.

    Chance the Gardener: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again.

    President “Bobby”: Spring and summer.

    Chance the Gardener: Yes.

    President “Bobby”: Then fall and winter.

    Chance the Gardener: Yes.

    Benjamin Rand: I think what our insightful young friend is saying is that we welcome the inevitable seasons of nature, but we’re upset by the seasons of our economy.

    Chance the Gardener: Yes! There will be growth in the spring!

    Benjamin Rand: Hmm!

    Chance the Gardener: Hmm!

    President “Bobby”: Hm. Well, Mr. Gardner, I must admit that is one of the most refreshing and optimistic statements I’ve heard in a very, very long time.

    [Benjamin Rand applauds]
    President “Bobby”: I admire your good, solid sense. That’s precisely what we lack on Capitol Hill.

  59. CNBC Sucks says:

    @ manhattanguy — You are too sweet, just like Thor a few days ago. This really is a great blog for connecting intellectually with a bunch of really smart guys (and I do mean guys).

    As I wrote before, however, I only reappeared to push along a few FF trades. I don’t really care if these trades get executed; I just want to get closure! I find FF trades fascinating. We have had three trades thus far in the Ritholtz league, and I have initiated all of them. I just think relying on free agents / waivers for your roster moves is soooooo gauche…NOT fashion-forward.

    I just received an email that Captain Conch rejected my trade offer of LenDale White for Jamal Lewis straight up. Can you believe that? Conch has Chris Johnson, and White would have been an awesome handcuff. But, to each his own.

    Before I go running, I should warn Happy Wanker to not get into too much of a tussle with ahab. I have encountered NO ONE on this blog with as strong a belief in oneself as ahab. The man starts Cedric Benson and gets away with it. He didn’t even think twice! ahab “floated” off the coast of Iran during the hostage crisis. ahab doesn’t worry about trivialities such as capitalization and the use of sentences. Forget that Dos XX beer commercial guy; ahab is the most interesting man in the world. Keep tugging at ahab’s cape at your peril, Happy Wanker.

    With ahab, cvienne, ben22, Andy T, franklin420d, Mannwich, and those three other guys (just kidding, lurkers!), we have an awesome FF league.

    OK, time’s up. Just pretend bergsten is The Great CNBC Sucks and give ME lots of page views!

  60. alfred e says:

    Taibbi did indeed kick the Dems in the nuts. And they truly deserve it.

    F411: Taibbi communicates with J6P not Franklin Ivory Tower where shit doesn’t stink.

    The Lehman article was nicely laced with snarky irony. Right out of Macbeth or Hamlet.

    THe adults were fuc**ed by their own kids. WHo they trained and reared to be such righteous and upstanding citizens as to cut anyone’s throat that stood between them and megamoney.

    What’s the inverse of incest?

  61. Mannwich says:

    @cnbcsucks: I’m out of town this week but you must think I’m insane to make that trade offer. I may have mostly missed out on this massive sucker’s rally but I’m not insane….yet. Nyet on the trade offer.

  62. bubba says:

    @CV
    re baucus

    you might like this:

    “I’m Such A Shitty Senator”
    http://www.theonion.com/content/node/33420

  63. HarryWanger says:

    Seems like all the perma bears are in disarray now: Ritholtz, Roubini, Bill Fleckenstein, Schiff, David Rosenberg – all scrambling. Rosenberg looked like he got hit by a bus on CNBC as he moonwalked his way toward revised upward projections. What a joke.

    See that’s what happens when you happen to be right once, you think you’ll be right again. Doesn’t work that way. Now these guys are starting to realize it and changing their tunes, all at the same time!

  64. CNBC Sucks says:

    Mannwich — reproposed a new deal. Can you please check Yahoo?

  65. Thor says:

    Let’s all agree not to feed the troll too much anymore – maybe if we can starve it out

  66. Thor says:

    CNBC – By the way, I meant to congratulate you on your new fashion forward focus. You know in this day and age it’s very important, because you are either in, or your out.

    Carry on!

  67. HarryWanger says:

    Thor: Yes, maybe you should. Yes, go ahead and bury your head in the sand. It’s comfortable there. Misery loves company so I’m sure you won’t be alone.

    Me, Harry, I’ll keep posting here. And posting facts regarding the economic boom that is about to take place in our country as I have been.

    Every now and again, pull your head out of the sand to look at the indices just so you can see numbers getting bigger and bigger and bigger.

  68. constantnormal says:

    http://www.businessinsider.com/chart-of-the-day-projected-health-insurance-premiums-for-family-coverage-2009-9?utm_source=Triggermail&utm_medium=email&utm_campaign=Clusterstock%20Chart%209%2F16

    Best viewed with something to catch the vomit nearby. The numbers ARE representative of today’s per-family health insurance costs.

  69. Vstock3d says:

    ummm no post?

  70. “Whitney Tilson, the founder of T2 Partners, is widely known for predicting the mortgage meltdown. What does he see down the road from here?

    He’s still bearish, very bearish.

    “I’m worried that investors are getting overly enthusiastic. They see a couple of month-to-month sequential home price increases, (and they get excited). We saw the exact same thing a year ago. Don’t get faked out by the seasonality.”

    “We think home prices have another year to go before they bottom and that’s going to impact any stock that has exposure to the housing sector.”

    His outlook comes in stark contrast to what we’ve been hearing from countless market mavens and even Fed Chief Ben Bernanke who all seem to agree the recession is over…”
    http://www.cnbc.com/id/32877931

    for what’s it Worth, I’d go a’wagerin’ With yon’ Tilson..
    ~~
    and, this clip w/ Bob Diamond, from Barclay’s, needs to be understood..
    http://www.cnbc.com/id/15840232?video=1259093546&play=1

    He lays out, in so many words, what the Future will look like, if these current Trends are allowed to metastisize.
    http://www.thefreedictionary.com/metastasize
    no ‘c’ in metastasize..but, with these two pieces, at least, less BS in CNBC..

  71. Onlooker from Troy says:

    Thor

    I thought that you especially would be interested in this:

    CHINA WILL BE A BIGGER BUBBLE THAN JAPAN

  72. call me ahab says:

    onlooker-

    the whole world is a bubble at this point- a world wide collapse in the offing-

    when? don’t know- but the higher they force up markets- the bigger the drop-

    next leg down could be vomit inducing

  73. bubba says:

    just had a chance to read the taibbi article. great piece of work. probably more intellectual rigor in any one of his sentences than all of frankie’s drivels combined. although i must say, he is a bit unfairly harsh on the dems, and doesn’t seem to recognize the political realities they face. the single payer system was never ever going to be politically viable, not when you have dumb stupid fucking moronic teabaggers crying socialism this and marxist that.

    and if little frankie has a problem with my colorful choice of language he can shove it up his “intelligent” you know what.

  74. drey says:

    @bubba

    I don’t agree for one second that Taibbi was too hard on the Dems or on Obama. One of his best points was how, in a misguided attempt to reach out to the GOP (which they of course took as a sign of weakness) he took single payer off the table at the very beginning. Had he used it more effectively as a bargaining chip instead of caving long before he needed to, there is no doubt in my mind, given the public’s level of disgust with the status quo, that a public option of some sort would have made it into the final bill.

    As for Taibbi’s expletives which seem to have offended some (one?) on the board, they pale in comparison to the obscenity which poses as our federal government.

  75. Onlooker from Troy says:

    Trader Mark: Mutual Fund Investors Cling to Safety of Bonds, Missing Stock Rally – Pimco Total Return Fund (PTTAX) Benefits

    “90% of new money into mutual funds in 2009 is avoiding equities.”

    Interesting. I believe the baby boomers have been burned one too many times, and all too many are looking at a very sparse retirement fund.

  76. bubba says:

    @drey

    you may be right. i just think that the dems including obama saw the political price too high with single payer. the lunatic fringe on the right would just tarred and feathered him as a marxist without mercy. i’m in complete agreement that conceding anything to the gop should have been a nonstarter. i’m convinced that these fuckers would rather have another 9/11 than give obama a chance to claim credit for anything.

  77. drey says:

    Agree that GOP bitterness and bile would have them do ANYTHING to discredit Obama, regardless of the merit of any particular policy initiative. Just another sign of how far gone the political system (and bipartisanship of any kind) is…

    Re: a single payer initiative, could they toss around the socialist/communist epithet any more than they have anyway? Doubt it.