Posts filed under “Financial Press”

Dumb Headline of the Day: “War on Wall Street”

I had to do a double-take when I saw this headline on the Bloomberg news service this morning:

War on Wall Street as Congress Sees Returning to Glass-Steagall
“A one-page proposal gaining traction in Congress could turn back the clock on Wall Street 10 years, forcing the breakup of banks, including Citigroup Inc.  Lawmakers in both parties, seeking to prevent future financial crises while soothing public anger over bailouts and bonuses, are turning to an approach that’s both simple and transformative: re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking.”

How exactly is this a “War on Wall Street?”

The 1933 Glass-Steagall Act was designed to prevent a Wall Street catastrophe from spilling over into the real economy. For 65 years, it did just that. And thanks to Gram & Co., it was repealed just in time for the crisis to erupt.

Nice work.

Undoing one of the factors that made the impact of the crisis much worse is hardly a “War on Wall Street.” Putting this law back on the books is prudent, and long overdue.

Note: That hedline is a quote from former Fed Governor Lyle Gramley. Perhaps its a Bloomberg style requirement not to use quotes in hedlines, but it changes the information communicated by omitting them.

One suggestion for Bloomberg hedline writers is to use quotes when quoting. Your hedline should have read:

“War on Wall Street” as Congress Sees Returning to Glass-Steagall

It communicates far more effectively with rather than without . . .

>
Source:
War on Wall Street as Congress Sees Returning to Glass-Steagall
Alison Vekshin and James Sterngold
Bloomberg, Dec. 28 2009

http://www.bloomberg.com/apps/news?pid=20601109&sid=aeQNTmo2vHpo&pos=10

Category: Bailouts, Financial Press

Sunday Reads

After a week of gray, rain, grayer, snow, and even more gray, the sun is finally out. The snow has melted, and its gorgeous out. Time to take the two seater out for a ride, and enjoy the weather! Meanwhile, I have several good reads from the past few days that are worth pouring a…Read More

Category: Financial Press

Christmas Reading

I hope everyone is enjoying the holiday festivities. I managed to relax and do very little work today. But I did come across quite a number of interesting articles — these are worth a read, regardless of the holidays: • China Raises GDP Estimates, Closing in on Japan as Second-Biggest Economy (Bloomberg) • Stadium Boom…Read More

Category: Financial Press

Tuesday Reading

An interesting variety of readings today: • Holiday Cliffhanger: Stores Pin Hopes on Last-Minute Shoppers (WSJ) • The Equity Culture Loses Its Bloom (Institutional Investor): ‘The equity party is over. After a 25-year bender in which stocks catapulted Wall Street to such dizzying heights that financial firms managed to tip off a worldwide recession, the…Read More

Category: Financial Press

Monday Afternoon Readings

Quite a few interesting reads, in what is otherwise expected to be an light week: • Economic Improvement two-fer: -Labor Data Show Surge in Hiring of Temp Workers (NYT) -Treasury Yield Curve Steepens to Record Amid Growth Outlook (Bloomberg) • Why can’t Americans make things? Two words: business school (TNR) • Fed’s approach to regulation…Read More

Category: Financial Press

Friday Afternoon Reads

Some interesting items that caught my eye today: • Agencies in a Brawl for Control Over Banks (WSJ) • Accounting rule impact delayed (The Hill) • Apparently, I am a Sith Lord (Business Insider) • Harvard’s Feldstein Says U.S. Economy Still Mired in Recession (Bloomberg) • Best of the Year: -BOSTONIAN OF THE YEAR The…Read More

Category: Financial Press

Morning Bank Reads

Here is what I am looking at today this morn: • No News Is Good News From the FOMC (Barron’s) • How America let banks off the leash (FT) • 4 Big Mortgage Backers Swim in Ocean of Debt (NYT) • Out from under TARP, banks are now free to fail again (Washington Post) •…Read More

Category: Financial Press

Bernanke Named Time’s ‘Person of the Year’

Person of the Year 2009 I have nothing to say about this. Feel free to go off in comments . . .

Category: Federal Reserve, Financial Press

Boycott Overstock.com

Whatever little patience I had with Patrick Byrne, and his overzealous friends at DeepCapture.com, has now become officially exhausted. As I noted last week (DeepCapture.com Scraping Facebook Friends), this group found the Facebook friends and relatives of any journalist, critic, fund manager or blogger who dared to  criticize Overstock (or Deep Capture), and then published…Read More

Category: Financial Press, Retail, Short Selling, Web/Tech

FDIC, OTS Not Cooperating with Media Investigations

The Puget Sound Business Journal has done yeoman’s work investigating the storied history of WaMu. (See The Rise & Fall of WaMu and The Last Days of WAMU). I just found their most recent work, The fight for WaMu documents. It details some of the more absurd redactions that were made to the documents they…Read More

Category: Financial Press, Legal, Regulation