Posts filed under “Really, really bad calls”

Calpers Bad Bets

via WSJ

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Source:
Risky, Ill-Timed Land Deals Hit Calpers
MICHAEL CORKERY, CRAIG KARMIN, RHONDA L. RUNDLE and JOANN S. LUBLIN
WSJ, DECEMBER 17, 2008

http://online.wsj.com/article/SB122947172015212225.html

Category: Digital Media, Investing, Real Estate, Really, really bad calls

Congratulations Britons: Its a Recession!

Since I am in Grand Cayman, a British Overseas Territory, I thought it only appropriate to note that its now official: the UK joins the US in the ranks of formally being in an announced — and pronounced — recession. The British economy contracted 1.8% for the 2008 calendar year. For the first time since…Read More

Category: Economy, Really, really bad calls

Agnotology

Fascinating discussion via Wired‘s Clive Thompson, and Stanford historian of science Robert Proctor, on Agnotology: “When it comes to many contentious subjects, our usual relationship to information is reversed: Ignorance increases. [Proctor] has developed a word inspired by this trend: agnotology. Derived from the Greek root agnosis, it is “the study of culturally constructed ignorance.”…Read More

Category: Psychology, Really, really bad calls, Science, UnScience

No, Madoff Never Turned Down Money

Part of the story about the Madoff Ponzi scheme was that Madoff created this elusive, difficult-to-become-a-member club. The exclusivity and rejections made membership all the more desirable to greedy investors. That actually is turning out to be somewhat of a myth. There is much more to his canny trick of rejecting investors than initially meets…Read More

Category: Hedge Funds, Investing, Legal, Really, really bad calls, Regulation

What 60 Minutes Missed on Oil Speculation

Last night’s 60 Minutes had a story on Oil Speculation. Its not that they said anything that was factually wrong per se, its more that they told 10% of the story of the rise and fall of energy prices. The entire report was surprisingly thin, and avoided discussing all of the many other factors that…Read More

Category: Commodities, Energy, Financial Press, Markets, Really, really bad calls, Trading

Time to Overhaul the Bailout Plan

The Treasury Department TARP/Bailout plan has been an utter disaster. It has been mishandled from day one — poorly planned, poorly executed. Both Hank Paulson and Congress for passing such a shoddy piece of legislation should be ashamed of themselves for their horrific judgment and egregious failures. It is hard to see a single thing…Read More

Category: Bailouts, Credit, Really, really bad calls, Taxes and Policy

Beware Wall Street’s Happy Talk

Over at Marketwatch, Paul Farrell sifts through a book (sitting on my shelf) and pulls out these embarrassing quotes. 15 reminders of how happy talk misled us a decade ago October 1999: James Glassman, author “Dow 36,000.” “What is dangerous is for Americans not to be in the market. We’re going to reach a point…Read More

Category: Financial Press, Humor, Markets, Psychology, Really, really bad calls

Former NAR Economist David Lereah is a Jackass

Alternative Title: David Lereah: Even More Full of Shit Than Previously Believed > Of all the various parties who contributed to the boom and bust in housing and credit, none have escaped more unscathed than the National Association of Realtors, and their former Baghdad-Bob-in-Chief, David Lereah. The NAR turned a blind eye to fraud amongst…Read More

Category: Contrary Indicators, Legal, Real Estate, Really, really bad calls

How to Repair a Broken Financial World

Here is another excerpt — part II — of the all consuming OpEd of the Sunday New York Times by Michael Lewis and David Einhorn: Excerpt: When Bear Stearns failed, the government induced JPMorgan Chase to buy it by offering a knockdown price and guaranteeing Bear Stearns’s shakiest assets. Bear Stearns bondholders were made whole…Read More

Category: Bailouts, Credit, Derivatives, Legal, Markets, Really, really bad calls, Regulation

The End of the Financial World As We Know It (and I feel fine)

The entire OpEd section of the Sunday New York Times has been taken over by an article jointly written by Michael Lewis and David Einhorn, titled The End of the Financial World As We Know It. Its this morning’s must read piece . . . Excerpt: “OUR financial catastrophe, like Bernard Madoff’s pyramid scheme, required…Read More

Category: Bailouts, Credit, Derivatives, Legal, Really, really bad calls, Regulation