David Einhorn on Credit Agencies

Apropos of our last post, a dozen of you (1st in: Scott Frew of Rockingham Partners) directed our attention to David Einhorn’s presentation at the Annual Graham & Dodd Breakfast.

The PDF text of the full  presentation is at Naked Shorts . . .

Category: Corporate Management, Credit, Derivatives, Real Estate

The Abysmal Track Records of Moody’s, Fitch and S&P

Category: Credit, Derivatives, Real Estate, Taxes and Policy

Quote of the Day: Dick Green

Category: Credit, Economy, Financial Press

The Modern Art of Sub-Prime Debt

Category: Credit, Derivatives, Finance, Psychology

FOMC Minutes

Category: Economy, Federal Reserve, Inflation

Top 10 Online Financial News & Information Destinations

Category: Digital Media, Financial Press, Web/Tech

Fannie Mae: Ouch!

Category: Corporate Management, Credit, Derivatives, Earnings, Short Selling, Technical Analysis, Trading

S&P 500 Profit Flips Negative for Q3

Category: Corporate Management, Data Analysis, Earnings, Investing, Valuation

The Panic of 1907 (Book Excerpt)

Panic_of_1907_jacketTime for another book excerpt:

I previously mentioned The Panic of 1907: Lessons Learned from the Market’s Perfect Storm by Robert F. Bruner and Sean D. Carr, in a linkfest a few months ago.

I found the book, published exactly a century after the original event, to have some rather interesting parallels to today.

The significance of the 1907 Panic as an economic event went far beyond the mere crash and recovery.  It eventually led to the creation of the U.S. Federal Reserve.

There is a video excerpt from the book here.

The authors point out the following Déjà vu — 100 years later:  "War was fresh in mind. Immigration was fueling dramatic changes in society. New technologies were changing people’s everyday lives. Wall Street was wheeling and dealing . . ."

They also name 7 factors are required to develop a financial panic:  Buoyant Growth, Systemic Architecture, Inadequate Safety Buffers, Adverse Leadership, Real Economic Shock, Fear and Greed, Failure of Collective Action.

The Intro, and Chapters 1 -3 follow after the jump.

Enjoy!

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Category: Books, Markets, Psychology

Falling Houses

Category: Credit, Derivatives, Real Estate