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Frontrunning: January 5
- Hussman - Tim Geithner meets Vladimir Lenin (Hussman Funds)
- Oil nears $82 as commodity bubble roars back; watch the gas pump next (Bloomberg)
- Is Japan the correct analogy? (Grey Owl Capital Management)
- Global bear rally will deflate as Japan leads world in sovereign bond sales (Telegraph)
- Emerging markets to lose 20% as IPOs backfire according to Mark Mobius (Bloomberg)
- Optimist? Or pessimist? Test your 2010 strategy (MarketWatch)
- Manhattan apartment prices fall as New York loses finance jobs (Bloomberg)
- Qucikie bankruptcy filings: companies zoom in, zoom out (WSJ)
- PHK (among others) declares stock dividend (BusinessWire)
- Things in Greece turning from bad to worse: Greece will be forced to borrow privately through banks this month (Bloomberg)
- Brevan Howard founding partner leaves for Moore Capital (Bloomberg)
- A 10-year plan to close the budget deficit (FT)
- Burj Dubai: the new pinnacle of vanity (Telegraph)
- Barack Obama, you remind me of Herbert Hoover (New Republic)
»
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I can't believe you missed this
Vanity Fair COVER STORY Tiger in the Roughhttp://www.vanityfair.com/culture/features/2010/02/tiger-woods-201002
i think mobius is right, and palma is wrong. i'm not touching em's with a ten-foot stick
Simon Johnson's AEA presetnation
http://baselinescenario.com/2010/01/04/the-crisis-this-time/#more-5865
The Crisis This TimeI like PIMCO's strategy from yesterday; ie don't buy anything.
Other than that scalp whenever possible.
This is what I found today. Aussie dollar is the true world currency. Forget what EUR or Gold is doing follow the Aussie!!!
On Hussman on Geithner:
Why would you expect a man who willfully and intentionally evaded personal income taxes for years to act in lawful way?
Mesa Air files BK, says has 52 unused aircraft, to retire 25 more; Boeing and Textron to make 52 wk highs on the news.
http://www.reuters.com/article/idCNSGE6040DB20100105?rpc=44
BA can't produce orders fast enough fool!
Re: Hussman;
Is the "Odious Debt" Exemption an out for U.S. taxpayers victimized by extra-constitutional debt incurrence by Fed and Treasury?
Odious Debt Theory repudiates sovereign debt under the following 2 joint circumstances (see, e.g. references cited in Shafter, J. (2007). The Due Diligence Model: A New Approach to the Problem of Odious Debts. Ethics and International Affairs;21:1 , 49-68.):
1. The debt was not incurred for the benefit of the people but rather for personal benefit of a corrupt regime; and
2. This is done with the knowledge of the creditors.
Federal Reserve and Treasury actions as described by Hussman may fit that definition and therefor the obligations they create would be unenforcable against U.S. taxpayers.
And now comes the market rally on the "much worser than expected Housing Sales numbers"... The lending banks still nicely in the green.
I thought you guys were anti-Pritchard?
re:"Global bear rally will deflate as Japan leads world in sovereign bond crisis"
Oil's not in a bubble.
Here's a real nice example being set by the public sector:
Wisconsin school districts refuse to pay back $165 million loan from an Irish Bank; money was used to purchase investments 'which involved a series of complex transactions that included collateralized debt obligations and credit default swaps,' from a completely different institution.
http://www.jsonline.com/news/education/80518467.html
Moral bar set to subzero. Good luck property taxpayers, as these districts will surely get their S&P credit rating sunk to the lowest rating possible, BBB-.
Moral bar set to subzero.
Yeah, well, either it's that, or it's "we refuse to be taken advantage of as the last moral people in a world that is run by people who are completely without morals." The truth is, the banks that packaged and sold this crap set their own moral bars to zero a long time ago, didn't they? Sorry if I sound harsh, but I've just had enough of this crap. Contract law is being rewritten as we speak, by the very people who want the rest of us to continue to be moral and pay our debts. Looting is being undertaken in plain view. Get "justice" in "your day in court"? Laughable.
I'm over it.
Good luck property taxpayers, as these districts will surely get their S&P credit rating sunk to the lowest rating possible, BBB-.
Who fucking cares? Those property taxpayers are getting totally fucked anyway, being put on the hook for everything anyway, being ignored by their "legislators" anyway, not getting any credit anyway, so what is it again that I'm going to lose by losing my credit rating?
Fuck the banks, fuck the bankers, fuck their debt slavery system. Molon Labe.
I guess Bernanke/Geithner/Blankfein have studied the history of the Romanovs and the Bourbons and other regimes ancien-
loot the treasury and get out of town.
Today the president of Iceland vetoed a bill that would have had Icelanders pay for the bank bailout-it goes to a referendum now, where it will fail.
Taxpayers around the world will reject this looting/public assumption of fraudulent private debts charade.
Yep, let's just have the public sector selectively default on loans - when they have the money to pay it. Especially when the bank loan had nothing to do with them purchasing toxic junk with the money.
Hmm, I took some investment losses last year that I'm not going to get anything back from. I think I'll stick it to my bank mortgage. Fair's fair.
In fact, I will just end up taking more from my employer. No-lose.