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Frontrunning: November 30
- Dubai World's debt not guaranteed by government (Bloomberg)
- Taxing Wall Street today wins support for Keynes idea of 1936 (Bloomberg)
- How many FSB chimps does it take to make a Systemic Risk candidates list: where the hell is Citi? (FT)
- Ferguson: An empire at risk (Newsweek)
- How Fannie and Freddie sank in the subprime quicksand (IBD)
- Bernanke starts Fed debate early (WSJ)
- Wen rails at "unfair" renminbi pressure (FT)
- Bring on Fed transparency (Forbes)
- The problems in Dubai (Cumberland)
- MGM Mirage bets on Citycenter to lower debt as partner teeters (Bloomberg)
- Cembalest: Obama's business blind spot (Forbes)
- World's cheapest car Tata Nano goes green (BBC)
- Krugman begging for more stimulus money (NYT)
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From Dubai Gov:
“Lenders should bear part of the responsibility.”
There is just so much "wow" here.
On one hand this is what we are dying for our gov to do. On the other hand, most of the lenders are foreign, so, easy for you to say. But then again, wasn't this kind of like investing in swamp land? But then again, they were selling swamp land and not stopping it, even though research exists showing that this kind of thing (sand islands) don't work.
Everyone involved is so Foooaaaked. We are fooooaaaked. What a mess.
hehe..that's code for "let Benny put it on HIS balance sheet".
It's about time lenders take responsibility. They need to restructure the loans, maybe take an equity position in the real estate. That's the way it worked before bailout nation.
In other news from capitalist nation, Sweden says "we're not in the automobile business". hasta la vista Saab. And for those of you that have been laughing every time I mention Geely, the Chinese car maker, they are in a deal to buy Volvo and all its technology. GoldSach owns 15% of Geely. Still laughing?
QUICK! take some equity in that SAND (island)
How dare you insinuate that Goldman Sachs is pulling a Bowling for Soup on Saab. They would never do that!!
http://www.youtube.com/watch?v=K3LDYIz4iY4
In my opinion Krugman is bought and paid for and can no longer be a reliable source of valid guidance... and it will be a sad day for this country if they pass one more stimulus program that only stimulates road construction... and a 'jobs summit'... give me a break.
It's the beard. Never trust an economist with a beard.
Oh yes and when he stated on This Week said "deficits don't matter when unemployment is this high".
Agreed Lizzy... and Paul Krugman has no children... so clearly he does not have to worry about his children having to pay back our selfish deficit spending which he advocates.
Sqworl, if you are around.
Niall Ferguson wrote this one on empire!
http://www.newsweek.com/id/224694
A morning fix:
http://www.thoughtcast.org/uploads/ferguson.jpg
You know, I used to like Niall Ferguson. Until I read his book, The Ascent Of Money, written before the subprime crisis, where he basically argues pure fiat currencies are the greatest invention since sliced bread.
Now he has zero credibility in my books.
“Lenders should bear part of the responsibility.”
Damn straight! It's the lenders fault that the borrower took their money and doesn't want to give it back.
In a related note, it’s GM’s fault that I bought that beauuuutiful Pontiac Aztec on credit - I shouldn't have to pay the money back and should get to keep the car.
If you bought an Aztec, its the least they could do. I'd push for an apology too.
To be fair
The lenders deserve the assets and the operating costs and maintenance costs.
More important news in case you missed it (well, not really news, but a great research paper).
Hopefully the sheeple will get the message that it is OK to walk away from the mortgage.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1494467
http://www.mercurynews.com/ci_13880641?source=most_emailed&nclick_check=1
http://blogs.wsj.com/developments/2009/10/30/its-ok-to-walk-away-a-law-p...
If anyone would like a chuckle, check out the photoshop my friend created for Lloyd "God's Work" Blankefein.
http://cephaloblog.wordpress.com/2009/11/29/gods-work/
Timmy has such a tiny dinky!
Your friend is talented.
For those of you curious about Krugman....
Spend 5 minutes and read the wiki fact page on Krugman.
This guy is a media tabloid.
Has never had a real job in business.
Is an academic turned journalist seeking Neilson ratings.
Was an advisor to Enron.
Was for low rates to spur housing.
Who the hell in their right mind would want to depend on a guy like this ?
And this guy is being a loudmouth about this and that in areas where he has no hands on experience.
Gee, I think I'll read a book about being a neuro surgeon tonight, and tomorrow I will be one.
Gee Krugman, why do you not save GM for us ?
You have all the answers.
My momma taught me about loud mouths who have all the answers.
They are called clowns.
Krugman is just another CLOWN looking for eyeballs and ears.
Media pay is all about eyeballs and ears, not problem solving.