Wednesday, October 15, 2008
Paulson vs. Bank Execs: Who is Telling the Truth?
“But Paulson instead went through a bizarre, public exercise in sham correction (and real sidestepping of even minimal normal forms) so as to avoid a candid discussion of how lousy the banks' balance sheets really were. And the ruse, like the TARP itself, was another demonstration that the Treasury considers itself to be outside the law.”
Obama's Real Tax Plan Is Bogus
RW: I haven’t checked all of the math, but maxedoutmama does a pretty good job of convincing me that I don’t have to.
Car-Finance Firms Want Access to Fed’s Commercial Paper Program
“Automobile-finance companies pushed hard to get in on the government’s $700 billion financial rescue plan. Now, with the industry’s troubles expected to deepen, they are exploring further moves, including help from the Federal Reserve.”
RW: And why shouldn’t they? You give a little….
The credit crisis eases, but watch long-term bond yields
“But long-term Treasury bond yields rose sharply, lifting the 10-year T-note yield 0.21 of a point to 4.08% -- the highest since July 25. And long-term municipal bond yields soared; a Bloomberg News index of tax-free yields on 30-year California general obligation bonds jumped to 5.84%, up from 5.69% on Friday and 5% in mid-September.
Bond traders say the market is beginning to focus intently on the heavy borrowing the Treasury will have to do to finance its $700-billion bailout of the banking system.”
RW: Oh, I love economics and the hidden cloud of every decision…sometimes good, but mostly bad of government intervention.
Payback Time For The ‘Bailout Politicians’?
“To be fair, this Congress is not solely to blame for our financial woes. Picture an Oscar speech, where the recipient of the award tells the audience, “I’d like to thank all those people, without whose help none of this would ever have been possible.” At which point the Oscar winner reads off a laundry list of names. There were many guilty parties involved, going back some years. And my guess is that a number of them probably meant well.”
Closing Comments for October 15 2008
“I do not have Bloomberg so actually a friend did the legwork. The long bull market in stocks began in 1974 with the S and P Index at 62. The highest recorded level in human history was in October 2007 at 1576. For the Fibonacci aficionados among us a 61.8 percent retracement would place the index at 640. A 50 percent retracement would bring the index to 819. My friend said that the market tried several times to penetrate that level in 2002/2003 but failed each time.”
THE BEAR OF THE BASKERVILLES
“Think it can't happen here? The price of every imported good tripling overnight as the currency crashes by 2/3rds instantly?
That is what happened to Iceland - literally overnight.
If we don't force transparency of all financial institution balance sheet and capital positions, this may be coming to a stock market - and grocery market - near you.”
McCain's Brother Blasts Campaign Strategy
“John McCain's brother sent an e-mail to campaign and Republican officials late Monday blasting the campaign's strategy. "Let John McCain be John McCain," wrote Joe McCain. "Make ads that show John not as crank and curmudgeon but as a great leader for his time."”
RW: There’s one in every family!
World Series pushed back for Barack Obama (and Fox Sports)
“Major League Baseball agreed Wednesday to push back the start time of Game 6 of the World Series by about 15 minutes so that Fox Broadcasting Co. could sell Democratic presidential candidate Barack Obama a half-hour of prime time on Wednesday, Oct. 29.”
Man Blinded by Punch in Bar Fight Months After Losing Other Eye in Brawl
RW: I love these extra-classy reports by FOX.