We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
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Wednesday, March 12. 2008
If the face of the current credit and liquidity tensions on Wall Street, the public humiliation of Spitzer has provided an occasion for laughter, countless cruel jokes, and general levity in downtown New York City, and many off-color jokes will be made tonight over drinks to celebrate his political demise. Multi-millionaire Spitzer (family real estate money, I think) is known not only for being a sanctimonious, arrogant, self-centered SOB, but also for following the Guiliani script of building a reputation by ruthlessly destroying the reputations and lives of white collar workers in finance - people who, at best, might have been subject to civil cases - or no cases at all.
As they say in NYC, a NY Grand Jury will indict a ham sandwich if the prosecutor asks them to.
The New York Post gets it. Nobody is perfect, but there is no sympathy for Spitzer.
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The funniest thing is that the market gets a 200 billion dollar promise from the FED, gains 400+ points and then the very next day goes south again.
I guess 200 billion just isn't what is use to be back when ....
BTW ..this market is going to continue going south for some time. The FED will exhaust itself and I N F L A T I O N will rule, ruining everything that happens to be left standing after all the FED "help"
I'd suggest the big cardboard boxes wrapped in tyvex, and a space blanket.
Ha, ha . . .Mr. Gasparino is the one to write this fro the NYP; they can't say too much, after endorsing him for gubner. I'll read the Sun any day. Thanks for the "post", B.
No laughing matter
When you can't get YOUR money out when you want it, well that ain't a good sign. I search old 2002 PADI magazines for this but I had to settle for Bloomberg,sorry. I know Hauteville will be ear muffled so it's ok.
GO Capital Halts Redemptions From Global Hedge Fund
By Tom Cahill and Alexis Xydias
March 12 (Bloomberg) -- GO Capital Asset Management BV blocked clients from pulling cash from its Global Opportunities Fund, at least the seventh hedge fund in the past month forced to take steps to protect itself from market fluctuations.
Frans van Schaik, the former head of equity research at ABN Amro Holding NV who founded the Amsterdam-based fund in 2000, wrote to investors that the fund is not leveraged and not facing margin calls. The fund, which bets both on rising and falling prices, has assets of about 570 million euros ($881 million).
``A temporary suspension of redemptions is the best defensive measure to protect the interests of the participants,'' van Schaik and other members of GO Capital's management said in a letter posted on their Web site and dated March 11. ``Current market circumstances do not allow the fund to sell investments at a reasonable price.''
Habu: yeah they're helping investors..right over the cliff...
"But I want MY money"
"Too bad, we're protecting your money, for now. We'll let you know when you can have it back"
Global Opportunities Fund, at least the seventh hedge fund in the past month forced to take steps to protect itself from market fluctuations
It says that at least seven hedge funds have kept people from their money.
how do they do that?
but that's illegal
yeah, so what's your point?
didn't they put Willie Sutton away for robbing banks?
I think so.
Well whats the difference here....?
He was a crook, a bank robber who took other peoples money, these people are just not giving it back so they can protect it from you spending it.
oh, ok. can they do that?
well apparently they are doing that so whaddya gonna do about it, write a letter? ain't nobody gonna do a damn thing. get over it.
just remember the immortal words of Rufus..Some people bet on football and some on derivatives.
Yeah but you're suppose to be able to et your money out of an investment even if it's losing money...
well, rules change,,they "protect" your money now..they have Mercedes to pay for and big homes ...you just don't understand..it ain't your money anymore. it's the guvments or an investment houses' money ..you're just the jerk who earned it.
The Fun House is closing it's doors
Inflation vs deflation in a tap out. Who’ll take Jenna Jameson away from Tito Ortiz? Wow I want no part of that ..well maybe , no certainly, the Jenna part but it’ll take a gun to take down Tito. I mean the guy’s name is Tito. We don’t know which side will win, but we’re betting that while inflation favors gold, deflation has it in for stocks.
The FED just injected oodles of dough into the economy , like $200 billion and as John Maynard Keynes said, “It comes out of thin air”…but this thin air becomes a solid quickly in the form of inflation. It’s just a matter of time. While rising prices pinch family budgets, falling asset prices pinch everyone. Most of the economy seems to be deflating. Housing is going down. Household incomes are going down. We’ll have to wait a few days to find out what direction stocks are going. Folks it’s gonna get very ugly.
America is in a repricing time warp. America is getting poorer. Its money buys less stuff. Its working people earn less money. Its assets are worth less than they used to be and losing ground daily as the Euro is now $1.75 vs USD $1.00 in value. Ugh. And heck we’ve sold off the country..real estate….stocks that turn up worthless … hell our own Air Force just gave a huge contract to a French company. The same cheese eating surrender monkeys that f*cked us all up and down in the UN a few years ago. Go figure.
But we’ve had a good ride, just as the Brits did when they ruled the pre WWI world. Look where they are today. America has enjoyed an extraordinary run of luck. She had cheap energy...history’s most powerful military...and the world’s reserve currency.( now under severe pressure to be dumped by the world) ....
Now she has the world’s biggest debts...its highest deficits...and the most colossal financial problem ever. In short, it has passed its I.O.Us out all over town and now owes more money to more people than anyone ever did. It now has more financial commitments any nation has ever had (with a financing gap of $60 trillion – not including the cost of the Iraq War...which is expected to be as much as $5 trillion)...and has a competitive disadvantage against much of the rest of the globe. Asians make things cheaper. Europe makes them better. Even Iraq now has a surplus of oil but we're still sending them money..OUR money, YOUR money....
So our great nation is now a giant sucking chest wound. Circumstances allowed Americans to borrow and spend more than anyone ever could before...and we did. Now the chickens are coming home to roost and the Chi-Coms and Soviets are licking their chops. Lenin said if we got enough rope we’d hang ourselves and it’s shaping up to be a real town square event.
Well, I just hope I can get to 75 or 80, just another 15-20 years before the walls really do cave in on us. But I’m beginning to have my doubts. Australia is looking good except for the guns part but I’ve even begun to wonder if a gun will be any part of the loss of this nation. It looks more like greed and stupidity. The greed and stupidity of bankers and Wall Street folks carting off loads of money to live la dolce vita while an America they loathe bleeds to death by their actions. Yeah it sucks.
You know Habu... I won't dispute a one of your 'facts'... but... what the hell is your point. F***ing chicken little it seems to me. Or, are you just trying to show us how smart you are. Being as how you are so well off an everything and don't have to worry. Screw you. Fear-mongering is what I see. Whether you are right or wrong. You sure ain't' a part of a solution... just a part of the problem.
I'm simply attempting to get information into the blog here that perhaps many of our MF folks aren't aware of.
It's got nothing to do with anything other than my belief that if you're better informed, or at least put on the scent and make inquires yourself to verify then you're better prepared. That's it in a nutshell.
I don't see some of this stuff covered in the MSM or on other blogs where in this season selecting a new President is front and center. But a well informed electorate can ask sharper questions of those candidates etc.
Were you aware that some hedge funds weren't allowing investors to withdraw their own money?
Were you aware of the size of the derivatives problem (yesterday) prior to the info I put out?
Now if you were great, but perhaps others weren't.
Obama never mentions how to solve these challenges, nor Hillary, nor John but these problems have the distinct possibility of taking down the entire banking system and launching a depression...Do you want to remain uninformed of that? Allow it to ambush you? Well, it will a lot of people and that is the tragedy.
I spent over twenty years talking to people about their money and the one thing I learned is that the average citizen knows NOTHING about how money works. They just get a paycheck and spend it, maybe save a wee bit. They have NO idea how the FED works ( or who for), nothing of the distinction between deflation and inflation etc.
It's not chicken little it's an attempt to get the average citizen up to speed or on the scent of a big problem.
If you find it all too much then I'll offer the same advice I do all readers..check the name at the bottom. If it says Habu skip reading it. This is a voluntary reading site, your call.
But don't ever lament later, "Gosh, if I'd only known"
Thank you for clogging the blogging with your Paladin Charge for the Care and Feeding of the Average Citizen. Why aren't you some pedant in a nice university where your gloom and doom scenarios would garner you the respect you deserve? I know it's fun and easy to use a nice blog as a voluntary dump site, but your advice is often over the top. Are we average citizens supposed to go bitch-slap our brokers and tell them this and that based on your prognostications? I did do that once based on something you said, and my broker sneered first and then laughed.
Last week we all hotly defended you over the charge that you ganged up on commenters. This week you have gone out of your way to do exactly that to Roger, Rufus, and now Luther. You're a smart, funny man. But you're a bully first.
LOL -- habu has been very engaging as of late -- engaging as in engaged in a brawl -- but wot the hell -- it's fun!
but the big picture is that this global de-leveraging is a GLOBAL de-leveraging. USA is always out front of everything, so we're catching it first. Sure, it's a bitch for financial assets but America has built up a lot of tangible assets during the Great Accumulation and these tangibles ain't going anywhere. Just this morning the Senate has signaled that it will extend at least some of the tax cuts -- and the upshot of all this de-levering is that the Great Taxathon the Dems have planned for next year AIN"T GONNA HAPPEN no matter WHO wins the election. The biggest problem of all for the world economy is Washington DC and that place is currently getting a much-needed education re "excess".
besides, a little taste of hard times is the ONLY thing that gives meaning to the good times.
Well, hallelujah! Please tell me they extended the death tax.
Yep, Buddy, read an article that pretty much extrapolated on what you so nicely summed up. America FIRST and for a very long time. NO matter what goes on. And, no, Habu.... I didn't read it in my Weekly Reader.
ha -- (*whew*) except for that, i might never have remembered the "Weekly Reader". Fond memory!