"Follow the Money"
March 8th, 2009 by Jon Taplin
The biggest story of the next week will be when we find out just how much of our taxpayer money has flowed through AIG into the pockets of Hedge Fund Billionaires who were speculating in Credit Default Swaps. As Ben Stein notes this morning.
Allowing speculators to buy C.D.S.’s merely to bet against a firm in difficulty just blasts the prices of bonds, kills the balance sheets of banks, insurers and hedge funds, and throws fear into the system.
My guess is the same guys who are running the Bear Raid on Bank Stocks are cashing in on the AIG bailout at par. The Treasury is going to have to surrender the name of every counter-party, not just the big names surrendered yesterday.
Well then, here’s hoping you have many more Sunday Chardonnay lunches…
Well then, here’s hoping you have many more Sunday Chardonnay lunches…
Love your blog, but the new format is sort of painful to read. Not user friendly at all……
Love your blog, but the new format is sort of painful to read. Not user friendly at all……
Love your blog, but the new format is sort of painful to read. Not user friendly at all……
Those you can’t work blog.
That what you sayin’?
Those you can’t work blog.
That what you sayin’?
Those you can’t work blog.
That what you sayin’?
Jon, I’m going to miss all the great posts. Drink more Chardonnay!
Jon, I’m going to miss all the great posts. Drink more Chardonnay!
Jon, I’m going to miss all the great posts. Drink more Chardonnay!
Man, I really liked the older, simpler style of the blog a lot more! I’m sorry to say I’m a bit bummed… No offense…
Man, I really liked the older, simpler style of the blog a lot more! I’m sorry to say I’m a bit bummed… No offense…
Man, I really liked the older, simpler style of the blog a lot more! I’m sorry to say I’m a bit bummed… No offense…
this layout is a bit better than the one this morning but still not quite right. I’d like to suggest the PrimePress theme. I use it and love it.
http://lakeladyslounge.com
wishing I had some chardonnay right about now.
this layout is a bit better than the one this morning but still not quite right. I’d like to suggest the PrimePress theme. I use it and love it.
http://lakeladyslounge.com
wishing I had some chardonnay right about now.
A good habit is a bad one to kick.
This layout is better than yesterday. I like the colors. I understand the ‘simple is better’ comments but this is functional and just might suit the mood. I didn’t realize you produced To Die For. That’s a quirky one… beauty under ice.
A good habit is a bad one to kick.
This layout is better than yesterday. I like the colors. I understand the ‘simple is better’ comments but this is functional and just might suit the mood. I didn’t realize you produced To Die For. That’s a quirky one… beauty under ice.
Uh…Robbie Robertson…The Robbie Roberston? If so, dude, you rock!
Uh…Robbie Robertson…The Robbie Roberston? If so, dude, you rock!
Another vote for the old layout…
Jon, I won’t go so far as to actually vote for the old layout…there are a few things I like about this new one. If you want to talk to the tech writer, you know where to find me.
It’s interesting that you mention speculators. This weekend while driving around, a PBS news announcer talking about the fall in the market said that it was hard to tell how much of the drop was caused by fear and how much by speculators hoping to drive down the market to make a quick profit.
Meanwhile, here’s another blog, focused on finance and the current mess, that’s well worth reading: http://baselinescenario.com
A lot of details about the money trail here:
http://www.dailykos.com/story/2009/3/7/199/28748/155/705653
Ugh.
As far as the layout, I like today’s a lot better than yesterday’s. Still digesting on comparison to original.
Hey Jon, WP “atahualpa” theme is 3-column customizable. I’m still working on my blog, but it’s quick and easy (as quick and easy as anything is on WP anyway).
“Speculators.” Lots of folks think it is really neat how the internet and electronic trading and all that have “sped things up.” It would seem that “things” are going so fast that they’ve achieved that state of grace called “unregulable.” Any argument that speculation did not fuel (bad pun) the runup in oil prices? or coffee? or sugar? or a bunch of other things a person with a mean streak, no ethics, a bit of knowledge and a computer can bet on?
I’ve yakked before about an old front page from the 1870s era Chicago Tribune. A featured story was about a couple of guys who got to go to jail because they were “trading” on the future prices of beef and corn. See, the stuff that happens in the futures market and the Board of Trade used to be, like usury, a criminal offense.
Not ‘hedging,” like I guess the futures market was supposed to let farmers do to even out pricing and risks. That other thing, where if you are plugged in you can whistle up a buzz, or boost the fear factor of some external event like cannon fire in the Persian Gulf, or Putin with a Viagra overdose and a hangover, to get some other sucker to take your asked price and hope he or she can find some sucker to eat another uptick.
Looks to me like the former Countrywide folks and other Wise Guys who are buying up the “valueless” toxic turds they excreted in the form of CDSs and CDOs and sub-prime loans, have figured how to “beat the system” once again. Like the folks who drove off with the pallet-loads of $100 bills that disappeared into the chaos of Iraq.
Heads on effin’ pikes — might be the only market correction that would really work.
“Speculators.” Lots of folks think it is really neat how the internet and electronic trading and all that have “sped things up.” It would seem that “things” are going so fast that they’ve achieved that state of grace called “unregulable.” Any argument that speculation did not fuel (bad pun) the runup in oil prices? or coffee? or sugar? or a bunch of other things a person with a mean streak, no ethics, a bit of knowledge and a computer can bet on?
I’ve yakked before about an old front page from the 1870s era Chicago Tribune. A featured story was about a couple of guys who got to go to jail because they were “trading” on the future prices of beef and corn. See, the stuff that happens in the futures market and the Board of Trade used to be, like usury, a criminal offense.
Not ‘hedging,” like I guess the futures market was supposed to let farmers do to even out pricing and risks. That other thing, where if you are plugged in you can whistle up a buzz, or boost the fear factor of some external event like cannon fire in the Persian Gulf, or Putin with a Viagra overdose and a hangover, to get some other sucker to take your asked price and hope he or she can find some sucker to eat another uptick.
Looks to me like the former Countrywide folks and other Wise Guys who are buying up the “valueless” toxic turds they excreted in the form of CDSs and CDOs and sub-prime loans, have figured how to “beat the system” once again. Like the folks who drove off with the pallet-loads of $100 bills that disappeared into the chaos of Iraq.
Heads on effin’ pikes — might be the only market correction that would really work.
“Speculators.” Lots of folks think it is really neat how the internet and electronic trading and all that have “sped things up.” It would seem that “things” are going so fast that they’ve achieved that state of grace called “unregulable.” Any argument that speculation did not fuel (bad pun) the runup in oil prices? or coffee? or sugar? or a bunch of other things a person with a mean streak, no ethics, a bit of knowledge and a computer can bet on?
I’ve yakked before about an old front page from the 1870s era Chicago Tribune. A featured story was about a couple of guys who got to go to jail because they were “trading” on the future prices of beef and corn. See, the stuff that happens in the futures market and the Board of Trade used to be, like usury, a criminal offense.
Not ‘hedging,” like I guess the futures market was supposed to let farmers do to even out pricing and risks. That other thing, where if you are plugged in you can whistle up a buzz, or boost the fear factor of some external event like cannon fire in the Persian Gulf, or Putin with a Viagra overdose and a hangover, to get some other sucker to take your asked price and hope he or she can find some sucker to eat another uptick.
Looks to me like the former Countrywide folks and other Wise Guys who are buying up the “valueless” toxic turds they excreted in the form of CDSs and CDOs and sub-prime loans, have figured how to “beat the system” once again. Like the folks who drove off with the pallet-loads of $100 bills that disappeared into the chaos of Iraq.
Heads on effin’ pikes — might be the only market correction that would really work.
We’ve said it before and we’ll say it again…
Heads on pikes! Heads on pikes!
We’ve said it before and we’ll say it again…
Heads on pikes! Heads on pikes!
We’ve said it before and we’ll say it again…
Heads on pikes! Heads on pikes!
Ahm changin’ mah name to Fannie Mae…
http://www.youtube.com/watch?v=vAG0XMRty5Y
Ahm changin’ mah name to Fannie Mae…
http://www.youtube.com/watch?v=vAG0XMRty5Y
I have one more thing to say about the layout now that I’ve finally figured out more of what’s bugging me. The comments feel much more anonymous, random and cold (strictly referring to the design here) whereas before I always thought the comments sections were very communal and inviting and looked like a real conversation. The conversation has now been reduced to taking turns talking… Hard to explain but I’m very serious.
I have one more thing to say about the layout now that I’ve finally figured out more of what’s bugging me. The comments feel much more anonymous, random and cold (strictly referring to the design here) whereas before I always thought the comments sections were very communal and inviting and looked like a real conversation. The conversation has now been reduced to taking turns talking… Hard to explain but I’m very serious.
I have one more thing to say about the layout now that I’ve finally figured out more of what’s bugging me. The comments feel much more anonymous, random and cold (strictly referring to the design here) whereas before I always thought the comments sections were very communal and inviting and looked like a real conversation. The conversation has now been reduced to taking turns talking… Hard to explain but I’m very serious.
No, no… don’t stop!! Your economic and political analysis is the cleanest around, and I’m always interested in what you report and discuss.
Thanks for putting your ideas out there!!
No, no… don’t stop!! Your economic and political analysis is the cleanest around, and I’m always interested in what you report and discuss.
Thanks for putting your ideas out there!!
Jon-
See my earlier post. I’m surprised you actually made it for 30 hours…
Balance, life is about balance. Face it you NEED to blog! And we like it.
Jon-
See my earlier post. I’m surprised you actually made it for 30 hours…
Balance, life is about balance. Face it you NEED to blog! And we like it.
Jon-
See my earlier post. I’m surprised you actually made it for 30 hours…
Balance, life is about balance. Face it you NEED to blog! And we like it.
Besides, this is a more communal book anyway. You write, I write, we all write for ice cream. Hmmm, good! I had a collegue who started each year by pointing his students to a poster on the back wall about how everything changes. His problem, the same poster year after year. Your problem is more user friendly – us. BTB, the reply format is . . ., well, I don’t know yet since I haven’t used it yet.
Besides, this is a more communal book anyway. You write, I write, we all write for ice cream. Hmmm, good! I had a collegue who started each year by pointing his students to a poster on the back wall about how everything changes. His problem, the same poster year after year. Your problem is more user friendly – us. BTB, the reply format is . . ., well, I don’t know yet since I haven’t used it yet.
So here goes. Gee, rhbee, what are you trying to say here. That Jon is addicting, addictive, addicted. Whoa, better watch those allegations, dude. At least, he didn’t go twittering. Meanwhile, the Fed appears to be poised to announce new, did I hear this right, “wholistic regulations” for the financial marketplace. And the bomber are back at it again in Iraq. And Time, the magazine, appears to be trying to quell the big Rushmore. Geez, good thing you drank that wine Jon.
So here goes. Gee, rhbee, what are you trying to say here. That Jon is addicting, addictive, addicted. Whoa, better watch those allegations, dude. At least, he didn’t go twittering. Meanwhile, the Fed appears to be poised to announce new, did I hear this right, “wholistic regulations” for the financial marketplace. And the bomber are back at it again in Iraq. And Time, the magazine, appears to be trying to quell the big Rushmore. Geez, good thing you drank that wine Jon.
Don’t miss Jim Cramer bragging that he manipulates stocks, shorts stocks to benefit his hedge fund and ‘foments’ stocks to falsely create the impression a stock is down (“You can’t foment. That’s a violation… But you do it anyway because the SEC doesn’t understand it.”)
Cramer boasts that the SEC and Wall St. Journal don’t even understand what he’s doing – and who cares if it’s illegal! (Bet he’s not alone!)
(See Cramer boast in this 2006 interview unearthed at Huffington Post http://www.huffingtonpost.com/2009/03/11/jim-cramer-shorting-stock_n_173824.html).
Don’t miss Jim Cramer bragging that he manipulates stocks, shorts stocks to benefit his hedge fund and ‘foments’ stocks to falsely create the impression a stock is down (“You can’t foment. That’s a violation… But you do it anyway because the SEC doesn’t understand it.”)
Cramer boasts that the SEC and Wall St. Journal don’t even understand what he’s doing – and who cares if it’s illegal! (Bet he’s not alone!)
(See Cramer boast in this 2006 interview unearthed at Huffington Post http://www.huffingtonpost.com/2009/03/11/jim-cramer-shorting-stock_n_173824.html).
Jon,
The new layout really blows. Hard to read, hard to navigate, dark and heavy.
The older style was clean, open, and easy to parse.
Jon,
The new layout really blows. Hard to read, hard to navigate, dark and heavy.
The older style was clean, open, and easy to parse.
Billy Bob- Your wish is my command.
Billy Bob- Your wish is my command.
Thanks for putting the old format back. Much easier to read… and I always want to read what’s here!
Thanks for putting the old format back. Much easier to read… and I always want to read what’s here!
Thanks for putting the old format back. Much easier to read… and I always want to read what’s here!