Market manipulation is alive and well on Wall Street. Calling all suckers: Submitted by Rolfe Winkler, CFA, publisher of OptionARMageddon We're not quite as healthy as we thought we were. Oops. (WSJ) J.P. Morgan Chase Chief Executive James Dimon said...that March was a little tougher than the first two months of the year....Bank of America...CEO … Continue reading Calling All Suckers: Big Banks Pull off the Ultimate Bait & Switch
Day: March 27, 2009
So what do I think of the recent upswing in the stock market?
From the Comrade Swan on the comments on Calculated Risk, who says it better and funnier than I possibly could: PICTURE the Black Knight scene from Monty Python & Holy Grail, but the script as follows below the fold: REALITY: You fight with the strength of many men, Sir BULL. I am Reality, King of … Continue reading So what do I think of the recent upswing in the stock market?
Grandpa Smith Knows Best
Robert Waldmann reminds us of what that sage Scotsman told us 234 years ago: (via Angry Bear.) "All for ourselves and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters" Adam Smith (1776) "The Wealth of Nations." Book III Chapter 4. Of course as … Continue reading Grandpa Smith Knows Best
On the new god: ‘the Market’
Paul Krugman writes: But it has become increasingly clear over the past few days that top officials in the Obama administration are still in the grip of the market mystique. They still believe in the magic of the financial marketplace and in the prowess of the wizards who perform that magic. The market mystique didn’t … Continue reading On the new god: ‘the Market’
After 15 Years, Nafta’s Promise Still Unfulfilled in Mexico – NYTimes.com
After 15 Years, Nafta’s Promise Still Unfulfilled in Mexico - NYTimes.com. A good news story about how the promise of Free Trade (in this case NAFTA) sometimes doesn't happen. What we call institutional factors get in the way - a government won't disrupt oligopolies or oligarchs, currency problems interfere, the other party/country doesn't play fair, … Continue reading After 15 Years, Nafta’s Promise Still Unfulfilled in Mexico – NYTimes.com
The Supposed “Socialists” say no: Sweden Says No to Saving Saab – NYTimes.com
Sweden Says No to Saving Saab via Sweden Says No to Saving Saab - NYTimes.com. Despite it's reputation for being "socialist", Sweden decides that failed businesses, even when large employers, don't always need to be rescued -- at least not if it leaves it in private hands.
Change? Looks like same ol’ same ol’ to me.
Excellent but long post by Edward Harrison at Naked Capitalism. This post describes what's happening with the "Geithner Plan" for revised bailout of banks/ dealing with toxic assets in the context of an earlier bailout: the Mexican currency crisis in 1994-95. It''s many of the same folks involved: Summers, Geithner, and a populist sentiment in … Continue reading Change? Looks like same ol’ same ol’ to me.
Change. I do not think that word means what they think it means. – Geithner plan version
From Washington's Blog. Nobel winner Joseph Stiglitz is also against the Geithner-Obama plan (I"m liking the company I keep!). The plan is both an end-run around Congress so Congress doesn't have to vote for another bailout, but Treasury can cobble together the equivalent of another bailout by raiding the FDIC funds, and a poorly thought-through … Continue reading Change. I do not think that word means what they think it means. – Geithner plan version