An interesting video (hat tip Patrick ).
As I wrote previously , some very scary scenarios are being kicked around Capitol Hill. Paulson and Bernanke know what’s at stake if the financial crisis devolves into nationwide bank runs. They shared those feelings during a meeting two Thursdays ago:
Senator Chris Dodd : congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Senator Chuck Schumer : “Had [the administration] said to the American people what they said to us in the room that night, the plan would have passed through Congress like a hot knife through butter,” said New York Democratic Sen. Charles Schumer. He doesn’t necessarily fault Mr. Paulson, because speaking in such stark terms could have unsettled markets and worsened the problem Mr. Paulson was trying to fix.
Now, does the fact that the sky didn...
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Understanding BernankeFrom: optionarmageddon.ml-implode.com
Post Date: 2008-07-01 21:57:26
If skyrocketing food and oil prices point to inflation on the rise, then why has the Fed risked even more inflation by lowering interest so much since last Fall? That’s a popular question these days. And one that’s hard to answer without knowing how the Fed works.
The trick to understanding the Fed is to have a basic understanding of inflation itself.
Generally speaking, inflation is considered to be an increase in the price of goods and services over time. One cause of highe...
more Central Bank SchizophreniaFrom: optionarmageddon.ml-implode.com
Post Date: 2008-06-30 09:29:18
The Fed’s critics have complained very loudly since Ben Bernanke began lowering interest rates last Fall. They argue that low interest rates encourage more borrowing and consequently more spending. And that low interest rates depress the the foreign exchange value of the dollar. They say all of the above are driving inflation higher and point to exploding food and oil prices worldwide as evidence.
For his part, Bernanke has said that risks to economic growth “outweigh” ...
more Wall Street Yard SaleFrom: optionarmageddon.ml-implode.com
Post Date: 2008-07-04 18:22:15
The NYT will report in tomorrow’s paper that Merrill is seeking a buyer for its 20% stake in Bloomberg LP, the maker of the ubiquitous financial terminals. According to the Times:
…Merrill, which has already raised $15 billion since John A. Thain took over as chief executive last fall, is finding it difficult to raise additional capital through previously used means, like selling preferred stock to sovereign wealth funds and other institutional investors, and it would prefe...
more Obama & McCain Flip-FlopsFrom: optionarmageddon.ml-implode.com
Post Date: 2008-07-04 07:30:53
Barack Obama has been sprinting to the center since he secured the Democratic nomination. If he’s not totally reversing himself on many issues, he’s certainly qualifying his views in significant, new ways:
Guns
Iraq
Public Financing for campaigns
Immunity for telecoms on wiretapping
NAFTA
And today: Abortion
All of the above happened just in the last three weeks.
I’m not commenting on his views, old or new, on these particular issues. My point is that...
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