Daily Digest

Daily Digest - May 7

Thursday, May 7, 2009, 11:52 AM
  • The capital well is running dry and some economies will wither (H/T PineCarr)
  • IF YOU BELIEVE – BORROWING LEADS TO PROSPERITY
  • The New "Distressed" Assets (Chart)
  •  40% of US Restaurants may be gone-No Money
  • Insiders selling at a FURIOUS PACE
  • Hugh Hendry on the Latest Rally...(Video)
  • Bank of America Needs $34,000,000,000.00
  • Nouriel Roubini: We Can't Subsidize the Banks Forever
  • ASEAN, China, Japan, South Korea finalise crisis fund pact (H/T PineCarr)
  • 33% of Homeowners w/Mortgages Are Underwater
  • AARP: Social Security: 10 Facts Matter
  • Bernanke expects recovery later this year
  • Commercial Real Estate Shoe to Drop
  • Flying Pigs, Tamiflu and Factory Farms, Part 2 WHO takes a page from a Michael Crichton Novel
  • A few A(H1N1) Links Dr. Henry Niman's Map 1329 Cases Today, A(H1N1) Current Timeline, CDC Cases
  • We've been voted off the earth (Video) 

Economy 

The capital well is running dry and some economies will wither (H/T PineCarr) 

The world is running out of capital. We cannot take it for granted that the global bond markets will prove deep enough to fund the $6 trillion or so needed for the Obama fiscal package, US-European bank bail-outs, and ballooning deficits almost everywhere.

By Ambrose Evans-Pritchard .

IF YOU BELIEVE – BORROWING LEADS TO PROSPERITY

The National Debt will be close to 100% of GDP for the 1st time since WWII. In the 1940’s we were engaged in a war of survival and needed to borrow to produce the tanks, planes, ships and guns to win the war. There are a couple small differences between the 1940’s and today. The government borrowed all the funds from its patriotic citizens through the issuance of war bonds. The Personal Savings Rate was 25% during the war. Today, we are attempting to borrow hundreds of billions from China, Japan, and the Middle East. The Personal Savings Rate has risen from below 0% to 4% today. At the end of the war, the United States dictated the economic future of the world, producing the goods the rest of the world needed. Today, we are the biggest debtor nation in the world. We no longer dictate the economic terms to the rest of the world. Our government and citizens have fallen for the same misguided advice. Live for today and don’t worry about tomorrow.

The New "Distressed" Assets (Chart)

40% of US Restaurants may be gone-No Money 

May 5 (Bloomberg) -- U.S. restaurants are four times more likely to fail than they were a year ago and as many as 40 percent may face a “severe” cash shortage within the next 12 months, restructuring firm AlixPartners LLP said.

The increased risk may spur liquidations, restructuring, bankruptcies and buyouts, according to a survey of 110 restaurant chains. Debt-to-equity ratios have more than doubled in the past two years, hurt by falling asset and share values.

Casual and fine dining restaurants, which have seen fewer visits from consumers who are trimming spending amid the financial crisis, are more vulnerable than fast-food chains, said Andy Eversbusch, managing director and chief of the restaurant practice at Southfield, Michigan-based AlixPartners.

“Consumers are resetting their habits and reducing their casual dining outings overall,” Eversbusch said in a May 1 interview.

Among the 1,000 consumers surveyed, 48 percent plan to eat out less often this year, and 51 percent expect to spend an average of $10 or less when they do. Eversbusch declined to name specific companies that are among the most vulnerable.

Fast-food chains and eateries that bridge the gap between counter-service fast food and sit-down service are more likely to survive the decline, as eaters seek cheaper foods on par with casual dining locations, he said.

Tighter lending restrictions have made it harder for restaurant owners to refinance debt.

Insiders selling at a FURIOUS PACE

Last week there was a report that corporate insiders were selling at a faster rate that at any time since October, 2007 -- right near the top of the market.

Well, the market's only raged higher since then and insider selling is only getting more intense.

The Pragmatic Capitalist here has aggregated recent insider transactions. As you can see from his data collected (unfortunately the tables won't fit here, do click over), insider sales dwarf insider buys both in frequency and in volume. Insiders are selling their stocks in multi-million dollar blocks, while the few buys are much smaller.

If nothing else, it means that a lot of executives probably saw the abyss (a violent drop from the ranks of the wealthy to poor) and want to de-risk to ensure that no matter what happens to their stock, they've taken some skin out of the game.

Hugh Hendry on the Latest Rally...(Video)

Bank of America Needs $34,000,000,000.00

We got your stress right here: We won’t get the official stress test results until tomorrow, but the dollar amount needed to be raised privately at the House of Lewis is $33.9 billion dollars.

Alternatively, BofA could convert Uncle Sam’s non-voting preferred shares. That would give the taxpayer a significant, potentially majority stake in the company.

The info was leaked by an executive at the bank. My best guess is the bank is lobbying to get a lower stress test number.

19 banks are going through the stress test, and 10 are believed to need more capital.

Another report suggests that Wells Fargo needs to raise capital — despite recent statements from Warren Buffett: “Federal regulators are asking Wells Fargo & Co. to raise more capital after government “stress tests” showed the bank would have trouble surviving if the recession worsens.”

Nouriel Roubini: We Can't Subsidize the Banks Forever 

Third, stress tests aside, it is highly likely that some of these large banks will be insolvent, given the various estimates of aggregate losses. 

ASEAN, China, Japan, South Korea finalise crisis fund pact (H/T PineCarr) 

NUSA DUA, Indonesia: Ten Asian countries plus China, Japan and South Korea agreed on Sunday to set up a 120-billion-dollar emergency currency pool to boost liquidity and help the region overcome the global crisis.

Finance ministers of the 10-member Association of Southeast Asian Nations (ASEAN) plus China, Japan and South Korea announced the deal after talks alongside the Asian Development Bank (ADB) annual meeting in Indonesia.

"We are pleased to announce that we have reached agreement on all the main components of the CMIM (Chiang Mai Initiative) and decided to implement the scheme before the end of the year," the ministers said in a joint statement.

Japan and China will contribute 38.4 billion dollars each, with China's share including 4.2 billion dollars from Hong Kong. South Korea was the next largest with 19.2 billion dollars.

Among the ASEAN countries the biggest contributors were Indonesia, Singapore, Thailand and Malaysia, which agreed to provide 4.77 billion dollars each.

The ministers were careful to explain the scheme was intended to "supplement" existing international financial institutions amid concerns from some quarters that it is a bid to circumvent the International Monetary Fund (IMF).

ASEAN member states were forced to implement unpopular economic reforms in exchange for massive IMF bailouts after the 1997-1998 Asian crash, leading to calls for the creation of a regional crisis fund.

But the finance ministers played down any suggestion they were snubbing the IMF and its sister lender, the World Bank, saying the move was only a "natural" step on the path of closer regional economic cooperation.

ADB managing director general Rajat Nag said the scheme was "very much complimentary" to the IMF. He said the Bretton Woods institution was in no danger of losing its place as the global economic watchdog.

"We certainly see this as a very welcome step to help in the current financial crisis," he told reporters at the ADB meeting at the luxury beach resort of Nusa Dua, Bali.

33% of Homeowners w/Mortgages Are Underwater

Almost 21.8 percent of all owners were underwater as of March 31, the Seattle-based real estate data service said in a report today. At the end of the fourth quarter, 17.6 percent of homeowners owed more than their original mortgage, while 14.3 percent had negative equity three months earlier.

Property values dropped 14 percent from a year earlier in the first quarter, reducing the median value of all U.S. single- family homes, condominiums and cooperatives to $182,378, Zillow said. The gain in underwater homeowners will lead to more bank repossessions, the company said.”

The recession cut home values by $2.4 trillion last year. In a separate survey of homeowner sentiment, 31 percent of homeowners said they would be at least “somewhat likely” to put their property up for sale in the next 12 months should they see signs of a recovery.

This implies that any housing “recovery” will be about stabilization and stopping sales/price erosion — not about regaining higher prices anytime soon . . .

AARP: Social Security: 10 Facts Matter

In 2007, Social Security kept nearly 35 percent of older Americans out of poverty." This poverty argument assumes that these retirees were forced to pay into Social Security while working but denied any benefits when they retired. In that case, yes, Social Security has a large impact on poverty. But if we were truly "without Social Security" that should also include the tax part. In that case, workers would presumably save a good portion of what they'd otherwise have put into Social Security and could use those funds in retirement. Social Security reduces poverty somewhat by forcing some people to save who otherwise wouldn't and by redistribution to folks who are so poor that they'd retire in poverty even if they had saved. But these reductions are nowhere near 35 percent.

Bernanke expects recovery later this year

Another member remarked that Congress was beholden to Bernanke’s judgment because they did not have the expertise to make these decisions without his guidance.[enphasis added - mine]

Commercial Real Estate Shoe to Drop

Who is going to fill all of the empty commercial real estate and how will it all be financed? The ‘resets’ that are coming sound brutal (link to article on Covel's blog).

Flying Pigs, Tamiflu and Factory Farms, Part 2 WHO takes a page from a Michael Crichton Novel

As the late great American poet Yogi Berra might have put it, ‘this just gets absurder and absurder.’

 A few A(H1N1) Links Dr. Henry Niman's Map 1329 Cases Today, A(H1N1) Current TimelineCDC Cases

We've been voted off the earth (Video)

28 Comments

Davos's picture
Davos
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Re: Daily Digest - May 7

 Well, after listening to the 2:16 point of this I'm in stitches. 

Usually I de-block Jim's upper case title's to his articles, but his work emphases the day's theme in the news, too much debt and canceled credit.

Take care

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Re: Daily Digest - May 7

Could someone please explain the "Distressed Assets" Chart?  I must have missed others as well as what it's actually tracking.

Thanks!

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Re: Daily Digest - May 7

 EconomPic: Chinese Power Generation... The Other Side of the Story

Quote:

 

Although we detailed that Chinese PMI rebounded, the electricity usage seems to paint another story. How? Naked Capitalism with the details:

As readers may know, power use is considered a good gauge of economic activity. And while many have pointed to loan growth as an indicator that China is making a recovery, energy consumption has yet to confirm it.
 
 
Looking at the rolling one year level of Chinese power generation we see a huge continuous ramp up until mid-2008, then... not so much.

...

 

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Re: Daily Digest - May 7

Wall Street Extends Losses on Bond Auction Woe

Looks like the Chinese are cancelling that credit card faster than anyone anticipated.

 

 

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Re: Daily Digest - May 7

Thanks for that Paul Stamets video! Nature never ceases to blow my mind. He's got some amazing ideas and I sincerely hope they get some serious attention and get put into action.

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DrKrbyLuv
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Re: Daily Digest - May 7

ASEAN, China, Japan, South Korea finalise crisis fund pact (H/T PineCarr)

The ministers were careful to explain the scheme was intended to "supplement" existing international financial institutions amid concerns from some quarters that it is a bid to circumvent the International Monetary Fund (IMF).

China has the upper hand as a creditor nation that actually makes stuff, and they are wise to "supplement" the IMF as much as possible.  The IMF has a history of exploitation and is controlled by a very small group of central bankers - the same people who created our financial crisis.  I suspect China is jockeying for more control of the IMF while simultaneously leveraging their financial power.          

ADB managing director general Rajat Nag said the scheme was "very much complimentary" to the IMF. He said the Bretton Woods institution was in no danger of losing its place as the global economic watchdog.

How can this not bode bad for the dollar?  China, and many other central banks, would not do this if they thought participation in the Bretton Woods agreement was adequate and safe.  Most central banks would prefer to see the dollar drop at pace slow enough to allow them to sell off reserves while building alternatives.

Larry

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jerry_lee
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Fungi Forever!

Yes, nature is amazing! & Paul Stamets is amazing! I just began his book, Mycelium Running, today.

Who knew fungi were smarter than bankers?

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Dogs_In_A_Pile
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Re: Fungi Forever!
jerry_lee wrote:

Yes, nature is amazing! & Paul Stamets is amazing! I just began his book, Mycelium Running, today.

Who knew fungi were smarter than bankers?

Heck jerry -

Most of us know that what some mushrooms grow in is smarter than bankers. 

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Re: Daily Digest - May 7

 Wow! Thank you for my introduction to Paul Stamets! I was so bummed after the Engdahl piece about the Attack of the Monster Pigs, I was thinking "I hope ol' Secretlee doesn't see this! It was a lot to take even for a hardened cynic like me. How bout that meat industry!

But I was rescued from the abyss by Paul and his mushrooms! Not the first time in my life a mushroom has made my day, but this guy and his work is pretty amazing. I also loved his, "I'm-just-a-scientist-and-a-little-nervous-up-here"  delivery.

You do find the most incredible stuff here, I can no longer go through a day without it. And Hugh Hendry! What a crackup!

THANKS!

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Re: Fungi Forever!

 Hello Jerry:

I'd be really interested in hearing if that book is a tough read or not, as well as if he goes into detail about making cures (i.e. instructions).

Take care

Davos's picture
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Re: Daily Digest - May 7

 Ohhhh boy.....

treasury auction trouble

 

today's treasury bond auction was, per john jansen

an unmitigated disaster. The tail (tail is the number of basis points between the auction average and the levels which prevailed in cash market trading prior to the auction) was 9 basis points.

The average yield was 4.288 percent.

I am told it is trading at a profit at 4.27 percent.

This is the government bond equivalent of the GECC deal which came at a large concession yesterday.

It is so cheap to the rest of the curve that anyone who bought it is busy selling anything that is not tied down against it.

bid-to-cover was down to 2.14.

my basis of interpretation is this:

the united states government is borrowing massively to finance two programs: $700bn of fiscal stimulus to manage demand, and $700bn in wealth transfers to banks to shore up balance sheets. in order to do this, the treasury must sell a lot of debt.

meanwhile, the international market for treasury debt has shrunk rather considerably as trade flows (and therefore the american trade deficit) have contracted. in fact, per brad setser, china is now the only significant international purchaser of treasuries (see this chart specifically). china reallocated out of agencies and into treasuries during 2008, and this impulse will fade out in 2009, reducing china's treasury purchases in line with the reduction of the trade deficit. many people have worried about what would happen when net foreign demand for treasuries began to away. it is now beginning to happen.

this leaves the united states to sell the new increased pace of its debt issuance domestically. this was easy during the collapse of risk assets in 2008 and early 2009 as capital fled into treasury instruments. but now that risk appetite is increasing, where is private demand for accelerated issuance coming from?

at core, a significant part of of the end demand is coming from banks, who are seeing their customers paying down debt and building savings in response to the massive balance sheet shock of last year. these cash flows are being borrowed out of the banks by treasury in exchange for bonds.

but the differential in the size of that demand as compared to a year ago is more or less equal to the differential in consumer spending over the same period. households are redirecting cash flow from consumption to savings and debt repayment; businesses are cutting investment and expenses in a similar manner. that means the change in what the banks have to lend to the government is enough to finance approximately the amount of fiscal stimulus that would be needed to sustain demand.

now, congress did not authorize fiscal stimulus for this year large enough to compensate for the loss of private demand -- what was authorized hasn't hit the economy yet because the government has only just begun to spend it, and much of the $700bn pakcage is backloaded into 2010 and 2011. so treasury has heretofore happily financed TARP transfers to the banks and other assorted bailouts from the funds associated with lost private demand, as well as capital flight to safety. even that dynamic has tended to push longer treasury rates dramatically higher since december last year -- the ten-year yield closed at 2.074% on december 18, and is trading at 3.33% today -- despite federal reserve purchasing under the auspices of quantitative easing in march.

now the supply of bonds related to fiscal stimulus is coming onto the market as well -- and at the same time the seasonal peak of tax collections is passing. the result is an increase in the treasury's already-dramatic issuance schedule.

my as-yet-unresolved question has been whether this increase in the pace of issuance would be enough to overwhelm the cash flowing into the banks from the private sector and therefore into the treasury market, forcing rates higher -- or, more likely under the circumstances, forcing another larger round of monetization from the fed. 

one can't be sure of course, but that does seem possible. savings rates have jumped by just a few percent of GDP, while treasury issuance has ballooned several percent.

UPDATE: more from jansen after the close.

UPDATE: jck @ alea:

This will be a monthly event, fasten your seat belts. Odds on, on a fail some time this year.

 

 

DrKrbyLuv's picture
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Re: Daily Digest - May 7

Davos said:

my as-yet-unresolved question has been whether this increase in the pace of issuance would be enough to overwhelm the cash flowing into the banks from the private sector and therefore into the treasury market, forcing rates higher -- or, more likely under the circumstances, forcing another larger round of monetization from the fed.Your point that this

Davos - thank you for the important update.  The potential for rising interest rates spells risk, at least with the national debt.  During 2007, our interest on the $10 trillion national debt was over $400 billion with an average interest payment of just over 3%.  If the average rate were 7% (historical average) the payment would have been close to a trillion.

The national debt is now over $14 trillion and rising quickly.  We may be moving into a period with multi-trillion dollar interest payments against a declining $14 trillion GDP. 

Larry

     

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Re: Daily Digest - May 7

 Hello Larry:

The Decline and Fall of Western Civilization ran that super piece. You make a great point about the interest, when I think about the off balance obligations, the wars and stimulus it really makes me wonder about interest payments.

Take care

PS This was priceless

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Re: Daily Digest - May 7

www.TED.com for more amazing talks - mind blowing. Will make every day a happy one.

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Re: Daily Digest - May 7

Wow, Davos; good job!  I wonder if this is what Chris meant when he said things in the economy were going to start getting very interesting soon...

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Re: Daily Digest - May 7

Great post on the Grayson video. Ron Paul's HR 1207 seems to be growing rapidly. There are now 139 cosponsors in the House of Representatives for the Federal Reserve Transparency Act.

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Re: Daily Digest - May 7

"my as-yet-unresolved question has been whether this increase in the pace of issuance would be enough to overwhelm the cash flowing into the banks from the private sector and therefore into the treasury market, forcing rates higher -- or, more likely under the circumstances, forcing another larger round of monetization from the fed. "

Great thinking Larry.  I do not think the essential  question is IF ISSUANCE will "overun" the cash flowing essentially from the households to the banks.  What I think will happen is that households will begin to realize that government bonds are only based on perpetual debt, where as corporate bonds are premised on the return on actual productive endeavor.  As the value on the long treasuries becomes more suspect it is likely that good businesses will see a demand on their bonds reflecting a reverse relationship of the "safety" premium here to for attached to the treasuries.  Perhaps even more likely is that stock ownership in good companies will return to favor after the crash.  Households will be less likely to buy US debt, especially bonds, and less likely to keep their money idle and at undercapitalized banks with fractional reserve practices.  Households will start doing what students of the Crash Course are doing.  It will take time.  As Dennis Gartman has said v.v. commodities "we are going to want to own things that hurt when you drop them on your feet."  The relationship between households and the businesses they buy from and invest in will get more meaningful.  This paints a familiar picture in history where the business classes end up having more say in the political arena because at the end of the day everyone realizes they are the only ones producing.

Your point about inevitably higher interest rates is spot on.  The feds are entering an untenable position.  They are willing to finance billions of 30 year fixed mortgages at 4% and yet interest rates will inevitably be higher than that in the very near term.  I call this the third housing subsidization of the lower economic classes on the backs of the few remaining taxpayors. Perpetual monetization will lead to perpetual inflation.  Rates must go up.

Good stuff but depressing.

Eye

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Re: Daily Digest - May 7

Eliot Spitzer (yes, that guy) discusses the corrupt interests in the private New York Federal Reserve: http://www.slate.com/id/2217811/

Although Spitzer has already tarnished his own reputation, I don't think it detracts from the great truth in this article. From his previous perch as attorney general, I'm sure he's seen a lot of the corrupt interests that have a stranglehold on the FED and our government's policy. This article basically discusses why the FED is by the banks and for the banks, leaving the taxpayer shafted.

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Re: Daily Digest - May 7

 Mike wrote:

 

Although Spitzer has already tarnished his own reputation,

 Hello Mike:

I don't agree with what he did, but I read an article that he had help tarnishing - i.e. Wall St went after him with a vengence. He is a brave man is all I can say after reading that article.

Take care

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Re: Daily Digest - May 7

Yes, Davos. It seems many people understand the Spitzer scandal to be something that was greatly trumped up by Wall Street interests. It seems he might have really been on to something. Much to dispose of him in a scandal rather than using actual force...

I absolutely condemn Spitzer's scandalous actions, but at the same time, I acknowledge that they have little to no real impact on my life or the lives of the American populance. Whatever Spitzer knows or suspects about the banks has the potential to have huge ramifications on everyone. This probably sounds like a twisted utilitarian argument, but I'm just pointing out that focusing on his extracurricular activities is just a distraction from the issues that matter most to this nation.

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Re: Daily Digest - May 7

I just caught this one: http://money.cnn.com/2009/05/07/news/economy/NY_Fed_Chair_Resigns/?postversion=2009050719

NY Fed chief, and former Goldman Sachs chairman, Stephen Friedman has resigned over criticism of his stock purchasing...Why can't we just call this what it is? In my opinion, his activities should have been bigger scandals than Eliot Spitzer's call girl.

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Re: Daily Digest - May 7

Mike, thanks for the link to the great Spitzer article!

I don't like what Spitzer did to his wife and family either.  The devastated look on his wife's face, as she stood next to him during the press conference when the scandal became public, broke my heart.  My personal opinion is that he showed poor, disrespectful character in his personal relationship with his wife. 

But in my mind, that does not diminish the value of Spitzer's contribution to public awareness in the financial arena.  I think he has rare and valuable insights that he can share with us, and I for one am grateful that he has the courage to do so.  It DOES take a lot of courage to speak out as he has! 

And I also believe that his fall-from-grace had better than a random chance of coming out in the public eye.  I have no problem with him returning the favor.

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Re: Daily Digest - May 7

Mike Pilat - thanks for the Spitzer article, I hope many will read it.

I don't mean to quibble but I want to clarify some terminology:

Sptizer wrote:

A quasi-independent, public-private body, the New York Fed is the first among equals of the 12 regional Fed branches.

The Federal Reserve Bank of New York is a 100% privately owned corporation.  The Federal Reserve System, that includes the various boards may be a "quasi" independent body but the banks themselves are private.  We know that the member banks hold stock in the Fed but we don't know how much stock is owned by other private concerns.  The stock is not available to the public and my understanding is that stock sales do not have to be reported.    

Davos - your Grayson video is absolutely mind boggling!

Larry

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Re: Daily Digest - May 7

Another good post, about Friedman quitting, Mike!  

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Re: Daily Digest - May 7

(A) Does Friedman have to give back the illicit millions he "earned" from his insider knowledge? 

(B) Does he face criminal charges?  

(C) Or Will he instead be given the opportunity to sniff about how public service is just not appreciated properly anymore?

So far the correct answer is "C".

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Re: Daily Digest - May 7

I live in New York State and I heard on the news radio last week that Spitzer's replacement, our current governor (whom I actually like),has a nineteen percent approval rating.  According to the 1010 news report this was the lowest in recorded history so to speak for anyone in his position. 

 

I am mad at Mr. Spitzer for being so dumb as to leave himself vulnerable to this kind of spectacle while he was holding such an important office.  The guy who took his place also admitted to extramarital affairs after he was appointed to the post of Governor but he survived the crisis by basically saying "yeah so what" and his wife agreed.  The guys who set up Spitzer may be in no position to judge-my belief is that many power players "play" and how affairs get handled is between the two married people involved.  The exposure of the scandal was clearly devastating to Mr. Spitzer's wife but now that we have passed judgement on their marriage and meted out punishment we have a governor that almost everyone seems to despise.   During the worst financial crisis of the state's history. Dumb.  People are so easily distracted from what's important by these issues. Spitzer's fidelity much more important that Goldman owning the Street and the Fed.  He was fed to the wolves by a bunch of people who needed him out during this crisis I suppose.

 

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Re: Daily Digest - May 7
Mike Pilat wrote:

NY Fed chief, and former Goldman Sachs chairman, Stephen Friedman has resigned over criticism of his stock purchasing...Why can't we just call this what it is? In my opinion, his activities should have been bigger scandals than Eliot Spitzer's call girl.

Mike you are thinking too intelligently,

Throwing mud at elected officials is fun.  The media loves it and all the news shows ((or maybe we should call them talk shows)) can get their arms around it.  Look at how much time and energy our government and news wasted on Lewinsky right when many of our laws were changing in favor of the bankers and our economy was just starting to see signs of slowing down ((interesting timing aye)).

It is not all the circus I mean media's fault, we want this type of news as well.  It is easy to digest.  I think the general blue pill taking person does not want to see that the people entrusted with our financial future can do these things.  It is a frightening thought.  It frightens me as well, but I would rather understand what is coming and be as prepared as I can than to let it creep up on me.

 

 

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Re: Daily Digest - May 7

Hey DrKrbyLuv-

   Yep, those snippets caught my eye as well!  Here's another article I just came across on the same topic, that is more explicit about what that this means,..... http://www.creditwritedowns.com/2009/05/asia-is-de-coupling.html

"Asia is de-coupling"

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