Karl Denninger on why you should stop paying your mortgage:
Stop Paying Your Mortgage Today - [The Market Ticker]
I love the subversiveness of this. Of course, just as Karl insists, you should only consider this if you have a “no-recourse” mortgage and can take a hit to your credit score, but it’s a great F-U to [...]
Haven’t posted in a while because I’ve been sitting back watching the wild market gyrations, trying to get a feel for if the bottom is really going to drop out from under us or if the fall has run its course in the short term and if a bounce is on its way. I’ve also [...]
NY Times has an article that illustrates the perils of oil dependence for countries other than the US, for a change:
3 Oil-Rich Countries Face a Reckoning - [NY Times]
The article examines the potential crises in Venezuela, Iran, and Russia, all three of which were empowered by the recent climb in oil prices and are now [...]
Two topics caught my eye this morning. The first is a piece from the NY Times on nepotism between Wall Street, especially Goldman Sachs, and Washington:
The Guys From ‘Government Sachs’ - [NY Times]
This of course is nothing new. There is a long history of incestuous relationships between lobbying, big businesses, Wall Street, and Washington. This [...]
People want to know what caused this crisis, and more importantly, how to fix it. Everything we’ve heard from our leaders in Washington has been wrong, and that is why the market is not responding to the “rescue package” (read: Wall Street bailout) and to the billions of new dollars being pumped into the system. [...]
I started getting interested in the stock market back in 2000, when people were still making millions in tech stocks and the mania was close to its apex. I decided to open a brokerage account, and promptly lost $800. So I pulled my money out, and decided to learn what I was doing before I [...]
Mr. Rithotlz at The Big Picture brings us the story of Andrew Lahde, a manager of a small California hedge fund that returned 866% betting on declines brought about by the sub-prime crisis, and his resignation letter with a big F-U to those who deserve it. “May meritocracy be part of a new form of [...]
Karl Denninger has a great post on the fraud being presented as a bailout or “rescue package” and the level of corruption involved:
The Fraudacity Of American Finance - [The Market Ticker]
Some points:
Banks are not going to use the government-injected money to lend out. They are going to hoard it to “improve their capital ratios.”
Executive compensation [...]
I liked this post over at Infectious Greed by Paul Kedrosky:
Playing By the Rules is For Saps
A dystopic email comment from my very smart friend Jeff Norman of Alpha Centauri Capital Management here in San Diego:
Here’s my prediction as to what will happen:
If you played by the sensible financial rules all your life, [...]
From the Financial Times:
Beware an October surprise from bin Laden
By Joseph Nye
Published: October 15 2008 19:31 | Last updated: October 15 2008 19:31
Americans are transfixed by the aftermath of the September surprise in financial markets. Could there be a very different surprise coming in October?
The public thinks Democrats do better on economic issues, and the [...]
