October 2009
“Reinhart cited Robert Shiller to the effect that house prices rose more from...”
– Kenneth Rogoff, Harvard University
“We are facing more and more professionalized terrorists. Our enemy is not a...”
– Senior EU security official Oliver Russ.
From the man who predicted all of this...
Joshua Rosner examines the House regulatory reform bill…
The House draft bill written by Rep. Barney Frank (D – MA) – along with several former Fed attorneys and Treasury staff and consultants — ignores fundamental reality: You don’t employ a bomb squad to sit around and wait for a bomb to explode, you engage them to dismantle it as soon as they find one.
Unfortunately, this bill is one...
“The politicians they lobby sound increasingly like their mouthpieces, espousing...”
– John Kay in the FT: ‘Too big to fail’ is too dumb an idea to keep
“Two things are infinite — space and human stupidity.”
– Albert Einstein
“During times of universal deceit, telling the truth becomes a revolutionary act.”
– George Orwell
“People have predicted the end of America in the past and been wrong…But...”
– Niall Ferguson, Harvard professor
“Those earnings are not the achievement of risk-takers…These are gifts,...”
– George Soros, fund manager
This week's butcher's bill...106 so far this...
From the FDIC:
American United Bank, Lawrenceville, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. … As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. … The FDIC estimates that the cost to the...
“Just as in war, there are unintended victims so, too, in economic rescues, there...”
– Lawrence Summers
Scary on so many levels.
“The Aaa rating of the U.S. is not guaranteed”
– Moody’s
Stating the obvious aren’t we?
Climate change...A timeline of articles:
Get it?
“Prospects of another glacial period; Geologists Think the World May Be Frozen Up Again“, New York Times, 24 February 1895
“Fifth Ice Age Is on the Way”, Los Angeles Times, 7 October 1912
“Sees Glacial Era Coming: Prof. Schmidt Warns Us of an Encroaching Ice Age”, New York Times, 7 October 1912
“Mac Millian Reports Signs of New Ice Age”, New York Times, 18 September 1924
“America in...
“Of course you can impose further sanctions. But I consider it rather unlikely...”
– -International Atomic Energy Agency chief Mohamed ElBaradei on international efforts to persuade Iran to end its uranium enrichment efforts.
Russians out…IAEA out…Doesn’t sound promising.
The Warning →
“It ain’t what you don’t know that gets you into trouble. It’s what you know for...”
– Mark Twain
Stanley McChrystal’s Long War →
“Those who are looking for a “V”-shaped recovery are in for “a...”
– Stephen Roach, Chairman, Morgan Stanley Asia at the Buttonwood event this week in New York
This week's butcher's bill...
Big number 99!
FDIC Press Release: Citizens Business Bank, Ontario, California, Assumes All of the Deposits of San Joaquin Bank, Bakersfield, California
San Joaquin Bank, Bakersfield, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. … As of September 29, 2009, San Joaquin Bank...
“The middle class became a resource to be pulled from - “the turkey at the...”
– Harvard professor Elizabeth Warren 