Stacy Summary: Huge tip of the hat to Mike2liverpool for this!!! Seems the Fed has learned a valuable lesson from Paulson . . . your thoughts!?
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Stacy Summary: Good morning all! What headlines are you reading?? I have lots more that I will update this post with as the day goes on.
Stacy: Out of the frying pan and into the fire. See any difference for these former Soviet bloc states, many who had their own US backed color revolutions, and now the limited freedom they will forever have going forward?
Updates:
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Stacy Summary: Are there even any private investors left in this AIG black hole? Oh yeah, probably our pension funds. And then there is the other nationalized black hole of Bradford & Bingley, the original 125% mortgage terrorist.
Stacy – this is about as sad as the death scene in the Champ. The central bankers are the little boy crying,”Wake up champ.” The rest of us are like the coaches in the background crying at the boy’s futile attempts to wake the dead man.
Updates (h/t @Phil):
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Stacy Summary: First, here is a link and commentary to our last episode of On the Edge from Mish Shedlock, who is a great source of information especially on the inflation / deflation debate. You can go join that discussion there if you would like. In the meantime, here are the headlines I am looking at . . .
UPDATES:
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Stacy Summary: Wow, this is looking like business as usual in the wrong kind of way. Oh boy, this isn’t going to end well . . . By the way, check out the cool cartoon / art work created by Dave Miller. It’s about ‘working for free’ and it’s on our forum board!
Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody’s Investors Service, according to marketing documents obtained by Bloomberg News. The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.
Two years after the credit markets began to seize up, costing the world’s biggest financial institutions $1.47 trillion in writedowns and losses, banks are again taking so- called structured finance securities and turning them into new debt investments with top credit ratings. While the Morgan Stanley deal is the first to involve CDOs of loans, banks have being doing the same with commercial mortgage-backed securities in recent weeks.
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Stacy Summary: Looks like China is unhappy with commodity speculators costing them so much money! Right, now I am off to go record this week’s episode. It’s a bit of a special as there are so many big economic and financial headlines that we have Michael Hudson on to discuss these for the full half hour.
Update:
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Stacy Summary: The Truth About Markets New Zealand where Max lets you in on a little secret about our two bands . . . lol.
For more download and listening options visit Archive dot org
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Stacy Summary: Hat tip to you @M! Really smart video.
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Stacy Summary: Actually, it was the US attorney who said it, but as Durbin says “bankers own the place.” Maybe this ‘theft’ is actually just a shock and awe type sales pitch? Or maybe they want to blame someone else for the next leg down? We know via ZeroHedge that Goldman was, afterall, 50% of the program trading market. Though, conveniently, the NYSE issued a new rule last week that makes it impossible for the public (or bloggers) to know who is manipulating markets.
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said, according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”
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Stacy Summary: Okay, I’m in need of some good news. Got any? Because these do not bode well . . .
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Stacy Summary: Okay, I have eyewitness deflation report for you. A rather posh restaurant only 50 yards from our apartment has had a fixed lunch menu for 4 years now set at 25 euros. This included three courses and a glass of wine and the place was always packed (it’s not exactly an enormous restaurant). A few months ago, it was no longer so packed and the set menu price was cut to 16 euros. Today, they cut the price to 14 euros, which is amazing for Paris. That’s the price normally seen in a restaurant catering to students or a bit lower end of the market. The set menu still includes three courses and a glass of wine.
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Rick Ackerman
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