The Keiser’s Business Guide to 2010 – REPLAYS AT 4AM GMT

Stacy Summary: Anyone online at 8pm (GMT), you can listen live online (just click the appropriate button the page below). And those in the UK can listen live on Five Live or download it via iPlayer.

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A Champagne Toast

Stacy Summary: A toast to all the commenters on the site. Old and new. Thank you so much for visiting the site with your conversation, headlines, links and debates. I am especially grateful for the wide diversity of opinion we have here as too many sites end up with groupthink where there is little challenge or debate. So here’s to the most frequent contributors and commenters – @Youri Carma, @frances snoot, @Danny, @Mother Earth, @Mike/Liverpool, @Bonn, @Mep, @Phil/Germany, @david, @Ptah, @Mongo, @ronron, @Dedo, @buddhabob, @ Mini US, @Fibon11235, @aleix1979, @Joe, @SG, @Richard@lattitude30N, @Crumpet Muncher, @California Doctor, @Veritas, @The Man from Glad, @Apocalypto, @harry_w, @turbulence, @marietta, @Breasal, @advocate001, @Schralper, @Vega Man, @Rastaman, @Daniel S, @The Underfundedmentalist, @TJ, @William of the North, @Giusseppe Bagodonutti, @maxkeiser, @naomi, @Speirsy, @ES, @mike, @Gordo, @HookedonKoolaid, @norcalkid, @FranSix, @Mr Unemployed, @Mr. Holipsism, @warburg sidney, @Ah.Nix, @OP, @Fred’s Family, @jon, @Blink, @Marc Authier, @Chalcedonite, @Boinky, @Max Power, @13BlackCats, @T, @Michael Le Couteur MSCD, ret’d, @paganrongs, @zmoore, @Frank Hope, @Teresa Ortega, @WL, @Palantíri, @BondiBhoy, @Photoception, @henk, @AM, @Jim ODonnell, @Will, @Omega, @Hullaballoo, @Rian Orr, @ItalicBold, @gb, @Catfish Rushdie, @Bill Stewart, @epha, @dan valley, @Supergeek, @Scott from Oregon, @Tofu Charlie and to all those who I forgot to list (sorry!), are new or less frequent contributors, a toast to another year of the Great Depression 2 down, may there be only a few more to go . . .

Max and Stacy New Year

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[KR06] Keiser Report – Markets! Finance! Scandal!

Stacy Summary: Episode number 6, with guest Ravi Batra.

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Investors could only lose in Goldman’s offshore deals that met every definition of a Ponzi scheme

Stacy Summary:  But Madoff is in prison, so nothing to see here folks.  Just keep moving.

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Goldman denies betting against its clients on CDOs [UPDATED]

Stacy Summary: ‘Arson?’  Or, ‘simple hedge?’  We’ll be asking Janet Tavakoli this on the Keiser Report in the New Year.  In the meantime, your thoughts . . .

Update: (Janet Tavakoli just emailed this in response to the above article)

From her website:

Goldman Sachs recently acknowledged that I warned (using fact based analysis) about these grave risks at the time it manufactured value-destroying CDOs, but it said my opinion was in the “minority.” Goldman would have you believe it the financial equivalent of a member of the Flat Earth Society in the lifetime of Galileo Galilei. Just as a competent long-distance navigator does not care how many nonprofessionals are members of the flat earth society, one does not rely on whether an opinion is in the minority or majority as a basis for performing appropriate due diligence when underwriting a securitization. A reasonable man expects a long-distance navigator to have some competence in his craft, and a reasonable man can expect a certain level of competence (and standards) from underwriters. A basic investigation of the underlying collateral revealed grave risks–not reflected by the ratings–compounded by suspect securitization practices. Public money was used to bailout AIG in an extraordinary crisis, and the general public are not sophisticated investors. The argument that AIG was a sophisticated investor no longer applies as a reason to avoid consequences of this behavior.

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Shoddy Jibber Jabber

Stacy Summary:  I believe many of us were complaining about the shoddy nature of many products in the shops these days.  Well, apparently, manufacturers are moving production back to UK due to the shoddy quality and high freight costs.

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Chinese firm refuses to pay Goldman $80 million in derivatives losses

Stacy Summary:  Oh yeah, here it comes.  If your government has nukes, trillions in T-bills AND will stand up to US extradition treaties . . . you have it made in this gangster-gulag-casino economy.

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Genetically Modified Jibber Jabber

Stacy Summary: Too bad that we are stuck with this genetically modified debt weeds.  Imagine if Goldman and JP Morgan had patented their toxic waste . . .

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Tony Blair’s ‘employer,’ JP Morgan, threatens to scrap London HQ plans over Labour’s ‘attacks on City’

Stacy Summary:  I have still seen no UK investigation into Tony Blair’s alleged employment at JP Morgan.  What do you think he does for the $2 million he began collecting days after leaving Downing Street?  Or is it a matter of what he did while in Downing Street?

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Steve Keen on “Engineer Capitalism”

Stacy Summary: A video; and Keiser Report gets mentioned in first of the video links.

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Shopping Frenzy Jibber Jabber

Stacy Summary: Grim weather and deep recession could not keep shoppers at home. Ain’t no way you are going to stop Brits from stopping their 10 year shopping spree, not while their credit cards are still working.

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“The Americans no longer have the means to save themselves.”

Stacy Summary: Haven’t seen this posted anywhere else, but it’s Martin Wolf speaking in Singapore. This, in my opinion, is going to be one of the biggest stories over next ten years. The dollar, obviously, can no longer function as reserve currency; but it’s one thing identifying the problem, and another thing fixing it, especially while that system is still operating. It seems we prefer collapse to motivate us to change course. Anyway, your ideas for solutions? Or, do you see no problem with what we have?

“Because the dollar, to my mind, given its underlying conditions, is no longer a credible long-term store of value,” said Wolf.

“The Americans no longer have the means to save themselves, this is what I think people don’t understand. There is no credible American policy,” said Wolf.

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Sunday Video Club – Ukulele Weeps

Stacy Summary:  Now for something altogether more relaxing. I found this via Boing Boing.

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Manufacturing Junk & Pushing Toxic Financial Products

Stacy Summary:  I have heard stories from family in America and also read comments on loads of boards that the quality of ‘stuff’ at most shops in the US is total junk this year.  Anyone else hearing (or seeing) the same?

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