Excess Reserves of Depository Institutions
Tuesday, March 16, 2010
Monday, March 15, 2010
What are we reading?
Financial News
The genesis of Repo 105 (Financial Times)
The "Repo 105" Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Zerohedge)
Renminbi rumours (Financial Times)
CDS Speculators May Or May Not Be Cause For Riots In Greece To Turn Violent (Zerohedge)
Economics
The Gold Standard (Mises)
Kansas City School District Faces Bankruptcy, Closes 29 of 61 schools; Every Child Left Behind For Decades (Mish)
The Stimulus Scam (Mises)
All Money In The United States Comes Into Existence As Debt – So What Will Happen Now That Bank Lending In The U.S. Is Contracting At The Fastest Rate In History? (The Economic Collapse)
Technicals & Trading=-
Potash (POT) Raises Guidance (Fund My Mutual Fund)
March 11, 2010 Looking at the TIPS Yield Curve (Crossing Wall Street)
Digital River (NASDAQ:DRIV): Checks Indicate McAfee Is Running Tests With DRIV; Raising Price Target to $34 - JMP Securities (Notable Calls)
Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market (Temo1051)
Market Recap: The next important date is 03/12 (Cobra)
Elliott Wave Theory
Elliott Wave Update ~ 11 March (Daneric)
From My Favorite Blogs
NY Fed Implicated in the Accounting Fraud at Lehman (Jesse's Café Américain)
EXPLOSIVE: Lehman - Where Are The Cops? (Market Ticker)
New Fed Z1: Market Move Is NOT Sustainable (Market Ticker)
Political Commentary
Jim DeMint's bid to embrace tea party irks Senate GOP colleagues (Politico)
What Biden told Netanyahu behind closed doors: "This is starting to get dangerous for us"Politico)
(U.S. Government Confirms Sanctions Don't Work (Campaign for Liberty)
Is GOP Better Served If Health Care Passes Or Fails? (Real Clear Politics)
Other Analysis & Commentary
The Health Care Reform Bill: Welcome To The Biggest Tax Increase In U.S. History (Clusterstock)
Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back (Washington's Blog)
The genesis of Repo 105 (Financial Times)
The "Repo 105" Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Zerohedge)
Renminbi rumours (Financial Times)
CDS Speculators May Or May Not Be Cause For Riots In Greece To Turn Violent (Zerohedge)
Economics
The Gold Standard (Mises)
Kansas City School District Faces Bankruptcy, Closes 29 of 61 schools; Every Child Left Behind For Decades (Mish)
The Stimulus Scam (Mises)
All Money In The United States Comes Into Existence As Debt – So What Will Happen Now That Bank Lending In The U.S. Is Contracting At The Fastest Rate In History? (The Economic Collapse)
Technicals & Trading=-
Potash (POT) Raises Guidance (Fund My Mutual Fund)
March 11, 2010 Looking at the TIPS Yield Curve (Crossing Wall Street)
Digital River (NASDAQ:DRIV): Checks Indicate McAfee Is Running Tests With DRIV; Raising Price Target to $34 - JMP Securities (Notable Calls)
Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market (Temo1051)
Market Recap: The next important date is 03/12 (Cobra)
Elliott Wave Theory
Elliott Wave Update ~ 11 March (Daneric)
From My Favorite Blogs
NY Fed Implicated in the Accounting Fraud at Lehman (Jesse's Café Américain)
EXPLOSIVE: Lehman - Where Are The Cops? (Market Ticker)
New Fed Z1: Market Move Is NOT Sustainable (Market Ticker)
Political Commentary
Jim DeMint's bid to embrace tea party irks Senate GOP colleagues (Politico)
What Biden told Netanyahu behind closed doors: "This is starting to get dangerous for us"Politico)
(U.S. Government Confirms Sanctions Don't Work (Campaign for Liberty)
Is GOP Better Served If Health Care Passes Or Fails? (Real Clear Politics)
Other Analysis & Commentary
The Health Care Reform Bill: Welcome To The Biggest Tax Increase In U.S. History (Clusterstock)
Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back (Washington's Blog)
Sunday, March 14, 2010
Friday, March 12, 2010
Lessons from accounting fraud (Lehman debacle)
Barry Ritholtz of The Big Picture Blog wrote a great article today. He explains once again that we don't seem to, learn much from history (Enron, WorldCom). People are greedy. They will do almost anything, including accounting fraud, to make money. This is how it has always been and it always will be. See the full article here, Accounting Fraud, Short Sellers & the SEC.
Basically....without short selling we don't have efficient markets and without efficient markets society will not operate to its true potential.
The bankruptcy report on Lehman is both revealing and damning. Once again, the investing public learns — after the fact — the basic truisms of modern markets:This is where it gets interesting. The SEC is limiting short selling (see here, and here), seen as a "devil" practice by some, in its efforts to "strengthen" the financial markets. What people don't seem to understand is that without short sellers we have no way to expose the truly fraudulent companies and rid our economy of excess fat. Short sellers don't be on a company to go bankrupt if it has truly efficient and profitable operations. They short because of some weakness in a companies fundamentals. Driving the bad companies out of business moves capital towards the stronger, more efficient businesses that can better utilize resources for society.
- Major accounting firms are worthless to investors. They were either unable or unwilling to detect fraud amounting to 50 billion dollars. The incompetents at Ernst & Young deserve the same fiery death as Arthur Anderson; Whether they are hired guns or paid whores, they — like the rating agencies — are worthless to investors.
- The Shortsellers turn out to be the good guys. Consider the absurdity fraud of “protecting” the bankster frauds — from the truth, as revealed by Einhorn et. al.
- The ban on short selling is an indictment of the inability of the SEC to understand WTF is going on, and a reward to the criminal corporate management teams.
Basically....without short selling we don't have efficient markets and without efficient markets society will not operate to its true potential.
What are we reading?
Financial News
The genesis of Repo 105 (Financial Times)
The "Repo 105" Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Zerohedge)
Renminbi rumours (Financial Times)
CDS Speculators May Or May Not Be Cause For Riots In Greece To Turn Violent (Zerohedge)
Economics
The Gold Standard (Mises)
Kansas City School District Faces Bankruptcy, Closes 29 of 61 schools; Every Child Left Behind For Decades (Mish)
The Stimulus Scam (Mises)
All Money In The United States Comes Into Existence As Debt – So What Will Happen Now That Bank Lending In The U.S. Is Contracting At The Fastest Rate In History? (The Economic Collapse)
Technicals & Trading=-
Potash (POT) Raises Guidance (Fund My Mutual Fund)
March 11, 2010 Looking at the TIPS Yield Curve (Crossing Wall Street)
Digital River (NASDAQ:DRIV): Checks Indicate McAfee Is Running Tests With DRIV; Raising Price Target to $34 - JMP Securities (Notable Calls)
Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market (Temo1051)
Market Recap: The next important date is 03/12 (Cobra)
Elliott Wave Theory
Elliott Wave Update ~ 11 March (Daneric)
From My Favorite Blogs
NY Fed Implicated in the Accounting Fraud at Lehman (Jesse's Café Américain)
EXPLOSIVE: Lehman - Where Are The Cops? (Market Ticker)
New Fed Z1: Market Move Is NOT Sustainable (Market Ticker)
Political Commentary
Jim DeMint's bid to embrace tea party irks Senate GOP colleagues (Politico)
What Biden told Netanyahu behind closed doors: "This is starting to get dangerous for us"Politico)
(U.S. Government Confirms Sanctions Don't Work (Campaign for Liberty)
Is GOP Better Served If Health Care Passes Or Fails? (Real Clear Politics)
Other Analysis & Commentary
The Health Care Reform Bill: Welcome To The Biggest Tax Increase In U.S. History (Clusterstock)
Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back (Washington's Blog)
The genesis of Repo 105 (Financial Times)
The "Repo 105" Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Zerohedge)
Renminbi rumours (Financial Times)
CDS Speculators May Or May Not Be Cause For Riots In Greece To Turn Violent (Zerohedge)
Economics
The Gold Standard (Mises)
Kansas City School District Faces Bankruptcy, Closes 29 of 61 schools; Every Child Left Behind For Decades (Mish)
The Stimulus Scam (Mises)
All Money In The United States Comes Into Existence As Debt – So What Will Happen Now That Bank Lending In The U.S. Is Contracting At The Fastest Rate In History? (The Economic Collapse)
Technicals & Trading=-
Potash (POT) Raises Guidance (Fund My Mutual Fund)
March 11, 2010 Looking at the TIPS Yield Curve (Crossing Wall Street)
Digital River (NASDAQ:DRIV): Checks Indicate McAfee Is Running Tests With DRIV; Raising Price Target to $34 - JMP Securities (Notable Calls)
Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market (Temo1051)
Market Recap: The next important date is 03/12 (Cobra)
Elliott Wave Theory
Elliott Wave Update ~ 11 March (Daneric)
From My Favorite Blogs
NY Fed Implicated in the Accounting Fraud at Lehman (Jesse's Café Américain)
EXPLOSIVE: Lehman - Where Are The Cops? (Market Ticker)
New Fed Z1: Market Move Is NOT Sustainable (Market Ticker)
Political Commentary
Jim DeMint's bid to embrace tea party irks Senate GOP colleagues (Politico)
What Biden told Netanyahu behind closed doors: "This is starting to get dangerous for us"Politico)
(U.S. Government Confirms Sanctions Don't Work (Campaign for Liberty)
Is GOP Better Served If Health Care Passes Or Fails? (Real Clear Politics)
Other Analysis & Commentary
The Health Care Reform Bill: Welcome To The Biggest Tax Increase In U.S. History (Clusterstock)
Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back (Washington's Blog)
Thursday, March 11, 2010
Can you believe this?
From Mish's Global Economic Analysis:
"We have to pass the health care bill so that you can find out what is in it." That unfortunately is the sad state of affairs, not just with health care, but with virtually any bill passed by Congress.It's safe to say that Washington has no interest in representing the people anymore. The sheer ignorance and complacency of our elected officials baffles my mind. These people need to be voted out of office in 2010 and 2012. That is the only way we can begin down the road of recovery.
The only people who know what is in these bills are the lobbyists who write them.
Sunday, March 7, 2010
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