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Sunday morning links
The Mess That Greenspan Made —
TOP STORIES Lawmakers Reach Accord On Huge Financial Rescue - Washington Post America's bail-out plan: I want your money - Economist A Memo Found in the Street - Barron's Could the bailout turn a profit for taxpayers? - LA Times Wall Street, R.I.P.: The End of an Era, Even at Goldman - NY Times MARKETS/INVESTING Getting in Touch With Your Investment Angst - Washington Post Short-sale ban disrupts trades for hedge funds -MarketWatch Financial crisis: Hedge funds face ...
Sunday links: pressure points
Abnormal Returns —
... A brief recounting of Washington’s role in the credit crisis. (Barrons.com) ...
Sneak Peek at Weekend Reading
Paul Kedrosky's Infectious Greed —
... US Mint suspends sale of 24-karat gold coins (S.F. Chronicle) How the U.S. became a nation of debtors (Report on Business) Bailout may be grand-daddy of all carry trades (Bloomberg) Approximately a half-million acres of San Diego County at wildfire risk (SOSD) JJB Sports stock takes big hit on call that was never made (Times) Found memo from the future on the credit market follies (Barron's/Barry) ...
IT TAKES TWO TO TANGO...
The Capital Spectator —
... ever-perspicacious Barry Ritholtz reminds in Barron's, even Wall Street needed some help in blowing itself up. Alas, it's too late for salvation in 2008, but Ritholtz's brilliant analysis of what happened, and why, well, there's always the next time. Too bad that enlightenment in the money game is still cyclical. But we can still dream, can't we? ...
Misunderstanding Credit and Housing Crises: Blaming the CRA, GSEs
The Big Picture —
... stone of the credit crisis.
These memes have become a rallying cry -- cognitive dissonance writ large -- of those folks who have been pushing for greater and greater
deregulation, and are now attempting to disown the results of their
handiwork.
I feel
compelled to set the record straight about this pseudo-intellectual
detritus. As we have painstakingly discussed over the past few years, there were many direct and indirect causes of the current financial mess.
Let's clarify the causes of current circumstances. Ask ...
Playing the blame game…
footnoted.org —
... decision” - literally, no one even bothered to write it down - not to review filings from firms that had another primary regulator, including a foreign regulator. It still hasn’t managed to figure out whether two leftover Bear Stearns-related broker-dealers, one of which has “a significant number of customer accounts,” should currently be filing the darn reports. And, quaintly, 126 of the 146 firms still file on paper, not electronically.
p.s. This fun Barron’s piece by our friend, Barry Ritholtz, lists some other ways our government screwed ...
Who Were the Leaders in Lowering Credit Standards?
The Big Picture —
... Previously:
Real Estate and the Post-Crash Economy Thoughts from the Frontline, December 29, 2006 http://www.2000wave.com/article.asp?id=mwo122906 The Ongoing Impact of the Housing Sector Investor Insight, Aug 27 2007, 11:50 AM http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2007/08/27/the-ongoing-impact-of-the-housing-sector.aspx A Memo Found in the Street Uncle Sam the enabler Barron's MONDAY, SEPTEMBER 29, 2008 ...
