Team Hedge Fund

Archive for December, 2009

“I dramatically underestimated the willingness and ability of “the criminal class” (that would be those in DC and on Wall Street) to lie, cheat, steal, paper over insolvency and get away with it – at least for a while.”
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GATA today brought suit against the U.S. Federal Reserve Board, seeking a court order for disclosure of the central bank’s records of its surreptitious market intervention to suppress the monetary metal’s price.

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“Just a little food for thought as the forensic analysts go over the role of executive compensation in bringing on the Panic of ‘08. And perhaps today’s headlines2 can throw some context on the above dull bit of history.”
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“In light of surveillance process changes and the continued deterioration in the mortgage market, Standard & Poor’s expects negative rating actions on rated RMBS transactions to continue.”
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“Even before the Obama team took over, Christina Romer said, and with her many others, that governments were in uncharted waters. Ben Bernanke proclaimed that Quantitative Easing was a no-miss (even though it had never been tried), and Geithner declared in the house that he needed no Plan B in case the stimulus wouldn’t work. Their belief systems are easy to spot as just that, belief systems.”
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“I believe we will see the outbreak of civil disturbance at many levels in 2010. One will be plain old crime against property and persons, especially where the sense of community is flimsy-to-nonexistent, and that includes most of suburban America. The automobile is a fabulous aid to crime. People can commit crimes in Skokie and be back home in Racine before supper (if supper is anything besides a pepperoni stick and some Hostess Ho-Hos in the car). Fewer police will be on guard due to budget shortfalls.”
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“The bill is 1,279 pages long. I did not read it in entirety but Bloomberg columnist David Reilly did. It is amazing the things Barney Frank buried in a bill that is supposed to protect consumers. The bill does nothing for consumers, but does allocate $4 trillion to fighting the next financial crisis.”
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“U.S. Expected to Lend Firm $3.5 Billion to Help Cover Mortgage Losses; Aid Bill Already at $12.5 Billion”
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“Treasury bonds will fall next year, lifting yields as the economy slowly improves, giving investors one more reason to stay away from a sector which had its biggest annual loss in three decades in 2009, according to U.S. bond dealers.”
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“The government’s move to ease the limits on the securities holdings of Fannie Mae and Freddie Mac has ignited a debate among analysts about what the companies will do with their longer leash.”
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