It's the Economy Stupid Wednesday

Oh I lost track of days and was planning on a big one this week. Perhaps I will post again between now and next Wednesday with some of the politics tied up in this. But for now, Wall Street are giant crybabies.



What does yesterday's day in the market really mean. I'll let Barry and Steve lay it out for you.

The money quote from Steven is:

These guys won’t be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders. For the Wall Street wise guys, bailout politics is just another game to be played, another market to be manipulated, another set of risks to be arbitraged.

_John

ps. I will get on top of the Peanuts very soon.

chart: via Merrill Lynch

It's the Economy Stupid Wednesday

Dear Media,

Make it stop. We are not morons, but apparently you are. I think I was right about my opinion of David Gregory running MTP. In fact, I might have been generous. His roundtable this past Sunday had the focus of the economy/TARP/the Stimulus Bill. A pretty important topic right now, and one that really does deserve to have serious people talking about the issues. Unfortunately, MTP doesn't feel that way. What we got was make up, well brushed hair, big smiles, and guests with mild gravitas and big smiles. The horrifically unbalanced dumbtable included Steve Forbes (R-Wall St.), Mark Zandi (politically confused), Erin Burnett (Cheerleader-Wall St.).

Please go read how HP reviewed MTP this weekend. And it is a wonder why the public follows all news like we used to entertainment news – as cats follow shiny objects. Please understand that I do not fault Burnett for this, I fault David Gregory and all the people who do the booking for MTP. She seems nice enough, is very easy on the eyes, has a firm grasp of the English language, and has some sources in Wall St, which can prove to be useful when reporting something. She, however, added nothing to my understanding of any of the topics that were being discussed.

How do you get serious discussion and balance? Hmmm, I can think of two Nobel Laureates and one world renown scholar who appear on my teevee every now and again. Paul Krugman and Joseph Stigliz cover the Laureates, and Nassim Nicholas Taleb as the scholar. Taleb would be a fantasitc get, since he actually predicted the economic meltdown in Davos a few years back. He saw it coming and was laughed at by economic titans. I bet he could explain things in a way that we would all understand. I also think all three would run fucking rings around the Forbes-Burnett-Zandi trifecta. Oh fuck it, we are idiots because we keep watching your shitty programs. Serve us up some more, please!? Wonder which turds they are polishing up for this Sunday...


_John

P.S. Jim Cramer has Burnett's back. You already know what I think about Cramer. Boo-Yah to you douchebag!

(h/t Corvel)

The Best Super Bowl Prediction

Because this year, I really don't care who wins. I just hope that the commercials are good.


_John