When Comets Attack: Solving the Mystery of the Biggest Natural Explosion in Modern History Popular Mechanics
Goldman Sachs Shareholders Rebuff Firm’s Board for First Time Bloomberg
On Wall Street: Beware of the sucker’s rally Financial Times (hat tip reader Dwight)
Green Shoots Or Rose-Colored Glasses Tyler Durden. Extensive quotes from David Rosenberg on the unemployment report.
Friday Movie Night – Slave Economics Edition Economic Populist
California Continues To Implode Michael Shedlock
Media Still Covering Up The $400 Billion Fannie And Freddie Scandal Clusterstock
Refuted/obsolete economic doctrines #7: New Keynesian macroeconomics John Quiggin
Real estate index rises along with delinquencies MarketWatch (hat tip reader Marshall, who added, “I love paradox and irony, but this is starting to verge on Onion-like features”)
JPMorgan faces SEC lawsuit Financial Times. It’s simply a disgrace that the normally supine SEC saw enough rot to intercede, when the commissioners in Jefferson County have not been wiling to put up a fight. No doubt it’s because their dirty laundry would be exposed in discovery.
More On The SHAM “Stress Test” Karl Denninger. You do need to read this.
Are AIG FP Employees Using Bailout Cash To Get Jobs Elsewhere? Looks Like It, Says AIG Source TPMMuckraker. BTW, Zero Hedge broke the story.
Antidote du jour:
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On the Denninger post, I agree with every word, and second that sentiment: we are being conned by our own government. The Treasury has been Enron-ized under the present Administration. And it worsens by the day.
There was an interesting nugg-ette of info in the FT article linked in; it’s beside the path of present problems, but much worth noting. The late 90’s bubble that popped in late 2000 never really deflated. Yes, that’s right. Equities retreated, but speculative money just moved sideways, cranked on by Easy Al who made sure all the boys had plenty of loose juice to push the wheel with. We hare really had one long bubble since 95; not a long boom but a Long Bubble. ‘Cause the first one never died, just changed its stripes.
YS:
Denninger’s piece was an insult. What does he mean, “we have been had”? Him maybe.
What a great set of links. I don’t think I’ve ever clicked on every one and read each entire piece.
Regarding the AIGFP piece, I can’t imagine this surprises anyone who’s ever worked in a position of power in a fading company. Seeking an exit strategy is the ONLY thing on everyone’s mind. As the ship starts to sink, everyone is helping counterparties (or at least not negotiating hard against them…wink, wink, nudge, nudge) because today’s counterparties may be tomorrow’s employers. Classic agency problem, as with all managers/employees/et al. It is just all the more widespread in this case because the government is not carefully watching the flood of bailout dollars they are directing AIGFP’s way.
One minor quibble. I think with the piece by Mish, it would have made sense to link to the source article. I like Mish’s take well enough, but he often brings emotional arguments rather than intellectual ones and I’d usually just rather read the source piece.