Mish highlights some nice quotes form Nassim Taleb. I found this bit particularly poignant:
Normally debt would get destroyed and turn to air. Debt is a mistake between lender and borrower, and both should suffer. But the government is socializing all these losses by transforming them into liabilities for your children and grandchildren and great-grandchildren. What [...]
KD catches Sheila Bair trying to pull a fast one. Even more fascinating when you realize these fucking banks just pulled a fast one on Ms. Bair in Q3. Don’t say you wasn’t warned! ROFLMAO!
Explore: Level 3 assets.
Not original I admit, but I couldn’t pass on the opportunity after reading this bit:
It’s not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday.
“All financials will be owned by the [...]
Before I leave work to check out the Drunkdriver show at Deep Sleep, just wanted to drop a few good reads…
In case you hadn’t noticed, Obama has selected Tim Geithner to replace Hank Paulson as the next Treasury Secretary. As the Telegraph.co.uk reports:
…by picking New York Federal Reserve boss Tim Geithner, Obama has ensured a smooth transition.
That’s because [...]
Now that maybe some of you are coming down from your Obama-highs, let’s take a closer look at what the majority of you actually voted for.
Rewind to the Fall of 2006, when socialistworker.org had this to say about Barack Obama (emphasis mine):
In Latin America, they’ve got a name for the kind of politics that Sen. Barack Obama represents: [...]