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Financial Humor Bulletin, 2008

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<h1 align="center">Financial Humor Bulletin, 2008</h1>

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	<li><a href="financial_humor2006.shtml">Financial Humor Bulletin, 2006</a></li>

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	<li><a href="financial_humor2008.shtml">Financial Humor Bulletin, 2008</a></li>

	<li><a href="financial_humor2009.shtml">Financial Humor Bulletin, 2009</a></li>

	<li><a href="financial_humor2010.shtml">Financial Humor Bulletin, 2010</a></li>
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<h2><a name="NEWS_TOC">NEWS CONTENTS</a></h2>
<ul>
<li>20091230 : <a href="#n20091230X_like_the_onion_said"> Like the Onion said: </a> <i></i>  ( Dec 30, 2009 ) </li>
<li>20090924 : <a href="#n20090924X_democrats_say_quot_breakthrough_quot_enables_them_to_pass_bailout_bill_tomorrow">Democrats  Say "Breakthrough" Enables Them to Pass Bailout Bill Tomorrow</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/democrats-say-breakhrough-enables-them.html">Democrats  Say "Breakthrough" Enables Them to Pass Bailout Bill Tomorrow</a>, Sep 24, 2009 ) </li>
<li>20090924 : <a href="#n20090924X_ceo_economic_update_paulsons_bailout_letter">CEO  Economic Update Paulsons Bailout letter</a> <i></i>  ( <a target="_blank" href="http://pbp.typepad.com/economy/2008/09/paulsons-bailout-letter.html">CEO  Economic Update Paulson's Bailout letter</a>, Sep 24, 2009 ) </li>
<li>20090924 : <a href="#n20090924X_the_big_picture_request_for_urgent_business_relationship">The Big Picture  REQUEST FOR URGENT BUSINESS RELATIONSHIP</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/request-for-urg.html#comments">The Big Picture  REQUEST FOR URGENT BUSINESS RELATIONSHIP</a>, Sep 24, 2009 ) </li>
<li>20090923 : <a href="#n20090923X_the_big_picture_request_for_urgent_business_relationship">The Big Picture  REQUEST FOR URGENT BUSINESS RELATIONSHIP</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/request-for-urg.html#comments">The Big Picture  REQUEST FOR URGENT BUSINESS RELATIONSHIP</a>, Sep 23, 2009 ) </li>
<li>20090922 : <a href="#n20090922X_the_innovator_the_imitator_the_idiot"> The Innovator, the Imitator, the Idiot</a> <i> by Barry Ritholtz</i>  ( Sep 22, 2009 ) </li>
<li>20090922 : <a href="#n20090922X_what_wall_street_should_be_required_to_do_to_get_a_blank_check_from_taxpayers">What Wall  Street Should Be Required to Do, to Get A Blank Check From Taxpayers</a> <i></i>  ( <a target="_blank" href="http://robertreich.blogspot.com/2008/09/what-wall-street-should-be-required-to.html">What Wall  Street Should Be Required to Do, to Get A Blank Check From Taxpayers</a>, Sep 22, 2009 ) </li>
<li>20090922 : <a href="#n20090922X_economists_warn_market_close_to_collapse">Economists  Warn Market Close To Collapse</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/economists-warn.html">Economists  Warn Market Close To Collapse</a>, Sep 22, 2009 ) </li>
<li>20090922 : <a href="#n20090922X_kill_all_bankers">Kill  All Bankers</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/22/16188/kill-all-bankers/">Kill  All Bankers</a>, Sep 22, 2009 ) </li>
<li>20090921 : <a href="#n20090921X_the_unbearable_licitness_of_being_a_hedgie"> The unbearable licitness of being (a hedgie)</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/22/16189/the-unbearable-licitness-of-being-a-hedgie/"> The unbearable licitness of being (a hedgie)</a>, Sep 21, 2009 ) </li>
<li>20090921 : <a href="#n20090921X_blog_archive_we_couldn_t_have_said_it_better_ourselves">  " Blog Archive " We couldn't have said it better ourselves</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/19/16160/we-couldnt-have-said-it-better-ourselves/">  " Blog Archive " We couldn't have said it better ourselves</a>, Sep 21, 2009 ) </li>
<li>20090920 : <a href="#n20090920X_analysis_how_serious_is_the_financial_crisis_for_asia_telegraph"> Analysis How serious is the financial crisis for Asia - Telegraph</a> <i></i>  ( <a target="_blank" href="http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/09/18/cnhbos518.xml"> Analysis How serious is the financial crisis for Asia - Telegraph</a>, Sep 20, 2009 ) </li>
<li>20090920 : <a href="#n20090920X_bill_moyers_journal_what_questions_would_you_ask_u_s_financial_leaders">Bill Moyers  Journal What Questions Would You Ask U.S. Financial Leaders</a> <i></i>  ( <a target="_blank" href="http://www.pbs.org/moyers/journal/blog/2008/09/what_questions_would_you_ask_u.html">Bill Moyers  Journal What Questions Would You Ask U.S. Financial Leaders</a>, Sep 20, 2009 ) </li>
<li>20090920 : <a href="#n20090920X_u_s_treasury_to_insure_good_weather_all_weekend">U.S.  TREASURY TO INSURE GOOD WEATHER ALL WEEKEND</a> <i> by Barry Ritholtz</i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bn-us-treasury.html">U.S.  TREASURY TO INSURE GOOD WEATHER ALL WEEKEND</a>, Sep 20, 2009 ) </li>
<li>20090830 : <a href="#n20090830X_ft_com_gideon_rachman_s_blog_column_why_obama_looks_vulnerable_comments">FT.com  Gideon Rachman's Blog Column Why Obama looks vulnerable#comments</a> <i></i>  ( <a target="_blank" href="http://blogs.ft.com/rachmanblog/2008/08/column-why-obama-looks-vulnerable/#comments">FT.com  Gideon Rachman's Blog Column Why Obama looks vulnerable#comments</a>, Aug 30, 2009 ) </li>
<li>20090829 : <a href="#n20090829X_divine_intervention">Divine intervention</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html">Divine intervention</a>, Aug 29, 2009 ) </li>
<li>20081231 : <a href="#n20081231X_2008_investment_guides_are_hilarious">2008 Investment Guides  Are HILARIOUS  </a> <i></i>  ( <a target="_blank" href="http://nymag.com/daily/intel/2008/12/2008_investment_guides_are_hil.html">New York Magazine</a> ) </li>
<li>20081231 : <a href="#n20081231X_q_on_black_swaps_and_stock_market_in_2008"> Q: On black swaps and stock market in 2008</a> <i></i>  ( Dec 31, 2008 ) </li>
<li>20081231 : <a href="#n20081231X_song_about_price_discovery_for_assets"> Song about price discovery for assets</a> <i></i>  ( Dec 31, 2008 ) </li>
<li>20081229 : <a href="#n20081229X_the_worst_predictions_about_2008">The Worst  Predictions About 2008</a> <i></i>  (  <a target="_blank" href="http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081224_028134.htm"> BusinessWeek</a> ) </li>
<li>20081228 : <a href="#n20081228X_seven_habits_that_help_produce_the_anything_but_efficient_markets">Seven habits that help produce the anything-but-efficient markets </a> <i></i>  ( February 13, 2005 , <a target="_blank" href="http://bigpicture.typepad.com/comments/2004/11/the_mostlykinda.html">Big Picture</a> ) </li>
<li>20081226 : <a href="#n20081226X_madoff_ponzi_scandal_quot_its_like_discovering_that_ben_bernanke_is_running_a_meth"> Madoff Ponzi scandal: "Its like discovering that Ben Bernanke is running a meth  lab inside the Federal Reserve."</a> <i></i>  ( <a target="_blank" href="http://kunstler.com/">James Howard Kunstler</a> ) </li>
<li>20081224 : <a href="#n20081224X_there_is_no_playbook">There  is no playbook</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html">naked capitalism </a> ) </li>
<li>20081223 : <a href="#n20081223X_a_hedge_fund_manager_s_holiday_card">A Hedge Fund Manager's  Holiday Card</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a> ) </li>
<li>20081223 : <a href="#n20081223X_peter_shiff_expose_cnbc_clowns">Peter Shiff expose CNBC clowns: </a> <i></i>  (  ) </li>
<li>20081222 : <a href="#n20081222X_christmas_wish_for_the_new_treasury_secretary"> Christmas wish for the new Treasury secretary</a> <i></i>  (  <a target="_blank" href="http://www.economist.com/blogs/theworldin2009/2008/12/ben_bernankes_2009.cfm#list-comments"> Economist.com</a> ) </li>
<li>20081222 : <a href="#n20081222X_the_silver_bear_cafe">The Silver Bear  Cafe</a> <i></i>  ( <a target="_blank" href="http://silverbearcafe.com/private/12.08/predictions.html">The Silver Bear  Cafe</a>, Dec 22, 2008 ) </li>
<li>20081222 : <a href="#n20081222X_quot_a_solution_to_the_principal_agent_problem_quot">"A Solution  to the Principal-Agent Problem"</a> <i></i>  ( <a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/12/a-solution-to-t.html">"A Solution  to the Principal-Agent Problem"</a>, Dec 22, 2008 ) </li>
<li>20081221 : <a href="#n20081221X_the_pursuit_of_wealth">The Pursuit of  Wealth</a> <i></i>  ( <a target="_blank" href="http://economistsview.typepad.com/">Economist's View</a> ) </li>
<li>20081221 : <a href="#n20081221X_no_end_to_financial_disorder">No end to financial disorder</a> <i> by Hossein Askari and Noureddine Krichene </i>  ( <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL19Dj02.html">Asia Times </a> ) </li>
<li>20081221 : <a href="#n20081221X_the_devil_and_bernard_madoff">The devil and  Bernard Madoff</a> <i> by Spengler</i>  ( December 18, 2008 , <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy.html">Asia Times Online</a> ) </li>
<li>20081221 : <a href="#n20081221X_the_fed_has_become_a_prime_broker_will_lend_to_hedge_funds_under_consumer_loan_program">The Fed  Has Become a Prime Broker, Will Lend to Hedge Funds Under Consumer Loan Program</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/fed-has-become-prime-broker-will-lend.html"> nakedcapitalism.com</a> ) </li>
<li>20081221 : <a href="#n20081221X_sidestepping_the_housing_bust">Sidestepping  the housing bust</a> <i></i>  (  December 19, 2008 , <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/sidestepping-housing-bust.html"> themessthatgreenspanmade.blogspot.com</a> ) </li>
<li>20081221 : <a href="#n20081221X_there_is_no_playbook"> There  is no playbook</a> <i></i>  ( December 20, 2008 , <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html">naked capitalism</a> ) </li>
<li>20081221 : <a href="#n20081221X_robert_reichs_blog_greenspan_and_democracy">Robert  Reichs Blog Greenspan and Democracy</a> <i></i>  ( <a target="_blank" href="http://robertreich.blogspot.com/2008/12/greenspan-and-democracy.html">Robert  Reich's Blog Greenspan and Democracy</a>, Dec 21, 2008 ) </li>
<li>20081220 : <a href="#n20081220X_the_bailout_explained">The Bailout  Explained</a> <i></i>  (  <a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a> ) </li>
<li>20081218 : <a href="#n20081218X_s_e_c_chairmen_2001_08">S.E.C. Chairmen, 2001-08</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a> ) </li>
<li>20081218 : <a href="#n20081218X_how_to_deleverage_balance_sheets">How  to Deleverage Balance Sheets</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a> ) </li>
<li>20081218 : <a href="#n20081218X_new_york_times_pulls_punches_on_wall_street_bubble_era_pay">New York  Times Pulls Punches On Wall Street Bubble Era Pay</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/new-york-times-story-pulls-punches-on.html"> naked capitalism</a> (from readers comments): ) </li>
<li>20081217 : <a href="#n20081217X_goldman_sachs_s_tax_rate_drops_to_1_or_14_million_update1">Goldman  Sachs's Tax Rate Drops to 1%, or $14 Million (Update1) </a> <i></i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6bQVsZS2_18">Bloomberg.com </a> ) </li>
<li>20081217 : <a href="#n20081217X_get_your_own_piece_of_the_tarp">Get your own piece  of the TARP!</a> <i> by CalculatedRisk</i>  ( 12/16/2008 , <a target="_blank" href="http://www.calculatedriskblog.com/2008/12/get-your-own-piece-of-tarp.html"> calculatedriskblog.com</a> ) </li>
<li>20081217 : <a href="#n20081217X_sipc_expects_a_hard_time_with_madoff_claims">SIPC Expects  a Hard Time With Madoff Claims</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/sipc-expects-hard-time-with-madoff.html">SIPC Expects  a Hard Time With Madoff Claims</a>, Dec 17, 2008 ) </li>
<li>20081215 : <a href="#n20081215X_new_fed">New Fed </a> <i></i>  ( <a target="_blank" href="http://www.investorsinsight.com/forums/t/1972.aspx">InvestorsInsight Publishing</a> ) </li>
<li>20081215 : <a href="#n20081215X_unknown_title1"> </a> <i></i>  ( December 6, 2008 , by WcP Blog - World Culture Pictorial ) </li>
<li>20081215 : <a href="#n20081215X_financial_humor_isnt_funny">Financial Humor  isnt Funny</a> <i></i>  ( <a target="_blank" href="http://news.goldseek.com/RichardDaughty/1207116120.php">Financial Humor  isn't Funny</a>, Dec 15, 2008 ) </li>
<li>20081215 : <a href="#n20081215X_new_wall_street_advertisement"> New Wall Street advertisement</a> <i></i>  ( Dec 15, 2008 ) </li>
<li>20081215 : <a href="#n20081215X_bush_amp_iran_sanction"> Bush & Iran sanction</a> <i></i>  ( Dec 15, 2008 ) </li>
<li>20081214 : <a href="#n20081214X_larry_summers_says_something_silly">Larry Summers says  something silly</a> <i></i>  ( <a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a> ) </li>
<li>20081214 : <a href="#n20081214X_predicting_the_trough_and_a_jobless_recovery"> Predicting the trough and a jobless recovery</a> <i></i>  ( <a target="_blank" href="http://www.econbrowser.com/archives/2008/12/predicting_the_1.html">Econbrowser</a> ) </li>
<li>20081214 : <a href="#n20081214X_the_eye_of_the_storm"> The eye of the storm</a> <i></i>  (  <a target="_blank" href="http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,s01=1.html&_i_referer=http://calculatedrisk.blogspot.com/"> FT.com </a> ) </li>
<li>20081213 : <a href="#n20081213X_asia_times_online_asian_news_and_current_affairs">Asia Times Online  Asian news and current affairs</a> <i></i>  ( Asia Times ) </li>
<li>20081213 : <a href="#n20081213X_honey_i_switched_the_medication">Honey, I switched  the medication.</a> <i> by Chan Akya </i>  ( Asia Times ) </li>
<li>20081212 : <a href="#n20081212X_naked_capitalism_yet_more_retention_bonuses_at_aig">naked capitalism  Yet More Retention Bonuses at AIG</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/yet-more-retention-bonuses-at-aig.html">naked capitalism  Yet More Retention Bonuses at AIG</a>, Dec 12, 2008 ) </li>
<li>20081212 : <a href="#n20081212X_proposal_for_a_name_of_merged_gm_ford_chrysler_company_after_the_bailout"> Proposal for a name of merged GM + Ford + Chrysler company after the bailout</a> <i></i>  ( Dec 12, 2008 ) </li>
<li>20081211 : <a href="#n20081211X_irx_summary_for_13_week_treasury_bill_yahoo_finance">IRX Summary for 13-WEEK TREASURY BILL  - Yahoo! Finance</a> <i></i>  ( <a target="_blank" href="http://finance.yahoo.com/q?s=^IRX">IRX Summary for 13-WEEK TREASURY BILL  - Yahoo! Finance</a>, Dec 11, 2008 ) </li>
<li>20081210 : <a href="#n20081210X_how_jay_leno_is_contributing_to_our_awful_economy">How Jay Leno  is Contributing to Our Awful Economy</a> <i></i>  ( <a target="_blank" href="http://www.robertreich.blogspot.com/">Robert Reich's Blog</a> ) </li>
<li>20081210 : <a href="#n20081210X_quot_attack_of_the_invisible_hand_quot">"Attack of the  Invisible Hand"</a> <i> by Tom Tomorrow</i>  ( <a target="_blank" href="http://www.salon.com/comics/tomo/2008/12/09/tomo/">Salon</a> ) </li>
<li>20081209 : <a href="#n20081209X_for_brave_investors_only_10_ways_to_tell_that_you_are_touching_bottom"> For brave investors only 10 ways to tell that you are touching bottom</a> <i></i>  (  <a target="_blank" href="http://www.telegraph.co.uk/finance/comment/jeffrandall/3692188/For-brave-investors-only-10-ways-to-tell-that-you-are-touching-bottom.html">Telegraph</a> ) </li>
<li>20081209 : <a href="#n20081209X_a_bedside_guide_for_henry_paulson">A bedside guide  for Henry Paulson </a> <i> by Julian Delasantellis </i>  ( Dec 9, 2008 , <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL03Dj03.html">Asia Times</a> ) </li>
<li>20081209 : <a href="#n20081209X_online_benedict_xvi_is_magnificently_right"> Online Benedict  XVI is magnificently right </a> <i> by Spengler </i>  (  <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL09Dj02.html">Asia Times</a> ) </li>
<li>20081208 : <a href="#n20081208X_somali_pirates_to_acquire_citigroup"> Somali Pirates to acquire Citigroup</a> <i></i>  ( December 2, 2008 , <a target="_blank" href="http://optionarmageddon.ml-implode.com/2008/12/02/somali-pirates-in-discussions-to-acquire-citigroup/"> Option ARMageddon</a> ) </li>
<li>20081207 : <a href="#n20081207X_grants_publishing">Grants Publishing</a> <i></i>  ( <a target="_blank" href="http://www.grantspub.com/">Grant's Publishing</a>, Dec 7, 2008 ) </li>
<li>20081205 : <a href="#n20081205X_stephen_colbert_blames_the_nber">Stephen  Colbert blames the NBER</a> <i></i>  ( December 03, 2008 , <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/">http://themessthatgreenspanmade.blogspot.com/</a>  ) </li>
<li>20081204 : <a href="#n20081204X_let_us_call_off_the_bank_burning_posse"> Let us call off the bank-burning posse</a> <i> by Jonathan Guthrie</i>  ( December 3 2008 , <a target="_blank" href="http://www.ft.com/cms/s/34d6e30e-c158-11dd-831e-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/34d6e30e-c158-11dd-831e-000077b07658.html&_i_referer=http://ftalphaville.ft.com/blog/2008/12/04/19051/p">FT.com</a> ) </li>
<li>20081203 : <a href="#n20081203X_uh_mr_president">Uh, Mr. President...</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/uh-mr-president.html">Uh, Mr. President...</a>, Dec 3, 2008 ) </li>
<li>20081201 : <a href="#n20081201X_the_sort_of_wall_street_journal_reporting_that_makes_me_crazy"> The  Sort of Wall Street Journal Reporting That Makes Me Crazy</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/sort-of-wall-street-journal-reporting.html"> naked capitalism</a> ) </li>
<li>20081201 : <a href="#n20081201X_galbright">Galbright </a> <i></i>  ( softpanorama.org, Dec 1, 2008 ) </li>
<li>20081130 : <a href="#n20081130X_its_not_me_rubins_demonstrated_the_psychology_of_a_petty_shoplifter">Its not  me : Rubins demonstrated the psychology of a petty shoplifter</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a> ) </li>
<li>20081130 : <a href="#n20081130X_the_reserve_bank_of_zimbabwe_commends_us_and_uk_authorities_for_following_its_lead">The Reserve Bank  of Zimbabwe Commends US and UK Authorities for Following Its Lead</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a> ) </li>
<li>20081129 : <a href="#n20081129X_payback_time_for_the_financiers"> Payback time for the financiers</a> <i></i>  ( November 28 2008 , ft.com ) </li>
<li>20081129 : <a href="#n20081129X_why_lehman_collapsed_the_big_picture">Why Lehman Collapsed  The Big Picture</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/why-lehman-collapsed/">Why Lehman Collapsed  The Big Picture</a>, Nov 29, 2008 ) </li>
<li>20081129 : <a href="#n20081129X_the_turkeys_revenge">The Turkeys Revenge</a> <i></i>  ( <a target="_blank" href="http://www.dailyreckoning.com/">The Daily Reckoning</a> ) </li>
<li>20081129 : <a href="#n20081129X_europe_icelanders_collapse_in_laughter">Europe  - Icelanders collapse in laughter</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/b82f2ec4-bd79-11dd-bba1-0000779fd18c.html">FT.com</a> ) </li>
<li>20081127 : <a href="#n20081127X_aig_plans_to_pay_retention_bonuses_to_executives">AIG Plans  to Pay Retention Bonuses to Executives</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/aig-plans-to-pay-retention-bonuses-to.html"> naked capitalism </a> ) </li>
<li>20081127 : <a href="#n20081127X_cnn_political_ticker_all_politics_all_the_time_blog_archive_forbes_paulson_is_worst"> CNN Political Ticker All politics, all the time Blog Archive - Forbes Paulson is 'worst' treasury secretary  in modern times " - Blogs from CNN.com</a> <i></i>  ( <a target="_blank" href="http://politicalticker.blogs.cnn.com/2008/11/24/forbes-paulson-is-worst-treasury-secretary-in-modern-times-2/"> CNN Political Ticker All politics, all the time Blog Archive - Forbes Paulson is 'worst' treasury secretary  in modern times " - Blogs from CNN.com</a>, Nov 27, 2008 ) </li>
<li>20081127 : <a href="#n20081127X_http_georgewashington2_blogspot_com_2008_11_deflation_here_now_html">http://georgewashington2.blogspot.com/2008/11/deflation-here-now.html</a> <i></i>  ( <a target="_blank" href="http://georgewashington2.blogspot.com/2008/11/deflation-here-now.html">http://georgewashington2.blogspot.com/2008/11/deflation-here-now.html</a>, Nov 27, 2008 ) </li>
<li>20081127 : <a href="#n20081127X_citigroup_fresh_from_being_bailed_out_of_derivatives_black_hole_now_selling_yet_another"> Citigroup - Fresh From Being Bailed Out of Derivatives Black Hole - Now Selling Yet Another Type of  Derivative</a> <i></i>  ( <a target="_blank" href="http://georgewashington2.blogspot.com/2008/11/citigroup-fresh-from-being-bailed-out.html"> Citigroup - Fresh From Being Bailed Out of Derivatives Black Hole - Now Selling Yet Another Type of  Derivative</a>, Nov 27, 2008 ) </li>
<li>20081127 : <a href="#n20081127X_every_breath_you_take">Every Breath  You Take</a> <i></i>  ( <a target="_blank" href="http://www.youtube.com/watch?v=3u2qRXb4xCU&feature=related">Every Breath  You Take</a>, Nov 27, 2008 ) </li>
<li>20081127 : <a href="#n20081127X_atlas_shrugged_updated_for_the_current_financial_crisis">Atlas Shrugged Updated for  the Current Financial Crisis</a> <i></i>  ( <a target="_blank" href="http://mcsweeneys.net/2008/11/20tucker.html">Atlas Shrugged Updated for  the Current Financial Crisis</a>, Nov 27, 2008 ) </li>
<li>20081126 : <a href="#n20081126X_tarp"> TARP</a> <i></i>  ( Nov 26, 2008 ) </li>
<li>20081126 : <a href="#n20081126X_lucifer_said"> lucifer said... </a> <i></i>  ( Nov 26, 2008 ) </li>
<li>20081126 : <a href="#n20081126X_gentrifying_gitmo">Gentrifying  Gitmo</a> <i> by Cassandra</i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/gentrifying-gitmo.html">Gentrifying  Gitmo</a>, Nov 26, 2008 ) </li>
<li>20081125 : <a href="#n20081125X_finance_the_american_way">Finance, the  American way</a> <i> by The Mogambo Guru </i>  ( <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JK25Dj05.html">Finance, the  American way</a>, Nov 25, 2008 ) </li>
<li>20081125 : <a href="#n20081125X_debt_cold_turkey">Debt cold turkey </a> <i></i>  ( <a target="_blank" href="http://www.atimes.com/atimes/">Asia Times</a> ) </li>
<li>20081125 : <a href="#n20081125X_quot_the_western_financial_system_we_knew_has_collapsed_quot">"The western  financial system we knew has collapsed"</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a> ) </li>
<li>20081125 : <a href="#n20081125X_obamas_one_trick_wizards">Obamas one-trick  wizards</a> <i></i>  ( <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JK25Dj06.html">Obama's one-trick  wizards</a>, Nov 25, 2008 ) </li>
<li>20081124 : <a href="#n20081124X_dick_man_and_the_bank_of_flames">Dick-man  and the Bank of Flames</a> <i> by David Pilling</i>  ( November 21 2008 , <a target="_blank" href="http://www.ft.com/cms/s/0/4bd8136a-b7f4-11dd-ac6d-0000779fd18c.html">FT.com</a> ) </li>
<li>20081122 : <a href="#n20081122X_ahh_those_fed_bureaucrats"> Ahh, those Fed bureaucrats</a> <i></i>  (  <a target="_blank" href="http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=11&year=2008&base_name=the_washington_post_is_scared#comments"> The American Prospect</a> ) </li>
<li>20081122 : <a href="#n20081122X_we_found_the_w_m_d">We Found  the W.M.D.</a> <i> by THOMAS L. FRIEDMAN</i>  ( November 22, 2008 , NYT  ) </li>
<li>20081122 : <a href="#n20081122X_the_demise_of_irrational_exuberance"> The demise of irrational exuberance</a> <i></i>  (  <a target="_blank" href="http://news.google.com/news/url?sa=t&ct=us/0-0&fp=49271eb0070dbe74&ei=MAsnSdGbLaDM8ATL36ES&url=http%3A//www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Da9vj_MptG1U0%26refer%3Dhome&cid=1272769068&sig2=wOQOKWammm_SBa3S2hFeDw&usg=AFQjCNHHkJ5oiD6jdpDhb4OrJKEYz9u94g"> Bloomberg</a> ) </li>
<li>20081122 : <a href="#n20081122X_buy_a_toaster_get_a_free_bank">Buy  a Toaster, Get a Free Bank</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/buy-a-toaster-get-a-free-bank/">Buy  a Toaster, Get a Free Bank</a>, Nov 22, 2008 ) </li>
<li>20081122 : <a href="#n20081122X_unknown_title2"> 	 </a> <i></i>  (  ) </li>
<li>20081122 : <a href="#n20081122X_contrarians_rejoice_s_amp_p500_s_worst_year_ever">Contrarians  Rejoice! S&P500's Worst Year Ever</a> <i></i>  ( <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/sp-500s-worst-ever-year/">Contrarians  Rejoice! S&P500's Worst Year Ever</a>, Nov 22, 2008 ) </li>
<li>20081122 : <a href="#n20081122X_goldman_slashes_gdp_forecast">Goldman Slashes  GDP forecast</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/goldman-slashes-gdp-forecast.html">Goldman Slashes  GDP forecast</a>, Nov 22, 2008 ) </li>
<li>20081121 : <a href="#n20081121X_geithner_to_become_treasury_secretary">Geithner  to Become Treasury Secretary</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/geithner-to-become-treasury-secretary.html">Geithner  to Become Treasury Secretary</a>, Nov 21, 2008 ) </li>
<li>20081121 : <a href="#n20081121X_faith_based_economics">Faith-Based Economics </a> <i></i>  ( <a target="_blank" href="http://chronicle.com/review/brainstorm/index.php?id=993">Chronicle.com</a> ) </li>
<li>20081120 : <a href="#n20081120X_credit_crisis_indicators_flight_to_quality">Credit  Crisis Indicators- Flight to Quality</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> ) </li>
<li>20081118 : <a href="#n20081118X_bird_amp_fortune_silly_money"> Bird & Fortune : Silly Money </a> <i></i>  ( Nov 18, 2008 ) </li>
<li>20081118 : <a href="#n20081118X_boom_goes_the_bull">Boom goes the  Bull</a> <i></i>  ( <a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a> ) </li>
<li>20081118 : <a href="#n20081118X_q_why_they_put_quot_in_god_we_trust_quot_on_us_currency">  Q: Why they put "In God We Trust" on US currency</a> <i></i>  ( Nov 18, 2008 ) </li>
<li>20081118 : <a href="#n20081118X_should_the_government_stop_dumping_money_into_a_giant_hole">Should  The Government Stop Dumping Money Into A Giant Hole?</a> <i></i>  ( CalculatedRisk  ) </li>
<li>20081117 : <a href="#n20081117X_haloscan_com_comments">HaloScan.com  - Comments</a> <i></i>  ( <a target="_blank" href="http://www.haloscan.com/comments/calculatedrisk/7067771393353315199/">HaloScan.com  - Comments</a>, Nov 17, 2008 ) </li>
<li>20081117 : <a href="#n20081117X_citigroups_pandit_targets_52_000_jobs_to_eliminate">Citigroups Pandit  Targets 52,000 Jobs to Eliminate </a> <i></i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a.RLIhVF4ebk&refer=home">Citigroup's Pandit  Targets 52,000 Jobs to Eliminate </a>, Nov 17, 2008 ) </li>
<li>20081117 : <a href="#n20081117X_spot_the_bankruptcy_attorney">Spot the Bankruptcy  Attorney</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> ) </li>
<li>20081115 : <a href="#n20081115X_jingle_mail_in_the_uk">Jingle  Mail in the UK</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> ) </li>
<li>20081114 : <a href="#n20081114X_corporate_welfare"> Corporate Welfare</a> <i> by Barry Ritholtz</i>  ( November 14, 2008 , <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a> ) </li>
<li>20081114 : <a href="#n20081114X_republicans_paradoxes">Republicans paradoxes</a> <i></i>  (  ) </li>
<li>20081114 : <a href="#n20081114X_economists_view_the_paulson_legacy">Economists  View The Paulson Legacy</a> <i></i>  ( <a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/11/the-paulson-leg.html#c138755382">Economist's  View The Paulson Legacy</a>,  ) </li>
<li>20081111 : <a href="#n20081111X_your_not_so_flexible_friend">Your not so  flexible friend</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/11/18078/your-not-so-flexible-friend/">Your not so  flexible friend</a>, Nov 11, 2008 ) </li>
<li>20081111 : <a href="#n20081111X_ft_alphaville_blog_archive_goldman_s_travails_rumours_and_reality"> FT Alphaville " Blog Archive " Goldman's travails Rumours and reality</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/11/18087/goldmans-travailles-rumours-and-reality/"> FT Alphaville " Blog Archive " Goldman's travails Rumours and reality</a>, Nov 11, 2008 ) </li>
<li>20081111 : <a href="#n20081111X_does_everybody_get_to_be_a_bank_now_amex_joins_the_club">Does Everybody  Get To Be a Bank - Now Amex Joins the Club</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a> ) </li>
<li>20081110 : <a href="#n20081110X_when_to_prune_your_hedges"> When to prune your hedges</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/10/18043/when-to-prune-your-hedges/"> When to prune your hedges</a>, Nov 10, 2008 ) </li>
<li>20081105 : <a href="#n20081105X_the_onion_our_long_national_nightmare"> The Onion: Our long national nightmare . . . </a> <i> by Barry Ritholtz</i>  ( November 05, 2008 , The Big Picture  ) </li>
<li>20081105 : <a href="#n20081105X_tall_paul">Tall Paul</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a> ) </li>
<li>20081026 : <a href="#n20081026X_greenspan_shocked_disbelief">Greenspan Shocked Disbelief</a> <i></i>  ( <a target="_blank" href="http://www.truthout.org/102508C">Greenspan Shocked Disbelief</a>, Oct 26, 2008 ) </li>
<li>20081026 : <a href="#n20081026X_fire"> Fire -- </a> <i> by Clay Bennett, Chattanooga Times Free press </i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/10/fire.html"> Fire -- </a>, Oct 26, 2008 ) </li>
<li>20081025 : <a href="#n20081025X_hedge_fund_manager_goodbye_and_f_you"> Hedge Fund Manager Goodbye and F---- You</a> <i></i>  ( <a target="_blank" href="http://www.portfolio.com/views/blogs/daily-brief/2008/10/17/hedge-fund-manager-goodbye-and-f-you"> Hedge Fund Manager Goodbye and F---- You</a>, Oct 25, 2008 ) </li>
<li>20081025 : <a href="#n20081025X_greenspan_wasted_away">Greenspan  wasted away</a> <i></i>  ( <a target="_blank" href="http://prudentbear.com/index.php/commentary/randomwalk?art_id=10127">Random Walk</a> ) </li>
<li>20081025 : <a href="#n20081025X_greenspan_bill_buckner"> Greenspan = Bill Buckner  </a> <i></i>  ( <a target="_blank" href="http://blogs.wsj.com/economics/2008/10/23/bill-buckner-comparison-may-sting-greenspan/"> Greenspan = Bill Buckner  </a>, Oct 25, 2008 ) </li>
<li>20081025 : <a href="#n20081025X_who_killed_wall_street">Who  killed Wall Street</a> <i></i>  ( <a target="_blank" href="http://www.koreatimes.co.kr/www/news/opinon/2008/10/160_32518.html">Who  killed Wall Street</a>, Oct 25, 2008 ) </li>
<li>20081024 : <a href="#n20081024X_a_rare_admission_of_an_old_narcissist"> A rare admission of an old Narcissist</a> <i></i>  ( Oct 24, 2008 ) </li>
<li>20081022 : <a href="#n20081022X_blogger_robert_reichs_blog_post_a_comment">Blogger Robert  Reichs Blog - Post a Comment</a> <i></i>  ( <a target="_blank" href="https://www.blogger.com/comment.g?blogID=25510280&postID=2240220234769981561">Blogger Robert  Reich's Blog - Post a Comment</a>, Oct 22, 2008 ) </li>
<li>20081022 : <a href="#n20081022X_bailouts_for_commodity_speculators">Bailouts for commodity  speculators</a> <i></i>  ( <a target="_blank" href="http://www.econbrowser.com/archives/2008/10/bailouts_for_co.html#comments">Bailouts for commodity  speculators</a>, Oct 22, 2008 ) </li>
<li>20081022 : <a href="#n20081022X_gallows_humor_of_the_day"> Gallows humor of the day</a> <i></i>  ( Oct 22, 2008 ) </li>
<li>20081021 : <a href="#n20081021X_bush_to_host_summit_of_losers">Bush  to Host Summit of Losers</a> <i></i>  ( <a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/10/bush-to-host-summit-of-losers.html">Bush  to Host Summit of Losers</a>, Oct 21, 2008 ) </li>
<li>20081020 : <a href="#n20081020X_financial_funnies">Financial funnies</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/10/financial-funnies.html">Financial funnies</a>, Oct 20, 2008 ) </li>
<li>20081018 : <a href="#n20081018X_after_w_le_deluge">After W., Le Deluge</a> <i> by Maureen Dowd </i>  ( <a target="_blank" href="http://www.nytimes.com/2008/10/19/opinion/19dowd.html?em">After W., Le Deluge</a>, Oct 18,2008 ) </li>
<li>20081018 : <a href="#n20081018X_bizarro_world">Bizarro World</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> ) </li>
<li>20081017 : <a href="#n20081017X_top_10_credit_crunch_jokes">Top 10 credit crunch  jokes</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/top-10-credit-crunch-jokes.html">Top 10 credit crunch  jokes</a>, Oct 17, 2008 ) </li>
<li>20081015 : <a href="#n20081015X_greatest_assets"> Greatest Assets ;-) </a> <i></i>  ( Oct 15, 2008 ) </li>
<li>20081015 : <a href="#n20081015X_unknown_title3"> 	 </a> <i></i>  (  ) </li>
<li>20081014 : <a href="#n20081014X_talebs_black_swan_investors_post_gains_as_markets_take_dive">Talebs `Black  Swan Investors Post Gains as Markets Take Dive </a> <i></i>  ( Bloomberg.com ) </li>
<li>20081011 : <a href="#n20081011X_was_bushs_statement_today_the_equivalent_of_a_quot_hoover_moment_quot"> Was Bushs statement today the equivalent of a "Hoover Moment"</a> <i></i>  ( <a target="_blank" href="http://globaleconomicanalysis.blogspot.com/">Mish's Global Economic Trend Analysis</a> ) </li>
<li>20081010 : <a href="#n20081010X_market_take_from_cartoonist_eric_g_lewis">Market  Take from Cartoonist Eric G. Lewis</a> <i></i>  (  <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/market-take-from-cartoonist-eric-g.html">Calculated Risk</a>  ) </li>
<li>20081005 : <a href="#n20081005X_tom_toles_is_a_priceless_national_treasure_vol_ix">Tom Toles  is a Priceless National Treasure, Vol IX</a> <i></i>  ( <a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a> ) </li>
<li>20081003 : <a href="#n20081003X_financial_crisis_humour_telegraph_blogs">Financial crisis humour  Telegraph Blogs</a> <i></i>  ( <a target="_blank" href="http://blogs.telegraph.co.uk/financial_crisis_humour/">Financial crisis humour  Telegraph Blogs</a>, Oct 3, 2008 ) </li>
<li>20081003 : <a href="#n20081003X_newsweek_perspectives">Newsweek Perspectives</a> <i></i>  ( <a target="_blank" href="http://www.newsweek.com/id/38087">Newsweek Perspectives</a>, Oct 3, 2008 ) </li>
<li>20081003 : <a href="#n20081003X_ft_com_columnists_martin_wolf_congress_decides_it_is_worth_risking_depression">FT.com  - Columnists - Martin Wolf - Congress decides it is worth risking depression</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/0fa9d526-8eec-11dd-946c-0000779fd18c.html">FT.com  - Columnists - Martin Wolf - Congress decides it is worth risking depression</a>, Oct 3, 2008 ) </li>
<li>20081001 : <a href="#n20081001X_the_big_picture_we_need_to_act_quickly_on_the_bailout">The Big  Picture We need to act quickly on the Bailout!</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/10/we-need-to-act.html">The Big  Picture We need to act quickly on the Bailout!</a>, Oct 1, 2008 ) </li>
<li>20081001 : <a href="#n20081001X_the_big_picture_quote_of_the_day_fair_value_accounting">The  Big Picture Quote of the Day Fair Value Accounting</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a> ) </li>
<li>20081001 : <a href="#n20081001X_paulsons_poker_face_a_bluff_by_going_all_in_seeking_alpha"> Paulsons Poker Face A Bluff by Going All In - Seeking Alpha</a> <i></i>  ( <a target="_blank" href="http://seekingalpha.com/article/98090-paulson-s-poker-face-a-bluff-by-going-all-in?source=yahoo"> Paulson's Poker Face A Bluff by Going All In - Seeking Alpha</a>, Oct 1, 2008 ) </li>
<li>20080929 : <a href="#n20080929X_fannie_mae_and_freddie_mac_taken_over_by_federal_government"> Fannie Mae and Freddie Mac taken over by Federal government</a> <i></i>  (  <a target="_blank" href="http://notnews.today.com/2008/09/08/fannie-mae-and-freddie-mac-taken-over-by-federal-government/"> News of the News</a> ) </li>
<li>20080928 : <a href="#n20080928X_hey_u_s_welcome_to_the_third_world">Hey  U.S., welcome to the Third World!</a> <i> by Rosa Brooks<a target="_blank" href="http://www.latimes.com/news/opinion/commentary/la-oe-brooks18-2008sep18,0,7282720.column"> </a></i>  ( <a target="_blank" href="http://www.latimes.com/news/opinion/commentary/la-oe-brooks18-2008sep18,0,7282720.column">Hey  U.S., welcome to the Third World!</a>, Sep 28, 2008 ) </li>
<li>20080928 : <a href="#n20080928X_the_crucial_problem_is_that_the_largest_banks_have_become_not_only_too_big_to_fail"> The crucial problem  is that the largest banks have become not only too big  to fail, but also too big to be saved.</a> <i></i>  ( Sep 28, 2008 ) </li>
<li>20080928 : <a href="#n20080928X_stewart_amp_colbert_exclusive_q_amp_a_2008_presidential_elections_cover_story_q_amp">Stewart & Colbert Exclusive  Q&A 2008 Presidential Elections Cover Story Q&A News + Notes Entertainment Weekly 1</a> <i></i>  ( <a target="_blank" href="http://www.ew.com/ew/article/0,,20228603,00.html">Stewart & Colbert Exclusive  Q&A 2008 Presidential Elections Cover Story Q&A News + Notes Entertainment Weekly 1</a>, Sep 28, 2008 ) </li>
<li>20080928 : <a href="#n20080928X_a_memo_found_in_the_street">A Memo  Found in the Street</a> <i> by Barry Ritholtz</i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/uncle-sam-the-e.html">A Memo  Found in the Street</a>, Sep 28, 2008 ) </li>
<li>20080927 : <a href="#n20080927X_how_we_became_the_united_states_of_france"> How We Became the United States of France</a> <i> by Bill Saporito</i>  ( <a target="_blank" href="http://www.time.com/time/nation/article/0,8599,1843168,00.html?xid=feed-cnn-topics&iref=werecommend"> How We Became the United States of France</a>, Sep 27, 2008 ) </li>
<li>20080927 : <a href="#n20080927X_16_very_good_reasons_why_this_quot_bailout_quot_must_go_through_asap">16 VERY good reasons why this "bailout" MUST go through ASAP</a> <i></i>  (  ) </li>
<li>20080925 : <a href="#n20080925X_we_should_toss_him_a_couple_of_bucks_by_barry_ritholtz">We should  toss him a couple of bucks... by Barry Ritholtz</a> <i></i>  ( September 25, 2008 , bigpicture  ) </li>
<li>20080919 : <a href="#n20080919X_is_not_this_a_financial_virus">Is not this a financial virus  ?</a> <i></i>  ( <a target="_blank" href="http://www.kunstler.com/index.html">Is not this a financial virus  ?</a>, Sep 19, 2008 ) </li>
<li>20080919 : <a href="#n20080919X_burn_before_reading"> Burn Before Reading</a> <i></i>  ( <a target="_blank" href="http://epicureandealmaker.blogspot.com/2008/09/burn-before-reading.html"> Burn Before Reading</a>, Sep 19, 2008 ) </li>
<li>20080919 : <a href="#n20080919X_truth_the_flexibility_of_facts_and_market_panics"> Truth, the flexibility of facts, and market panics</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/18/16085/truth-the-flexibility-of-facts-and-market-panics/"> Truth, the flexibility of facts, and market panics</a>, Sep 19, 2008 ) </li>
<li>20080919 : <a href="#n20080919X_a_letter_from_hank"> A letter from Hank</a> <i></i>  ( <a target="_blank" href="https://www.blogger.com/comment.g?blogID=3782644139927778760&postID=8242167155260794510&isPopup=true"> A letter from Hank</a>, Sep 19, 2008 ) </li>
<li>20080919 : <a href="#n20080919X_blogger_naked_capitalism_post_a_comment"> Blogger naked capitalism - Post a Comment</a> <i></i>  ( <a target="_blank" href="https://www.blogger.com/comment.g?blogID=3782644139927778760&postID=8242167155260794510&isPopup=true"> Blogger naked capitalism - Post a Comment</a>, Sep 19, 2008 ) </li>
<li>20080919 : <a href="#n20080919X_the_big_picture">The Big Picture</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a>, Sep 19, 2008 ) </li>
<li>20080918 : <a href="#n20080918X_bernanke_quot_we_have_lost_control_quot">Bernanke- "We Have  Lost Control"</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/bernanke-we-have-lost-control.html">Bernanke- "We Have  Lost Control"</a>, Sep 18, 2008 ) </li>
<li>20080918 : <a href="#n20080918X_fed_ecb_bank_of_japan_others_offer_247_billion_money_market_rates_ease">Fed, ECB,  Bank of Japan, Others Offer $247 Billion; Money Market Rates Ease</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/fed-ecb-bank-of-japan-others-offer-247.html">Fed, ECB,  Bank of Japan, Others Offer $247 Billion; Money Market Rates Ease</a>, Sep 18, 2008 ) </li>
<li>20080918 : <a href="#n20080918X_the_big_picture_bailout_nation_soviet_style_russian_trading_halt">The Big Picture  Bailout Nation, Soviet Style Russian Trading Halt</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bailout-nation.html#comments">The Big Picture  Bailout Nation, Soviet Style Russian Trading Halt</a>, Sep 18, 2008 ) </li>
<li>20080918 : <a href="#n20080918X_bill_gross_is_our_version_of_the_russian_oligarch">Bill Gross is  our version of the Russian oligarch</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bailout-nation.html#comments">Bill Gross is  our version of the Russian oligarch</a>, Sep 18, 2008 ) </li>
<li>20080918 : <a href="#n20080918X_laymans_explanation_of_aig_vs_bear_vs_lehman">Laymans  Explanation of AIG vs Bear vs Lehman</a> <i> by Barry Ritholtz</i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/laymans-explana.html">Layman's  Explanation of AIG vs Bear vs Lehman</a>, Sep 18, 2008 ) </li>
<li>20080917 : <a href="#n20080917X_stephen_foley_no_means_no_the_words_that_doomed_a_wall_street_legend_business_comment"> Stephen Foley No means no – the words that doomed a Wall Street legend - Business Comment, Business  - The Independent</a> <i></i>  ( <a target="_blank" href="http://www.independent.co.uk/news/business/comment/stephen-foley-no-means-no-ndash-the-words-that--doomed-a-wall-street-legend-931989.html"> Stephen Foley No means no – the words that doomed a Wall Street legend - Business Comment, Business  - The Independent</a>, Sep 17, 2008 ) </li>
<li>20080917 : <a href="#n20080917X_henry_paulsons_frankenstein_mergers_acquisitions_venture_capital_hedge_funds_dealbook">Henry Paulsons Frankenstein  - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times</a> <i></i>  ( <a target="_blank" href="http://dealbook.blogs.nytimes.com/2008/09/17/henry-paulsons-frankenstein/">Henry Paulsons Frankenstein  - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times</a>, Sep 17, 2008 ) </li>
<li>20080917 : <a href="#n20080917X_scott_adams_blog_what_good_are_economists_08_22_2008"> Scott Adams Blog What Good are Economists 08-22-2008</a> <i></i>  ( <a target="_blank" href="http://www.dilbert.com/blog/entry/what_good_are_economists/#SB_Comments"> Scott Adams Blog What Good are Economists 08-22-2008</a>, Sep 17, 2008 ) </li>
<li>20080916 : <a href="#n20080916X_irony_alert_quot_lehman_is_tops_in_fixed_income_quot">Irony Alert:  "Lehman is Tops in Fixed Income"</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/irony-alert-lehman-is-tops-in-fixed.html">Irony Alert:  "Lehman is Tops in Fixed Income"</a>, Sep 16, 2008 ) </li>
<li>20080915 : <a href="#n20080915X_the_terrible_lessons_of_bear_stearns">The Terrible  Lessons of Bear Stearns</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/the-terrible-le.html#comments">The Terrible  Lessons of Bear Stearns</a>, Sep 15, 2008 ) </li>
<li>20080915 : <a href="#n20080915X_treasury_quot_honey_i_just_shot_the_banks_quot">Treasury- "Honey,  I Just Shot the Banks"</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/treasury-honey-i-just-shot-banks.html">Treasury- "Honey,  I Just Shot the Banks"</a>, Sep 15, 2008 ) </li>
<li>20080915 : <a href="#n20080915X_top_10_list_of_reasons_you_would_buy_a_troubled_investment_bank"> Top 10 List of Reasons You Would Buy a Troubled Investment Bank</a> <i></i>  ( Sep 15, 2008 ) </li>
<li>20080915 : <a href="#n20080915X_aig_quot_rush_is_on_to_prevent_big_insurer_from_failing_quot_even_more_scary_updates">AIG- "Rush Is On  to Prevent Big Insurer From Failing" (Even More Scary Updates)</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/09/aig-plans-major-restructuring.html">AIG- "Rush Is On  to Prevent Big Insurer From Failing" (Even More Scary Updates)</a>, Sep 15, 2008 ) </li>
<li>20080914 : <a href="#n20080914X_the_big_picture_weekend_bailouts_and_subsequent_market_reactions">The  Big Picture Weekend Bailouts and Subsequent Market Reactions</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/weekend-bailout.html">The  Big Picture Weekend Bailouts and Subsequent Market Reactions</a>, Sep 14, 2008 ) </li>
<li>20080911 : <a href="#n20080911X_vanguard_tax_savvy_tips_for_keeping_more_of_your_returns"> Vanguard  Tax-savvy tips for keeping more of your returns</a> <i></i>  ( <a target="_blank" href="https://personal.vanguard.com/us/VanguardViewsArticleSecure?ArticleJSP=/freshness/News_and_Views/news_ALL_taxsavvy_08192008_ALL.jsp&src=NMC&returnLink=/freshness/News_and_Views/news_ALL_taxsavvy_08192008_ALL.jsp"> Vanguard − Tax-savvy tips for keeping more of your returns</a>, Sep 11, 2008 ) </li>
<li>20080828 : <a href="#n20080828X_gdp_release_signals_further_decline_into_banana_republic_status">GDP Release  Signals Further Decline into Banana Republic Status</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/gdp-release-signals-further-decline.html">GDP Release  Signals Further Decline into Banana Republic Status</a>, Aug 28, 2008 ) </li>
<li>20080828 : <a href="#n20080828X_lehman_to_be_acquired_by_tooth_fairy">lehman-to-be-acquired-by-tooth-fairy</a> <i></i>  ( <a target="_blank" href="http://benbittrolff.blogspot.com/2008/08/lehman-to-be-acquired-by-tooth-fairy.html">lehman-to-be-acquired-by-tooth-fairy</a>, Aug 28, 2008 ) </li>
<li>20080827 : <a href="#n20080827X_100_dash"> $100 Dash</a> <i></i>  ( Aug 27, 2008 ) </li>
<li>20080821 : <a href="#n20080821X_indymac_swift_boaters_strike_back"> IndyMac Swift Boaters Strike Back!</a> <i> by Barry Ritholtz </i>  ( Aug 21, 2008 ) </li>
<li>20080821 : <a href="#n20080821X_macro_man_saving_the_financials">Macro Man  Saving the Financials</a> <i></i>  ( <a target="_blank" href="http://macro-man.blogspot.com/2008/08/saving-financials.html">Macro Man  Saving the Financials</a>, Aug 21, 2008 ) </li>
<li>20080819 : <a href="#n20080819X_a_wish"> A wish</a> <i></i>  ( Aug 19, 2008 ) </li>
<li>20080818 : <a href="#n20080818X_no_limit_to_greenspans_once_in_a_century_events">No Limit  to Greenspans Once-In-A-Century Events</a> <i> by Caroline Baum </i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&sid=aQDn.ZYPabIg">No Limit  to Greenspan's Once-In-A-Century Events</a>, Aug 18, 2008 ) </li>
<li>20080816 : <a href="#n20080816X_a_salute_to_the_ownership_society">A Salute to the  Ownership Society</a> <i> by Tanta</i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/08/salute-to-ownership-society.html">A Salute to the  Ownership Society</a>, Aug 16, 2008 ) </li>
<li>20080812 : <a href="#n20080812X_cassandra_does_tokyo_dear_investor">Cassandra  Does Tokyo Dear Investor....</a> <i></i>  ( <a target="_blank" href="http://nihoncassandra.blogspot.com/2008/08/dear-investor.html">Cassandra  Does Tokyo Dear Investor....</a>, Aug 12, 2008 ) </li>
<li>20080804 : <a href="#n20080804X_oil_below_120_has_commodities_bubble">oil-below-120-has-commodities-bubble</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/oil-below-120-has-commodities-bubble.html">oil-below-120-has-commodities-bubble</a>, Aug 4, 2008 ) </li>
<li>20080803 : <a href="#n20080803X_2007_was_the_year_of_subprime">2007  was the year of subprime...</a> <i> by Jim Fitch </i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/2007-was-year-of-subprime.html">2007  was the year of subprime...</a>, Aug 3, 2008 ) </li>
<li>20080802 : <a href="#n20080802X_mostly_serious_posting_on_nc"> Mostly Serious posting on NC.</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/milton-friedmans-misfortune.html"> Mostly Serious posting on NC.</a>, Aug 2, 2008 ) </li>
<li>20080727 : <a href="#n20080727X_astrologers_vs_economists">  Astrologers vs. economists</a> <i></i>  ( Jul 27, 2008 ) </li>
<li>20080724 : <a href="#n20080724X_they_re_not_rumors_they_re_early_facts">They're  not rumors. They're Early Facts.</a> <i></i>  ( <a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/answering-the-fsa-rumor-survey.html">They're  not rumors. They're Early Facts.</a>, Jul 24, 2008 ) </li>
<li>20080724 : <a href="#n20080724X_nakedshorts">NakedShorts</a> <i></i>  ( <a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/">NakedShorts</a>,  ) </li>
<li>20080724 : <a href="#n20080724X_answering_the_fsa_rumor_questionnaire">Answering the FSA Rumor Questionnaire</a> <i></i>  (  ) </li>
<li>20080724 : <a href="#n20080724X_a_press_release_you_ll_never_see">A  press release you'll never see</a> <i></i>  ( <a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/a-press-release-youll-never-see.html">A  press release you'll never see</a>, Jul 24, 2008 ) </li>
<li>20080724 : <a href="#n20080724X_sec_fbi_respond_to_phoney_fraudy_rumors">SEC, FBI respond to Phoney, Fraudy rumors*</a> <i></i>  (  ) </li>
<li>20080723 : <a href="#n20080723X_bill_gross_wants_a_return_to_quot_normalcy_quot"> Bill Gross wants a return to "normalcy"</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/07/bill-gross-wants-return-to-normalcy.html"> Bill Gross wants a return to "normalcy"</a>, Jul 23, 2008 ) </li>
<li>20080723 : <a href="#n20080723X_jibjab_time_for_some_campaignin">JibJab -  Time for Some Campaignin. </a> <i></i>  ( <a target="_blank" href="http://sendables.jibjab.com/sendables/1191/time_for_some_campaignin#/teaser/1191">JibJab -  Time for Some Campaignin'. </a>, Jul 23, 2008 ) </li>
<li>20080723 : <a href="#n20080723X_you_know_the_banking_system_is_unsound_when"> You Know The Banking System Is Unsound When....</a> <i></i>  ( <a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/07/you-know-banking-system-is-unsound-when.html"> You Know The Banking System Is Unsound When....</a>, Jul 23, 2008 ) </li>
<li>20080723 : <a href="#n20080723X_fintag_hedge_fund_daily_news_views_opinions_and_gossip_archives_2008_07_12">FiNTAG Hedge Fund Daily News, Views, Opinions  and Gossip Archives 2008-07-12 </a> <i></i>  ( <a target="_blank" href="http://www.fintag.com/archive/2008/07/12/">FiNTAG Hedge Fund Daily News, Views, Opinions  and Gossip Archives 2008-07-12 </a>,  ) </li>
<li>20080721 : <a href="#n20080721X_quot_there_is_no_problem_and_we_are_dealing_with_it_quot">"There  is NO problem, and we are dealing with it"</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/07/there-is-no-problem-and-we-are-dealing.html">"There  is NO problem, and we are dealing with it"</a>, Jul 21, 2008 ) </li>
<li>20080720 : <a href="#n20080720X_fannie_mae_and_freddie_mac_end_of_illusions_economist_com">Fannie  Mae and Freddie Mac End of illusions Economist.com</a> <i></i>  ( <a target="_blank" href="http://www.economist.com/finance/displayStory.cfm?source=hptextfeature&story_id=11751139">Fannie  Mae and Freddie Mac End of illusions Economist.com</a>, Jul 20, 2008 ) </li>
<li>20080717 : <a href="#n20080717X_grasping_reality_with_both_hands_economist_brad_delongs_fair_balanced_and_reality">Grasping Reality  with Both Hands Economist Brad DeLongs Fair, Balanced, and Reality-Based Semi-Daily Journal</a> <i></i>  ( <a target="_blank" href="http://delong.typepad.com/sdj/2007/09/late-september-.html">Grasping Reality  with Both Hands Economist Brad DeLong's Fair, Balanced, and Reality-Based Semi-Daily Journal</a>, Jul 17, 2008 ) </li>
<li>20080715 : <a href="#n20080715X_recession_plagued_nation_demands_new_bubble_to_invest_in">Recession-Plagued  Nation Demands New Bubble To Invest In </a> <i></i>  ( <a target="_blank" href="http://www.theonion.com/content/news/recession_plagued_nation_demands">Recession-Plagued  Nation Demands New Bubble To Invest In </a>, Jul 15, 2008 ) </li>
<li>20080711 : <a href="#n20080711X_have_a_nice_weekend">Have A Nice Weekend......</a> <i></i>  ( <a target="_blank" href="http://tinyurl.com/6398m2">Have A Nice Weekend......</a>, Jul 11, 2008 ) </li>
<li>20080710 : <a href="#n20080710X_capitalism_committed_suicide">Capitalism  Committed Suicide</a> <i> by Mark Gilbert</i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_gilbert&sid=a11PeBn6TV8A">Capitalism  Committed Suicide</a>, Jul 10, 2008 ) </li>
<li>20080710 : <a href="#n20080710X_copper_wire_sewer_grates_and_now_catalytic_converters"> Copper wire, sewer grates, and now catalytic converters</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/07/copper-wire-sewer-grates-and-now.html#links"> Copper wire, sewer grates, and now catalytic converters</a>, Jul 10, 2008 ) </li>
<li>20080710 : <a href="#n20080710X_toxic_cdos_given_up_for_dead_coming_to_life_with_pension_funds">Toxic CDOs  Given Up for Dead Coming to Life With Pension Funds </a> <i> by Jody Shenn</i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601109&sid=a0TGMrBy2PyE&refer=home">Toxic CDOs  Given Up for Dead Coming to Life With Pension Funds </a>,  ) </li>
<li>20080705 : <a href="#n20080705X_why_they_should_be_legally_required_to_say_quot_federal_reserve_quot"> Why They Should Be Legally Required To Say "Federal Reserve"</a> <i></i>  ( <a target="_blank" href="http://capitalgainsandgames.com/blog/stan-collender/389/why-they-should-be-legally-required-say-federal-reserve"> Why They Should Be Legally Required To Say "Federal Reserve"</a>, Jul 5, 2008 ) </li>
<li>20080702 : <a href="#n20080702X_new_airline_rules"> NEW AIRLINE RULES  </a> <i></i>  ( Jul 2, 2008 ) </li>
<li>20080625 : <a href="#n20080625X_chrysler_2_99_gas_price_guarantee">Chrysler  $2.99 Gas Price Guarantee</a> <i></i>  ( <a target="_blank" href="http://images.salon.com/comics/boll/2008/06/19/boll/story.gif">Chrysler  $2.99 Gas Price Guarantee</a>, Jun 25, 2008 ) </li>
<li>20080624 : <a href="#n20080624X_dean_baker_wall_street_executives_have_taken_shareholders_for_a_ride_comment_is_free"> Dean Baker Wall Street executives have taken shareholders for a ride Comment is free guardian.co.uk</a> <i></i>  ( <a target="_blank" href="http://www.guardian.co.uk/commentisfree/2008/jun/23/bearstearns.useconomy?gusrc=rss&feed=commentisfree"> Dean Baker Wall Street executives have taken shareholders for a ride Comment is free guardian.co.uk</a>, Jun 24, 2008 ) </li>
<li>20080624 : <a href="#n20080624X_funny_spam_scam_letter">Funny spam/scam letter</a> <i></i>  (  ) </li>
<li>20080624 : <a href="#n20080624X_socal_home_woes_could_mean_50_price_drop">SoCal  home woes could mean 50% price drop</a> <i></i>  ( <a target="_blank" href="http://lansner.freedomblogging.com/2008/06/20/socal-home-woes-could-mean-50-price-drop/">SoCal  home woes could mean 50% price drop</a>,  ) </li>
<li>20080619 : <a href="#n20080619X_youtube_principles_of_economics_translated">YouTube - Principles of economics,  translated</a> <i> by Yoram Bauman</i>  ( <a target="_blank" href="http://www.youtube.com/watch?v=VVp8UGjECt4">YouTube - Principles of economics,  translated</a>, Jun 19, 2008 ) </li>
<li>20080618 : <a href="#n20080618X_fifth_third_bank">Fifth Third Bank </a> <i> by Barry Ritholtz </i>  ( <a target="_blank" href="http://bigpicture.typepad.com/">Fifth Third Bank </a>, Jun 18, 2008 ) </li>
<li>20080618 : <a href="#n20080618X_900_miles_to_the_gallon"> 900 Miles to the Gallon </a> <i></i>  ( <a target="_blank" href="http://www.oftwominds.com/blogs/calories.html"><b>900 Miles to the Gallon</b></a>,  ) </li>
<li>20080618 : <a href="#n20080618X_charles_hugh_smith_the_new_disease_we_just_know_youve_got">charles hugh smith-The New Disease  We Just Know Youve Got</a> <i></i>  ( <a target="_blank" href="http://www.oftwominds.com/blogmay06/zombiestra.html">charles hugh smith-The New Disease  We Just Know You've Got</a>,  ) </li>
<li>20080616 : <a href="#n20080616X_anatomy_of_a_meltdown_the_credit_crisis_washingtonpost_com">Anatomy of  a Meltdown The Credit Crisis (washingtonpost.com)</a> <i></i>  ( <a target="_blank" href="http://www.washingtonpost.com/wp-srv/business/creditcrisis/">Anatomy of  a Meltdown The Credit Crisis (washingtonpost.com)</a>, Jun 16, 2008 ) </li>
<li>20080611 : <a href="#n20080611X_can_you_retire_on_one_m_i_l_l_i_o_n_dollars"> Can you retire on one m-i-l-l-i-o-n dollars?</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/06/can-you-retire-on-one-m-i-l-l-i-o-n.html"> Can you retire on one m-i-l-l-i-o-n dollars?</a>, Jun 11, 2008 ) </li>
<li>20080610 : <a href="#n20080610X_japan_fundamentals_warrant_oil_only_at_60_a_barrel">Japan-  Fundamentals Warrant Oil Only at $60 a Barrel</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/06/japan-fundamentals-warrant-oil-only-at.html">Japan-  Fundamentals Warrant Oil Only at $60 a Barrel</a>, Jun 10, 2008 ) </li>
<li>20080606 : <a href="#n20080606X_dollar_policy_for_dummies_dimwits_and_dolts_caroline_baum">Dollar  Policy for Dummies, Dimwits and Dolts: Caroline Baum </a> <i></i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=aCgdwY3fhANI">Dollar  Policy for Dummies, Dimwits and Dolts: Caroline Baum </a>, Jun 6, 2008 ) </li>
<li>20080603 : <a href="#n20080603X_ft_alphaville_blog_archive_losing_lehman">FT Alphaville  " Blog Archive " Losing Lehman</a> <i></i>  ( <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/06/04/13552/losing-lehman/">FT Alphaville  " Blog Archive " Losing Lehman</a>, Jun 3, 2008 ) </li>
<li>20080602 : <a href="#n20080602X_it_s_not_so_easy_being_less_rich"> It's Not So Easy Being Less Rich</a> <i> by CHRISTINE HAUGHNEY</i>  ( <a target="_blank" href="http://www.nytimes.com/2008/06/01/fashion/01rich.html?ei=5087&em=&en=d3fe3d03622d334b&ex=1212552000&pagewanted=all"> It's Not So Easy Being Less Rich</a>, Jun 2, 2008 ) </li>
<li>20080602 : <a href="#n20080602X_ft_com_markets_smile_through_the_crisis">FT.com  - Markets - Smile through the crisis</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html">FT.com  - Markets - Smile through the crisis</a>, Jun 2, 2008 ) </li>
<li>20080601 : <a href="#n20080601X_ft_com_markets_smile_through_the_crisis">FT.com  - Markets - Smile through the crisis</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html">FT.com  - Markets - Smile through the crisis</a>, Jun 1, 2008 ) </li>
<li>20080517 : <a href="#n20080517X_nakedshorts_before_the_flood"> NakedShorts Before the flood</a> <i></i>  ( <a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/03/before-the-floo.html"> NakedShorts Before the flood</a>, May 17, 2008 ) </li>
<li>20080516 : <a href="#n20080516X_a_devils_dictionary_of_finance">A Devils Dictionary of Finance</a> <i></i>  ( <a target="_blank" href="http://www.thenation.com/doc/20080602/howl">A Devil's Dictionary of Finance</a>, May 16, 2008 ) </li>
<li>20080514 : <a href="#n20080514X_winter_economic_amp_market_watch_ho_hum_just_more_hyperinflation">Winter (Economic & Market)  Watch " Ho Hum Just More Hyperinflation</a> <i></i>  ( <a target="_blank" href="http://wallstreetexaminer.com/blogs/winter/?p=1644">Winter (Economic & Market)  Watch " Ho Hum Just More Hyperinflation</a>, May 14, 2008 ) </li>
<li>20080503 : <a href="#n20080503X_fed_humor">Fed Humor.....</a> <i></i>  ( <a target="_blank" href="http://tinyurl.com/5ymyb8">Fed Humor.....</a>, May 3, 2008 ) </li>
<li>20080501 : <a href="#n20080501X_the_latest_nickname_for_ubs_is_quot_used_to_be_smart_quot"> The latest nickname for UBS is "Used to Be Smart"</a> <i></i>  ( May 1, 2008 ) </li>
<li>20080427 : <a href="#n20080427X_cassandra_does_tokyo_earth_to_exchanges_raise_margin_requirements_now">Cassandra  Does Tokyo Earth to Exchanges Raise Margin Requirements Now!!!</a> <i></i>  ( March 04, 2008 , <a target="_blank" href="http://nihoncassandra.blogspot.com/">Cassandra Does Tokyo</a> ) </li>
<li>20080424 : <a href="#n20080424X_bloomberg_com_opinion">Bloomberg.com  Opinion</a> <i></i>  ( <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&sid=a.qrvu5y2Jrc&refer=home">Bloomberg.com  Opinion</a>, Apr 24, 2008 ) </li>
<li>20080419 : <a href="#n20080419X_were_all_busta_now">Were  All Busta Now</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> ) </li>
<li>20080406 : <a href="#n20080406X_like_an_onion">Like an Onion</a> <i></i>  ( <a target="_blank" href="http://www.financialarmageddon.com/">Financial Armageddon</a> ) </li>
<li>20080406 : <a href="#n20080406X_more_than_50_percent_chance_of_u_s_recession_greenspan_yahoo_news"> More than 50 percent chance of U.S. recession Greenspan - Yahoo! News</a> <i></i>  ( <a target="_blank" href="http://news.yahoo.com/s/nm/20080406/us_nm/greenspan_recession_dc;_ylt=AtqllSeqfWfNzho7YTsKjDCyBhIF"> More than 50 percent chance of U.S. recession Greenspan - Yahoo! News</a>, Apr 6, 2008 ) </li>
<li>20080406 : <a href="#n20080406X_robert_shiller_pushes_fed_as_stability_regulator">Robert  Shiller Pushes Fed as Stability Regulator</a> <i></i>  (  <a target="_blank" href="http://www.nakedcapitalism.com/2008/04/robert-shiller-pushes-fed-as-stability.html">naked capitalism </a> ) </li>
<li>20080405 : <a href="#n20080405X_bernanke_says_recession_possible">Bernanke  Says Recession Possible</a> <i></i>  ( <a target="_blank" href="http://www.theonion.com/content/amvo/bernanke_says_recession_possible">Bernanke  Says Recession Possible</a>, Apr 5, 2008 ) </li>
<li>20080403 : <a href="#n20080403X_closing_the_collapse_gap_the_ussr_was_better_prepared_for_collapse_than_the_us_energybulletin">Closing the Collapse Gap the  USSR was better prepared for collapse than the US EnergyBulletin.net Peak Oil News Clearinghouse</a> <i></i>  ( <a target="_blank" href="http://www.energybulletin.net/23259.html">Closing the 'Collapse Gap' the  USSR was better prepared for collapse than the US EnergyBulletin.net Peak Oil News Clearinghouse</a>, Apr 3, 2008 ) </li>
<li>20080403 : <a href="#n20080403X_the_ethics_of_harvard_mbas">The Ethics  of Harvard MBAs</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/04/ethics-of-harvard-mbas.html">The Ethics  of Harvard MBAs</a>, Apr 3, 2008 ) </li>
<li>20080402 : <a href="#n20080402X_the_day_the_subprime_died_rewind_mortgage_grapevine">The Day the  Subprime Died (rewind) - Mortgage Grapevine</a> <i></i>  ( <a target="_blank" href="http://www.brokeruniverse.com/grapevine/thread/?thread=511595">The Day the  Subprime Died (rewind) - Mortgage Grapevine</a>, Apr 2, 2008 ) </li>
<li>20080401 : <a href="#n20080401X_new_ubs_logo"> New UBS Logo</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a>  ) </li>
<li>20080328 : <a href="#n20080328X_oldvet_on_forced_marriages_bear_stearns">  OldVet on Forced Marriages, Bear Stearns</a> <i></i>  ( <a target="_blank" href="http://angrybear.blogspot.com/2008/03/oldvet-on-forced-marriages-bear-stearns.html">  OldVet on Forced Marriages, Bear Stearns</a>, Mar 28, 2008 ) </li>
<li>20080328 : <a href="#n20080328X_from_animal_farm_to_animal_house">From Animal Farm  To Animal House</a> <i></i>  ( <a target="_blank" href="http://suddendebt.blogspot.com/2008/03/from-animal-farm-to-animal-house.html">From Animal Farm  To Animal House</a>, Mar 28, 2008 ) </li>
<li>20080327 : <a href="#n20080327X_the_fed_now_a_bad_parody_of_itself">The  Fed Now a bad parody of itself</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/">The Mess That Greenspan Made</a> ) </li>
<li>20080326 : <a href="#n20080326X_ft_com_markets_smile_through_the_crisis">FT.com  - Markets - Smile through the crisis</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html?nclick_check=1">FT.com  - Markets - Smile through the crisis</a>, Mar 26, 2008 ) </li>
<li>20080326 : <a href="#n20080326X_ft_com_markets_smile_through_the_crisis">FT.com  - Markets - Smile through the crisis</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html?nclick_check=1">FT.com  - Markets - Smile through the crisis</a>, Mar 26, 2008 ) </li>
<li>20080324 : <a href="#n20080324X_the_economy_blame_o_meter">The Economy  Blame-O-Meter</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/economy-blame-o-meter.html">The Economy  Blame-O-Meter</a>, Mar 24, 2008 ) </li>
<li>20080324 : <a href="#n20080324X_ministry_of_truth_dictionary_for_the_new_brave_financial_world">Ministry of Truth Dictionary for the new brave financial world </a> <i></i>  (  ) </li>
<li>20080324 : <a href="#n20080324X_clinton_proposes_greenspan_lead_foreclosure_group">Clinton proposes  Greenspan lead foreclosure group</a> <i></i>  ( Mar 24, 2008 , <a target="_blank" href="http://news.yahoo.com/s/nm/20080324/pl_nm/usa_politics_clinton_housing_dc">Yahoo! News</a> ) </li>
<li>20080321 : <a href="#n20080321X_sixteen_of_the_biggest_fattest_porkies"> Sixteen  of the biggest, fattest porkies</a> <i></i>  (  <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/03/20/11751/sixteen-of-the-biggest-fattest-porkies/"> FT Alphaville</a> ) </li>
<li>20080317 : <a href="#n20080317X_a_shocking_new_concept_living_within_your_means"> A shocking new concept - living within your means</a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/shocking-new-concept-living-within-your.html"> A shocking new concept - living within your means</a>, Mar 17, 2008 ) </li>
<li>20080317 : <a href="#n20080317X_naked_capitalism_greenspan_now_blames_the_risk_models">naked capitalism  Greenspan Now Blames the Risk Models</a> <i></i>  ( <a target="_blank" href="http://www.nakedcapitalism.com/2008/03/greenspan-now-blames-risk-models.html">naked capitalism  Greenspan Now Blames the Risk Models</a>, Mar 17, 2008 ) </li>
<li>20080316 : <a href="#n20080316X_jpmorgan_buys_bear_stearns_for_2_a_share">JPMorgan  buys Bear Stearns for $2 a share</a> <i></i>  ( <a target="_blank" href="http://www.ft.com/cms/s/e2206ed2-f380-11dc-b6bc-0000779fd2ac.html">JPMorgan  buys Bear Stearns for $2 a share</a>, Mar 16, 2008 ) </li>
<li>20080312 : <a href="#n20080312X_economics_blog_fed_creativity_an_exchange">Economics  Blog Fed Creativity an Exchange</a> <i></i>  ( <a target="_blank" href="http://blogs.wsj.com/economics/2008/03/12/fed-creativity-an-exchange/">Economics  Blog Fed Creativity an Exchange</a>, Mar 12, 2008 ) </li>
<li>20080311 : <a href="#n20080311X_the_great_pretender"> The Great Pretender</a> <i></i>  ( <a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/03/great-pretender.html"> The Great Pretender</a>, Mar 11, 2008 ) </li>
<li>20080303 : <a href="#n20080303X_was_former_fed_chairman_a_clown_wearing_too_big_shooes"> Was former  Fed Chairman a clown wearing too big shooes </a> <i></i>  ( January 25, 2006 , <a target="_blank" href="http://www.crossingwallstreet.com/archives/2006/01/the_devil_wears.html">CrossingWallStreet.com </a> ) </li>
<li>20080228 : <a href="#n20080228X_inflation_is_your_bens_friend">Inflation is  Your (Bens) Friend</a> <i></i>  (  <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a>  ) </li>
<li>20080223 : <a href="#n20080223X_troubling_analogies_between_ussr_and_ussa_united_subprime_states_of_america">  Troubling analogies between USSR and USSA (United Subprime States of America).</a> <i></i>  ( Feb 23, 2008 ) </li>
<li>20080220 : <a href="#n20080220X_calculated_risk">Calculated Risk</a> <i></i>  ( <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a>, Feb 20, 2008 ) </li>
<li>20080220 : <a href="#n20080220X_what_they_need_is_a_moratorium_on_price_declines"> What they  need  is a moratorium on  price declines </a> <i></i>  ( <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/02/what-they-need-is-moratorium-on-price.html"> What they <i>need</i> is a moratorium on <i>price declines</i></a>, Feb 20, 2008 ) </li>
<li>20080219 : <a href="#n20080219X_how_subprime_really_works">How  SubPrime Really Works</a> <i></i>  ( <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/02/how-subprime-re.html">How  SubPrime Really Works</a>, Feb 19, 2008 ) </li>
<li>20080218 : <a href="#n20080218X_slowing_economy_scuppers_junk_bond_funds">Slowing  economy scuppers junk-bond funds  </a> <i></i>  (  <a target="_blank" href="http://www.usatoday.com/money/perfi/columnist/waggon/2008-02-07-higher-returns_N.htm">USATODAY.com</a> ) </li>
<li>20080217 : <a href="#n20080217X_physician_heal_thyself">Physician heal  thyself </a> <i> by Julian Delasantellis </i>  ( <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JB13Dj04.html">Asia Times</a> ) </li>
<li>20080208 : <a href="#n20080208X_boom_in_the_doom_itulip_com_forums">Boom in the  Doom - iTulip.com Forums</a> <i></i>  ( <a target="_blank" href="http://www.itulip.com/forums/showthread.php?p=26714#post26714">Boom in the  Doom - iTulip.com Forums</a>, Feb 8, 2008 ) </li>
<li>20080201 : <a href="#n20080201X_cbs_follies_every_breath_you_take_lyrics">CBS Follies  Every Breath You Take Lyrics</a> <i></i>  ( <a target="_blank" href="http://www0.gsb.columbia.edu/students/organizations/follies/every_breath_lyrics.html">CBS Follies  Every Breath You Take Lyrics</a>,  Feb 1, 2008 ) </li>
<li>20080201 : <a href="#n20080201X_stump_speech">Stump Speech</a> <i></i>  ( <a target="_blank" href="http://epicureandealmaker.blogspot.com/2008/01/stump-speech.html">Stump Speech</a>,  ) </li>
<li>20080201 : <a href="#n20080201X_international_political_economy_zone_casino_capitalism">International Political Economy  Zone Casino Capitalism</a> <i></i>  ( <a target="_blank" href="http://ipezone.blogspot.com/search/label/Casino%20Capitalism">International Political Economy  Zone Casino Capitalism</a>,  ) </li>
<li>20080126 : <a href="#n20080126X_job_description_rogue_trader">Job Description  – Rogue Trader</a> <i></i>  ( <a target="_blank" href="http://www.prudentbear.com/index.php/GuestCommentaryHome">Job Description  – Rogue Trader</a>, Jan 26, 2008 ) </li>
<li>20080125 : <a href="#n20080125X_jeff_matthews_is_not_making_this_up_the_great_private_equity_cash_robbery_of_2007"> Jeff Matthews Is Not Making This Up The Great Private Equity Cash Robbery of 2007</a> <i></i>  ( August 08, 2007<font size="3"><font face="Arial"><br> </font><font size="2"><br> </font><b><font size="2">The Shareholder Letter You Should, But Won't, Be Reading Next Spring </font></b><font size="2"> ) </li>
<li>20080125 : <a href="#n20080125X_go_to_las_vegas">Go to Las Vegas</a> <i></i>  ( <a target="_blank" href="http://gocee.com/poker/pokerjokes.htm">Go to Las Vegas</a>,  ) </li>
<li>20080125 : <a href="#n20080125X_greenspans_client_list_needs_someone_like_me">Greenspans Client List  Needs Someone Like Me</a> <i> by Caroline Baum</i>  ( Jan. 18 , Bloomberg ) </li>
<li>20050805 : <a href="#n20050805X_after_one_president_in_the_pocket_of_big_oil_we_can_t_afford_another_the_announcer"> "After one president in the pocket of big oil, we can't afford another," the announcer  on the advertisements for Mr Obama said.</a> <i></i>  ( Aug 5, 2005 ) </li>
</ul>
<h2><a name="News">Old News</a> ;-)</h2>

<h3><a name="December">December</a></h3>
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<td align="center"><a href="#n20050805X_after_one_president_in_the_pocket_of_big_oil_we_can_t_afford_another_the_announcer"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20090924X_democrats_say_quot_breakthrough_quot_enables_them_to_pass_bailout_bill_tomorrow"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 30, 2009] Like the Onion said: </h4>
<blockquote>

	<p>[Elections are over, but] <font color="#FF0000"><i><b>"the economy continues to campaign for 
	Obama"…</b></i></font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20091230X_like_the_onion_said"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090924X_democrats_say_quot_breakthrough_quot_enables_them_to_pass_bailout_bill_tomorrow" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090924X_ceo_economic_update_paulsons_bailout_letter"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 24, 2009]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/democrats-say-breakhrough-enables-them.html">Democrats 
Say "Breakthrough" Enables Them to Pass Bailout Bill Tomorrow</a></h4>
<blockquote>

	<p><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></p>

	<p>The issue of government controls on compensation for executives of corporations that participate 
	in the bailout had ignited a firestorm, with Americans complaining to their representatives in Congress 
	that these corporate chiefs shouldn't be rewardedhief rabbi of Jerusalem to eat bacon on Yom Kippur. 
	It was the most unthinkable thing they could think of."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090924X_democrats_say_quot_breakthrough_quot_enables_them_to_pass_bailout_bill_tomorrow"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090924X_ceo_economic_update_paulsons_bailout_letter" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090924X_the_big_picture_request_for_urgent_business_relationship"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 24, 2009] <a target="_blank" href="http://pbp.typepad.com/economy/2008/09/paulsons-bailout-letter.html">CEO 
Economic Update Paulson's Bailout letter</a></h4>
<blockquote>
	<b>CONFIDENTIAL</b> ATTN: <strike>PRESIDENT/DIRECTOR</strike> Taxpayer<O:P></span><p>
	<font size="3">Dear <strike>Sir</strike> Taxpayer,<O:P></font></p>

	<p><font size="3"><b>Request for Urgent Business Relationship</b><O:P></font></p>

	<p><font size="3">This letter may come to you as a surprise, please treat it like a blood brother 
	affair. Your address was made available to me by a good friend who works with the <strike>nigerian 
	chamber of commerce and industry</strike>  IRS.
										<O:P></font></p>

	<p><font size="3">I am <strike>Dr. Chinaka Steve</strike>,Hank Paulson, the <strike>principal accountant 
	with the Nigerian National Petroleum Corporation (NNPC) </strike>U.S. Treasury Secretary.  
	I am writing on behalf of my colleagues in <strike>the NNPC</strike>  Wall Street. </font>
	</p>

	<p><font size="3">We would like to transfer the sum of <strike>thirty two million</strike>  
	$700 Billion (or more). This money is now deposited in the <strike>NNPC</strike> U.S. treasury account
	<strike>with the</strike> <strike>Central Bank of Nigeria</strike>.
										<O:P></font></p>

	<p><font size="3">We have been safeguarding this money waiting for conducive time for its transfer.
										<O:P></font></p>

	<p><font size="3">The current favourable political climate <strike>since the assumption of duty 
	by the new civilian administration presented an opportunity for this money to be transferred out 
	of the country  </strike>is, ye gods, about to run out in 45 days! So ACT NOW! 
		<O:P></font></p>

	<p><font size="3">The Code of Conduct Bureau does not allow us to <strike>own and operate foreign 
	account</strike> print the money, therefore, we needed a <strike>foreign</strike> partner that will 
	present himself as the sub-contractor by providing his bank particulars so that the money will be 
	transferred <strike>into</strike> from his personal account. 
										<O:P></font></p>

	<p><font size="3">For your assistance in this business, <strike>your share will be 30% of the total 
	sum</strike> we will stop scaring the living daylights out of you.</font> </p>

	<p><font size="3">If you are willing to assist us in this transaction, please call your Representative 
	in Congress.</font> 
		<ST1:PLACE 
w:st="on">
		<ST1:COUNTRY-REGION w:st="on"> </p>

	<p><font size="3">BEST REGARDS,<br>
	<strike>DR. CHINAKA STEVE. </strike></font></p>

	<p><font size="3">Hank Paulson</font></p>
	<font size="3">Original letter <a target="_blank" href="http://www.scamorama.com/scam84.shtml">here</a><p>Hat tip 
	to "comrade NSA" in the
	<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/10-questions-fo.html#comments">comments 
	section at the Big Picture</a> for this idea</p>

	<p>Barry's got <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/request-for-urg.html">his 
	own version</a> here</font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090924X_ceo_economic_update_paulsons_bailout_letter"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090924X_the_big_picture_request_for_urgent_business_relationship" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090923X_the_big_picture_request_for_urgent_business_relationship"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 24, 2009]
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/request-for-urg.html#comments">The Big Picture 
REQUEST FOR URGENT BUSINESS RELATIONSHIP</a></h4>

<h5>Another variant of "Paulson letter"</h5>
<blockquote>

	<p>SUBJECT: REQUEST FOR URGENT BUSINESS RELATIONSHIP</p>

	<p>DEAR AMERICAN:</p>

	<p>I NEED TO ASK YOU TO SUPPORT AN URGENT SECRET BUSINESS RELATIONSHIP WITH A TRANSFER OF FUNDS 
	OF GREAT MAGNITUDE.</p>

	<p>I AM MINISTER OF THE TREASURY OF THE REPUBLIC OF AMERICA. MY COUNTRY HAS HAD CRISIS THAT HAS 
	CAUSED THE NEED FOR LARGE TRANSFER OF FUNDS OF 800 BILLION DOLLARS US (PLUS OR MINUS 500 BILLION). 
	IF YOU WOULD ASSIST ME IN THIS TRANSFER, IT COULD BE MOST PROFITABLE TO YOU.</p>

	<p>I AM WORKING WITH MR. BERNANKE, WINNER OF SOUTH CAROLINA STATE SPELLING BEE IN 1965, AND CURRENT 
	OVERSEER OF THE FEDERAL RESERVES. SO THIS TRANSACTION 100% SAFE.</p>

	<p>THIS IS A MATTER OF GREAT URGENCY. WE LIKE BLANK CHECKS. WE NEED FUNDS AS QUICKLY AS POSSIBLE. 
	WE CANNOT DIRECTLY TRANSFER THESE FUNDS IN THE NAMES OF OUR CLOSE FRIENDS BECAUSE WE ARE CONSTANTLY 
	UNDER SURVEILLANCE BY PAULTARDS AND SKINHEADS. MY FAMILY LAWYER ADVISED ME THAT I SHOULD LOOK FOR 
	A RELIABLE AND TRUSTWORTHY SHILL WHO WILL ACT AS 'INDENTURED SERVANT' SO THE FUNDS CAN BE EXPROPRIATED.</p>

	<p>PLEASE REPLY WITH ALL OF YOUR BANK ACCOUNT, IRA AND COLLEGE FUND ACCOUNT NUMBERS AND THOSE OF 
	YOUR CHILDREN AND GRANDCHILDREN TO WALLSTREETBAILOUT@PBC.GOV.CN SO THAT WE MAY TRANSFER YOUR 'COMMISSIONING' 
	FOR THIS TRANSACTION. AFTER OUR CHINESE CREDITORS RECEIVE THAT INFORMATION, I WILL RESPOND WITH 
	DETAILED INFORMATION ABOUT SAFEGUARDS THAT WILL BE USED TO PROTECT THE FUNDS.</p>

	<p>YOURS FAITHFULLY MINISTER OF TREASURY PAULSON</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090924X_the_big_picture_request_for_urgent_business_relationship"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090923X_the_big_picture_request_for_urgent_business_relationship" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090922X_the_innovator_the_imitator_the_idiot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 23, 2009]
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/request-for-urg.html#comments">The Big Picture 
REQUEST FOR URGENT BUSINESS RELATIONSHIP</a></h4>
<blockquote>

	<p>"Americans can always be counted on to do the right thing... after they have exhausted all other 
	possibilities."</p>

	<p align="right"><i>Old European.</i></p>

	<p><i>===</i></p>
	The Clintons took the furniture from the White House when they were (kind of) voted out .<p>Now 
	Bush & Co. want to take 700 billion (on top of the 500?? billions they've already squandered). Talk 
	about progress.</p>

	<p>But you gotta concede that Paulson is a great salesman, his insistence on being outraged at CEO's 
	pay and Wall Street shady practices is almost touching.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090923X_the_big_picture_request_for_urgent_business_relationship"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090922X_the_innovator_the_imitator_the_idiot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090922X_what_wall_street_should_be_required_to_do_to_get_a_blank_check_from_taxpayers"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 22, 2009] The Innovator, the Imitator, the Idiot by Barry Ritholtz</h4>
<blockquote>
	September 23, 2008 | <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a>

	<p>Today's credit crisis quote comes to us via Theodore Forstmann of of Forstmann Little & Company:></p>
	<blockquote>

		<p>"Buffett once told me there are three 'I's in every cycle. The 'innovator,' that's the first 
		'I.' After the innovator comes the 'imitator.' And after the imitator in the cycle comes the 
		idiot."</p>

		<p>-<a target="_blank" href="http://www.forbes.com/lists/2005/54/511W.html">Theodore Forstmann</a>, quoting 
		Warren Buffett</p>
	</blockquote>

	<p><i>Source:</i><br />
	<a target="_blank" href="http://online.wsj.com/article/SB121521029377229405.html">The Credit Crisis Is Going to 
	Get Worse</a><br />
	BRIAN M. CARNEY<br />
	INTERVIEW JULY 5, 2008<br />
	http://online.wsj.com/article/SB121521029377229405.html</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090922X_the_innovator_the_imitator_the_idiot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090922X_what_wall_street_should_be_required_to_do_to_get_a_blank_check_from_taxpayers" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090922X_economists_warn_market_close_to_collapse"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 22, 2009]
<a target="_blank" href="http://robertreich.blogspot.com/2008/09/what-wall-street-should-be-required-to.html">What Wall 
Street Should Be Required to Do, to Get A Blank Check From Taxpayers</a></h4>
<blockquote>

	<p>Sep 21, 2008 | <a target="_blank" href="http://robertreich.blogspot.com/">Robert Reich's Blog</a></p>

	<p>Never before in the history of American capitalism has so much been asked of so many for (at 
	least in the first instance) so few. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090922X_what_wall_street_should_be_required_to_do_to_get_a_blank_check_from_taxpayers"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090922X_economists_warn_market_close_to_collapse" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090922X_kill_all_bankers"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 22, 2009] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/economists-warn.html">Economists 
Warn Market Close To Collapse</a></h4>
<blockquote>

	<p>
	<a target="_blank" href="http://www.theonion.com/content/video/economists_warn_anti_bush?utm_source=embedded_video">
	Economists Warn Anti-Bush Merchandise Market Close To Collapse</a> </p>

	<p><b>Comments</b></p>
	Gees...for all those politico malcontents:<ul>

		<li>"Any man who afflicts the human race with ideas must be prepared to see them misunderstood."</li>

		<li>"Every normal man must be tempted at times to spit on his hands, hoist the black flag, and 
		begin to slit throats."</li>
	</ul>

	<p>-H L Mencken-<br>
	________________________________________</p>

	<p><br>
	Btw "The good times of today are the sad thoughts of tomorrow."</p>

	<p>-Bob Marley-</p>

	<p>Posted by: SR | Sep 22, 2008 7:11:51 PM </p>
</blockquote>
<blockquote>

	<p>This is from the Nation magazine. </p>

	<p>Dear American: </p>

	<p>I need to ask you to support an urgent secret business relationship with a transfer of funds 
	of great magnitude. </p>

	<p>I am Ministry of the Treasury of the Republic of America. My country has had crisis that has 
	caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in 
	this transfer, it would be most profitable to you. </p>

	<p>I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of 
	the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation 
	movement in the 1990s. This transaction is 100% safe. </p>

	<p>This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. 
	We cannot directly transfer these funds in the names of our close friends because we are constantly 
	under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy 
	person who will act as a next of kin so the funds can be transferred. </p>

	<p>Please reply with all of your bank account, IRA and college fund account numbers and those of 
	your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission 
	for this transaction. After I receive that information, I will respond with detailed information 
	about safeguards that will be used to protect the funds. </p>

	<p>Yours Faithfully Minister of Treasury Paulson<br>
 </p>

	<p>Posted by: JL | Sep 22, 2008 8:43:59 PM</p>

	<p>===</p>

	<p>As my girlfriend said in High School, "what's the rush?!".</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090922X_economists_warn_market_close_to_collapse"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090922X_kill_all_bankers" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090921X_the_unbearable_licitness_of_being_a_hedgie"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 22, 2009] <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/22/16188/kill-all-bankers/">Kill 
All Bankers</a></h4>

<h5>"Ben Bernanke, chairman of the Federal Reserve, and Hank Paulson, the Goldman Sachs tycoon who became 
US treasury secretary, have done more for socialism in the past seven days than anybody since Marx and 
Engels."</h5>
<blockquote>

	<p>Larry Elliott -
	<a target="_blank" href="http://www.guardian.co.uk/business/2008/sep/20/marketturmoil.banking">get in there</a>!</p>
	<blockquote>

		<p>This was the week the world changed…<font color="#FF0000"><i><b>Ben Bernanke, chairman of 
		the Federal Reserve, and Hank Paulson, the Goldman Sachs tycoon who became US treasury secretary, 
		have done more for socialism in the past seven days than anybody since Marx and Engels.</b></i></font></p>
	</blockquote>

	<p>Rachel Johnson on the
	<a target="_blank" href="http://women.timesonline.co.uk/tol/life_and_style/women/the_way_we_live/article4793409.ece">
	consequences for Notting Hill:</a></p>
	<blockquote>

		<p>As for me, well, for the first time since I moved to W11 in 1978, I feel a batsqueak of schadenfreude 
		about the bonfire of the bankers, but also a surge of something akin to relief that I have neither 
		stocks, shares, a pension, luxury car, nor cash to lose. </p>

		<p>All I've got is a mortgage to pay.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090922X_kill_all_bankers"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090921X_the_unbearable_licitness_of_being_a_hedgie" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090921X_blog_archive_we_couldn_t_have_said_it_better_ourselves"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 21, 2009]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/22/16189/the-unbearable-licitness-of-being-a-hedgie/">
The unbearable licitness of being (a hedgie)</a></h4>

<p>    Shorts are new evildoers. </p>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090921X_the_unbearable_licitness_of_being_a_hedgie"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090921X_blog_archive_we_couldn_t_have_said_it_better_ourselves" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090920X_analysis_how_serious_is_the_financial_crisis_for_asia_telegraph"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 21, 2009]<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/19/16160/we-couldnt-have-said-it-better-ourselves/"> 
" Blog Archive " We couldn't have said it better ourselves</a></h4>
<blockquote>

	<p> <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/19/16160/we-couldnt-have-said-it-better-ourselves/">FT 
	Alphaville</a></p>
	<ul>

		<li>So is the FSA going to prosecute itself for market manipulation? it might actually win a 
		case for once… - Daddy</li>

		<li>Daily Mail is just reporting that under "Hornby's Law" the Police have to notify everyone 
		in the area when a Short Seller moves into town. They have to sign the Short Seller's Register 
		as well. - Throg</li>

		<li>I've got my old teddy bear manacled and locked in the cupboard just in case he starts any 
		bearish activities like selling a stock he hasn't got. - Seaslug</li>

		<li>we are missing a big looming point here. while all the banks fell over like fat labradors 
		running over the wet kitchen floor, </li>

		<li>A bridge loan based on rapidly falling collateral is a bail out. - G Cox</li>

		<li>LIBOR, the price of something which isn't available - Bundesbank</li>

		<li>You British and Americans just don't know how to run an economy. - R Mugabe</li>

		<li>short financials, long island iced tea - hector</li>
	</ul>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090921X_blog_archive_we_couldn_t_have_said_it_better_ourselves"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090920X_analysis_how_serious_is_the_financial_crisis_for_asia_telegraph" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090920X_bill_moyers_journal_what_questions_would_you_ask_u_s_financial_leaders"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 20, 2009]
<a target="_blank" href="http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/09/18/cnhbos518.xml">
Analysis How serious is the financial crisis for Asia - Telegraph</a></h4>
<blockquote>

	<p>Q: What's the difference between Chinese and American banks ?  </p>

	<p>A: None: they are both propped up by the Chinese renminbi. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090920X_analysis_how_serious_is_the_financial_crisis_for_asia_telegraph"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090920X_bill_moyers_journal_what_questions_would_you_ask_u_s_financial_leaders" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090920X_u_s_treasury_to_insure_good_weather_all_weekend"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 20, 2009]
<a target="_blank" href="http://www.pbs.org/moyers/journal/blog/2008/09/what_questions_would_you_ask_u.html">Bill Moyers 
Journal What Questions Would You Ask U.S. Financial Leaders</a></h4>
<blockquote>

	<p>A stimulus package to taxpayers in the process of foreclosure is like giving the patient candy 
	while his legs are amputated.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20090920X_bill_moyers_journal_what_questions_would_you_ask_u_s_financial_leaders"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20090920X_u_s_treasury_to_insure_good_weather_all_weekend" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20090830X_ft_com_gideon_rachman_s_blog_column_why_obama_looks_vulnerable_comments"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 20, 2009] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bn-us-treasury.html">U.S. 
TREASURY TO INSURE GOOD WEATHER ALL WEEKEND</a> by Barry Ritholtz</h4>
<blockquote>
	September 19, 2008 |  <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a>

	<p>There's your headlines of the day:</p>
	<blockquote>

		<p><b>(BN) </b></p>

		<p><b>*U.S. TREASURY TO INSURE GOOD WEATHER ALL WEEKEND </b></p>

		<p><b>*FEDERAL RESERVE TO INSURE PERSONAL HAPPINESS</b></p>

		<p><b>*U.S. TREASURY TO REPAIR TOM BRADY'S DAMAGED KNEE</b></p>

		<p><b>*CONGRESS TO GUARANTEE HAPPY DAYS ARE HERE AGAIN</b></p>
	</blockquote>
</blockquote>

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<h4>[Aug 30, 2009]
<a target="_blank" href="http://blogs.ft.com/rachmanblog/2008/08/column-why-obama-looks-vulnerable/#comments">FT.com 
Gideon Rachman's Blog Column Why Obama looks vulnerable#comments</a></h4>
<blockquote>

	<p>There is a rumor going around that China's factory, working three shifts, may not be able to 
	produce enough American flags in time for the Republican convention.</p>
</blockquote>

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<h4>[Aug 29, 2009]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html">Divine intervention</a></h4>

<h5>"Where religion and money intersect, there's usually fraud... Puts a whole new meaning on the motto... 
"In God We <a target="_blank" href="http://www.businessdictionary.com/definition/trust-company.html">
Trust</a>." CEO Steve Skow earned $1.8 million that year, while senior lender and executive vice president 
Doug Ballard earned $847,222. A typical community bank CEO, banking consultants said, earn roughly $300,000 
per year."</h5>
<blockquote>
	The plot is already familiar: the Friday night, FDIC prepack, in this case, with Birmingham, Alabama-based 
	Regions bank assuming all $974 million of deposits and $34 million of assets. The New York Times 
	reported that the bank focused on real estate lending and
	<a target="_blank" href="http://www.nytimes.com/2008/08/30/business/30fail.html?ref=business">had a "faith based 
	culture"</a>. . The results suggest that they might have relied overmuch on divine intervention 
	at the expense of due diligence
</blockquote>

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<h4>[Dec 31, 2008]
<a target="_blank" href="http://nymag.com/daily/intel/2008/12/2008_investment_guides_are_hil.html">2008 Investment Guides 
Are HILARIOUS  </a></h4>

<h5>While Jim Kramer was always a clown (only Kudlow comes close  ;-), others are not much better... 
For additional list of clowns see
<a target="_blank" href="http://articles.moneycentral.msn.com/Investing/Extra/the-worst-media-calls-of-2008.aspx">The 
worst media calls of 2008 - MSN Money</a> and
<a target="_blank" href="http://www.reuters.com/article/pressRelease/idUS145128+09-Jan-2008+BW20080109">'10 Predictions' 
for 2008 </a>(Reuter). </h5>
<blockquote>

	<h6><a target="_blank" href="http://nymag.com/daily/intel/2008/12/2008_investment_guides_are_hil.html">New York 
	Magazine</a></h6>

	<p>Lately, it seems like everywhere you turn, someone is crowing that they saw the current financial 
	crisis coming. George Soros. John Paulson.
	<a target="_blank" href="http://news.moneycentral.msn.com/ticker/article.aspx?Feed=FOOL&Date=20081201&ID=9415505&Symbol=GS">
	Steve Eisman</a>.
	<a target="_blank" href="http://www.nytimes.com/2008/12/21/business/21admin.html?sq=Falcon&st=cse&scp=1&pagewanted=all">
	Armando Falcon</a>. There are so many of them, you wonder who <i>didn't</i> see it coming. The answer 
	is, well, most people. After the jump, have a look back at some of the stocks chosen in the annual 
	investment guides of some leading publications (including, alas, this one) as smart buys in 2008.
	</p>

	<p><b>Jon Birger, senior writer, <i>Fortune's Investors Guide 2008</i></b><br>
	<b>
	<a target="_blank" href="http://money.cnn.com/galleries/2007/fortune/0712/gallery.investorsguide_stocks.fortune/8.html">
	What he said then</a>:</b> "Question: What do you call it when an $8 billion asset write-down translates 
	into a $30 billion loss in market cap? Answer: an overreaction … Smart investors should buy [Merrill 
	Lynch] stock before everyone else comes to their senses."<br>
	<b>What we know now:</b> Merrill agreed to sell itself Bank of America to avoid a Lehman-like flameout 
	in a deal closing in January. Meanwhile, Merrill's shares plummeted 77 percent. </p>

	<p><b>Elaine Garzarelli, president of Garzarelli Capital, in <i>Business Week's Investment Outlook 
	2008</i></b><br>
	<b><a target="_blank" href="http://www.businessweek.com/magazine/content/07_53/b4065044231464_page_2.htm">What she 
	said then</a>:</b> "Garzarelli is advising investors to buy some of the most beaten-down stocks, 
	including those of giant financial institutions such as Lehman Brothers, Bear Stearns, and Merrill 
	Lynch. What would cause her to turn bearish? Not much. 'Our indicators are extremely bullish.'"<br>
	<b>What we know now:</b> As of January 1, none of these firms will still exist. Lehman went bankrupt. 
	JPMorgan and Chase bought Bear Stearns in a fire sale. We all know Merrill's fate.</p>

	<p><b>Sarah Ketterer, CEO of Causeway Capital Management in <i>Fortune's Investors Guide 2008</i></b><br>
	<b><a target="_blank" href="http://money.cnn.com/2007/12/10/pf/ahead_in_2008.fortune/index.htm">What she said then</a>:</b> 
	Q: "Sarah, where to you see value?" A: "There are [financial firms] that have been tainted by this 
	huge credit problem … Fannie Mae and Freddie Mac have been pummeled. Our stress-test analysis indicates 
	those stocks are at bargain basement prices."<br>
	<b>What we know now:</b> The federal government placed these two lenders under "conservatorship" 
	in September. By then, shares of Fannie and Freddie had lost 90 percent of their value.</p>

	<p><b>Jon Birger, senior writer, in <i>Fortune's Investors Guide 2008</i></b><br>
	<b>
	<a target="_blank" href="http://money.cnn.com/galleries/2007/fortune/0712/gallery.investorsguide_stocks.fortune/6.html">
	What he said then</a>:</b> "CEO Jeffrey Immelt has been leading a successful makeover at General 
	Electric, though you wouldn't know it from GE's flaccid stock price. <font color="#FF0000"><i>
	<b>Our bet is that in a stormy market investors will gravitate toward the ultimate blue chip</b></i></font>."<br>
	<b>What we know now:</b> GE's stock price has tumbled 55 percent percent this year and it's on the 
	verge of losing its triple-A credit rating. Analysts are nervous about its financial-services division, 
	which provides about half of GE's earnings.</p>

	<p><b>Archie MacAllaster, chairman of MacAllaster Pitfield MacKay in <i>Barron's 2008 Roundtable</i></b><br>
	<b>
	<a target="_blank" href="http://online.barrons.com/article/SB120132064710419211.html?mod=article-outset-box&page=sp">
	What he said then</a>:</b>"A lot of people think Bank of America will cut its dividend, but I don't 
	think there's a chance in the world. I think they'll raise it this year; they have raised it a little 
	in each of the past 20 to 25 years. My target price for the stock is $55."<br>
	<b>What we know now:</b> BofA may not have gone the way of Lehman. But investors who sold when MacAllaster 
	told them to buy were shrewd. The bank's share price now hovers around $14, and it has slashed its 
	dividend in half. </p>

	<p><b>One of our own: James J. Cramer, contributing editor, in his "Future of Business" column in
	<i>New York</i> Magazine</b><br>
	<b><a target="_blank" href="http://nymag.com/news/businessfinance/bottomline/42392/">What he said then</a>:</b> 
	"Goldman Sachs makes more money than every other brokerage firm in New York combined and finishes 
	the year at $300 a share. Not a prediction - an inevitability."<br>
	<b>What we know now: </b>In mid-December, Goldman Sachs' share price was $78. The firm also announced 
	a $2.2 billion quarterly loss, its first since going public nine years ago.</p>
</blockquote>

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<h4>[Dec 31, 2008] Q: On black swaps and stock market in 2008</h4>
<blockquote>

	<p>Q: If Tchaikovsky wrote a ballet about stock market crash in 2008 what would be the hit music 
	peace</p>

	<p>A: Of course, this would be "The dance of black swans"</p>
</blockquote>

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<h4>[Dec 31, 2008] Song about price discovery for assets</h4>

<p>Hat tip to reader Glen commenting Naked Capitalism blog entry
<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/banking-industry-sinking-faster-than.html">Banking Industry 
Sinking Faster Than Government Can Bail</a></p>
<blockquote>

	<p>Round, like a circle in a spiral<br>
	Like a wheel within a wheel<br>
	Never ending or beginning<br>
	On an ever-spinning whell</p>

	<p>... ... ... </p>

	<p>Like the circles that you find<br>
	In the windmills of your mind.</p>

	<p><i><b>Sting -
	<a target="_blank" href="http://www.stlyrics.com/lyrics/thethomascrownaffair/windmillsofyourmind.htm">Windmills</a></b></i></p>
</blockquote>

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<h4>[Dec 29, 2008]
<a target="_blank" href="http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081224_028134.htm">The Worst 
Predictions About 2008</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081224_028134.htm"> BusinessWeek</a></h6>

	<p>Here are some of the worst predictions that were made about 2008. <font color="#FF0000"><i>
	<b>Savor them-a crop like this doesn't come along every year. </b></i></font></p>

	<p><b>1.</b> "A very powerful and durable rally is in the works. But it may need another couple 
	of days to lift off. Hold the fort and keep the faith!" -<cite><a target="_blank" href="http://www.marketwatch.com/News/Story/dow-heading-16000-richard-band/story.aspx?guid=%7BEADD139D-1954-4FD6-979A-F6100F2E910F%7D&print=true&dist=printMidSection">Richard 
	Band</a>, editor, </cite>Profitable Investing Letter<cite>, Mar. 27, 2008</cite> </p>

	<p>At the time of the prediction, the Dow Jones industrial average was at 12,300. By late December 
	it was at 8,500. </p>

	<p><b>2.</b> AIG (<a target="_blank" href="http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=AIG">AIG</a>) 
	"could have huge gains in the second quarter." -<cite><a target="_blank" href="http://www.marketwatch.com/news/story/aig-could-have-huge-gains/story.aspx?guid=%7BBECEB966-AD9E-4628-A2C7-5C749CB831ED%7D">Bijan 
	Moazami</a>, analyst, Friedman, Billings, Ramsey, May 9, 2008</cite> </p>

	<p>AIG wound up losing $5 billion in that quarter and $25 billion in the next. It was taken over 
	in September by the U.S. government, which will spend or lend $150 billion to keep it afloat.
	</p>

	<p><b>3.</b> "I think this is a case where Freddie Mac (<a target="_blank" href="http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=FRE">FRE</a>) 
	and Fannie Mae (<a target="_blank" href="http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=FNM">FNM</a>) 
	are fundamentally sound. They're not in danger of going under…I think they are in good shape going 
	forward." -<cite><a target="_blank" href="http://www.cnbc.com//id/25678931">Barney Frank</a> (D-Mass.), 
	House Financial Services Committee chairman, July 14, 2008</cite> </p>

	<p>Two months later, the government forced the mortgage giants into conservatorships and pledged 
	to invest up to $100 billion in each. </p>

	<p><b>4.</b> "The market is in the process of correcting itself." -<cite><a target="_blank" href="http://www.whitehouse.gov/news/releases/2008/03/20080314-5.html">President 
	George W. Bush</a>, in a Mar. 14, 2008 speech</cite> </p>

	<p>For the rest of the year, the market kept correcting…and correcting…and correcting. </p>

	<p><b>5.</b> "No! No! No! Bear Stearns is not in trouble." -<cite><a target="_blank" href="http://www.cnbc.com/id/23575614/">Jim 
	Cramer</a>, CNBC commentator, Mar. 11, 2008</cite> </p>

	<p>Five days later, JPMorgan Chase (<a target="_blank" href="http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=JPM">JPM</a>) 
	took over Bear Stearns with government help, nearly wiping out shareholders. </p><b>6.</b> "Existing-Home Sales to Trend Up in 2008" -<cite>Headline of a
	<a target="_blank" href="http://www.realtor.org/press_room/news_releases/2007/ehs_dec07_trend_up_2008">National Association of Realtors</a> press release, Dec. 9, 2007</cite>

	<p>On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million-down 
	11% from a year earlier-in the worst housing slump since the Depression. </p>

	<p><b>7.</b> "I think you'll see [oil prices at] $150 a barrel by the end of the year" -<cite><a target="_blank" href="http://www.canada.com/reginaleaderpost/news/working/story.html?id=9fbdc2c1-5513-461f-b029-e1a33606d076">T. 
	Boone Pickens</a>, June 20, 2008</cite> </p>

	<p>Oil was then around $135 a barrel. By late December it was below $40. </p>

	<p><b>8.</b> "I expect there will be some failures. … I don't anticipate any serious problems of 
	that sort among the large internationally active banks that make up a very substantial part of our 
	banking system." -<cite><a target="_blank" href="http://www.reuters.com/article/bankingFinancial/idUSN2857366320080228">Ben 
	Bernanke</a>, Federal Reserve chairman, Feb. 28, 2008</cite> </p>

	<p>In September, Washington Mutual became the largest financial institution in U.S. history to fail. 
	Citigroup (<a target="_blank" href="http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=C">C</a>) 
	needed an even bigger rescue in November. </p>

	<p><b>9.</b> "In today's regulatory environment, it's virtually impossible to violate rules." -<cite><a target="_blank" href="http://dealbreaker.com/2008/12/and-let-us-just-say-bravo.php">Bernard 
	Madoff</a>, money manager, Oct. 20, 2007</cite> </p>

	<p>About a year later, Madoff-who once headed the Nasdaq Stock Market-told investigators he had 
	cost his investors $50 billion in an alleged Ponzi scheme. </p>

	<p><b>10.</b> <cite>A Bound Man: Why We Are Excited About Obama and Why He Can't Win</cite>, the
	<a target="_blank" href="http://www.bestwebbuys.com/A_Bound_Man-ISBN_9781416559177.html?isrc=b-search">title of a book</a> by conservative commentator Shelby Steele, published on Dec. 4, 2007. 
	</p>

	<p>Mr. Steele, meet President-elect Barack Obama. </p>

</blockquote>

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<h4>[Dec 28, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2004/11/the_mostlykinda.html">Seven habits that help produce the anything-but-efficient markets </a></h4>
<blockquote>

	<h6>February 13, 2005 | 
	<a target="_blank" href="http://bigpicture.typepad.com/comments/2004/11/the_mostlykinda.html">Big Picture</a></h6>

	<p>I came across an <a target="_blank" href="http://netec.mcc.ac.uk/JokEc.html">economist joke</a> on point with 
	the ideas in this post:</p>
	<blockquote>

		<p><i>Seven habits that help produce the anything-but-efficient markets that rule the world 
		by Paul Krugman in Fortune. </i></p>
		<blockquote>

			<p>1. Think short term. <br>
			2. Be greedy. <br>
			3. Believe in the greater fool <br>
			4. Run with the herd. <br>
			5. Overgeneralize <br>
			6. Be trendy <br>
			7. Play with other people's money </p>
		</blockquote>
	</blockquote>
</blockquote>

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<h4>[Dec 26, 2008] Madoff Ponzi scandal: "It's like discovering that Ben Bernanke is running a meth 
lab inside the Federal Reserve."</h4>

<h5>Bernanke's Fed already managed to made itself the world's largest financial junkyard but the possibility 
of a meth lab inside Fed is a really new level of thinking about corruption of the Fed and definitely 
represents unorthodox metaphor about what we saw along the way  :-)</h5>
<blockquote>

	<h6><a target="_blank" href="http://kunstler.com/">James Howard Kunstler</a></h6>

	<p>Zounds! Public sentiment toward the accelerating economic fiasco has shifted, seemingly overnight, 
	from a mood of nauseated amazement to one of panicked grievance as the United States moves closer 
	to an apparent comprehensive collapse -- and so ill-timed, wouldn't you know it, to coincide with 
	the annual rigors of Santa Claus. The tipping point seems to be the Bernie Madoff $50 billion Ponzi 
	scandal, which represents the grossest failure of authority and hence legitimacy in finance to date 
	in as much as Mr. Madoff was a former chairman of the NASDAQ, for godsake.<font color="#FF0000"><i><b> 
	It's like discovering that Ben Bernanke is running a meth lab inside the Federal Reserve. </b>
	</i></font></p>
</blockquote>

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<h4>[Dec 24, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html">There 
is no playbook</a></h4>

<h5>"Wow they are putting a lot of faith in Obama, with the democratic Congress has a lower approval 
rating than the Bush administration."</h5>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html">naked capitalism
	</a></h6>
	<blockquote>

		<p>As a dog owner, also, I firmly believe that <font color="#FF0000"><i><b>I get a better, more 
		rational, and more self-aware response from my dogs than from this administration.</b></i></font></p>
	</blockquote>

	<p><a target="_blank" href="http://www.ritholtz.com/blog/2008/12/obama-approval-poll/#comments">Obama Approval Poll 
	The Big Picture</a></p>
	<blockquote>

		<p>"An Obama job approval rating of 79 percent - that's the sort of rating you see when the 
		public rallies around a leader after a national disaster. <font color="#FF0000"><i><b>To many 
		Americans, the Bush administration was a national disaster."</b></i></font></p>

		<p>- Bill Schneider, CNN's senior political analyst, on a poll indicating overwhelming approval 
		for Barack Obama.</p>
	</blockquote>
</blockquote>

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</tr></table></center>

<h4>[Dec 23, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/12/hedgie-xmas-card/">A Hedge Fund Manager's 
Holiday Card</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a></h6>

	<p>This bloody brilliant card is what a hedgie we know is sending out for Christmas:</p>

	<p>
	<img border="0" src="../Images/we_wish_you_a_merry_christmas.png" width="410" height="474"></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081223X_a_hedge_fund_manager_s_holiday_card"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081223X_peter_shiff_expose_cnbc_clowns" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081222X_christmas_wish_for_the_new_treasury_secretary"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>Peter Shiff expose CNBC clowns: </h4>
<blockquote>
	<embed height="344" type="application/x-shockwave-flash" width="425" src="http://www.youtube.com/v/2I0QN-FYkpw&color1=0xb1b1b1&color2=0xcfcfcf&feature=player_embedded&fs=1" allowfullscreen="true"></blockquote>


<h4><b>[Dec 23, 2008]
<a target="_blank" href="http://www.prospect.org/csnc/blogs/ezraklein_archive?month=12&year=2008&base_name=making_money_by_watching_telev">
MAKING MONEY BY WATCHING TELEVISION</a> by  </b>
<a target="_blank" href="http://www.prospect.org/csnc/blogs/ezraklein_archive?month=12&year=2008&base_name=making_money_by_watching_telev">
Ezra Klein | </a></h4>

<h5>"The people on the financial news shows are idiots who are trying to make you poor". Idiots ? No 
way. They are paid to do this by Wall Street, don't they ?  But the quote <i><b>
<font color="#FF0000"> "anyone who has ever read Larry Kudlow wonders how he's able to manage a 
folding chair without assistance, much less other people's money.</font></b></i> " is a real hit !!!</h5>
<blockquote>

	<h6>December 2, 2008 |
	<a target="_blank" href="http://www.prospect.org/csnc/blogs/ezraklein_archive?month=12&year=2008&base_name=making_money_by_watching_telev">
	The American Prospect</a></h6>

	<p>Via Mike Scherer, <font color="#FF0000"><i><b>the people on the financial news shows are idiots 
	who are trying to make you poor....</b></i></font> The gig is to make you feel like you can make 
	money, so you keep watching for more awesome, money-making tips. That means they have to explain 
	how you can do things that will make you money. And that means there have to be broad and obvious 
	ways to make money. And more than that, it has to seem like the folks on the teevee know how to 
	make that money. But they don't.</p>

	<p>CXO Advisory Group tracked Jim Cramer's picks for awhile and concluded "Based on subsequent stock 
	market performance and our judgments about his forecasts for overall stock market direction, Jim 
	Cramer is right about 46% of the time with his stock market predictions, a little below average." 
	Stunning performance.<i><b> </b></i></p>

	<p><i><b><font color="#FF0000">Meanwhile, anyone who has ever read Larry Kudlow wonders how he's 
	able to manage a folding chair without assistance, much less other people's money.</font></b></i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081223X_peter_shiff_expose_cnbc_clowns"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081222X_the_silver_bear_cafe"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 22, 2008]
<a target="_blank" href="http://www.economist.com/blogs/theworldin2009/2008/12/ben_bernankes_2009.cfm#list-comments">
Christmas wish for the new Treasury secretary</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.economist.com/blogs/theworldin2009/2008/12/ben_bernankes_2009.cfm#list-comments">
	Economist.com</a></h6>

	<p>Well, hopefully he and the Treasury secretary don't do something stupid like go before the Congress 
	and say "oh my god! the sky is falling - if y'all don't give us $700 billion to throw around by 
	Friday the economy's going to collapse!" </p>

	<p>That would really scare ordinary people, cause them to completely stop buying things like cars 
	and such and hoard their cash. Oh wait, that was 2008.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081222X_christmas_wish_for_the_new_treasury_secretary"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081222X_quot_a_solution_to_the_principal_agent_problem_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 22, 2008] <a target="_blank" href="http://silverbearcafe.com/private/12.08/predictions.html">The Silver Bear 
Cafe</a></h4>
<blockquote>

	<p><font face="Arial, Helvetica, sans-serif" size="2">Some measure of normalcy will hold out until 
	late spring or early summer, mostly based on hopes for the Obama Presidency.
	<font color="#FF0000"><i><b>But by late summer 2009, the aggregate loss of jobs, credit and wealth 
	will cause an economic crisis that makes our current situation look pretty mild.</b></i></font> 
	With predictions of up to a million jobs lost each month, there will simply come a point at which 
	the economy as we understand it now cannot function - we will see the modern equivalents of breadlines 
	and stockbrokers selling apples on the streets.</font><font size="3" face="Arial, Helvetica, sans-serif">
	</font><font size="2" face="Arial, Helvetica, sans-serif"><i><font color="#990000">(Editor's Note: 
	Given that she nailed most of her 2008 predictions, Sharon Astyk's 2009 prognostications are worth 
	paying attention to. - JSB)</font></i></font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081222X_the_silver_bear_cafe"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081221X_the_pursuit_of_wealth"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 22, 2008]
<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/12/a-solution-to-t.html">"A Solution 
to the Principal-Agent Problem"</a></h4>

<h5>A lot of people now would approve braking banksters legs as a compensation for the financial losses 
they suffered ; -). They problem is that there are not enough legs...  Mr. Bernard Madoff has just 
two... </h5>
<blockquote>

	<p>How to solve the moral hazard problem involved in body swapping:</p>
	<blockquote>

		<p>
		<a target="_blank" href="http://www.journals.uchicago.edu/doi/full/10.1086/339335?prevSearch=(back+cover)+AND+[journal:+jpe]">
		The Bible Meets Science Fiction: A Solution to the Principal-Agent Problem, Suggested by Lawrence 
		H. Officer, JPE Back Cover, vol. 110, no. 1</a>: "Next, you and the Martian Gentleman will both 
		sign a Reciprocal Damage Clause. This states that any damage to your host body, whether by omission 
		or commission, and including Acts of God, will, one, be recompensed at the rate established 
		by interstellar convention, and, two, that such damage will be visited reciprocally upon your 
		own body in accordance with the <i>lex talionis.</i>"</p>

		<p>"Huh?" Marvin said.</p>

		<p>"Eye for eye, tooth for tooth," Mr. Blanders explained. "It's really quite simple enough. 
		Suppose you, in the Martian corpus, break a leg on the last day of Occupancy. You suffer the 
		pain, to be sure, but not the subsequent inconvenience, which you avoid by returning to your 
		own undamaged body. But this is not equitable. Why should you escape the consequences of your 
		own accident? Why should someone else suffer those consequences for you? So, in the interests 
		of justice, interstellar law requires that, upon reoccupying your own body, your own leg be 
		broken in as scientific and painless a manner as possible."</p>

		<p>"Even if the first broken leg was an accident?"</p>

		<p>"<i>Especially</i> if it were an accident. We have found that the Reciprocal Damage Clause 
		has cut down the number of such accidents quite considerably." [Robert Sheckley, <i>Mindswap</i> 
		(New York: Dell, 1966), p. 17.] </p>
	</blockquote>

	<p>Instead of borrowing somebody's body, Wall Street borrows their money. But when they do the equivalent 
	of breaking your leg - when they damage the deposits they are holding - they don't always suffer 
	any consequences. In fact, many of them get to keep the large bonuses they earned for managing the 
	money so poorly, e.g. see Krugman's latest
	<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/12/paul-krugman-th.html">column</a>. 
	A broken leg clause is a bit on the thuggish side, of course, financial penalties are more acceptable, 
	but this does make clear the need for money managers to "feel your pain" in order to get the incentives 
	correct.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081222X_quot_a_solution_to_the_principal_agent_problem_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081221X_the_pursuit_of_wealth" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081221X_no_end_to_financial_disorder"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008]
<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/12/the-pursuit-of.html">The Pursuit of 
Wealth</a></h4>

<h5>We all know that for the last 4 years well known and well paid captains of financial industry as 
well as most regulators and economists behaved like narcissistic  idiots they were ( "useful idiots" 
in Wall Street terminology). But Krugman suggests that this just an example of a broader trend: money 
are opium for the sound judgment. That means that we need to keep our friends in high places pretty 
lean...  Let's start with professors of economics ;-)</h5>
<blockquote>

	<h6><a target="_blank" href="http://economistsview.typepad.com/">Economist's View</a></h6>

	<p>This morning that meant a stream of thoughts triggered by Paul Krugman's most
	<a target="_blank" href="http://www.nytimes.com/2008/12/19/opinion/19krugman.html?_r=1&partner=permalink&exprod=permalink">
	recent op-ed</a>, particularly this:</p>
	<blockquote>

		<p>Most of all, the vast riches being earned - or maybe that should be "earned" -
		<font color="#FF0000"><i><b>in our bloated financial industry undermined our sense of reality 
		and degraded our judgment. </b></i></font></p>

		<p>Think of the way almost everyone important missed the warning signs of an impending crisis. 
		How was that possible? How, for example, could Alan Greenspan have declared, just a few years 
		ago, that "the financial system as a whole has become more resilient" - thanks to derivatives, 
		no less? The answer, I believe,<font color="#FF0000"><i><b> is that there's an innate tendency 
		on the part of even the elite to idolize men who are making a lot of money, and assume that 
		they know what they're doing.</b></i></font></p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_the_pursuit_of_wealth"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081221X_the_devil_and_bernard_madoff"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008] <font size="3"><b>
<a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL19Dj02.html">No end to financial disorder</a>
</b></font>By Hossein Askari and Noureddine Krichene </h4>
<blockquote>

	<h6><a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL19Dj02.html">Asia Times </a></h6>

	<p>However, since Bernanke is only printing money out of thin air to buy financial paper, his action 
	is tantamount to shoplifting. The shoplifter walks away with stolen goods. The shop owner, realizing 
	part of his merchandise has disappeared, has no choice except to hike the price of the remaining 
	goods. Call it inflation.</p>

	<p><b>... ... ...</b></p>

	<p>Like other economies in the past, the US economy will most likely settle in stagflation equilibrium 
	for the future, with no prospects for ending the current fiscal and monetary expansion. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_no_end_to_financial_disorder"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081221X_the_devil_and_bernard_madoff" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081221X_the_fed_has_become_a_prime_broker_will_lend_to_hedge_funds_under_consumer_loan_program"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL19Dj03.html">The devil and 
Bernard Madoff</a> By Spengler</h4>

<h5>Looks like Bernard Madoff performed a useful social function that Bushevisks were afraid to assume...  
How about a reward for the man who single-handedly made a mortal blow to so many hedge funds... </h5>
<blockquote>

	<h6>December 18, 2008 | <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy.html">Asia Times Online</a></h6>

	<p>Now that the whole horrible truth has come to light, I have no more reason to conceal my true 
	identity. I am Bernard Madoff. </p>

	<p>Well, not really. But I wish I were. Few Americans have done more to punish stupidity, pretension 
	and complacency than Madoff, whose apparent US$50 billion swindle calls to mind the caper by Mephistopheles 
	in the second part of Goethe's <i>Faust</i>. The fictional devil persuaded the emperor to issue 
	paper money against buried treasured yet to be discovered. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_the_devil_and_bernard_madoff"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081221X_sidestepping_the_housing_bust"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/fed-has-become-prime-broker-will-lend.html">The Fed 
Has Become a Prime Broker, Will Lend to Hedge Funds Under Consumer Loan Program</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/2008/12/fed-has-become-prime-broker-will-lend.html">
	nakedcapitalism.com</a></h6>

	<p>The Fed should launch a Bottom-Fishers Loan Facility. Administration would be outsourced to firms 
	with retail brokerage operations. Every household would be eligible for a loan of up to $100,000, 
	with investments restricted to US securities, mutual funds, and ETFs (except the "inverse" or short 
	ETFs, and ones that play in currencies or commodities). The exact amount is determined by a score 
	that looks at age, how underwater your investment portfolio is, and your FICO (being older, having 
	significant investment losses, and FICOs that are low but short of simply dreadful are viewed favorably). 
	If the Fed really wanted to encourage this sort of activity, it could also forgive the loans for 
	the borrowers who achieved the top 1% performance among all program participants.</p>

</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_the_fed_has_become_a_prime_broker_will_lend_to_hedge_funds_under_consumer_loan_program"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081221X_sidestepping_the_housing_bust" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081221X_there_is_no_playbook"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/sidestepping-housing-bust.html">Sidestepping 
the housing bust</a> </h4>
<blockquote>

	<h6> December 19, 2008 |
	<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/sidestepping-housing-bust.html">
	themessthatgreenspanmade.blogspot.com</a></h6>One man's story about how he avoided the pain and misery associated with the bursting of the housing 
	bubble, from <a target="_blank" href="http://www.theonion.com/content/">The Onion</a>.<br>
	<img border="0" alt="IMAGE " src="http://www.iaconoresearch.com/BlogImages/08-12-19c_live_at_home.png"><p>
	<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/sidestepping-housing-bust.html">Read 
	more...</a> </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_sidestepping_the_housing_bust"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081221X_there_is_no_playbook" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081221X_robert_reichs_blog_greenspan_and_democracy"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008]<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html"> There 
is no playbook</a></h4>

<h5>"Oh well, whatever, it's fun to take pot shots at doofus on his way out the door - and don't come 
back"<br>
From comments: </h5>
<blockquote>

	<h6>December 20, 2008 |
	<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/there-is-no-playbook.html">naked capitalism</a></h6>

	<p><b>Anonymous:</b></p>
	<dl>
		<dd>"That is more than a bit of revisionist history. If you don't believe in oversight, pray 
		tell how are you going to assess the quality of decisions being made?"<p>You know Doc, you're 
		over-analyzing again. I see only reflexive responses by the sedate, possibly unconscious Mr. 
		Bush. </p>

		<p><font color="#FF0000"><i><b>I believe you own a dog, and likely (as with most dog owners) 
		you've engaged in long, deliberative criticism and conversation with the beast over its habits.
		</b></i></font></p>

		<p>When it barks, do you attribute the sound to a reasonable, rational response? Or does the 
		dog toss you the same answer every time? Does the dog really care?</p>
		</dd>
		<dd> </dd>
		<dt><b><a target="_blank" href="http://www.blogger.com/profile/17571602929497765518">Fraud Guy</a><a target="_blank" href="http://www.blogger.com/profile/17571602929497765518">:</a></b></dt>
		<dd><font color="#FF0000"><i><b>As a dog owner, also, I firmly believe that I get a better, 
		more rational, and more self-aware response from my dogs than from this administration.</b></i></font></dd>
	</dl>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_there_is_no_playbook"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081220X_the_bailout_explained"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 21, 2008] <a target="_blank" href="http://robertreich.blogspot.com/2008/12/greenspan-and-democracy.html">Robert 
Reich's Blog Greenspan and Democracy</a></h4>
<blockquote>
	<dl>
		<dt><a target="_blank" href="http://www.blogger.com/profile/07360471548267510677">Excentrik</a> 
		said... </dt>
		<dd>Perhaps a ten step program for CEOs is in order. Then again, perhaps they have not sunk 
		low enough to think they need help.<p><font color="#FF0000"><i><b>I'm thinking Greedaholics 
		Anonymous.</b></i></font></p>
		</dd>
	</dl>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081221X_robert_reichs_blog_greenspan_and_democracy"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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</tr></table></center>

<h4>[Dec 20, 2008] <a target="_blank" href="http://angrybear.blogspot.com/2008/12/bailout-explained.html">The Bailout 
Explained</a> </h4>
<blockquote>
	
	<h6>
	<a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a></h6>

	<p>sent by David Zetland</p>

	<p>The Bailout Explained
<p>
	Young Chuck in Montana bought a horse from a farmer for $100.</p>

	<p>The farmer agreed to deliver the horse the next day.</p>

	<p>The next day he drove up and said, "Sorry son, but I have some bad news, the horse died." Chuck 
	replied, "Well, then just give me my money back."</p>

	<p>The farmer said, "Can"t do that. I went and spent it already"</p>

	<p>Chuck said, "Ok, then, just bring me the dead horse." The farmer asked, "What ya gonna do with 
	him? Chuck said, "I"m going to raffle him off." The farmer said, "You can"t raffle off a dead horse!" 
	Chuck said, "Sure I can, Watch me.</p>

	<p>I just won"t tell any body he's dead." A month later, the farmer met up with Chuck and asked, 
	"What happened with that dead horse?" Chuck said, "I raffled him off. I sold 500 tickets at two 
	dollars a piece and made a profit of $998."</p>

	<p>The farmer said, "Didn"t anyone complain?" Chuck said, "Just the guy who won. So I gave him his 
	two dollars back."</p>

	<p>Chuck grew up and works now for the government. He was the one who figured out how to "bail us 
	out".</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081220X_the_bailout_explained"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081218X_s_e_c_chairmen_2001_08" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081218X_how_to_deleverage_balance_sheets"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 18, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/12/sec-chairman/">S.E.C. Chairmen, 2001-08</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a></h6>

	<p>... having Pitt as SEC chief was like putting
	<a target="_blank" href="http://archive.salon.com/news/col/huff/2002/05/14/sec/print.html">Osama 
	bin Laden in charge of Homeland Security</a>.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081218X_s_e_c_chairmen_2001_08"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081218X_how_to_deleverage_balance_sheets" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081218X_new_york_times_pulls_punches_on_wall_street_bubble_era_pay"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 18, 2008]
<a target="_blank" href="http://www.ritholtz.com/blog/2008/12/how-to-deleverage-balance-sheets/">How 
to Deleverage Balance Sheets</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a></h6>
</blockquote>
<blockquote>

	<p>Bouncing around trading desks:</p>
	<blockquote>

		<p>Credit Suisse Group AG's investment bank has found a new way to reduce the risk of losses 
		from about $5 billion of its most illiquid loans and bonds: using them to pay employees' year-end 
		bonuses.</p>

		<p>The bank will use leveraged loans and commercial mortgage- backed debt, some of the securities 
		blamed for generating the worst financial crisis since the Great Depression, to fund executive 
		compensation packages, people familiar with the matter said. The new policy applies only to 
		managing directors and directors, the two most senior ranks at the Zurich-based company, according 
		to a memo sent to employees today.</p>

		<p>"While the solution we have come up with may not be ideal for everyone, we believe it strikes 
		the appropriate balance among the interests of our employees, shareholders and regulators and 
		helps position us well for 2009," Chief Executive Officer Brady Dougan and Paul Calello, CEO 
		of the investment bank, said in the memo.</p>

		<p>The securities will be placed into a so-called Partner Asset Facility, and affected employees 
		at the bank, Switzerland's second biggest, will be given stakes in the facility as part of their 
		pay. Bonuses will take the first hit should the securities decline further in value.</p>

		<p>"It's monstrously clever," said Dirk Hoffman-Becking, an analyst at Sanford C. Bernstein 
		Ltd. in London who has a "market perform" rating on Credit Suisse stock. "From a shareholders' 
		perspective it's great because you've got rid of some of the assets and regulators will be pleased 
		because you've organized a risk transfer."</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081218X_how_to_deleverage_balance_sheets"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081218X_new_york_times_pulls_punches_on_wall_street_bubble_era_pay" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081217X_goldman_sachs_s_tax_rate_drops_to_1_or_14_million_update1"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 18, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/new-york-times-story-pulls-punches-on.html">New York 
Times Pulls Punches On Wall Street Bubble Era Pay</a></h4>

<h5>Bankers are called banksters not without the reason: </h5>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/2008/12/new-york-times-story-pulls-punches-on.html">
	naked capitalism</a> (from readers comments):</h6>

	<p><em>... the relationship between government and banking is the closest thing to organized crime taken 
	over society...</em></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081218X_new_york_times_pulls_punches_on_wall_street_bubble_era_pay"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081217X_goldman_sachs_s_tax_rate_drops_to_1_or_14_million_update1" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081217X_get_your_own_piece_of_the_tarp"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 17, 2008] <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6bQVsZS2_18">Goldman 
Sachs's Tax Rate Drops to 1%, or $14 Million (Update1) </a></h4>
<blockquote>
	
	<h6><a target="_blank" href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6bQVsZS2_18">Bloomberg.com

	</a></h6>

	<p>"With the right hand out begging for bailout money, the left is hiding it offshore." </p>

	<p>US President George W. Bush said in an interview Tuesday he was forced to sacrifice free market 
	principles to save the economy from "collapse." "I've abandoned free-market principles to save the 
	free-market system," Bush told CNN television, saying he had made the decision "to make sure the 
	economy doesn't collapse." </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081217X_goldman_sachs_s_tax_rate_drops_to_1_or_14_million_update1"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081217X_get_your_own_piece_of_the_tarp" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081217X_sipc_expects_a_hard_time_with_madoff_claims"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 17, 2008]
<a target="_blank" href="http://www.calculatedriskblog.com/2008/12/get-your-own-piece-of-tarp.html">Get your own piece 
of the TARP!</a> by CalculatedRisk</h4>

<h5>You too now can get a piece of the TARP!  Bankrupt bank doles $100 to any taker. This sounds 
like in French saying: "The state, a fiction by which everybody seeks to live at the expense of everybody 
else"  - Bastiat </h5>
<blockquote>
	
	<h6>12/16/2008  |
	<a target="_blank" href="http://www.calculatedriskblog.com/2008/12/get-your-own-piece-of-tarp.html">
	calculatedriskblog.com</a></h6>

	<p>WaMu is offering $100 when you open a checking account. (hat tip John)</p>

	<p><b>Note:</b> John removed the promo code. </p>

	<p><em>You too can get a piece of the TARP! This is better than a toaster .</em>..
	<a target="_blank" href="http://1.bp.blogspot.com/_pMscxxELHEg/SUfZI0HwdTI/AAAAAAAAEBQ/xB1iJApg4rU/s1600-h/WaMu100bucks.jpg">
	<img alt="WaMu $100 " src="http://1.bp.blogspot.com/_pMscxxELHEg/SUfZI0HwdTI/AAAAAAAAEBQ/xB1iJApg4rU/s320/WaMu100bucks.jpg" border="0"></a>
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081217X_get_your_own_piece_of_the_tarp"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081217X_sipc_expects_a_hard_time_with_madoff_claims" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081215X_new_fed"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 17, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/sipc-expects-hard-time-with-madoff.html">SIPC Expects 
a Hard Time With Madoff Claims</a></h4>

<h5>It's "laissez-faire rulez" mentality until you get in deep sheet ;-). It's not just WTF is gonna 
happen today ?</h5>

<h5>It's WTF is gonna happen tomorrow, day after tomorrow!  WTF is going to happen in the long 
run !! </h5>
<blockquote>

	<p>Artur Levitt, Chairman emeritus of the SEC, was "astonished" that his close friend and confidante 
	was the world's greatest con man. Kinda says it all.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081217X_sipc_expects_a_hard_time_with_madoff_claims"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081215X_new_fed" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081215X_unknown_title1"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 15, 2008] <a target="_blank" href="http://www.investorsinsight.com/forums/t/1972.aspx">New Fed </a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.investorsinsight.com/forums/t/1972.aspx">InvestorsInsight Publishing</a></h6>

	<p>A nationwide chain of pawn shops has opened to take advantage of a business opportunity created 
	by this severe recession. They're called Federal Reserve Banks.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081215X_new_fed"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081215X_unknown_title1" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081215X_financial_humor_isnt_funny"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 15, 2008]<a target="_blank" href="http://www.acus.org/new_atlanticist/financial-crisis-humour"> </a>
<a target="_blank" href="http://www.blogcatalog.com/post/f190851ef2f1e3af8fc668587780821e">Humor - updated 
stock market & business terms: Value Investing -…</a></h4>
<blockquote>

	<h6>December 6, 2008  | by WcP Blog - World Culture Pictorial</h6>
	<ul>

		<li>

		<p>CEO -- Chief Embezzlement Officer. </p>
		</li>

		<li>

		<p>CFO -- Corporate Fraud Officer. </p>
		</li>

		<li>

		<p>BULL MARKET -- A random market movement causing an investor to mistake himself for a financial 
		genius. </p>
		</li>

		<li>

		<p>VALUE INVESTING -- The art of buying low and selling lower. </p>
		</li>

		<li>

		<p>P/E RATIO  -- The percentage of investors wetting their pants as the market keeps crashing.<br>
		<b>... ... ...</b></p>
		</li>
	</ul>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081215X_unknown_title1"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081215X_financial_humor_isnt_funny" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081215X_new_wall_street_advertisement"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 15, 2008] <a target="_blank" href="http://news.goldseek.com/RichardDaughty/1207116120.php">Financial Humor 
isn't Funny</a></h4>
<blockquote>

	<p>Like the old joke goes, "We're from the government, and we're here to help you", which explicitly 
	means that you will soon suffer, as we learn from Bloomberg.com; "The U.S. may pay a steep price 
	to free itself of its economic and financial travails: bigger government, faster inflation and a 
	poorer country." Gaahhhh!</p>

	<p>To relieve the tension, I made up a new joke. A guy walks into a bar and the place is full of 
	beautiful young ladies. They say, "Mogambo! We love you and you make us so hot! Let's celebrate 
	with some of your hot monkey love!" And the guy says to the bartender, "I have some good news and 
	some bad news! The U.S. may pay a steep price to free itself of its economic and financial travails: 
	bigger government, faster inflation and a poorer country."</p>

	<p>The bartender says, "My God! That's the price? What's the good news?", and the stranger says, 
	"That IS the good news!" </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081215X_financial_humor_isnt_funny"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081215X_new_wall_street_advertisement" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081215X_bush_amp_iran_sanction"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 15, 2008] New Wall Street advertisement</h4>
<blockquote>

	<p><em>Nobody sells stocks for less</em></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081215X_new_wall_street_advertisement"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081215X_bush_amp_iran_sanction" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081214X_larry_summers_says_something_silly"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 15, 2008] Bush & Iran sanction</h4>
<blockquote>

	<p>"There's now speculation in Washington that President Bush is now planning to increase the economic 
	sanctions on Iraq. </p>

	<p>And let me tell you if they are half as tough as the economic sanctions Bush has imposed on this 
	country, they are screwed." -Jay Leno</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081215X_bush_amp_iran_sanction"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081214X_larry_summers_says_something_silly" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081214X_predicting_the_trough_and_a_jobless_recovery"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 14, 2008]
<a target="_blank" href="http://angrybear.blogspot.com/2008/12/larry-summers-says-silly-things.html">Larry Summers says 
something silly</a> </h4>

<h5>And this is not the first time. "If it walks like a duck and quacks like a duck, it must be a duck."
</h5>
<blockquote>

	<h6><a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a></h6>

	<p>Robert Waldmann</p>

	<p>According to
	<a target="_blank" href="http://www.prospect.org/csnc/blogs/ezraklein_archive?month=12&year=2008&base_name=larry_summers_on_regulation#111490">
	Ezra Klein</a> (who is very gentle in his criticisms) Summers wrote the following </p>
	<blockquote>
		As for [Milton] Friedman -- I'm not so sure he looks bad. What is most screwed up today? GSEs, 
		Citibank, regional banks. What is most regulated? Same list. What is least screwed up? Hedge 
		funds and the like. What is least regulated?
	</blockquote>
	Summers didn't mention investment banks or non bank mortgage companies.<em> Many of them are not currently 
	"screwed up" mainly because they no longer exist.<p></em>I mean <font color="#FF0000"><i><b>he just overlooked 
	the little problems at Lehman Brothers and Countrywide.</b></i></font></p>

	<p>The argument about hedge funds is totally invalid. Look, I'm not regulated at all and I'm not 
	bankrupt. Most individuals are in less financial distress than say citibank. The reason isn't that 
	individuals are not subject to regulation -- it is that banks often have enough sense not to loan 
	too much to individuals (notice I am just talking relative -- most people aren't in bankruptcy court 
	and no individual has been bailed out yet). </p>

	<p>The government doesn't have to regulate us, because relatively few potential creditors trust 
	us.</p>

	<p>long rant after the jump</p>

	<p>update: On non bank mortgage companies look at
	<a target="_blank" href="http://ml-implode.com/index.html#lists">the mortgage lender implodometer</a></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081214X_larry_summers_says_something_silly"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081214X_predicting_the_trough_and_a_jobless_recovery" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081214X_the_eye_of_the_storm"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 14, 2008]  <a target="_blank" href="http://www.econbrowser.com/archives/2008/12/predicting_the_1.html">
Predicting the trough and a jobless recovery</a></h4>

<h5>From comments: </h5>
<blockquote>

	<h6><a target="_blank" href="http://www.econbrowser.com/archives/2008/12/predicting_the_1.html">Econbrowser</a></h6>

	<p>One of my friends proposed the following cartoon to the WSJ but was rejected. I thought it was 
	priceless.</p>

	<p><b>I proposed to have Greenspan, Bernanke and Paulson all dressed in camouflage and hunter's 
	hats, carrying Bazookas walking into an Adirondack style lodge where you can see trophies on the 
	wall...</b></p>

	<p><b>a Mexican...labeled 'Peso Crises'</b> <br>
	<b>a 'Tojo' looking Japanese… labeled 'Lost Decade'</b> <br>
	<b>an Indonesian Islander… labeled 'Asian Financial Crises'</b> <br>
	<b>a Factory Worker with hard hat… labeled, 'Manufacturing Collapse'</b> <br>
	<b>a housewife with a shopping bag… labeled, 'Inflation Kills the Middle Class'</b> <br>
	<b>a computer geek… labeled 'Dot.Com Collapse'</b> <br>
	<b>a mortgage broker… labeled 'Housing Collapse'</b> <br>
	<b>an investment banker labeled…'Wall Street collapse'</b> <br>
	<b>an auto worker, labeled…'Main Street Collapse'</b><br>
	<b>and another trophy on the table not yet hung…labeled 'Dollar Collapse.'</b> </p>

	<p><b>Paulson says to Greenspan, "My Alan this is veryy impressive!"</b></p>

	<p><b>Greenspan replies, "To tell you the truth Hank, I hit them all by accident. I was out interest 
	rate targeting and no-one told me that I had the Bazooka pointed backwards!"</b></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081214X_predicting_the_trough_and_a_jobless_recovery"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081214X_the_eye_of_the_storm" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081213X_asia_times_online_asian_news_and_current_affairs"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 14, 2008]
<a target="_blank" href="http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,s01=1.html&_i_referer=http://calculatedrisk.blogspot.com/">
The eye of the storm</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/4582d876-c652-11dd-a741-000077b07658,s01=1.html&_i_referer=http://calculatedrisk.blogspot.com/">
	FT.com </a></h6>

	<p>In his spare time, London developer Nick Herrtage plays drums with a pop group called What Next!
	</p>

	<p>Given the rocky nature of the property market, it's a fitting name.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081214X_the_eye_of_the_storm"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081213X_asia_times_online_asian_news_and_current_affairs" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081213X_honey_i_switched_the_medication"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 13, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL12Dj01.html">Asia Times Online 
Asian news and current affairs</a></h4>

<h5>How those sex workers could see it coming if they all were busy performing oral sex with City banksters. 
See <a target="_blank" href="http://www.marginalrevolution.com/marginalrevolution/2008/06/the-wisdom-of-w.html">Marginal 
Revolution: The Wisdom of Whores</a></h5>
<blockquote>

	<h6>Asia Times</h6>

	<p>Well, I should have known that this was not her real question, and it wasn't, but "Her Majesty 
	Queen Elizabeth II this month asked a simple but fundamental question posed by many millions of 
	Americans and people around the world. Visiting the London  School of
	<a oncontextmenu="return false;" onmouseover="adlinkMouseOver(event,this,2);" onmouseout="adlinkMouseOut(event,this,2);" target="_new" href="http://www.atimes.com/atimes/Global_Economy/JL12Dj01.html#">
	<font color="green">Economics</font></a>, the queen asked why it was, if the looming economic crisis 
	was so large, that no one saw it coming." </p>

	<p>If I had been there, you can bet your sweet butt that I would have said, "Hey, Queenie! I saw 
	it coming, and everybody who is even passingly familiar with the Austrian school of economics saw 
	it coming, and everybody with any familiarity with math or history saw it coming, too, and in fact 
	the only people who did NOT see it coming were lowlife poseurs like these London School of Economics 
	halfwits and most university professors of economics around the world, all of whom share an economic 
	theory made of some bizarre mishmash of unbounded equations based on neo-Keynesian gibberish! Hahaha!"
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081213X_asia_times_online_asian_news_and_current_affairs"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081213X_honey_i_switched_the_medication" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081212X_naked_capitalism_yet_more_retention_bonuses_at_aig"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 13, 2008] <a target="_blank" href="http://www.atimes.com/atimes/China_Business/JL13Cb01.html">Honey, I switched 
the medication.</a> By Chan Akya </h4>
<blockquote>

	<h6>Asia Times</h6>

	<p>I couldn't help but think about the old California joke about lawyers; in the weeks following 
	the meeting when we have seen precipitate action by all of these bankers as well as their masters 
	in respective governments; the joke was repeated endlessly in my head. So here it is, albeit paraphrasing 
	the question to: "What would you call an accident that makes all G-20 central bankers sink to the 
	bottom of the sea?" Chan Akya: "A good start." </p>

	<p>Just to be clear, I do not wish physical ill on any of these befuddled academics stumbling their 
	way around the global economy like a resurrected Titanosaur walking around New York as changes in 
	the magnetic field upset the migratory pattern embedded in its pea-sized brain. Despite not wishing 
	them physical harm, there is a part of me that wants to grab them by the collective scruff of their 
	necks and ask them a simple question: "Are you guys completely out of your minds?" </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081213X_honey_i_switched_the_medication"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081212X_naked_capitalism_yet_more_retention_bonuses_at_aig" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081212X_proposal_for_a_name_of_merged_gm_ford_chrysler_company_after_the_bailout"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 12, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/12/yet-more-retention-bonuses-at-aig.html">naked capitalism 
Yet More Retention Bonuses at AIG</a></h4>
<blockquote>
	Some people never learn, that is why we have guillotines..
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081212X_naked_capitalism_yet_more_retention_bonuses_at_aig"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081212X_proposal_for_a_name_of_merged_gm_ford_chrysler_company_after_the_bailout" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081211X_irx_summary_for_13_week_treasury_bill_yahoo_finance"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 12, 2008] Proposal for a name of merged GM + Ford + Chrysler company after the bailout</h4>
<blockquote>

	<p>Congressional motors (CM)</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081212X_proposal_for_a_name_of_merged_gm_ford_chrysler_company_after_the_bailout"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081211X_irx_summary_for_13_week_treasury_bill_yahoo_finance" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081210X_how_jay_leno_is_contributing_to_our_awful_economy"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 11, 2008] <a target="_blank" href="http://finance.yahoo.com/q?s=^IRX">IRX Summary for 13-WEEK TREASURY BILL 
- Yahoo! Finance</a></h4>
<blockquote>

	<p>I think we know where the banks are parking all that TARP money </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081211X_irx_summary_for_13_week_treasury_bill_yahoo_finance"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081210X_how_jay_leno_is_contributing_to_our_awful_economy" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081210X_quot_attack_of_the_invisible_hand_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 10, 2008]
<a target="_blank" href="http://robertreich.blogspot.com/2008/12/how-jay-leno-is-contributing-to-our.html">How Jay Leno 
is Contributing to Our Awful Economy</a> </h4>

<h5>More humor is definitely a "good thing" in such a situation... </h5>
<blockquote>

	<h6><a target="_blank" href="http://www.robertreich.blogspot.com/">Robert Reich's Blog</a></h6>

	<p>On Monday, NBC Universal chief executive Jeff Zucker told weary investors at an industry conference 
	that the network was determined to cut costs. His comments came as the company laid off 500 employees 
	and announced it would move Jay Leno to its 10 pm weekday time slot. This makes sense for NBC: Every 
	hour of scripted programming costs about $5 million -- for fleets of writers, directors, cinematographers, 
	actors, editors, and everyone in between. Leno's compensation is hefty but not nearly $5 million 
	an hour, and his live show costs a fraction of that. (Big-name stars come to hawk their latest films 
	and books for free.)... </p>

	<p>Comments </p>
	<dl>
		<dt><a target="_blank" href="http://www.blogger.com/profile/02132106251057893357">Nicholas</a> 
		said... </dt>
		<dd><font color="#FF0000"><i><b>Maybe he is also contributing to less garbage news! </b></i>
		</font>Not having a television, it does not matter. But, the less uninformative or incorrectly 
		informative news the better.</dd>
	</dl>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081210X_how_jay_leno_is_contributing_to_our_awful_economy"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081210X_quot_attack_of_the_invisible_hand_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081209X_for_brave_investors_only_10_ways_to_tell_that_you_are_touching_bottom"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 10, 2008]
<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/12/attack-of-the-i.html">"Attack of the 
Invisible Hand"</a>  By Tom Tomorrow</h4>

<h5>This is one of the funniest political cartoons. Each frame is excellent... Hat tip to Mark Thoma. 
Looks like "The Invisible Hand is giving us The Finger". Some well-known Vietnam draft-dodgers became 
much more patriotic than anybody else; the same is true for free market fundamentalists... </h5>
<blockquote>

	<h6><a target="_blank" href="http://www.salon.com/comics/tomo/2008/12/09/tomo/">Salon</a></h6>
</blockquote>
<center><a target="_blank" href="http://www.salon.com/comics/tomo/2008/12/09/tomo/">
<img title="Tomorrow2" alt="Tomorrow2" src="http://economistsview.typepad.com/photos/uncategorized/2008/12/10/tomorrow2.gif" border="0"><br>
click on picture</a><br>
 </center>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081210X_quot_attack_of_the_invisible_hand_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081209X_for_brave_investors_only_10_ways_to_tell_that_you_are_touching_bottom" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081209X_a_bedside_guide_for_henry_paulson"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 9, 2008]
<a target="_blank" href="http://www.telegraph.co.uk/finance/comment/jeffrandall/3692188/For-brave-investors-only-10-ways-to-tell-that-you-are-touching-bottom.html">
For brave investors only 10 ways to tell that you are touching bottom</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.telegraph.co.uk/finance/comment/jeffrandall/3692188/For-brave-investors-only-10-ways-to-tell-that-you-are-touching-bottom.html">Telegraph</a></h6>

	<p>...Conventional wisdom is that the bottom is reached when the last bull becomes a bear. In other 
	words, when capitulation is complete. Only then can recovery begin. For those who prefer a more 
	off-beat approach, here are 10 other possible indicators. </p>
	<ol>

		<li>Investment bankers' children stop lying about what Daddy does. </li>

		<li>Chocolate biscuits are again acceptable at directors' meetings. </li>

		<li>Our worst universities are full for MBA courses. </li>

		<li>Roman Abramovich abandons Chelsea. </li>

		<li>The cost of keeping a boy at Eton falls below the average wage.</li>

		<li>A celebrity chef is paid to endorse McDonald's. </li>

		<li>The number of houses being repossessed in a year is greater than the number being built.
		</li>

		<li>Royal Ascot accepts sponsors for its races.</li>

		<li>A well-known charity goes bust.</li>

		<li>Gordon Brown says: "I've had enough of this". </li>
	</ol>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081209X_for_brave_investors_only_10_ways_to_tell_that_you_are_touching_bottom"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081209X_a_bedside_guide_for_henry_paulson" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081209X_online_benedict_xvi_is_magnificently_right"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 9, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL03Dj03.html">A bedside guide 
for Henry Paulson </a>By Julian Delasantellis </h4>
<blockquote>

	<h6>Dec 9, 2008 |
    <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL03Dj03.html">Asia Times</a></h6>

	<p>It was the unique genius of Woody Allen that turned Dr David Reuben's daring (for the time, anyway) 
	1969 question-and-answer book, <i>Everything You Always Wanted to Know About Sex (but were afraid 
	to ask)</i> into a 1972 skit comedy film. <i><b>To illustrate the book's inquiry "Why do some women 
	have trouble reaching orgasm?", Allen presents the story of a modern Italian couple, Fabrizio (played 
	by Allen) and Gina (played by Allen's real-life former paramour, Louise Lasser). </b></i></p>

	<p>In response to Fabrizio describing to a worldly friend Gina's aforementioned problem, Fabrizio 
	is advised that perhaps what Gina needs is the spark of danger, of risk, in their lovemaking. The 
	pair start cautiously, making love in a friend's house, but before long they are locked in erotic 
	embrace in a restaurant, even in front of a church. Fabrizio is pleased that he has solved the couple's 
	problem, but he worries. He realizes that it is getting harder and harder, that he is having to 
	subject himself and Gina to more and more risk, in order to create a satisfactory conclusion. What 
	must he do next? </p>

	<p>Lately, the US stock market is proving equally as hard to please as Gina. ...<font color="#FF0000"><i><b>Much 
	like Gina, it seems the government is being called to engage in ever-more vigorous and extensive 
	endeavors to stimulate the stock market. </b></i></font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081209X_a_bedside_guide_for_henry_paulson"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081209X_online_benedict_xvi_is_magnificently_right" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081208X_somali_pirates_to_acquire_citigroup"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 9, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL09Dj02.html"> Online Benedict 
XVI is magnificently right </a> By Spengler </h4>
<blockquote>

	<h6> <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JL09Dj02.html">Asia Times</a></h6>

	<p>Moody's and Standard & Poor's - the agencies that ... sold their souls to the devil for revenues.
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081209X_online_benedict_xvi_is_magnificently_right"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081208X_somali_pirates_to_acquire_citigroup" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081207X_grants_publishing"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 8, 2008]
<a target="_blank" href="http://optionarmageddon.ml-implode.com/2008/12/02/somali-pirates-in-discussions-to-acquire-citigroup/">
Somali Pirates to acquire Citigroup</a></h4>
<blockquote>

	<h6>December 2, 2008  |
	<a target="_blank" href="http://optionarmageddon.ml-implode.com/2008/12/02/somali-pirates-in-discussions-to-acquire-citigroup/">
	Option ARMageddon</a></h6>

	<p>November, 2008 (Bloomberg) -- The Somali pirates, renegade Somalis known for hijacking ships 
	for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.</p>

	<p>The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned from 
	hijacking numerous ships, including most recently a $100 million Saudi Arabian oil tanker.  
	The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali 
	said earlier today.  The negotiations have entered the final stage, Ali said.  "You may 
	not like our price, but we are not in the business of paying for things.  Be happy we are in 
	the mood to offer the shareholders anything," said Ali.</p>

	<p>The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities.  
	The PRBS's are backed by the cash flows from future ransom payments from hijackings in the Gulf 
	of Aden.  Moody's and S&P have already issued a AAA investment grade rating for the PRBS's.</p>

	<p>Head pirate, Ubu Kalid Shandu, said "We need a bank so that we have a place to keep all of our 
	ransom money.  Thankfully, the dislocations in the capital markets have allowed us to purchase 
	Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business 
	even faster."</p>

	<p>Shandu added, "We don't call ourselves pirates.  We are coast guards and this will just 
	allow us to guard our coasts better."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081208X_somali_pirates_to_acquire_citigroup"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081207X_grants_publishing" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081205X_stephen_colbert_blames_the_nber"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 7, 2008] <a target="_blank" href="http://www.grantspub.com/">Grant's Publishing</a></h4>
<blockquote>

	<p><img border="0" src="../../Images/why_your_stocks_hate_you.gif" width="253" height="352"></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081207X_grants_publishing"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081205X_stephen_colbert_blames_the_nber" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081204X_let_us_call_off_the_bank_burning_posse"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 5, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/stephen-colbert-blames-nber.html">Stephen 
Colbert blames the NBER</a></h4>
<blockquote>

	<h6>December 03, 2008 | <a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/">http://themessthatgreenspanmade.blogspot.com/</a>
	</h6>

	<p>It appears that Monday's stock market decline could have easily been avoided (it looks as though 
	the feud with Kanye West is heating up too).</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081205X_stephen_colbert_blames_the_nber"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081204X_let_us_call_off_the_bank_burning_posse" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081203X_uh_mr_president"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 4 2008]
<a target="_blank" href="http://www.ft.com/cms/s/34d6e30e-c158-11dd-831e-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/34d6e30e-c158-11dd-831e-000077b07658.html&_i_referer=http://ftalphaville.ft.com/blog/2008/12/04/19051/p">
Let us call off the bank-burning posse</a> By Jonathan Guthrie</h4>
<blockquote>

	<h6>December 3 2008 | 
	<a target="_blank" href="http://www.ft.com/cms/s/34d6e30e-c158-11dd-831e-000077b07658,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/34d6e30e-c158-11dd-831e-000077b07658.html&_i_referer=http://ftalphaville.ft.com/blog/2008/12/04/19051/p">FT.com</a></h6>

	<p>The problem with lynch mobs is that they sometimes get the wrong guys. It must have been great 
	fun back in the Old West, stringing up some ornery hombres you suspected of cattle rustling. Until 
	you found out that they had been drunk as skunks in Madame Fifi's saloon on the night in question, 
	and were therefore innocent. </p>

	<p><font color="#FF0000"><i><b>I mention this in reference to ... retail bankers, who are in a position 
	similar to the alleged cow stealers of yore.</b></i></font> </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081204X_let_us_call_off_the_bank_burning_posse"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081203X_uh_mr_president" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081201X_the_sort_of_wall_street_journal_reporting_that_makes_me_crazy"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 3, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/12/uh-mr-president.html">Uh, Mr. President...</a></h4>
<blockquote>
	<b>From Tom Tolles at the
	<a target="_blank" href="http://www.washingtonpost.com/wp-srv/opinion/toles_archive.html">Washington Post</a>:</b><p>
	<img src="http://www.iaconoresearch.com/BlogImages/08-12-02b_tolles.png"></p>

	<p></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081203X_uh_mr_president"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081201X_the_sort_of_wall_street_journal_reporting_that_makes_me_crazy" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081201X_galbright"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 1, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/sort-of-wall-street-journal-reporting.html"> The 
Sort of Wall Street Journal Reporting That Makes Me Crazy</a></h4>

<h5>From comments </h5>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/2008/11/sort-of-wall-street-journal-reporting.html">
	naked capitalism</a></h6>
	<dl>
		<dt><b>esb said... </b></dt>
		<dd>FORBES once called itself "The Capitalist Tool" and may still do so.<p>I submit that the 
		WSJ should begin calling itself "The Sell Side Shill,"</p>

		<p>unless BARRONS has already reserved it.</p>
		</dd>
	</dl>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081201X_the_sort_of_wall_street_journal_reporting_that_makes_me_crazy"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081201X_galbright" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081130X_its_not_me_rubins_demonstrated_the_psychology_of_a_petty_shoplifter"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Dec 1, 2008] <a href="../../../Quotes/famous_galbraith_quotes.shtml">Galbright </a>style quote 
;-)</h4>

<h5>Hat tip to Barry Ritholtz </h5>
<blockquote>

	<p>An economist is an expert who will know tomorrow why the things he predicted yesterday didn't 
	happen today. -Laurence J. Peter (1919 - 1988)</p>
</blockquote>

<h3><a name="November">November</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081201X_galbright"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081130X_its_not_me_rubins_demonstrated_the_psychology_of_a_petty_shoplifter" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081130X_the_reserve_bank_of_zimbabwe_commends_us_and_uk_authorities_for_following_its_lead"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 30, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/mirabile-dictu-rubin-takedown-by-wall.html">It's not 
me : Rubin's demonstrated the psychology of a petty shoplifter</a></h4>

<h5>That's priceless: "Mr. Rubin said his pay was justified and that there were higher-paying opportunities 
available to him. "  Yes, as Yves  noted, he probably could make a lot more money (and a lot 
less damage to the economy) dealing drugs, or better yet, providing financing to terrorists ;-). And 
the main difference between Greenspan and Rubin is probably that Greenspan is too old to go to jail...  
As <a target="_blank" href="http://www.ritholtz.com/blog/">The Big Picture</a> noted: "... his defense of Greenspan 
is, in my opinion, the work of a guilty conscious. He and Greenie both supported, and even pushed for: 
repeal of Glass Steagall, exempting of Derivatives from Regulation, encouraging Citi to take on more 
leverage in 2004, ultra-low interest rates during, and after the 2001 recession"</h5>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></h6>

	<p>Rubin <a target="_blank" href="http://online.wsj.com/article/SB122791795940965645.html?mod=djemalertNEWS">refuses 
	to take an iota of responsibility for the bank's tsuris</a> (and that also comes from the Goldman 
	playbook. The firm always circles the wagons and admits nothing). Get a load of this:</p>
	<blockquote>
		Robert Rubin said its problems were due to the buckling financial system, not its own mistakes, 
		and that <font color="#FF0000"><i><b>his role was peripheral to the bank's main operations even 
		though he was one of its highest-paid officials.</b></i></font><p>"Nobody was prepared for this," 
		Mr. Rubin said in an interview. <font color="#FF0000"><i><b>He cited former Federal Reserve 
		Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged 
		by the crisis.</b></i></font></p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081130X_its_not_me_rubins_demonstrated_the_psychology_of_a_petty_shoplifter"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081130X_the_reserve_bank_of_zimbabwe_commends_us_and_uk_authorities_for_following_its_lead" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081129X_payback_time_for_the_financiers"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 30, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/blog-post.html">The Reserve Bank 
of Zimbabwe Commends US and UK Authorities for Following Its Lead</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></h6>

	<p>You simply cannot make this up. I found a section of this priceless commentary from the Reserve 
	Bank of Zimbabwe via Marc Faber's latest newsletter (hat tip reader Dean), and had to verify it. 
	The <a target="_blank" href="http://www.rbz.co.zw/pdfs/2008%20MPS/AprilMPS2008.pdf">original</a> provides an even 
	richer mine of material. </p>

	<p>From the Reserve Bank of Zimbabwe (boldface theirs):</p>
	<blockquote>
		As Monetary Authorities, we have been humbled and have taken heart in the realization that some 
		leading Central Banks, including those in the USA and the UK, are now not just talking of, but 
		also actually implementing flexible and pragmatic central bank support programmes where these 
		are deemed necessary in their National interests.<p>That is precisely the path that we began 
		over 4 years ago in pursuit of our own national interest and we have not wavered on that critical 
		path despite the untold misunderstanding, vilification and demonization we have endured from 
		across the political divide.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081130X_the_reserve_bank_of_zimbabwe_commends_us_and_uk_authorities_for_following_its_lead"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081129X_payback_time_for_the_financiers" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081129X_why_lehman_collapsed_the_big_picture"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 29, 2008] Payback time for the financiers</h4>

<h5>"One is reminded of shoplifters surrendering their ill-gotten gains to try to win clemency from 
the judge. "</h5>
<blockquote>

	<h6>November 28 2008 | ft.com</h6>

	<p>It no longer makes headlines when bankers turn down this year's bonus or pay rise. But when ex-bankers 
	at <b><a target="_blank" href="http://markets.ft.com/tearsheets/performance.asp?s=ch:UBSN">UBS</a></b> – including 
	the former chairman Marcel Ospel and the former chief executive Peter Wuffli – volunteer to pay 
	back some of last year's haul, the world has changed.</p>

	<p><font color="#FF0000"><i><b>One is reminded of shoplifters surrendering their ill-gotten gains 
	to try to win clemency from the judge.</b></i></font> But Mr Ospel and Mr Wuffli are accused, not 
	of any crime, but of incompetence. They face only the court of Swiss public opinion. Small wonder 
	that the Swiss former executives have been quicker than the non-Swiss to announce their gestures 
	of atonement.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081129X_payback_time_for_the_financiers"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081129X_why_lehman_collapsed_the_big_picture" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081129X_the_turkeys_revenge"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 29, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/why-lehman-collapsed/">Why Lehman Collapsed 
The Big Picture</a></h4>
<blockquote>

	<p>This cartoon, from
	<a target="_blank" href="http://www.northjersey.com/specialreports/marguliesarchive.html">Jimmy 
	Margulies of the Record</a>, is probably the most ominous I have seen regarding Legman Brothers 
	collapse:</p>

	<p>
	<img border="0" src="http://www.ritholtz.com/blog/wp-content/uploads/2008/11/lehman-bros.jpg" width="600" height="431"></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081129X_why_lehman_collapsed_the_big_picture"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081129X_the_turkeys_revenge" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081129X_europe_icelanders_collapse_in_laughter"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>The Turkey's Revenge</h4>
<blockquote>

	<h6><a target="_blank" href="http://www.dailyreckoning.com/">The Daily Reckoning</a></h6>
	"You can understand how fraudulent most economic analysis is," Nassim explained, "just by looking 
	the life of the turkey. The animal is fed for 1000 days…and then it is killed. So, if you plotted 
	out the turkey's life on a chart, it would look great for 1,000 days…each day, the food arrived 
	reliably, and each day, the turkey gained weight. The turkeys would look around and say they were 
	enjoying growth and a bull market. Momentum investors would see it as an opportunity. The quants 
	would run linear regressions on the data and prove that the risk was minimal. "<p>Ben Bernanke would 
	describe the turkey's life - with no setbacks - as the product of a "great moderation." Turkey stockbrokers 
	would assure their clients that nothing had ever gone wrong in the turkey's life. Turkey econometricians 
	and theorists would come up with explanations for why the turkeys' growth would continue forever 
	and they'd pat each other on the back for having finally mastered the "turkey cycle." Turkey politicians 
	would run for re-election on the grounds that they had helped create a better world. And turkey 
	economists would project further weight gains…until the turkey was the size of a hippopotamus</p>

	<p>Then, come Thanksgiving, and all of a sudden, something goes wrong. Alas, all the turkeys' theories, 
	models, and conceits were for the birds. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081129X_the_turkeys_revenge"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081129X_europe_icelanders_collapse_in_laughter" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_aig_plans_to_pay_retention_bonuses_to_executives"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 28, 2008 <a target="_blank" href="http://www.ft.com/cms/s/0/b82f2ec4-bd79-11dd-bba1-0000779fd18c.html">Europe 
- Icelanders collapse in laughter</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.ft.com/cms/s/0/b82f2ec4-bd79-11dd-bba1-0000779fd18c.html">FT.com</a></h6>

	<p>Players can pick up a card that reads: "Go to demonstrate at parliament, stop to buy some eggs 
	to throw, only to realize that prices have gone up so much you can't afford them." </p>

	<p>Despite the humor, the game does convey a serious message, argues Mr Antonsson. "Things can't 
	continue like they were."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081129X_europe_icelanders_collapse_in_laughter"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_aig_plans_to_pay_retention_bonuses_to_executives" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_cnn_political_ticker_all_politics_all_the_time_blog_archive_forbes_paulson_is_worst"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/aig-plans-to-pay-retention-bonuses-to.html">AIG Plans 
to Pay Retention Bonuses to Executives</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/2008/11/aig-plans-to-pay-retention-bonuses-to.html">
	naked capitalism </a></h6>

	<p>How can you give cash compensation to an executive, yet claim it is not a salary or bonus? You 
	call it a "retention bonus," No, I am not making this up.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_aig_plans_to_pay_retention_bonuses_to_executives"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_cnn_political_ticker_all_politics_all_the_time_blog_archive_forbes_paulson_is_worst" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_http_georgewashington2_blogspot_com_2008_11_deflation_here_now_html"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008]
<a target="_blank" href="http://politicalticker.blogs.cnn.com/2008/11/24/forbes-paulson-is-worst-treasury-secretary-in-modern-times-2/">
CNN Political Ticker All politics, all the time Blog Archive - Forbes Paulson is 'worst' treasury secretary 
in modern times " - Blogs from CNN.com</a></h4>
<blockquote>

	<p>Is it ironic that the revolution of this country was due to taxation without representation and 
	the overextending central bank?</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_cnn_political_ticker_all_politics_all_the_time_blog_archive_forbes_paulson_is_worst"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_http_georgewashington2_blogspot_com_2008_11_deflation_here_now_html" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_citigroup_fresh_from_being_bailed_out_of_derivatives_black_hole_now_selling_yet_another"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008] <a target="_blank" href="http://georgewashington2.blogspot.com/2008/11/deflation-here-now.html">http://georgewashington2.blogspot.com/2008/11/deflation-here-now.html</a></h4>
<blockquote>

	<p>The reason we have deflation is that
	<a target="_blank" href="http://georgewashington2.blogspot.com/2008/10/pumping-dollars-into-airplane-with-hole.html">
	it is difficult to pump money into an airplane with a hole in its side</a>.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_http_georgewashington2_blogspot_com_2008_11_deflation_here_now_html"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_citigroup_fresh_from_being_bailed_out_of_derivatives_black_hole_now_selling_yet_another" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_every_breath_you_take"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008]
<a target="_blank" href="http://georgewashington2.blogspot.com/2008/11/citigroup-fresh-from-being-bailed-out.html">
Citigroup - Fresh From Being Bailed Out of Derivatives Black Hole - Now Selling Yet Another Type of 
Derivative</a></h4>

<h5>Based on a
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a_L5pzskD4rU&refer=home">
Bloomberg</a> piece: </h5>
<blockquote>
	Goldman... Citigroup ... and JPMorgan ..., which helped turn bets on company defaults into a $47 
	trillion market, are among banks offering wagers on the amount investors may recover from bonds 
	after borrowers go bankrupt.

	<p>Credit-recovery swaps are trading on the debt of about 70 companies, including automaker General 
	Motors Corp. and bond- insurer MBIA Inc. That's up from 40 during the summer, according to Mikhail 
	Foux, a strategist at Citigroup in New York. </p>

	<p>Also known as recovery locks, the agreements are bought as insurance by sellers of credit-default 
	swaps, such as banks, hedge funds and insurers. </p>

	<p>"The market definitely has potential to grow," Foux said.<br>
	(snip)</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_citigroup_fresh_from_being_bailed_out_of_derivatives_black_hole_now_selling_yet_another"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_every_breath_you_take" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081127X_atlas_shrugged_updated_for_the_current_financial_crisis"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008] <a target="_blank" href="http://www.youtube.com/watch?v=3u2qRXb4xCU&feature=related">Every Breath 
You Take</a></h4>

<h5>I know this is old but now events make Bernanke obsolete and Greenspan foolish it looks fresh again...
</h5>
<blockquote>

	<p>America's 401K investors are being taken further and further out to sea without a life jacket. 
	And all they will be hearing from the crew when the boat go overboard, are going to be recommendation 
	like "have a nice swim, suckers". </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_every_breath_you_take"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081127X_atlas_shrugged_updated_for_the_current_financial_crisis" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081126X_tarp"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 27, 2008] <a target="_blank" href="http://mcsweeneys.net/2008/11/20tucker.html">Atlas Shrugged Updated for 
the Current Financial Crisis</a> BY <a href="MAILTO:JEREMIAHTUCKER@HOTMAIL.COM">JEREMIAH TUCKER</a></h4>
<blockquote>

	<p> McSweeney's Internet Tendency </p>

	<p>"Damn it, Dagny! I need the government to get out of the way and let me do my job!" </p>

	<p>She sat across the desk from him. She appeared casual but confident, a slim body with rounded 
	shoulders like an exquisitely engineered truss. How he hated his debased need for her, he who loathed 
	self-sacrifice but would give up everything he valued to get in her pants ... Did she know? </p>

	<p>"I heard the thugs in Washington were trying to take your Rearden metal at the point of a gun," 
	she said. "Don't let them, Hank. With your advanced alloy and my high-tech railroad, we'll revitalize 
	our country's failing infrastructure and make big, virtuous profits." </p>

	<p>"Oh, no, I got out of that suckers' game. I now run my own hedge-fund firm, Rearden Capital Management."
	</p>

	<p>"What?" </p>

	<p>He stood and adjusted his suit jacket so that his body didn't betray his shameful weakness. He 
	walked toward her and sat informally on the edge of her desk. "Why make a product when you can make 
	dollars? Right this second, I'm earning millions in interest off money I don't even have." </p>

	<p>He gestured to his floor-to-ceiling windows, a symbol of his productive ability and goodness.
	</p>

	<p>"There's a whole world out there of byzantine financial products just waiting to be invented, 
	Dagny. Let the leeches run my factories into the ground! I hope they do! I've taken out more insurance 
	on a single Rearden Steel bond than the entire company is even worth! When my old company finally 
	tanks, I'll make a cool $877 million." </p>

	<p>Their eyes locked with an intensity she was only beginning to understand. Yes, Hank ... claim 
	me ... If we're to win the battle against the leeches, we must get it on ... right now ... Don't 
	let them torture us for our happiness ... or our billions. </p>

	<p>He tore his eyes away. </p>

	<p>"I can't. Sex is base and vile!" </p>

	<p>"No, it's an expression of our highest values and our admiration for each other's minds." </p>

	<p>"Your mind gives me the biggest boner, Dagny Taggart." </p>

	<p>He fell upon her like a savage, wielding his mouth like a machete, and in the pleasure she took 
	from him her body became an extension of her quarterly earnings report-proof of her worthiness as 
	a lover. His hard-on was sanction enough. </p>

	<p>"Scream your secret passions, Hank Rearden!" </p>

	<p>"Derivatives!" </p>

	<p>"Yes!" </p>

	<p>"Credit-default swaps!" </p>

	<p>"Oh, yes! Yes!" </p>

	<p>"Collateralized debt obligation." </p>

	<p>"<font size="-1">YES</font>! <font size="-1">YES</font>! <font size="-1">YES</font>!"</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081127X_atlas_shrugged_updated_for_the_current_financial_crisis"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081126X_tarp" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081126X_lucifer_said"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 26, 2008] TARP</h4>

<h5>From comments to
<a target="_blank" href="http://robertreich.blogspot.com/2008/11/why-citigroup-is-about-to-be-bailed-out.html">Robert 
Reich's Blog Why CitiGroup is About to Be Bailed Out and Not General Motors</a></h5>
<blockquote>
	Perhaps the meaning of TARP should be changed from Troubled <i>Asset</i> Relief Program to Troubled
	<i>American</i> Relief Program because in reality what they are doing now is TWIRP - Troubled Wealthy 
	Investor Relief Program.
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081126X_tarp"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081126X_lucifer_said" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081126X_gentrifying_gitmo"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 26, 2008] lucifer said... </h4>

<h5>Picked up in comments to
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/kiss-those-dividends-goodbye.html">Kiss Those Dividends 
Goodbye</a>. The final paragraph really rocks "But first we must put the banksters and their handmaidens 
into incinerators- heating water in boilers might be the most productive thing they have done in their 
lives."</h5>
<blockquote>

	<p>I have noticed that many commentators on this site have delusions about understanding the financial 
	world. The reality is that those trained in economics and finance are often the most ignorant of 
	the true nature and scope of their actions.</p>

	<p>What is the purpose of money or economic activity? I am suggesting that the true purpose of such 
	concepts and activity is to prevent people from killing each other. The fringe benefits of money 
	and economic activity such as as trade, "progress" and wealth creation are secondary.</p>

	<p>However many economists and financial types believe that money is real. Though many of them profess 
	to believing that money is merely a medium of exchange and storage of commercial activity, their 
	actions suggest otherwise. It is curious that kids stop believing in santa claus and the easter 
	bunny as they grow up but start believing in the "realness" of money. Money whether gold based or 
	fiat based is not real. Neither is debt, your favorite economic model or theory. Money is worthless 
	if it cannot create new wealth or keep people from killing each other.</p>

	<p>The concept of money, as most people understand it, was created in a feudal and mercantile age 
	when the majority had a subsistence level existence. It is therefore not surprising that it evolved 
	mainly to keep people from killing each other and simultaneously control people (we are just smart 
	apes who seek short term dominance over long term gains).</p>

	<p>However the full fruits of industrialization, various historical events and widespread multi-generational 
	acceptance of concepts like fiat currency have made the consumption of the average person the only 
	dominant driver of the economy (consumer economy). While some people express moral misgivings about 
	such a transformation, the reality is that people who advocate a move away from materialism, towards 
	conservatism, fiscal discipline, frugality are the merely the priests of a new religion. They seek 
	to control and dominate the lives of other people just like the 'priests' of every religion from 
	catholicism to environmentalism and "capitalism".</p>

	<p>Many educated people harbor subconscious fantasies about a return to a world where their less 
	well educated peers are peons, serfs and slaves. The problem with this approach is quite simple- 
	the level of complexity and hidden supports that keep our society functioning will collapse and 
	we will cease to live in a functional society.</p>

	<p>Many educated people also harbor the fantasy that they can return to a medieval age where the 
	level of complexity was "about right" for the "human brain". This belief is mistaken for a few reasons-</p>

	<p>a] We have no comprehension about the full capability and potential of the human mind. For most 
	of history we have lived in tribes of less than 200 people, however given the right conditions we 
	have been able to repeatedly form large complex societies. The same minds that are supposed to be 
	capable of only forming medieval societies at best also create complex mathematical models that 
	can ruin the world (as you might have heard recently). While our motivations may be base, our ability 
	to perform complex tricks to obtain those base aims is rather surprising. Complex scams are hardly 
	restricted to the financial sectors- the entire medical industry, construction industry and pretty 
	much any regulated/licensed/ union job is essentially based on a complex scam.</p>

	<p>b] Living in medieval society was no picnic. People who visit heritage parks or attend renaissance 
	fairs have a rather incomplete understanding of the hardships in those periods. This situation is 
	not unlike many outdoors enthusiasts who rail against development but who depend on the gear, technology 
	and laws of modern society.</p>

	<p>c] Western (white majority) societies are in decline. Throughout history, the intelligentsia 
	of declining societies have always rationalized their downturns as natural, global , inevitable 
	and understandable. The common thread through such declines has always been the belief that "we 
	have reached the peak of human achievement and it is downhill for every human from here on". History 
	suggests otherwise. However this phenomenon has never hit western societies on this scale and scope- 
	until now.</p>

	<p>d] Emergent systems guided by chaoas and evolutionary pressures are unlikely to return to their 
	starting point- or even retrace their steps. Much has changed in the 70 odd years since GD1, especially 
	in regards to the permutations and combinations of possiblities.</p>

	<p>I believe that the best way forward for us a species is to think about the following concepts.</p>

	<p>1] What is money? Why should it retain its value? What is the use of money if it cannot buy you 
	wealth. What use is your 1913 pre-fed dollar if it cannot buy you a circa 2008 - 4 dollar walmart 
	prescription for your kids strepthroat. Do you have any clue about how many kids got rheumatoid 
	arthritis or pneumonia from then untreatable strepthroat. Most people who died in the 1918 flu epidemic 
	died from seconday bacterial pneumonia not the virus.</p>

	<p>Gold based or strict credit economies cannot create the infrastructure and technological breakthroughs 
	we are accustomed to. We are quite pathetic at predicting the effects and potential of any any new 
	innovation/ product or service- nothwithstanding the beliefs of of famous and clever white (and 
	asian) men who have proved so wrong about the future of the areas in which they were considered 
	to be experts. Rationing money for innovation would be rather similar to the soviet practise of 
	command economics. In any case it is possible to employ 30-60 people for the total yearly income 
	of an average mid-level investment banker who plays paper games, misjudges opportunities, screws 
	over innovators and also loses your investments.</p>

	<p>2] Do banks have any "real" money in a fiat currency based world. Given that the vast majority 
	of banks are either insolvent, propped up zombies or the walking dead- why do we need them (in their 
	current form)?</p>

	<p>I believe that banks in a fiat currency world are best operated as utilities, not as the fiefdoms 
	and the extortion rackets they have been to date. The biggest problem with this alternative model 
	is that bankers cannot make obscene amounts of money by shuffling contracts and sucking money from 
	the consumer economy. </p>

	<p>I propose that we pay for sending the current crop of bankers on a one way trip to the sun. It 
	would be cheaper to put bankers and their families in launch vehicles directed towards the sun, 
	than bail them out of their fictional mathematical games. The 'Zenit' rocket system can put one 
	kg of stuff in orbit for less than three thousand dollars- You could put a family of bankers in 
	orbit for less than a million. Building the launchers for putting bankers in orbit would create 
	more real jobs than the trillions wasted in the futile efforts to make banks lend to consumers.</p>

	<p>3] Large misguided credit expansions, abuses and bankruptcies are inevitable in a species like 
	ours. We like to screw our fellow human for a quick buck. The real question then is how we mitigate 
	the negative effects of such abuses. I believe that any abuses which do not exceed a certain % of 
	GDP should be watched but not intervened in - the dotcom boom created a very good high speed network 
	that we are only now using to it's full potential. The factors that should prompt intervention are 
	high relative size of the bubble to the GDP) and the low potential to create jobs or useful capabilities 
	(housing- we already had a surplus).</p>

	<p>I, for once, would welcome a bubble in space exploration, engineering, chemistry, biotechnology 
	or anything else that produces lots of jobs with the small prospect of big unexpected breakthroughs.
	</p>

	<p>4] In a system where the future is unpredictable, can credit be repayed completely or even partially? 
	Given the factors I have listed in 3], periodic widespread debt forgiveness might be necesary to 
	keep the system from collapsing. What do bankers lose anyway? Paper, ink, electrons? They certainly 
	do not lose their previous paychecks, commisions, fees and other assorted loot made from the issuance 
	of bad credit.</p>

	<p>Would 1.2 Trillion to repay credit cards + 1 Trillion to repay student loans + 1.5 trillion to 
	pay other personal debt have stimulated economic growth better than pissing the money in a black 
	hole to honor CDS bets (and keep apperances in this nonsensical paper game). Hell, yes!!</p>

	<p>5] Maybe we should accept that the two major roles of money are 1] keep people employed / civilized 
	2] create new wealth through innovation in the non-financial world. It might be time to give up 
	on ideas such as full repayment of debt, money having a constant value and paying sociopaths to 
	manage your wealth. Honestly, how many people who invested in the financial world are gonna make 
	more money (inflation adjusted) than they put in- any guesses on gross percentages. </p>

	<p><font color="#FF0000"><i><b>But first we must put the banksters and their handmaidens into incinerators- 
	heating water in boilers might be the most productive thing they have done in their lives.</b></i></font></p>
</blockquote>

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<h4>[Nov 26, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/11/gentrifying-gitmo.html">Gentrifying 
Gitmo</a> by Cassandra</h4>

<h5>From comments: "</h5>
<ul>

	<li>

	<h5>Could they possibly see Farenheit 9/11 and An Inconvenient Truth on rotating Friday nights? 
	Perhaps the Dixie Chicks could be choppered in for live entertainment on a special weekend?"</h5>
	</li>

	<li>

	<h5>I would like to see the Wall St golden parachute replaced with the orange jumpsuit. Retrospectively.</h5>
	</li>

	<li>

	<h5>Let's get real - we can't afford overseas bases. It's folly to think we can. Start closing them 
	down worldwide. America is busy drowning in a sea of debt. </h5>
	</li>
</ul>
<blockquote>

	<p>Shortly after President-elect Barack Obama is sworn-in to the Chief Executive's office, plans 
	will be announced for the swift closing of Gitmo's sordid chapter in the so-called war on terror. 
	But in a shocking about-face of opinion (to those and readers who think they know me), I will beg 
	to differ with Obama about the imminent policy reversal. </p>

	<p>Not, of course, that I think the chapter shouldn't be closed. It should and non-too-soon. But 
	America's little breeze-block, barbed-wired gites-in-the-sun for the morally-compromised and legally-challenged 
	may yet have some legs and alternative uses. I am certain I am not the only one to conjure up alternative 
	uses, but I will nonetheless put them to you. First, Gitmo would be a just place to deliver [many] 
	of the lamest (and I haste to call them "public servants") decision-makers in America's history 
	who've past or presently mal-served the American people. Legal luminaries (ahemmm...) such as Alberto 
	Gonzales, the Dark Lord, Mr Rove, Scooter Libby, as well as Gulf War architects Wolfowitz, Feith, 
	and Perle. Then of course there could be a wing reserved for Delay, Lott and Jack Abramoff, and 
	the original enablers of the Bush-presidency-fiasco, brother Jeb, and Florida's DARling Katherine 
	Harris. </p>

	<p>And there is no shortage of solitary cells, suitable for the likes of Mozillo, Cassano, Fuld, 
	in addition to the host of negligent officials at the SEC, Fed, and Treasury (and Congress) who 
	promulgated and defended the lack of public interest as a policy unto itself. Can't you see it: 
	Friday night movies replaying for their edification Michael Douglas' rendition of "Greed is Good". 
	Torture? I do have objection to the physical kind, but see nothing wrong with the loud unceasing 
	piping-in 24-7 of Limbaugh, Savage, Hannity and O'Reilly. </p>

	<p>Surely there are others to fill the ranks: the new administration could rendite Gordon Brown 
	and his former cohort enablers who, contrary to current belief, have wrecked the economy of Great 
	Britain on a scale on par with that achieved by the Luftwaffe, by encouraging, permitting, justifying 
	and apologizing for a leverage-binge equivalent to - if not greater than - that of the of the former 
	colonials. </p>

	<p>Surely you'll all have a few personal favorites you think worthy of an extended all-expense paid 
	"holiday" in the sun... </p>
</blockquote>

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<h4>[Nov 25, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JK25Dj05.html">Finance, the 
American way</a> By The Mogambo Guru </h4>
<blockquote>

	<p><a target="_blank" href="http://www.atimes.com/atimes/">Asia Times</a></p>

	<p>Jim Sinclair of jsmineset.com had a link to the essay "Before Saving the US" at ChinaStakes.com, 
	written by a guy named Xiang Songzuo, which starts out, "The nature of the current global financial 
	crisis is the biggest crisis in America's history", which is certainly not news. </p>

	<p>Then the article gets right in our American faces and keeps hammering at us: "Statistics show 
	that America's internal and external debt exceeds $60 trillion, over 400% of the country's annual 
	GDP of a bit over $14 trillion. Of that total, family debt (including <font color="green">mortgages</font>), 
	financial and non-financial firms' debt, and municipal and national debt come to about $15 trillion, 
	$17 trillion, $22 trillion, $3.5 trillion, and $11 trillion, respectively, though it is hard to 
	tell how these debts have been split up among foreign governments, financial firms, companies, and 
	individuals." </p>

	<p>Naturally, as a proud American, I take the aggressive approach and sneer, saying, "So? Tell us 
	something that we don't know! Hahaha!" </p>

	<p>In an apparent response, he goes on, "To relieve the crisis, the US must repay its debts, and 
	to do that it needs to live a more frugal life instead of asking others to continue
	<font color="green">lending</font> it the money to maintain its over-consumption." </p>

	<p>So, still being a smug American, I say, "Says who? You? Hahaha! We're Americans, and we have 
	a fiat <font color="green">currency</font>, and we can just print up all the money to pay you off! 
	And everybody else, too, suckers! How do you like them apples? Hahaha!" </p>
</blockquote>

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<h4>[Nov 25, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JK27Dj01.html">Debt cold turkey
</a></h4>

<h5>It looks like the Cocaine Economy has sucked for anything of lasting value in this country and this 
world. If we can't turn the page, then burn the page, and write a new one. The sun still comes up; children 
still get made and mostly fed; the blackbird whistles, the crows cart off the carrion. It's illusions 
which have died more than anything---so far.</h5>
<blockquote>

	<h6><a target="_blank" href="http://www.atimes.com/atimes/">Asia Times</a></h6>

	<p>...the "cold turkey" treatment of credit being withdrawn from habitual borrowers, much like taking 
	away drugs from crack addicts.</p>
</blockquote>

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<h4>[Nov 25, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/western-financial-system-we-knew-has.html">"The western 
financial system we knew has collapsed"</a></h4>

<h5>From comments: we cannot be all robbers, there should be some victims too and this balance was distorted 
with the share of financial firms profit in S&P500 above 40% ;-)</h5>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></h6>

	<p>The great German poet and playwright Bertolt Brecht would have agreed and once said it was "easier 
	to rob by setting up a bank than by holding up (one)." </p>
</blockquote>

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<h4>[Nov 25, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JK25Dj06.html">Obama's one-trick 
wizards</a></h4>

<p>One recalls Ferdinand I of Austria (1793-1875), deposed for incompetence after the 1848 Revolution, 
who apocryphally shot an eagle, and said: <font color="#FF0000"><i><b>"It's got to be an eagle, but 
it's only got one head!" Ferdinand thought the two-headed bird of his family crest was the norm, just 
as the pink-shirted, suspender-wearing Ivy Leaguers thought that two-digit returns were the norm for 
their investments. </b></i></font></p>
<blockquote>

	<p>Reagan restored the equity market to trend by cutting taxes, suppressing inflation and easing 
	some regulations. The private equity sharps were fleas traveling on Reagan's dog. They simply rode 
	the trend with the maximum of leverage. </p>

	<p>Now that the stock market has collapsed, the private equity strategies cannot repay their debt, 
	and their returns have evaporated. Note that equity investors spent a decade in the cold, from 1973 
	to 1983; it may be even worse this time. The maturities on debt issued to finance private equity 
	deals will come due long before the recovery. </p>

	<p>Over the long term, we know that the average investment cannot grow faster than the economy, 
	for investments ultimately are valued according to cash flows, and cash flows stem from economic 
	growth. Real American gross domestic product grew by 2% a year on average between 1929 and 2007. 
	Whence came the enormous returns to the Ivy League? Some of them surely came from betting on the 
	right horses, but most came from privileged access to leverage. </p>

	<p>One recalls Ferdinand I of Austria (1793-1875), deposed for incompetence after the 1848 Revolution, 
	who apocryphally shot an eagle, and said: <font color="#FF0000"><i><b>"It's got to be an eagle, 
	but it's only got one head!" Ferdinand thought the two-headed bird of his family crest was the norm, 
	just as the pink-shirted, suspender-wearing Ivy Leaguers thought that two-digit returns were the 
	norm for their investments. </b></i></font></p>
</blockquote>

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<h4>[Nov 24, 2008] <a target="_blank" href="http://www.ft.com/cms/s/0/4bd8136a-b7f4-11dd-ac6d-0000779fd18c.html">Dick-man 
and the Bank of Flames</a> By David Pilling</h4>
<blockquote>

	<h6>November 21 2008 |
	<a target="_blank" href="http://www.ft.com/cms/s/0/4bd8136a-b7f4-11dd-ac6d-0000779fd18c.html">FT.com</a></h6>

	<p>"Capital is money, capital is commodities," some well-stodgy writer called Karl Marx put in this 
	book, called <i>Das Kapital</i>. "It has acquired the occult ability to add value to itself. It 
	brings forth living offspring, or, at the least, lays golden eggs."</p>

	<p>Whoever this Marx geezer is – and I can't find his Facebook account anywhere – he sure hasn't 
	been watching telly recently. Capital, so far as I can make out through reading my dad's FT and 
	stuff, has acquired an occult ability to go down the toilet. If capital is laying anything, mate, 
	I can think of a lot choicer terms than "eggs" to describe it.</p>

	<p>I haven't actually read <i>Das Kapital</i>. I came across it when my dad took me to Tokyo recently. 
	This Japanese kid showed me a comic (they call it <i>manga</i> over there) that's about to come 
	out. The Japanese are crazy about comics. Even their prime minister reads volumes the size of telephone 
	books.</p>

	<p>Anyway, in Tokyo, they'll be queuing up for this <i>Das Kapital manga</i>. That's partly 'cos 
	they'll read anything if it's got speech bubbles. And partly 'cos they were never that fond of capitalism 
	in the first place. My friend told me they really like to make stuff – cars and i-Pods and lacquer 
	bowls and stuff – but they don't like the idea of making money from money. I guess making money 
	from money sort of sums up how capitalism works – or how it was supposed to work anyway.</p>

	<p>The Japanese love their <i>manga</i> characters, like Astro Boy and Charisma Man. But I think 
	the publishers of this Marx book have missed a trick. If they wanted to take a crack at capitalism, 
	even I know there are more interesting characters out there. What about Tarp-man, for instance? 
	A banker-turned government man who strings a huge net between the Wall Street skyscrapers to catch 
	his old buddies jumping out the windows. Only he
	<a target="_blank" href="http://www.ft.com/cms/s/0/5699631c-b1b9-11dd-b97a-0000779fd18c.html">keeps 
	moving the Tarp</a>, so that lots of bankers smash their head on the pavement anyway.</p>

	<p>Or Bubble-man, who used to have a top job at the Federal Reserve. Everyone thinks he's really 
	smart at first 'cos he cuts interest rates to almost nothing and they all make tonnes of dosh. But 
	then it all goes wrong and he makes a speech about how, maybe, he had made a mistake, and then they 
	all hate him. Or you could do a guy called Dick-man, a kind of anti-hero who used to run this mega 
	bank. But he refuses to sell it, so it bursts into flames.</p>

	<p>Or you could do
	<a target="_blank" href="http://www.ft.com/cms/s/0/a3fb9670-951c-11dd-aedd-000077b07658.html">Flash 
	Gordon</a>. He's a drab kind of bloke who says regulations are bad and that London is great 'cos 
	it doesn't have any. Then, when the golden eggs hit the fan, he takes off his kilt (his usual getup) 
	and turns into a superhero. He explains why he always said everything would go wrong and how he 
	is the only man to fix it. He's pretty cool.</p>

	<p>But my favourite of all is Maynard-man. In all the stories, whenever something goes wrong – and 
	something always does go wrong – he swoops in on a helicopter or something and drops money from 
	the sky. That one would be great. Everyone would love that one.</p>

	<p><i>The writer is the FT's Asia edition editor</i></p>
</blockquote>

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<h4>[Nov 22, 2008] Ahh, those Fed bureaucrats</h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=11&year=2008&base_name=the_washington_post_is_scared#comments">
	The American Prospect</a></h6>

	<p>This is a gathering of Voodoo priests who realize that their magic rituals don't work but they 
	no of nothing else, so they keep on performing them.</p>
</blockquote>

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<h4>[Nov 22, 2008] <a target="_blank" href="http://www.nytimes.com/2008/11/23/opinion/23friedman.html?_r=1&em">We Found 
the W.M.D.</a> By THOMAS L. FRIEDMAN</h4>
<blockquote>

	<h6>November 22, 2008 | NYT </h6>

	<p>This is the real "Code Red." As one banker remarked to me: <font color="#FF0000"><i><b>"We finally 
	found the W.M.D." They were buried in our own backyard - subprime mortgages and all the derivatives 
	attached to them.</b></i></font></p>
</blockquote>

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<h4>[Nov 22, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/21/18565/the-demise-of-irrational-exberance/">
The demise of irrational exuberance</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://news.google.com/news/url?sa=t&ct=us/0-0&fp=49271eb0070dbe74&ei=MAsnSdGbLaDM8ATL36ES&url=http%3A//www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Da9vj_MptG1U0%26refer%3Dhome&cid=1272769068&sig2=wOQOKWammm_SBa3S2hFeDw&usg=AFQjCNHHkJ5oiD6jdpDhb4OrJKEYz9u94g">
	Bloomberg</a></h6>

	<p>Alan Greenspan can stop worrying about "irrational exuberance" in the U.S. stock market, 12 years 
	after he warned investors that share prices were rising too fast. The S&P 500 fell below 744.38 
	today, its closing level on Dec. 5, 1996, the day then-Federal Reserve Chairman Greenspan used the 
	phrase in a speech on "The Challenge of Central Banking in a Democratic Society." </p>
</blockquote>

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<h4>[Nov 22, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/buy-a-toaster-get-a-free-bank/">Buy 
a Toaster, Get a Free Bank</a></h4>

<h5>Hat tip to Barry Ritholtz </h5>
<blockquote>

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<td align="center"><a href="#n20081122X_contrarians_rejoice_s_amp_p500_s_worst_year_ever"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>
	<img border="0" src="http://www.ritholtz.com/blog/wp-content/uploads/2008/11/bank-coupons.jpg" width="500" height="365"></h4>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081122X_unknown_title2"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081122X_contrarians_rejoice_s_amp_p500_s_worst_year_ever" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081122X_goldman_slashes_gdp_forecast"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 22, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/sp-500s-worst-ever-year/">Contrarians 
Rejoice! S&P500's Worst Year Ever</a></h4>
<blockquote>

	<p>I guess there's not a whole lot of <i>Protection</i> at work in the Plunge Protection Team! Worst 
	annual decline in eight decades? Geez, how incompetent must a secret, market-manipulating organization 
	be before someone gets fired?</p>

	<p><b>Comments</b></p>

	<li>It brings to mind that famous passage from "Jaws"….We are going to need a bigger boat. </li>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081122X_contrarians_rejoice_s_amp_p500_s_worst_year_ever"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081122X_goldman_slashes_gdp_forecast" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081121X_geithner_to_become_treasury_secretary"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 22, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/goldman-slashes-gdp-forecast.html">Goldman Slashes 
GDP forecast</a></h4>
<blockquote>

	<p><b>SPECTRE of Deflation</b> writes: </p>

	<p>I'm still waiting for oil to hit their $200 price target. END SARCASM for GS! People actually 
	pay for these clowns twith their money.<br>
	SPECTRE of Deflation | 11.21.08 - 9:50 am | <a href="#736232">#</a> </p>

	<p><b>Comrade Kristina</b> writes: </p>

	<p>Does this mean the rally is cancelled?<br>
	Comrade Kristina | 11.21.08 - 8:51 am | <a href="#736151">#</a> </p>

	<p><b>Yancey Ward</b> writes: </p>

	<p>Whew, what a relief! Only 9% unemployment. No wonder we are rallying across the world.<br>
	Yancey Ward | 11.21.08 - 9:19 am | <a href="#736189">#</a> </p>

	<p><b>kurtyboy</b> writes: </p>

	<p><i>The question is, my crude hairy-eyeball models do not account for acceleration. The Wile E. 
	Coyote effect is poorly understood. </i></p>

	<p>32 feet per second squared ought to be about right...<br>
	kurtyboy | 11.21.08 - 9:21 am | <a href="#736197">#</a> </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081122X_goldman_slashes_gdp_forecast"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081121X_geithner_to_become_treasury_secretary" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081121X_faith_based_economics"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 21, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/geithner-to-become-treasury-secretary.html">Geithner 
to Become Treasury Secretary</a></h4>
<blockquote>
	<dt><b>Comments</b></dt>
	<dd>

	<p> </p>
	</dd>
	<dt>Anonymous said... <br>
 </dt>
	<dd>The [key] question is, is he a good liar?<p>Q. Is the US banking system insolvent?<br>
	A. Hell no</p>

	<p>Q. Are you monetizing the debt?<br>
	A hell no</p>

	<p>Q.Will SS and Medicare payments be sustainable<br>
	A Hell Yes fully funded</p>

	<p>Q.Will the budget be balanced<br>
	A.Hell yes</p>

	<p>Q. Does the US want a strong dollar?<br>
	A. Hell Yes<br>
 </p>
	</dd>
	<dt>Anonymous said... </dt>
	<dd>Was Angelo Mozilo not available or something?<br>
 </dd>
	<dt>Anonymous said... </dt>
	<dd>Maybe the Clinton people will be better with a new boss. Like Michael Dukakis once said "A fish 
	rots from the head first".<br>
 </dd>
	<dt>Anonymous said... </dt>
	<dd><i>"It is obvious Bill Clinton has gotten a 3rd term."</i><p>If it's the third Clinton term 
	then who is going to be the first bimbo?<br>
 </p>
	</dd>
	<dt>Rudy Perpich said<br>
 </dt>
	<dd>Geithner worked for Kissinger & Associates for 3 years after graduation. Then he moved to Treasury 
	under Bush 1. He stayed on at Treasury to work for Rubin. Then to the Federal Reserve under Greenspan.

	<p>Of course he did not agree with his bosses, and he has been waiting quietly for a chance to undo 
	the damage they did. </p>

	<p>Timothy Geithner, American Hero.<br>
	</p>
	</dd>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081121X_geithner_to_become_treasury_secretary"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081121X_faith_based_economics" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081120X_credit_crisis_indicators_flight_to_quality"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 21, 2008] <a target="_blank" href="http://chronicle.com/review/brainstorm/index.php?id=993">Faith-Based Economics
</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://chronicle.com/review/brainstorm/index.php?id=993">Chronicle.com</a></h6>

	<p>cross-posted from <a target="_blank" href="http://howtheuniversityworks.com/wordpress/">howtheuniversityworks.com</a></p>
	<center><b><i>Available from
	<a target="_blank" href="http://www.colbertnation.com/the-colbert-report-videos/210798/november-19-2008/the-word---mad-men">
	here</a> Hint: drag cursor to 4:40. </i></b></center>

	<p>I don't know about you, but I'm always looking for help with dislodging the market fetish, whether 
	I'm talking to undergraduates or economists. Some regular Brainstorm contributors have all been 
	expending a ton of energy on
	<a target="_blank" href="http://chronicle.com/review/brainstorm/bousquet/most-higher-ed-executives-are-underpaid">
	recent posts </a>like
	<a target="_blank" href="http://chronicle.com/review/brainstorm/bousquet/iraq-war-ends-bush-indicted-for-treason">
	this one</a> and
	<a target="_blank" href="http://chronicle.com/review/brainstorm/bousquet/are-you-part-of-the-solution">this one</a> 
	trying to get finance prof "James" to loosen a white-knuckled grip on his Ronald Reagan prayer shawl. 
	Without much success. </p>

	<p>So this one's for valiant Brainstorm regular commenters Lucky Jim, drj50, Unemployed Academic, 
	Joe Erwin, George Karnezis, Maria, "me," "k," angry, Annie, Henry C. Frick, Amanda Huggenkiss, David 
	Yamada, and the rest. You know who you are. </p>

	<p>Tonight we'll let Colbert take a shot at explaining the relationship between voodoo and the business 
	curriculum.</p>

	<p>The relevant portion begins at 4:40; the rest is set-up. Elaborately inserting tongue in cheek, 
	he begins:</p>
	<blockquote>
		"We're in a bit of an economic pickle here, but one thing we can't blame is the free market. 
		Systems governed by self interest will always keep us safe - that's why I've never understood 
		traffic lights. Self-interest would obviously keep America's four-way intersections accident-free. 
		And I'm not the only one who thinks the free market is not to blame here. CLIP: BUSH 43…So there's 
		no need to start regulating and turn ourselves into Europe. CLIP: SARKOZY: "The idea that markets 
		are always right is a crazy idea."
	</blockquote>

	<p>With the set-up out of the way, he quotes the DSM IV on diagnosing delusion: "If a belief is 
	accepted by other members of a person's culture or subculture, it is not a delusion." </p>

	<p>What this means, Colbert explains: </p>
	<blockquote>
		is that our collective cultural belief that the free market will take care of us is not delusional. 
		No, it is actually a religion. … On judgment day, Ronald Reagan will return on a cloud of glory 
		to take us up to money heaven - that's what I think will happen if we just believe in the "free 
		market" hard enough. And I can't possibly be deluding myself - when so many others agree with 
		me.
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081121X_faith_based_economics"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081120X_credit_crisis_indicators_flight_to_quality" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081118X_bird_amp_fortune_silly_money"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 20, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/credit-crisis-indicators-flight-to.html">Credit 
Crisis Indicators- Flight to Quality</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h6>

	<p>This cartoon from Eric G. Lewis, a freelance cartoonist living in Orange County, CA. was inspired 
	by Professor Duy's post last night:
	<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/11/fed-watch-polic.html">Fed Watch: 
	Policy Adrift</a> </p>
	<img border="0" src="../../Images/bernanke_depression_scholar.gif" width="329" height="291"></blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081120X_credit_crisis_indicators_flight_to_quality"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081118X_bird_amp_fortune_silly_money" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081118X_boom_goes_the_bull"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 18, 2008] Bird & Fortune : Silly Money </h4>

<h5>This is a good parody, like their previous subprime crisis related parody... </h5>
<blockquote>
	<ul>

		<li><a target="_blank" href="http://www.youtube.com/watch?v=lWDdcD-1xoo">Part 1-2 Bird & fortune - Financial 
		crisis - Silly Money, Nov 08</a></li>

		<li><a target="_blank" href="http://www.youtube.com/watch?v=ScwGBNMH428&feature=related">Part 2/2 Bird & fortune 
		- Financial crisis - Silly Money, Nov 08 </a></li>
	</ul>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081118X_bird_amp_fortune_silly_money"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081118X_boom_goes_the_bull" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081118X_q_why_they_put_quot_in_god_we_trust_quot_on_us_currency"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 18, 2008] <a target="_blank" href="http://angrybear.blogspot.com/2008/11/boom-goes-bull.html">Boom goes the 
Bull</a></h4>

<h5>"Why bother to overturn your parents' world when you can buy it, slice it up into tranches, and 
sell off the pieces?" In the same venue Jon Steward remarked "Well paid kids pushed tons ov virtual 
money from one card house to another"</h5>
<blockquote>

	<h6><a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a></h6>

	<p><img border="0" src="../../Images/collapsed_bull.jpg" width="200" height="122"></p>

	<p>Reader Bear points us to a great essay by Michael Lewis in Condi Naste
	<a target="_blank" href="http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom">
	Portfolio.com</a>:</p>
	<blockquote>

		<p>...Why bother to overturn your parents' world when you can buy it, slice it up into tranches, 
		and sell off the pieces?</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081118X_boom_goes_the_bull"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081118X_q_why_they_put_quot_in_god_we_trust_quot_on_us_currency" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081118X_should_the_government_stop_dumping_money_into_a_giant_hole"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 18, 2008]  Q: Why they put "In God We Trust" on US currency</h4>
<blockquote>

	<p>A: It's only logical. there is nobody else to trust now. Are you suggesting we should trust Fed 
	or government ? </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081118X_q_why_they_put_quot_in_god_we_trust_quot_on_us_currency"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081118X_should_the_government_stop_dumping_money_into_a_giant_hole" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081117X_haloscan_com_comments"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 18, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/should-government-stop-dumping-money.html">Should 
The Government Stop Dumping Money Into A Giant Hole?</a> </h4>
<blockquote>

	<h6>CalculatedRisk </h6>

	<p>For those that miss all the yelling from the talking heads during the political season, the Onion 
	panel debates if the government should stop dumping money into a hole (1 minuted 56 seconds). (hat 
	tip jb)</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081118X_should_the_government_stop_dumping_money_into_a_giant_hole"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081117X_haloscan_com_comments" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081117X_citigroups_pandit_targets_52_000_jobs_to_eliminate"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 17, 2008] <a target="_blank" href="http://www.haloscan.com/comments/calculatedrisk/7067771393353315199/">HaloScan.com 
- Comments</a></h4>
<blockquote>

	<p>Trust me, I'm a bank holding company." Darth Paulson</p>

	<table border="0" cellspacing="0" cellpadding="0" width="97%" align="center">
		<tr>
			<td><font size="2">Does this mean that "<i>3.5% annualized decline in GDP for Q4</i>" is 
			the new definition of the "soft landing" we should be hoping for? </font><font size="2">
			DCRogers </font><a href="#728458"><font size="2">#</font></a><font size="2"> </font>
			</td>
		</tr>
	</table>

</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081117X_haloscan_com_comments"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081117X_citigroups_pandit_targets_52_000_jobs_to_eliminate" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081117X_spot_the_bankruptcy_attorney"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 17, 2008]
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a.RLIhVF4ebk&refer=home">Citigroup's Pandit 
Targets 52,000 Jobs to Eliminate </a></h4>
<blockquote>

	<p>Citigroup management message to employees: employment IS your bonus</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081117X_citigroups_pandit_targets_52_000_jobs_to_eliminate"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081117X_spot_the_bankruptcy_attorney" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081115X_jingle_mail_in_the_uk"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 17, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/spot-bankruptcy-attorney.html">Spot the Bankruptcy 
Attorney</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h6>

	<p>
	<a target="_blank" href="http://3.bp.blogspot.com/_pMscxxELHEg/SSEFWeG2fyI/AAAAAAAADxs/vVooK491XoQ/s1600-h/SpotCartoon.jpg">
	<img alt="Cartoon Eric G. Lewis" src="http://3.bp.blogspot.com/_pMscxxELHEg/SSEFWeG2fyI/AAAAAAAADxs/vVooK491XoQ/s320/SpotCartoon.jpg" border="0"></a></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081117X_spot_the_bankruptcy_attorney"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081115X_jingle_mail_in_the_uk" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081114X_corporate_welfare"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 15, 2008] <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/11/jingle-mail-in-uk.html">Jingle 
Mail in the UK</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h6>

	<p>Whichever ... it seems there are many ways to leave your lender! </p>
	<blockquote>
		Just slip out the back, jack<br>
		Make a new plan, stan<br>
		You don't need to be coy, roy<br>
		Just get yourself free<br>
		Hop on the bus, gus<br>
		You don't need to discuss much<br>
		Just drop off the key, lee<br>
		And get yourself free<p>Paul Simon, 50 ways to leave your lover</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081115X_jingle_mail_in_the_uk"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081114X_corporate_welfare" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081114X_republicans_paradoxes"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[ Nov 14, 2008] <a target="_blank" href="http://www.ritholtz.com/blog/2008/11/corporate-welfare/">
Corporate Welfare</a> By Barry Ritholtz</h4>
<blockquote>

	<h6>November 14, 2008 | <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a></h6>

	<p> Get in line!</p>

	<p><a target="_blank" href="http://www.ritholtz.com/blog/wp-content/uploads/2008/11/corporate-welfare.gif">
	<img title="corporate-welfare" alt="" src="http://www.ritholtz.com/blog/wp-content/uploads/2008/11/corporate-welfare.gif" width="500" height="350"></a></p>

	<p><b>Corporate Welfare</b> by R.J. Matson </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081114X_corporate_welfare"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081114X_republicans_paradoxes" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081114X_economists_view_the_paulson_legacy"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>Republicans paradoxes</h4>
<blockquote>

	<p>I bet most of the Republican diehards are on Medicare, or about to go on it.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081114X_republicans_paradoxes"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081114X_economists_view_the_paulson_legacy" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081111X_your_not_so_flexible_friend"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>
<a target="_blank" href="http://economistsview.typepad.com/economistsview/2008/11/the-paulson-leg.html#c138755382">Economist's 
View The Paulson Legacy</a></h4>
<blockquote>
	<b>Lafayette says...</b>

	<p><b>Payback time</b></p>
	<blockquote>
		<i>reason: He new the big crash was coming and wanted to be in a position to protect his mates.</i></blockquote>

	<p>Spot on.</p>

	<p>I'll bet his booking for speeches is full for the next two years. He'll be getting $75K a pop 
	for telling his cronies how he saved their bonuses as their house of cards was falling down about 
	them.</p>

	<p>It's payback time! </p>

	<p><b>===</b></p>

	<p><i>"Anything Wall Street wants, Wall Street gets."</i></p>

	<p>You know, there is an old proverb that says life's greatest curse can be answered prayers. Be 
	careful what you ask for: you might get it. </p>

	<p><b>===</b></p>

	<p>His legacy is going to be the "giant sucking sound" of trillions of dollars flowing from the 
	treasury and federal reserve to banks that can't show us where the money has gone.</p>

	<p><b>===</b><br>
 </p>

	<p><i>"The harsh reality of American politics is that, in the House Republican caucus, and in greater 
	Appalachia and the white Deep South, on right-wing talk radio and cable news, there exists the political 
	core for a populist revolt, home-grown terrorism and even fascist takeover. The right-wing is deranged, 
	well-armed and well-primed for violence."</i></p>

	<p>Bruce:</p>

	<p>You need to cut down on the caffeine. Wow. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081111X_ft_alphaville_blog_archive_goldman_s_travails_rumours_and_reality"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 11, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/11/18078/your-not-so-flexible-friend/">Your not so 
flexible friend</a></h4>
<blockquote>

	<p><a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/11/18078/your-not-so-flexible-friend/">FT Alphaville
	</a></p>

	<p>New car - $ 40,000<br>
	Doing up your house - $ 100,000<br>
	New clothes - $ 15,000<br>
	Expensive foreign holidays - $ 25,000</p>

	<p>There are some things in life that money can't buy, but personal bankruptcy isn't one of them.
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081111X_your_not_so_flexible_friend"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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<td align="center"><a href="#n20081111X_does_everybody_get_to_be_a_bank_now_amex_joins_the_club"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 11, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/11/18087/goldmans-travailles-rumours-and-reality/">
FT Alphaville " Blog Archive " Goldman's travails Rumours and reality</a></h4>

<h5>Surely a Freudian post…</h5>
<blockquote>

	<p>A bank's most previous asset is its reputation</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081111X_ft_alphaville_blog_archive_goldman_s_travails_rumours_and_reality"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081111X_does_everybody_get_to_be_a_bank_now_amex_joins_the_club" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081110X_when_to_prune_your_hedges"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 11, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/11/does-everybody-get-to-be-bank-now-amex.html">Does Everybody 
Get To Be a Bank - Now Amex Joins the Club</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></h6>

	<p>Willem Buiter once said that US regs permitted the Fed to lend against any collateral, including 
	a dead dog. We are getting perilously close to that.</p>

	<p><b>... ... ...</b></p>

	<p><i>"the brand and the aura of inexorable success" </i></p>

	<p>When Arthur Andersen were our accountants, that was their great kudos too…whatever happened to 
	Arthur Andersen..?</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081111X_does_everybody_get_to_be_a_bank_now_amex_joins_the_club"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
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</tr></table></center>

<h4>[Nov 10, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/11/10/18043/when-to-prune-your-hedges/">
When to prune your hedges</a></h4>
<blockquote>

	<p>Advice from
	<a target="_blank" href="http://www.bbc.co.uk/gardening/basics/techniques/pruning_prunehedges2.shtml#when_to_trim">
	BBC gardening</a> on looking after your hedge:</p>
	<blockquote>

		<p>Once your hedge is trimmed to the desired shape, water and mulch the plants to keep them 
		in good condition. Occasionally a hedge plant can die or become damaged through disease: <b>
		if it's not possible to save the plant, wait until autumn and replace it.</b></p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081110X_when_to_prune_your_hedges"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081105X_the_onion_our_long_national_nightmare" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081105X_tall_paul"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Nov 05, 2008] The Onion: Our long national nightmare . . .  by Barry Ritholtz</h4>
<blockquote>

	<h6>November 05, 2008 | The Big Picture </h6>

	<p>A pretty good Onion headline: 
	<a target="_blank" href="http://www.theonion.com/content/node/89486" mce_href="http://www.theonion.com/content/node/89486">
	Nation Finally Shitty Enough To Make Social Progress</a>:</p>
	<blockquote>

		<p>Although polls going into the final weeks of October showed Sen. Obama in the lead, it remained 
		unclear whether the failing economy, dilapidated housing market, crumbling national infrastructure, 
		health care crisis, energy crisis, and five-year-long disastrous war in Iraq had made the nation 
		crappy enough to rise above 300 years of racial prejudice and make lasting change.</p>

		<p>"Today the American people have made their voices heard, and they have said, 'Things are 
		finally as terrible as we're willing to tolerate," said Obama, addressing a crowd of unemployed, 
		uninsured, and debt-ridden supporters. "To elect a black man, in this country, and at this time-these 
		last eight years must have really broken you."</p>

		<p>Added Obama, "It's a great day for our nation."</p>
	</blockquote>

	<p>Heh heh . . . That is, unfortunately, only a sleight exaggeration as to the landscape.  
	Of course, for wit, prescience, and humor, nothing beats the Onion's 2001 pre-inauguration headline:</p>
	<blockquote>

		<p>
		<a target="_blank" href="http://www.theonion.com/content/node/28784" mce_href="http://www.theonion.com/content/node/28784">
		Bush: 'Our Long National Nightmare Of Peace And Prosperity Is Finally Over'</a></p>

		<p>"My fellow Americans," Bush said, "at long last, we have reached the end of the dark period 
		in American history that will come to be known as the Clinton Era, eight long years characterized 
		by unprecedented economic expansion, a sharp decrease in crime, and sustained peace overseas. 
		The time has come to put all of that behind us."</p>
	</blockquote>

	<p>A classic: So witty, so foresighted . . .</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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</tr></table></center>

<h4>[Nov 5, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/11/tall-paul.html">Tall Paul</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a></h6>

	<p><i>The highlight of the evening</i>: I met, and got to speak with, former FOMC Chairman, and 
	current Obama economic advisor, Paul Volcker.  (Paul Volcker!). Even better, I got to tell 
	him my favorite Bush joke (actually, a quote from Allan Mendelowitz):</p>
	<blockquote>

		<p><font color="#FF0000"><i><b>"The Bush administration, which took office as social conservatives, 
		is now leaving as conservative socialists."</b></i></font></p>
	</blockquote>

	<p>It really cracked him up!</p>

	<p>Comments</p>

	<p>christofay :</p>
	<a></a>
	<blockquote>

		<p>And I do have a problem with the Washington/Wall St shuffle as done by Greenspan, especially 
		with Greenspan, "The Age of Flatulence: How I turned the dollar from solid to liquid to gas."</p>
	</blockquote>
</blockquote>

<h3><a name="October">October</a></h3>
<blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081026X_fire"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 26, 2008] <a target="_blank" href="http://www.truthout.org/102508C">Greenspan Shocked Disbelief</a></h4>
<blockquote>
	<a target="_blank" href="http://www.truthout.org/102508C">truthout</a><p>"...I am shocked - shocked, there is gambling 
	going on in this establishment...."</p>

	<p> "...here are your winnings..."</p>

	<p> -- <i>exchange between Humphrey Bogart & Claude Rains in Casablanca </i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20081026X_fire" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081025X_hedge_fund_manager_goodbye_and_f_you"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 26, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/10/fire.html"> Fire -- </a>
by Clay Bennett, Chattanooga Times Free press </h4>

<h5>Hat tip to Barry Ritholtz.  Is that what they mean by the 'FIRE Economy'? You can probably 
assign particular Fed and Gov characters to four firemen poring water into the bank while all the streets 
around them are on fire. </h5>
<blockquote>

	<p><a target="_blank" href="http://www.timesfreepress.com/news/2008/sep/24/rescue-plan/?editorialcartoons">
	<img height="349" border="0" width="520" alt="080924_rescue_plan" title="080924_rescue_plan" src="../../Bulletin/Images/080924_rescue_plan.jpg" /></a></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081026X_fire"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081025X_hedge_fund_manager_goodbye_and_f_you" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081025X_greenspan_wasted_away"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 25, 2008]
<a target="_blank" href="http://www.portfolio.com/views/blogs/daily-brief/2008/10/17/hedge-fund-manager-goodbye-and-f-you">
Hedge Fund Manager Goodbye and F---- You</a></h4>
<blockquote>

	<h5>
	<a target="_blank" href="http://www.portfolio.com/views/blogs/daily-brief/2008/10/17/hedge-fund-manager-goodbye-and-f-you">
	Portfolio.com</a></h5>

	<p>Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who 
	was also closing up shop (a $300 million fund), was quoted as saying, "What I have learned about 
	the hedge fund business is that I hate it." I could not agree more with that statement. I was in 
	this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, 
	Yale, and then the Harvard MBA, was there for the taking. </p>

	<p>These people who were (often) truly not worthy of the education they received (or supposedly 
	received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels 
	of our government. </p>

	<p>All of this behavior supporting the Aristocracy, only ended up making it easier for me to find 
	people stupid enough to take the other side of my trades. </p>

	<p>God bless America.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081025X_greenspan_bill_buckner"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 25, 2008] <a target="_blank" href="http://prudentbear.com/index.php/commentary/randomwalk?art_id=10127">Greenspan 
wasted away</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://prudentbear.com/index.php/commentary/randomwalk?art_id=10127">Random Walk</a></h6>

	<p>Sung to the tune of <i>Margaritaville</i>, with apologies to Jimmy Buffett (With extra verses 
	because so many are needed) </p>

	<p>Staring at cheese cake<br>
	Gotta a new speech to make<br>
	All of those bankers covered in sweat.<br>
	Shuffling my note cards<br>
	Responding to blowhards<br>
	Tellin' them, <i>"Really</i>, I have no regrets."
							<O:P><br>
 </O:P></p>

	<p>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim homeowners must be to blame<br>
	All I know…<br>
	This thing ain't my fault.
							<O:P></p>

	<p></O:P>The hedge funds got leveraged<br>
	While I sipped my beverage.<br>
	They bought tons of stuff no one understands.<br>
	But it was their duty<br>
	To rake in the booty<br>
	They bought
							<ST1:CITY w:st="on">
		<ST1:PLACE w:st="on">Hamptons</ST1:PLACE></ST1:CITY> 
							mansions, torpedoes be damned
							<O:P><br>
 </O:P></p>

	<p>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim Congress must be to blame<br>
	But I know<br>
	It's still not my fault.<br>
 <O:P></O:P></p>

	<p>Those swaps were all hidden<br>
	From my field of vision.<br>
	My buddy Phil Gramm said it was all cool.<br>
	Regulation was evil<br>
	So his bill made them legal.<br>
	Now buyers and sellers are feeling like fools.<br>
 <O:P></O:P></p>

	<p>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim realtors must be to blame,<br>
	But I know,<br>
	No way it's my fault.<br>
 <O:P></O:P></p>

	<p>Mortgage brokers went crazy.<br>
	Appraisers got lazy.<br>
	Homes "created wealth" and things were just fine<br>
	But it really was funny.<br>
	They'd loan you the money.<br>
	If you picked up a pen and were able to sign.</p>

	<p><O:P></O:P>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim Fannie must be to blame<br>
	But I know,<br>
	This can't be my fault
							<O:P><br>
 </O:P></p>

	<p>Now Fannie and Freddie<br>
	Lobbied hard, lobbied steady.<br>
	Executives knew how to play all their cards.<br>
	Then company earnings<br>
	Crashed and went burning.<br>
	They took none of the risk and kept the rewards.<br>
 <O:P></O:P></p>

	<p>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim to blame<br>
	Now I know,<br>
	No way it's my fault.<br>
 <O:P></O:P></p>

	<p>Before telecom busted<br>
	Back when "in dotcom we trusted"<br>
	It took me by surprise when that bubble burst.<br>
	But I took some action<br>
	I cut rates to a fraction<br>
	Who knew the next bubble that burst would be worse?
							<O:P><br>
 </O:P></p>

	<p>Wishin' today for a bail out bill.<br>
	No more banks hurtling toward default.<br>
	Some people claim it was me that's to blame<br>
	Now I know,<br>
	It's Bernanke's fault.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081025X_who_killed_wall_street"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 25, 2008]
<a target="_blank" href="http://blogs.wsj.com/economics/2008/10/23/bill-buckner-comparison-may-sting-greenspan/">
Greenspan = Bill Buckner  </a></h4>

<h5>While he was definitely more 'ladder climb oriented" then "ideology oriented" he in his zeal to 
please banksters became the real symbol of the deregulation mess</h5>
<blockquote>

	<p>The metaphors were flying at congressional hearing on roots of credit crisis. But one in particular 
	had to sting former Fed Chairman <b>Alan Greenspan</b>. </p>

	<p>Rep. John Yarmuth (D., Ky.) referred to Greenspan as one of three "Bill Buckners" - a reference 
	to the infamous <b>Boston Red Sox</b> first baseman whose flubbed handling of an easy grounder cost 
	the Red Sox the 1986 World Series. </p>

	<p>Former Treasury Secretary <b>John Snow </b>and SEC chief<b> Christopher Cox</b>, who testified 
	along with Greenspan, also got tagged with the Buckner label. But as an avid baseball fan, that 
	one had to hurt Greenspan. <i>–Brian Blackstone</i></p>

	<p><b>Comments</b></p>
	Don't fault Greenspan. The media, politicians, educators and the rest of the establishment "experts" 
	who genuflected before him are the real reason our economy is in this mess. They paid attention 
	to this egotistical windbag for so many years and actually believed he knew what he was babbling 
	about. The press never questioned his prognostications. He was truly the Emperor (Economist) Who 
	Wore No Clothes.</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<h4>[Oct 25, 2008] <a target="_blank" href="http://www.koreatimes.co.kr/www/news/opinon/2008/10/160_32518.html">Who 
killed Wall Street</a></h4>
<blockquote>

	<p>What will the post-mortem on Wall Street show? That it was a case of suicide? Murder? Accidental 
	death? Or a rare instance of generalized organ failure? </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081022X_blogger_robert_reichs_blog_post_a_comment"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 24, 2008] A rare admission of an old Narcissist</h4>

<h5>My God, can you believe he had found the flaw in his doctrine.  Better late then never... Is 
the inability to admit errors a litmus test for narcissists and obsessed revolutionaries?</h5>
<blockquote>

	<p>"Yes, I found a flaw,'' Greenspan said in response to grilling from the House Committee on Oversight 
	and Government Reform. </p>

	<p>"That is precisely the reason I was shocked because I'd been going for 40 years or more with 
	very considerable evidence that it was working exceptionally well.''</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20081022X_bailouts_for_commodity_speculators"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
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<h4>[Oct 22, 2008]
<a target="_blank" href="https://www.blogger.com/comment.g?blogID=25510280&postID=2240220234769981561">Blogger Robert 
Reich's Blog - Post a Comment</a></h4>
<blockquote>

	<p>"If they're too big to fail, they're too big ... to exist" [Bernie Sanders]</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081022X_blogger_robert_reichs_blog_post_a_comment"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081022X_bailouts_for_commodity_speculators" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081022X_gallows_humor_of_the_day"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 22, 2008]
<a target="_blank" href="http://www.econbrowser.com/archives/2008/10/bailouts_for_co.html#comments">Bailouts for commodity 
speculators</a></h4>

<h5>From reader responses... </h5>
<blockquote>

	<p><a target="_blank" href="http://www.econbrowser.com/archives/2008/10/bailouts_for_co.html#comments">Econbrowser</a></p>

	<p>First there was Compassionate Conservatism, now there's Socialist Conservatism...</p>

	<p>===</p>

	<p>Q: Is risk and reward (punishment) still an important concept in market economics? Everybody 
	wants help from the government when their plans go wrong. It's ridiculous.</p>

	<p>A: I don't see where this has anything to do with market economics. Does anyone know what the 
	market is anymore? It seems today it is what ever the government says it is.</p>

	<p>===</p>

	<p>I do wonder if my recent losses in Las Vegas might be covered by one of these government agencies. 
	Some of the losses ended up on my credit card and the 20% interest is killing me. </p>

	<p>===</p>

	<p>Can you leave out the graphs? I can handle the bad news a lot better when you just tell me.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081022X_bailouts_for_commodity_speculators"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081022X_gallows_humor_of_the_day" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081021X_bush_to_host_summit_of_losers"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 22, 2008] Gallows humor of the day</h4>
<blockquote>

	<p>"... this might not be a bad time to start buying stocks."</p>

	<p>Umm, with what?</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081022X_gallows_humor_of_the_day"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081021X_bush_to_host_summit_of_losers" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081020X_financial_funnies"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 21, 2008]
<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/10/bush-to-host-summit-of-losers.html">Bush 
to Host Summit of Losers</a></h4>

<h5>"It took nearly 80 years for people to get as reckless as they did in 1929. 80 years!"</h5>
<blockquote>

	<p>In response to the Credit crisis president Bush is gathering up all the people who did not see 
	what was coming, denied what was happening, and then failed to see the implications of what was 
	indeed happening</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081021X_bush_to_host_summit_of_losers"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081020X_financial_funnies" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081018X_after_w_le_deluge"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 20, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/10/financial-funnies.html">Financial funnies</a></h4>
<blockquote>

	<p>Quote of the day (from a trader): </p>
	<blockquote>

		<p>"This is worse than a divorce. I've lost half of my net worth and I still have a wife."
		</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081020X_financial_funnies"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081018X_after_w_le_deluge" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081018X_bizarro_world"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 18,2008]] <a target="_blank" href="http://www.nytimes.com/2008/10/19/opinion/19dowd.html?em">After W., Le Deluge</a> 
by Maureen Dowd </h4>
<blockquote>

	<p><a target="_blank" href="http://www.nytimes.com/2008/10/19/opinion/19dowd.html?em">NYTimes.com</a></p>

	<p>"The government needs to borrow a method that was used in the recent past--a deck of cards with 
	photos of 52 former Masters of the Universe... "</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081018X_after_w_le_deluge"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081018X_bizarro_world" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081017X_top_10_credit_crunch_jokes"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 18,2008] <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/bizarro-world.html">Bizarro World</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h6>

	<p>From Gail Collins at the NY Times:
	<a target="_blank" href="http://www.nytimes.com/2008/10/18/opinion/18collins.html">Is Anybody Happy?</a> </p>
	<blockquote>
		George W. Bush showed up on TV Friday morning to reassure the nation. What could possibly be 
		worse?<p>Everybody knows that anything our president says is very likely wrong, and certainly 
		won't happen. If he announced: "I'm sending government agents to Spokane to arrest the looters," 
		we would expect that the officials would get lost, nobody would be arrested, and the looters 
		probably never existed in the first place.</p>

		<p>So hearts sunk throughout the nation when Bush appeared at a Chamber of Commerce gathering 
		to say that the economy would recover.</p>

		<p>"America is the most attractive destination for investors around the globe. America is the 
		home of the most talented and enterprising and creative workers in the world," said the president, 
		who also insisted that "democratic capitalism remains the greatest system ever devised."</p>

		<p>Which translates into: all the money is going to Asia, nobody will ever get a job again and 
		Karl Marx was right after all.</p>

		<p>Bummer.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081018X_bizarro_world"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081017X_top_10_credit_crunch_jokes" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081015X_greatest_assets"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 17, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/top-10-credit-crunch-jokes.html">Top 10 credit crunch 
jokes</a></h4>
<blockquote>

	<p>Q: With the current market turmoil, what's the easiest way to make a small fortune?</p>

	<p>A: Start off with a large one.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081017X_top_10_credit_crunch_jokes"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081015X_greatest_assets" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081015X_unknown_title3"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 15, 2008] Greatest Assets ;-) </h4>

<h5>Hat tip to Barry Ritholtz</h5>
<blockquote>

	</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081015X_greatest_assets"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081015X_unknown_title3" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081014X_talebs_black_swan_investors_post_gains_as_markets_take_dive"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>
	<img border="0" src="../../Bulletin/Images/employeesaregreatasset.jpg" width="330" height="300" align="top"></h4>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081015X_unknown_title3"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081014X_talebs_black_swan_investors_post_gains_as_markets_take_dive" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081011X_was_bushs_statement_today_the_equivalent_of_a_quot_hoover_moment_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 14, 2008]
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aDVgqxiT9RSg&refer=home">Taleb's `Black 
Swan' Investors Post Gains as Markets Take Dive </a></h4>
<blockquote>

	<h6>Bloomberg.com</h6>

	<p>Credit defailt swaps are like "buying insurance on the Titanic from someone on the Titanic.''</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081014X_talebs_black_swan_investors_post_gains_as_markets_take_dive"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081011X_was_bushs_statement_today_the_equivalent_of_a_quot_hoover_moment_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081010X_market_take_from_cartoonist_eric_g_lewis"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 11, 2008] 
<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/10/g-7-jawbones-about-taking-all-necessary.html">
Was Bush's statement today the equivalent of a "Hoover Moment"</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://globaleconomicanalysis.blogspot.com/">Mish's Global Economic Trend Analysis</a></h6>

	<p>Was Bush's statement today the equivalent of a "Hoover Moment"?</p>
	<blockquote>

		<p>"The fundamental business of the country, that is production and distribution of commodities, 
		is on a sound and prosperous basis." </p>

		<p>Herbert Hoover, statement to the press, Oct. 25, 1929.</p>
	</blockquote>

	<p>Mike "Mish" Shedlock<br>
	http://globaleconomicanalysis.blogspot.com<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/"><br>
	Click Here To Scroll Thru My Recent Post List</a></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081011X_was_bushs_statement_today_the_equivalent_of_a_quot_hoover_moment_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081010X_market_take_from_cartoonist_eric_g_lewis" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081005X_tom_toles_is_a_priceless_national_treasure_vol_ix"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 10, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/market-take-from-cartoonist-eric-g.html">Market 
Take from Cartoonist Eric G. Lewis</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/10/market-take-from-cartoonist-eric-g.html">Calculated 
	Risk</a> </h6>

	<p>
	<a target="_blank" href="http://4.bp.blogspot.com/_pMscxxELHEg/SO8v3y67X2I/AAAAAAAADjI/iAAkho_n0kU/s1600-h/EricCartoonCR.jpg">
	<img border: 1px solid #000000; margin: 10px; padding: 4px" border="0" alt="Cartoon Eric G. Lewis" src="../../Bulletin/Images/EricCartoonCR.jpg"></a></p>

	<p><i><b>Click on cartoon for larger image in new window.</b></i></p>

	<p>Here is a grim take on the markets from from Eric G. Lewis, a freelance cartoonist living in 
	Orange County, CA.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081010X_market_take_from_cartoonist_eric_g_lewis"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081005X_tom_toles_is_a_priceless_national_treasure_vol_ix" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081003X_financial_crisis_humour_telegraph_blogs"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 5, 2008]
<a target="_blank" href="http://angrybear.blogspot.com/2008/10/tom-toles-is-priceless-natonal-treasure.html">Tom Toles 
is a Priceless National Treasure, Vol IX</a> </h4>

<h5>Hat tip to  Ken Houghton from Angry Bear</h5>
<blockquote>

	<h6><a target="_blank" href="http://angrybear.blogspot.com/">Angry Bear</a></h6>

	<p>One of the few reasons that
	<a target="_blank" href="http://www.washingtonpost.com/wp-srv/opinions/cartoonsandvideos/toles_main.html?name=Toles&date=10052008">
	the Washington Post should still be in business</a>:</p>

	<p>
	<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_wM5Pj6NF0jA/SOj4eA_w-iI/AAAAAAAAAKI/X3a_LsrGJRE/s1600-h/tt081005.gif">
	<img border="0" alt="" src="../../Bulletin/Images/tt081005.gif"></a></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081005X_tom_toles_is_a_priceless_national_treasure_vol_ix"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081003X_financial_crisis_humour_telegraph_blogs" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081003X_newsweek_perspectives"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 3, 2008] <a target="_blank" href="http://blogs.telegraph.co.uk/financial_crisis_humour/">Financial crisis humour 
Telegraph Blogs</a></h4>

<p>    Good rehashing the old theme: the picture of unemployed trader with the subtitle 
"Will trade for food". </p>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081003X_financial_crisis_humour_telegraph_blogs"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081003X_newsweek_perspectives" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081003X_ft_com_columnists_martin_wolf_congress_decides_it_is_worth_risking_depression"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 3, 2008] <a target="_blank" href="http://www.newsweek.com/id/38087">Newsweek Perspectives</a></h4>
<blockquote>

	<p>If money isn't loosened up, this sucker could go down.</p>

	<p><i>President <b>George W. Bush</b>, watching nervously as negotiations on the federal bailout 
	plan hit partisan snags after he'd asked for congressional bipartisanship</i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081003X_newsweek_perspectives"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081003X_ft_com_columnists_martin_wolf_congress_decides_it_is_worth_risking_depression" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081001X_the_big_picture_we_need_to_act_quickly_on_the_bailout"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 3, 2008] <a target="_blank" href="http://www.ft.com/cms/s/0/0fa9d526-8eec-11dd-946c-0000779fd18c.html">FT.com 
- Columnists - Martin Wolf - Congress decides it is worth risking depression</a></h4>
<blockquote>

	<p>Winston Churchill, Roosevelt's partner, said: "The United States invariably does the right thing, 
	after having exhausted every other alternative." </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081003X_ft_com_columnists_martin_wolf_congress_decides_it_is_worth_risking_depression"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081001X_the_big_picture_we_need_to_act_quickly_on_the_bailout" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081001X_the_big_picture_quote_of_the_day_fair_value_accounting"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 1, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/10/we-need-to-act.html">The Big 
Picture We need to act quickly on the Bailout!</a></h4>
<blockquote>

	<p><img border="0" src="../../Images/act_quickly.jpg" width="520" height="346"></p>

	
<h4>Comments</h4>

	<p>Let the whole damned thing fail - I'm long canned goods, bottled water, and bullets.</p>

	<p>===</p>

	<p>This is not about being a bullshit or bearshit anymore. This is serious. We still want to play 
	this great stock market game, don't we? We [traders] don't want to end up sharing park benches, 
	do we? yuk! Get the bill approved!</p>

	<p>===</p>

	<p>Gotta love Cramer! As long as that asshat is preaching long, I'll stay short! </p>

	<p>===</p>
	"I'm looking for the bailout bill text... and can't seem to find it. Could someone point me in the 
	right direction?"<p><br>
	Nick, you might want to try the Library of Congress and scan under the category of Fiction and/or 
	Fantasy.....<br>
 </p>

	<p>Posted by: Winston Munn | Oct </div>
	</p>

	<p>===</p>

	<p>There is a reason National Parks have "Do not feed the animals" signs up.</p>

	<p>===</p>

	<p>The end game of all this becomes clearer by the day. For Paulson, think William Wallace at the 
	end of "Braveheart", but not as clean and at the hands of 2,000 angry taxpayers.</p>

	<p>===</p>

	<p>The President who cried wolf.</p>

	<p>===</p>

	<p>[It's like gay alcoholic asking] Give me some bucks and I will be straight... </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081001X_the_big_picture_we_need_to_act_quickly_on_the_bailout"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081001X_the_big_picture_quote_of_the_day_fair_value_accounting" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081001X_paulsons_poker_face_a_bluff_by_going_all_in_seeking_alpha"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 1, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/10/quote-of-the-da.html">The 
Big Picture Quote of the Day Fair Value Accounting</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a></h6>

	<p>Wachovia went out with a book value of $75 billion. Citi paid $2 billion. Could it be that asset 
	values are overstated, not understated?</p>

	<p>-Michael Rapoport, Dow Jones</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081001X_the_big_picture_quote_of_the_day_fair_value_accounting"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20081001X_paulsons_poker_face_a_bluff_by_going_all_in_seeking_alpha" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080929X_fannie_mae_and_freddie_mac_taken_over_by_federal_government"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Oct 1, 2008]
<a target="_blank" href="http://seekingalpha.com/article/98090-paulson-s-poker-face-a-bluff-by-going-all-in?source=yahoo">
Paulson's Poker Face A Bluff by Going All In - Seeking Alpha</a></h4>
<blockquote>

	<p>Everybody likes the ideological rhetoric of "free markets," but nobody likes the harsh reality 
	of "markets in free fall."</p>
</blockquote>

<h3><a name="September">September</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20081001X_paulsons_poker_face_a_bluff_by_going_all_in_seeking_alpha"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080929X_fannie_mae_and_freddie_mac_taken_over_by_federal_government" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080928X_hey_u_s_welcome_to_the_third_world"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 29, 2008]
<a target="_blank" href="http://notnews.today.com/2008/09/08/fannie-mae-and-freddie-mac-taken-over-by-federal-government/">
Fannie Mae and Freddie Mac taken over by Federal government</a></h4>

<h5>"The bankers and Wall Street traders. Just because you showed ridiculous incompetence in lending 
doesn't mean that you, and the hideously exposed like me, don't deserve a second chance. God bless America! 
And its hard-working backbone! And there's still their pensions for next time!"</h5>
<blockquote>

	<h6>
	<a target="_blank" href="http://notnews.today.com/2008/09/08/fannie-mae-and-freddie-mac-taken-over-by-federal-government/">
	News of the News</a></h6>

	<p>"This is absolutely within our ideology," said Treasury Secretary Henry Paulson. "We have a lot 
	of money in those markets ourselves, you know."</p>

	<p>"We owe it all to the bedrock of our economy: the ordinary hard-working taxpayer. You resisted 
	the siren call of credit cards, lived within your means to save for a rainy day, never took out 
	an interest-only mortgage, credit score to make Jesus cry. Without taking every penny you saved 
	over the $100,000 guarantee, we'd never have made it. And the best bit is, we know you'll still 
	vote Republican! God bless you all!"</p>
	The hideously biased liberal mainstream media has continued to help, running a steady stream of 
	pro-spending, pro-creditor news stories supporting a prop under house price speculation.<p>President 
	Bush has recruited his brother Neil as a consultant, after Neil's expert involvement in the savings 
	and loan collapses of the late 1980s. "I can't believe he got clean away with that one."</p>

	<p>Mr Bush stressed his commitment to his core constituency. "The bankers and Wall Street traders. 
	Just because you showed ridiculous incompetence in lending doesn't mean that you, and the hideously 
	exposed like me, don't deserve a second chance. God bless America! And its hard-working backbone! 
	And there's still their pensions for next time!"</p>
</blockquote>

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<td align="center"><a href="#n20080928X_the_crucial_problem_is_that_the_largest_banks_have_become_not_only_too_big_to_fail"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 28, 2008]
<a target="_blank" href="http://www.latimes.com/news/opinion/commentary/la-oe-brooks18-2008sep18,0,7282720.column">Hey 
U.S., welcome to the Third World!</a> by Rosa Brooks<a target="_blank" href="http://www.latimes.com/news/opinion/commentary/la-oe-brooks18-2008sep18,0,7282720.column">
</a></h4>
<blockquote>

	<p>
	<a target="_blank" href="http://www.latimes.com/news/opinion/commentary/la-oe-brooks18-2008sep18,0,7282720.column">
	Los Angeles Times</a></p>

	<p>Dear United States, Welcome to the Third World! </p>

	<p>It's not every day that a superpower makes a bid to transform itself into a Third World nation, 
	and we here at the World Bank and the International Monetary Fund want to be among the first to 
	welcome you to the community of states in desperate need of international economic assistance. As 
	you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury 
	Department's request that we undertake a joint stability assessment of your financial sector. In 
	these turbulent times, we can provide services ranging from subsidized loans to expert advisors 
	willing to perform an emergency overhaul of your entire government. </p>

	<p>As you know, some outside intervention in your economy is overdue. Last week -- even before Wall 
	Street's latest collapse -- 13 former finance ministers convened at the University of Virginia and 
	agreed that you must fix your "broken financial system." Australia's Peter Costello noted that lately 
	you've been "exporting instability" in world markets, and Yashwant Sinha, former finance minister 
	of India, concluded, "The time has come. The U.S. should accept some monitoring by the IMF." </p>

	<p>We hope you won't feel embarrassed as we assess the stability of your economy and suggest needed 
	changes. Remember, many other countries have been in your shoes. We've bailed out the economies 
	of Argentina, Brazil, Indonesia and South Korea. But whether our work is in Sudan, Bangladesh or 
	now the United States, our experts are committed to intervening in national economies with care 
	and sensitivity. </p>

	<p>We thus want to acknowledge the progress you have made in your evolution from economic superpower 
	to economic basket case. Normally, such a process might take 100 years or more. With your oscillation 
	between free-market extremism and nationalization of private companies, however, you have successfully 
	achieved, in a few short years, many of the key hallmarks of Third World economies.</p>

	<p>Your policies of irresponsible government deregulation in critical sectors allowed you to rapidly 
	develop an energy crisis, a housing crisis, a credit crisis and a financial market crisis, all at 
	once, and accompanied (and partly caused) by impressive levels of corruption and speculation. Meanwhile, 
	those of your political leaders charged with oversight were either napping or in bed with corporate 
	lobbyists.</p>

	<p>Take John McCain, your Republican presidential nominee, whose senior staff includes half a dozen 
	prominent former lobbyists. As he recently put it, "I was chairman of the [Senate] Commerce Committee 
	that oversights every part of the economy." No question about it: Your leaders' failure to notice 
	the damage done by irresponsible deregulation was indeed an oversight of epic proportions. </p>

	<p>Now you are facing the consequences. </p>
</blockquote>

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</tr></table></center>

<h4>[Sep 28, 2008] The crucial problem  is that the largest banks have become not only too big 
to fail, but also too big to be saved.</h4>
<blockquote>

	<p>Let the bansters rot in hell ;-)</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20080928X_a_memo_found_in_the_street"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 28, 2008] <a target="_blank" href="http://www.ew.com/ew/article/0,,20228603,00.html">Stewart & Colbert Exclusive 
Q&A 2008 Presidential Elections Cover Story Q&A News + Notes Entertainment Weekly 1</a></h4>
<blockquote>

	<p>The press is 6-year-olds playing soccer; nobody has a position, it's just ''Where's the ball? 
	Where's the ball? Sarah Palin has the ball!''...</p>

	<p>If there is something quintessentially authentically American about her, I sort of feel like, 
	you know what? You ''good values people'' have had the country for eight years, and done an unbelievably 
	s---ty job. Let's find some bad values people and give them a shot, maybe they'll have a better 
	take on it.</p>

	<p><b>COLBERT:</b> I've got one for you. McCain said, ''The fundamentals of our economy are strong'' 
	and ''Our economy is at risk.'' One was at 9 a.m., the other was 11 a.m. Our joke was ''You can 
	be strong and at risk, too. Like, a muscleman who wouldn't wear a condom. What's the worst that 
	could happen?''</p>

	<p><b>... ... ...</b></p>

	<p><b>COLBERT:</b> The idea that Lehman Brothers doesn't get any money and AIG does reminds me very 
	much of ''Iran is a mortal enemy because they have not achieved a nuclear weapon. But North Korea 
	is a country we <i>can</i> work with, because they <i>have</i> a nuclear weapon.'' The idea is, 
	Get big or go home. How big can you f--- up? Can you f--- up so bad that you would ruin the world 
	economy? If it's just 15,000 who are out of jobs, no. You have to actually be a global f---up to 
	get any help.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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</tr></table></center>

<h4>[Sep 28, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/uncle-sam-the-e.html">A Memo 
Found in the Street</a> by Barry Ritholtz</h4>
<blockquote>

	<p><a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a></p>
</blockquote>
<blockquote>

	<p><b>To</b>: <i>Washington, D.C.</i><br>
	<b>From</b>: <i>Wall Street</i><br>
	<b>Re</b>: <i>Credit Crisis</i> </p>

	<p>Dear D.C.,</p>

	<p>WOW, WE'VE MADE QUITE A MESS OF THINGS here on Wall Street: Fannie and Freddie in conservatorship, 
	investment banks in the tank, AIG nationalized. Thanks for sending us your new trillion-dollar bailout.</p>

	<p>We on Wall Street feel somewhat compelled to take at least some responsibility. We used excessive 
	leverage, failed to maintain adequate capital, engaged in reckless speculation, created new complex 
	derivatives. We focused on short-term profits at the expense of sustainability. We not only undermined 
	our own firms, we destabilized the financial sector and roiled the global economy, to boot. And 
	we got huge bonuses.</p>

	<p>But here's a news flash for you, D.C.: We could not have done it without you. We may be drunks, 
	but you were our enablers: Your legislative, executive, and administrative decisions made possible 
	all that we did. Our recklessness would not have reached its soaring heights but for your governmental 
	incompetence.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20080927X_16_very_good_reasons_why_this_quot_bailout_quot_must_go_through_asap"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 27, 2008]
<a target="_blank" href="http://www.time.com/time/nation/article/0,8599,1843168,00.html?xid=feed-cnn-topics&iref=werecommend">
How We Became the United States of France</a> by Bill Saporito</h4>

<h5>Should our government give money to bail-out investment bansters: those filthy bums on the Wall 
Street corner. Some people noted that with his push through the throat approach and intimidation tactic 
Paulson might consider a career of time-share salesman. </h5>
<blockquote>

	<p>Sept 21, 2008 |
	<a target="_blank" href="http://www.time.com/time/nation/article/0,8599,1843168,00.html?xid=feed-cnn-topics&iref=werecommend">
	TIME</a></p>

	<p>You just know the Frogs have only increased their disdain for us, if that is indeed possible. 
	And why shouldn't they? The average American is working two and a half jobs, gets two weeks off 
	and has all the employment security of a one-armed trapeze artist. The Bush Administration has preached 
	the "ownership society" to America: own your house, own your retirement account; you don't need 
	the government in your way. So Americans mortgaged themselves to the hilt to buy overpriced houses 
	they can no longer afford and signed up for 401(k) programs that put money - where, exactly? In 
	the stock market! Where rich Republicans fleeced them. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20080925X_we_should_toss_him_a_couple_of_bucks_by_barry_ritholtz"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>16 VERY good reasons why this "bailout" MUST go through ASAP</h4>
<blockquote>

	<p>BNP Paribas Securities Corp. <br>
	Bank of America Securities LLC <br>
	Barclays Capital Inc. <br>
	Cantor Fitzgerald & Co. <br>
	Citigroup Global Markets Inc. <br>
	Credit Suisse Securities (USA) LLC <br>
	Daiwa Securities America Inc. <br>
	Deutsche Bank Securities Inc. <br>
	Goldman, Sachs & Co. <br>
	RBS Greenwich Capital <br>
	HSBC Securities (USA) Inc. <br>
	J. P. Morgan Securities Inc. <br>
	Merrill Lynch Government Securities Inc. <br>
	Mizuho Securities USA Inc. <br>
	Morgan Stanley & Co. Incorporated <br>
	UBS Securities LLC.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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</tr></table></center>

<h4>[Sep 25, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/we-should-toss.html">We should 
toss him a couple of bucks... by Barry Ritholtz</a></h4>
<blockquote>

	<h6>September 25, 2008 | bigpicture </h6>

	<p><b>The Congressional Bailout attitude:</b></p>

	<p>
	<img border="0" src="../Images/handouts_for_troubled_wall_street.gif" width="500" height="328">
	</p>

	<p><b>Comments</b></p>

	<p>Toss him a few bucks?!?</p>

	<p>More like the guy wants to tap the carotid artery in a fashion similar to Dracula!</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080919X_is_not_this_a_financial_virus" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080919X_burn_before_reading"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 19, 2008]  <a target="_blank" href="http://www.kunstler.com/index.html">Is not this a financial virus 
?</a></h4>

<h5>This is really quotable on a good cocktail party (preferably closer to the end): "The hosts are 
the sick financial institutions being run by crooked executives, regulated by incompetent regulators, 
appointed by blissfully ignorant politicians and at the end of the line is a judicial system that is 
without power to do anything." </h5>
<blockquote>

	<p><b>Quote of the day: <a target="_blank" href="http://realestateandhousing2.blogspot.com/">Mike 
	Morgan </a>on bad debt contagion in the financials:</b></p>

	<p>"This is a virus, with a 100% kill rate. This is a pandemic, the likes of which we have never 
	seen. This is only something that can be fixed after we kill all the players that carry the virus, 
	because the virus only dies when the host is dead. </p>

	<p>The hosts are the sick financial institutions being run by crooked executives, regulated by incompetent 
	regulators, appointed by blissfully ignorant politicians and at the end of the line is a judicial 
	system that is without power to do anything." </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080919X_burn_before_reading" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
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</tr></table></center>

<h4>[Sep 19, 2008] <a target="_blank" href="http://epicureandealmaker.blogspot.com/2008/09/burn-before-reading.html">
Burn Before Reading</a></h4>

<h5>Two quote from the same website explain it all: "The wealth required by nature is limited and is 
easy to procure; but the wealth required by vain ideals extends to infinity." <i>Epicurus</i>,
<a target="_blank" href="http://www.epicurus.net/en/principal.html">Principal Doctrines</a> and "If 
you want to know what God thinks of money, just look at the people he gave it to." <i>Dorothy Parker</i>
</h5>
<blockquote>

	<p><a target="_blank" href="http://epicureandealmaker.blogspot.com/">The Epicurean Dealmaker</a></p>

	<p>... Dear and Beloved Readers, because over the past five years Goldman Sachs' stock price has 
	ranged from a high of $248 per share to a low of $84, with an average over the period of $146.78. 
	The comparable figures for Morgan Stanley are $74, $18 (today), and $50.48, respectively. Given 
	that investment bankers are usually paid a substantial portion of their mouthwatering annual bonuses 
	in the form of restricted stock, options, SARs, and other stock-related funny money which typically 
	vest in stages over a period of three to five years, this means that GS and MS bankers are looking 
	at the evaporation of somewhere in the neighborhood of one- to two-thirds of their nominal deferred 
	compensation from the last five, highly lucrative years.</p>

	<p>I don't care how much cash you have in the bank, that'll leave a mark.</p>

	<p>Furthermore, the percentage of funny money in your paycheck usually increases quite substantially 
	the higher up in the organization you go and the more successful you become. Top-earning bankers 
	can get stuffed with 60%, 70%, or sometimes even more company toilet paper in place of officially 
	approved government tender. Therefore, you can just imagine the senior executives and big swinging 
	dicks at these two shops probably feel like they have just undergone (another)
	<a target="_blank" href="http://en.wikipedia.org/wiki/Bris">bris</a> today without anesthesia. </p>

	<p>Most of these will also realize later this afternoon as they pack up to go home that they're 
	going to get another kick in the balls from their adoring spouses when they share the news that 
	little Missy can't have a $500,000 Sweet Sixteen party at the Rainbow Room this year, after all</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20080919X_a_letter_from_hank"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 19, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/09/18/16085/truth-the-flexibility-of-facts-and-market-panics/">
Truth, the flexibility of facts, and market panics</a></h4>
<blockquote>
	Phone rings…<blockquote>
		FT Alphaville: Hello, Murphy<p>Morgan Stanley PR: Hi, this is XXXXX from MS. Have you seen the 
		information on Bloomberg? Mr Mack did NOT say these things. And I'm just calling to get your 
		post on this taken down, so can you take it down?</p>

		<p>FTAV: No. We've noted the Mack denial - published snaps from Reuters. We will link to that 
		and make denial clear. But the post stays up.</p>

		<p>MS felt: You can't believe the stuff that's going around. People are just making things up…</p>

		<p>FT AV: So what does the NYT say?</p>

		<p>MS felt: Oh, that's being dealt with by our NY people. I'm just ringing round getting stuff 
		taken down….</p>
	</blockquote>
</blockquote>

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</tr></table></center>

<h4>[Sep 19, 2008]
<a target="_blank" href="https://www.blogger.com/comment.g?blogID=3782644139927778760&postID=8242167155260794510&isPopup=true">
A letter from Hank</a></h4>
<dl>
	<dd>Dear Earl,<p>Hank here.</p>

	<p>I know it's been a rough few days, and you probably thought I wouldn't get back to you, but I've 
	been busy working on the solution to this whole problem.</p>

	<p>It's real simple:</p>

	<p>1) You lose your house, your car and your job. Sorry about that, but I applaud your willingness 
	to take one for the Team.</p>

	<p>2) Friends of mine help out by buying your house and car for ten cents on the dollar.</p>

	<p>3) Patriotic, God-fearing Americans like you help out by buying the house and car loan at face 
	value from some other friends of mine, and then selling it to yet more friends of mine at five cents 
	on the dollar. How, you may ask? Don't worry, I've already taken care of it.</p>

	<p>4) When Joe Wong gets tired of buying Treasuries instead of a Mars mission or Africa or something, 
	I raise taxes so high you don't ever have to worry about having to worry about having another car, 
	house or job.</p>

	<p>Now, that's what I call a win-win-win situation. Except for you, but we're in a war, remember? 
	And we will be for the next hundred years or so, so get used to it or go to Canada before we have 
	FEMA lock you up somewhere.</p>

	<p>Remember, Earl: I'm from the Government. I'm here to help you.</p>

	<p>Hank</p>
	</dd>
</dl>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a href="#n20080919X_the_big_picture"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 19, 2008]
<a target="_blank" href="https://www.blogger.com/comment.g?blogID=3782644139927778760&postID=8242167155260794510&isPopup=true">
Blogger naked capitalism - Post a Comment</a></h4>
<blockquote>

	<p>During Greenspan-Bernanke era all that was needed for investment bank was a number and the Fed 
	could provide the zeroes. And what is really funny that this might not be a joke afterall.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080919X_blogger_naked_capitalism_post_a_comment"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080919X_the_big_picture" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080918X_bernanke_quot_we_have_lost_control_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 19, 2008] <a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a></h4>
<blockquote>

	<p>Is Financial Innovation just another word for <i>excessive and reckless leverage? </i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080919X_the_big_picture"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080918X_bernanke_quot_we_have_lost_control_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080918X_fed_ecb_bank_of_japan_others_offer_247_billion_money_market_rates_ease"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 18, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/bernanke-we-have-lost-control.html">Bernanke- "We Have 
Lost Control"</a> </h4>
<blockquote>

	<p>Anonymous said... </p>

	<p>lets be honest.</p>

	<p>The real problems are greed, ponzi scammers, to much self interest, too little oversight, obscene 
	and vulgar leverage, pompous asses, whimpy academics, an old fart that ran the Fed for too long 
	, imbecilic homebuyers, hedge funds raiding stocks, overpaid nitwits everywhere, a pumped up standard 
	of living not justified by production...... and thats just the preamble. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080918X_bernanke_quot_we_have_lost_control_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080918X_fed_ecb_bank_of_japan_others_offer_247_billion_money_market_rates_ease" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080918X_the_big_picture_bailout_nation_soviet_style_russian_trading_halt"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 18, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/fed-ecb-bank-of-japan-others-offer-247.html">Fed, ECB, 
Bank of Japan, Others Offer $247 Billion; Money Market Rates Ease</a></h4>
<blockquote>
	<dt>"We have lost control," said Hale, quoting Bernanke. "We cannot stabilize the dollar. We cannot 
	control commodity prices."</dt>
	<dt> </dt>
	<dt><b>Anonymous said... <br>
 </b></dt>
	<dd>"I knew the mob wouldn't go down without a fight." - Batman 2008<p>How Prophetic</p>
	</dd>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080918X_fed_ecb_bank_of_japan_others_offer_247_billion_money_market_rates_ease"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080918X_the_big_picture_bailout_nation_soviet_style_russian_trading_halt" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080918X_bill_gross_is_our_version_of_the_russian_oligarch"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 18, 2008] 
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bailout-nation.html#comments">The Big Picture 
Bailout Nation, Soviet Style Russian Trading Halt</a></h4>

<h5>Lifted from comments</h5>
<blockquote>

	<p>Who looses... me and the other chumps trying to build a stash."</p>
	<blockquote>

		<p>It's the same the whole world over:<br>
		It's the poor what gets the blame.<br>
		It's the rich what gets the pleasure;<br>
		Ain't it all a bloomin' shame.</p>

		<p>-- Late 19th century (to be sung with an exaggerated Cockney accent)</p>

		<p>Posted by: Joshua | Sep 17, 2008 10:44:06 AM</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080918X_bill_gross_is_our_version_of_the_russian_oligarch" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080918X_laymans_explanation_of_aig_vs_bear_vs_lehman"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 18, 2008]
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/bailout-nation.html#comments">Bill Gross is 
our version of the Russian oligarch</a> ;-)</h4>

<h5>Lifted from comments</h5>
<blockquote>

	<p>Bill Gross is our version of the Russian oligarch, except his wealth flows from the quasi-nationalization 
	of the insurance and credit industries, whereas the typical Russian oligarch got his from quasi-privatization.
	</p>

	<p>From whichever direction, they both end up in the same place: As partners in crime with the government.
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080918X_laymans_explanation_of_aig_vs_bear_vs_lehman" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080917X_stephen_foley_no_means_no_the_words_that_doomed_a_wall_street_legend_business_comment"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 18, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/laymans-explana.html">Layman's 
Explanation of AIG vs Bear vs Lehman</a> by Barry Ritholtz</h4>
<blockquote>
	September 17, 2008 | Bigpicture<p>I got called yesterday from the producers of
	<a target="_blank" href="http://bigpicture.typepad.com/comments/2006/01/ritholtz_on_the.html">The Daily Show</a>, 
	who asked for an explanation of this understandable to the "lay person." </p>

	<p>Here is what I said to them:</p>
	<blockquote>

		<p>• <b>Lehman Brothers was like the little kid pulling the tail of a dog.</b> You know the 
		kid is going to get hurt eventually, and so no one is surprised when the dog turns around and 
		bites the kid. But the kid only hurts himself, so no one really cares that much.</p>

		<p>• <b>Bear Stearns is the little pyro -- the kid who was always playing with matches</b>. 
		He could harm not only himself, but burns his own house down, and indeed, he could have burnt 
		down the entire neighborhood. The Fed stepped in not to protect him, but the rest of the block.
		</p>

		<p>• <b>AIG is the kid who accidentally stumbled into a bio-tech warfare lab </b>. . . finds 
		all these unlabeled vials, and heads out to the playground with a handful of them jammed into 
		his pockets.</p>
	</blockquote>

	<p>Alas, my second shot at The Daily Show, thwarted.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080918X_laymans_explanation_of_aig_vs_bear_vs_lehman"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080917X_stephen_foley_no_means_no_the_words_that_doomed_a_wall_street_legend_business_comment" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080917X_henry_paulsons_frankenstein_mergers_acquisitions_venture_capital_hedge_funds_dealbook"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 17, 2008]
<a target="_blank" href="http://www.independent.co.uk/news/business/comment/stephen-foley-no-means-no-ndash-the-words-that--doomed-a-wall-street-legend-931989.html">
Stephen Foley No means no – the words that doomed a Wall Street legend - Business Comment, Business 
- The Independent</a></h4>

<h5>The noble tradition of finding and sacrificing scapegoats should not be abandoned. I think that 
Greenspan is totally useless both from reproductive and intellectual points of view  and as such 
can represent a suitable compromise inherent is scapegoat selection ;-)</h5>
<blockquote>

	<p>the masters of the universe now are imploding stars collapsing with a bubble of their own making.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080917X_stephen_foley_no_means_no_the_words_that_doomed_a_wall_street_legend_business_comment"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080917X_henry_paulsons_frankenstein_mergers_acquisitions_venture_capital_hedge_funds_dealbook" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080917X_scott_adams_blog_what_good_are_economists_08_22_2008"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 17, 2008] 
<a target="_blank" href="http://dealbook.blogs.nytimes.com/2008/09/17/henry-paulsons-frankenstein/">Henry Paulsons Frankenstein 
- Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times</a></h4>

<h5>Lifted from readers' comments... It really looks like Henry Paulson is our new Dr. Frankenstein 
(obvious "symmetry of sin" in resurrecting the dead ;-) </h5>
<ul>

	<li>"The Markets They Are A-Changin'"<br>
	(to the melody by Bob Dylan)<p>Come gather round 'bankers'<br>
	Wherever you roam<br>
	And admit that the waters<br>
	Around you have grown<br>
	And accept it that soon<br>
	You'll be told to go home<br>
	If your job to you<br>
	Is worth savin'<br>
	Then you better start swimmin'<br>
	Or you'll sink like the DOW<br>
	For the markets they are a-changin'.</p>

	<p>Come hedgefunds and bear traders<br>
	Who prophesize and sell short<br>
	And keep your eyes wide<br>
	The chance won't come again<br>
	And don't speak too soon<br>
	For the markets still in spin<br>
	And there's no tellin' who<br>
	That it's namin'<br>
	For the markets they are a-changin'.</p>

	<p>Come senators, congressmen<br>
	Please heed the call<br>
	Don't stand in the doorway<br>
	Don't block up the hall<br>
	For he that gets hurt<br>
	Will be he who has stalled<br>
	There's financial meltdown outside<br>
	And it is ragin'<br>
	It'll soon shake your windows<br>
	And rattle your walls<br>
	For the markets they are a-changin'.</p>

	<p>Come Central Bankers<br>
	Throughout the land<br>
	And don't criticize<br>
	What you can't understand<br>
	Those derivative books<br>
	Are beyond your command<br>
	The old road is<br>
	Rapidly agin'<br>
	Please get out Bernanke and Paulsen<br>
	If you must bail them out out<br>
	For the markets they are a-changin'. </p>

	<p><cite>- Posted by williambanzai7</cite></p>
	</li>
</ul>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080917X_henry_paulsons_frankenstein_mergers_acquisitions_venture_capital_hedge_funds_dealbook"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080917X_scott_adams_blog_what_good_are_economists_08_22_2008" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080916X_irony_alert_quot_lehman_is_tops_in_fixed_income_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 17, 2008] <a target="_blank" href="http://www.dilbert.com/blog/entry/what_good_are_economists/#SB_Comments">
Scott Adams Blog What Good are Economists 08-22-2008</a></h4>
<blockquote>

	<p>Economics is a cool science : One equation is all I need: [a] Greed Divided by [b] Fear = Action</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080917X_scott_adams_blog_what_good_are_economists_08_22_2008"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080916X_irony_alert_quot_lehman_is_tops_in_fixed_income_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080915X_the_terrible_lessons_of_bear_stearns"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 16, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/irony-alert-lehman-is-tops-in-fixed.html">Irony Alert: 
"Lehman is Tops in Fixed Income"</a> </h4>
<blockquote>

	<p>I received this automated e-mail today from Institutional Investor, and the headline is indeed 
	'Lehman is Tops in Fixed Income," referring to II's highly regarded investor research rankings:</p>
	<blockquote>
		<b>Lehman Is Tops In Fixed Income</b><p>Adding 12 team positions in High Yield sectors, Lehman 
		Brothers finishes with 47, 11 more than second-place JPMorgan, to lead the All-America Fixed-Income 
		Research Team for a ninth straight year. </p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080916X_irony_alert_quot_lehman_is_tops_in_fixed_income_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080915X_the_terrible_lessons_of_bear_stearns" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080915X_treasury_quot_honey_i_just_shot_the_banks_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4 align="left">[Sep 15, 2008]
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/the-terrible-le.html#comments">The Terrible 
Lessons of Bear Stearns</a></h4>
<blockquote>

	<p><a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/the-terrible-le.html#comments">The Big 
	Picture</a> </p>

	<p>The lesson from the Bear Stearns' bailout -- $29 Billion in Federal Reserve bad paper guarantees 
	-- are quite stark: </p>
	<blockquote>

		<p>• <u>Go Big</u>: Don't just risk your company, risk the entire world of Finance. Modest incompetence 
		is insufficient -- if you merely destroy your own company, you won't get rescued. You have to 
		threaten to bring down the entire global financial system. The fear and disruption caused by 
		a Bear collapse is why it was saved. (AIG has the right idea on this)</p>

		<p>• <u>If you cant Go Big, Go First</u>: Had Lehman collapsed before Bear, then the same fear 
		and loathing of the impact to the system might have worked to their advantage. But having been 
		through this once before, the sting is somewhat lessened -- especially for a smaller, lets interconnected 
		firm like LEH. (First mover advantage!)</p>

		<p>• <u>Threaten your counter-parties</u>: Bear Stearns had about 9 trillion in its derivatives 
		book, of which 40% was held by JPMorgan (JPM). Some people have argued that the Bear bailout 
		was actually a preventative rescue of JPMorgan. Its a good strategy if your goal is a bailout 
		-- risk bringing down someone much bigger than yourself. </p>

		<p>• <u>Risk an important part of the economy</u>: If your book of derivatives is limited to 
		some obscure and irrelevant portion of the economy, you will not get saved. On the other hand, 
		if Mortgages are important, credit cards and auto loans are too. Securitized widget inventory 
		is not. To use a dirty word, Lehman's exposure is "contained."</p>

		<p>• <u>Balance Sheets Matter</u>: Focus on the media, complain about short sellers, obsess 
		about PR. These are the hallmarks of a failing strategy -- and a grand waste of time. Why? Its 
		call insolvency. ALL THAT MATTERS IS THE FIRMS' BALANCE SHEET. Lehman's liabilities exceed its 
		assets, and they are now toast. Merrill Lynch got a lot of the junk off of its books, and got 
		a takeover at 70% premium to its closing price. And Credit Suisse, who dumped much of its bad 
		paper many quarters ago, is in a better tactical position than most of its peers. </p>

		<p>• <u>Unintended Consequences lurk everywhere</u>: When the Fed opened up the liquidity spigots 
		via its alphabet soup of lending facilities, the fear was of the inflationary impacts. But the 
		bigger issue should have been Complacency. The Dick Fulds of the world said after Bear, these 
		new facilities "put the liquidity issue to rest." Lehman got complacent once liquidity was no 
		longer an issue -- perhaps they acted to slowly to resolve their insolvency issue in time.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080915X_treasury_quot_honey_i_just_shot_the_banks_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080915X_top_10_list_of_reasons_you_would_buy_a_troubled_investment_bank"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 15, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/treasury-honey-i-just-shot-banks.html">Treasury- "Honey, 
I Just Shot the Banks"</a></h4>

<h5>Hat tip to Yves Smith </h5>
<blockquote>

	<p>The problem with opportunism is that it often isn't opportunistic.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080915X_treasury_quot_honey_i_just_shot_the_banks_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080915X_top_10_list_of_reasons_you_would_buy_a_troubled_investment_bank" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080915X_aig_quot_rush_is_on_to_prevent_big_insurer_from_failing_quot_even_more_scary_updates"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 15, 2008] Top 10 List of Reasons You Would Buy a Troubled Investment Bank</h4>

<h5>Hat tip to Beth.  Lifted from comment  the
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/the-terrible-le.html#comments"> The Big 
Picture</a> blog entry
<a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/the-terrible-le.html#comments"> The Terrible 
Lessons of Bear Stearns</a></h5>
<blockquote>

	<p>1. Opportunity to pay premium price for unknown liabilities<br>
	2. Great chance to acquire a management team known for spectacular failures<br>
	3. Need a dose of OTTI (other than temporarily impaired assets)<br>
	4. Looking for team of "creative" accountants<br>
	5. Add to complacent board of directors<br>
	6. Avoid low-cost, build from within strategy<br>
	7. Take on high priced real estate leases from last year's market<br>
	8. Don't want to watch hated competitor twist in the wind<br>
	9. Thought "wasting assets" had something to do with successful weight loss franchise<br>
	10. Didn't have enough troubles of your own</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080915X_top_10_list_of_reasons_you_would_buy_a_troubled_investment_bank"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080915X_aig_quot_rush_is_on_to_prevent_big_insurer_from_failing_quot_even_more_scary_updates" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080914X_the_big_picture_weekend_bailouts_and_subsequent_market_reactions"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 15, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/09/aig-plans-major-restructuring.html">AIG- "Rush Is On 
to Prevent Big Insurer From Failing" (Even More Scary Updates)</a></h4>
<blockquote>
	<dl>
		<dt><b>Merry-will-go-round said...</b> </dt>
		<dd>Well, I'm so glad that these catastrophes did not occur on September 11. Wonder if Wall 
		Street will erect a memorial to the fallen free market?</dd>
	</dl>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080915X_aig_quot_rush_is_on_to_prevent_big_insurer_from_failing_quot_even_more_scary_updates"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080914X_the_big_picture_weekend_bailouts_and_subsequent_market_reactions" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080911X_vanguard_tax_savvy_tips_for_keeping_more_of_your_returns"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Sep 14, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/09/weekend-bailout.html">The 
Big Picture Weekend Bailouts and Subsequent Market Reactions</a></h4>
<blockquote>

	<p>"Putting lipstick on a recession makes it look quite attractive."</p>

	<p>... ... ... </p>

	<p>"an establishmentarian economy. Big Money, Big Auto, Big Ag,"</p>

	<p>... ... ...</p>
	"5. What form of free markets have we evolved into? It is not Capitalism, it is not Socialism, it 
	is not intelligent regulation. WTF is this?!?"<p>intelligent design.</p>

	<p>Posted by: brion | Sep 8, 2008 1:55:30 PM </p>

	<p>... ... ...</p>

	<p>What makes us screaming mad is that Hank Paulson is the biggest Wall Street fox ever allowed 
	in the biggest henhouse (U.S. Treasury).</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080914X_the_big_picture_weekend_bailouts_and_subsequent_market_reactions"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080911X_vanguard_tax_savvy_tips_for_keeping_more_of_your_returns" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
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<h4>[Sep 11, 2008]
<a target="_blank" href="https://personal.vanguard.com/us/VanguardViewsArticleSecure?ArticleJSP=/freshness/News_and_Views/news_ALL_taxsavvy_08192008_ALL.jsp&src=NMC&returnLink=/freshness/News_and_Views/news_ALL_taxsavvy_08192008_ALL.jsp">
Vanguard − Tax-savvy tips for keeping more of your returns</a></h4>
<blockquote>
	<i>"The Eiffel Tower is the Empire State Building after taxes."</i><p>-Anonymous</p>
</blockquote>

<h3><a name="August">August</a></h3>

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<h4>[Aug 28, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/08/gdp-release-signals-further-decline.html">GDP Release 
Signals Further Decline into Banana Republic Status</a></h4>
<blockquote>

	<p>This is from a
	<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2005/05/grossly-distorted-procedures.html">
	2005 post by Michael Shedlock</a>:</p>

	<p><i>Imputations are a part of GDP that the government decides to estimate value, where no cash 
	actually changed hands. In other words, if I scratch your back and you scratch mine but no one gets 
	paid, then back scratching is undercounted in the GDP. Clearly it would be a travesty of justice 
	if economic activity like that was under reported in the GDP. It goes far beyond that however, into 
	complete fairy tale absurdities. For example: If you own your own house, the government recalculates 
	your income as if you were really renting from yourself and paying yourself rent! In light of some 
	earlier sarcasm you might think I am making this up but rest assured I am not.</i></p>
</blockquote>

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<h4>[Aug 28, 2008]
<a target="_blank" href="http://benbittrolff.blogspot.com/2008/08/lehman-to-be-acquired-by-tooth-fairy.html">lehman-to-be-acquired-by-tooth-fairy</a></h4>

<h5>From readers comments on the story "We live in an insane world, where the truly sane are the ones 
in asylums.".  </h5>
<blockquote>

	<p>Breaking News: Lehman To Be Acquired by Tooth Fairy</p>

	<p>The market responded with enthusiasm to reports that the Tooth Fairy has agreed to acquire Lehman. 
	The purchase price has not yet been determined and will be set by Dick Fuld wishing upon a star, 
	clicking his heels three times, and being transported back to that magical place where Lehman still 
	sells for over $70 per share.</p>

	<p>In related news, Lehman has agreed to sell all of its level III capital, including CDOs, ABSs, 
	pet rocks, baseball cards, slightly used condoms, and credit default swaps written by MBIA and Ambac. 
	Lehman's level III capital will be acquired for 150% of its face value by Tinkerbell, who will carry 
	it off to Neverland to be fed to a crocodile. Lehman is financing 90% of the acquisition at an interest 
	rate that has not been announced; Tinkerbell's up-front payment consists of a handful of pixie dust, 
	three crickets, and a bullfrog. Analyst Dick Bove estimates that the bullfrog could eventually be 
	transformed into three princes and a pumpkin coach. The deal gives Lehman no recourse to any of 
	Tinkerbell's assets other than the Level III capital. If Tinkerbell defaults, Lehman's successor 
	entity will stick its hand down the crocodile's throat and attempt to get it to regurgitate. The 
	firm's historical value-at-risk analysis shows that sticking your hand down a crocodile's throat 
	is completely safe.</p>

	<p>Treasury Secretary Hank Paulson issued a statement: "I am delighted that SWFs (Sovereign Wealth 
	Fairies) continue to express confidence in the terrific values represented by American financial 
	institutions. As I have been saying since August of 2007, this shows that the crisis is now over."</p>

	<p>Meanwhile, the SEC has announced an investigation of mean, evil, bad short-seller David Einhorn. 
	While out for a beer with a friend, Einhorn reportedly suggested that the Tooth Fairy does not exist 
	and that wishing upon a star is not a wholly reliable price discovery mechanism. Christopher Cox, 
	chairman of the SEC, said, "Vicious rumors attacking the Tooth Fairy will not be tolerated. Our 
	entire financial system and indeed the American way of life depend on the Tooth Fairy and wishing 
	upon a star. How else could one value level III capital appropriately?" The SEC is reportedly planning 
	to set up re-education camps for short-sellers.</p>

	<p>===</p>
	<dl>
			<dt"><b>Anonymous said.</b>..
		<dd>Meanwhile, the Lost Boys (Bush, Cheney, Paulson, Bernanke, S. Bair, Greenspan, L. Yun, L. 
		Kudlow, D. Kneale) are playing in Never-Neverland where you never have to grow up, tell the 
		truth, eat vegetables, it's always a good time to buy, buy, buy, drill, drill, drill in a Goldilocks 
		Economy.</dd>
	</dl>
</blockquote>

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<h4>[Aug 27, 2008] $100 Dash</h4>
<blockquote>
	Posted by Barry Ritholtz on Wednesday, August 27, 2008 | 04:30 PM<p>A post Olympic view:</p>

	<p>
	<img title="100_dash" alt="100_dash" src="../../Images/100_dash.gif" border="0" width="496" height="325"></p>
</blockquote>

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<h4>[Aug 21, 2008] IndyMac Swift Boaters Strike Back! by Barry Ritholtz </h4>
<blockquote>
	August 21, 2008 |  http://bigpicture.typepad.com/<blockquote>

		<p><u>Question</u>: <i>How many idiots does it take to change a light bulb at IndyMac?</i><br>
		<u>Answer</u>:    51></p>
	</blockquote>

	<p>This one is too good to pass up -- <u>be sure you read the punch line</u> after the excerpt via
	<a target="_blank" href="http://www.reuters.com/article/politicsNews/idUSN2045763020080820?sp=true">Reuters</a>:
	</p>
	<blockquote>

		<p>California's attorney general is reviewing a request by former employees of IndyMac Bancorp 
		Inc to investigate whether a New York senator triggered the bank's collapse by releasing confidential 
		information.<</p>

		<p>At issue is a much-publicized letter that Chuck Schumer, a Democrat, sent in June to the 
		Federal Deposit Insurance Corp (FDIC) and Office of Thrift Supervision (OTS) questioning the 
		company's ability to survive.<</p>

		<p>The FDIC took control of IndyMac on July 11 after depositors withdrew more than $1.3 billion 
		over 11 days. It was the third-largest bank failure in U.S. history. At the time, OTS Director 
		John Reich blamed Schumer's letter for causing the run on the bank.<</p>

		<p>In a letter to Attorney General Jerry Brown last week, 51 former IndyMac workers wrote: "From 
		the day (Schumer's) letter was made public on June 26 until the closure of the bank, a run on 
		the bank took place and the failure became inevitable."</p>
	</blockquote>

	<p>Who is behind this "groundswell" of (former) IndyMac workers? It turns out that the employee 
	letter was distributed to the media by CRC Public Relations -- yes, the group whose clients include 
	the National Republican Congressional Committee, National Republican Senatorial Committee and the 
	Republican National Committee. </p>

	<p>And, CRC was the PR firm behind the company that published a book questioning 2004 Democratic 
	presidential candidate John Kerry's Vietnam service on a swift boat.  Yes, those despicable, 
	embarrassing festering boils on the Americans body politics: Liars, cheats traitors all.</p>

	<p>Let's review: It wasn't the conflicts of interest, the outright fraud, or management's rampant 
	criminality that sent Indy Mac belly up. It wasn't losing nearly a billion dollars this year alone. 
	It wasn't the share prices tumbling 87% in 2007, and then losing another 95% this year-to-date. 
	And of course, the loss of ~$30 billion dollars had nothing to do with this.</p>

	<p>It was the Senator's letter in June that was the cause of the collapse. </p>

	<p>Man, these swift boat guys are a dangerous combination of rabidly partisan, utterly ethicless, 
	economically clueless -- and <font color="#FF0000"><i><b>about as dumb as lawn furniture</b></i></font>. 
	They make you proud to be an American.</p>
</blockquote>

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<h4>[Aug 21, 2008] <a target="_blank" href="http://macro-man.blogspot.com/2008/08/saving-financials.html">Macro Man 
Saving the Financials</a></h4>
<blockquote>

	<p>In that vein, your humble scribe is pleased to offer the "Macro Man Plan to Ensure That People 
	Keep Trading With Institution X". While some of his suggestions may seem outlandish, please bear 
	in mind that his recent <a target="_blank" href="http://macro-man.blogspot.com/2008/07/modest-proposal.html">modest 
	proposal</a> to reduce the US government funding gap appears to have resonated with the<a target="_blank" href="http://www.nypost.com/seven/07302008/news/regionalnews/crisis_puts_ny_in_sell_hell_122211.htm"> 
	Governor of New York</a>.</p>

	<p>At the heart of the Macro Man Plan is that financial institutions adopt the incentive programs 
	offered by other service industries such as <a target="_blank" href="http://www.tesco.com/clubcard/clubcard/">retailers</a> 
	and <a target="_blank" href="http://baseball.about.com/od/minorleagues/a/mbpromotions1.htm">minor league baseball</a>. 
	To encourage ongoing business relationships, banks and agencies (and maybe even the odd hedge fund 
	or two) should offer the following suite of incentives to potential counterparties:</p>

	<p>1) Loyalty cards. In a scheme familiar to supermarket shoppers around the world, counterparties 
	would be issued with loyalty cards and accrue bonus points for each transaction that they conduct. 
	Once certain thresholds are reached, these could be redeemed for goods at the bank's affiliate partners, 
	such as Amazon, Tesco, Wal-Mart, etc. In exchange, these latter firms would receive free investment 
	banking advice.</p>

	<p>2) Buy one, get one free! Lehman, Merrill, Fannie and Freddie: maybe you could sell more (or, 
	more to the point, any) of your RMBS portfolio if you offered potential counterparties a "buy one, 
	get one free" deal. Think about it......</p>

	<p>3) Free oil! For every ticket that generates more than $250k worth of VAR, offer counterparties 
	one free barrel of oil. When your £170,000 sports car only gets 11 mpg, every little helps....</p>

	<p>4) A free T-shirt with every ticket! Every time you trade with bank X, they send you a free T-shirt! 
	In fairness, this would really only appeal to very junior traders fresh out of university, but hey; 
	we at Macro Man Industries want to cover every demographic.</p>

	<p>5) 1000 free shares of stock with every trade! Every time you trade with Bank X, they'll give 
	you 1000 shares of their stock absolutely free! You win by getting free stock, they win because 
	the infinitesimal revenue that they book from each trade will labeled as "new capital" on the balance 
	sheet, and they can announce to the world that they have raised yet more capital from eager investors. 
	Of course, if the stock price goes down, then you incur a mark-to-market loss. On second thought, 
	maybe they should offer free puts on 1000 shares with every ticket....</p>
</blockquote>

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<h4>[Aug 19, 2008] A wish</h4>

<h5>Hat tip to Yves Smith</h5>
<blockquote>

	<p>James Carville, Clinton strategist, said,</p>
	<blockquote>
		I used to think if there was reincarnation, I wanted to come back as the President or the Pope 
		or a .400 baseball hitter, but now I want to come back as the bond market. You can intimidate 
		everybody.</blockquote>
</blockquote>

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<h4>[Aug 18, 2008] <a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&sid=aQDn.ZYPabIg">No Limit 
to Greenspan's Once-In-A-Century Events</a> by Caroline Baum </h4>
<blockquote>

	<p>``I'm reminded of the song by Dan Hicks & the Hot Licks,'' Kasriel said. ``How Can I Miss You 
	If You Won't Go Away?'' </p>
</blockquote>

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<h4>[Aug 16, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/08/salute-to-ownership-society.html">A Salute to the 
Ownership Society</a> by Tanta</h4>
<blockquote>
	I guess it's just Freaky Friday on the real estate front.<<p>Y'all remember Rep. Laura Richardson 
	(D-Deadbeat)? How those meanies at WaMu foreclosed on her poor innocent self, and how she threw 
	her weight around and got the foreclosure rescinded and a loan modification done? <</p>

	<p>So far this noble effort to prevent foreclosure and keep the dream of ownership alive is workin' 
	out great. From the
	<a target="_blank" href="http://www.latimes.com/news/local/la-me-richardson15-2008aug15,0,912962.story?page=1">LA 
	Times</a>: </p>
	<blockquote>
		This week, in the latest chapter in the housing saga, the Code Enforcement Department in Sacramento 
		declared her home a "public nuisance."<<p>The city has threatened to fine her as much as $5,000 
		a month if she doesn't fix it up.<</p>

		<p>Neighbors in the upper-middle-class neighborhood complain that the sprinklers are never turned 
		on and the grass and plants are dead or dying. The gate is broken, and windows are covered with 
		brown paper.<</p>

		<p>"I would call it an eyesore," said Peter Thomsen, a retired bank executive who lives nearby.</p>
	</blockquote>
	Thanks, Brian!
</blockquote>

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<h4>[Aug 12, 2008] <a target="_blank" href="http://nihoncassandra.blogspot.com/2008/08/dear-investor.html">Cassandra 
Does Tokyo Dear Investor....</a></h4>
<blockquote>
	ACME Systematic Leveraged Macro Momentum Fund LP<br>
	321 Overprice Street<br>
	Greenwich, CT 00573<p>Dear Investor,<</p>

	<p>This letter is to inform you that the wheels have come off of the proverbial wagon at ACME Systematic 
	Leveraged Macro Momentum Fund LP, and that the same awesome thematic portfolio that made you feel 
	(in the first half-year) as if you'd become very rich in comparison to those sucking wind on their 
	leveraged MBS portfolios or Japanese Small-Cap Value Funds, has, quite literally, spontaneously 
	combusted in our faces.<</p>

	<p>Our long-oil (PBR, SU, SWN), long coal (MEE, BTU), long fertilizer (POT, MOS), and long iron 
	ore (CLF, RIO) positions have been crushed (no pun intended), and though we remain hopeful going 
	forward as the story remains "in tact", our models have forced us to sell some in response to prevailing 
	price action. Our offsetting shorts in selected financials (MS, BLK, GS, and LM) have not fared 
	as we expected, while our core retail and consumer discretionary shorts in AZO & URBN, DECK have 
	quite literally been lodged deeply and inexplicably in an unmentionable orifice. <</p>

	<p>If that were all we'd not be too sullen, all things considered, but unfortunately our short US 
	dollar positions (vs. everything), our JPYNZD & CHFAUD carry trades have also not performed to forecasted 
	expectations, and both our our long-only, and zero-exposure long vs. short commodity baskets have 
	imploded with a rapidity that would even frighten Taleb to vows of silence. Oh, and if that weren't 
	enough, our gold and silver longs, too, have gone south as if trying to re-embed themselves in the 
	ground, whilst the short Russell-2000 ETFs we've been using as a hedge have been behaving all-too 
	priapically. These losses of course are not as bad - relatively speaking - as some of our peers 
	(who regretfully are no longer in business) and should of course be viewed in the proper context 
	of our delft avoidance of long exposure in the worst of the RMBS and CMBS sectors, our eschewing 
	of becoming a CDO issuer/manager, and our resolve to avoid anything denominated in Icelandic Kronor. 
	Unfortunately we still have a large (leveraged) position in high-yielding <i>cov-lite</i> loans, 
	US sub-prime credit-card-backed receivables for which we remain unable to obtain sensible bids at 
	levels near to where our auditors and administrators agreed that we should pay our prior year's 
	incentive fees. Only our long Japanese REIT portfolio and our unlisted fund of Spanish Olive Groves 
	have held their ground, though regretfully we refrained from hedging the currency risk, and so these 
	too, are now in the red and eroding rapidly. <</p>

	<p>We have no explanation, since our trades are systematically based upon doing what others are 
	doing (only, hopefully, faster... though, in this instance, not fast enough). Nor do we offer you 
	apologies. You [presumably] knew the risks, and felt the glory (if only for a while). We do lament 
	the the now-sky-high high-water mark, and the absence of performance fees (this year). <</p>

	<p>Finally, saving the best for last, we will be suspending redemptions as per the <i>Force Majeure
	</i>clause 6(c)-2 of the Private Placement Information Memorandum of the Fund. We trust you'll agree 
	that only something supernatural could have torpedoed such a finely constructed portfolio put together 
	by the best and the brightest Wall St. has to offer. <</p>

	<p>Yours sincerely,<</p>

	<p>Hugh G. Fallis - Managing Partner<br>
	ACME Systematic Leveraged Macro Momentum Fund LP</p>
</blockquote>

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<h4>[Aug 4, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/08/oil-below-120-has-commodities-bubble.html">oil-below-120-has-commodities-bubble</a></h4>
<blockquote>
 It is rumored that The Fed is a sect which originated in medieval Bulgaria, where its followers 
	were called bogomils, but when they spread out of the country they were called vulgars (from the 
	ethnonym Bulgars).
	<dd>
	<a target="_blank" href="http://www.nakedcapitalism.com/2008/08/oil-below-120-has-commodities-bubble.html?showComment=1217887140000#c2532285561320271064">
	August 4, 2008 5:59 PM </a>
	<a target="_blank" href="http://www.blogger.com/delete-comment.g?blogID=3782644139927778760&postID=2532285561320271064"> 
	</a></dd>
	<dt>Juan said... </dt>
	<dd>ah yes, and infighting among the vulgars gave rise to sects of wristonites who, equipped with 
	special communicative powers, (and even while drunk) led a complete transformation into the New 
	Financial Era, proudly and fully astride the multiplying estado novos. ne'ertheless old rumours 
	linger in the countryside, where, like duendies, they demand their due.</dd>
</blockquote>

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<h4>[Aug 3, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/2007-was-year-of-subprime.html">2007 
was the year of subprime...</a> by Jim Fitch </h4>
<blockquote>

	<h5>2007 was the year of subprime. 2008 seems to be the year of everything else<</h5>
	<blockquote>
		One Size<blockquote>

			<p> Pundits worry that Freddie, Fanny, GM, Citibank, and such are teetering on the 
			edge, but are relieved that they are too big to fail and that Uncle Sam will (somehow) save 
			the day. Why isn't the concern that they, and the US, are simply too big to save? </p>
		</blockquote>

		<p><a target="_blank" href="http://www.fcw.com/online/news/153341-1.html">Waiting Room</a>: </p>
		<blockquote>

			<p>By 2011 the VA be able to accurately track every veteran who died for lack of care while 
			the VA spent $11 billion improving its record keeping. </p>
		</blockquote>

		<p font-style: normal">
		<a target="_blank" href="http://krugman.blogs.nytimes.com/2008/08/01/types-of-spirals/">Dear Diary</a>: </p>
		<blockquote>

			<p font-style: normal">Economist Paul Krugman says "I don't think there's any fundamental 
			inflation problem, just a one-time hit on food and energy." Just for the record, the hit 
			was by a 32 ton cement mixer falling from a great height. </p>
		</blockquote>

		<p font-style: normal"><a target="_blank" href="http://www.newsweek.com/id/150340">Indecent Proposal</a>: Interesting 
		that oil at $140 or, more accurately, gasoline at $4, can change core beliefs. In California 
		and Florida, a majority of voters now support drilling off the coast. </p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080803X_2007_was_the_year_of_subprime"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080802X_mostly_serious_posting_on_nc" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080727X_astrologers_vs_economists"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Aug 2, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/08/milton-friedmans-misfortune.html">
Mostly Serious posting on NC.</a></h4>
<blockquote>

	<p><a target="_blank" href="http://www.guardian.co.uk/technology/2008/jul/31/motoring.energy">Wrong Question</a>: 
	A lot of time and blather is being spent trying to figure out what the car of the future will run 
	on. It would be much better spent if we'd admit there isn't a future car and that our basic assumptions 
	about society and economics need examination.</p>
</blockquote>

<h3><a name="July">July</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080802X_mostly_serious_posting_on_nc"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080727X_astrologers_vs_economists" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080724X_they_re_not_rumors_they_re_early_facts"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 27, 2008]  Astrologers vs. economists</h4>
<blockquote>

	<p>From the
	<a target="_blank" href="http://www.nytimes.com/2008/07/28/business/28forecasts.html?_r=1&ref=business&oref=slogin">
	New York Times</a>:</p>
	<blockquote>
		"I cannot find a single convincing argument that tells me that astrologers won't do better than 
		economists," Mr. [Nassim Nicholas] Taleb said last week by telephone from Lebanon, where he 
		was mountain hiking.<<p>"The problem is the arrogance of these economists," he said. "They're 
		making people rely on theories that have not worked, do not work, and are really dangerous."</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080727X_astrologers_vs_economists"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080724X_they_re_not_rumors_they_re_early_facts" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080724X_nakedshorts"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 24, 2008] 
<a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/answering-the-fsa-rumor-survey.html">They're 
not rumors. They're Early Facts.</a></h4>
<blockquote>

	</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080724X_they_re_not_rumors_they_re_early_facts"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080724X_nakedshorts" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080724X_answering_the_fsa_rumor_questionnaire"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/">NakedShorts</a></h4>

	</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080724X_nakedshorts"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080724X_answering_the_fsa_rumor_questionnaire" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080724X_a_press_release_you_ll_never_see"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>Answering the FSA Rumor Questionnaire</h4>

	<p>
	<a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/fsa-seeks-market-rumors-data.html">As 
	promised</a>, <i>NakedShorts</i>' has drafted his response to the UK Fundamentally Supine Authority's 
	recently-circulated: </p>
	<hr>

	<p align="center"><b>Questionnaire</b></p>

	<p align="center"><b><i>A Thematic Review of Firm's Policies<br>
	Regarding Market Rumours</i></b></p>

	<p>1)   Do you have any internal policies relating to rumours? <br>
      þ Yes ¨No<br>
      [Please provide a copy of the relevant policies with your response]</p>
	<blockquote>

		<p>a. If yes, please summarise the key aspects including, but not limited to:</p>
	</blockquote>
	<blockquote>

		<p>i.   When the policy was agreed</p>

		<p><b>Edward Lloyd's coffeehouse, Tower Street, circ. 1688. It is possible that the policy was 
		in force before that date but documentary evidence was lost in the Great Fire.</b> </p>

		<p>ii.  When the policy was last reviewed</p>

		<p><b>See (iii).</b></p>

		<p>iii.  Whether you have reviewed your policy in light of recent turbulent conditions</p>

		<p><b>Yes. On or about Mar. 10 2008 when Bear Stearns's stock had fallen more than $100 without 
		our participation; three members of staff - "rogue non-traders" - were terminated immediately. 
		[They were subsequently reinstated after an employment tribunal found that the BSC stock decline 
		was based entirely on its insolvency and, consequently, the employees were wrongly terminated 
		for breach of the Rumour Policy.]</b></p>

		<p>iv.  Whether you have issued any specific guidance to staff regarding rumours given 
		the current turbulent conditions in the banking sector.</p>

		<p><b>We reminded our staff of their obligations to comply with the policy; i.e. all rumors, 
		whether fact-based or not, must be immediately reported to the Fund Manager, who will first 
		determine whether or not to establish a position in his personal account. We have also reiterated 
		the instruction that rumours be passed ONLY on "non-recorded" telephone lines ("personal disposable 
		cell phones"). The use of email (including personal accounts), instant messaging, corporate 
		Blackberries and similar devices for this purpose is STRICTLY PROHIBITED. (We read the papers 
		too…can you believe Cioffi and Tannin running that stuff through corporate email accounts? Sheesh).</b></p>
	</blockquote>
	<blockquote>

		<p>b. Do you have a policy in relation to talking to the press (inc. Bloomberg, Reuters etc.)?</p>

		<p><b>We talk to the media when it is in our interest, but only having established at least 
		opening positions (long or short) should the interview address specific securities. Other media 
		calls are referred to our media advisor, Saigh Nuffin.</b></p>

		<p>c. Do you have a policy on your own staff starting rumours?</p>

		<p><b>Yes. Our staff clearly understand that, according to the policy, rumours may only be started 
		AFTER we have initiated at least an opening position. The policy also requires that, in certain 
		circumstances, we may advise informally affiliated parties ("The Sith Lord Cabal") before the 
		rumour is released to the wild.</b></p>

		<p>d. How have you communicated your policies to staff?</p>

		<p><b>Expressively. </b></p>

		<p>e. Have you conducted any internal reviews relating to rumours?</p>

		<p><b>See (a. iii) above re: Bear Stearns. We also currently have an active inquiry into why 
		we covered our Lehman (LEH) short at $25.</b></p>

		<p>f. How do you ensure this policy is complied with?</p>

		<p><b>See (a. iii) above. Grabbing three people off the trading floor, and shooting 'em on the 
		spot, is remarkably effective form of "pour encourager les autres," as Jerome Kerviel (RIP) 
		would have it.</b></p>
	</blockquote>

	<p>2)   What is your assessment as to the typical volume of rumours received per day?</p>
	<b>
	<blockquote>

		<p>[Picking self up from floor, wiping eyes, stifling laughter. Sorry. Removes smirk] From mid-2004 
		to mid-2007, we were subject to an overwhelming influx of rumours  concerning <i>inter 
		alia</i> pending mergers and acquisition agreements (M&A); leveraged buy-outs (LBOs); and similar 
		"pirate equity" transactions. While the vast majority (> 90%) proved false, they certainly juiced 
		the market (see: Merger Monday (RIP)).</p>
	</blockquote>
	<blockquote>

		<p>More recently, the rumour flow has almost dried up; however the accuracy of those rumours 
		has been such that we now "Early Facts."</p>
	</blockquote>
	</b>

	<p>
	<a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/answering-the-fsa-rumor-survey.html#more">
	Continue reading "They're not rumors. They're Early Facts." "</a> </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080724X_answering_the_fsa_rumor_questionnaire"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080724X_a_press_release_you_ll_never_see" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080724X_sec_fbi_respond_to_phoney_fraudy_rumors"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 24, 2008]
<a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/07/a-press-release-youll-never-see.html">A 
press release you'll never see</a></h4>
<blockquote>

	</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080724X_a_press_release_you_ll_never_see"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080724X_sec_fbi_respond_to_phoney_fraudy_rumors" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080723X_bill_gross_wants_a_return_to_quot_normalcy_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>SEC, FBI respond to Phoney, Fraudy rumors*</h4>

	<p><a target="_blank" href="http://nakedshorts.typepad.com/.a/6a00d8341c5aa653ef00e553982a2b8833-pi">
	<img alt="Screw" src="http://nakedshorts.typepad.com/.a/6a00d8341c5aa653ef00e553982a2b8833-150wi"></a> 
	Washington DC, July 13 2008 - The chairman of the US Securities and Exchange Commission, Christopher 
	Cox, announced that Division of Enforcement staff, accompanied by Federal Bureau of Investigation 
	agents, today raided the Federal Reserve Board and Freddie Mac, seeking information about the source 
	of a <i>Reuters</i> report Friday afternoon saying Fed chairman Ben Bernanke told Fraudy Mac chief 
	Richard Syron that his company and Phoney Mae could take advantage of the emergency discount window.</p>

	<p>The original report, which cited "two sources familiar with the conversation between Bernanke 
	and Syron" caused a dramatic spike in the US stock market, with the Dow Jones Industrial Average 
	climbing more than 200 points between 2:15 pm and 3:04 pm. </p>

	<p>The Federal Reserve Board later issued a statement which said that Bernanke and Syron had spoken 
	Thursday, but "there has been no discussion with the GSEs about access to the discount window."</p>

	<p>"Market manipulation. . .wild rumors. . .unacceptable. . .immediate investigation. . .resources 
	available. . .completely unacceptable. . .serious fraud on the market. . .cut his nuts off. . .Sorry, 
	Jessie Jackson already used that. . .financial terrorism. . .enhanced coordination of regulatory 
	response. . . irresponsible. . .reckless behavior. . .damaging investor confidence. . .roguish improprieties. 
	. .hung by the neck. . .is that enough?" Cox said.</p>

	<p>JP Morgan chairman Jamie Dimon, speaking in his capacity as a <b>
	<a target="_blank" href="http://www.newyorkfed.org/aboutthefed/org_nydirectors.html">Class A director</a></b> of 
	the Federal Reserve Bank of New York, said that "Where there is smoke, unless it's $29 billion worth 
	I'm blowing up the taxpayer's four-legged beast of burden with floppy ears, there is fire. I think 
	the SEC should investigate it, okay? I think if someone knowingly starts a rumor or passes on a 
	rumor, they should go to jail. By the way, did we cut off Lehman yet?"</p>

	<p>The Commission acknowledges the assistance of the Hypocrisy Institute, a Washington DC-based 
	think tank that promotes acting one way when crap stocks go down for good reason, and another when 
	crap stocks go up because conflicted bastards get the ear of some gullible mutt with a pixel machine. 
	The Commission's investigation in this matter is not continuing now the theatrics are out of the 
	way.</p>

	<p>* <b><a target="_blank" href="http://www.sec.gov/news/press/2008/2008-140.htm">Breaking: Real world trumps satire<br>
	</a></b>US Securities and Exchange press release<br>
	Jul. 13 2008</p>

	<p><b><a target="_blank" href="http://www.reuters.com/article/newsOne/idUSN1134061620080712">Bernanke tells Freddie 
	discount window open: sources<br>
	</a></b>by Patrick Rucker<br>
	<i>Reuters</i> Jul. 12 2008</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<td align="center"><a name="n20080723X_bill_gross_wants_a_return_to_quot_normalcy_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080723X_jibjab_time_for_some_campaignin"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 23, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/07/bill-gross-wants-return-to-normalcy.html">
Bill Gross wants a return to "normalcy"</a> </h4>
<blockquote>
	<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/">the mess that greenspan made</a>

	<p>Six months ago, when former Countrywide CEO Angelo Mozilo participated in a panel to talk about 
	the future of the nation's troubled housing market, he was labeled a "moron" when he noted that 
	falling home prices are the cause of the current mortgage mess.<</p>

	<p>Oh, here it is ... number one ...<br>
	<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2007/12/angelo-mozilo-is-moron.html">
	<img alt="" src="../../Bulletin/Images/08-07-25a_mozilo_moron.png" border="0"></a>Now it looks like 
	"The Bond King" Bill Gross at Pimco is desirous of joining that club if his latest
	<a target="_blank" href="http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2008/Investment+Outlook+Bill+Gross+Mooooooo+August+2008.htm">
	Investment Outlook</a> is any indication:</p>
	<blockquote>
		Make no mistake, the current conundrum that must be solved is: how to make the price of 120 
		million U.S. barns stop going down in price and then to make them go up again.</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080723X_bill_gross_wants_a_return_to_quot_normalcy_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080723X_jibjab_time_for_some_campaignin" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080723X_you_know_the_banking_system_is_unsound_when"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 23, 2008]
<a target="_blank" href="http://sendables.jibjab.com/sendables/1191/time_for_some_campaignin#/teaser/1191">JibJab - 
Time for Some Campaignin'. </a></h4>

<h5>Impressive easy credit illustration  near the end... </h5>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080723X_jibjab_time_for_some_campaignin"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080723X_you_know_the_banking_system_is_unsound_when" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080723X_fintag_hedge_fund_daily_news_views_opinions_and_gossip_archives_2008_07_12"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 23, 2008]
<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/07/you-know-banking-system-is-unsound-when.html">
You Know The Banking System Is Unsound When....</a> </h4>
<blockquote>
	Paulson appears on Face The Nation and says "Our banking system is a safe and a sound one."</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080723X_you_know_the_banking_system_is_unsound_when"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080723X_fintag_hedge_fund_daily_news_views_opinions_and_gossip_archives_2008_07_12" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080721X_quot_there_is_no_problem_and_we_are_dealing_with_it_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://www.fintag.com/archive/2008/07/12/">FiNTAG Hedge Fund Daily News, Views, Opinions 
and Gossip Archives 2008-07-12 </a></h4>
<blockquote>
	<b>Fortune Telling </b>

	<p><b>30JUN08:</b><br>
	Oil to be USD200 by 30OCT08<br>
	USA Inflation to be 7.5% by 30OCT08<br>
	<b>23APR08:</b><br>
	Next Rights Issue:<br>
	HBOS...yes<br>
	All & Lec ...<br>
	<b>17APR08:</b><br>
	<del>Oil to be USD127 by 30SEP08</del><br>
	...16MAY08 losing my touch<br>
	<b>27FEB08:</b><br>
	2 Banks go bust by 30JUN08<br>
	BS down, whose next? ...<br>
	<b>20NOV07:</b><br>
	<del>Northern Crock to be sold for 15p</del><br>
	Nationalized<br>
	<b>01NOV07:</b><br>
	<del>Oil to be USD103 EOM</del><br>
	...peaked too soon<br>
	<del>The Big Crash: 17OCT07</del><br>
	...well it's here<br>
	<b>08OCT07:</b><br>
	SEC to fine Goldman for pricing issues<br>
	...still waiting<br>
	<b>15JUN07:</b><br>
	<del>ML to buy-out BS</del><br>
	JPM got there first<br>
 </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080723X_fintag_hedge_fund_daily_news_views_opinions_and_gossip_archives_2008_07_12"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080721X_quot_there_is_no_problem_and_we_are_dealing_with_it_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080720X_fannie_mae_and_freddie_mac_end_of_illusions_economist_com"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 21, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/07/there-is-no-problem-and-we-are-dealing.html">"There 
is NO problem, and we are dealing with it"</a></h4>

<h5>Nice cartoon</h5>
<blockquote>

	<p>July 18, 2008<font size="-1"> | CalculatedRisk</font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080721X_quot_there_is_no_problem_and_we_are_dealing_with_it_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080720X_fannie_mae_and_freddie_mac_end_of_illusions_economist_com" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080717X_grasping_reality_with_both_hands_economist_brad_delongs_fair_balanced_and_reality"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 20, 2008]
<a target="_blank" href="http://www.economist.com/finance/displayStory.cfm?source=hptextfeature&story_id=11751139">Fannie 
Mae and Freddie Mac End of illusions Economist.com</a></h4>

<h5>"The American financial system has started to look as logical as "turtles all the way down" this 
week."</h5>
<blockquote>

	<p>THERE is a story about a science professor giving a public lecture on the solar system. An elderly 
	lady interrupts to claim that, contrary to his assertions about gravity, the world travels through 
	the universe on the back of a giant turtle. "But what supports the turtle?" retorts the professor. 
	"You can't trick me," says the woman. "It's turtles all the way down."</p>

	<p>The American financial system has started to look as logical as "turtles all the way down" this 
	week. Only six months ago, politicians were counting on Fannie Mae and Freddie Mac, the country's 
	mortgage giants, to bolster the housing market by buying more mortgages. Now the rescuers themselves 
	have needed rescuing. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080720X_fannie_mae_and_freddie_mac_end_of_illusions_economist_com"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080717X_grasping_reality_with_both_hands_economist_brad_delongs_fair_balanced_and_reality" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080715X_recession_plagued_nation_demands_new_bubble_to_invest_in"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 17, 2008] <a target="_blank" href="http://delong.typepad.com/sdj/2007/09/late-september-.html">Grasping Reality 
with Both Hands Economist Brad DeLong's Fair, Balanced, and Reality-Based Semi-Daily Journal</a></h4>
<blockquote>
	<b><a target="_blank" href="http://delong.typepad.com/sdj/wherefore_shrillblog.html">Wherefore "Shrillblog"</a> 
	and the Ancient and Hermetic Order of the Shrill?:</b> Because Bush defenders like Mickey Kaus and 
	Andrew Sullivan began saying of critics of Bush--especially of Paul Krugman--that they were "shrill": 
	not that they were wrong, nor that they were mistaken, nor that Bush was telling the truth, but 
	only that they were "shrill". So why not have some fun with and embrace the term? And the ranks 
	of the shrill are now... impressive indeed. Even the truly cowardly are now shrill. Only the truly 
	bought-and-paid-for have not joined those of us who shrilly criticize George W. Bush and his remaining 
	enablers and apologists:<blockquote>

		<p><a target="_blank" href="http://shrillblog.blogspot.com/2007_09_01_archive.html">Late September in the Shrillblog:</a></p>

		<p>The Republican Party Drives Matthew Yglesias Shrill! <br>
		General Ricardo Sanchez Is SHRILL! <br>
		Tom Brokaw and Hank Paulson Drive Matthew Yglesias Shrill! <br>
		Why Oh Why Can't We Have a Better Press Corps? (Washington Post Edition) <br>
		Liars for Jesus Drive P.Z. Myers Shrill: <br>
		Bill Clinton on the Republicans and Moveon <br>
		Mark Bauerlein Drives Smurov Shrill! <br>
		The Neoconentariat Drives Justin Logan Shrill! <br>
		Michael Berube Gets Canonical on Ross Douthat <br>
		We Would All Be Better Off If the Washington Post Just Stopped Printing Tomorrow <br>
		Paul Krugman: What I Hate About Political Coverage <br>
		There is No Non-Shrill Lunch <br>
		Gene Healy: Learning to Love the Imperial Presidency <br>
		Yves Smith of Naked Capitalism Looks to Be Really Shrill <br>
		Washington Post Hack Michael Gerson Drives Publius Shrill! <br>
		"The President's Description ... of the Stakes in Iraq was Delusional" <br>
		The Texas Execution System Drives Radley Balko into Shrill Unholy Madness! <br>
		Matt Welch: Why Do We Have to Stay in Iraq Forever?</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080717X_grasping_reality_with_both_hands_economist_brad_delongs_fair_balanced_and_reality"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080715X_recession_plagued_nation_demands_new_bubble_to_invest_in" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080711X_have_a_nice_weekend"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 15, 2008] <a target="_blank" href="http://www.theonion.com/content/news/recession_plagued_nation_demands">Recession-Plagued 
Nation Demands New Bubble To Invest In </a>The Onion </h4>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080715X_recession_plagued_nation_demands_new_bubble_to_invest_in"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080711X_have_a_nice_weekend" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080710X_capitalism_committed_suicide"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 11, 2008] <a target="_blank" href="http://tinyurl.com/6398m2">Have A Nice Weekend......</a></h4>
<blockquote>

	<p><a target="_blank" href="http://immobilienblasen.blogspot.com/">immobilienblasen</a></p>

	<p>Yves from
	<a target="_blank" href="http://www.nakedcapitalism.com/2008/07/us-most-deceitful-form-of-socialism.html">Naked 
	Capitalism </a>has an excellent "rant" from Willem Buiter on this topic. </p>
	<blockquote>

		<p>So I call on Secretary Paulson, Chairman Bernanke and Director Lockhart to drop the market-friendly 
		fig-leaf<b>. Be a socialist and proud of it.</b> Come out of the red closet. The Soviet Union 
		may have collapsed, but the cause of socialism is alive and well in the USA. Granted, the US 
		version of socialism is imperfect thus far. <b>The federal authorities have mainly intervened 
		to socialise the losses in the financial sector while allowing the profits to continue to be 
		drained off into selected private pockets</b></p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080711X_have_a_nice_weekend"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080710X_capitalism_committed_suicide" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080710X_copper_wire_sewer_grates_and_now_catalytic_converters"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 10, 2008]
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_gilbert&sid=a11PeBn6TV8A">Capitalism 
Committed Suicide</a> by Mark Gilbert</h4>
<blockquote>

	<p>July 10, 2008 | Bloomberg:</p>

	<p>Granddad Benny, is it true that capitalism committed suicide?' </p>

	<p>Granddad looked up from the fire he was stoking with bundles of 2006 and 2007 vintage mortgage-backed 
	bonds. ``In a way, Joel, yes. In developed countries, people got too greedy, especially bankers, 
	and everyone borrowed too much. In less developed countries, people racing to improve their living 
	standards reawakened the slumbering inflation monster.'' </p>

	<p>Joel put down the stick he was using to scratch the dirt. ``Why did the Gigantic Global Bubble 
	Burst of 2008 catch people unawares? Weren't there any warning signs, Granddad?'' </p>

	<p>.... ... ... </p>

	<p>By the flickering firelight, Granddad could see Joel's eyelids beginning to droop. </p>

	<p>``That's enough storytelling for one night, Master Bernanke. Go and make yourself warm under 
	the blankets. We'll be safe in this cave until morning, then we'll press on toward the coast.''
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080710X_capitalism_committed_suicide"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080710X_copper_wire_sewer_grates_and_now_catalytic_converters" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080710X_toxic_cdos_given_up_for_dead_coming_to_life_with_pension_funds"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 10, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/07/copper-wire-sewer-grates-and-now.html#links">
Copper wire, sewer grates, and now catalytic converters</a> </h4>

<h5>This is kind of black humor, but still "converter thief" is in interesting term with multiple and 
non-obvious meanings... </h5>
<blockquote>
	First it was the theft of copper wire from construction sites and ripping the plumbing out of foreclosed 
	homes making life unnecessarily difficult for home builders with too few sales and banks with too 
	many properties.<<p>Then it was vanishing manhole covers and sewer grates posing grave dangers for 
	motorists and pedestrians as the purloined iron was turned in at unquestioning scrap metal dealers, 
	ultimately bound for one part of Asia or another. </p>

	<p>Now comes <a target="_blank" href="http://news.yahoo.com/s/ap/20080706/ap_on_re_us/converter_thefts">word</a> 
	that rising precious metal prices for platinum and palladium have compelled thieves to remove
	<a target="_blank" href="http://en.wikipedia.org/wiki/Catalytic_converter">catalytic converters</a> from parked 
	cars using battery-powered saws, sometimes in broad daylight, in order to get a little extra walking-around 
	money.</p>
	<blockquote>
		Marty Boyer's carefully maintained sport utility vehicle growled more like a dragster than a 
		2001 Honda Passport when he turned the key.<<p>"The second I turned it over, and it sounded 
		like a tank and a Harley, I knew exactly what had occurred," said Boyer, 33.<</p>

		<p>A half-dozen office colleagues had told him about that roar after their own catalytic converters 
		were stolen, a crime that has been rising rapidly across the country from riverside parking 
		lots in Cincinnati to highways along the California coast.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080710X_copper_wire_sewer_grates_and_now_catalytic_converters"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080710X_toxic_cdos_given_up_for_dead_coming_to_life_with_pension_funds" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080705X_why_they_should_be_legally_required_to_say_quot_federal_reserve_quot"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601109&sid=a0TGMrBy2PyE&refer=home">Toxic CDOs 
Given Up for Dead Coming to Life With Pension Funds </a>By Jody Shenn</h4>

<h5>Like Yves Smith noted "You cannot make this staff up". Instead of "Re-Remics" they can use 'zombie 
CDO" name, though...</h5>
<blockquote>

	<p>July 8 (Bloomberg) -- CDOs are back. </p>

	<p>Collateralized debt obligations that helped drive banks to $400 billion of writedowns and credit 
	losses are finding buyers under a different name: Re-Remics. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080710X_toxic_cdos_given_up_for_dead_coming_to_life_with_pension_funds"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080705X_why_they_should_be_legally_required_to_say_quot_federal_reserve_quot" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080702X_new_airline_rules"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 5, 2008]
<a target="_blank" href="http://capitalgainsandgames.com/blog/stan-collender/389/why-they-should-be-legally-required-say-federal-reserve">
Why They Should Be Legally Required To Say "Federal Reserve"</a></h4>
<blockquote>

	<p>Last Wednesday's report on WTOP, the all-news radio station here in Washington, was both startling 
	and priceless.  I'm paraphrasing the second part of this quote, but the beginning is exactly 
	what I heard: </p>

	<p><font color="#FF0000"><i><b>"Well-fed policymakers later today will be deciding whether to increase 
	interest rates." </b></i></font></p>

	<p> It took me a minute or two to realize that the reporter was really saying: </p>

	<p><font color="#FF0000"><i><b>"Well, Fed policymakers later today will be deciding whether to increase 
	interest rates." </b></i></font></p>

	<p>The more I think about it, I'm not sure what was actually being reported.  After all, lunch 
	is almost certainly provided at these meetings</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080705X_why_they_should_be_legally_required_to_say_quot_federal_reserve_quot"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080702X_new_airline_rules" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080625X_chrysler_2_99_gas_price_guarantee"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jul 2, 2008] NEW AIRLINE RULES <font color="black" face="Arial" size="2"></h4>
<ul>

	<li>Attendant: Welcome aboard Ala Carte Air, sir. May I see your ticket? </li>

	<li>Passenger: Sure. </li>

	<li>Attendant: You're in seat 12B. That will be $5, please! </li>

	<li>Passenger: What for? </li>

	<li>Attendant: For telling you where to sit. </li>

	<li>Passenger: But I already knew where to sit. </li>

	<li>Attendant: Nevertheless, we are now charging a seat locator fee of $5. It's the airline's new 
	policy. </li>

	<li>Passenger: That's the craziest thing I ever heard. I won't pay it. </li>

	<li>Attendant: Sir, do you want a seat on this flight, or not? </li>

	<li>Passenger: Yes, yes. All right, I'll pay. But the airline is going to hear about this. </li>

	<li>Attendant: Thank you. My goodness, your carry-on bag looks heavy. Would you like me to stow 
	it in the overhead compartment for you? </li>

	<li>Passenger: That would be swell, thanks. </li>

	<li>Attendant: No problem. Up we go, and done! That will be $10, please. </li>

	<li>Passenger:  What? </li>

	<li>Attendant: The airline now charges a $10 carry-on assistance fee. </li>

	<li>Passenger: This is extortion. I won't stand for it. </li>

	<li>Attendant: Actually, you're right, you can't stand. You need to sit, and fasten your seat belt. 
	We're about to push back from the gate. But, first I need that $10. </li>

	<li>Passenger:  No way! </li>

	<li>Attendant:  Sir, if you don't comply, I will be forced to call the air marshal. And you 
	really don't want me to do that. </li>

	<li>Passenger:  Why not? Is he going to shoot me? </li>

	<li>Attendant:  No, but there's a $50 air-marshal hailing fee. </li>

	<li>Passenger:  Oh, all right, here, take the $10. I can't believe this. </li>

	<li>Attendant:  Thank you for your cooperation, sir. Is there anything else I can do for you?
	</li>

	<li>Passenger:  Yes. It's stuffy in here, and my overhead fan doesn't seem to work. Can you 
	fix it? </li>

	<li>Attendant: Your overhead fan is not broken, sir. Just insert two quarters into the overhead 
	coin slot for the first five minutes. </li>

	<li>Passenger:  The airline is charging me for cabin air? </li>

	<li>Attendant:  Of course not, sir. Stagnant cabin air is provided free of charge. It's the 
	circulating air that costs 50 cents. </li>

	<li>Passenger:  I don't have any quarters. Can you make change for a dollar? </li>

	<li>Attendant:  Certainly, sir! Here you go! </li>

	<li>Passenger:  But you've given me only three quarters for my dollar. </li>

	<li>Attendant: Yes, there's a change making fee of 25 cents. </li>

	<li>Passenger:  For cryin' out loud. All I have left is a lousy quarter? What the heck can 
	I do with this? </li>

	<li>Attendant:  Hang onto it. You'll need it later for the lavatory.</font></li>
</ul>

<h3><a name="June">June</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080702X_new_airline_rules"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080625X_chrysler_2_99_gas_price_guarantee" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080624X_dean_baker_wall_street_executives_have_taken_shareholders_for_a_ride_comment_is_free"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 25, 2008] <a target="_blank" href="http://images.salon.com/comics/boll/2008/06/19/boll/story.gif">Chrysler 
$2.99 Gas Price Guarantee</a></h4>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080625X_chrysler_2_99_gas_price_guarantee"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080624X_dean_baker_wall_street_executives_have_taken_shareholders_for_a_ride_comment_is_free" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080624X_funny_spam_scam_letter"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 24, 2008]
<a target="_blank" href="http://www.guardian.co.uk/commentisfree/2008/jun/23/bearstearns.useconomy?gusrc=rss&feed=commentisfree">
Dean Baker Wall Street executives have taken shareholders for a ride Comment is free guardian.co.uk</a></h4>
<blockquote>

	<p>"What the banksters said ...</p>

	<p><b>to each other </b>...</p>
	<blockquote>

		<p>"I'm sick to my stomach."</p>

		<p>"It's either a meltdown or the greatest buying opportunity ever. I'm leaning towards the 
		former."</p>

		<p>"The sub-prime market looks pretty damn ugly."</p>

		<p>"Believe it or not ... I've been able to convince people to add more money."</p>
	</blockquote>

	<p><b>to clients ...</b></p>
	<blockquote>

		<p>"We have an awesome opportunity."</p>

		<p>"I suggest we speak about adding more to the fund."</p>

		<p>"There's no basis for thinking this is one big disaster."</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080624X_dean_baker_wall_street_executives_have_taken_shareholders_for_a_ride_comment_is_free"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080624X_funny_spam_scam_letter" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080624X_socal_home_woes_could_mean_50_price_drop"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>Funny spam/scam letter</h4>

<p>Hat tip to <a target="_blank" href="http://www.oftwominds.com/blog.html">charles hugh smith-Weblog and Essays</a></p>
<blockquote>
	Hello and how are you?, hope you are doing fine with your family.

	<p>I am happy to inform you about my Success In getting the Funds Transferred to a Federal Reserve 
	Account with the Co-Operation of a New Partner from The Treasury who Is a Billionare International 
	Businessman and an investment magnet. </p>

	<p>In fact I must Frankly State here without Missing Words That I Was Blessed to Have Met with Sir 
	Henry Paulson a Man of Very Unquestionable Capability to Deliver. Presently, I am In Washington 
	(America) embarking On an Investment Project with My Own Dear Friends from The Gulf Of Arabia, Just 
	like I Told You Then to believe and finish up with me. </p>

	<p>Meanwhile, I Could Not Have Forgotten Your Past Efforts and attempt to assist me in transferring 
	this Fund, Despite all odds and the fact that It Did Not Get To The Desired Conclusion in Congress. 
	However, as I think & believed that your previous good efforts was the Source Of My Inspiration 
	to this Point. </p>

	<p><font color="#FF0000"><i><b>So, Just As My Highly Respectable Mentor Sir Alan Greenspan Would 
	Always Say To Me "One Good Turn Deserves Another"</b></i></font> <font color="#FF0000"><i><b>For 
	This Reason, I Do Wish To Give To You The Total Sum Of US$1,850,000,000,000.00 (One Trillion, Eight 
	Hundred And Fifty Million U.S. Dollars ) upon your immediate delivery of Mortgage Assets of Questionable 
	Value. Please Contact My Secretary immediately to receive this deserved share of yours urgently.
	</b></i></font></p>
	<blockquote>

		<p>Yours Most Very Truly Sincerely, </p>

		<p>Benjamin Bernanke, F.S.M.O., D.S.T., <br>
		High Order of the Ivory Tower Realm (with Obfuscation ribbon) </p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080624X_funny_spam_scam_letter"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080624X_socal_home_woes_could_mean_50_price_drop" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080619X_youtube_principles_of_economics_translated"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>
<a target="_blank" href="http://lansner.freedomblogging.com/2008/06/20/socal-home-woes-could-mean-50-price-drop/">SoCal 
home woes could mean 50% price drop</a></h4>
<blockquote>

	<p>"homallucinations," or the ability to convince oneself that while the price of everyone else's 
	home will fall, your neighborhood is clearly different.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080624X_socal_home_woes_could_mean_50_price_drop"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080619X_youtube_principles_of_economics_translated" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080618X_fifth_third_bank"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 19, 2008] <a target="_blank" href="http://www.youtube.com/watch?v=VVp8UGjECt4">YouTube - Principles of economics, 
translated</a> by Yoram Bauman</h4>

<p>February 25, 2007 <font size="2"> <a target="_blank" href="http://www.improb.com/airchives/paperair/volume9/v9i2/mankiw.html">parody</a> 
of Mankiw's Ten Principles of Economics. (Alternative download
<a target="_blank" href="http://www.smallparty.org/yoram/humor/mankiw.pdf">here (.pdf)</a>.)</font> See also
<a target="_blank" href="http://standupeconomist.com/">The world's first and only stand-up economist</a></p>
<blockquote>

	<table cellspacing="0" cellpadding="0" width="100%" align="center" bgcolor="red" border="0">
		<tr>
			<td valign="top" bgcolor="#ffffff" height="100%"><font size="2">I started doing open-mic 
			nights at Seattle's <a target="_blank" href="http://www.comedyunderground.com/seattle/">
			Comedy Underground</a> in the summer of 2004. You should read this cool
			<a target="_blank" href="http://kfmonkey.blogspot.com/2005/05/learn-to-say-aint.html">kfmonkey 
			blog posting</a> about the connection between stand-up and politics. </font>

			<p><font size="2">My
			<a target="_blank" href="http://www.improb.com/airchives/paperair/volume9/v9i2/mankiw.html">
			parody</a> of Mankiw's Ten Principles of Economics. (Alternative download
			<a target="_blank" href="http://www.smallparty.org/yoram/humor/mankiw.pdf">here (.pdf)</a>.) This article 
			was published in the <a target="_blank" href="http://www.improb.com"><i>Annals of Improbable 
			Research</i></a>. (Harvard professor N. Gregory Mankiw, the chairman of the Council of Economic 
			Advisers in 2003-04(?), is the author of a best-selling economics textbook.) Serious-minded 
			readers can find some of the same ideas in my
			<a target="_blank" href="http://www.smallparty.org/yoram/research/">working papers</a> on economics education; 
			the rest of you might prefer the 2nd order parodies by my grad school buddies
			<a target="_blank" href="http://www.smallparty.org/yoram/humor/evren.pdf">Evren Damar</a> and
			<a target="_blank" href="http://www.smallparty.org/yoram/humor/aaron.pdf">Aaron Finkle</a>.</font></p>

			<p><font size="2">It's not strictly humor, but my
			<a target="_blank" href="http://www.smallparty.org/yoram/trouble/Global_Warming/">conversation</a> with 
			two Texas economists about their textbook's amazingly lousy treatment of global warming 
			is pretty funny. </font></p>
			</td>
		</tr>
	</table>

</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080619X_youtube_principles_of_economics_translated"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080618X_fifth_third_bank" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080618X_900_miles_to_the_gallon"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 18, 2008] <a target="_blank" href="http://bigpicture.typepad.com/">Fifth Third Bank </a>by Barry Ritholtz
</h4>
<blockquote>
	<a target="_blank" href="http://bigpicture.typepad.com/">The Big Picture</a>

	<p><i><font size="2">Bouncing around trading desks is this comment on Fifth Third Bancorp (FITB)</font></i><font size="2">:</font></p>
	<blockquote>

		<p><font size="2">"Given its recent performance, the company has announced they are changing 
		its name to "Three Fifths" Bank . . ."</font></p>
	</blockquote>

	<p><font size="2">Looking at the chart, perhaps that should even be "Two Fifths" Bancorp !</font>>
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080618X_fifth_third_bank"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080618X_900_miles_to_the_gallon" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080618X_charles_hugh_smith_the_new_disease_we_just_know_youve_got"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://www.oftwominds.com/blogs/calories.html"><b>900 Miles to the Gallon</b></a></h4>
<blockquote>

	<p><i>This essay on the amount of energy required to burn a pound of human fat drew a wonderful 
	response from knowledgeable correspondent Brian Jewell: </i></p>
	<blockquote>
		I am a retired physiologist, living in Yorkshire in the UK.

		<p>I run a course in Human Physiology for our local branch of University of the Third Age (i.e 
		retired people who want to keep on learning) and in the course of searching around on the internet 
		for some figures for human energy consumption, I came across your website. </p>

		<p>Your figure for how far a man might cycle on a gallon of fat is different from my estimate, 
		which was about 1100 miles. My calculation was based on the assumption that the energy content 
		of a pound of fat was 4095 kilocalories - i.e. 455 g x 9 kcal per gram. </p>

		<p>My figure for kilocalories per pound translates into 36855 kilocalories per gallon (assuming 
		fat has a density of 0.9 kg/l), and if we assume 500 kilocalories per hour for cycling at 15 
		mph, that would mean about 1100 miles per gallon of fat. </p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080618X_900_miles_to_the_gallon"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080618X_charles_hugh_smith_the_new_disease_we_just_know_youve_got" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080616X_anatomy_of_a_meltdown_the_credit_crisis_washingtonpost_com"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://www.oftwominds.com/blogmay06/zombiestra.html">charles hugh smith-The New Disease 
We Just Know You've Got</a></h4>

<h5>"Viva Viagra!!!"</h5>
<blockquote>
	<b>No doubt you've heard of bi-polar disease, depression, anxiety disorder and restless leg syndrome.</b> 
	Maybe you've dodged all those bullets, but before you sigh in relief, answer this simple quiz:

	<li>Have you ever felt irritable? </li>

	<li>Have you ever bought anything which was unnecessary? </li>

	<li>Have you ever had trouble getting to sleep? <<p><b>Sorry, but you suffer from quatro-polar disorder. 
	Yes, you. You're a classic case, and don't try to deny it.</b> The first step to getting well is 
	to admit it: your mood swings not just up and down, but sideways, and in both directions. (Unless 
	you're a right-wing nut or left-wing fanatic, in which case you swing only up and down and left 
	or right, which makes you a hardcore sufferer of the dreaded, incurable tri-polar disorder.) <</p>

	<p><b>Fortunately, there's a cure--one which your overworked doctor can easily be convinced to prescribe, 
	should you rush in and demand Zombiestra (TM).</b> But only do so if you have full drug coverage 
	in your medical plan, or if you're filthy rich. Only then will you be able to afford the wondrous 
	relief to everyday life which is Zombiestra (TM). <</p>

	<p><b>You may have mis-diagnosed yourself, thinking that buying all sorts of worthless junk just 
	made you a normal, healthy American consumer. Wrong!</b> That's a sure sign of quatro-polar disorder. 
	Ditto for being irritable or having trouble sleeping enough. Just because you have a two-hour commute 
	and have to get up at 4 a.m. to beat the traffic, or that thanks to layoffs and rising workloads, 
	you're working 10 hours a day just to keep your job--that's no excuse! You're suffering from quatro-polar 
	syndrome, to be sure. <</p>

	<p><b>Fortunately, there's Zombiestra (TM).</b> (First check with your insurance plan to make sure 
	they cover diseases which are newly "discovered," then hound your overworked doctor for the prescription. 
	Be proactive. Don't take no! It's your right to be over-medicated with drugs which only work 20% 
	of the time.) </p>

	<p>... ... ...</p>
	</li>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080618X_charles_hugh_smith_the_new_disease_we_just_know_youve_got"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080616X_anatomy_of_a_meltdown_the_credit_crisis_washingtonpost_com" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080611X_can_you_retire_on_one_m_i_l_l_i_o_n_dollars"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 16, 2008] <a target="_blank" href="http://www.washingtonpost.com/wp-srv/business/creditcrisis/">Anatomy of 
a Meltdown The Credit Crisis (washingtonpost.com)</a></h4>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080616X_anatomy_of_a_meltdown_the_credit_crisis_washingtonpost_com"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080611X_can_you_retire_on_one_m_i_l_l_i_o_n_dollars" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080610X_japan_fundamentals_warrant_oil_only_at_60_a_barrel"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 11, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/06/can-you-retire-on-one-m-i-l-l-i-o-n.html">
Can you retire on one m-i-l-l-i-o-n dollars?</a> </h4>
<blockquote>

	<p>Via Yahoo! Finance comes this
	<a target="_blank" href="http://finance.yahoo.com/focus-retirement/article/105213/Is-$1-Million-Enough-to-Retire-On;_ylt=AqVvwVALpcOCuf3DTpRD8vW7YWsA?mod=retirement-lifestyle">
	report</a> by Emily Brandon at U.S. News and World Report asking the question that, unfortunately, 
	most aspiring retirees will probably never get to ask - is a million dollars enough to retire on?</p>

	<p><font color="#FF0000"><i><b>A million dollars used to be a lot of money.</b></i></font></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080611X_can_you_retire_on_one_m_i_l_l_i_o_n_dollars"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080610X_japan_fundamentals_warrant_oil_only_at_60_a_barrel" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080606X_dollar_policy_for_dummies_dimwits_and_dolts_caroline_baum"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 10, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/06/japan-fundamentals-warrant-oil-only-at.html">Japan- 
Fundamentals Warrant Oil Only at $60 a Barrel</a></h4>
<blockquote>

	<p><a target="_blank" href="http://www.nakedcapitalism.com/">naked capitalism</a></p>

	<p>On a slow day in the markets, trader A decided to open bidding on a can of sardines. He offered 
	it at $1. It was snapped up by B at $2, who sold it to C at $3. D jumped in at $4 and E finally 
	prevailed at $5. <</p>

	<p>Proud owner E opened the can and found the sardines had gone bad. He went back to A and complained, 
	" You sold rotten sardines! I want my money back."<</p>

	<p>Grinning, A said, "Son, those weren't eating sardines. Those were trading sardines."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080610X_japan_fundamentals_warrant_oil_only_at_60_a_barrel"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080606X_dollar_policy_for_dummies_dimwits_and_dolts_caroline_baum" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080603X_ft_alphaville_blog_archive_losing_lehman"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 6, 2008]
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_baum&sid=aCgdwY3fhANI">Dollar 
Policy for Dummies, Dimwits and Dolts: Caroline Baum </a></h4>

<h5>``Hank, I told you to save your breath when the dollar is plummeting,'' Rubin might have said. ``How 
many times have I told you to `go with' a trend? Choose your timing carefully. When it looks as if the 
dollar has bottomed of its own accord, as it did in April 1995, start talking it up big. Then you can 
take credit for the move up.'' </h5>
<blockquote>

	<p>June 6 (Bloomberg) -- Regular readers know I'm tone deaf when it comes to the nuances of U.S. 
	dollar policy. Whether it's a congenital defect or simply an aversion to the idea that the U.S. 
	has anything resembling a
	<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://books.google.com/books?id=XGAPeTh_pkQC&pg=PA161&lpg=PA161&dq=rubin+mantra+and+dollar+policy+and+cuckoo+clock&source=web&ots=f1zVr3DIA1&sig=uAQGFXoynHygzGVJxSAJ43zW63U&hl=en">
	dollar policy</a>, I can't say. </p>

	<p>Either way, I have to be bludgeoned over the head before I wake up to the idea that some new 
	twist in dollar policy is afoot. </p>

	<p>That's why I'm a little late reporting the news and analyzing the significance of Federal Reserve 
	Chairman
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Ben%0ABernanke&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Ben Bernanke</a> talking about the dollar in a June 3
	<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://www.federalreserve.gov/newsevents/speech/bernanke20080603a.htm">
	speech</a>. </p>

	<p>I mean, what's the big deal? The Fed talks about the dollar -- internally -- all the time. In 
	this Age of Transparency (or is it the ``<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://www.amazon.com/Age-Turbulence-Adventures-New-World/dp/1594201315/ref=sr_1_1?ie=UTF8&s=books&qid=1212675494&sr=1-1">Age 
	of Turbulence</a>?'' I get confused) why not say what's on your mind? </p>

	<p>Bernanke's references to the dollar came in the last section of a speech, delivered via satellite, 
	to the International Monetary Conference in Barcelona, Spain. I almost missed them because they 
	came right after the part where the Fed chief said monetary policy is ``well positioned to promote 
	moderate growth and price stability over time,'' which drives me batty. Fed officials really need 
	to stop repeating this nonsense -- that a 2 percent funds rate, well below the rate of inflation, 
	will promote price stability -- before it becomes a mantra. </p>

	<p>Which brings us back to Bernanke and the dollar. </p>

	<p>What got people so exercised Tuesday was Bernanke's adoption of code words more typical of a 
	Group of Seven communique when these countries want to signal foreign exchange markets to shape 
	up or face possible coordinated intervention. </p>

	<p><b>Collaborative Monitoring </b></p>

	<p>To wit, Bernanke said, ``In collaboration with our colleagues at the Treasury, we continue to 
	carefully monitor developments in foreign exchange markets.'' </p>

	<p>This used to be a big deal before Europe scrapped most of its individual currencies and before 
	academics reminded policy makers that sterilized intervention -- where a central bank buys or sells 
	a currency, only to offset the purchases and sales via open market operations -- doesn't do any 
	good. </p>

	<p>And that's why, for all the chatter about the Treasury running ``dollar policy,'' the policy 
	is really the Fed's to implement. </p>

	<p>Bernanke had more to say on the value of the dollar, which has been
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=USTR%24%3AIND">
	falling</a> pretty much since 2002. He said it had implications ``for inflation and
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=.5YR5YR%3AIND">
	inflation expectations</a>'' and therefore for policy. </p>

	<p>Finally, he used the terms ``strong and stable dollar,'' which everyone says is significant, 
	so it must be. </p>

	<p>This was too much for a slow learner like myself. So I called
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Lou+Crandall&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Lou Crandall</a>, chief economist at Wrightson/ICAP LLC, for a translation. </p>

	<p><b>Coordinated Communication</b> </p>

	<p>Crandall explained that the Fed ceded control of the dollar ``message'' (notice that he didn't 
	say ``policy'') to the Treasury in the mid-'90s at the request of then-Treasury Secretary
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Robert+Rubin&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Robert Rubin</a>. Before that time, Fed chairmen
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Alan%0AGreenspan&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Alan Greenspan</a> and
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Paul+Volcker&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Paul Volcker</a> talked openly about the value of the dollar as it related to the conduct of monetary 
	policy. </p>

	<p>``That was new,'' Crandall said of the communication consolidation. ``It created a monopoly of 
	commentary on dollar policy.'' </p>

	<p>Alas, all good monopolies come to an end, at least in economic theory. The time was right for 
	the Fed, which creates
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=FARBRBFB%3AIND">
	reserves</a> that get multiplied into money, to talk turkey on the dollar along with the Treasury, 
	which prints and mints bills and coins at its
	<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://www.bep.treas.gov/section.cfm/2">
	Bureau of Engraving and Printing</a> and
	<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://www.usmint.gov/about_the_mint/">
	U.S. Mint</a>, respectively. </p>

	<p><b>Prelude to Action? </b></p>

	<p>``Saying the dollar is potentially inflationary isn't a real breakthrough,'' said
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Paul+Kasriel&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Paul Kasriel</a>, chief economist at Northern Trust Corp. in Chicago, who, like me, missed the memo 
	on dollar policy. ``The question is, what are you going to do about it?'' </p>

	<p>It's one thing ``to use open-mouth policy to bring down
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=MIIF5YR%3AIND">
	inflation expectations</a> and bring some expectation of stabilization to the dollar,'' he said. 
	``But does anyone think the Fed is going to raise rates in the next six months?'' </p>

	<p>Actually, yes. Federal funds futures contracts, which reflect expectations of the average overnight 
	rate for any given month, are putting the odds of a rate increase by year-end at almost 70 percent.
	</p>

	<p>Not to throw cold water on the idea that dollar-talk policy is having an impact, but the buck 
	looks to have bottomed sometime between Bear Stearns weekend (March 14-17) and late April, when 
	the Fed
	<a target="_blank" t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="120" t_delay="50" href="http://www.federalreserve.gov/newsevents/press/monetary/20080430a.htm">
	indicated</a> it was done lowering short-term rates. </p>

	<p>Admittedly I'm a slow learner, but even I smell a rat, or a Rubin, if you will. </p>

	<p><b>Rubin's Ghost </b></p>

	<p>For all we know, the current Treasury secretary,
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://search.bloomberg.com/search?q=Hank%0APaulson&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">
	Hank Paulson</a>, a one-time investment banker in search of market savvy, called up Trader Bob, 
	his former Goldman Sachs colleague, for some advice. </p>

	<p>``Hank, I told you to save your breath when the dollar is plummeting,'' Rubin might have said. 
	``How many times have I told you to `go with' a trend? Choose your timing carefully. When it looks 
	as if the dollar has bottomed of its own accord, as it did in April 1995, start talking it up big. 
	Then you can take credit for the move up.'' </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080606X_dollar_policy_for_dummies_dimwits_and_dolts_caroline_baum"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080603X_ft_alphaville_blog_archive_losing_lehman" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080602X_it_s_not_so_easy_being_less_rich"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 3, 2008] <a target="_blank" href="http://ftalphaville.ft.com/blog/2008/06/04/13552/losing-lehman/">FT Alphaville 
" Blog Archive " Losing Lehman</a></h4>

<h5>"Never underestimate the power of the absurd !"</h5>
<blockquote>

	<p>Re chaos trades, I'm confused. Haven't the ABX indices and general credit market sentiment improved 
	mainly because no-one will bet against the Fed/other authorities, who will support the banks/associated 
	financial institutions at any cost? So is Lehman now losing money because it bet against the financial 
	system being bailed out? And now it will to be bailed out because of this? My head hurts…somebody 
	make it stop…</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080603X_ft_alphaville_blog_archive_losing_lehman"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080602X_it_s_not_so_easy_being_less_rich" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080602X_ft_com_markets_smile_through_the_crisis"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Jun 2, 2008]
<a target="_blank" href="http://www.nytimes.com/2008/06/01/fashion/01rich.html?ei=5087&em=&en=d3fe3d03622d334b&ex=1212552000&pagewanted=all">
It's Not So Easy Being Less Rich</a> By CHRISTINE HAUGHNEY</h4>

<h5>When Gods want to punish somebody... This is a classic
<a target="_blank" href="http://en.wikipedia.org/wiki/Conspicuous_consumption">conspicuous consumption</a>:  too 
many people have houses, SUVs, boats and other toys they cannot afford. Usually the concept of conspicuous 
consumption is discussed in the context of <a target="_blank" href="http://en.wikipedia.org/wiki/Addiction">addictive</a> 
or <a target="_blank" href="http://en.wikipedia.org/wiki/Narcissism">narcissistic</a> behaviors. Here the angle is different: 
get out the handkerchiefs and Kleenex (hat tip to Mish's
<a target="_blank" href="http://globaleconomicanalysis.blogspot.com/">Global Economic Trend Analysis</a>) </h5>
<blockquote>
	June 1, 2008 | NYT NANCY CHEMTOB, a divorce lawyer in Manhattan, has found that her days have become 
	crammed seeing clients, all worried about how an economic downturn will affect their marriages.

	<p>They seem to have nothing to fret about: their net worths range from $5 million to $1 billion. 
	A blip in the markets shouldn't send their chateau-size Park Avenue co-ops to foreclosure or exile 
	them to Payless Shoes.</p>

	<p>But Ms. Chemtob's clients are concerned all the same, she said, because their incomes have shrunk, 
	say, to $2 million a year from $8 million, and they know that their 2008 bonus checks are likely 
	to be much less impressive. </p>

	<p>One of her clients recently confessed that his net worth had decreased to $8 million from more 
	than $20 million, and he thinks that his wife will leave him. He has hidden their fall in fortune 
	by taking on debt to pay for her extravagant clothes and vacations.</p>

	<p>"I literally had to sit there and tell him that he had to tell his wife that she had to stop 
	spending," she said. "He was actually scared she would leave him because their financial situation 
	changed so drastically."</p>

	<p>The wealthy don't generally speak publicly about their finances, in good times or bad. It's in 
	poor taste, for one, and their employers could fire them for talking even a little. But people who 
	provide services to the wealthy - lawyers, art advisers, personal trainers and hairstylists - say 
	they are getting an earful about their clients' financial anxieties. </p>

	<p>Interviews with the people who actually see the bank statements, like divorce lawyers and lenders, 
	say their clients are definitely living on less than they did a year ago, regardless of how expansive 
	the definition of "less" may be. Hairstylists and private jet rental companies say the wealthy are 
	cutting back on luxuries like $350 highlights and $10,000-an-hour jet rentals. Even nutritionists 
	and personal trainers notice a problem. The wealthy are eating more and gaining weight because of 
	the stress.</p>

	<p>These financial problems - if rvousness about keeping uychological change," said Chris Del Gatto, 
	chief executive of Circa, which has watched its business jump by 50 percent in the last year as 
	wealthy clients sell their spare diamonds and Rolexes. "The economy is an issue even for people 
	who don't need the money."</p>

	<p>THEIR spouses could leave them when they discover that their net worth has collapsed to eight 
	figures from nine. Friends and business associates could avoid them as they pass their lunchtime 
	tables at Barney's or the Four Seasons. And these snubs could trickle down to their children.</p>

	<p>"They fear their kids won't get invited to the right birthday parties," said Michele Kleier, 
	an Upper East Side-based real estate broker. "If they have to give up things that are invisible, 
	they're O.K. as long as they don't have give up things visible to the outside world."</p>

	<p>So New York's very wealthy are addressing their distress in discreet and often awkward ways. 
	They try to move their $165 sessions with personal trainers to a time slot that they know is already 
	taken. They agree to tour multimillion-dollar apartments and then say the spaces don't match their 
	specifications. They apply for a line of credit before art auctions, supposedly to buy a painting 
	or a sculpture, but use that borrowed money to pay other debts.</p>

	<p>"Most people won't go to their banker and say: 'You know I'm in desperate trouble. I need funds,' 
	" said Andy Augenblick, president of Emigrant Bank Fine Art Finance, which allows clients to borrow 
	against art collections worth more than $2 million. Mr. Augenblick said that the number of requests 
	for these types of loans is five times higher than a year ago. He said that while these borrowers 
	claim that they don't need the money, their latest financial statements show that their net worth 
	has withered in the past year.</p>

	<p>Other wealthy clients are cutting luxuries that they think their friends and relatives won't 
	notice, according to Mr. Del Gatto of Circa. At Circa's midtown offices, he said, the seven consultation 
	rooms have been busy with customers selling their precious gems. Some older couples, he said, are 
	selling estate jewelry to help support their children who have lost Wall Street jobs. Bankers are 
	paring down their collections of Patek Philippe watches. Wives from Greenwich and Scarsdale are 
	selling 2-carat to 35-carat single-stone diamond rings. One recent client explained to Mr. Del Gatto 
	that she was selling $2 million in diamonds she rarely wore, because her friends wouldn't notice 
	that they were gone.</p>

	<p>"She said, 'If I sold my Bentley or my important art, they would notice,' " he said. "That we 
	hear, in differing examples, every day."</p>

	<p>Art consultants find that the very wealthy are more receptive to parting with their precious 
	works. Cassie Rosenthal, an owner of the Chelsea gallery Goff & Rosenthal, said that since the subprime 
	crisis hit in the fall, and especially since the new year, some collectors are willing to sell pieces 
	that were off limits in the past. She said that when the deals close quickly, they're happy.</p>

	<p>"Most people will just sort of say: 'Will you sell this for me? When you can get me payment?' 
	" Ms. Rosenthal said. "It's more about the urgency of getting paid."</p>

	<p>Justin Sullivan, managing director of Regent Jet, which leases private airplanes, said most clients 
	in real estate and on Wall Street are switching to chartered jets over private jets, and cutting 
	their flight budgets by about 25 percent. One New York real estate developer cut his budget to less 
	than $250,000 a year from $1.5 million a year.</p>

	<p>"A year ago, he would have only flown Gulfstreams," Mr. Sullivan said. "Now it's moving to the 
	point where he's flying Beech jets and Learjets."</p>

	<p>Some wealthy New Yorkers are even cutting back on relatively smaller things. At J Sisters, a 
	midtown Manhattan salon where celebrities like Naomi Campbell and
	<a target="_blank" href="http://topics.nytimes.com/top/reference/timestopics/people/p/gwyneth_paltrow/index.html?inline=nyt-per">
	Gwyneth Paltrow</a> mingle with Wall Street clients, stylists and colorists say they hear about 
	money worries all day. On a spring afternoon, a half-dozen hairstylists to the very wealthy talked 
	about how customers are stretching their $350 highlights and $150 haircuts to every eight weeks 
	instead of six weeks. Some women are cutting out highlights entirely, saying they would "rather 
	be brunettes."</p>

	<p>Jean-François Pilon, a stylist at J Sisters, has seen many women come less frequently and tip 
	less generously. During the subprime crisis last summer, and the collapse of Bear Stearns last March, 
	he said, many clients tried to stretch out their visits. He interprets these changes in behavior 
	as signs that they need to watch their spending.</p>

	<p>"You pick up on it very quickly," he said. "People don't beg."</p>

	<p>The drop in wealth has also exposed other personal problems, like bad marriages. Money - which 
	bought jewelry or extravagant vacations - helped smooth over many of these difficulties, said Kenneth 
	Mueller, a psychotherapist in the East Village who works with many Wall Street bankers and real 
	estate developers. Now, he said, his clients "catastrophize" smaller bonuses or shriveling stock 
	portfolios. "You have to remind them that there's something that has always been there," he said. 
	"All the money helped mask the anxiety."</p>

	<p>The very wealthy can't hide anything from their nutritionists and personal trainers, because 
	they see the weight gain. Heather Bauer, a dietitian who works with many Wall Street executives 
	who pay $600 to $800 a month for her services, says her clients have been eating and drinking more 
	in the last six months. She sees results of this indulging each time they step on a scale, and in 
	their journals that record what they've eaten.</p>

	<p>ONE Wall Street executive, Ms. Bauer said, snacks on nuts in her office all day to manage the 
	stress of potentially losing her position, while another confesses to inhaling four bowls of cereal 
	at 10 p.m. Even their sex lives are suffering, Ms. Bauer said, because of the stress or because 
	the weight gain makes them feel unattractive. </p>

	<p>Her clients blame the economy for their out-of-control waistlines.</p>

	<p>"The number one concern that they have is the state of the financial market," she said.
	<font color="#FF0000"><i><b>"There definitely is a correlation between the stock market and weight 
	gain."</b></i></font></p>

	<p>Clay Burwell, a personal trainer to many Wall Street executives, said that his clients were also 
	feeling the toll. A year of eating more, drinking more and working longer hours has started to hurt 
	their health.</p>

	<p>"They come into the gym with a dark storm cloud over their head," he said. "They look like hell."
	</p>
</blockquote>

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<h4>[Jun 2, 2008] <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html">FT.com 
- Markets - Smile through the crisis</a></h4>
<blockquote>

	<p>A risk manager, walking down a country lane encounters a shepherd standing near a field of sheep. 
	"If I can accurately predict the number of sheep in this field, would you let me have one?" asks 
	the risk manager.</p>

	<p>"Certainly," replies the shepherd, having just counted them himself. The risk manager gets out 
	his slide rule, calculates the area of pasture needed to sustain one sheep, estimates the area of 
	the field and comes up with the figure 423.</p>

	<p>"That's absolutely correct," says the shepherd, and the risk manager stoops to claim his prize. 
	"But," adds the shepherd, "You must give me the chance to get even. If I can accurately guess your 
	profession, we'll call it quits." The risk manager agrees.</p>

	<p>"You're a risk manager for a major investment bank," says the shepherd.</p>

	<p>"That's right," says the bemused manager, "But how did you know?"</p>

	<p>The shepherd replies: "Give me back my dog and I'll tell you."</p>
</blockquote>

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<h4>[Jun 1, 2008] <a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html">FT.com 
- Markets - Smile through the crisis</a></h4>
<blockquote>

	<p>David Wilson reports: </p>

	<p>"In the last seven days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank 
	plans to cutback some of its branches. Yesterday it was announced that Karaoke Bank is up for sale 
	and is likely to go for a song. Today shares in Kamikaze Bank were suspended after they nose-dived 
	and 500 back-office staff at Karate Bank got the chop. Analysts report that there is something fishy 
	going on at Sushi Bank and staff fear they may get a raw deal."</p>
</blockquote>

<h3><a name="May">May</a></h3>

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<h4>[May 17, 2008] <a target="_blank" href="http://nakedshorts.typepad.com/nakedshorts/2008/03/before-the-floo.html">
NakedShorts Before the flood</a></h4>
<blockquote>

	<p>With apologies to <a target="_blank" href="http://www.youtube.com/watch?v=38JpAMG65Dg&feature=related"><b>The 
	Band</b></a>]</p>

	<p>Jimmy Cayne is the name and I served on the Gravy train <br>
	<a target="_blank" href="http://news.yahoo.com/s/nm/20080316/bs_nm/bearstearns_dc_5"><b>'Til Dimon's cavalry came</b></a> 
	and <b><a target="_blank" href="http://www.sec.gov/Archives/edgar/data/777001/000119312508061005/dsc13da.htm">blew 
	out Joe Lewis again</a></b><br>
	<b><a target="_blank" href="http://www.reuters.com/article/governmentFilingsNews/idUSN1671408620080317">Hank Paulson 
	was on the phone</a></b>, we were just barely alive<br>
	March 16 was when Bear Stearns fell<br>
	It's a time I remember oh so well.</p>
</blockquote>

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<h4>[May 16, 2008] <a target="_blank" href="http://www.thenation.com/doc/20080602/howl">A Devil's Dictionary of Finance</a></h4>
<blockquote>

	<p><b>"The economy is fundamentally sound,"</b> or <b>"The worst is behind us,"</b> or <b>"We've 
	hit the bottom, and it's uphill from now on"</b>: Head for the hills. </p>

	<p><b>... ... ...</b></p>

	<p><b>Ninja Loan: </b>This has nothing to do with black-clad fighters of fourteenth-century Japan. 
	They were sometimes rash but never as idiotically greedy as the modern mortgage brokers who made 
	such loans, meaning mortgages given to people with no income, no job and no assets. </p>
</blockquote>

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<h4>[May 14, 2008] <a target="_blank" href="http://wallstreetexaminer.com/blogs/winter/?p=1644">Winter (Economic & Market) 
Watch " Ho Hum Just More Hyperinflation</a></h4>
<blockquote>

	<p>Jeff in Cleveland wrote:</p>

	<p>"CPI up only .2 percent in April. </p>

	<p>At what point does the government start making these announcements followed immediately by a 
	drummer in the background doing a rim shot? "</p>

	<p>Ken: thanks for the laugh… HA HA! </p>
</blockquote>

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<h4>[May 3, 2008] <a target="_blank" href="http://tinyurl.com/5ymyb8">Fed Humor.....</a></h4>
<blockquote>

	<p><img title height="350" alt=" " src="../../Bulletin/Images/D1808WW0.jpg" width="550"><br>
	Thanks to the
	<a target="_blank" href="http://www.economist.com/daily/kallery/displaystory.cfm?story_id=11294947">Economist</a><br>
	</p>
</blockquote>

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<h4>[May 1, 2008] The latest nickname for UBS is "Used to Be Smart"</h4>

<h3><a name="April">April</a></h3>

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<h4>[Apr 27, 2008]
<a target="_blank" href="http://nihoncassandra.blogspot.com/2008/03/earth-to-exchanges-raise-margin.html">Cassandra 
Does Tokyo Earth to Exchanges Raise Margin Requirements Now!!!</a></h4>
<blockquote>

	<h6>March 04, 2008 | <a target="_blank" href="http://nihoncassandra.blogspot.com/">Cassandra Does Tokyo</a></h6>

	<p>(Fade in to telephone ringing.....)<</p>

	<p>Brrrring Brrrrring.<</p>

	<p>EARTH: Hello? Futures Exchanges? <br>
	This is Planet Earth calling. <</p>

	<p>FUTURES EXCHANGE(S): (in Nasal BQ Accent) Yea? Waddda youze want? <</p>

	<p>EARTH: Ummmm if you look out the window, we seem to be encoutnering a bit of turbulence. Or is 
	Turbolence. Oh well, never mind spelling or semantics, things are turbo-ing and we here on Planet 
	Earth are becoming concerned that someone will get hurt. Errrr, yes, hurt rather badly. <</p>

	<p>FUTURES EXCHANGE(S): Whoozit you sez you were again? <</p>

	<p>EARTH: Errr Planet Earth. Terra Firma. Gaia. The Big Blue Marble.<</p>

	<p>FUTURES EXCHANGE(S): Did Vinny put yooze up to this? <</p>

	<p>EARTH: Ahem No. We're calling in respect of The Public Interest. <</p>

	<p>FUTURES EXCHANGE(S): Waddaya want again.<</p>

	<p>EARTH: Well we were thinking you should be thinking about raising margin requirements for speculators. 
	Significantly. And increasing the penalties for mis-categorization as a Hedger to "Death". <</p>

	<p>FUTURES EXCHANGE(S): Vinny DID put ya up ta this!! Yooze are trying to mussel in my rackit arentcha??<</p>

	<p>EARTH: No. Now please I implore you. Things are really getting out of hand. Traders are embarking 
	upon positions on the basis of the thin-ness of trade and the fact that you're the ONLY leverage 
	in town. This is a recipe for disaster....<</p>

	<p>FUTURES EXCHANGE(S): Are you CRAZY? I'ze live for days like these. THIS is what its all about. 
	But you looks like a nice boy, prolly got some wop blood in ya so I tell ya what: "I'll do you a 
	favor and swop the caffinated jo' for decaf. THAT should cool things off a bit. <</p>

	<p>EARTH: Ummmm errrr. yes thanks. Now about those margin requirements.... </p>
</blockquote>

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<h4>[Apr 24, 2008]
<a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&sid=a.qrvu5y2Jrc&refer=home">Bloomberg.com 
Opinion</a> </h4>
<blockquote>

	<p>Trust in Central Banks Passes Point of No Return: Mark Gilbert </p>

	<p>Commentary by Mark Gilbert</p>

	<p>April 24 (Bloomberg) -- Here's the plan. Hokey-Cokey Bank bundles together its tainted 2007 mortgages 
	and bakes an asset- backed bond. It hands that bond to the Bank of England in return for a bag of 
	freshly minted U.K. government gilts. It then uses those shiny new gilts as collateral to borrow 
	much-needed money. </p>

	<p>What would you, as the treasurer of Hokey-Cokey Bank, do with that cash? Would you: </p>

	<p>(A) lend it to eager first-time buyers Bob and Sue to purchase that apartment they want, even 
	though every bone in your body tells you
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=UKRXPBAL%3AIND">
	property prices</a> are headed down, down, down? </p>

	<p>(B) hand it to Tom, who also wants the apartment, except that he plans to rent it to Bob and 
	Sue for less than he'll have to pay every month on the
	<a t_above="true" t_static="true" t_fontcolor="#000000" t_fontface="Verdana,sans-serif" t_bgcolor="#ddedd9" t_width="110" t_delay="50" href="http://www.bloomberg.com/apps/quote?ticker=UKMSVTVX%3AIND">
	mortgage</a>? </p>

	<p>(C) scurry to the Hokey-Cokey vault as fast as your little legs will carry you, toss in the cash, 
	lock the door, and tell your chief executive the liquidity problem is resolved and he won't have 
	to beg the shareholders for fresh capital after all. </p>

	<p>Hello? Am I missing something here? </p>
</blockquote>

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<h4>[Apr 19, 2008] <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/04/were-all-busta-now.html">We're 
All Busta Now</a></h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h6>
	Our Brian forwarded this email to me yesterday, and I haven't stopped chuckling yet. It's very well 
	done and certainly appears to be a legitimate "memorandum" from Accredited. Apparently no one has 
	yet managed to get it posted on Accredited's <a target="_blank" href="http://www.accredhome.com">website</a>, which 
	would formalize the joke nicely, but that's no reason not to share it:
	<blockquote>
		April 18, 2008 - San Diego , CA <<p>Accredited Home Lenders is pleased to announce the promotion 
		of Miss Helen Busta to the newly created position of Chief Advisor of Things Both Relevant and 
		Interesting in the Non-Conforming Loan Market.<</p>

		<p>The position was created to help set the record straight in a market that's been turned upside 
		down. Miss Busta will apply her vast knowledge and years of industry experience to bust the 
		subprime myths that are so prevalent today.<</p>

		<p>As a young woman, Miss Busta arrived in San Diego from the Midwest and took a job in the 
		mortgage industry as a temp. She was soon hired by Accredited to help out in the company's first 
		office above an auto repair shop. Miss Busta earned her B.A. in History from San Diego State 
		University while working full-time at Accredited. <</p>

		<p>Her duties will include advising Accredited staff and helping brokers build their non-conforming 
		business. Miss Busta will soon launch her own Web site, where she will answer any and all questions 
		regarding the mortgage industry. Her long-standing service to Accredited and wealth of knowledge 
		from 20 years in home lending have made Miss Busta a solid performer in any type of economic 
		climate.<</p>

		<p>Please extend your congratulations to Miss Helen Busta on her significant achievement.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080419X_were_all_busta_now"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080406X_like_an_onion" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080406X_more_than_50_percent_chance_of_u_s_recession_greenspan_yahoo_news"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 6, 2008] <a target="_blank" href="http://www.financialarmageddon.com/2008/04/like-an-onion.html">Like an Onion</a></h4>

<h5>SDO insurance was just a fig leaf that masked bad odor.  A nice confidence building game for 
lemmings matching toward the cliff ;-)</h5>
<blockquote>

	<h6><a target="_blank" href="http://www.financialarmageddon.com/">Financial Armageddon</a></h6>

	<p>My thought for the day: The credit crisis is like an onion: every time you peel back another 
	layer, you want to cry.</p>

	<p>... ... ..</p>

	<p>Why would banks buy insurance on AAA securities, especially from ACA, which had only an A rating? 
	That would be akin to homeowners at the top of the hill purchasing flood insurance from a company 
	at the side of a river. If a flood did happen, the insurer wouldn't be around to pay any claims</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080406X_like_an_onion"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080406X_more_than_50_percent_chance_of_u_s_recession_greenspan_yahoo_news" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080406X_robert_shiller_pushes_fed_as_stability_regulator"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 6, 2008]
<a target="_blank" href="http://news.yahoo.com/s/nm/20080406/us_nm/greenspan_recession_dc;_ylt=AtqllSeqfWfNzho7YTsKjDCyBhIF">
More than 50 percent chance of U.S. recession Greenspan - Yahoo! News</a></h4>

<h5>Old man reputation as a forecaster makes him good only for Comedy Central now. And the fact that 
Ei Pais bothered to ask for his views is an exquisite humor in itself.  Endorcemnt of Mcain should 
be judged similarly. </h5>
<blockquote>

	<p>There is more than a 50 percent chance the United States could go into recession, former Federal 
	Reserve chairman Alan Greenspan told El Pais newspaper in an interview published on Sunday. </p>

	<p>... ... ...</p>
	Greenspan, the U.S. Fed chairman from 1987 to 2006, endorsed the Republican presidential candidate 
	John McCain in the interview.<p>"I'm Republican and I support John McCain, who I know very well 
	and who I respect a lot," he said.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080406X_more_than_50_percent_chance_of_u_s_recession_greenspan_yahoo_news"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080406X_robert_shiller_pushes_fed_as_stability_regulator" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080405X_bernanke_says_recession_possible"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 6, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/04/robert-shiller-pushes-fed-as-stability.html">Robert 
Shiller Pushes Fed as Stability Regulator</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://www.nakedcapitalism.com/2008/04/robert-shiller-pushes-fed-as-stability.html">naked 
	capitalism </a></h6>

	<p>When the monkey steals the keys to all the cages in the zoo, you're going to have a problem. 
	In our great nation, there are a limited number of potential institutions which could exercise authority 
	over those<br>
	"monkeys" which have destabilized the financial system, and from the perspective of competence, 
	independence and the possession of a clear understanding of the inter-market linkages, the list 
	is as ugly as it is short.</p>
	<ol>

		<li>Congress</li>

		<li>The President</li>

		<li>The Courts</li>

		<li>The Treasury</li>

		<li>The Fed</li>

		<li>An agency yet to be named</li>
	</ol>

	<p>The big problem is that the "monkeys" will ALWAYS be smarter than 1-4, and ALMOST ALWAYS smarter 
	than 5-6. They will also always be wealthier, and hence more influential, than 1-6, and will find 
	ways to neuter rules they consider onerous, with a packed Supreme court on their side, should congress 
	or the president fail to support them. <i><b>In the end, there is only one regulator who can clean 
	up the AUGEAN STABLE. His name is Mr. Market.</b></i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080406X_robert_shiller_pushes_fed_as_stability_regulator"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080405X_bernanke_says_recession_possible" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080403X_closing_the_collapse_gap_the_ussr_was_better_prepared_for_collapse_than_the_us_energybulletin"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 5, 2008] <a target="_blank" href="http://www.theonion.com/content/amvo/bernanke_says_recession_possible">Bernanke 
Says Recession Possible</a> </h4>
<blockquote>

	<p>"Poor guy. Is he really the last person they told?" </p>

	<p>"Everybody and your mother knows it's a recession, except for President Bush and Bernanke," said 
	Lakshman Achuthan, managing director of ECRI. "They know in private, but it's their role to be cheerleaders 
	for the economy."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080405X_bernanke_says_recession_possible"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080403X_closing_the_collapse_gap_the_ussr_was_better_prepared_for_collapse_than_the_us_energybulletin" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080403X_the_ethics_of_harvard_mbas"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 3, 2008] <a target="_blank" href="http://www.energybulletin.net/23259.html">Closing the 'Collapse Gap' the 
USSR was better prepared for collapse than the US EnergyBulletin.net Peak Oil News Clearinghouse</a></h4>
<blockquote>

	<p>Good evening, ladies and gentlemen. I am not an expert or a scholar or an activist. I am more 
	of an eye-witness. I watched the Soviet Union collapse, and I have tried to put my observations 
	into a concise message. I will leave it up to you to decide just how urgent a message it is.</p>

	<p>My talk tonight is about the lack of collapse-preparedness here in the United States. I will 
	compare it with the situation in the Soviet Union, prior to its collapse. The rhetorical device 
	I am going to use is the "Collapse Gap" – to go along with the Nuclear Gap, and the Space Gap, and 
	various other superpower gaps that were fashionable during the Cold War.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080403X_closing_the_collapse_gap_the_ussr_was_better_prepared_for_collapse_than_the_us_energybulletin"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080403X_the_ethics_of_harvard_mbas" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080402X_the_day_the_subprime_died_rewind_mortgage_grapevine"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 3, 2008] <a target="_blank" href="http://www.nakedcapitalism.com/2008/04/ethics-of-harvard-mbas.html">The Ethics 
of Harvard MBAs</a></h4>

<h5>With professors like Andrei Shleifer  the prominent academic who has side business of "
<a target="_blank" href="http://isteve.blogspot.com/2006/03/real-larry-summers-scandal.html">looting of post-Soviet 
Russia</a>" what should you expect ?  </h5>
<blockquote>

	<p>After the accounting scandals of 2002, where Skilling and other Harvard MBAs played high-profile 
	roles, the school studied what it could do to improve the conduct of its graduates. It concluded 
	that students' ethical compasses were set before they got there, which one could view either as 
	accurate or a way of punting.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080403X_the_ethics_of_harvard_mbas"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080402X_the_day_the_subprime_died_rewind_mortgage_grapevine" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080401X_new_ubs_logo"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 2, 2008] <a target="_blank" href="http://www.brokeruniverse.com/grapevine/thread/?thread=511595">The Day the 
Subprime Died (rewind) - Mortgage Grapevine</a></h4>
<blockquote>

	<p>With apologies to Don McLean.<</p>

	<p>The Day the Subprime Died<</p>

	<p>A long, long time ago...<br>
	I can still remember<br>
	How that yield spread made me smile.<br>
	And I knew if I had my chance<br>
	Those mohos I could finance<br>
	And I could pay my bills for a while.<</p>

	<p>But February made me shiver<br>
	With every good faith I'd deliver.<br>
	Bad news on my e-mail<br>
	I just lost one more sale.<</p>

	<p>I can't remember if I cried<br>
	When I saw the Fremont slide<br>
	But something touched me deep inside<br>
	The day the Subprime died.<</p>

	<p>So bye-bye, B\C money supply.<br>
	Sent my package to four lenders<br>
	But they all asked me why.<br>
	And good old boys were on a crack induced high<br>
	Singin', "This'll be the day the loans die,<br>
	This'll be the day the loans die."<</p>

	<p>Did you write some B\C loans,<br>
	Did you blow bucks on the iPhone?,<br>
	Did that nut Cramer tell you so? <br>
	Do you believe in rate control,<br>
	Can FHA save your borrower's soul,<br>
	Why is underwriting today so damn slow? <</p>

	<p>Well, I know you'll have to cut those fees<br>
	And you're wondering who has moved your cheese.<br>
	Bernarke's on the news.<br>
	You can't afford the MBA dues.<</p>

	<p>I was a semi-rich middle-aged broncin' buck<br>
	With a master plan and a lot of pluck,<br>
	But I knew I was out of luck<br>
	The day the Subprime died.<</p>

	<p>So bye-bye, B\C money supply.<br>
	Sent my package to four lenders<br>
	But they all asked me why.<br>
	And good old boys were on a crack induced high<br>
	Singin', "This'll be the day the loans die."<</p>

	<p>Copyright © 2007 Bad Grapes Inc. (ASCAP)<br>
	International Copyright Secured. All Rights Reserved.<</p>

	<p>by Cedonullandvoid August 12, 2007 </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080402X_the_day_the_subprime_died_rewind_mortgage_grapevine"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080401X_new_ubs_logo" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080328X_oldvet_on_forced_marriages_bear_stearns"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Apr 1, 2008]   <a target="_blank" href="http://calculatedrisk.blogspot.com/2008/04/new-ubs-logo.html">
New UBS Logo</a> </h4>
<blockquote>

	<h6><a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> </h6>

	<p><img alt="" src="../../Bulletin/Images/NewUBSLogo.jpg" border="0"></a><</p>

	<p>Source:
	<a target="_blank" href="http://immobilienblasen.blogspot.com/2008/03/fools-day-with-greatest-fool-ubs.html">Jan-Martin 
	Feddersen, Immobilienblasen</a> who writes: </p>
	<blockquote>
		I think it is a good start to kick off the "Fools Day" with news from the the greatest fool 
		UBS.
	</blockquote>
	(hat tip Dwight) Here is the actually <a target="_blank" href="http://www.ubs.com/">UBS logo</a>.
</blockquote>

<h3><a name="March">March</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080401X_new_ubs_logo"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080328X_oldvet_on_forced_marriages_bear_stearns" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080328X_from_animal_farm_to_animal_house"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 28, 2008]<a target="_blank" href="http://angrybear.blogspot.com/2008/03/oldvet-on-forced-marriages-bear-stearns.html"> 
OldVet on Forced Marriages, Bear Stearns</a> </h4>
<blockquote>
	This one is by OldVet...<<p>---<</p>

	<p>
	<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_yBU2IH33oeM/R-z2k0Ds2bI/AAAAAAAABBc/-JfwrwuL5ho/s1600-h/OldVet+-+not+worried.jpg">
	<img alt="" src="../../Bulletin/Images/OldVet+-+not+worried.jpg" border="0" align="right"></a><</p>

	<p>There I was holding my head and moaning and crying about how the banking system and the financial 
	system were on the verge of collapse. I saw the forced marriage, or ménage-a-deux, between JP Morgan 
	and Bear Stearns. <</p>

	<p>But the Fed was involved, which couldn't be good. Oh God, please help us.<</p>

	<p>Then I realized it was really a ménage-a-trois, what with the head of JP Morgan being on the
	<a target="_blank" href="http://www.ny.frb.org/aboutthefed/orgchart/board/dimon.html">board of directors</a> of 
	the New York Fed. It was a family affair. The family was taking care of its own. Brilliant. I'm 
	now free of stress and ready to get back to the trough! Get out your wallets, oinkers.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080328X_oldvet_on_forced_marriages_bear_stearns"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080328X_from_animal_farm_to_animal_house" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080327X_the_fed_now_a_bad_parody_of_itself"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 28, 2008]
<a target="_blank" href="http://suddendebt.blogspot.com/2008/03/from-animal-farm-to-animal-house.html">From Animal Farm 
To Animal House</a> </h4>
<blockquote>
	In Orwell's <a type="amzn" asin="0452284244">Animal Farm</a> all animals are equal - except that 
	some are more equal than others. All in the spirit of law, order and the proper functioning of society, 
	of course. Fittingly, the animals that have chosen this role by themselves and for themselves, are 
	the pigs.<<p>Cut to <a target="_blank" href="http://www.nytimes.com/2008/03/17/business/17fed.html?hp">US financial 
	markets today</a>. After years of swinish behavior more reminiscent of
	<a type="amzn" asin="B0000A02U2">Animal House</a> than anything else, the pigs are threatening to 
	destroy the entire farm. As if it wasn't enough that they devoured all the "free market" food available 
	and inundated the world with their excreta, they now wish to be put on the public trough. Truly, 
	some businessmen believe they are more equal than others.<</p>

	<p>But do not blame the pigs; they are expected to act as swine nature dictates. The fault lies 
	entirely with the farmers, those authorities entrusted by the people to oversee the farm because 
	they supposedly knew better. While the pigs were rampaging and tearing the place apart, they were 
	assuring us all that farms function best when animals are free to do as they please, guided solely 
	by invisible hooves. No regulation, no oversight, no common sense. Oh yes, and pigs fly..</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080328X_from_animal_farm_to_animal_house"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080327X_the_fed_now_a_bad_parody_of_itself" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080326X_ft_com_markets_smile_through_the_crisis"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 27, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/fed-now-bad-parody-of-itself.html">The 
Fed Now a bad parody of itself</a></h4>

<h5>Looks like Fed clowns are having their best days...  I really like subtle humor of  Kroszner 
self-annihilation:  "Substantial anecdotal evidence indicates that failing to verify (a borrower's) 
income invited fraud..."  The only question that arises is "Should he get a jail term or just a 
probation"  for the dereliction of duty. </h5>
<blockquote>

	<h6><a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/">The Mess That Greenspan Made</a></h6>

	<p>According to this
	<a target="_blank" href="http://www.usatoday.com/money/economy/2008-03-27-fed-kroszner_N.htm">report</a> in the 
	Associated Press, the Federal Reserve is now bolstering confidence in the mortgage lending market 
	by proposing sweeping new rules:<br>
	</p>
	<blockquote>
		It also would prohibit lenders from engaging in a pattern or practice of lending without considering 
		a borrower's ability to repay a home loan from sources other than the home's value. The proposal 
		would curtail misleading ads for many types of mortgages and bolster financial disclosures to 
		borrowers.<<p>"Substantial anecdotal evidence indicates that failing to verify (a borrower's) 
		income invited fraud," said (Fed Governor Randall) Kroszner, who has been the Fed's point person 
		on the consumer protection provisions.</p>
	</blockquote>
	Come on AP, is this really you or were you invaded by writers from
	<a target="_blank" href="http://www.theonion.com/content/index">The Onion</a>?</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080327X_the_fed_now_a_bad_parody_of_itself"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080326X_ft_com_markets_smile_through_the_crisis" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080326X_ft_com_markets_smile_through_the_crisis"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 26, 2008] 
<a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html?nclick_check=1">FT.com 
- Markets - Smile through the crisis</a></h4>

<p align="center">
<img height="503" alt="Societe Generale crisis management flowchart" src="../../Bulletin/Images/08fd87e8-f51a-11dc-a21b-000077b07658.jpg" width="400"></p>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080326X_ft_com_markets_smile_through_the_crisis"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080326X_ft_com_markets_smile_through_the_crisis" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080324X_the_economy_blame_o_meter"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 26, 2008]
<a target="_blank" href="http://www.ft.com/cms/s/0/2380d622-f4db-11dc-a21b-000077b07658.html?nclick_check=1">FT.com 
- Markets - Smile through the crisis</a></h4>

<h5>"What's the difference between a stockbroker and a pigeon? A pigeon can still leave a deposit on 
a Porsche."</h5>
<blockquote>

	<h3>Subprime Rhapsody</h3>
	Is this the real price? <br>
	Is this just fantasy?<br>
	Financial landslide<br>
	No escape from reality<br>
	Open your eyes<br>
	And look at your buys and see.<br>
	I'm now a poor boy<br>
	High-yielding casualty<br>
	Because I bought it high, watched it blow, Rating high, value low,<br>
	Any way the Fed goes<br>
	Doesn't really matter to me,<<p>Mama - just killed my fund<br>
	Quoted CDO's instead<br>
	Pulled the trigger, now it's dead<br>
	Mama - I had just begun<br>
	These CDO's have blown it all away<</p>

	<p>.....You get the idea......</p>
</blockquote>

<p> </p>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080326X_ft_com_markets_smile_through_the_crisis"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080324X_the_economy_blame_o_meter" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080324X_ministry_of_truth_dictionary_for_the_new_brave_financial_world"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 24, 2008] 
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/economy-blame-o-meter.html">The Economy 
Blame-O-Meter</a> </h4>
<blockquote>

	<p>In the top-middle part of the
	<a target="_blank" href="http://www.time.com/time/covers/0,16641,20080331,00.html">cover</a> of the current issue 
	of Time you'll find the question, "The Blame-O-Meter: Who screwed up the economy?" Inside you'll 
	find this <a target="_blank" href="http://www.time.com/time/magazine/article/0,9171,1724381,00.html">story</a> by 
	Justin Fox with the following graphic which, unfortunately, is not available online:</p>

	<p><img alt="" src="../../Bulletin/Images/08-03-24c_blame-o-meter.jpg" border="0"></p>

	<p>To be fair, part of the graphic extends to the right (not shown above) where blame for "Wall 
	Street Wizards" comes in somewhere between former Fed Chief Alan Greenspan and President George 
	Bush.<</p>

	<p>Casting further doubt on the impartiality of this otherwise fine article (i.e., does the President 
	really deserve the most blame?) is that the least amount of blame (two ticks into the "Blameless" 
	region of the Blame-O-Meter) is laid at the feet of "Home Buyers".<</p>

	<p>For those of you keeping track at home, yes, this qualifies as a "Greenspan Mess" sighting. Remember 
	the rule - "Greenspan" and "mess" within one paragraph or 100 words of each other either vertically, 
	horizontally, OR diagonally.<br>
	</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080324X_the_economy_blame_o_meter"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080324X_ministry_of_truth_dictionary_for_the_new_brave_financial_world" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080324X_clinton_proposes_greenspan_lead_foreclosure_group"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>Ministry of Truth Dictionary for the new brave financial world </h4>
<blockquote>

	<p>D<WBR></WBR>OUBLE = HALF <br>
	KNOW = GUESS <br>
	PROF<WBR></WBR>IT = LOSS 
<p>
	LIGH<WBR></WBR>T = DARK <br>
	FLAT = GLOSS <br>
	LUCK = LACK <br>
	GROSS = NET <br>
	SOAR = FALL 
<p>
	EVE = DAWN <br>
	LIFT = DROP <br>
	FIND = LOSE <br>
	UP = DOWN 
<p>
	PRO = CON <br>
	RISE = SET <br>
	ON = OFF <br>
	IN = OUT</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080324X_ministry_of_truth_dictionary_for_the_new_brave_financial_world"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080324X_clinton_proposes_greenspan_lead_foreclosure_group" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080321X_sixteen_of_the_biggest_fattest_porkies"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 24, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/no-no-no-no-no.html">Clinton proposes 
Greenspan lead foreclosure group</a></h4>
<blockquote>

	<h6>Mar 24, 2008 | 
	<a target="_blank" href="http://news.yahoo.com/s/nm/20080324/pl_nm/usa_politics_clinton_housing_dc">Yahoo! News</a></h6>

	<p>No! No! No! No! No!</p>

	<p>Yahoo! News <font color="#FF0000"><i><b>Many in the community knew that the retired fire chief 
	was really an arsonist,</b></i></font> but now the lady running for mayor wants to bring him back 
	to help put out the fires that still burn. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080324X_clinton_proposes_greenspan_lead_foreclosure_group"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080321X_sixteen_of_the_biggest_fattest_porkies" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080317X_a_shocking_new_concept_living_within_your_means"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 21, 2008]
<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/03/20/11751/sixteen-of-the-biggest-fattest-porkies/"> Sixteen 
of the biggest, fattest porkies</a></h4>
<blockquote>

	<h6>
	<a target="_blank" href="http://ftalphaville.ft.com/blog/2008/03/20/11751/sixteen-of-the-biggest-fattest-porkies/">
	FT Alphaville</a></h6>

	<p><b>The top 16 big, fat lies de nos jours</b></p>

	<p>1. Derivatives reduce volatility</p>

	<p>2. The BRIC economies are decoupling</p>

	<p>3. Inflation is 2 per cent</p>

	<p>4. Greenspan was a maestro</p>

	<p>5. The Chinese won't let their market fall in Olympics year</p>

	<p>6. (Junichiro) Koizumi reformed Japan</p>

	<p>7. The Americans are devoted to free market solutions</p>

	<p>8. The Swiss are prudent</p>

	<p>9. The French are brilliant derivatives traders</p>

	<p>10. The UK is suffering a housing shortage</p>

	<p>11. Private equity funds add value to the companies they buy</p>

	<p>12. The cap rate for real estate should be the government bond yield</p>

	<p>13. Alastair Darling is in charge of the situation</p>

	<p>14. Ben Bernanke is in charge of the situation 1</p>

	<p>5. The G8 is in charge of the situation</p>

	<p>16. Anyone is in charge of the situation </p>

	<h6><font size="2">Comments</font></h6>
	<ol>

		<li>Here are some alternative porkies :<p>1 Gordon Brown has run the economy prudently.</p>

		<p>2 The credit crunch was caused by sub-prime lending in America.</p>

		<p>3 The credit crunch will not spread to the real economy.</p>

		<p>4 The banking system has been lending responsibly.</p>

		<p>5 The authorities have been watchful, understand the problems and will continue to take prompt, 
		appropriate and timely action.</p>

		<p>6 World asset values will not fall significantly.</p>

		<p>7 The world banking system will be able to adjust to the reduced asset values that world 
		debt is secured against.</p>

		<p>8 This is a temporary adjustment, before normality resumes.</p>

		<p>9 America's position in the world will not be affected.</p>

		<p>10 China will co-operate to maintain the status quo so that Western profligacy can continue.</p>

		<p>11 Economic power, then political power and then military supremacy will remain in the West.</p>

		<p>12 The Western way of life is not under threat and Western capitalism, democracy and aspirations 
		will spread throughout the Middle East, China, Russia, Africa, South America, etc. </p>

		<p>13 All these fundamental truths are understood by George Bush. People who think differently 
		do not have George's depth of understanding.</p>

		<p>14 The greatest philosophical truths emanate from Texas.</p>
		</li>
	</ol>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080321X_sixteen_of_the_biggest_fattest_porkies"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080317X_a_shocking_new_concept_living_within_your_means" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080317X_naked_capitalism_greenspan_now_blames_the_risk_models"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 17, 2008] 
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/03/shocking-new-concept-living-within-your.html">
A shocking new concept - living within your means</a> </h4>
<blockquote>
	From Reuters comes this
	<a target="_blank" href="http://news.yahoo.com/s/nm/20080318/us_nm/usa_housing_consumers_dc">story</a> (hat tip 
	MM) about a crazy new idea that's now sweeping across the country - living with your means. The 
	next thing you know, people will actually begin to <i>save money.</i>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080317X_a_shocking_new_concept_living_within_your_means"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080317X_naked_capitalism_greenspan_now_blames_the_risk_models" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080316X_jpmorgan_buys_bear_stearns_for_2_a_share"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 17, 2008]
<a target="_blank" href="http://www.nakedcapitalism.com/2008/03/greenspan-now-blames-risk-models.html">naked capitalism 
Greenspan Now Blames the Risk Models</a></h4>
<blockquote>

	<p>Alan Greenspan's Wikipedia entry in 2020: </p>

	<p>"Former US Federal Reserve chairman chiefly known for implementing the disastrous policies leading 
	up to the 2008-?? recession that proved to be the death knell of neo-liberalism. Also known as Rasputin 
	of US finance. </p>

	<p>Greenspan's legacy, like that of the last president he served, was written in the ashes of the 
	unprecedented financial destruction that's been brought about by his policy failures."</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080317X_naked_capitalism_greenspan_now_blames_the_risk_models"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080316X_jpmorgan_buys_bear_stearns_for_2_a_share" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080312X_economics_blog_fed_creativity_an_exchange"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 16, 2008] <a target="_blank" href="http://www.ft.com/cms/s/e2206ed2-f380-11dc-b6bc-0000779fd2ac.html">JPMorgan 
buys Bear Stearns for $2 a share</a></h4>
<blockquote>

	<p>Lehman, it was nice knowing you.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080316X_jpmorgan_buys_bear_stearns_for_2_a_share"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080312X_economics_blog_fed_creativity_an_exchange" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080311X_the_great_pretender"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 12, 2008] <a target="_blank" href="http://blogs.wsj.com/economics/2008/03/12/fed-creativity-an-exchange/">Economics 
Blog Fed Creativity an Exchange</a></h4>

<h5>The Fed is now the worlds biggest SIV! Kudos Henry Paulson aka Mr. SuperSIV!</h5>
<blockquote>
	After yet another textbook-rewriting proposal from the <b>Federal Reserve </b>Tuesday, what will 
	it think of next to thaw the credit markets? An exchange between a journalist and a Fed watcher:<p>
	<b>Journalist: </b>I keep expecting to get hit by a kitchen sink flying out of the Fed.</p>

	<p><b>Fed watcher:</b> Hold onto that sink. You'll be able to repo it at the discount window.</p>

	<p><i>–Greg Ip</i></p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080312X_economics_blog_fed_creativity_an_exchange"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080311X_the_great_pretender" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080303X_was_former_fed_chairman_a_clown_wearing_too_big_shooes"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 11, 2008] <a target="_blank" href="http://globaleconomicanalysis.blogspot.com/2008/03/great-pretender.html">
The Great Pretender</a></h4>
<blockquote>
	<b>The Name of the Game is Pretending</b><ul>

		<li>The rating agencies pretend the monolines deserve an AAA rating. </li>

		<li>The Bush administration pretends we are not in recession. </li>

		<li>The Fed pretends we are not in recession. </li>

		<li>The Fed pretends the TAF is temporary. </li>

		<li>The Fed pretends it knows what the collateral it is accepting is worth. </li>

		<li>The Fed pretends it is in control.</li>
	</ul>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080311X_the_great_pretender"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080303X_was_former_fed_chairman_a_clown_wearing_too_big_shooes" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080228X_inflation_is_your_bens_friend"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Mar 3, 2008] <a target="_blank" href="http://www.crossingwallstreet.com/archives/2006/01/the_devil_wears.html">
Was former  Fed Chairman a clown wearing too big shooes </a>?</h4>
<blockquote>

	<h6>January 25, 2006 |
	<a target="_blank" href="http://www.crossingwallstreet.com/archives/2006/01/the_devil_wears.html">CrossingWallStreet.com
	</a></h6>

	<p><b><a target="_blank" href="http://www.seacoastonline.com/news/01152006/world/83007.htm">Portsmouth Herald News</a></b>:</p>
	<blockquote>
		Academician has <b>big shoes to fill</b> as Fed Reserve head</blockquote>

	<p><b><a target="_blank" href="http://www.signonsandiego.com/uniontrib/20051025/news_lz1ed25bottom.html">San Diego 
	Union Tribune</a></b>:</p>
	<blockquote>
		<b>Big shoes to fill</b></blockquote>

	<p><b><a target="_blank" href="http://www.usnews.com/usnews/biztech/articles/051107/7bernanke.htm">U.S. News and 
	World Report</a></b>:</p>
	<blockquote>
		Following the legend of Greenspan, Bernanke certainly has <b>big shoes to fill</b>.</blockquote>

	<p><b><a target="_blank" href="http://www.sptimes.com/2006/01/01/Business/Investors_at_crossroa.shtml">St. Petersburg 
	Times</a></b>:</p>
	<blockquote>
		One focus is the transition at the Federal Reserve Board, where Alan Greenspan is on his way 
		out as chairman and Ben Bernanke is stepping into those <b>extra-large shoes</b>.
	</blockquote>

	<p><b>
	<a target="_blank" href="http://www.blackenterprise.com/yb/ybopen.asp?section=ybem&story_id=88456441&ID=blackenterprise">
	Black Enterprise</a></b>:</p>
	<blockquote>
		<b>Big Shoes to Fill</b></blockquote>

	<p><b><a target="_blank" href="http://www.yomiuri.co.jp/dy/business/20060124TDY04003.htm">The Daily Yomiuri</a></b></p>
	<blockquote>
		It will not be easy for Bernanke, who is tasked with overcoming domestic and external problems 
		that could short-circuit the currently sound U.S. economy and to <b>fill the big shoes</b> of 
		Greenspan, who has won international recognition for his economic policies.
	</blockquote>

	<p><b><a target="_blank" href="http://www.npr.org/templates/story/story.php?storyId=4973231">NPR</a></b>:</p>
	<blockquote>
		In terms of his role as a political player, analysts agree he has some <b>big shoes to fill</b>.</blockquote>

	<p><b><a target="_blank" href="http://www.investors.com/editorial/IBDArticles.asp?artsec=16&issue=20051230">Investors 
	Business Daily</a></b></p>
	<blockquote>
		Bernanke knows he has <b>big shoes to fill</b>.</blockquote>

	<p><b><a target="_blank" href="http://www.smartmoney.com/theproshop/index.cfm?story=20051027">Smart Money</a></b>:</p>
	<blockquote>
		You'd think Alan Greenspan shows up to work in a clown costume with all the talk about the next 
		Federal Reserve chairman having <b>big shoes to fill</b>.</blockquote>
</blockquote>

<h3><a name="February">February</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080303X_was_former_fed_chairman_a_clown_wearing_too_big_shooes"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080228X_inflation_is_your_bens_friend" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080223X_troubling_analogies_between_ussr_and_ussa_united_subprime_states_of_america"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Feb 28, 2008]
<a target="_blank" href="http://calculatedrisk.blogspot.com/2008/02/inflation-is-your-bens-friend.html">Inflation is 
Your (Ben's) Friend</a></h4>
<blockquote>
	
	<h6>
	<a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a> </h6>

	<p>Here is partial excerpt from a 
	great <a target="_blank" href="http://snltranscripts.jt.org/78/78dcarter.phtml">Saturday Night Live piece</a> in 
	the late '70s, with Dan Aykroyd impersonating Jimmy Carter: </p>
	<blockquote>
		Inflation is our friend. For example, consider this: in the year 2000, if current trends continue, 
		the average blue-collar annual wage in this country will be $568,000. Think what this inflated 
		world of the future will mean - most Americans will be millionaires.

		<p>Everyone will feel like a bigshot. Wouldn't you like to own a $4,000 suit, and smoke a $75 
		cigar, drive a $600,000 car? I know I would! But what about people on fixed incomes? They have 
		always been the true victims of inflation. That's why I will present to Congress the "Inflation 
		Maintenance Program", whereby the U.S. Treasury will make up any inflation-caused losses to 
		direct tax rebates to the public in cash. </p>

		<p>Then you may say, "Won't that cost a lot of money? Won't that increase the deficit?" Sure 
		it will! But so what? We'll just print more money! We have the papers, we have the mints.</p>
	</blockquote>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080228X_inflation_is_your_bens_friend"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080223X_troubling_analogies_between_ussr_and_ussa_united_subprime_states_of_america" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080220X_calculated_risk"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Feb 23, 2008]  Troubling analogies between USSR and USSA (United Subprime States of America).</h4>
<ul>

	<li>A near universal contempt for the political leadership (Leonid Brezhnev, anybody ???)</li>

	<li>A near universal contempt for the economic policies.</li>

	<li>And in Europe this contempt is not veiled, its "in your face" ... loud, impolite critics, few 
	defenders. </li>

	<li>"I remember a cartoon back around 2001 where two sad looking wall street suit type guys are 
	sitting at a bar drinking Martinis when one says to the other 'I want my bubble back!' " </li>

	<li>Underwear from Wal-Mart, but chocolates from Godiva mentality</li>

	<li>Almost 9 million American households (against 4 million slaves in the American South at the 
	beginning of the US Civil War) are now tied down by negative equity like Russian serfs </li>
</ul>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080223X_troubling_analogies_between_ussr_and_ussa_united_subprime_states_of_america"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080220X_calculated_risk" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080220X_what_they_need_is_a_moratorium_on_price_declines"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Feb 20, 2008] <a target="_blank" href="http://calculatedrisk.blogspot.com/">Calculated Risk</a></h4>
<blockquote>

	<p><a target="_blank" href="http://www.youtube.com/watch?v=VVp8UGjECt4">"Mankiw's 10 principles of economics, translated 
	for the uninitiated"</a>, by Yoram Bauman, <a target="_blank" href="http://www.standupeconomist.com/">www.standupeconomist.com</a> 
	. Presented at the AAAS humor session, February 16, 2007. </p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080220X_calculated_risk"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080220X_what_they_need_is_a_moratorium_on_price_declines" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080219X_how_subprime_really_works"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Feb 20, 2008]
<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2008/02/what-they-need-is-moratorium-on-price.html">
What they <i>need</i> is a moratorium on <i>price declines</i></a> </h4>
<blockquote>
	The latest
	<a target="_blank" href="http://money.cnn.com/2008/02/12/real_estate/foreclosure_freeze/index.htm?postversion=2008021213">
	foreclosure moratorium plan</a>, announced earlier today, is all well and good for delaying the 
	inevitable - a major repricing of anything and everything that has to do with real estate and mortgages 
	now that everyone has regained their senses - but it does little to get at the heart of the current 
	problem.<<p>Paraphrasing Countrywide CEO Angelo Mozilo, if banks and the government really want 
	to fix the current mess, they should get at the heart of the problem - price declines, not foreclosures.<</p>

	<p>As the Orange One pointed out some time ago (see
	<a target="_blank" href="http://themessthatgreenspanmade.blogspot.com/2007/12/angelo-mozilo-is-moron.html">Angelo 
	Mozilo is a moron</a>), as long as home prices continue to go down, foreclosures will continue to 
	rise.<</p>

	<p>The obvious solution? Stop home prices from declining. By decree.</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080220X_what_they_need_is_a_moratorium_on_price_declines"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080219X_how_subprime_really_works" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080218X_slowing_economy_scuppers_junk_bond_funds"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Feb 19, 2008] <a target="_blank" href="http://bigpicture.typepad.com/comments/2008/02/how-subprime-re.html">How 
SubPrime Really Works</a>  </h4>
<blockquote>

	<p>This utterly hysterical Powerpoint has been circulating round Wall Street trading desks for a 
	few days now. I embedded it into Google apps and posted it on line -- boom! Instant viral video. 
	Now everyone can enjoy the warped sense of humor that accompanies losing $100s of billions of dollars. 
	(MS Office <u>not</u> required)...</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
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<h4>[Feb 18, 2008]
<a target="_blank" href="http://www.usatoday.com/money/perfi/columnist/waggon/2008-02-07-higher-returns_N.htm">Slowing 
economy scuppers junk-bond funds  </a>by<i> John Waggoner </i></h4>
<blockquote>
	
	<h6>
	<a target="_blank" href="http://www.usatoday.com/money/perfi/columnist/waggon/2008-02-07-higher-returns_N.htm">USATODAY.com</a></h6>

	<p>
	You've had a bad week. The new bumper on your car is going to cost $3,000. Your tooth implants will 
	send your dentist to Aruba. Your pen pal in Nigeria didn't transfer $25 million to your bank account.
	</p>

	<p>How could things get worse?</p>

	<p>Oh, yeah. You own a junk-bond fund. </p>
</blockquote>

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<h4>[Feb 17, 2008] <a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JB13Dj04.html">Physician heal 
thyself </a> by Julian Delasantellis </h4>
<blockquote>

	<h6><a target="_blank" href="http://www.atimes.com/atimes/Global_Economy/JB13Dj04.html">Asia Times</a></h6>

	<p>In the United States, many prominent economists, including Clinton-era Treasury secretary Laurence 
	Summers, are proclaiming that the US economy desperately needs this assistance. In a January 6 opinion 
	piece in the Financial Times, he laid out his argument as to why the US economy was in desperate 
	need of aid. </p>
	<blockquote>
		Fiscal stimulus is appropriate as insurance because it is the fastest and most reliable way 
		of encouraging short-run economic growth at a time when a serious recession downturn would pressure 
		American families, exacerbate financial strains, raise protectionist pressures and hurt the 
		global economy.</blockquote>
	Like a drunk in a bar ordering another round because he's heard that, since a glass of red wine 
	a day has some purported health benefits, it's logical to assume that a whole bottle of 120-proof 
	Scotch must have even more, the Congress heard this wisdom, raised a glass to the fine Dr Summers, 
	toasting, "I'll drink to that".
</blockquote>

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<h4>[Feb 8, 2008] <a target="_blank" href="http://www.itulip.com/forums/showthread.php?p=26714#post26714">Boom in the 
Doom - iTulip.com Forums</a></h4>
<blockquote>

	<p><font size="2">"monetarists, economists whose ideology revolves around a hatred of wage inflation 
	for the bottom 95% and taxes for the top 5% while never meeting an asset price inflation it didn't 
	like."</font></p>
</blockquote>

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<h4>[ Feb 1, 2008]
<a target="_blank" href="http://www0.gsb.columbia.edu/students/organizations/follies/every_breath_lyrics.html">CBS Follies 
Every Breath You Take Lyrics</a></h4>

<h5>See also <a target="_blank" href="http://www.youtube.com/watch?v=ipJTqCbETog">YouTube - Every Breath Bernanke Takes</a>. 
It's really high qaulity parody...  The lead performer's name is Michael O'Rorke. MBA 2006... Poor 
Helicopter Ben :-). 4:15pm</strong></h5>
<blockquote>

	<p><a target="_blank" href="http://bigpicture.typepad.com/comments/2006/04/every_change_of.html">The Big Picture
	</a> reported that the <a target="_blank" href="http://online.wsj.com/article/SB114605439318936390.html">WSJ's 
	Marketbeat</a> was just as amused: </p>
	<blockquote>

		<p><b>Glenn Hubbard: King of Pain</b></p>

		<p>Today's best four minutes of the day: an uproarious parody of the Police's "Every Breath 
		You Take" by students at Columbia Business School, which purports to show the school's dean, 
		Glenn Hubbard -- and, no, that is not Mr. Hubbard, the school confirms, but a look-alike student 
		-- taking Fed Chairman Ben Bernanke to task for monetary policy mistakes (in a fit of jealousy 
		over not getting the position). It's hard to resist the charm of any attempt to poke at the 
		Fed, especially one that includes the couplet "Hope your models break/bet that beard is fake." 
		The real Mr. Hubbard was traveling and could not be reached for comment.</p>
	</blockquote>
</blockquote>
<blockquote>
	April 26, 2006 <i><font size="3">[George W. Bush:]</font></i><font size="3"> "Ben Bernanke is the 
	right man to build on the record that Alan Greenspan has established. I will urge the Senate the 
	act promptly to confirm Ben Bernanke as the fourteenth Chairman of the Federal Reserve."</font><p>
	<font size="3">Every breath you take<br>
	Every change of rate<br>
	Jobs you don't create<br>
	While we still stagflate<br>
	I'll be watching you\</font></p>
	<blockquote>

		<p><font size="3">Every single day<br>
		Bernanke takes my pay<br>
		When growth goes away<br>
		Inflation will stay<br>
		I'll be watching you</font></p>
	</blockquote>

	<p><font size="3">Oh can't you see?<br>
	The Fed's where I should be<br>
	How my poor heart aches<br>
	With each of your mistakes</font></p>
	<blockquote>

		<p><font size="3">First you move your lips<br>
		Hike a few more BPS<br>
		When demand then dips<br>
		And the yield curve flips<br>
		I'll be watching you</font></p>
	</blockquote>

	<p><font size="3">Since you came supply's lost without a trace<br>
	I dream at night that I punch you in the face<br>
	Your interest policies I cannot embrace<br>
	I feel so wronged and I long for Greenspan's place<br>
	I keep cryin': Benny! Benny! Please...</font></p>
	<blockquote>

		<p><font size="3">Oh can't you see?<br>
		The Fed Chair should be me<br>
		How my poor heart aches<br>
		When prices escalate</font></p>
	</blockquote>

	<p><font size="3">Every move you make<br>
	Every oath you take<br>
	Hope your models break<br>
	Bet that beard is fake<br>
	I'll be watching you</font></p>
	<blockquote>

		<p><font size="3">CBS is great<br>
		Wouldn't change my fate<br>
		But we'll be watching you<br>
		We'll be watching you<br>
		</p>
	</blockquote>
</blockquote>

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<h4><a target="_blank" href="http://epicureandealmaker.blogspot.com/2008/01/stump-speech.html">Stump Speech</a> </h4>
<blockquote>

	<p><a target="_blank" href="http://epicureandealmaker.blogspot.com/">The Epicurean Dealmaker</a></p>

	<p>Recent readers of these pages will be aware that I have been engaged in an
	<a target="_blank" href="http://epicureandealmaker.blogspot.com/2008/01/pressure-room.html">ongoing dialogue</a> 
	of sorts with several market commentators concerning the vexed and contentious issue of banker pay, 
	especially as it relates to the ongoing crisis in financial markets. While tempers may have flared, 
	I do hope that we can quickly move beyond casting aspersions </p>
	<blockquote>
		<i>ASPERSE, v.t. Maliciously to ascribe to another vicious actions which one has not had the 
		temptation and opportunity to commit.</i></blockquote>

	<p>at each other and mutual backbiting </p>
	<blockquote>
		<i>BACKBITE, v.t. To speak of a man as you find him when he can't find you.</i></blockquote>

	<p>about real or supposed injustices </p>
	<blockquote>
		<i>INJUSTICE, n. A burden which of all those that we load upon others and carry ourselves is 
		lightest in the hands and heaviest upon the back.</i></blockquote>

	<p>alleged by one and sundry to have been committed by our fellow participants in the financial 
	economy. For the stakes are high for all of us, not just commercial and investment bankers, to prevent 
	a more permanent and damaging disruption to the economy and the financial markets by precipitate 
	and ill-conceived action in any one area, including that of compensation to investment banking employees 
	and other financial middlemen.<</p>

	<p>While I fear it may be too late to keep this dispute out of the world of </p>
	<blockquote>
		<i>POLITICS, n. A strife of interests masquerading as a contest of principles. The conduct of 
		public affairs for private advantage.</i></blockquote>

	<p>and the interfering hands of that most fearful and meddlesome creature, the </p>
	<blockquote>
		<i>POLITICIAN, n. An eel in the fundamental mud upon which the superstructure of organized society 
		is reared. When we wriggles he mistakes the agitation of his tail for the trembling of the edifice. 
		As compared with the statesman, he suffers the disadvantage of being alive.</i></blockquote>

	<p>I believe I echo the sentiments of many when I say I would prefer a thorough airing of the situation 
	in public to the resolution of our various grievances through </p>
	<blockquote>
		<i>LITIGATION, n. A machine which you go into as a pig and come out of as a sausage.</i></blockquote>

	<p>So, while I remain resolutely convinced that banker pay is far more symptomatic than causal for 
	the bulk of the current problems under which we all suffer, I do wish to </p>
	<blockquote>
		<i>APOLOGIZE, v.i. To lay the foundation for a future offence.</i></blockquote>

	<p>to my various interlocutors for any </p>
	<blockquote>
		<i>INJURY, n. An offense next in degree of enormity to a slight.</i></blockquote>

	<p>I may have caused them with my intemperate language and scathing sarcasm.<</p>

	<p>After all, I believe a fine Hegelian conflict of thesis and antithesis to be the most effective 
	way for all of us to discover the </p>
	<blockquote>
		<i>TRUTH, n. An ingenious compound of desirability and appearance. Discovery of truth is the 
		sole purpose of philosophy, which is the most ancient occupation of the human mind and has a 
		fair prospect of existing with increasing activity to the end of time.</i></blockquote>

	<p>about this issue, and I also believe it will help us move past this valley of despond on to a 
	bright and shining </p>
	<blockquote>
		<i>FUTURE, n. That period of time in which our affairs prosper, our friends are true and our 
		happiness is assured.</i></blockquote>
	<center>* * *</center>

	<p>I thank you for your attention, Fellow Citizens, and I look forward to your vote in the coming 
	primary election.</p>
</blockquote>

<h3><a name="January">January</a></h3>

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<h4><a target="_blank" href="http://ipezone.blogspot.com/search/label/Casino%20Capitalism">International Political Economy 
Zone Casino Capitalism</a></h4>
<blockquote>
	FAST WEALTH AND BITTER BREAD<font color="#0000FF">
<p>
	</font>The oil prices start to soar<font color="#0000FF"><br>
	</font>While Real Estate has hit the floor,<font color="#0000FF"><br>
	</font>The Stock Market is jittery,<font color="#0000FF"><br>
	</font>The future prospects bitterly<font color="#0000FF"><br>
	</font>Surveyed on Wall Street and Main Street,<font color="#0000FF"><br>
	</font>As all alike know they must eat<font color="#0000FF"><br>
	</font>Their bitter bread, their bitter bread,<font color="#0000FF"><br>
	</font>Who let fast wealth get to their head.<font color="#0000FF">
<p>
	</font>So China props the dollar up,<font color="#0000FF"><br>
	</font>But will not fill your beggar´s cup<font color="#0000FF"><br>
	</font>When she determines not to prop you--<font color="#0000FF"><br>
	</font>So will not common sense then stop you<font color="#0000FF"><br>
	</font>From your spendthrift indulgences?<font color="#0000FF"><br>
	</font>No priest nor prophet comes to bless<font color="#0000FF"><br>
	</font>Your bitter bread, your bitter bread,<font color="#0000FF"><br>
	</font>Who let fast wealth go to your head.<font color="#0000FF">
<p>
	</font>It was a fond, elusive dream,<font color="#0000FF"><br>
	</font>Illusory as it would seem,<font color="#0000FF"><br>
	</font>But, though superb ambitions went<font color="#0000FF"><br>
	</font>Before, it was all fraudulent,<font color="#0000FF"><br>
	</font>This hope, sans rolling up one´s sleeves<font color="#0000FF"><br>
	</font>To profit--them delusion leaves<font color="#0000FF"><br>
	</font>But bitter bread, such bitter bread,<font color="#0000FF"><br>
	</font>Who let fast wealth fill all their head.</blockquote>

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<h4>[Jan 26, 2008] <a target="_blank" href="http://www.prudentbear.com/index.php/GuestCommentaryHome">Job Description 
– Rogue Trader</a></h4>
<blockquote>

	<p><i>The following is an extract from "Traders, Guns & Money: Knowns & Unknowns in the Dazzling 
	World of Derivatives"J (2006; Pearson Education) © 2006 Satyajit Das</i></p>

	<p><b>Position Title</b></p>

	<p>(Rogue) Trader. (The "rogue" term is generally not to be used explicitly especially with senior 
	management, directors, shareholders and clients for fear of misunderstanding.)</p>

	<p><b>Reporting Line</b></p>

	<p>The position reports along "functional' and "geographic" lines to the Head of Trading and Head 
	of the Region. (Nobody, really. A multi-dimensional matrix structure is currently in operation so 
	that everybody reports to several people allowing a total absence of accountability.)</p>

	<p><b>Location</b></p>

	<p>Optional. (Some candidates may have a preference for working in head office where total confusion 
	and chaos reigns facilitating successful rogue trading. Other candidates may prefer a remote location 
	where benign neglect and absence of supervision may provide rogue trading opportunities.)</p>

	<p><b>Organisational Environment</b></p>

	<p>A leading edge investment bank with a global brand, presence in key financial markets, superb 
	product range and unparalleled client list.</p>

	<p>(Our PR firm told us this.)</p>

	<p>A global trading team trading in a wide variety of cash and synthetic instruments, including 
	a number of "proprietary" structures.</p>

	<p>(You can lose money pretty much any way you like. There are some trades that even we don't understand 
	but the models say we are making money).</p>

	<p>Supported by a world class risk management team (they are readily identifiable by their guide 
	dogs) and operational staff and systems (they have been specially chosen for their total ignorance.)
	</p>

	<p>Excellent career prospects (We have sinecures for everybody who has failed to perform.)</p>

	<p><b>Key Responsibilities</b></p>

	<p>Trading with the bank's capital to achieve targeted risk adjusted returns on capital under the 
	bank's unique Economic Capital Allocation system. (If you are half as smart as you think you are 
	then you will be able to game the system from day 1. Everybody else has.) </p>

	<p>Developing innovative trading strategies. (You need to be able to come up with hare brained trading 
	schemes based on the relationship between the El Nino cycle and market prices.) </p>

	<p>Closely managing trading positions. (You need to be able increase your bet when your position 
	shows losses until you bankrupt the firm.)</p>

	<p><b>Major Challenges</b></p>

	<p>Develop proper models and valuation procedures (You need to ensure that all pricing models are 
	impossible to understand and give the valuations that you want by simple unverifiable changes in 
	model inputs.) </p>

	<p>Risk management of positions (You will need to fudge all the Greek risk measures. We suggest 
	you start to report risk data in an ancient Nubian dialect that is purely oral. You will ensure 
	that your risk always appears miniscule irrespective of market conditions. People have a tendency 
	to panic otherwise.) </p>

	<p>Monitoring (You will need to be able to disguise breaches by not booking the trades or taking 
	advantage of systems deficiencies.)</p>

	<p>Control losses and volatility of earnings (You must disguise losses either by recording them 
	as amounts owed to you (the Leeson gambit), undertaking off-market trades such as deep in-the-money 
	options (the Rusnak variation) or incorrect valuations (Rogue Trading 101).)</p>

	<p>You need to be able to take the trading function to a new plane. (You need to show larger losses 
	than the last rogue trader the firm employed.)</p>

	<p><b>Selection Criteria</b></p>

	<p>Detailed knowledge of financial markets and trading techniques.</p>

	<p>(You should wax lyrically about obscure markets (the Zambian Kwatcho and Islamic finance techniques) 
	and complex mathematics (field theory; neural networks; fractals; Frank copula models). Everybody 
	will think you are a genius or a fool but will be unsure of which.) </p>

	<p>Detailed knowledge of derivatives, including exotic and non-standard structures. (Everybody knows 
	that derivatives allow highly leveraged positions that are impossible to understand or value accurately.)<br>
	No minimum formal educational qualifications or direct previous experience in a similar role is 
	necessary. (Nobody believes your CV. It is merely a statement of your aspirations. Nobody will believe 
	you if you said that you had rogue trading experience.)<</p>

	<p>Ability to communicate and work closely with senior management (You will need to make sure that 
	you generate enough "phantom" profits to make sure their bonus expectations are met.) </p>

	<p>Ability to work closely with operational staff (You must bully them or cajole them into concealing 
	limit breaches and losses.)  </p>

	<p>Strong leadership qualities (You will claim all profits are the result of your perspicacious 
	skills. All losses will either disappear or if found will be hedge losses offset against gains in 
	other positions.)</p>

	<p><b>Desirable Criteria</b></p>

	<p>Preferred age – under 30 years. (Have you ever heard of an old rogue trader? There is an exception 
	for Japanese rogue traders who are generally older.) </p>

	<p>Strong personal qualities. (You will have "attitude". A year round sun tan and a wisp of beard 
	underneath your chin is good. You will treat everybody around you as idiots incapable of understanding 
	the complex nature of your trading strategies.)</p>

	<p>Highly motivated. (You will need to be able to hide losses and limit breaches. The Japanese rogue 
	traders never took holidays.)</p>

	<p><b>Remuneration</b></p>

	<p>Negotiable including a strong performance linked component. (You don't need to be paid as it 
	is assumed that you will defalcate ample amounts.)</p>

	<p><b>Social Responsibility Statement</b></p>

	<p>We are proud to be an equal opportunity employer. (We do not discriminate on any basis. How else 
	can you explain the calibre of Directors and Senior Management not to mention risk managers and 
	auditors that we have?) </p>

	<p><i>Note: The idea is based on a column published by Trevor Sykes (writing as Pierpoint) of the 
	Australian Financial Review [see "Indispensable Guide For Rogue Traders" (30 January 2004) Australian 
	Financial Review] However, the text is different.</i></td> </p>
</blockquote>

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<h4>[Jan 25, 2008]
<a target="_blank" href="http://jeffmatthewsisnotmakingthisup.blogspot.com/2008/01/great-private-equity-cash-robbery-of.html">
Jeff Matthews Is Not Making This Up The Great Private Equity Cash Robbery of 2007</a></h4>
</font>
<blockquote>

	<h6>August 08, 2007<font size="3"><font face="Arial"><br>
	</font><font size="2"><br>
	</font><b><font size="2">The Shareholder Letter You Should, But Won't, Be Reading Next Spring
	</font></b><font size="2"></h6>

	<p>Dear Shareholder:</font><font face="Arial"></p>

	<p></font><font size="2">Well, it seemed like a good idea at the time.</font><font face="Arial"></p>

	<p></font><font size="2">I am referring to your board's decision to approve a massive share buyback 
	and huge special dividend last summer, when the buzzwords going around Wall Street were "returning 
	value to shareholders."</font><font face="Arial"></p>

	<p></font><font size="2">Why we did it was this: a smart banker from Goldman Lehman Lynch & Sachs 
	came in, all gussied up and looking sharp, and made a terrific PowerPoint presentation to the board 
	with multi-colored slides that showed how paying a special $10 a share dividend, plus buying back 
	a bunch of our stock at the 52-week high, would "return value to our shareholders."</font><font face="Arial"></p>

	<p></font><font size="2">We should have thrown the fellow out the window, along with his PowerPoint 
	slides, but what happened was, my fellow board members and I were so busy deleting emails from our 
	Blackberries that we just didn't notice the last slide showing (in very tiny numbers) the "Trump-style" 
	debt we would be incurring to do so.</font><font face="Arial"></p>

	<p></font><font size="2">We also missed the footnote showing the fees that would go to Goldman Stanley 
	Lynch & Sachs for the courtesy of their showing us how to wreck our balance sheet.</font><font face="Arial"></p>

	<p></font><font size="2">Those fees, I am embarrassed to say, amounted to more money than we made 
	the quarter before we "returned value to shareholders."</font><font face="Arial"></p>

	<p></font><font size="2">But the fact is, we'd been getting so much pressure over the last few years 
	from the hedge fund fellows who own our stock for ten minutes tops, not to mention the so-called 
	"analysts" on Wall Street (around here we call them "Barking Seals"), to do something with the cash...well, 
	the truth is we just couldn't stand answering our phones any more.</font><font face="Arial"></p>

	<p></font><font size="2">So, in order to finally start getting things done instead of spending all 
	day explaining to these hedge fund fellows and the Barking Seals on Wall Street why we weren't "returning 
	value to shareholders," we decided to do the big buyback and the big dividend.</font><font face="Arial"></p>

	<p></font><font size="2">And for a few weeks there, it was pretty nice.</font><font face="Arial"></p>

	<p></font><font size="2">The stock jumped, the phones stopped ringing, and the Barking Seals started 
	congratulating us on the conference calls instead of asking us when we were going to get rid of 
	our cash.</font><font face="Arial"></p>

	<p></font><font size="2">Unfortunately, not only did getting rid of our cash and taking on a huge 
	debt load NOT "return value" to you, our shareholders, it actually crippled the company for years 
	to come.</font><font face="Arial"></p>

	<p></font><font size="2">For starters, as you know, the aftermath of last summer's sub-prime debt 
	crisis is forcing perfectly fine companies to liquidate businesses at fire-sale prices…but we can't 
	take advantage of those prices, because we have no cash. And thanks to the debt we incurred "returning 
	value to shareholders," the banks won't loan us another dime.</font><font face="Arial"></p>

	<p></font><font size="2">Secondly, as you also know, we've had to lay off hundreds of loyal, hard 
	working employees to pay the interest expense and principal on all that debt, because unlike Donald 
	Trump, we actually feel like we ought to repay our debts.</font><font face="Arial"></p>

	<p></font><font size="2">Furthermore, as you probably don't know, we've also scaled back some interesting 
	research projects that had great long-term potential for the company, but were deemed too expensive 
	to continue in light of the fact that we have no cash.</font><font face="Arial"></p>

	<p></font><font size="2">Now, I'd feel a heck of a lot worse about all this if we were the only 
	company suckered into buying our stock at a record high price and paying a big fat dividend on top 
	of it.</font><font face="Arial"></p>

	<p></font><font size="2">But I'm happy to report there were others who also did the same stupid 
	thing.</font><font face="Arial"></p>

	<p></font><font size="2">For example, Cracker Barrel, the restaurant chain that depends on people 
	having enough money for gas to get to its stores along Interstates across America, spent 46 bucks 
	a share for 5.4 million shares of its stock early last year to "return value to shareholders."</font><font face="Arial"></p>

	<p></font><font size="2">Cracker Barrel's stock now trades at $39.</font><font face="Arial"></p>

	<p></font><font size="2">And Scott's Miracle-Gro, whose business is so seasonal it loses money two 
	quarters out of four, put over a billion dollars of debt on its books with the kind of special dividend 
	and share buyback we did.</font><font face="Arial"></p>

	<p></font><font size="2">Health Management Associates-a healthcare chain that can't collect money 
	from about a quarter of the patients it handles-paid shareholders ten bucks a share in a special 
	dividend to "return value to shareholders" and then missed its very next earnings report because 
	of all those unpaid bills and all that new interest expense it was paying.</font><font face="Arial"></p>

	<p></font><font size="2">Oh, and Dean Foods, a commodity dairy processor with 2% profit margins, 
	returned all sorts of value to shareholders early last year-almost $2 billion worth-just before 
	its business went to hell in a hand basket when raw milk prices soared.</font><font face="Arial"></p>

	<p></font><font size="2">So, you see, everybody was doing it.</font><font face="Arial"></p>

	<p><font size="2">And boy, do I wish we hadn't.</font></font></p>

	<p>Jeff Matthews<br>
	I Am Not Making This Up</p>
</blockquote>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080125X_jeff_matthews_is_not_making_this_up_the_great_private_equity_cash_robbery_of_2007"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080125X_go_to_las_vegas" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20080125X_greenspans_client_list_needs_someone_like_me"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://gocee.com/poker/pokerjokes.htm">Go to Las Vegas</a></h4>

<h5>A nice story relevant to most  401K investors </h5>
<blockquote>
	There's a guy who lives in Ohio. One morning, he hears a voice in his head. The voice says, <br>
	"Quit your job, sell your house, take all your money, and go to Las Vegas."

	<p><font>He ignores the voice. </font></p>

	<p><font>Later in the day, he hears the voice again.<br>
	"Quit your job, sell your house, take all your money, and go to Las Vegas." </font></p>

	<p><font>Again, he ignores the voice. </font></p>

	<p><font>Soon he hears the voice every minute of the day. <br>
	"Quit your job, sell your house, take all your money, and go to Las Vegas." </font></p>

	<p><font>He can't take it anymore. He believes the voice. <br>
	He quits his job, sells his house, takes all his money, and flies to Las Vegas.<br>
	As soon as he steps off the plane, the voice says, "Go to the roulette." </font></p>

	<p><font>He goes to roulette table. </font></p>

	<p><font>The voice says, "Put all your money on black" </font></p>

	<p><font>He puts up his all money on black. </font></p>
	<font>The game ends with red winning. </font>

	<p><font>The voice says, "Fuck."</font></p>
</blockquote>

<h3><a name="Random_Findings">Random Findings</a></h3>

</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080125X_go_to_las_vegas"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20080125X_greenspans_client_list_needs_someone_like_me" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20050805X_after_one_president_in_the_pocket_of_big_oil_we_can_t_afford_another_the_announcer"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4><a target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601039&sid=a.MrFyu_EPK0">Greenspan's Client List 
Needs Someone Like Me</a> by Caroline Baum</h4>
<blockquote>

	<h6>Jan. 18 | Bloomberg</h6>

	<p>Mr. Alan Greenspan Greenspan Associates <br>
	1133 Connecticut Avenue NW Washington, DC 20500 </p>

	<p>Dear Mr. Greenspan: </p>

	<p>I was somewhat surprised to read that you had been hired as an adviser to John Paulson, the hedge 
	fund manager who made a killing last year betting against the mess you made. The irony is really 
	rich: Paying someone whose policy mistakes and missteps were the source of your success! I'm sure 
	it will be a productive working relationship for everyone involved. </p>

	<p>What got my wheels turning, though, was re-reading your comments about your ``Rule of One,'' 
	as I call it. You have said that you would consult with only one client in each industry. </p>

	<p>So far, your roster includes one bank (Deutsche Bank AG), one bond-fund manager (Pimco), and 
	now one hedge fund. I'm sure there's some overlap in what these firms do, but my intent here isn't 
	to quibble about details. </p>

	<p>If I understand you correctly -- you speak much more clearly than you did when you were Fed chairman, 
	now that you're getting paid a bundle per word -- you still have an opening for a media company. 
	So I'd like to propose what I think could be a mutually beneficial relationship between you and, 
	yes, me. </p>

	<p>The benefits to you should be immediately apparent. </p>

	<p><b>1. Buying Access </b></p>

	<p>With each announcement of your exclusive consulting relationship with a client, the chatter is 
	that these firms are buying ``access'': access to your institutional knowledge of the Fed; access 
	to your Rolodex; access to any inside information you might get from policy makers in the U.S. and 
	overseas. </p>

	<p>The way I see it, it wouldn't be a bad idea for you to buy access -- from me. Lots of politicians 
	see my column; maybe even a few who are running for president. I might be able to put in a good 
	word for you that would give you a shot at Treasury secretary, an opportunity lost when Jimmy Carter 
	defeated Jerry Ford in 1976. </p>

	<p>Running the mint isn't nearly as glamorous as controlling the printing press, but at least it 
	keeps you in the public eye (not that you ever left it). </p>

	<p><b>2.</b> <b>Keep Your Friends Close, And Your Enemies Closer </b></p>

	<p>Let's face it: No one has been a bigger thorn in your side than yours truly. I started my journalism 
	career a few months before you landed at the Fed, and we've been joined at the hip ever since.
	</p>

	<p>If I were on your payroll, you can be pretty sure I'd be talking you up rather than putting you 
	down. I mean, it wasn't until Bill Gross hired you that he stopped trashing you. And you didn't 
	even have to pay him to change his tune! </p>

	<p>If you put me on retainer, you'll be surprised how easily I can be persuaded to see economic 
	history in a different light. </p>

	<p>Remember how you denied there could be a housing bubble, only belatedly acknowledging some ``froth'' 
	in certain local markets? I've already forgotten you said that, along with your lament on how homeowners 
	would have done better with adjustable- rate mortgages. </p>

	<p>Or how about that ridiculously low federal funds rate that overstayed its usefulness for years, 
	not months? I think I could make an argument, based on a ``risk-management'' approach, that it was 
	necessary to ward off deflation. </p>

	<p>In other words, Mr. Greenspan, money talks -- or in this case, money would encourage me to talk 
	less, if you know what I mean. </p>

	<p><b>3.</b> <b>Playing Cyrano to Your Christian </b></p>

	<p>Just as Christian de Neuvillette used Cyrano de Bergerac's words to woo Roxane, you, sir, could 
	use a bit more dash when it comes to preserving or, at this point, resuscitating your legacy.
	</p>

	<p>No one ever accused me of being dull or uninspired. And I've always had a hankering to play Cyrano, 
	sucker that I am for that swashbuckling, romantic stuff. </p>

	<p>``I draw my sword and raise it high.'' ``Let me choose my rhymes.'' ``Then, as I end the refrain, 
	thrust home!'' Oh, it will be grand. Together we can win their hearts! </p>

	<p><b>4. A Better Crystal Ball </b></p>

	<p>This may be a sore subject with you, but your forecasting acumen hasn't been the best. Your visibility 
	on bubbles has been close to zero. You were late to see recession in both 1990 and 2001. Your rationalizations 
	for your forecasts have been pretty lame as well. </p>

	<p>Money manager Bill Fleckenstein sets your record straight in a just-published book, which isn't 
	likely to be a coffee-table fixture in your household. </p>

	<p>If you saddle up with me, you can get rid of all those arcane manufacturing ratios and obscure 
	indicators you used to pull out of a hat to justify a policy action. You can do better watching 
	two rates -- the overnight rate that the Fed sets and the long-term rate determined by the market 
	-- than you can with the 18,500 indicators you reportedly track in the bathtub. </p>

	<p>I'd like to thank you in advance for considering my offer. I'm ready to proceed with negotiations 
	as soon as I hear back from you. </p>

	<p>Very truly yours, </p>

	<p>Caroline A. Baum </p>
</blockquote>
</font>
</em></b></i><center><table border="0" width="100"><tr>
<td align="center"><a href="#n20080125X_greenspans_client_list_needs_someone_like_me"><img border="0" src="/Images/up.png" width="16" height="16"></a></td>
<td align="center"><a name="n20050805X_after_one_president_in_the_pocket_of_big_oil_we_can_t_afford_another_the_announcer" href="#NEWS_TOC"><img border="0" src="/Images/home.gif" width="16" height="18"></a></td>
<td align="center"><a href="#n20081231X_2008_investment_guides_are_hilarious"><img border="0" src="/Images/down.png" width="16" height="16"></a></td>
</tr></table></center>

<h4>[Aug 5, 2005] "After one president in the pocket of big oil, we can't afford another," the announcer 
on the advertisements for Mr Obama said.</h4>

</em></b></i><h2><hr></h2>
<hr noshade color="#FF0000" size="5">

<h2><a name="Etc">Etc</a></h2>

<p align="left"><b><a href="/Bulletin/Humor/last_but_not_least.shtml">The Last but not Least</a> <em></b>Technology is dominated by 
two types of people: those who understand what they do not manage and those who manage what they do not understand ~Archibald Putt. 
Ph.D</em></p>
<hr size="5" noshade color="#FF0000"><font face="Verdana" size="1">

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