Retiring from the League…

…taking up residence to the libertarian paradise that is Somalia.  I’ve had a few liberals tell me I ought to go there.  I could use a change of scenery anyway. H/T to the commenter who made reference to the Somalia Snark.  Yes, I think people who say that are idiots. Don’t mind the humor.  Given…

There’s GAAP and then there’s GAAAP

When I was in my graduate finance program many years ago, the accounting professors told us that the meaning of the acronym GAAP was Generally Accepted Accounting Principles.  When I took my class in financial statements analysis two years later, the professor laid out his case that GAAP meant Generally Anything At All Possible (our…

Cute, but…

Nice try… Then we have to rip our eyes away from the inferior distractions like the League of Ordinary Milquetoasts and muster at the Tea Party for some principled, Constitutional opposition. I’m sorry, but I like Freddie’s description of Robert as a “tedious nothing” to be a bit more my cup of tea.  Asshats would…

How Culture Warriors View the Judiciary…

This is an adaptation of a classic Tim Sandefur post written about five years while he was in the process of shredding conservatives in a bit of a blawgospheric battle over Lawrence v Texas, largely fought between libertarians and conservatives (those posts are on the same page I link to).  In any event, I’ve made…

Seriously…

The next time I hear someone mention The Community Reinvestment Act as a proximate cause of the financial crisis, I’m going to scream.  To conservatives and my fellow libertarians, at some point, you are going to have to recognize and acknowledge that actions by individuals operating within lightly regulated or unregulated markets played as much of…

New Deal Originalism?

I may have respect for Andrew McCarthy, despite my many disagreements with his legal positions, but why are we waxing poetic about Judge Robert Bork?  That he is the conservative benchmark for interpreting the Constitution is rather pathetic when you consider the list of grievances Randy Barnett, the author of Restoring the Lost Constitution: The Presumption of…

Stress testing stressing me out…

Via Barry Ritholtz, I think I need to read David Reilly more.  I love his column on the possible trainwreck known as stress-testing for the banks: Maybe it should come as no surprise that President Joe Cool’s administration has a laid-back view of bank stress. Investors expected the government to be a bit more intense…

Quick Hit Financial Blogging…

If anyone hasn’t noticed this about using the Fed as part of a bad bank strategy: John Ryding, chief economist at RDQ Economics LLC in New York, and Matt Chasin, chief operating officer of Sorin Capital Management LLC, a Stamford, Connecticut-based hedge fund that manages about $1 billion, say the Treasury Department should provide loans at…

To Nationalize or Not To Nationalize?

Barry Ritholtz has posted a nice collection of links from different sources arguing for or against bank nationalization.   To reiterate my previous post, I’m more concerned about how something like this gets executed and whether or not government can make a clean exit. I think that it is worth the time reading through the various articles.  I’ve…

Not quite there yet…

Maybe one day I’ll write about something other than the markets, but today is not that day.  Anyway… A response to E.D.’s last post in this conversation: I recoginze that bank nationalization as an option is on the table and is more viable than it has been.  The markets are so dislocated (for many reasons) that if…

The Risk Problem…

Being a finance geek, I can’t help myself from making a few comments… E.D. Kain writes… Here we see another rather conservative approach to Government involvement in home ownership.  Rather than subsidize home owners, the Canadian Government is approaching home ownership as a responsibility that the individual needs to bear, rather than the state.  And,…

A Public-Private Partnership?

To Chris’ comments  about the banks and the knowledge of the debt that they hold, this is generally my view of things although I suspect that it is not as much that banks do not know what they are holding (they most certainly know what is in their portfolios) as it is that they have yet…