Steven Hansen

Former Citi CEO John S. Reed: Mea Culpa

as others have pointed out Glass-Steagall would not have shielded the banking industry from this crisis - but it would have gone a long way to minimize TARP.

i accept we need to have a bullet proof banking industry - and this means we do not allow them to trade non-banking products.

Home Purchase Tax Credit Extended: Is This Wise?

John,
the purpose of all this is to put a floor under housing - not to drive it up.

what we should have learned from the great depression and the japanese L is that wealth destruction restrains recovery.

this might be the least damaging of all the incentives (yes i am against incentives) - but the potential wealth stabilization result tips the scale for me.

Economic Recovery Continues to Stall

John,
thanks for the input in the comment stream. i am on Princess Cruises Tahitian Princess off of India right now and my internet access is not unlimited. Your additional detail you provided into this data demonstrates that there is little good news inside of the jobs report.

I was not clear enough in my comments on the BLS - i do not think anything is sinister in this organization. however, the more you manipulate data, the more focus is put on your rationale for adjusting the data.

i have been outspoken on my belief that data should be released with the unemployment rate based on change in employment / population ratio. it is absurd to monthly try to establish the size of the potential workforce as it is subject to interpretation who actually is a a potential worker.

the survey portion of the jobs report is a waste of our money.

and the establishment data is overly adjusted and should follow the simple methodology of ADP.

Economic Recovery Continues to Stall

bbro
the lead and the headlines are written just before the article goes to bed based on data. i believed this week that the jobs data was going to come in bad - and the market did too based on their reaction.

the economy is weak. you have to spin fly manure to say otherwise. the issue i covered in the jobs report this week was the inconsistency over the last 6 months. I believe that the data contains as many trends not favoring a recovery (like work week numbers or expansion of part time employment) as trends favoring a recovery.

again, when you have to search for good or bad news with a microscope, it is possible that statistical anomalies have created this event. trends over several months are the only way to confirm an expansion is underway.

the inventory to sales ratios in manufacturing and non-manufacturing industries are well above historical trend values - period. i covered this in my article last week.

i am waiting for container counts (TEU's) for october. if the preliminary data is correct - the retail stores do not have historical volumes of goods to sell at christmas.

Barney Frank: Name Names

what triggered franks change of heart???

follow the money. who will profit???

Financial World: Atlantic Widens While Pacific Narrows

the L is beginning to appear.

we have too much money being contributed by the financial lobby - no one has the balls to take this on, as it will assure that person will not hold office during re-elections.

When Will Consumer Spending Support Recovery?

jobs are a social problem, but as hard as it is for me to admit it - i do not think job growth is restraining recovery.

what is restraining is a complete lack of a driver. america needs a mission and a direction. a greening of america will not drive economic growth.

we tend to believe a driver will appear. i am afraid this is old school logic. the government must create a driver.

The Trouble with Clean Coal

the government today took yucca mountain off the table.

we are truly governed by a ship of fools.

Unresolved Financial Troubles: Three More Warning Shots

john, consider that we may may be in a situation where all solutions have a negative result.

If Goldman Is Selling, Are You Buying?

john,

me thinks gs is doing the government bidding. caveat emptor.

When Is Insider Trading Legal? The Strange Case of Stephen Friedman

John, when we have laws which says anyone who is in public service or works for any gse must use blind investing methods - then the world will be rotating properly.

we all see america as basically corruption free, but based on volumes of money - we are the most corrupt on the planet.

time to look into the mirror.

More Goldman Outrage

this type of crap continues to bog down our legal system. i have a problem arbitrating between thieves.

ING Shows How Bank Dismemberment Is Done

i am thinking along the lines of Tack.

i believe that we need to return to separation of banking activities - and eliminate bank holding companies.

during times of economic instability, the current system is most at risk of failure.

Will Housing Data Show Improvement This Week?

John,
with internet at $0.75 per minute, i will be brief....

after my first lecture yesterday, i asked the audience how many believed the recession was over. not a person raised their hand.

housing, i believe, has little chance of recovery with people believing we are in a recession. no one believes the government.

on the other hand, housing volumes have to be increasing - i doubt if they can go any lower. improvement is from a low level, and i do not believe there is any chance of volumes returning to 2006 levels any time soon.

Still Concerned About Tone of Market's Advance

the market tries always to be ahead of itself - this is what is being conveyed in this article. there always needs to be the illusion that the market is advancing towards these expectations.

i am not sure a pull back is eminent - but i sure as hell remain defensive. there appears to be strong hands guiding this advance, and continually protecting against retreat.

the dilemma for most is that we are seeing the market advance against residual economic weakness. it is not adding up.