icandoitdon

Bernanke's Statements: Blatant Lies or Wishful Thinking?

keep going long and losing your money...you're only down 13% this year.

Bernanke's Statements: Blatant Lies or Wishful Thinking?

let me see if i understand.....

if not for our reliance on foreign oil, we never would have had a decline in housing prices, the rating agencies wouldn't have assigned AAA ratings to subprime debt, bear stearns wouldn't have gone under, the fed wouldn't have had to push real interest rates into the deepest negative territory they've been in a generation, the dollar woudn't have fallen, agricultural commodites wouldn't have doubled and the dow jones would be up 20% instead of down 13....life would have been peachy.

and it's all the dems fault!

thanks for explaining that. it all makes sense now.

Bernanke's Statements: Blatant Lies or Wishful Thinking?

to me, bernake looks completely out of his element. he seems to say stupid things at just the wrong time. proclaiming that the worst is past was incredibly naieve. housing and financials are going to be sucking air for a long time and they are the linchpin of this economy....not exports.

but then again....the brain surgeons who run jp morgan and merrill lynch...or maybe it was morgan stanley...proclaimed the worst was over in financials too...just before they all took another major leg down.

finally, investors threw in the towel on lehman when it dawned on them that they didn't have a clue what their risk expose was. and who can forget their idiot CFO's comment that their rasing of $2b a couple of months ago was to "show the market they could do it"....not because they needed it. sure.

bank america buys countrywide when they could have picked up the assets for virtually nothing if they had the patience to wait.

wachovia raises their dividend last year in the face of a rapidly escalating liquidity crisis...only to cut it twice in the face of their mounting liquidity troubles.

the list goes on and on.

financial institutions are among the most poorly managed firms there are. when i was in grad school anyone who aspired to be a commercial banker was viewed as a class idiot. anyone who aspired to be an investment banker was viewed as a too-smart-for-their-ow... amoral thief. recent events have proven that bias to my satisfaction.

Lehman's a Lemon - Fast Money Recap (6/9/08)

hahaha...

yes, najarian is full of great calls. a perfect reverse barometer.