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  • Credit Conditions in the Absence of Consumer Protection [View article]
    I had been persuaded for years that the "financial innovations" taking place were progress in a more capitalist system. Until Wall St. put it's hand out for the public to assume it's losses.
    Each "innovation" is a computerized version of the endless ways that have always been to find you've "sold your soul to the company store."
    The public has been put on the brown end of a particularly nervy play in that it has been pauperized and marginalized to bail out Wall St.
    Usury is as old as money and possibly older. The use of Fed fiat currency and the resultant impoverishment of the former middle class and ascendance of banksters has given rise to countless "innovations" to cover the swindle. Funny money has allowed vast private misallocation and a bloated government all of whom continue to desperately sell out to Wall St. the remaining producers to play more financial games and remain at their accustomed trough.
    With real economic signals from real money we would have had real, sustainable growth. Financial "innovations" would have been mostly seen for what they mostly are: A costly swindle.
    Aug 11, 2009. 04:47 AM | 1 Like Like |Link to Comment
  • Monetizing the Debt: My Response to Zero Hedge [View article]
    The veil of silence on Wall St. has been the most notable feature of this meltdown. The MSM is absolutely silent as $trilllions have melted away and have changed hands. Apparently so much money involved, as it also involves DC, is very persuasive.
    Dishonesty has now gone on so long in the reporting and makeup of our economy that it seems that we have extremely well-practiced half-truths, lies and coverups in all mainstream accountings.
    Or, most of the powerful elites are acting in good faith and there is nothing to report. That I don't believe.
    Aug 10, 2009. 04:59 PM | 3 Likes Like |Link to Comment
  • California and New York Debt Is Riskier than Russia and Turkey [View article]
    We're the poorest country on earth if you total debits/credits. Used to be #1 in just about everything. Education, medical care, per capita GDP, that was the norm. Like the slowly boiling frog, we've sat still while we went to third world status in many categories.
    I read Barrons during the "surplus" Clinton years and watched the deficit pile up. Those "off-budget" tallies add to debt, of course.
    Our "service" economy is loaded with government workers, lawyers, accountants et al who detract from production. But, since we've had the most influence over GDP methodology, dig a hole and fill it up is double-counted.
    All built on funny money from the Fed. This pretense seems to be slipping towards a rondezvous with reality.
    Aug 10, 2009. 03:25 PM | 9 Likes Like |Link to Comment
  • Some Thoughts on Leveraged ETFs [View article]
    I don't see a rebuttal of the main point here: That leveraged ETF's are being touted as perfectly for and track well, long-term. Yet, the user is supposed to figure out on their own that the claims are false.
    Good example of Wall St. today. Be ridiculed by experts for not asking questions on your own to discover the falsehoods in a prospectus, then, don't ask questions when it's time to pony up a couple of $trillions for their mistakes.
    Aug 10, 2009. 11:48 AM | 2 Likes Like |Link to Comment
  • Rating Agencies Won't Be Able to Shut CalPers Up Easily [View article]
    CALPERS already went to greater risk last August in an unfortunate case of bad timing. I think that's the origin of this lawsuit, information would be appreciated. They are bent on taking more risk still and have a chance here of blaming someone else for their negligence and bad judgement.
    Fine with me. I hope this lawsuit helps kick in the door and opens more, to get knowlege to the public and appropriate changes made.
    Aug 10, 2009. 11:06 AM | 2 Likes Like |Link to Comment
  • Commercial Real Estate Suffering from Cash Flow Problems? [View article]
    Lack of cash flow is central to the financial crisis. Loans were carelessly made everywhere on the greater fool theory. In home mortgages, the pushers on the phone were well-versed in telling people that their situation would improve in a few years before the mortgages reset and furthermore, their improved status would make financing easy. In CRE, the real geniuses always seemed to make bigger bets every year which paid off for a long time. It was musical chairs, the music stopped.
    Greenspan would go on about capital gluts in this new post-reality miracle economy and the lack of incomes for ever-more Americans was not a factor. But it's caught up in home mortgages and CRE cannot be immune.
    Wall St. created a miracle of leverage on unsound loans. The real geniuses are on Wall St. who have enablers in Washington always willing to wave the magic pretend dollar wand when they make a boo boo.
    Aug 10, 2009. 07:09 AM | Likes Like |Link to Comment
  • The Future of Flashed Options [View article]
    Like Judge Rakoff's refusal to sign off on a typically pathetic love-tap punishment between the SEC and BAC due to.......The Public Interest(!), investigation here may unravel enough to start a ball rolling. Some in crucial positions must want to do their jobs and care enough about the country and the people.
    It's a far cry from Watergate when there were whistleblowers and investigative journalists abounding, but the crisis fails anyone's honest smell test by now. Now we have the internet and the blogosphere. Where adults can exchange information and judge it for themselves. Thanks again for the update, Tyler.
    Aug 9, 2009. 10:28 PM | 9 Likes Like |Link to Comment
  • Why Is the Fed Buying Treasuries? [View article]
    Wasn't it only in February that QE was announced? Now it's the old "plant the buyer in the auction" gimmick.
    Yeah, we're doing great.
    Aug 9, 2009. 08:53 AM | 3 Likes Like |Link to Comment
  • Treasury Market Rigging: John Jansen vs. Tyler Durden [View article]
    The inhabitants of our financial system have failed us miserably and in bad faith. This draws in commentary from concerned citizens in all walks. They don't all have the i's dotted and t's crossed. They may commit typos and use bad grammar.
    The financial wizards, we have found, have too often acted in error compounded by bad faith. They are getting $trillions from us amateurs. That's more important to me than if Tyler is occasionally found not 100% accurate in all details.
    Aug 9, 2009. 08:44 AM | 11 Likes Like |Link to Comment
  • No Double Dip Recession in Sight, Expecting Further Fall of Risk Premia [View article]
    $trillions of ill-targeted government bailouts globally are the life support of stabilization right now. You do mention that "there is a chance that the natural pulse has been stopped." Do we believe market signals so artificially induced?
    Still, you show well that previous valid signals for recession worked well this time again and give criteria that would be likely required to signal another downturn: Rate inversion and an employment rate rising from lower levels, the "adaptation" level.
    Seems to many we are more comparable to the 30's and far worse off in debt and most indicators of financial health. With "black swans" more possible in this difficult world climate, I'm not sure the present environment is more than tradably benign.
    Aug 9, 2009. 08:29 AM | 3 Likes Like |Link to Comment
  • Rise of the Part-Timer, Fall of the Labor Force [View article]
    TradingHelp makes an interesting point that the British have the same characteristics of an increase of one or more part-time jobs over full-time. Since they have nationalized healthcare, that shoots down the reason to rush into Hillarycare that employers now use part-timers to avoid health benefits primarily.
    The article debunks the latest employment statistics as representing strength. A smaller pool and lower hours do not indicate strength. At this rate, with unemployment insurance exhausted, this "strengh" would lead to a nearly 100% government workforce, and both remaining private-sector workers would be part-time.
    Aug 9, 2009. 08:12 AM | 5 Likes Like |Link to Comment
  • Greg Mankiw on Cap-and-Trade (NYT) [View article]
    The idea anyway is to add another tax. Even if something else were reduced and this tax were to be "dedicated" to saving Earth, the other taxes would soon be raised and this one would go to the general fund. That's the principal idea.
    Aug 9, 2009. 08:01 AM | 6 Likes Like |Link to Comment
  • Jobs in July - Getting Worse More Slowly [View article]
    This is the BLS that imputed 12,000 new financial sector jobs last October. And about the same for the real estate sector a year earlier.
    Confidence. Feel it yet? Don't worry about your finances or job; they're taking care of Wall St. and feeding you good sound bites. That should do it.
    Aug 7, 2009. 12:58 PM | 1 Like Like |Link to Comment
  • Confidence Games and Ponzi Schemes: No Way to Run the World's Largest Economy [View article]
    This corrupt system has increasingly distributed rewards irrationally. It is rule-based and, from the Fed's funny money and beyond, has increasingly hidden real market signals.
    It is not new that your status in the hierarchy of rules usually governs your rewards more than a rational measure of one's contribution. Being a lawyer or accountant or getting a good government job depends on more rules to interpret or to administer which sap real production when in excess. They have long been in excess.
    The financial system is so bad it needs no elaboration.
    The Chinese, unborn non-voters and everyone who doesn't really count or even vote is being tapped and swindled. Rational ideas and solutions, long marginalized, are not treated seriously. That is the nature of our decadence and corruption today.
    Aug 7, 2009. 10:26 AM | 11 Likes Like |Link to Comment
  • Why Are Natural Gas Producers Expanding Production So Aggressively? [View article]
    Thanks, happycajun, for some further explanations.
    Still, the board of Chesapeake is all to similar to other troughs-of-directors in US corporations. They are connected, interlocking, an ingrown obscenely overpaid group and have no special insight or expertise in the business. Look at GM.
    The system rewards the haves at all costs. Even I see the dice are loaded towards their short-term bonuses regardless of long-term risks assumed and resultant debacles.
    They have circled the wagons. They control the public "green shoots" discourse via MSM and sold-out politicians. The $trillions of bailouts are not to reward the unique successes of the "1 in a million talents that run the US public troughs... er, public corporations." Except for their lobbying power and crony status.
    Aug 7, 2009. 09:58 AM | 4 Likes Like |Link to Comment