tag:blogger.com,1999:blog-4921988708619968880.post521785538648591958..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: October 14 2010: QE 2 and The Nominal ManIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-4921988708619968880.post-91307052301788859962010-10-18T10:08:52.062-04:002010-10-18T10:08:52.062-04:00New post up.
Gresham's Law Meets Murphy'...New post up.<br /><br /><br /><br /><a href="http://theautomaticearth.blogspot.com/2010/10/october-18-2010-greshams-law-meets.html" rel="nofollow"><b>Gresham's Law Meets Murphy's Law</b></a><br /><br /><br /><br />.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-20087942050496928502010-10-18T08:55:16.980-04:002010-10-18T08:55:16.980-04:00regarding good days to die, joseph 'kamikaze&#...regarding good days to die, joseph 'kamikaze' stack, who piloted his plane into the IRS building, was rather more flexible with the idea of death:<br /><br /> "I choose not to keep looking over my shoulder at `big brother' while he strips my carcass."<br /><br />--<br /><br />in sunday's (Republic of) Cyprus Mail, 'Selling off the north's assets,' is splashedbenhttps://www.blogger.com/profile/07338619620804720116noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-3670991058646096942010-10-17T19:28:32.756-04:002010-10-17T19:28:32.756-04:00Thought I'd pass this along: Reggie Middleton&...Thought I'd pass this along: <a href="http://boombustblog.com/reggie-middleton/2010/10/17/jp-morgans-3rd-quarter-earnigns-analysis-and-a-chronological-reminder-of-just-how-wrong-brand-name-banks-analysts-ceos-pundits-can-be-when-they-say-xyz-bank-can-never-go-out-of-business/" rel="nofollow">Reggie Middleton's latest post on JP Morgan</a> is interesting - he's saying that they're Drafthttps://www.blogger.com/profile/06476204907199270127noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-49050307995268415652010-10-17T16:56:03.271-04:002010-10-17T16:56:03.271-04:00“This is a good day to die: follow me.”...
...“This is a good day to die: follow me.”...<br /> --Low Dog<br />Lakota warrior at the Battle of Little Big horn, 1876Hombrehttps://www.blogger.com/profile/12930734368916487826noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-88850294673496791542010-10-17T15:46:25.018-04:002010-10-17T15:46:25.018-04:00Illargi,
Sorry I wasn't clear. My understandi...Illargi,<br /><br />Sorry I wasn't clear. My understanding is that QE is only transferring on balance sheet toxic paper, not off balance sheet paper such as MBS derivatives, etc. Therefore, what amount of on balance sheet toxic paper--mortgages, etc--needs to be off loaded to the taxpayer dime? If I recall correctly Wells Fargo alone has some $200BB in non performing mortgages ON BALANCE Malmo's Ghosthttps://www.blogger.com/profile/01072599785196733846noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-24616351558347172392010-10-17T15:44:53.787-04:002010-10-17T15:44:53.787-04:00Coy Ote,
And if you are a young man you may well e...Coy Ote,<br /><i>And if you are a young man you may well endure, depending on how events unfold, but for we oldtimers (and the infirm, etc.) the future looks rather bleak.</i><br /><br />It sure does. Probably the main reason I've read TAE and its commentators since its inception is to help get my mind and heart around die-off. <br /><br />My students consider me an old fart, but most agreeRichttps://www.blogger.com/profile/01092313041560676587noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-20965404180507549332010-10-17T15:14:43.708-04:002010-10-17T15:14:43.708-04:00Malmo's Ghost,
Sorry, I don't get the que...Malmo's Ghost,<br /><br />Sorry, I don't get the question anymore. You seem to set apart MBS from derivatives?!<br /><br />.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-32940782729608621022010-10-17T13:06:10.915-04:002010-10-17T13:06:10.915-04:00That acid test of gold versus fiat is much bettdr ...That acid test of gold versus fiat is much bettdr in the original, so here it is:<br /><br /><br /><i>"You can, indeed, arrange it so that the people shall be forced to take a thousand livres in paper for a thousand livres in specie; but you can never arrange it so that a man shall be obliged to give a thousand livres in specie for a thousand livres in paper,—in that fact is embedded the scrofuloushttps://www.blogger.com/profile/01085471693372823086noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-86025204582474437242010-10-17T12:43:04.810-04:002010-10-17T12:43:04.810-04:00Thanks, Illargi.
Sorry for the drive-by posting. ...Thanks, Illargi.<br /><br />Sorry for the drive-by posting. Lots of kids stuff this weekend.<br /><br />What I was incompletely getting at with my toxic paper question is WHOSE AND WHAT TOXIC PAPER is the Fed going to launder vis-a-vis QE2? In other words, is most of the toxic MBS and various other garbage instruments already offloaded from the big financial players books from QE1? I'm not Malmo's Ghosthttps://www.blogger.com/profile/01072599785196733846noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-44710744486191777222010-10-17T11:34:41.884-04:002010-10-17T11:34:41.884-04:00Found this book at Jesse's Cafe:
Fiat Money I...<a href="http://www.gutenberg.org/ebooks/6949" rel="nofollow">Found this book</a> at <a href="http://jessescrossroadscafe.blogspot.com/" rel="nofollow">Jesse's Cafe</a>:<br /><br />Fiat Money Inflation in France - A. D. White.<br /><br />One interesting item in it was what is in essence the acid test for the relative value of fiat and gold.<br /><br />Try it on your favorite goldphobe. Just scrofuloushttps://www.blogger.com/profile/01085471693372823086noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-12654619074615810152010-10-17T08:04:16.513-04:002010-10-17T08:04:16.513-04:00Ric - "I give Vrabel points for trying to ret...Ric - "I give Vrabel points for trying to rethink the monetary system..." <br />Good point, me too! <br />And if you are a young man you may well endure, depending on how events unfold, but for we oldtimers (and the infirm, etc.) the future looks rather bleak.<br /><br />Anon10 - The 85% figure was astounding, I would have guessed maybe 50%. And of course many older kids are coming backHombrehttps://www.blogger.com/profile/12930734368916487826noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-84908682659055523082010-10-17T07:07:56.126-04:002010-10-17T07:07:56.126-04:00Bageant's latest interview.
Brilliant ... as p...Bageant's latest interview.<br />Brilliant ... as per usual.<br /><br />http://www.abc.net.au/tv/bigideas/stories/2010/10/05/3027543.htm<br /><br />Zzanderhttps://www.blogger.com/profile/15352619368764868819noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-42600246850389349242010-10-17T05:48:22.216-04:002010-10-17T05:48:22.216-04:00On this foreclosure fiasco I've been thinking ...On this foreclosure fiasco I've been thinking about title insurance, wondering if firms that sell such title protection have been doing due diligence? Or are they playing the odds?<br />On reason to use a lawyer in a home purchase/sale is to establish clear ownership. So what advice are RE lawyers now giving to perspective purchasers?scandiahttps://www.blogger.com/profile/07924260428840006237noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-12775426796230097782010-10-17T01:27:40.015-04:002010-10-17T01:27:40.015-04:00NYTimes: Japan, Once Dynamic, Is Disheartened by D...NYTimes: Japan, Once Dynamic, Is Disheartened by Decline [http://www.nytimes.com/2010/10/17/world/asia/17japan.html?ref=global-home]<br /><br />Deflation in action.Unknownhttps://www.blogger.com/profile/11929299569873455849noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-46412588002985229122010-10-17T01:21:04.723-04:002010-10-17T01:21:04.723-04:00Dan Weintraub's piece was excellent - on on th...Dan Weintraub's piece was excellent - on on the mark.btravenhttps://www.blogger.com/profile/15396136829377883183noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-81106798211463547382010-10-16T23:12:12.595-04:002010-10-16T23:12:12.595-04:00Not 2 weeks ago, Meredith Whitney was saying the b...Not 2 weeks ago, Meredith Whitney was saying the big banks were going to go through 80,000 layoffs and now I'm hearing they're giving record bonuses. What am I missing? Where are the pink slips?ghpacifichttps://www.blogger.com/profile/09829514410903378217noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-9049009058556176672010-10-16T22:18:47.407-04:002010-10-16T22:18:47.407-04:00Hey Coy Ote,
Maybe it is because there is no "...Hey Coy Ote,<br /><i>Maybe it is because there is no "solution!"</i><br /><br />Vrabel is asking about a "better solution," which I take to mean a recognition of the depth of insanity and efforts to mitigate it. He says of Mish's work: <br /><br /><i>"Embedded in the article is an unspoken assumption that the lower classes need to take pay cuts and layoffs so global Richttps://www.blogger.com/profile/01092313041560676587noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-61303466157749332582010-10-16T22:13:09.596-04:002010-10-16T22:13:09.596-04:00NEW YORK (CNNMoney.com) -- Getting a degree used t...NEW YORK (CNNMoney.com) -- Getting a degree used to be a stepping stone to limitless career opportunities. Now it's more of a hiatus from living under your parents' roof. <br /><br />Stubbornly high unemployment -- nearly 15% for those ages 20-24 -- has made finding a job nearly impossible. And without a job, there's nowhere for these young adults to go but back to their old bedrooms,anon10https://www.blogger.com/profile/15846761986848381697noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-41154225641413819252010-10-16T21:38:59.470-04:002010-10-16T21:38:59.470-04:00Some folks in leadership are beginning "fess ...Some folks in leadership are beginning "fess up" publically.<br />Ken Clarke's warning for Western economies: The West is in ‘grave danger of financial collapse’, Kenneth Clarke warned last night.<br />We face ‘quite the most dramatic’ spending cuts in ‘living memory’, the former chancellor added as the Coalition prepares to unveil plans to rein in the unprecedented budget deficit Hombrehttps://www.blogger.com/profile/12930734368916487826noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-59485497925908195392010-10-16T21:02:53.199-04:002010-10-16T21:02:53.199-04:00"In the midst of the Depression, North Dakota..."In the midst of the Depression, North Dakota Senator Lynn Frazier and North Dakota Rep William Lemke, with the blessing of FDR, introduced the "Frazier-Lemke Farm Bankruptcy Act" which was passed on 28 June 1934. This act effectively delayed the banks right to repossess a farmer's land for five years" Time for a redux ? <br /><br />http://themeanoldinvestor.blogspot.com/Mr. Kowalskihttps://www.blogger.com/profile/07899577790533734474noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-40753595956903044192010-10-16T20:30:13.512-04:002010-10-16T20:30:13.512-04:00Canadian readers of TAE may be interested in this ...Canadian readers of TAE may be interested in this post.<br /><br />Rob Ford is running for Mayor of Toronto, Canada. The election takes place on October 25, 2010. Recently while on the campaign trail, he was quoted as saying the following:<br /><br />"It is very, very simple: We have to put an end to the gravy train. We have to put an end to the party at city hall," Ford said. ‘Peopleanon10https://www.blogger.com/profile/15846761986848381697noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-68869939178096292922010-10-16T19:36:40.812-04:002010-10-16T19:36:40.812-04:00Ric - re:Vrabel's comment, "Unlike politi...Ric - re:Vrabel's comment, "Unlike politicians, Mish is smart enough to step out of the existing monetary framework and ask himself what might be a better solution given the extreme situation we’re facing. Why doesn’t he?"<br /><br />Maybe it is because there is no "solution!" We find ourselves in a predicament of monumental proportions as been alluded to here many times Hombrehttps://www.blogger.com/profile/12930734368916487826noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-73171704161324460502010-10-16T17:50:33.543-04:002010-10-16T17:50:33.543-04:00Stoneleigh, on August 8, 2010 you took John Willia...Stoneleigh, on August 8, 2010 you took John Williams to task on deflation. This week, the Federal Reserve seems to be capitulating. <br /><br />Yet in Bloomberg today, Charles Evans makes the case that <a href="http://www.bloomberg.com/news/2010-10-16/-liquidity-trap-plagues-u-s-more-stimulus-is-required-fed-s-evans-says.html" rel="nofollow">our 'Liquidity Trap'</a> is exactly why we Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-52066122622517686042010-10-16T17:36:08.302-04:002010-10-16T17:36:08.302-04:00Thanks IMN for the heads-up on Vrabel's new vi...Thanks IMN for the heads-up on Vrabel's new video. I was interested in what he had to say about the "capital machine" and thought about the ongoing discussion here about how self-aware elite money might be of its actions. Vrabel frames the issue nicely in <a href="http://csper.wordpress.com/2010/09/13/humanitys-defining-moment-jump-on-board-mish/?" rel="nofollow">Humanity’s Richttps://www.blogger.com/profile/01092313041560676587noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-18956048553597537662010-10-16T15:53:56.923-04:002010-10-16T15:53:56.923-04:00@ Wyote
I think you meant South Dakota's neig...@ Wyote<br /><br />I think you meant South Dakota's neighbor to the north. It's North Dakota that owns its own bank.Phlogiston Água de Beberhttps://www.blogger.com/profile/16269917130349144430noreply@blogger.com