Jim Roger's Article on Greenspan

Discussion in 'Economics' started by Reverend Trader, Nov 4, 2002.

  1. http://www.safehaven.com/credit/credit110102.htm

    Scroll down about half the way. Interesting article on asset backed securitizations. It also makes the case, that the fed is somewhat irrelevent b/c in the last 26 quarters, the fed, through banks, only created 240b in credit, as opposed to 12t that was created by the equity market through bonds and asset securitization bonds (think credit card, off balance sheet entities and gain on sale accounting).

    The situation in national century financial enterprises is pretty scary, and it will happen everywhere, though NCFE has some fraudulent implications involved. Imagine if the ASM market all of a sudden stops printing new cash. One would assume that most large banks (exclude JPM of course) are too smart to buy crap like this b/c they can do the DD necessary to avoid it. The smaller regionals are too small to matter. The fed will then matter finally.

    - Look at how bad MXT's securitizations are fairing, don't even bother looking at CNC's securitization bonds. I'm shocked that this isn't getting much more commentary. I think the NCFE situation is quite interesting. Imagine what happens when companies like Sears face these types of situations. HDI (or Banco Internationalle de Harley). Paralisys?

    - Bill Gross for some reason seems to hold a lot of this toxic waste. I think we had a bond market bubble a few months back, people piled in, and lots of managers bought VERY toxic crap that was still investment grade for some reason. Now those same guys who were burnt by pets.com will be burnt by some Jerry Springer trailer park trash who owes conseco 10X what he'll likely make in his lifetime, but they will think they're buying something safe. Instead they're investing in deadbeats in many cases.
    #41     Nov 11, 2002
  2. none of you people hated greenspan when times were good, you are all scapegoating bigtime. Several years ago anybody who criticized Greenspan was "ignorant", now anybody who DOESN'T criticize him is "ignorant". LOL, you guys are so Biased it is unbelievable. For the record I am not ignorant by a long shot, I dare say I am more educated formally and otherwise in economics than any of you. All of your "negative" data was considered absolutely positive at the time, and proof that Greenspan was doing his job extremely well. Now it is all being twisted in the never ending search for somebody TO BLAME . You are all just playing the blame game. The ones that are extremely anti-greenie are not ignorant, they are lying to themselves to make themselves feel better, which is far far worse.
    #42     Nov 11, 2002
  3. why does almost every thread result in name calling, regardless of intelligence, level of education (formal or otherwise), etc... ????
    #43     Nov 11, 2002

  4. Gee dotslash, I guess I was lying when I said I have held the same views on Greenspan for years, well before it was popular. I guess I was lying when I said on this thread repeatedly that I felt the same way I do now even before the bubble burst. I guess I was lying when I said I expected all this to end badly many years ago, and I guess I'm lying when I say that's one of the main reasons why I decided to become a commodity broker rather than a stock broker when I got my first gig in 1998.

    Apparently you must think I was lying, or else you would not keep repeating the same accusation.

    And yes you are extremely ignorant of economics as evidenced by your own #1 through #6 post in which each point showed glaring ignorance.

    Time to take another break from this board.
    #44     Nov 11, 2002
  5. "It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

    -- Henry Ford

    "If the American people allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that grow up around them will deprive the people of their property until their children wake up homeless in the continent their fathers conquered."

    -- Thomas Jefferson
    #45     Nov 11, 2002
  6. [excerpt]

    NEW YORK, Sep. 17 - The Federal Reserve Bank of the United States is a very interesting subject and I bet it would surprise some of you to know that the “Fed” is really a privately owned company with individual shareholders. It would surprise even more people to know that most of these shareholders aren’t US citizens. This in and of itself raises several very interesting questions. First, how can foreigners be expected to look out for the best interest of the US and its citizens? Second, what happens when the interest of the United States conflicts with their individual interests or the interests of their own country? What guarantees do the people of the United States have that their interests will be protected? Third, why does the US government elect the head of a private corporation? And finally, is Mr. Greenspan responsible to his shareholders (as is the case with just about every other private company) or to the American people? Tough questions!
    #46     Nov 11, 2002

  7. ----------------------------------------------
    Hungry monkeys invade Thai village

    Bangkok (dpa) - Hungry monkeys have invaded a village in northeastern Thailand, breaking into homes, stealing food and biting the village headman, provincial officials said Monday.

    Virat Boontod, a provincial administration official in Yasothon province, said about 500 pig-tailed monkeys had been making frequent raids on Taohai village, 430 kilometres northeast of Bangkok, because there was not enough food in the jungle during the current dry season.

    He said the monkeys managed to get inside many homes through windows or by scratching holes in villagers' roofs.

    ``They steal chicken and duck eggs and any other food they can find,'' Virat said in a telephone interview. ``Now the villagers are getting fed up with the monkeys. Some of them are using slingshots to drive them away.''

    He said one big domesticated monkey was pressed into service to guard an entrance to the village, but it was outnumbered by the simian invaders, who found other ways in.

    Last week the village's leader was bitten in the thigh by one of the invaders and had to get rabies shots.

    ``The hungry monkeys get some food from local (Buddhist) temples, but it's not enough,'' Virat said. ``We're going to ask for food donations to feed them and we'll ask the district administration to provide a budget for them.''

    Filed By Matt Drudge
    #47     Nov 11, 2002
  8. In a joint press conference held in San Francisco this afternoon, famed money manager Jim Rogers and perma-bear Bill Fleckenstein assailed the U.S. Federal Reserve Board and Chairman Alan Greenspan for the plague of hungry monkeys in Thailand. Reuters reported earlier today that remote Thai villages were under seige from hungry monkeys driven from the jungle by a lack of food.

    "This is just the kind of thing I have been predicting," crowed Fleckenstein. "Once you have a bubble, you cannot control the aftereffects. Mr. Greenspan will be sorely disappointed if he thinks a rate cut will help this situation."

    Rogers was more circumspect. " I traveled through that village two years ago, and there was no monkey problem then. But these things move in cycles. One day you don't have any monkeys, then they are coming through the roof. I always said, if there is a pile of money in the corner, go over there and pick it up. Or go short Pakastani rice futures. I am smart and very rich."
    #48     Nov 11, 2002
  9. I have heard previously that the fed was a private co. You obviously believe it , I find it very odd...........how does it all fit together?

    Any opinions ?
    #49     Nov 11, 2002
  10. nitro



    nitro :D :D :D
    #50     Nov 11, 2002