I hate always running Josh Brown's posts over here, but I cannot help it if the guy is spot on all the time. I read a post over at TRB today that made me feel sort of guilty for not ripping into things like I used to. A sample:
First, I hope the Fed does not embark on QE3. After 40 years of pain avoidance, can we just rip off the f**kin' band-aid already? Enough with the asset price protection, it is the root cause of everything bad about the economy right now. Had we saved the banking system and said f**k the banks themselves, we'd be two thirds of the way out of this by now. Had we gone Swedish instead of Japanese and said the banks are now "Wards of the State" until cleaned up, then yes, we probably would have seen Dow 5000...but so what? Was stopping at Dow 6500 so much better? We would have had an unencumbered financial system at this point, one healthy enough to cope with a new leg down in housing, rather than the debt-ridden George Romero zombie film we find ourselves re-watching every quarter.Much more and it's required reading for anyone so here is the link:
Jackson Hole Preview: The Difference is Why
My buddy Jonathan Lundberg just started blogging but he writes like he has been doing it a long time. While this post is sort of political, I think it has real value when thinking about the total lack of leadership right now from both the President and CONgress:
For The First Time In History The U.S. Has No President
I have bought a ticket to The Big Picture Conference to be held October 11th at the New York Athletic club. Speakers include Barry Ritholtz, Josh Brown, James Altucher, James Bianco, Joe Weisenthal and more. One problem, I have never been to NYC! Anyone that can help me with hotel ideas and any helpful hints? I am not 100% sure I am going, but I got a ticket anyway. I would like to go.
Added: I promised my friend David I would post some blade pictures, so here a few of mine:
Have a good night.
I love New York. I'd move there if I could.
ReplyDeleteI'll leave it to the non-tourists to give you advice on where to go/what to see (although I really did love visiting the Museum of Natural History), but I'm sure whatever you do/see/eat, it will be a blast.
I've never been to New York but my wife has, she said it's awesome.
ReplyDeleteI bet you'll enjoy the trip.
I am not a good traveller, we shall see.
ReplyDeleteJoshua Brown is spot about what have been done about the banks, as is William Black and Karl Deninger.
ReplyDeleteThe federal government has three primary functions: provide for the common defense, promote the general welfare, and protect the citizens from FRAUD. The banks have been lying about asset prices for years. They should have been seized, liquidated, and management should have been prosecuted, just like what was done with the S&Ls in the 80s.
Moreover, these guys, Geithner and Bernanke, are making the exact same mistake that was made by the IMF during the Asian crisis, their confusing a solvency problem with a liquidity problem. Throwing more money at the banks won't solve anything. They'll just use it to keep lying about asset prices.
But even if we had done what was needed to be done with these banks, it wouldn't have ameliorated the real estate market. That's a long way off, maybe a decade or two. There is way too much inventory on the market, not including the shadow inventory Dr. Housing Bubble keeps writing about. A lot of these houses will never sell, and I mean never. By the time the economy recovers and the market turns around, they will have been vacant and unmaintained for so long, they'll be delapidated, unliveable. That's why they're being bulldozed.
Jonathon Lundberg is right about Obama. The man is incompetent.
I've never been to NYC either. But whenever I travel to Dallas, I always stay at the Marriott. If you do decide to make the trip, be sure to stop by the Metropolitan Museum of Morndern Art. It has Van Gogh's Starry Night.
Thanks Gawains!
ReplyDeleteWhoa! Those are some seriously cool blades, my friend! I took a picture almost just like this of my own collection many, many years ago. I wonder if I can find it . . .
ReplyDeleteAnyway -- DUDE! I will so help you out with anything you need to know about NYC. And your conference is actually not very far from where I work. I have hotel recommendations, but it depends on how far away from the conference you want to be and/or if you go more for the well-known chain hotels, or prefer something more on the homey, down-to-earth and less expensive side. Which, btw, since this is New York . . . there's not a lot of those!
But, sure, let me know what you need help with and I'll see what I can do. Oh, and of course we should catch up for a drink or two while you're in town. If you're up for it, that is. ;)
David, thanks man! I think we should meet up and see who is the Highlander series master!
ReplyDeleteI've never been to NYC, so no help here. Sounds like David has you covered, tho.
ReplyDeleteNice blades!