Tuesday Notes

I am home a bit late and i have a ton of errands to do, so just a few notes for the evening.

Bernanke Reappointed
The gushing praise for Bernanke "saving the world" was out in force. Even Calculated Risk praised Ben's response to the crisis, once he figured out things were really bad. I for one cannot see how bailing out everything under the sun can be seen as genius, anyone can do that.

Throwing a bit of cold water on the Bernanke news, a New York district judge rules in favor of Bloomberg news and states the FED must disclose terms and names of institutions that received support in the early panic of the credit crisis. A few thoughts:
-No way this happens in 5 days, so stop dreaming
-I am more interested in what the FED took as collateral for loans more than names of recipients (we know everyone was in on this); the collateral question could be a debt sale killer if it is known the FED has reams of bad mortgage paper (not triple A!) on the books. Still, I am of the mind we never get this information.

Fannie, Freddie Shares Soar, Puzzling Analysts
It seems day traders and momentum riders are playing craps with these stocks. Why are they even listed again? Good job Bernanke!

I am no expert in oil, but I do share the opinion that oil supplies have a limit and that extraction eventually will become too hard. Clusterstock had a dueling run at "Peak Oil" today prompted by a New York Times article;
View 1:
Peak Oil Is Totally Bogus
View 2:
Here's Why Peak Oil Is NOT Bogus
Food for thought.

For the first time since 1987, Central Banks are net BUYERS of gold. If you have followed by gold ramblings over time you understand that even small demand changes can really have an effect gold price dynamics.

Have a good night.