The Big Picture

Bailout Nation: Treasury, SEC on Bailouts

Friday, July 18, 2008 | 01:00 PM

in Books | Credit | Federal Reserve | Taxes and Policy | Video

I did three segments Tuesday on Yahoo Tech Ticker at the Nasdaq:

Here is the last, on Bailouts, Fannie & Freddie:

Click for video

Source:
Bailout Nation: Paulson, Cox, Shorts Weigh in On Fannie, Freddie
Aaron Task
Yahoo Tech Ticker, Jul 15, 2008 07:00am EDT
http://finance.yahoo.com/tech-ticker/article/39342/Bailout-Nation-Paulson-Cox-Shorts-Weigh-in-On-Fannie-Freddie?tickers=FNM,FRE,GM,TM,%5EDJI,%5ESPX,XLF

Joe Nocera: The Shorts Ate My Company

Friday, July 18, 2008 | 03:30 AM

in Corporate Management | Video

I've been meaning to mention this -- and Paul reminded me this morn -- but NYT columnist Joe Nocera is now blogging.

click for video

Source:
Joe Nocera Blog
http://executivesuite.blogs.nytimes.com/

The Three-Headed Monster

Thursday, July 17, 2008 | 03:00 PM

in Credit | Economy | Federal Reserve | Inflation | Video

I did three segments Tuesday on Yahoo Tech Ticker at the Nasdaq:

Here is the second piece, on Inflation, the weak economy and the Credit Crisis:

Source:
Ben Bernanke vs. the Three-Headed Monster
Aaron Task
Yahoo Tech Ticker, Jul 15, 2008 07:00am EDT
http://finance.yahoo.com/tech-ticker/article/39310/Ben-Bernanke-vs.-the-Three-Headed-Monster;_ylt=Agy5nIydkMETYzvP1Evig4lk7ot4?tickers=%5EDJI,%5EGSPC,%5EIXIC,SPY,DIA

William Ackman on Fannie & Freddie

Thursday, July 17, 2008 | 03:00 AM

in Credit | Video

Unveiling his plans to save the lenders, with William Ackman, Pershing Square Capital Management managing partner

click for video

"This is a conservatorship, which is a good thing, because you can accomplish it more efficiently," Ackman said.

Part II
click and scroll down

Sources:
Ackman: A Plan to Save Fannie & Freddie
CNBC.com | 15 Jul 2008 | 10:30 AM
http://www.cnbc.com//id/25685589

Slideshow
http://www.cnbc.com/id/25688918/site/14081545/

Wild Times on Wall Street

Wednesday, July 16, 2008 | 02:00 PM

in Contrary Indicators | Markets | Trading | Video

I did three segments Tuesday on Yahoo Tech Ticker at the Nasdaq:

Here is the first, on closing shorts and getting a bounce:

Click for video

We ran out of time, but I was going to discuss the infrastructure plays also . . .

Source:
Wild Times on Wall Street: What Now for Investors?
Aaron Task
Yahoo Tech Ticker, Jul 15, 2008 07:00am EDT
http://finance.yahoo.com/tech-ticker/article/39407/Wild-Times-on-Wall-Street-What-Now-for-Investors

Jim Rogers: Fannie Plan a 'Disaster'

Wednesday, July 16, 2008 | 03:00 AM

in Credit | Economy | Video

"I don't know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae,'' Rogers, 65, said in an interview from Singapore. ``So we're going to bail out everybody else in the world. And it ruins the Federal Reserve's balance sheet and it makes the dollar more vulnerable and it increases inflation.''

The chairman of Rogers Holdings, who in April 2006 correctly predicted oil would reach $100 a barrel and gold $1,000 an ounce, also said the commodities bull market has a "long way to go'' and advised buying agricultural commodities.

wow!

click for video

The U.S. Treasury Department's plan to shore up Fannie Mae and Freddie Mac is an "unmitigated disaster'' and the largest U.S. mortgage lenders are "basically insolvent,'' according to investor Jim Rogers.

Taxpayers will be saddled with debt if Congress approves U.S. Treasury Secretary Henry Paulson's request for the authority to buy unlimited stakes in and lend to Fannie Mae and Freddie Mac, Rogers said in a Bloomberg Television interview. Rogers is betting that Fannie Mae shares will keep tumbling...

"These companies were going to go bankrupt if they hadn't stepped in to do something, and they should've gone bankrupt with all of the mistakes they've made,'' Rogers said. ``What's going to happen when you Band-Aid and put some Band-Aids on it for another year or two or three? What's going to happen three years from now when the situation's much, much, much worse?'' . . .

The U.S. economy is in a recession, possibly the worst since World War II, Rogers said.

"They're ruining what has been one of the greatest economies in the world,'' Rogers said. Bernanke and Paulson "are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.''

Source:
Fannie Plan a `Disaster' to Rogers; Goldman Says Sell
Carol Massar and Eric Martin
Bloomberg, July 14 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7hS5BuYqeR8&

Don't Bail Out Fannie, Freddie: Jim Rogers
CNBC.com | 15 Jul 2008 | 05:02 AM ET
http://www.cnbc.com//id/25684069

CEO Sees Dismal Economy (Bunch of Whiners!)

Tuesday, July 15, 2008 | 03:00 AM

in Credit | Economy | Taxes and Policy | Video

CEOs portray a gloomy forecast for the US Economy, according to a new survey by Chief Executive Magazine:

Breaking News: Herb Greenberg Resigns CNBC

Monday, July 14, 2008 | 12:00 PM

in Financial Press | Video

Here's some sad news that has yet to hit the wires: Herb Greenberg has resigned as a full-time contributor to CNBC. (No, he's not going to Fox Business).

Here's what Herb wrote to CNBC:

Just an FYI: I’ve pulled myself out of the contributor rotation to focus exclusively on my business, which has become more-than-a-fulltime job. It wasn’t an easy decision to walk away. I’ll still be available from time to time as a non-contributor guest, as time permits, and I remain committed to CNBC.

Herb will be missed on CNBC -- he is a skeptical voice of reason who oftentimes doubts the nonsense spin we hear all too frequently from corporate executives. And, he's been proven right far too many times to ignore. He will be missed.

Herb's new firm is called Greenberg Meritz, and the focus will be "Bridging Financial Journalism and Forensic Analysis."

We wish him luck at his new venture, and if he ever wants to get some info out to a wider distribution, our doors are always open . . .

Click for video

Video: IndyMac CEO Interview on CNBC

Monday, July 14, 2008 | 05:15 AM

in Credit | Video

An interview on CNBC with IndyMac Bank CEO Michael Perry about company's Option ARM mortgage portfolio and Federal Reserve's decision to leave interest rates unchanged.

You get the sense that Indy Mac's CEO has absolutely zero idea as to whats coming,

September 20, 2006:

~~~

Talks with Treasury Secretary Henry Paulson on the Dollar

Sunday, July 13, 2008 | 03:30 AM

in Currency | Video

Ron Paul Financial Services Hearing - July 10, 2008

~~~

Murdoch: 'Very Bearish' on Economy

Friday, July 11, 2008 | 03:00 AM

in Economy | Financial Press | Video

Murdoch:

News Corp. Chief Executive Officer Rupert Murdoch said he is "very bearish'' on the economy as food and energy prices rise for consumers.

Murdoch said he anticipates "another 12 months of hard slogging'' during a television interview from the Allen & Co. media conference in Sun Valley, Idaho. He said the entertainment industry is "doing just fine'' so far.

"Every country in the world has serious food inflation and then of course you've got the same thing with energy,'' he said. "It's really squeezed.''

click for video:

Media stocks have been overly penalized, Murdoch said. News Corp., based in New York, had dropped 30 percent this year before today on investor concern about a slowdown in advertising and the company's MySpace social-networking Web site. Time Warner Inc., the biggest U.S. media company, had lost 16 percent, and No. 2 Walt Disney Co. is down 8.5 percent.

Source:
News Corp. Chief Says He's `Very Bearish' on Economy
Greg Miles and Gillian Wee
Bloomberg, July 10 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a0z1E6gYNErU

David Tice: S&P500 Below 800 ?

Thursday, July 10, 2008 | 03:00 AM

in Economy | Markets | Video

Not my favorite Bear -- but give credit to Bloomberg for the timing of this interview:

David Tice, founder of the $1.2 billion Prudent Bear Fund in St. Thomas, Virgin Islands, discusses the U.S. equity market. The Standard & Poor's 500 Index may drop below 800 as the economy slows, he said. The benchmark for U.S. stocks fell 2.3 percent today to 1,244.69, sending the index into its first so- called bear market since 2002.

On the market's decline: "We sometimes we use the word `depression' because a recession connotes really just an inventory adjustment, etc. What we're talking about doesn't have to be as bad as the Great Depression, but it's a major long-term readjustment of the economy.''

click for video

Sources:
Prudent Bear Founder Tice Says S&P 500 Will Fall Below 800
Michael McKee and Katherine Greene
Bloomberg, July 9 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMmJcRGfAmRo

Ted Koppel: The People's Republic of Capitalism

Wednesday, July 09, 2008 | 11:45 AM

in Economy | Video

Ted Koppel has a four part series on the Discovery channel, beginning tonight, on China.

Part 1: Joined at the Hip — Wed., July 9, at 10 p.m. ET/PT
Part 2: MAOism TO MEism — Thur., July 10, at 10 p.m. ET/PT
Part 3: The Fast Lane — Fri., July 11, at 10 p.m. ET/PT
Part 4: It's the Economy, Stupid — Sat., July 12, at 10 p.m. ET/PT

It looks quite fascinating . . .

Sources:
Ted Koppel's 'Capitalism' pays off big
Robert Bianco
USA TODAY, July 08 2008
http://www.usatoday.com/life/television/reviews/2008-07-07-koppel-capitalism_N.htm

Ted Koppel Opens Up About Meet the Press, Nightline and Conan
Media Bistro, TUESDAY JUN 24, 2008
http://www.mediabistro.com/tvnewser/generalities/ted_koppel_opens_up_about_meet_the_press_nightline_and_conan_86663.asp

The People's Republic of Capitalism
Review: 'People's Republic of Capitalism' on Discovery
Verne Gay
Discovery, July 9, 2008
tonight through Saturday at 10
http://www.newsday.com/services/newspaper/printedition/wednesday/partii/ny-ettel5756145jul09,0,904763.column

T. Boone Pickens on Oil Prices, Wind Power

Wednesday, July 09, 2008 | 03:30 AM

in Commodities | Energy | Video

Boone Pickens details to reduce America's dependence on foreign oil:

click for Video

UPDATE: July 9, 2008 9:43pm

Jeff Matthews points out Picken's flip flop

“I was in wind energy for a minute…. I hate it. And when I got to looking at those damn things I said, I don't want to be a part of putting that on the horizon. I think it's homely and I don't like it. We took a loss and got out of it and I'm glad I did.”

—T. Boone Pickens, Bloomberg, February 17, 2005

Related:
Boone Pickens: A man with an energy plan
C/NET July 8, 2008 4:20 PM
http://news.cnet.com/8301-11128_3-9985905-54.html

Big Pickens: T. Boone, the Oilman, Ups the Ante in His Wind Bet
Keith Johnson
Environment, July 8, 2008, 2:11 pm
http://blogs.wsj.com/environmentalcapital/2008/07/08/big-pickens-t-boone-the-oilman-ups-the-ante-in-his-wind-bet/

Texas oilman T. Boone Pickens wants to supplant oil with wind
Dan Reed
USA TODAY July 8, 2008
http://www.usatoday.com/money/industries/energy/2008-07-08-t-boone-pickens-plan-wind-energy_N.htm

~~~

Rubin: Economy Facing `Extended Difficulties'

Tuesday, July 08, 2008 | 03:00 AM

in Economy | Video

Serious words from Robert Rubin:

"Former U.S. Treasury Secretary Robert Rubin said that the world economy still faces "extended difficulties'' from the fallout of the U.S. subprime mortgage crisis and rising energy and food costs.

"It's possible that it could get better during the course of this year, but it's far more likely that we will have extended difficulties for quite some time yet if you consider what is happening with housing prices, the price of oil and so much else,'' Rubin said today in an interview in Rome.

Record oil and food prices are fueling inflation and choking growth at a time when the fallout from the U.S. subprime mortgage market meltdown has already taken a toll on the global expansion. The Organization for Economic on June 4 cuts the growth forecast for its 30 members to 1.8 percent for this year, the slowest since 2002."

click for video

Source:
Rubin Says Economy Facing `Extended Difficulties'
Alessandra Migliaccio and Flavia Rotondi
Bloomberg, July 1 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJWQydwyeAzI

Faber: Expect Industrial-Commodity Demand to Drop

Monday, July 07, 2008 | 04:00 AM

in Commodities | Economy | Video

Marc Faber, publisher of the Gloom, Boom & Doom Report, talks about the U.S. and emerging-market economies, the state of financial-services industry and the outlook for commodity markets.

00:00 U.S. economy; financials in "disarray"
01:09 "Negative" about emerging-market economies
02:21 Outlook for commodity markets, oil

Click for crappy WMP

Source:
Marc Faber Expects Industrial-Commodity Demand to Drop
Bloomberg, July 1 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2pX.LlaDNqQ

Economic Anxiety Disorder

Friday, July 04, 2008 | 04:30 AM

in Economy | Employment | Financial Press | Video

Dana Milbank is brilliant:

NEVER LET THEM SEE YOU SWEAT

Source:
The Economy? Words Fail Me.
Dana Milbank
Washington Post, July 4, 2008; A03
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/03/AR2008070303317.html

~~~

Grant: 'This Time Is Different' for U.S. Consumers

Thursday, July 03, 2008 | 03:30 AM

in Consumer Spending | Economy | Video

James Grant, editor of Grant's Interest Rate Observer, and Brad Hintz, an analyst at Sanford C. Bernstein & Co. and a former chief financial officer of Lehman Brothers Inc., talk about the outlook for U.S. consumer spending, Treasury Secretary Henry Paulson's call for regulatory changes that would allow financial firms to fail without threatening market stability and the outlook for brokerages

click for video

Flash Video Coming to Bloomberg.com ?

Wednesday, July 02, 2008 | 04:30 PM

in Video | Web/Tech

A quick FYI:

Via a Feedback Ticket from Bloomberg Media

In response to the question: "Why is it that your embedded player has no sound when I play on my Mac OS X?"

Bloomberg Feedback Team: There are compatibility issues with newer Macs. We hope to convert to Flash player in the future.

Now, is this the near future or 20012

Eli Broad: Economy in Worst Slump Since WWII

Wednesday, July 02, 2008 | 03:30 AM

in Economy | Real Estate | Video

More straight talk from an old hand in the building sector:

"Billionaire investor Eli Broad said the U.S. economy is in the "worst period'' of his adult life as a housing market recovery remains "several years'' away.

"This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient "safety nets.''

The economy expanded at an annual rate of 1 percent in the first quarter, the Commerce Department said last week. That caps the weakest six months of growth in five years. The U.S. lost 49,000 jobs in May, when the unemployment rate rose to 5.5 percent, the fifth straight month with a drop in payrolls and the biggest jump in the jobless rate in more than two decades.

"This is the worst period of my adult lifetime,'' Broad said, speaking about the U.S. economy. "I do not think things are going to get any better'' before the next president takes office in January.

Click for video

Check out that chart in the background -- Ouch!

Source:
Broad Says Economy in Worst Slump Since World War II
Anthony Massucci and Erik Holm
Bloomberg, July 1 2008
http://www.bloomberg.com/apps/news?pid=20601103&sid=aAZwgRY7yikM

The Atlantic on Rupert Murdoch

Tuesday, July 01, 2008 | 03:30 AM

in Financial Press | Video

We looked at what Murdoch was altering at the WSJ not too long ago in Murdoch's WSJ Changes Creates Opening for NYT, FT.

Rupert Murdoch: The Last Hope for Journalism?

Part I: Murdoch's Methods

Parts II & III after the jump.

Previously:
Murdoch's WSJ Changes Creates Opening for NYT, FT (April 2008)
http://bigpicture.typepad.com/comments/2008/04/murdochs-wsj-cr.html

Source:
Mr. Murdoch Goes to War
Mark Bowden
Atlantic, July/August 2008
http://www.theatlantic.com/doc/200807/murdoch

Continue reading "The Atlantic on Rupert Murdoch"

Chinese Oil Conundrum

Monday, June 30, 2008 | 03:30 AM

in Commodities | Energy | Markets | Trading | Video

China's subsidized fuel prices worked miracles in the past, but because they hurt energy stocks, they are now a major policy concern.

click for video

Related:
For Chinese, the Reality of Higher Gas Prices
JIMMY WANG
NYT, June 21, 2008
http://www.nytimes.com/2008/06/21/business/worldbusiness/21gas.html

Reshaping of Wall Street

Sunday, June 29, 2008 | 03:30 AM

in Corporate Management | Credit | Derivatives | Finance | Video

Mike Santoli on the Reshaping of a newer, smaller Wall Street:

click for Video

This is based on the article in this week's cover story in Barron's, Future of the Street.

Source:
Future of the Street
MICHAEL SANTOLI
BARRON'S June 30, 2008
http://online.barrons.com/article/SB121460952736112313.html

~~~

Louise Yamada: Dow 10,000, SPX 1,175, Nasdaq 2,000

Saturday, June 28, 2008 | 03:30 AM

in Technical Analysis | Video

Discussing where the market goes next, with Louise Yamada, managing director of Louise Yamada Technical Research Advisors:

click for Video

~~~

Bill Gross on Inflation & Recession

Friday, June 27, 2008 | 03:30 AM

in Economy | Federal Reserve | Inflation | Video

The Fed is walking a tightrope between inflation and a recession, hoping to find its way to neutral. Bill Gross, of PIMCO, shares their insight.

click for video

Gross:

"There's a lot of stress in the financial markets. Let's face it, this economy, the US economy and even the global economy is delevering, and when an economy delevers there are substantial problems and substantial risks.

"We've seen a lot of that. We've seen writeoffs in the hundreds of billions of dollars with more to come. But yeah, there's a lot of tenuous action in the financial markets these days and I expect more of it."

Source:
Gross: Fed Will Hold Steady for Rest of Year
CNBC.com | 25 Jun 2008 | 03:20 PM ET
http://www.cnbc.com/id/25372572/site/14081545

Doug Dachille & Gary Kaminsky discuss Fed, Rates, and Inflation

Thursday, June 26, 2008 | 03:00 AM

in Commodities | Economy | Federal Reserve | Inflation | Video

Very interesting video from SquawkBox Wednesday morning -- I thought Doug Dachille of First Principles Capital Management did a nice job and Gary Kaminsky Neuberger Berman is always solid.

click for Video

This was not Joe Kernan's finest interview . . . especially later in the interview.

Part II is here:

George Carlin on HBO

Wednesday, June 25, 2008 | 06:30 PM

in Politics | Psychology/Sentiment | Television | Video

George Carlin recorded 14 live comedy stand up specials for HBO, over the course of three decades.

HBO will air Carlin's most recent live comedy special, "It's Bad for Ya," at 9 p.m. Friday, June 27.

Tonight and tomorrow, HBO2 will air 11 of those earlier shows:

Wednesday, June 25th
8:00pm George Carlin at USC (1977)
9:00pm George Carlin Again! (1978)
11:00pm Carlin at Carnegie (1983)
12:00am Carlin on Campus (1984)
1:00am Playin’ with Your Head (1986)

Thursday, June 26th
8:00pm What Am I Doing in New Jersey? (1988)
9:00pm Doin It Again (1990)
10:00pm Jammin in New York (1992)
11:00pm Back in Town (1996)
12:05am You Are All Diseased (1999)
1:00am It’s Bad For Ya (2008)

Also, this weekend, NBC will be running the very first ever 1975 Saturday Night Live, hosted by none other than George Carlin. Its a must TiVo show.

Those of you who may not be all that familiar with Carlin's earlier works should especially catch the 1970's and 80's work. Its probably tame compared to what you are used to today, but Carlin was groundbreaking. Most modern comics owe a huge debt to Carlin.

For those of you without HBO, there's always the complete set: All My Stuff

Previously:

George Carlin (1937 - 2008)
http://bigpicture.typepad.com/comments/2008/06/george-carlin-1.html

Uh-Oh: I Am On Notice

Wednesday, June 25, 2008 | 05:15 PM

in Media | Video

On Notice

The Stephen Colbert "On Notice Board" Generator via Muckdog

False Housing Turnaround Expectations

Wednesday, June 25, 2008 | 03:00 AM

in Real Estate | Video

Marketwatch:

Most U.S. Stocks Retreat, Led by Financials on Credit Concern

Tuesday, June 24, 2008 | 03:00 AM

in Markets | Video

click for video

Excerpt:

U.S. stocks retreated, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. Rising oil prices pushed crude producers higher, leaving the Standard & Poor's 500 Index and Dow Jones Industrial Average little changed.

Merrill Lynch & Co., Morgan Stanley and Lehman Brothers Holdings Inc. helped lead the drop after Bank of America Corp. cut income estimates for brokerages and Goldman Sachs Group Inc. advised selling bank shares as credit losses linger into 2009. Oil's second day of gains pushed down Home Depot Inc., General Motors Corp. and United Airlines parent UAL Corp., while sending energy shares to their first advance in four days. American International Group Inc., the largest insurer, tumbled to the lowest since 1997 on Barron's recommendation to sell the shares.

Almost two stocks fell for each that rose on the New York Stock Exchange. The S&P 500 rose 0.07 point to 1,318. The Dow decreased 0.33, or less than 0.1 percent, to 11,842.36. The Nasdaq Composite Index slipped 20.35, or 0.9 percent, to 2,385.74.

Source:
Most U.S. Stocks Retreat, Led by Financials on Credit Concern
Eric Martin
Bloomberg, June 23 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZ3JNXU3j5vg

~~~

Tuesday, June 24, 2008 | 03:00 AM | Permalink |