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Results 1 - 18 of 18

I wonder who Henry To is talking about - 2 years ago

From Henry To, an internet investment advisor's weekly post on Safehaven.com http://safehaven.com/article-8304.htm "Before we begin our commentary, I just want to clear up one thing. In a certain blog last week - as a response to Bill Gross' (of PIMCO) comments asking for government intervention in the mortgage space in his September commentary - one prominent blogger stated that it was pu
by davepowers - Economy and General Discussion

Re: Mystery trader bets market will crash by a third! - 2 years ago

fwiw http://www.thestreet.com/_email/newsanalysis/optionsfutures/10377063.html
by davepowers - Economy and General Discussion

Re: Mystery trader bets market will crash by a third! - 2 years ago

I sure hope this is bogus. But there are a lot of internet rumors (see Juan Cole's website) re the US getting ready to attack Iran in early September. That might make a big short like the above worth the 'risk.' It might also explain why the short (if indeed it exists) was lodged against the European market, as that market would be caught in the crossfire and might plunge more than the US, at
by davepowers - Economy and General Discussion

Re: A Gross Challenge - 2 years ago

Given Mr. Gross' claim that Pimco is not exposed to subprime mortgages, I took a look at the 190 plus pages of assets for Pimco Total Return. As Mish's earlier article pointed out there are a ton of mortgage pass thrus there. However, even if every mortgage in every pool of pass thrus (where the interest and/or principal passes thru to Pimco) is safe and sound, it doesn't mean that PTR is off the
by davepowers - Economy and General Discussion

Re: Bill Gross Wants PIMCO Bailout - 2 years ago

Very interesting and thanks for the research. I caught Gross on CNBC yesterday (no pun intended), where he rushed to emphasize that Pimco has no personal stake in his bail out proposal, no none at all, in that (I'm paraphrasing as I don't have access to the precise language) it has 'no exposure to adjustable ARMs.' This is apparently a technically true statement, at least as to Pimco's anemi
by davepowers - Economy and General Discussion

Expansion of Fed's Patriotic Discount Window - 2 years ago

Just heard a talking head on CNBC read a 'clarification' re the NY Fed's discount window operations confirming that the type of asset accepted as security is 'broaded' to include asset backed securities. Missed if that was just mortgage securities or non mortgage asset backed as well. Back in civics class, we were told that the discount window was one of the Feds powers, but it never amounted t
by davepowers - Economy and General Discussion

Re: Brave Face Masks Bold Lie - 2 years ago

This is a very signicant development IMO. Historically, the discount window has been very little used because of the 'stigma of being in trouble' attached to it. Right? I've read transactions there are historically in the 'millions' which is chump change in the credit system. If they can remove the stigma thru this obviously coordinated with the Fed move, then they have opened up a major new front
by davepowers - Economy and General Discussion

Re: Bernanke's 16 Gun Salute - 2 years ago

In addition, Dodd mentioned that Bernanke said that he (Bernanke) was disappointed because the banks hadn't made much use of the discount window, which supports the view that you can lead the horse to the water but you can't make them drink.
by davepowers - Economy and General Discussion

Re: What Assets Actually Back Asset Backed Securities? - 2 years ago

I've long figured that when all this unwinds they'll discover that in way too many cases there will be NO documentation, missing paper (maybe due in part to the potential problem you mention) and other inabilities to figure out what is backing up what. Just the sheer volume and complexity of derivatives/financial paper which expanded in both quantity/complexity in a relatively short period of time
by davepowers - Economy and General Discussion

Re: sentinel FAQ Yanked - 2 years ago

One is tempted to imagine what the guys who ran Monty Python could dun have with this sort of material. Until you wonder if they've actually written it in the first place really... can't you just imagine John Cleese reading this stuff to an assembled Hall full of Assemblees? dp
by davepowers - Economy and General Discussion

Re: Anatomy of coming corporate credit crunch - 2 years ago

Thanks. Yes, I did take your original post to refer to commercial, not investment, banks. I especially agree with your last point - namely the sad fact that yields on the remaining 'safe' investments may well tank. The rise in short term rates has at least had the function of providing conservative investors with increased income. The reduction of that income (via declines in bank cd or tbil
by davepowers - Economy and General Discussion

Re: Bernanke Panics & Gold Responds - 2 years ago

thanks I read that post by Mr. Practical (sorry, don't know who that is), but there was no reference to any authority or specifics. Were they taking GSE MBS' or just any piece of embarrassing junk and how does that differ from normal practice? That might be an important distinction in that it would indicate a further step down the perilous path to a total fed assumption of private junk debt.
by davepowers - Economy and General Discussion

Re: Bernanke Panics & Gold Responds - 2 years ago

Do we know for sure what collateral the Fed is taking for these repos and whether it differs substantially from the kind of collateral they normally take? In the last day or so, I've heard various 'authorities' describing it various ways. I assumed (and I NOT an 'authority') that in the past they take either treasury notes/bonds or GSE related mortgage securities. Is that what they're taking no
by davepowers - Economy and General Discussion

Re: Anatomy of coming corporate credit crunch - 2 years ago

Competing for the increasingly risk-inverse investors, banks will be forced to offer higher interest rates --- I've a question whether this is likely. Given the rush to find safe harbors (see fall in 3 month tbills from 4.93, which was a yield available Wednesday, to 4.7 yield available on Thursday, to 4.4 on Friday) and given the FDIC guarantee, would the banks instead see a rush for pro
by davepowers - Economy and General Discussion

Re: Cramer meltdown - 2 years ago

Noland on Cramer yelling 'fire' in crowded theater. A sobering article. http://safehaven.com/article-8108.htm
by davepowers - Economy and General Discussion

Re: Cramer meltdown - 2 years ago

I suspect that he was being frank about receiving messages of fright from his contacts in fixed income. I don't follow Cramer much, but I did run across a couple of days ago assuring his listeners to disregard the uber bears because the Fed could always drop rate a full point and that would solve everything. From there to today, he's now screaming for rate cuts NOW. I'd guess his friends
by davepowers - Economy and General Discussion

Cramer meltdown - 2 years ago

I was just channel surfing (better than working) and came across James Cramer's complete meltown on CNBC. Total and complete. Even the CNBC commentator (who appeared to be wearing a cow skin dress I kid you not) was stepping back. Subject of meltdown - alleged complete and total Armageddon (his words) in fixed income, based on messages from all his Wall Street insider contacts who are allegedly
by davepowers - Economy and General Discussion

Re: PPT Exposed - 2 years ago

You did sort of fudge on the Kennedy hit bit, pushing old Occam's Razor simplicity guideline forward but then describing the JFK conspiracy 'theory' (singlular) as a collection of the outer limits of many, varied and mutually exclusive theories, some ludicrous, some not so much. Of course, that doesn't look simple. On the other hand, I appreciate that the article was a spoof as you said above.
by davepowers - Mish's Global Economics Blog Discussion
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