Germans are 10 times more likely than Americans to ride a bike and three times less likely to get hurt while doing so. [more]
Since GDP figures go up when our imports drop... well, I'll let the Financial Times explain it: [more]
but maybe a little scary too.
There are hundreds of crows that gather to winter near our house. In the morning they stand around in very large groups, gabbing with each other, and moving together en masse from place to place.
I think I'll be nicer to them.
Wow, leverage is awesome! The lifeblood of modern economies! All hail the financial geniuses who can borrow and estimate their way to massive profits, despite the fact that they need the crutch of taxpayer leeching on the way back down. Think the self-insured banks can weather the storm without shafting savers or taxpayers? Think again. [more]
Hank: They figure you're bluffing. They don't believe you'll rescue the bagholders at Fannie and Freddie. Bill Miller's counting on you.
You're going to have to show everyone what you've really got in your pocket. I suspect it's a balloon fulla nothing. But if you don't whip it out, we will all know for sure what it's not: real solution to a giant credit bubble that you played a big part in creating.
Because the chief knuckleheads who collect nickels in front of steamrollers are rewarded for being leveraged and lucky, not for being smart or responsible. (Chuck Prince, what's-his-name with the doobies... you know, his business went kaput... plus Angelo Mozilo, the list goes on...) [more]
It's a pretty good ad. And I'm no fan of Obama (or McCain). [more]
Interesting article here. Suggests that deregulation allowed BSers (beginning with Goldman Sachs) to make enormous, market-moving bets, based on the false premise that said traders are simply serving as middle men for folks who need oil to run/hedge their businesses, rather than the apparent truth, which is that this has been lip service to masive speculation. [more]
Remember the insane and amazingly illiterate stock promotion that was Conversion Solutions? [more]
So today, Fannie CEO Daniel Mudd was on WAMU's Diane Rehm show. I didn't hear it. My wife listened, and was absolutely irate when I got home. She was pretty amazed at the way he dodged questions, turned other people's words around (then pretented to agree with what he said they'd just said), and she loved the way he didn't want to admit how much dough he's been making by presiding over a collapsing Ponzi scheme. [more]
So Merrill's houses are worth 22 cents while Fannie and Freddie's are worth a buck?... [more]
I'm misting up just thinking about this patriot's bravery. [more]
And in Brandon, N.Y., nearby, the town supervisor told Mr. Champagne that after a meeting during which he proposed a moratorium on wind towers, he had been invited to pick up a gift from the back seat of a wind company representative’s car. When the supervisor, Michael R. Lawrence, looked inside, according to his complaint to Mr. Champagne, he saw two company polo shirts and a leather pouch that he suspected contained cash. [more]
Let's hope the rest of them get served as well. [more]
I've been saying exactly this for weeks now. [more]
Who will be the Bagholders in the coming wave of Alt-A resets and defaults? [more]
When they're running a commercial.
These sound-bite lies are as amazing as they are infuriating. When we vote for serial BSers like these, we get what we've got coming to us.
Some ex Globetel-ers have started up another outfit called Bridge Tech Industries. [more]
Just forbid stock declines, as some market participants in Pakistan advocated.
How long before the naked-short conspiracy in the U.S. demand something similar given that those bogus SEC rules didn't do anything to keep Fannie and Freddie stock from swirling the bowl?
Hat tip Dealbreaker
MBIA May Sue Short-Seller Ackman's Pershing Square
Typical. Ackerman had them right. They took a great (though sleazy) business model and ran it into the ground through their own greed and incompetent risk modeling. What to do? Sue the guy who told everyone about it, natch.
This is pretty typical for a holier-than-thou blowhard: Edwards Admits to Affair [more]
Here, at Calculated Risk. [more]
Hat tip to blownmortgage.com.
Why did the taxpayer get put on the hook for billions worth of crummy real estate loans? Because the cash machine in Asia demanded it.
Because the bagholders out there are anchored and completely irrational.
Alas, my colleague Tim Beyers shoots wide of the mark here: AT&T Is Killing the iPhone [more]
Mortgage Failure Rate Rises Mortgages issued in the first half of 2007 are going bad at a pace that far outstrips 2006, an analysis shows, suggesting that the blow to the financial system from U.S. housing woes will be deeper than many people earlier estimated. [more]
This is one of the most affluent areas in the nation. So why are the kids stealing a million bucks worth of food every year?
According to this nice story in the NY Times, all those Alt-A loans are starting to stink like so much ripe cheese between Mozilo's ancient toes. [more]
ST. PETERSBURG, Fla. -- Barack Obama called for a $1,000 "emergency" rebate to consumers to offset soaring energy costs amid fresh signs of a struggling economy with the nation's unemployment rate climbing to a four-year high. [more]