Some nice comments from Briefing.com:
Thoughts From Maxim
Group: The always astute, not to mention witty, Barry Ritholtz notes
that the damage caused by Katrina will incur untold costs above and beyond the
costs that resulted from the great Chicago fire, 1906 San Francisco earthquake
and NY and DC after 9/11. Combined. Writing, "Further, we note that Katrina
has revealed the surprisingly steep learning curve of key economic players.
Alan Greenspan has learned that Jawboning is a 2 way street. He has discovered
the Markets can exert a formidable force. Having declared that the Fed
must now pause on 9/20- and rallying in anticipation –
the markets will throw a tantrum in the event the Fed does
not. How he handles this may impact how quickly the economy
recovers."
He also
offered this little joke to brighten everybody’s (or, most peoples) Friday:
A
Chicago economist died in poverty and many local futures traders donated to a
fund for his funeral. The president of (the Merc, the Board of Trade, etc.) was
asked to donate a dollar. "Only a buck?" said the president, "only a dollar to
bury an economist? Here’s a check; go bury 1000 of them."
That’s way too kind of them.
For those of you who are not on the email list, every week, along with a one-pager of market commentary, I include an economics related joke. You can subscribe to that list by sending an email here. (Specify PDF or Word Doc)
I feel like you’ve been wearing your fundie hat a lot lately, maybe you lost the equally dashing TA hat at the beach this summer. In any event, is it just me or does the tape seem feisty? Japan actually seems real etc. Given your outlook, and your discipline, do you have a puke point on the upside? I’ve lost track of your exposure but I think after moving aside in the spring you were pulled back in over the summer. I don’t recall the late summer pullback knocking you out or lightening up your exposure. If I misstated anything I blame it on a long day in the sun with the Kinderkickers!