Google Trend: Bailout

April 8, 2008 12:30pm by

Interesting to see how this goes higher as the "Mortgage Rescue" bill works its way through Congress:

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  1. dgoverde commented on Apr 8

    Barry,

    Great post. I had no idea that anything like this existed. This will allow us to model whether or not the frequency of certain catch phrases appearing in print is a good predictor of market cycles. What words should we use to try to identify market tops? And what words should we use to identify market bottoms? I vaguely remember that Shiller cited studies like this in Irrational Exuberance. I could be wrong about the source. Can anybody verify that my memory is serving me correctly?

    Thanks,
    dgov

  3. Mr. Obvious commented on Apr 8

    How long until we see articles re: rouge Fed Chief?

  4. Michael Donnelly commented on Apr 8

    They forgot to label the X axis…. is the first cross bar 1 ? Therefore E is 2 stories in the news ?

    And the history only goes back to 2004.

    I did this for the word recession (annual data, # of times it appears in the news) but in order to go back further it’s a bit more manual intensive as you have to enter the dates. I was able to get back to 1998, but it’s a lot of work, would love to see Google add it as a feature.

  5. Isaac commented on Apr 8

    ‘Moral hazard’ yields a similar plot.

  6. SPECTRE of Deflation commented on Apr 8

    Mr. Obvious, not too long:

    Market ‘reforms’ a gift to Wall St.
    Jim Jubak

    The Treasury chief’s plan wouldn’t fix the problems underlying today’s financial crisis. Plus, is it wise to give the Fed — clearly asleep at the switch — more authority?

    It’s a scam, a fraud, a charade, a lie

    But what else did you expect from a package of “reforms” fronted by a Treasury secretary who was formerly the CEO of investment bank Goldman Sachs, a package written by Treasury Department officials with input from Wall Street’s biggest players? It’s no coincidence that many of the plan’s ideas echo those peddled by Wall Street lobbyists for years in the halls of Congress.

    snip

    the rest can be found here:
    http://articles.moneycentral.msn.com/Investing/JubaksJournal/MarketReformsAGiftToWallSt.aspx

  7. SPECTRE of Deflation commented on Apr 8

    Mr. Obvious, read this and then be very scared. I now know why the Comptroller quit:

    H. R. 5649
    To establish the Home Owners’ Loan Corporation to provide emergency home mortgage relief.

    IN THE HOUSE OF REPRESENTATIVES

    March 14, 2008
    Mr. KIRK introduced the following bill; which was referred to the Committee on Financial Services

    ——————————————————————————–

    A BILL
    To establish the Home Owners’ Loan Corporation to provide emergency home mortgage relief.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

    SNIP

    (B) UPSIDE-DOWN MORTGAGES- In any case in which the amount of the face value of the bonds exchanged plus accrued interest thereon and the cash advanced is less than the amount the home owner owes with respect to the home mortgage or other obligation or lien so acquired by the Corporation, the Corporation shall credit the difference between such amounts to the home owner and shall reduce the amount owed by the home owner to the Corporation to that extent.

    SNIP
    http://www.washingtonwatch.com/bills/history/110_HR_5649.html

  8. SPECTRE of Deflation commented on Apr 8

    Sorry on the length Barry. I should of condensed it myself. Will try harder to self edit although I encourage everyone to read the new Grimm’s Fairy Tale for themselves with the link. Thanks for all you do!

  9. Pat G. commented on Apr 8

    “To establish the Home Owners’ Loan Corporation to provide emergency home mortgage relief.”

    I heard Bush won’t sign it.

  11. SPECTRE of Deflation commented on Apr 8

    Hell Ya:

    TIME TO BRING PAUL VOLCKER OUT OF RETIREMENT

    March 4, 2008 — SAVE the dollar! Fire Ber nanke!

    There have been a lot of folks attacking Ben Bernanke lately.

    Most are steamed that the chairman of the Federal Reserve isn’t cutting interest rates fast enough to help the economy, even though he’s been slashing borrowing costs since last summer.

    Oh, those misguided souls!

    Bernanke’s problem is just the opposite – he’s proving to be so easily manipulated by Wall Street and anxious politicians that investors both here and abroad are becoming afraid to entrust their assets to the US securities markets and the dollar.

    Inflation is roaring and the chairman is dutifully paying lip service to the problem.

    EXCERPT
    nypost.com/seven/03042008/business/time_to_bring_paul_volcker_out_of_retire_100379.htm

  12. SPECTRE of Deflation commented on Apr 8

    Speaking of Volker:

    Volcker Says Fed’s Bear Loan Stretches Legal Power (Update4)

    By John Brinsley and Anthony Massucci

    April 8 (Bloomberg) — Former Federal Reserve Chairman Paul Volcker questioned the central bank’s decision to back a loan to an investment bank, saying the decision was at “the very edge” of its legal authority.

    “The Federal Reserve has judged it necessary to take actions that extend to the very edge of its lawful and implied powers, transcending in the process certain long-embedded central banking principles and practices,” Volcker said in a speech to the Economic Club of New York.

    Fed Chairman Ben S. Bernanke last month agreed to take on $29 billon of Bear Stearns Cos.’s assets, paving the way for JPMorgan Chase & Co. to buy its Wall Street rival. Bernanke, who worked with Treasury Secretary Henry Paulson to broker the bailout, last week defended the move as necessary to prevent “severe” damage to financial markets.

    Volcker, the Fed chair from 1979 to 1987, had implicit criticism for U.S. regulators and market participants who allowed for “excesses of subprime mortgages” to spread into “the mother of all crises.” The Fed’s Bear Stearns loan was unusual, he said.

    EXCERPT
    http://www.bloomberg.com/apps/news?pid=20601087&sid=akNtk9A7NN8I&refer=home

  13. Chris Noyes commented on Apr 8

    I’m glad Volcker came out . Hopefully this bailing out bullshit banks , crazy buyers , retard realtors , big house builders , and anyone one else making a killing living (playing with fire , now getting burned ) to be save from greed (from every direction ). My big question is could a 20 billion dollar investment bank going under really crash the banking /credit as we know it. If So then it’s way to late to save the current system.

  14. tom a taxpayer commented on Apr 8

    The recent rise in the stock market is in large part the result of the immediate moral hazard created by 1) the actions of the Fed, Treasury, and SEC to bailout Wall Street and the financial system, 2) Congress mulling over various way to bailout homeowners, speculators, and everyone connected to the mortgage crisis and credit crunch, such as giving rich home builders $6 billions of taxpayer money.

    The market feels free to continue “irrational exuberance” because the FED, Treasury, SEC, and Congress demonstrated that they will backstop reckless bevaviour by soaking the taxpayers.

    With the regulators (FED, Treasury, SEC) aiding and abetting the Ponzi scheme and investor fraud, of course the markets throw caution to the wind. With softballing country-club Senators refusing to challenge Schwartz and Dimon or to dig into the cesspool created by Wall Street firms, of course the markets throw caution to the wind.

    When is O.K. to manipulate the stock market?
    Answer: When the Fed and the Treasury Department manipulate the stock market. And not just the U.S. stock market, but world stock markets (“must rescue Bear Stearns before Asia markets open Sunday night”).

    The Fed and the Treasury Department are the worst offenders on market manipulation. The end does not justify the means. The road to Hades is paved with good intentions. Does SEC Chairman Cox have the testicular fortitude to prosecute the Fed and Treasury for market manipulation?

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