Interesting juxtaposition!
Hat tip: A.Deluca
Take A Load Off Fannie
August 25, 2008 7:30pm by Barry Ritholtz
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Bank Robbery
Matthew Simmons:Peak oil anyone
Funny. My “Currently playing in iTunes” is:
The Weight, The Allman Brothers Band – Live At Jazz Fest 2007
Good tune
I have gotten alot of critical emails for my “Oil is the new GOLD” posts and the fact that we have been screaming inflation for quite some time. Everyone wants to call the crisis over—it ain’t over.
Hear our interviews at http://www.stockshotz.tv or http://www.stockshotz.blogspot.com
We have talked to some of the best in the business and the commodities bull run is not over, inflation is just really starting and Bernanke doesn’t have a clue.
Very well done. Great song, great overlays. Talk about hitting home. Whomever wins, McCain or Obama, I sure as hell hope they’re prepared for this. I say this because I haven’t heard nary a word other than an occasional vague statement of ultimate goals and ideals. Nothing practical on the implications of what is ultimately the certain inflection point of defaulting on debt, or monetizing debt. Rope or a gun it seems to me the choice. Now Abu Dhabi suing (per below), there goes that SWF source and one would have be naive in the extreme to think that every other SWF didn’t take note of this, what a bloody mess. A metastasizing cancer.
Abu Dhabi bank sues in U.S. over risky investments
Mon Aug 25, 2008 6:36pm EDT
NEW YORK, Aug 25 (Reuters) – A United Arab Emirates bank sued Morgan Stanley, the Bank of New York Mellon Corp and ratings agencies Moody’s and S&P on Monday, accusing them of fraud in operating a fund that collapsed in the U.S. credit crisis.
The lawsuit filed by Abu Dhabi Commercial Bank in U.S. district court in Manhattan said a complex deal known as the Cheyne Structured Investment Vehicle (SIV) was marketed by the defendants as highly rated and reliable, but they had hidden the risks.
“Instead of protecting the SIV and its investors as promised, defendants exposed the SIV to significant undisclosed risks,” the lawsuit said. “Defendants knew the assets purchased and held by the SIV were risky and of poor quality. They further knew the models used to generate the high rates were flawed.”
I started smiling as soon as “Allman Bros.” started singing, but quickly started thinking how pathetic this really is and the smile disappeared. We need to have another 4 years of Bush and his Congressional army of idiots (read that as elect McCain) so that we can really feel the load as they stick it up even further.
Crazy Chester–priceless!
Since we’re parodying the current financial debacle, I’ll repost my song parody:
————–
Bennie and the Feds
(sung to Elton John and Bernie Taupin’s “Bennie and the Jets”)
Original words at http://www.eltonography.com/songs/bennie_and_the_jets.html
Hey kids, shake it loose together
The shit’s hittin’ something
That’ll turn us into debtors
He’ll kill the US dollar tonight
So stick around
You’re gonna hear lotsa fast talkin’
But it won’t rebound
Say, B’rack and Johnny, have you seen them yet
But they’re so spaced out, Bennie and the Feds
Oh but they’re r’vered and they’re wonderful
Oh Bennie he’s printin’ green
He’s got a new ruse you can’t refute
You know I read it in a magazine
Bennie and the Feds
Hey kids, plug into dollar distress
Insiders are unwindin’
Since Bennie makes them worthless
We shall survive, let us take the Euro long
As we fight our leaders out in the streets
To find who’s right and who’s wrong
Great. Wonderful. I always loved the song, and this use of it was just super.
Anyone know if the price of Big Pink dropped too?