Friday, March 21, 2008

Why I Am not a Man of Principle

I usually object to religious symbology in a court of law, we should all stand equal before an onjective set of laws.

Unless of course, it's my religion getting the statue.

"everybody kills Hitler on their first trip"


On my first trip I killed Van Horn, now the secret of time travel is all mine!


Thursday, March 20, 2008

The Newer, Sader, World Order

From the Cunning Realist:

Third, the implications for the future are far more troubling than this single episode. Because the government just deemed Bear, a medium-size player and non-commercial bank, as worthy of a public backstop to the tune of tens of billions, what do you think will happen if a Citi or Washington Mutual -- not too mention a Fannie -- finds itself in the same position? Fourth, in the debate about bailouts, Fed mandates etc., don't lose sight of the fundamental story: a small coterie of unelected and in many ways unaccountable statists just reached into the public till to facilitate a transaction between private parties who've made an extraordinary amount of money during the past few years (more on that soon from a personal perspective; I think many non-industry readers will be stunned).

Yes, it seems one of the many legacies of the Bush Administration is going to be the dismantling of the capitalist economy, replacing it with a guarantee system where if you make money fleecing folks great, and if you get caught, the government will bail you out.

But touch a hooker and you're toast.

Wednesday, March 19, 2008

I see a little silhouette of the Fed

This is currently making the rounds. It works a little too hard in places, but it's pretty good:

CDO fantasy - to the tune of Bohemian Rhapsody

Is this the real price?
Is this just fantasy?
Financial landslide
No escape from reality
Open your eyes
And look at your buys and see.
I'm now a poor boy
High-yielding casualty
Because I bought it high, watched it blow
Rating high, value low
Any way the Fed goes
Doesn't really matter to me, to me
Mama - just killed my fund
Quoted CDO's instead
Pulled the trigger, now it's dead
Mama - I had just begun
These CDO's have blown it all away
Mama - ooohI still wanna buy
I sometimes wish I'd never left Goldman at all.
I see a little silhouette of a Fed
Bernanke! Bernanke! Can you save the whole market?
Monolines and munis - very very frightening me!
Super senior, super senior
Super senior CDO -
I'm long of subprime, nobody loves me
He's long of subprime CDO fantasy
Spare the margin call you monstrous PB!
Easy come easy go, will you let me go?
No - we will not let you go - let him go Peloton!
We will not let you go -let him go Peloton!
We will not let you go -
let me go
Will not let you go -
let mego (never) Never let you go -
let me go
Never let me go -
oooNo, no, no, no, no, no, no, -
Oh mama mia, mama mia, mama mia let me go
S&P had the devil put aside for me
Forme, for me, for me

So you think you can fund me and spit in my eye?
And then margin call me and leave me to die
Oh PB - can't do this to me PB
Justgotta get out - just gotta get right outta here
Ooh yeah, ooh yeah No price really matters
No liquidity
Nothing really matters - no price really matters to me
Any way the Fed goes...

Often Wrong, But Never in Doubt

I saw a version of this on the John Stewart last night: