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I don't think they are being human. If I am worth a few hundred mil, or "just" tens of mil, I would want to do something useful for other people, make the world a better place since I don't have to worry about money any more. Most people who are successful on Wall Street consider money the only thing they ever live for.
However, if everybody thinks like these guys for whom money is the only reason for living on, then they won't be 1/10 as rich as they are today, because suddenly there will be billions more competitors.
# OO Says:
The management employed by these private equity groups are usually accounting experts in making the company look good on paper, but in fact, the enterprise value is destroyed in the long term, but they’ve cashed out so they don’t care.
aka "Flippers". Same wine, different label.
OT but of interest. The oral argument transcript for DC v. Heller is up now at the SCOTUS site.
Thanks Dennis!
It is about time. I don't know why all my "liberal" friends seem to think that only state militia should have guns. I thought 'liberal' and 'liberty' share the same root.
An interesting observation on the Fed 75bp cut statement today:
http://www.federalreserve.gov/newsevents/press/monetary/20080318a.htm
Nowhere in the entire press release did they mention the housing market. I'm not trying to read too much into it, but either they finally realized the problem is much bigger than subprime (took them long enough), or housing's not a problem anymore (yeah right), or they just forgot....
I don’t think they are being human. If I am worth a few hundred mil, or “just†tens of mil, I would want to do something useful for other people, make the world a better place since I don’t have to worry about money any more.
You still have faith in humanity, huh?
or housing’s not a problem anymore
Or housing should be not talked about as a problem anymore.
skibum
I believe they didn't mention housing because
1. Congress Dems are getting ready for the mother of all bailouts and they (Fed) don't want to provide them with ammo
2. The Gov. is about to lift restrictions on GSEs and do the bailout via that route so the Fed doesn't want to give enemies of that proposition ammo by making it look like like the GSEs are entering unsafe waters
3. Shutting down BS has - through a complex but inevitable cascade of events - solved the problem (from Feds perspective) by passing it on to "other parties"
Doh!
I forgot the "or" between the numbers...please be kind enough to imagine it there
Housing was in fact mentioned in 1st paragraph, direct quote below.
Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.
I want to see Ben bring the rate wheel into play. Every fifteen minutes he spins it where it lands is the rate, ---- maybe. Let's see how good the guys on the Street really are.
Housing was in fact mentioned in 1st paragraph, direct quote below.
Oops. My Bad.
I disagree with the notion that VCs use extensive leverage. VCs aren't banks, they are the truest form of investor. The firms are normally made up of partners who pool their resources and invest in a portfolio of startups with the potential for a large harvest event. When they have a track record of success qualified investors will put money with them to spread throught their portfolio. I don't think it is accurate to say that they borrow money to invest.
TOB,
That footage of the SoCal tent city looks like it was shot with movie film rather than video. How old do you think it is?
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From a reader:
Wow, is this true? The Fed is now printing money to pay Wall Street bonuses?
An alternate explanation I heard is that Bear is somehow essential to the mechanism for the Fed's money creation, but I don't understand how that works.
Patrick