Loading ...Everyone always wants to know who’s who in these photos. All you gotta know is the big guy takes care of soee and if soee wants to wear a helmet, then he gets to wear a helmet, lol! Besides, that helmet is better protection than a cowboy hat if the sky is falling in. So the question is, how long will we have to wear those silly things anyway?! The worst part is the helmet hair and they also make it difficult to hear, not to mention the snickers & giggles at watering holes…
Here come gold and silver giddy up guys
Glad you guys had a good time. It is good when any of us get together …also glad you talked about some pertinent issues..always use the time together wisely. Who was the burly fella with you in the picture. Buy the way soee Dukakis looked better in a helmet than you.haaaa you must go to a cowboy hat next time.
The NZ govt announced cover for depositors today: “It would be a blanket guarantee, without limit, on retail deposits….”
http://www.stuff.co.nz/4725666a13.html
I agree it’s not a bad idea, in fact ’standing tall’ on this matter, in the current environment, would be a recipe for a certain run on local banks.
However all it provides is a little wriggle room. The sideways shift of deposits to other countries may be stymied for a while, but in no way is the cause of the problem addressed. IMO only a minute number of people actually know the cause of the problem - present company obviously excepted - and it’s too big to deal with in a weekend conference (G20).
So…. I too expect a bit of a blush somewhere here as placatory measures are announced, then more selling as the same failed recipe produces the same result.
What was it that Einstein said? Something along the lines of ” The surest sign of insanity is to repeat the same process over and over, and hope for a diferent result”. Not that I think all out leaders are insane; most probabaly just don’t know any better.
On a side note I bought some AU$ this afternoon ( I think NZ$ is due for a creaming) and the commision (exchange rate applied vs spot rate) is usually less than 1%. Today it was 2%. I don’t know if that is intended to discourage transfers, or make more profit. Either way the fait game is getting tighter.
moose hunting in the suburbs? [gg]
Still own some oils, and used to play CHK.
DId anyone see what happened when Aubrey got his margin call?
It’s back to the $16 range. We used to ride the blue line from 2nd street and when she got to the Pechanga line (15th street) that’s were many of us left it.
Could have made a quadruple, but profits are prophets……..as the old saying goes.
WTIC
-> Posted by soee @ 20:50 pm on October 12, 2008
I posted this chart back in August when hurricane Gustav was projected to hit NO. PO of $81 I said — probably raised some eyebrows at the time. Right on time. Where to from here?
po-accomplished.png
scroll down for video..bloomberg interview
In Oz all the banks are up 8% or so, on the back of Rudd’s guaranteeing all bank deposits, and bank overseas lending. Quite honestly, I can’t fault the intentions here: it will prevent a run on banks, which is in no-one’s interest, and ensures international trade continues whilst not increasing the availability of credit to consumers (although what the RBA has already done in buying RMBS and supplying cash through the Futures Fund is another story). The govt. isn’t taking any share of a bank.
But in Europe and the US it is a different story. Banks are subject to govt. interference in return for cash injections (injections not, apparently, required by Aussie banks). It remains to be seen how much “assistance” will be accepted in return for lower executive salaries, further regulation, maybe advantageous lending to minority groups - banks may decide that it is better to tough it out, if they can, rather than have a civil servant looking over their shoulder every time they push a button. The speed with which the Euro/American solutions can be implemented is also worrisome. How quickly can bureaucrats, who don’t understand how the system works, come to terms with giving banks billions of dollars/euros/sterling, especially when there isn’t a main intent, only the rather vague objective of freeing up the system?
Times will soon return to “very interesting” after a brief lull, methinks.
Back in 1990, the U.S. government seized the famous Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it.
They failed. And the Mustang Ranch closed forever.
Now we are trusting the economy of our entire country to a pack of nit-wits who couldn’t make money running a brothel and selling booze ?
October 10, 2008 2:05 PM ET
| The Financial Accounting Standards Board adopted new guidance on fair-value accounting in illiquid markets today, giving financial institutions more leeway to valueg financial instruments based on internal inputs.
The board will release its final guidance Saturday, and it will be effective upon issuance. “I think it’s safe to say when we wrote [Financial Accounting Standard 157 on fair-value accounting], we probably didn’t contemplate exactly the current situation that’s developed in the credit and financial markets,” Robert Herz, chairman of FASB, said during today’s meeting. “Under such conditions, it’s important to understand and apply both the objective of 157 and the framework,” Mr. Herz said. “By doing that, it will require in some cases more analysis, more judgment.” In late September, FASB and the Securities and Exchange Commission issued a joint clarification allowing companies to use more internal inputs, related to future cash flow, for instance, when markets are inactive and it is difficult to find trading prices. FASB issued a proposed staff position on Oct. 3 clarifying the application of FAS 157 on fair-value measurements in an inactive market by providing an illustrative example. In a week, FASB received more than 100 comment letters from preparers, consulting firms, academics, individuals, regulatory bodies and accounting firms. Some expressed concerns as to whether fair value is the most accurate measurement method in markets that aren’t active. A number of the letters indicated uncertainty about how to determine whether a market is active or not. FASB is hurrying to get the guidance out the door so filers can apply it to their third-quarter results. Earlier this week, Robert Willens, a corporate tax and accounting consultant and former managing director in Lehman Brothers’ equity research division, wrote that, with FASB and the SEC having acknowledged that markets are now largely inactive, “the use of unobservable inputs for the purpose of valuing many securities ought to proliferate.” Thus, Mr. Willens noted, “it would not be surprising to see third-quarter earnings reports show marked improvement from past periods as the values derived from ‘mark-to-model’ assumptions exceed those resulting from the use of observable inputs, in such prior periods, with respect to the same securities.” |