February 1, 2010, Ben's term is up. Maybe sooner if the next president decides he needs to go. How many times has that happened before? Any one know? Thx.
MMarch 10 (Bloomberg) -- Carlyle Group's mortgage-bond fund said creditors may liquidate as much as $16 billion of securities unless the two sides reach agreement on debt repayments.
The fund has asked lenders to refrain from further sales after they liquidated collateral securing $5 billion of debt, Carlyle Capital Corp. said in a statement today. It is meeting lenders to discuss more than $400 million of margin calls and is ``evaluating all options,'' the Guernsey, Channel Islands-based fund said.
Carlyle Capital used loans to buy about $22 billion of AAA rated mortgage debt issued by Fannie Mae and Freddie Mac, which the firm says have an ``implied guarantee'' from the U.S. government. Even the safest mortgage bonds have slumped following the collapse of the subprime-mortgage market, leading to the failure of hedge funds led by Peloton Partners LLP.
This particular Carlyle entity wasn't prepared,'' said Philip Keevil, a senior partner in London at Compass Advisers LLP and former head of European mergers at Salomon Smith Barney Inc.They hadn't started selling ahead of time and now they're having trouble liquidating their positions.''
For those of us that don't carry our Fed Baseball cards in our wallets, which is HazBen and which is Poole? My favorite is upper left guy, barring he-who-must-be-trademarked, of course.
Poole had a great interview on Bloomberg. He was in charge the whole time. Every time the interviewer tried to lead him somewhere, he put her in her place very effectively.
He didn't really say anything enlightening, but it was amusing.
"Bernanke clearly has some new innovations, but the name of the game itself has not changed much: Banks are so capital impaired they cannot lend. They refuse to write down assets to reasonable levels because to do so would bankrupt them.
Thus with each passing day, the more asset values plunge, the more zombified our banking system becomes. Zombification of banks is exactly what happened in Japan. Bernanke could cut interest rates to zero tomorrow and it would not change matters much if at all. Academia is meeting a real world test, and Bernanke has met his match."
Recessions almost always throw cold water on inflation, making stagflation -- a combination of a weak economy and rising prices -- unlikely. That is what Federal Reserve officials will be betting when they slash interest rates again, as they are widely expected to do this month.
"You get stagflation false signals in most recessions," says independent economist Robert Brusca, who points out that inflation has accelerated before or during every recession since 1961. In every case, inflation retreated as economic weakness hurt demand.
....
Several Asian economies went through a similar process a decade ago. Mountains of debt in South Korea, Indonesia, Thailand and other economies crumbled in 1997, leading to waves of public- and private-sector defaults that punished their currencies. Inflation spiked temporarily. Indonesia's consumer prices rose 58% in 1998; economic output shrank 13%. Now that's stagflation.
Yet within two years, Indonesia's currency had stabilized and consumer-price inflation slowed to 3.8%. Korea, Thailand and other Asian economies went through similar fluctuations. Korea's inflation rate spiked to 7.5% in 1998 and settled to 0.8% the next year.
Ah, yes, but the rain didn't fall automatically on the pig.
I have a macro that does indeed automate it, but I don't recommend that people download strange macros, so the version we posted is the manual "page down" one.
I did not, by the way, write that macro. Our lama did. Nor did I invent the page down automation thing; bacon dreamz did.
There is a song that is currently on heavy rotation on the station that is on at work(al least twice an hour for 12 hours) and now I cant get it out of my head, on a day off no less. Since i got an A+ for sharing in kindergarten i am going to share.
One line popped into my head reading that
"turned around and gave that big booty a slap"
I guess it's because the hunched-shoulders-making-the-neck-disappear look seems so appropriate to me. Ya think these guys might be a touch stressed out?
I'll publish one of your versions one of these days so people can see how neckties are really done.
I suggest Bernake in a wifebeater,singing about slapping that booty, while mortgage pig works the pole, and ben and the boyz throwing money.
Can you do that tanta?
I guess that isnt businesslike, but then I think of the expense accounts and run-up tabs for after hours club hopping i have heard about and figure it fits right in.
Commentary is quickly turning stupid around here... please bring a link or an argument before these threads turn all Atrios on us. If you don't know about economics, either ask a question or read further and consider stifling.
Here is how we can all get rich! first buy Gold,second Email the White House,urging GW to get on the ball and start Managing the Economy.Gold at $15,000 in 2 weeks.simple.
Greenie, in the corner, small, giving the impression of being far in the back... pontificating... "History has not been kind to long periods of slapping."
Lame
February 1, 2010, Ben's term is up. Maybe sooner if the next president decides he needs to go. How many times has that happened before? Any one know? Thx.
Lame
Shut up, Warsh.
oink, oink...no cruelty to animals pls
I don't think Ben's pimp hand is way strong no mo'.
so ok, we're getting a little slap-happy here.
Carlyle Group asks, "I can haz BLT now?"
Carlyle Capital Says Lenders May Force Further Sales (Update4)
By Joseph Galante and Edward Evans
MMarch 10 (Bloomberg) -- Carlyle Group's mortgage-bond fund said creditors may liquidate as much as $16 billion of securities unless the two sides reach agreement on debt repayments.
The fund has asked lenders to refrain from further sales after they liquidated collateral securing $5 billion of debt, Carlyle Capital Corp. said in a statement today. It is meeting lenders to discuss more than $400 million of margin calls and is ``evaluating all options,'' the Guernsey, Channel Islands-based fund said.
Carlyle Capital used loans to buy about $22 billion of AAA rated mortgage debt issued by Fannie Mae and Freddie Mac, which the firm says have an ``implied guarantee'' from the U.S. government. Even the safest mortgage bonds have slumped following the collapse of the subprime-mortgage market, leading to the failure of hedge funds led by Peloton Partners LLP.
This particular Carlyle entity wasn't prepared,'' said Philip Keevil, a senior partner in London at Compass Advisers LLP and former head of European mergers at Salomon Smith Barney Inc.They hadn't started selling ahead of time and now they're having trouble liquidating their positions.''
[snip]
Voting member Mortgage Pig breaks the tie?
Seriously, let's face it, the Mortgage Pig is a voting member these days.
Bernanke, just put down the pipe a slowly walk away from the pig.
Meanwhile Thornburg is out and about shopping Alt-A paper at 75 cents on the dollar - apparently 4B is available.
So fashionable! That is definetly this years hottest lipstick colour.
still no tie knots!
Which one has the lipstick.
Isn't it time to replace Poole in this illustration? Although his hair is awesome.
I love the Excel rendition of Ben. Blockish egghead or eggish blockhead?
Isn't it time to replace Poole in this illustration? Although his hair is awesome.
No way am I getting rid of Poole. Besides the fabulous hair, I like Poole.
The excel art skillz are getting pretty good! Nice work, love Ben...
Economy is fine judging by AP story:
McDonald's Posts Strong February Sales
See, everyone can haz hembeglers with their phat incomes.
Expired
For those of us that don't carry our Fed Baseball cards in our wallets, which is HazBen and which is Poole? My favorite is upper left guy, barring he-who-must-be-trademarked, of course.
Which one is Spank Haulson there?
Poole had a great interview on Bloomberg. He was in charge the whole time. Every time the interviewer tried to lead him somewhere, he put her in her place very effectively.
He didn't really say anything enlightening, but it was amusing.
I heard McDonald's stock is rocketing up ever since they put pony on the dollar menu.
Funny stuff Tanta!
Mish:
"Bernanke clearly has some new innovations, but the name of the game itself has not changed much: Banks are so capital impaired they cannot lend. They refuse to write down assets to reasonable levels because to do so would bankrupt them.
Thus with each passing day, the more asset values plunge, the more zombified our banking system becomes. Zombification of banks is exactly what happened in Japan. Bernanke could cut interest rates to zero tomorrow and it would not change matters much if at all. Academia is meeting a real world test, and Bernanke has met his match."
We've got a cartoon of four guys standing around a pig and talking about slapping it. This is just wrong on so many levels.
Oh, and 5% layoffs at LEH. Contained!
Top Row left to right: Bernanke, Poole, Kohn.
Bottom Row left to right: Warsh, Pig, Kroszner.
It should be Mishkin instead of Poole, but I like Poole.
FRB: About the Fed
For those who have hope of seeing the mortgage pig animated and in 3D, check out this site:
Gamasutra - Features - Microsoft Excel: Revolutionary 3D Game Engine?
Note, no pig, just 3d animated graphics created entirely in excel. You can watch a youtube video of this guy's spreadsheet here:
YouTube - Excel-native Cell Graphics (with grid)
Winston, animated Mortgage Pig alread exists...
For those of us weighing the inflation/deflation dilemma, the WSJ has an article today by Mark Gongloff, Stagflation Equation May Not Add Up.
Recessions almost always throw cold water on inflation, making stagflation -- a combination of a weak economy and rising prices -- unlikely. That is what Federal Reserve officials will be betting when they slash interest rates again, as they are widely expected to do this month.
"You get stagflation false signals in most recessions," says independent economist Robert Brusca, who points out that inflation has accelerated before or during every recession since 1961. In every case, inflation retreated as economic weakness hurt demand.
....
Several Asian economies went through a similar process a decade ago. Mountains of debt in South Korea, Indonesia, Thailand and other economies crumbled in 1997, leading to waves of public- and private-sector defaults that punished their currencies. Inflation spiked temporarily. Indonesia's consumer prices rose 58% in 1998; economic output shrank 13%. Now that's stagflation.
Yet within two years, Indonesia's currency had stabilized and consumer-price inflation slowed to 3.8%. Korea, Thailand and other Asian economies went through similar fluctuations. Korea's inflation rate spiked to 7.5% in 1998 and settled to 0.8% the next year.
We've got a cartoon of four guys standing around a pig and talking about slapping it. This is just wrong on so many levels.
So true. If we used Excel for its intended purpose, we'd have five guys.
Ah, yes, but the rain didn't fall automatically on the pig.
The emergency-rate-cut rumor seems to have a half-life of a few hours, the market is turning Japanese...
Ah, yes, but the rain didn't fall automatically on the pig.
I have a macro that does indeed automate it, but I don't recommend that people download strange macros, so the version we posted is the manual "page down" one.
I did not, by the way, write that macro. Our lama did. Nor did I invent the page down automation thing; bacon dreamz did.
Oh god. Funny funny.
HOWEVER
There is a song that is currently on heavy rotation on the station that is on at work(al least twice an hour for 12 hours) and now I cant get it out of my head, on a day off no less. Since i got an A+ for sharing in kindergarten i am going to share.
One line popped into my head reading that
"turned around and gave that big booty a slap"
Here is "low"
YouTube - Flo Rida - Low [from Step Up 2 The Streets/ Mail On Sunday]
Tanta, i don't understand why you're such an expert with glasses and hair styles, yet you can't figure out how to fix those ties...
thnx Tanta. If I even need to be immortalized for posterity, I'll come to you.
I guess it's because the hunched-shoulders-making-the-neck-disappear look seems so appropriate to me. Ya think these guys might be a touch stressed out?
I'll publish one of your versions one of these days so people can see how neckties are really done.
well, ok, i suppose that's a good reason.
also, i'm pretty sure they have donuts at their meetings. maybe Mortgage Pig ate them.
STOP STOP you're killing me! LOL
- NY Times
Donuts? mmmm,I like donuts.
I suggest Bernake in a wifebeater,singing about slapping that booty, while mortgage pig works the pole, and ben and the boyz throwing money.
Can you do that tanta?
I guess that isnt businesslike, but then I think of the expense accounts and run-up tabs for after hours club hopping i have heard about and figure it fits right in.
MEMO
FROM: Conjure Bag
TO: Ministry of Truth
SUBJECT: McDonald's Pony
I will not eat McPony.
Have a nice day.
OOPS. I meant to write Bernanke.
Oh the shame.
Maybe it's the optics-- but it looks to me like the pig is smiling.
Commentary is quickly turning stupid around here... please bring a link or an argument before these threads turn all Atrios on us. If you don't know about economics, either ask a question or read further and consider stifling.
Commentary is quickly turning stupid around here...
This is a thread built around a Mortgage Pig and 5 cartoon Fed governors. Exactly how cerebral do you expect the commentary to be?
Here is how we can all get rich! first buy Gold,second Email the White House,urging GW to get on the ball and start Managing the Economy.Gold at $15,000 in 2 weeks.simple.
Dear On The Clock
I suggest more fiber. Lots more.
Kisses
Matt writes:
Maybe it's the optics-- but it looks to me like the pig is smiling.
The pig is smiling. The bigger, fatter, stinkier and more gross a pig becomes -- the happier it is. Mortgage pig is totally grooving on the mess!
Usually, I'm content to laugh by myself ... but this is just too great to not just pipe up to say:
Thanks, Tanta!
Darn! Just think of what Tanta would do if Greenspan was still on the board.
Please Please Prety Please, Tanta, do Greenie.
Forget animated pig. i want flashing Vegas pig!
Greenie, in the corner, small, giving the impression of being far in the back... pontificating... "History has not been kind to long periods of slapping."
Absolutely Classic.
Thanks Tanta.
You know, I wonder if Warsh had to read either Bernanke or Mishkin's introductory textbooks?
They should be reading p 510-545 of Blanchard and Fisher.
Nothing like not knowing if the oil shock is permanent or transitory.
I vote for permanent.
Someday this war's gonna end...