I've exercised my prerogative to add an entry to the blog roll - my choice is the infamous Zero Hedge financial site.
It's lively over there and the posters and commenters frequently disagree, save for the mostly shared assumption that "there seems to be something wrong with our bloody Banks today".
(Points if you catch the reference).
I know the site has one fan here already. My habitual warning on financial sites of any sort: people there are either talking up their (trading) "book" (in other words, they have a stake in what they're discussing), or they're talking out their ass (they have no stake, and therefore cannot be benchmarked or held to account).
So getting the "straight dope" is always difficult, in any forum.
I don't always agree with the posters but I often find them provocative, interesting and informative, and I hope you all will as well.
"Tyler Durden" is certainly a prolific blogger. Thanks for adding these guys to our roll, lewy.
ReplyDeleteFrom this morning's WSJ:
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"Lending Falls at Epic Pace
U.S. banks posted their sharpest decline in lending since 1942 at the end of last year, suggesting the industry's continued slide is impeding economic recovery."
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Since 1942? This can't be good. :(
And who says the economic recovery is impending? As people have pointed out, the reason businesses are not expanding and hiring new employees is not because the cannot get loans (who takes out a loan to make payroll?), but that businesses do not know what onerous taxes and regulations are going to be coming out of Washington?
ReplyDeleteIn Washington State, voters enacted a ballot measure that required a 2/3 vote in the legislature for any tax increase. After the Dems in ran up a huge deficit by spending like there is no tomorrow, they passed a bill recinding the ballot measure -- reinstating the simple majority for tax increases. Of course, tax increases will be coming soon.
On the Federal level, if we can get some rational thinkers in Congress and the White House, we should pass a Constitution Amendment restricting what can be done. That being said, howver, what could be done if the decide to violate that amendment?
More great financial news: new home sales hit an ALL TIME HISTORIC LOW in January. Yippee.
ReplyDeleteHow can a recovery be impending?
Kewl lewy :O) You probably already know I LERV my Zerohedge! (at least if you noticed the bazillions of Zerohedge links I've posted in the past) :OP
ReplyDeleteI've heard some folks say they are whacky or doomsday-oriented, but they are only whacky if they are proven to be wrong in the longrun, eh? (ooh! I think I'm turning Canadian!).
And if doomsday is comin, well I'd just as soon not be a baby about it and find out what's what so I know what to expect/how to prepare/etc.
Wish I coulda bought palladium/platinum on the days they were yelling bloody murder about it. At least I think I saw those articles at zerohedge. Hard to remember - read lots of stuff.