Monday, August 31, 2009

Bank Holiday Poem: On the Aging Effects of the Financial Crisis

When you were named Chair of the Fed,
Black hair adorned your beard and head.
With youthful vigour you raised rates,
So to avoid Greenspan's mistakes.

But crisis came, and rates were slashed
As banks all hoarded excess cash.
And as your special programs grew,
Just look at what they did to you.

Your programs (what were they all called?)
Turned your beard white and your head bald.
But you've no time to look or care:
Your "green shoots plan" is constant prayer!


Nic said...

And when he heard MM was laughing at him:

Anonymous said...

I think I will grow my hair and beard like that 70s photo. Totally cool!

Anonymous said...

another interesting non-confirmation

But What do I Know? said...

Way to channel your inner poetaster, MM.

leftback said...

Nice work, MM. Today's poetry is far more stimulating than yesterday's willy-waving contest.

A pleasant day for LB - as Shanghai points the way for global markets in September? This could be a tough week for those who have been short the dollar and long

Anonymous said...

I hope all you bears are hanging in there, looks like the risk-off party is just getting started.

leftback said...

Today has "that feel" about it, Macro Man. They're selling the Spoos and buying the Twos. Oil stuck below $70 would indicate that the China/commodity play of the summer has finally hit the wall.

Anonymous said...

Copper, crude on the price action is looking somewhat bearish. In crude, a failed ascending triangle and copper a large outside day just off of the big breakdown last year. Of course the fundamentals are a joke, but that never seems to matter.

Looking good. As anon said earlier, bears hang in there.

Crisis Management said...

The drumbeat for an Iran war is getting louder with today's WSJ editorial which states:

"But unless Mr. Obama gets serious, and soon, about stopping Iran from getting a bomb, he'll be forced to deal
with the consequences of Israel acting in its own defense."

Lest we forget, the oil price more than doubled in the space of a few months during the 1990 Gulf War.

Anonymous said...

I want to wait for the PMI's before I consummate any bearish positions: end of the silly season, combined w/ an end in inventory restocking and dissappointing data out of China (not to mention NFP) sets the ducks lined up for a risk off Q4 IMO

Anonymous said...

One thing is for sure, if you're all betting on a bleak September, it'll be anything but.


leftback said...

Ivan Boesky? Crazy Ivan?

Impressive analysis, Comrade.

Anonymous said...

Ivan - certainly a possibility but that's why we have stops and stay nimble. You and I have a view but if the situation changes then so do my positions.

MW said...

re the comment from Crisis Management --- modulo Jan09/Dec08, that was the last time front-month CL vol was over 100%, and I believe it collapsed something like 50% overnight. Own vol-of-vol?