tag:blogger.com,1999:blog-34323687.post7151652496192289757..comments2024-03-28T12:22:11.704+00:00Comments on Macro Man: The Devil Went Down to Wall StreetMacro Manhttp://www.blogger.com/profile/12324967552369915949noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-34323687.post-10029679348968461482008-03-17T18:10:00.000+00:002008-03-17T18:10:00.000+00:00The pound loses against the US dollar. That’s an a...The pound loses against the US dollar. That’s an achievement all by itself.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-49331350826379697872008-03-17T16:38:00.000+00:002008-03-17T16:38:00.000+00:00You can now have fun watching the HF Implode-O-Met...You can now have fun watching the HF Implode-O-Meter: http://hf-implode.com/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-27118824681605748562008-03-17T16:36:00.000+00:002008-03-17T16:36:00.000+00:00Hey, putting up my portfolio in public is just WRO...Hey, putting up my portfolio in public is just WRONG. :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-54644792533395865972008-03-17T16:18:00.000+00:002008-03-17T16:18:00.000+00:00Re MF Global: the chatter is that there is a big o...Re MF Global: the chatter is that there is a big outflow of client funds.mkhttps://www.blogger.com/profile/15438714839513014742noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-51949326088073426182008-03-17T15:51:00.000+00:002008-03-17T15:51:00.000+00:00that story was funny, almost as good as Ben Bernak...that story was funny, almost as good as Ben Bernake singing karaoke:<BR/><BR/><BR/>Yesterday, <BR/>All my troubles seemed so far away, <BR/>Now it looks as though they're here to stay, <BR/>Oh, I believe in yesterday. <BR/><BR/>Suddenly, <BR/>My portfolio is half it used to be, <BR/>There's a shadow hanging over me, <BR/>Oh, yesterday came suddenly. <BR/><BR/>Why Bear <BR/>Had to go I don't know, they wouldn't say. <BR/>I said, <BR/>Something wrong, now I long for yesterday. <BR/><BR/>Yesterday, <BR/>markets were such an easy game to play, <BR/>Now I need a place to hide away, <BR/>Oh, I believe in yesterday. <BR/><BR/>Why Bear <BR/>Had to go I don't know, they wouldn't say. <BR/>I said, <BR/>Something wrong, now I long for yesterday. <BR/><BR/>Yesterday, <BR/>Markets were such an easy game to play, <BR/>Now I need a place to hide away, <BR/>Oh, I believe in yesterday. <BR/><BR/>Mm-mm-mm-mm-mm-mm-mm.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-37763387962806000272008-03-17T15:40:00.000+00:002008-03-17T15:40:00.000+00:00I have zero insight there, other than to observe t...I have zero insight there, other than to observe that MF Global operates in a world of leverage, margin, and counterparty risk...three things that you really don't want to be associated with right now, as if any of them go wrong you could find yourself buggered.Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-70774136641936926982008-03-17T15:35:00.000+00:002008-03-17T15:35:00.000+00:00MM,Man Financial is falling apart. What's the act...MM,<BR/><BR/>Man Financial is falling apart. What's the action there?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-79550739677256452522008-03-17T15:24:00.000+00:002008-03-17T15:24:00.000+00:00Cheers. I'm just pleased to have fit three differ...Cheers. I'm just pleased to have fit three differnet Satanic cultural references into one post...Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-85779871959980939672008-03-17T15:06:00.000+00:002008-03-17T15:06:00.000+00:00MM,Very entertaining indeed. I particularly apprec...MM,<BR/><BR/>Very entertaining indeed. I particularly appreciated the reference to Bulgakov's masterpiece.<BR/><BR/>Cheers,<BR/>-GAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-47975821693561327762008-03-17T14:19:00.000+00:002008-03-17T14:19:00.000+00:00OK .. I put this forward as Quote of the year .. I...OK .. I put this forward as Quote of the year .. Its out on reuters and is real <BR/><BR/>13:47 17Mar08 RTRS-UBS CUTS BEAR STEARNS PRICE TARGET TO $2 FROM $94; HAS NEUTRAL RATING......<BR/> <BR/>Genius .. These analysts certainly earn their livings don't they ..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-43356645344700424542008-03-17T13:56:00.000+00:002008-03-17T13:56:00.000+00:00Cheers. I agree that "binary outcome" pretty much ...Cheers. I agree that "binary outcome" pretty much describes what lies ahead. And adding a bit of Keynes wisdom:<BR/><BR/>The difficulty lies not so much in developing new ideas as in escaping from old ones.mkhttps://www.blogger.com/profile/15438714839513014742noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-14847632179756387262008-03-17T13:26:00.000+00:002008-03-17T13:26:00.000+00:00MP, that's the stuff of full-blown research pieces...MP, that's the stuff of full-blown research pieces! Suffice to say that up til now, I and many othetrs have viewed the world through a binary lens...either the helicopter drop ends, in which case we get inflation...or it doesn't, in which case we get deflation.<BR/><BR/>Up til now, I have leaned towards the former...and I still do. But up to now, you could see characteristics of both outcomes priced into markets simulataneously. It seems to me that we are approachign some point of crux point where markets will more fully price in one or ther other...which will either mean a temporary spike in risk asset prices, or a large downdraft in commodites.<BR/><BR/>Hell, maybe we see both before its all said and done.Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-80008181371149881002008-03-17T13:11:00.000+00:002008-03-17T13:11:00.000+00:00Thanks MM. Just a suggestion: as most of the views...Thanks MM. Just a suggestion: as most of the views expressed nowadays rather deal with the past and the present, maybe it would be a worthwhile exercise to draw possible scenarios on how things might look a few months ahead.mkhttps://www.blogger.com/profile/15438714839513014742noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-26128294839243713262008-03-17T12:56:00.000+00:002008-03-17T12:56:00.000+00:00While I still don't see co-ordinated intervention ...While I still don't see co-ordinated intervention as likely aty this juncture, you'd have to say that the chances must be rising steadily that the ECB's hand is forced. In that vein, it makes sense to close my option spread on Euribor.Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-43121741244451836742008-03-17T12:43:00.000+00:002008-03-17T12:43:00.000+00:00Brilliant piece of writing MM. BTW: any thoughts a...Brilliant piece of writing MM. <BR/>BTW: any thoughts about possible ECB actions? I suppose there must be some kind of an effort to intervene and calm the markets (in that sense even inaction might be an action).mkhttps://www.blogger.com/profile/15438714839513014742noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-90695112428217717392008-03-17T12:30:00.000+00:002008-03-17T12:30:00.000+00:00What's funny is that when I wrote this piece over ...What's funny is that when I wrote this piece over the weekend, it originally ended like the song...with Johnny tripumphing over the devil (courtesy of a bailout from Ben.) The overnight news forced a hasty re-write this morning.<BR/><BR/>Glad you like the Fed memo, btw...was surprised at how little comment it elcited when I published it...Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-43346813093629270322008-03-17T11:10:00.000+00:002008-03-17T11:10:00.000+00:00quite amusing!quite amusing!Ritholtzhttps://www.blogger.com/profile/08608448405502237269noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-54138260312539935692008-03-17T09:42:00.000+00:002008-03-17T09:42:00.000+00:00So far I've heard rumours about 3 differnt banks b...So far I've heard rumours about 3 differnt banks being DK'ed by counterparties....this is going to end like a Roman orgy...i.e everyone gets f****d.Macro Manhttps://www.blogger.com/profile/12324967552369915949noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-35560397592049463232008-03-17T09:38:00.000+00:002008-03-17T09:38:00.000+00:00I can hear the Ride of the Valkyries coming over t...I can hear the Ride of the Valkyries coming over the treetops. Ben's helicopter's on the way . God I love the smell of "strong dollar policy" in the morning.. They going to ultimately find a chinese central banker slicing up oxen in the jungle ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-21389412642197665092008-03-17T09:19:00.000+00:002008-03-17T09:19:00.000+00:00I ve started the stopwatch ..but I reckon "The Dev...I ve started the stopwatch ..but I reckon "The Devil Went Down to Wall Street" will be in the financial press by lunchtime. It deserves to be and I ll do my best to make sure it is ..<BR/><BR/>Busy watching the secondary turmoil in Prime Broker land <BR/><BR/>Rock on Matey <BR/><BR/>Richy RichAnonymousnoreply@blogger.com