Diary of a Financier

Bookshelf Update: Top Newsstuffs (Weeks of October 24 & 31)

In Bookshelf on Sun 6 Nov 2011 at 15:33
Here’s a thick briefcase full of Newsstuff from the past two weeks.  Read up…
 
 
NY Fed stopped regulating Primary Dealers in 1992, just after Drexel.
 
Lucas Papademos will be the new Greek PM with Venizelos and Dimas as deputies.
 
The man, the mask, the legend as referenced in V for Vendetta.
 
The True Value Of Money (Literally) | ZeroHedge

If you were to melt-down your coins, how much would they be worth?
 
I own the “expensive preferred stock” which the issuance will redeem. I bought under the thesis that BAC would either choose to refinance or be forced to refinance the preferred due to the Collins Amendment.
 
“Shale Gas Reserves Could Reignite U.S. Economy.”
 
 
Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932)… the modern era totaled 90 years, or approximately 50% of the time.
 
According to TEPCO a fresh fission reaction has restarted at Fukushima Daichi.

 
Beijing will not ride to eurozone’s rescue | Yu Yongding | Financial Times

Author is former member of China’s central bank monetary committee.
 
 
1) Eliminate housing subsidies & financialization. 2) Focus real estate tax cuts on dense urban neighborhoods, deemphasize suburbs/exurbs which burden municipal budgets with substantial per capital infrastructure needs. 3) Mark-to-market all mortgage assets. 4) Owner-equivalent yield needs to increase substantially relative to renters’, which means feds need to allow home prices to move lower by natural market mechanism. 5) Reestablish liquid market for home sales, void of government intervention.
 
Germany’s Bundesbank balking at notion of levering the EFSF like the SIVs that started this crisis. Chinese participation comes with riders, like FX sterilisation.
 
Cites ratio of Inventories:Shipments, back at March 2009 levels despite stable GDP, which has been aided by stimulus.
 
“…what actually registers in the stock market’s fluctuations are not the events themselves, but the human reactions to these events. In short, how millions of individual men and women feel these happenings may affect their future.
 
More important than the EPS, “the Board of Directors believes First Solar needed a leadership [CEO] change to navigate through the industry turmoil and achieve our long-term goals.”
 
HAMP 2 to affect Fannie & Freddie refinancings.
 
Having retraced 50% of its move, DXY reversal will be rude awakening to unsuspecting traders. 2008 analogue now seems more appropriate than 1998.
 

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