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HomeWhat is Michael Panzner Saying?
Posted by Larry Doyle on March 29th, 2009 6:08 PM |
In anticipation of this evening’s guest on my radio show, let’s see what Michael Panzner has to say:
No doubt a lot has changed over the past few years. But not just in terms of financial markets and the economy. There has also been a seismic shift in attitudes about America and its role in the world. When the going was good, many nations were willing to accomodate U.S. arrogance and heavyhandedness in global affairs, and were happy to follow our lead in various areas. Now that the bubble has burst, however, a lot of people aren’t all that interested in even hearing what we have to say, especially when it comes to economic matters. One result, suggests the New York Times, is that “Obama Will Face a Defiant World on Foreign Visit.”
Michael Panzner is held in very high regard by a wide array of esteemed analysts, economists, and money managers. Read his entire piece, Not Buying What We Are Selling.
LD
Wall Street: Moving Business or Storage Business?
Posted by Larry Doyle on March 29th, 2009 11:39 AM |
A standing joke on Wall Street trading desks was a question posed by sales management to trading management.
Sales Manager, looking to sell products and generate commissions, would ask Trading Manager, looking to manage risk and maximize profits or minimize losses, “Are we here at Bank (fill in the blank) in the “moving” business or “storage” business?” Meaning, would the trading desk be competitive in pricing so as to allow the sales desk an opportunity to sell product (stocks, bonds, loans, et al).
This very question is at the heart of a rapidly developing conflict in the PPIP (Public-Private Investment Program) and an expectation of relaxing the FASB’s (Federal Accounting Standard Board) mark to market. (more…)
Tune in Sunday Evening to NoQuarter Radio’s “Sense on Cents with Larry Doyle”
Posted by Larry Doyle on March 29th, 2009 9:14 AM |
Please join us Sunday evening from 8-9 p.m. ET for NoQuarter Radio’s Sense on Cents with Larry Doyle. With the stock market near 12 year lows, what is driving 
the flows? What is truly going on in the economy? Where are markets headed? Given the Washington political circus, how will new legislation impact the future of Wall Street? So much to cover.
I will be speaking with Michael J. Panzner, a 25-year veteran of the global stock, bond, and currency markets who has worked in New York and London for such leading companies as HSBC, Soros Funds, ABN Amro, Dresdner Bank, and J.P. Morgan Chase.
He is the author of When Giants Fall: An Economic Roadmap for the End of the American Era, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, and The New Laws of the Stock Market Jungle: An Insider’s Guide to Successful Investing in a Changing World.
He has also been a columnist at TheStreet.com’s RealMoney paid-subscription service and a contributor to AOL’s BloggingStocks.com. In addition, Panzner has appeared on or been quoted byCNBC, Bloomberg, The Wall Street Journal, USA Today, Barron’s Reuters, CNN, MarketWatch, BusinessWeek Online, TheStreet.com, Slate, CFO.com, and other print, radio and television outlets. (more…)
From the Archives: The Greatest Generation
Posted by Larry Doyle on March 29th, 2009 5:30 AM |
Our economy and country are experiencing challenges which will not be fixed in short order. While our economic foundation is being tested, is our moral fiber being questioned as well? I would clearly say it is. While I am not here to address specific social questions of a moral nature, I remain convinced that as a nation we need to rediscover the virtues of sacrifice, decency, integrity, love of family, and love of country. While the media may put these topics in the category of political correctness, any fair measure or assessment of our nation on these topics would, in my opinion, show us to be deficient.
In light of that, I believe an increase in civil service is necessary and important to redirecting our nation. I called on this civil service to be mandatory last November. My call was not well received but that is OK, I do not write to be popular.
How prophetic that a measure passing through the House and Senate for Expanding National Service is receiving strong bipartisan support.
I am happy to share my piece from last November, The Greatest Generation, with our newer readers.
LD
Earth Hour 2009
Posted by Larry Doyle on March 28th, 2009 7:10 PM |
Earth Hour is tonight, Saturday March 28th from 8:30-9:30PM local time.
From EarthHour.org:
THIS YEAR, EARTH HOUR HAS BEEN TRANSFORMED INTO THE WORLD’S FIRST GLOBAL ELECTION, between Earth and global warming. For the first time in history, people of all ages, nationalities, race and background have the opportunity to use their light switch as their vote – Switching off your lights is a vote for Earth, or leaving them on is a vote for global warming. WWF (World Wildlife Fund) are urging the world to VOTE EARTH and reach the target of 1 billion votes, which will be presented to world leaders at the Global Climate Change Conference in Copenhagen 2009. This meeting will determine official government policies to take action against global warming, which will replace the Kyoto Protocol. It is the chance for the people of the world to make their voice heard. (more…)
Bullish on Ms. Bair!!
Posted by Larry Doyle on March 28th, 2009 3:30 PM |
The Bull and the "Bair"
Is there anything worse than engaging a dishonest broker? Regrettably, our financial landscape (banking, investing, real estate, insurance, et al) is littered with shady brokers. How and why these people remain in business is another topic for another day. This piece is to highlight the integrity of an honest broker, Sheila Bair, and her involvement in the PPIP (Public-Private Investment Program) designed to handle toxic assets, both securities and loans.
For those unaware of the specifics of the PPIP, the toxic securitized assets will be sold via a facility known as the TALF (Term Asset Backed Lending Facility) and via partnerships with 5 large private money managers.
Toxic loans (unsecuritized) are the much more difficult part of the program. The bulk of these loans are likely still held on banks’ books at origination cost (not yet marked down) and pose a much greater disparity in perceived value and challenge in reaching agreeable prices. (more…)
Gambling for Our Future
Posted by Larry Doyle on March 28th, 2009 12:21 PM |
Cartoon by Mike Smith, Las Vegas Sun
Sense on Cents Central Station
Posted by Larry Doyle on March 28th, 2009 6:30 AM |
***UPDATE: The live event has ended, but you can watch the replay at the end of this post.***
Join me at No Quarter USA blog on Saturday morning beginning at 10:30 a.m. ET for Sense on Cents Central Station. This endeavor is a few hours of written Q/A and LiveChat with your resident host, Larry Doyle. I like to utilize the theme of a ride on the rails, so please allow me to expound.
With so many cross currents at play in the markets, economy, and world of global finance, where can one go to develop a framework of understanding, enjoy the company of friends, and make sense of the madness? Welcome to Sense on Cents Central Station. Our ride departs at 10:30 a.m. (I’ll open the chat room at around 10:15 a.m.) with an expected return at 12:30 p.m. While we traverse the curves along our track, we can address a wide range of issues, including: Obama’s economic plans, Secretary Geithner’s outlook, the market performance this week, month, and year to date, developments overseas, the outlook for our financial regulatory structure, issues of personal finance, or anything else on your mind. (more…)
Laszlo Birinyi: “Not a Time to Buy”
Posted by Larry Doyle on March 28th, 2009 12:10 AM |
Our Economic All-Star, Laszlo Birinyi, believes . . . Market Extremes Not a Time to Buy.
Based on Birinyi Associates’ proprietary market and sector indicators, we are at short-term extremes. Traders with aggressive accounts should look to take profits, and investors with more long-term accounts should be cautious on taking new positions. Consumer discretionary, technology, and materials stocks are the most extreme, while health care and utilities companies have lagged.
According to Birinyi:
The Overbought/Oversold indicators are short-term measures, while the Momentum indicators are for the longer term. The momentum indicates the market can certainly go higher, but we have had an abrupt move and some consolidation should be expected.
LD
Creative Accounting!!
Posted by Larry Doyle on March 27th, 2009 5:23 PM |
I will readily admit that my preferred source for market news is Bloomberg. Having seen enough media outlets covering market activity, in my opinion, there really is no alternative to Bloomberg. Why? Literally every day I am learning and being introduced to new and useful information. The information emanates not only from those they interview, but often from their own in-house research and analysts.
To wit, I just caught a segment with Jonathan Weil, a Bloomberg reporter focused on corporate accounting. With 1st quarter earnings a few weeks away, Weil’s insights are the stuff that stops you in your tracks.
In short, Weil highlights how companies effectively massage their earnings and income statements. Massage? Where’s Sarbanes-Oxley when you really need it to check the numbers? (more…)
