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Home“Retire Barney”; Sense on Cents Endorses Sean Bielat
Posted by Larry Doyle on October 30th, 2010 9:56 AM |
The Wall Street-Washington incest MUST end.
This coming Tuesday, America has a chance to ring that bell, expose that incest, cleanse the system, and deliver the message loud and clear. The peal of that bell must emanate from the 4th District in the state of Massachusetts.
You do not need to read Sense on Cents to appreciate that many politicians from both sides of the aisle have badly forsaken our nation’s future with misguided and ill-advised policies over the last few decades. Many of these politicians now look to save their skins– if not their souls– by professing a newly found religion with an anti-Wall Street mantel. America, and the residents of the 4th District in Massachusetts, should not be so easily hoodwinked. These politicians, especially Barney Frank, must be held accountable and sent home.
I implore the voters of the 4th District to think long and hard and appreciate that their longstanding elected representative Barney Frank embraced the people and the policies which continue to crush our nation. Which people? What policies? Those which were centered in America’s great financial sinkhole known as Fannie Mae then led by its former CEO Franklin Raines. During my own career on Wall Street, I witnessed Barney’s bear hug of Fannie and Franklin from up close. Do not forget Barney’s desire to ‘roll the dice’ with sub-prime mortgage financing.
Many media outlets will look the other way in holding Barney accountable; I have no interest in that. (more…)
Wally Cato Recommends Sense on Cents
Posted by Larry Doyle on October 28th, 2010 5:42 AM |
“Larry is our greatest writer on the economy.”
The Register, the official publication of the International Association of Registered Financial Consultants recently interviewed Forrest Wallace Cato. Who is ‘Wally’ Cato? Well, read on, as Wally is easily the most interesting individual with whom I have ever crossed paths. In fact, I would rate Wally Cato as perhaps one of the single most worldly, well versed, and well connected individuals of the modern era.
You don’t believe me? Read on.
I challenge you to match Wally’s life with that of almost anybody in the world today. Wally is conversant on an exceptionally wide array of topics. I am highlighting an interview with him in the most recent edition of The Register because he speaks at length on the state of financial planning in our nation today and he graciously has some nice things to say about yours truly and Sense on Cents.
What nice things? When Wally Cato was asked,
Who are some of your favorite famous friends? (more…)
Is The Clock Getting ‘Close to Midnight’ for FHLB-Seattle?
Posted by Larry Doyle on October 26th, 2010 5:46 AM |
All financial accounting charades to the contrary, the reality of a decaying asset quality and insufficient capital position will cause any institution to quiver. With more banking institutions declaring bankruptcy each and every week, the clock has yet to strike twelve on any of our larger banking institutions. That said, the pressure is certainly mounting on a large west coast institution, that being the Federal Home Loan Bank of Seattle.
I first addressed issues within this specific institution 18 months ago when writing, Putting Perfume on a Pig. I highlighted at that time:
Who gets this? Charles Bowsher, who resigned just last week as chairman of the Federal Home Loan Banks Office of Finance. Bloomberg’s Jonathan Weil does yeoman work in profiling Mr. Bowsher and the joke that is FHLB accounting: (more…)
Ben Davies: Ex Scientia Pecuniae Libertas/Out of Knowledge of Money Comes Freedom
Posted by Larry Doyle on October 25th, 2010 8:47 AM |
I thoroughly appreciate those involved in the markets who also have an equal appreciation for history, languages, literature, and the arts and sciences. Rare is the individual who is able to intertwine their passions and fluent enough to share them with others.
I thank a loyal reader of Sense on Cents who brings us just such an individual, that being Ben Davies, CEO of London-based Hinde Capital. Davies spoke the other day to the Committee for Monetary Research and Education in New York. Although his remarks are extensive, I found them to be quite compelling and truly insightful. I commend Ben for his passion and well rounded perspectives. If you consider yourself a student of the markets, interested in our global economy, or merely a lover of topics well written, you will want to read and savor Ben’s thoughts. I am happy to share them here today.
Remarks by Ben Davies,
CEO, Hinde Capital, London
Fall Dinner Meeting
Committee for Monetary Research and Education
Union League Club, New York
Thursday, October 21, 2010 (more…)
A Good Man
Posted by Larry Doyle on October 23rd, 2010 8:34 AM |
Morning in America and life is truly good.
Despite the ongoing challenges facing our nation and our world, hope does spring eternal. Why do I touch upon this often overused yet underappreciated sense of being and way of life?
Since launching my blog in January 2009, I have received innumerable comments and personal e-mails from readers. I thank each and every person who takes the time to write and share sentiments on the wide array of topics I address. I write today of “A Good Man” because I wake up this morning having received a message overnight from a reader which truly touches me. I am compelled to share it with you. I would hope those who read it will in turn share it with others. (more…)
12th Street Capital Provides Perspective on the Foreclosure Fiasco
Posted by Larry Doyle on October 22nd, 2010 11:23 AM |
What the hell is truly going on within the entire mortgage foreclosure fiasco? There are seemingly more angles to this mess than there ever were choices of mortgage products themselves. Where can we turn to make some ‘sense’ of this madness? Let’s check in with the crowd on the cutting edge of this sinkhole, that is our friends at 12th Street Capital. Today they write,
Not surprisingly the ones that look to be best positioned during this mortgage foreclosure/put back fiasco are the lawyers. As reported by HousingWire.com late yesterday, “A spokesperson for the New York law firm Quinn, Emanuel Urquhart & Sullivan confirmed to HousingWire it has been hired by the Federal Housing Finance Agency, a move some say means the government-sponsored enterprises are going after bad mortgages it bought from originators.” Guess what, the GSEs have ALWAYS pursued repurchases. (more…)
Ray Dalio’s ‘Hyper-Realism’ Defines ‘Sense on Cents’
Posted by Larry Doyle on October 22nd, 2010 9:12 AM |
In a world awash with lies, obfuscation, backstabbing, conflicts of interest, and those who prosper via these machinations, are there individuals and companies whose very core is defined by a perpetual pursuit of truth, transparency, and integrity? Of course there are many people who cherish these virtues and try to live and work by them. That said, within even the most well-intended organizational structure these principles will seemingly often be compromised for a variety of reasons. Is there an organization that not only promotes the pursuit of these virtues but has actually made them the foundation on which it operates and invests?
In fact there is. Let’s take a hard look at perhaps the single most successful fund in the markets today with a track record of success that would be the envy of all. I am talking of Bridgewater Associates based in Westport, CT.
Bridgewater is run by Ray Dalio. What does Ray have to say about his corporate philosophy? Let’s navigate as Ray writes, (more…)
Federal Reserve: Economic Prognosticators or “Just Winging It”?
Posted by Larry Doyle on October 21st, 2010 6:47 AM |
All hail the mighty and powerful Federal Reserve!!
Is that right?
Are we all supposed to bow down and prostrate ourselves at the throne of Ben Bernanke and assume he is ‘all knowing’? The fact is the Federal Reserve has assumed a mantle of being ‘all powerful’ but who in our country is willing to challenge the Federal Reserve? Are we supposed to merely turn over the economic fortunes of our nation and our children’s future to one individual and one institution without aggressively calling them on the carpet? What happened to the calls for increased Fed transparency? What happened to the pressure on the Fed to justify their actions? The silence is deafening.
Those with a degree of sense on cents understand and appreciate the following: (more…)
