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By Jeff Harding. Check out this report on the Obama Administration’s latest gift: free golf cart! This is from the Wall Street Journal. I really can’t add much to this. We thought cash for clunkers was the ultimate waste of taxpayer money, but as usual we were too optimistic. Thanks to the federal tax credit to buy [...] By Jeff Harding. Here’s the latest on bank closures – 9 more. I think that’s 115. North Houston Bank, Houston, TX
By Jeff Harding. The Commerce Department announced Thursday that GDP grew 3.5% in Q3 2009. This is the “Third Quarter Bump” I had been expecting. Economists and the news media are jumping on the “It’s Over!” bandwagon. Their conclusion is based on the premise that government spending (“stimulus”) will actually create real economic growth. It won’t and never [...] Four hotels owned by Beanie Baby tycoon and Montecito resident, Ty Warner have a $425 million loan due in January, 2010. S&P just put the bond that the loan backs on “credit watch.” The loans are on the Four Seasons in New York, the Four Seasons Biltmore Resort and the San Ysidro Ranch, a 38-room [...] The Daily Capitalist has been cruelly (but temporarily) robbed of its valuable database because our main computer died. And, we found that our backup didn’t perform as advertised and it is going to take a few days to recover the data. Then we will be back on line soon with new articles that I have [...] Drag Queen’s spoof on Queen’s famous Bohemian Rhapsody. Hilarious. Courtesy Barry Ritholz’s Big Picture. By Jeff Harding. I confess to being an e-mail subscriber to MoveOn.org. Yes, it’s for all the reasons you suspect: spying on the enemy. There maybe some issue somewhere that I would agree with them, but I can’t really remember. So, I’ll just say that I’m against everything they and George Soros stand for. What [...] By Jeff Harding. I should start a series, “What’s Wrong With America.” Maybe this is my first post. I don’t think I can add anything to this. Carnegie Hall Stagehand Moving Props Makes $530,044 Oct. 20 (Bloomberg) — After you practice for years and get to Carnegie Hall, it’s almost better to move music stands than actually play [...] By Jeff Harding. As readers of this blog know, I am a big fan of Nassim Nicholas Taleb, author of Black Swan and Fooled By Randomness. He is an independent thinker and he has enlightened us on some basic epistemological issues about investment risk. He seems to embrace the Hayekian-Misean concepts of the fallacies [...] This is a reprise of my money fable that I have just written for Zero Hedge. A bit different but the same idea. By Jeff Harding. We have forgotten what money is. Money is really easy to understand, but most people have no idea what it is. We all understand that barter is an inefficient way to [...] By Jeff Harding. In a Bloomberg interview today, Steven Roach, Chairman of Morgan Stanley Asia said: China needs to boost investment in social security, private pensions, and insurance for unemployment and medical care, Roach said, to prompt its consumers to save less and buy more goods from overseas.
By Jeff Harding. I get research data from McKinsey and they had this neat chart on the global housing cycle which I thought was interesting. You can see why the UK, Ireland, and Spain are in such bad shape. It seems that housing bubbles are one of our chief exports. Here are a couple of conclusions from McKinsey’s [...] The FDIC is proposing new rules that will allow banks to lower underwriting standards and capital requirements in order to encourage them to rewrite commercial real estate loans. This will cause more deflation, stagnation, and tightening of credit and lengthen the [...] Japan vs. U.S.: Compare and Contrast By Jeff Harding. Japan has been in decline, or at least stagnation, for 19 years. Their GDP has not grown, unless you consider 0.6% (avg.) robust annual growth. They have experienced a deflationary economy, and now, it’s happening once again. They now [...] By Jeff Harding. If I were Nelson Mandela, I would check to see if my medal were tarnished. When you think about it, this has got to be the ‘Thank God It’s Not George Bush” Peace Prize. This is up there with Jimmy Carter and Al Gore. Poor President Obama. I can imagine his surprise when he heard [...] By Jeff Harding.
While you can’t see it, I’ve just spent a few days upgrading the software that runs this blog. It is powered by Wordpress software from the Wordpress collective. It’s great software and has lots of functionality that I and many, many bloggers use. I have a few more things to [...] By Jeff Harding. My company has been looking for real estate deals and we have been frustrated finding deals we can live with. We have researched the Southern California market with which we are familiar and find either banks are holding on to bad deals or that , once they foreclose, they are asking more than we believe [...] By Jeff Harding. Notice to Goldman Sachs, Morgan Stanley, et al. According to regulations adopted by the Federal Trade Commission to regulate product endorsements by bloggers, The Daily Capitalist has agreed to post its fees received for product endorsements. Endorsement fees established prior to the effective date of December 1, 2009 will be honored. Fee Schedule (Dollar denominated but, see [...] By Jeff Harding. It was reported Thursday that Goldman Sachs changed their unemployment forecast for September to be 250,000 jobs lost versus their prior estimate of 200,000. They pointed to some of the data that I cited Wednesday in my article, Looking at the Economy Through Gray Colored Glasses. Folk, nothing that bad happened this week that wasn’t already a [...] By Jeff Harding. Angela Merkel’s Christian Democratic Union (CDU), a center-right party, with its political ally, the Free Democratic Party (FDP) won the Bundestag (lower house) elections. This has far-reaching implications for Germany. And, I think I’ll win my bet about which country comes out best in this economic crash. In August I predicted Germany would come out [...] |
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