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POPSIn Denial About Financial Reform Also see Dan Indiviglio over at The Atlantic: http://business.theatlantic.com/2009/09/why_is_washington_ignoring_the_real_causes_of_the_crisis.php The danger of putting a lawyer in charge of something like this is, in my opinion, best exemplified by Neil Barofsky, the attorney they put in front of TARP oversight. Barofsky has used his pulpit to put out some really meaningless and misleading numbers. We need real information from these guys, not noisy innumerate numbers. See: http://www.forbes.com/2009/07/27/bailout-bad-math-business-washington-barofsky.html
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POPSBernanke's Oscar Speech It's the bailout version of Gordon Gekko's greed speech! So, who will pay Ben Bernanke in the movie? They have to look the part... Maybe Ben Kingsley? Jason Alexander? Vin Diesel?
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POPSBailout More Expensive than World War II? Now Treasury Secretary Henry Paulson and Fed chair Ben Bernanke would be quick, I think, to dispute that $4.6165 trillion dollars is a cost. A lot of apples and oranges (and grapes and berries and pomegranates) to get to that figure. The point that either way we're talking about a lot of fruit, howvever, is an important one.
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POPSGreat New Hedge Fund Saw this humor site in WSJ's Heard on the Street this morning. Here's one of Strategery's top competitive advantages: "We are not limited to looking for opportunities with positive expected returns and so can cast a broader net across the investment universe, thus extending our efficient frontier beyond what other hedge funds can offer."
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POPSSo what happens if Paulson is a genius? This article elegantly lays out the best-case scenario for the Paulson Plan. Funny how things could backfire. Right now at least some politicians are opposing this thing because of election concerns. They're going to have different election concerns if they voted against a plan that, in a couple years time, stopped a financial meltdown and earned a trillion dollars for the taxpayer.
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POPSLet Hank Get Some Sleep! Whatever your feelings about the bailout you gotta acknowledge this: Paulson is a machine. I have no idea when he's possibly gotten any sleep since the Fannie and Freddie takeover. And he had to have been laying the groundwork for that for at least a week. I'm guessing he's barely slept since August. I hope he's okay.
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