"One of the lessons that investors seem to have to learn over and over again, and will again in the future, is that not only can you not turn a toad into a prince by kissing it, but you cannot turn a toad into a prince by repackaging it. But very imaginative people in the securities market try to do that. If you have bad mortgages they do not come better by repackaging them. To some extent the chickens are coming home to roost for the mortgage originators and securitisers." Warren Buffett, Financial Times, October 26, 2007 TXU Tumbles as Natural Gas Imperils Biggest LBO: Credit Markets Data boost from economic giants Mortgage Bonds Lose Ground With Home Refi Boom: Credit Markets Futures point to Wall Street edging lower by Doug Noland | Aug 20 The market clamors for additional stimulus, and the government finance Bubble moves into overdrive. by Martin Hutchinson | Aug 30 Combining the Worst of Two Downturns The United States could suffer a prolonged period of pathologically high unemployment combined with vicious and unrelenting inflation. by Satyajit Das | Aug 31 The complexity of the issues means that ultimately no laws governing derivatives may be truly effective, validating a Marxist (Groucho's) proposition. by John Browne | Aug 25 Take Your Pick: Sinking U.S. or Soaring BRIC Significant BRIC growth has been achieved not with government subsidies, but with organic market demand fueling legitimately productive enterprise.Quotable
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Thursday, 2 September 2010
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