Circus Yes, Bread No
January 14, 2010 at 5:26 pm | Posted in wall street | 4 CommentsI watched the hearings of the Financial Crisis Inquiry Commission, and I have to admit that I found it more entertaining than most public whipping sessions on Capitol Hill.
The main reason is that the contest of wits was closer than usual. Angelides and the other members of the Commission aren’t at parity, but at least they knew something about what happened, and why. They also aren’t nearly as easy to fool with jargon as the usual panel of elected officials.
I Made a Mistake
January 14, 2010 at 3:23 pm | Posted in wall street | 6 CommentsWanting to watch coverage of the second day of financial crisis Commission, I turned on CNBC. Instead of hearing the regulators questioned by the panel, I was treated to an endless repetition of falsehoods.
The weird part is that the falsehoods weren’t tough to see, and didn’t require extensive study or research to unravel.
What I saw accepted as fact were a series of political talking points that could have come straight from a Newscorp political interns weekend getaway. Did GE sell CNBC to Rupert Murdoch while I wasn’t paying attention?
Romantic Fallacy
January 14, 2010 at 11:36 am | Posted in wall street | 2 CommentsYesterday evening I got a call from my bud and long-time blogger George Ure about the movement to take deposit money away from mega-banks and put it with community banks. I reminded him of the mega-panic brought on by Chuck Shumer’s (ahem) unsolicited and unwelcome June 2008 letter that suggested Indymac Bank was insolvent.
George might be best described as an iconoclastic skeptic — he trusts no one to be telling the unspun truth, no matter the topic.
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