BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[The chutzpah of Bear Stearns (BSC)]]>http://www.bloggingstocks.com/2007/08/07/the-chutzpah-of-bear-stearns-bsc/http://www.bloggingstocks.com/2007/08/07/the-chutzpah-of-bear-stearns-bsc/http://www.bloggingstocks.com/2007/08/07/the-chutzpah-of-bear-stearns-bsc/#commentsFiled under: , , ,

Wow. My eyebrows raised when I read that Bear Stearns (NYSE: BSC) chose to liquidate two of its bankrupt hedge funds in the Cayman Islands, presumably to limit how much cash their bilked investors could recoup.

Then I puzzled over a Wall Street Journal Op-Ed piece (subscription required) flacked out by Bear Stearns' chief economist David Malpass today. The WSJ is infamous for its right-wing nut job opinions (in contrast to its reputation for solid business reporting). But this one was a real Marie Antoinette-channeling doozy:

"Housing and debt markets are not that big a part of the U.S. economy, or of job creation. It's more likely the economy is sturdy and will grow solidly in coming months, and perhaps years."

Funny, but two-thirds of Americans think we're already in a recession, or will be soon, according to a Wall Street Journal/NBC poll taken last week. But heck, what do I know?

So you really have to hand it to Barry Ritholtz over at The Big Picture, who put it all together and called a spade a spade.

He writes:

"I bet that the idiotic idea for this steaming pile of manure came from way higher up the Bear Stearns food chain. I'll bet he ground his molars down while writing this garbage. Jimmy Cayne must really want to keep his job in the worst way."

That's why I love the Blogosphere. It's where people who do know can tap their chutzpah and tell the world what they think.

The chutzpah of Bear Stearns (BSC) originally appeared on BloggingStocks on Tue, 07 Aug 2007 16:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Barry RitholtzBarryRitholtzBear StearnsBearStearnsBSCDavid MalpassDavidMalpassThe Big PictureTheBigPictureTue, 07 Aug 2007 16:45:00 EST<![CDATA[Is the U.S. trade deficit a sign of strength?]]>http://www.bloggingstocks.com/2006/12/28/is-the-u-s-trade-deficit-a-sign-of-strength/http://www.bloggingstocks.com/2006/12/28/is-the-u-s-trade-deficit-a-sign-of-strength/http://www.bloggingstocks.com/2006/12/28/is-the-u-s-trade-deficit-a-sign-of-strength/#commentsFiled under: , , ,

David Malpass of Bear Stearns wrote a great op-ed piece on how to interpret the trade deficit. The full article can be found on the Forbes Digital Rules blog.

Here are some some of his thoughts:
  • The imbalance, the trade deficit and related capital inflow all link the faster-growing U.S. with other aging, slower-growing economies. They are a reflection of growth in the U.S., not weakness.
  • Despite our trade deficit and other countries' trade surpluses, the U.S. economy has created 9.3 million new jobs since the 2001 recession, compared with 360,000 jobs in Japan and 1.1 million jobs in the European zone, excluding Spain.
  • Speaking of Spain -- like the U.S., Spain (3.6 million new jobs) and the U.K. (1.3 million new jobs) also ran trade deficits and created jobs rapidly during these last five years.
  • The recent upswing in the U.S. trade deficit partially reflects the shift in the demographics of the world's large economies. The under-60 population in the U.S. is expected to grow for at least 50 years, whereas the under-60 populations in Japan and Europe is already in a decline and China will also be in a decline within a decade.
We have blogged in the past on how the trade deficit has been misinterpreted by economic pundits for years. In my opinion, David Malpass is one economist who gets it right.

Is the U.S. trade deficit a sign of strength? originally appeared on BloggingStocks on Thu, 28 Dec 2006 10:52:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bear stearnsBearStearnschinadavid malpassDavidMalpassdeficitdigital rulesDigitalRuleseconomiceconomyeuropeforbesimbalancejapanspaintradeu.k.ukThu, 28 Dec 2006 10:52:00 EST