The Big Picture |
- New Site Design Coming This Weekend!
- Succinct Summation of Week’s Events (March 15, 2013)
- David Kotok: “I’m Raising Cash”
- Financial Media Then and Now
- 10 Friday AM Reads
- JP Morgan Chase: Out of Control (Complete Rosner Report)
- What is Consciousness?
- Bankistan Vanquishes America
| New Site Design Coming This Weekend! Posted: 15 Mar 2013 05:00 PM PDT You’ve been hearing about the development of a new site now for quite a while — we are now in Countdown mode — less than 24 hours to go! I write up some details and pull together some screens how the new design developed (I might even find some shots of the history of the site). More details tomorrow . . .  |
| Succinct Summation of Week’s Events (March 15, 2013) Posted: 15 Mar 2013 12:00 PM PDT Week ending March 15: Succinct Summation of Weeks Events Positives:
Negatives:
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| David Kotok: “I’m Raising Cash” Posted: 15 Mar 2013 11:26 AM PDT Raising Cash
A cash reserve has been raised in our US ETF accounts. A partial cash reserve has been raised in non-US ETF accounts. Our clients will see them in the online-access versions of their account statements. Why did we raise cash? Stock markets have become extended, particularly in the United States. Nothing goes straight up or straight down forever. History shows stock markets can have 3% to 7% corrections at any time. The present long-term bull market started in March 2009. It was reaffirmed in November 2012. It is still intact. That said, most measures of market movement, sentiment, direction, and momentum have reached levels of intensity that approach extremes. This is primarily a US phenomenon. We believe prudence requires a cash reserve as activities in Washington and the rest of the world continue to unfold. A part of the stock market’s momentum is driven by events. The present schedule and scale of events is not conducive of a fully invested position anymore. That could change rapidly. FOR TODAY, we have instituted and are maintaining a temporary cash reserve. Note the words for today. In this very fluid, event-driven world, one has to be prepared to change quickly. The temporary cash reserve may be re-committed at any time. We fly to Paris on Sunday and on to Dubai by mid-week. Discussions of global events will ensue. We will report from the road as we can. ~~~ David R. Kotok, Chairman and Chief Investment Officer, Cumberland Advisors  |
| Posted: 15 Mar 2013 08:30 AM PDT The original was on March 15, 2001:  |
| Posted: 15 Mar 2013 06:45 AM PDT My mostly whale-free reading list:
What are you reading?
J.P. Morgan Misled Regulators and Investors, Ignored Risks in Big Trades  |
| JP Morgan Chase: Out of Control (Complete Rosner Report) Posted: 15 Mar 2013 05:30 AM PDT  |
| Posted: 15 Mar 2013 05:00 AM PDT |
| Posted: 15 Mar 2013 04:30 AM PDT Is there a single doubt left in your mind? Are you still a believer in Is there a scintilla of wonder left in your mind that the giant banks are legitimate? Have you come around to understanding — finally — what some of us have long understood about banks? Are you willing to accept the truth about these corporate behemoths — that they are a horrific combination of economically dangerous, criminally inept, led by pathologically lying CEOs? Do you harbor any doubts that the giant banks are anything less than ruthlessly efficient criminal enterprises? Can you — finally — admit that our bank-created financial crisis of 2008-09 has led us to where we are today? Do you understand the only options presented as a result of that — either corporate bankruptcy and nationalization or a completely artificial Fed driven recovery? (The third option was a Japan-like multi decade recession). Do you realize that the feeble recovery, the slow, deleveraging-driven process of gradual economic healing was the result of how our policy makers chose? Do you recognize that the world of banking is divided into two camps? On one side, there are those who understand that the giant banks must be broken up. They are dismayed at the large banks under-capitalization, over-leverage and opacity. These folks have figured out that these banks are not only too big to fail, but are so large that they are too big to succeed, and that the best route is to let insolvent banks fail. They are unhappy that our finance sector is a trillion dollar black box. They know that the majority of giant banks’ profits come from bailouts, and subsidies. This group is dismayed at the corruption of our political system by financiers. They understands huge banks are anti-competitive, a blaspheme against capitalism. They are shocked about corruption of even the most fundamental measures of interest rates such as LIBOR. They are stunned that bankers have overturned a bedrock, fundamental principle of our society — the rule of law rule — with the threat of disrupting the world’s economy if prosecuted for their crimes. On the other side lay the bank apologists, corrupted politicians, and crony capitalists. They advocate the Big Lie of the financial crisis. They choose to ignore the facts and data that disprove their narrative. They continue to push the lies that the bailouts were a good investment. (They weren’t). They work against the Bipartisan consensus that the giant banks should be broken up. They ignore the many former bank CEOs who call for the break up of "Too Big to Fail" banks. They mandated that GSEs were banned from Lobbying, but they made sure that the big banks retained their influence peddling and hold on Washington DC. They no longer represent the voters of their districts, but instead are the elected representatives of Bankistan. And unless we do something — and soon — they will vanquish America.
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