The justice department is suing S@P for not downgrading banks in the subprime mortgage debacle that greatly contributed to the downturn of the economy. I say: It is about time. Except for one South Asian guy, no big shot in Wall Street or in the banking industry have been charged criminally. I understand that the burden of proof in a criminal case is great. But only one person after all the wrong doings? In civil cases the burden of proof is much lower. So I would think the feds and the states would try to get a large sum of money out of these guys. I don't know how hard it is to evaluate banks and financial institutions. But giving someone about to go bankrupt a AAA rating? I find it hard to believe that S@P and others were not sleeping on the job. So yes, I think S@P should pay big time.
Michigan escaped tonight with an OT victory over OSU. I think OSU got robbed at the end, not getting a foul call. But that is the case with home court advantage. I would say that if a road team loses by less than 6 points, it probably outplayed the home team. Well, at least Michigan held serve and will see if they can grind one out against Wisconsin this weekend.
Tuesday, February 05, 2013
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I am more concerned about these hedgers. I think this is market manipulation and something has to be done about it. Check out this article from the LA Times regarding gas prices:
ReplyDeletehttp://www.latimes.com/business/autos/la-fi-hy-betting-on-higher-gasoline-prices-20130211,0,6691385.story
There is no reason for prices to be so high right now and it's all because of these hedge guys.
In Michigan, the Republican Governor is asking for a tax hike on gas here to help for road infrastructure. Michigan already pays highly in gas tax and he expects the citizens to be able to pay more? He's also calling for higher car registration fees. I'd expect this stuff out of a Democrat, but a Republican is doing this. It doesn't make sense and I think it's going to hurt the economy.
Big basketball game tonight. I really like MSU's chances and I do think that they will split this year. Having said that, I will go for a 67 to 61 game.
-LBOAYM
As I have always say,the futures market is a zero sum game in which for every dollar made there is one lost by someone else. Actually more is lost because win or lose you have to pay the brokers. In any case I think these markets can be manipulated. Big traders can drive up or down prices by making big trades. For example, if someone from a big firm puts out a rumor that China is going to buy a huge amount of soy bean in the next 3 months, the price of soybean will go up dramatically. So if this firm had bought a future contract at a low price, it can sell at a much higher price and make a profit. This is not something that you and I can do. In the meanwhile everybody who needs soybeans will be paying more.
ReplyDeleteI spent a lot more time watching the State of the Union address and the rebuttal tonight than expected because Michigan was getting killed on ESPN. The good news is that despite the big score, MSU has just held serve. The bad news is that with 4 losses Michigan is going to have to win out to have a chance for the title. I think the Wisconsin loss was devastating. They looked to be hung over from that loss. Give credit to MSU though, for a great game.
I thought Obama did well tonight. I think he was trying to be more bipartisan compared with the inaugural speech. CNN polls also showed that it was well receive. Rubio did all right,certainly a lot better than Jindal did. So he will be in the running in 2016. I think his speech lacked substance and only tried to attack Obama. I mean, he claimed that the housing crisis was due to government policy! I don't think any logical person can say that the government made companies like Countrywide give out dangerous loans! He also said that going against the 2nd Amendment will not curb gun violence. Well, he did not say what would. So Rubio did ok with his life story but it was not much of a rebuttal.
I did not get a chance to watch the State of the Union. I probably wouldn't have watched it anyway. To me, it's just unnecessary.
ReplyDeleteI would almost prefer a speech by the President in the Oval Office and just have him address the nation.
I also find the rebuttal awkward as these guys look like used car salesmen reading poorly off the teleprompter.
I actually like Jindal better than Rubio as a candidate. My question to you is. Does Ryan run if Romney also runs? Gotta think the debates with the two of them would be quite interesting. I wonder if Romney wins the nomination again, if he would pick Ryan after all that.
Also, I heard that Rubio took a break during his speech and drank water? How does that happen? I always thought that those speeches were done ahead of time and on tape? Why wouldn't you cut and take up after his drink? Seems really awkward to me. Was he nervous?
As far as the basketball game went. UM was in a hornets nest and the freshmen did not know how to handle it. I am convinced that they will struggle next year if Burke goes to the NBA. He was half their offense.
Both teams will probably split, like I said before, but now next Tuesday's game against Indiana for MSU might determine the conference champion.
But as I always say, the big prize is in March, so you want to be hitting on all cylinders then. Hopefully MSU will get healthy and make a run.
-LBOAYM