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Monthly Archives: July 2009
Think Again About Asia’s Rise
This is excellent from Foreign Policy (hat tip to Paul Kedrosky):
“Those who think Asia’s gains in hard power will inevitably lead to its geopolitical dominance might also want to look at another crucial ingredient of clout: ideas. Pax Americana was made possible not only by the overwhelming economic and military might of the United States but also by a set of visionary ideas: free trade, Wilsonian liberalism, and multilateral institutions. Although Asia today may have the world’s most dynamic economies, it does not seem to play an equally inspiring role as a thought leader. The big idea animating Asians now is empowerment; Asians rightly feel proud that they are making a new industrial revolution. But self-confidence is not an ideology, and the much-touted Asian model of development does not seem to be an exportable product.”
Here is the link: Think Again About Asia’s Rise
SEC supervisor stopped a probe of Madoff?
I really, really hope they send this supervisor to jail. How she could not be complicit in this is beyond believable.
“The Washington Post reported that when Walker-Lightfoot reviewed the paper documents and electronic data supplied to the SEC by Madoff, she found it full of inconsistencies, according to documents, a former SEC official and another person knowledgeable about the 2004 investigation.
The newspaper said the SEC staffer raised concerns about Madoff but, at the time, the SEC was under pressure to look for wrongdoing in the mutual fund industry. Walker-Lightfoot was told to focus on a separate probe into mutual funds, the report said.
One of Walker-Lightfoot’s supervisors on the case was Eric Swanson, an assistant director of her department, the Post reported, citing two people familiar with the investigation. Swanson later married Madoff’s niece, and their relationship is now under review by the SEC inspector general, who is examining the agency’s handling of the Madoff case, the Post reported.”
Bill Gross Is Not Bullish on Stocks
“What do trillion-dollar deficits and the recent reinitiation of PAYGO government programs tell you about the future of corporate tax rates? They’re headed higher. Do you really think that a national health care program can be paid for with cost-cutting as opposed to tax hikes at insurance companies and benefit-paying corporations throughout all sectors of the American economy? The new normal will not be investor-friendly unless your forecasting dial is turned to “Pollyanna” or your intelligence quotient is significantly less than 100.”
Does Goldman Legally Front run Its Clients?
I pass along this blog post from zero hedge with only the comment that I used to be a Goldman client and am not anymore.
The difference between Volume and Liquidity
This is an excellent and frightening video of Joe Saluzzi of Themis Trading talking about how high frequency program trades and computerized trading is giving the allusion of liquidity when all it really is, is volume. This is a must video, follow the link to the blog zero hedge if you want to read their comments as well.