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"BAC will struggle as they continue to lose market share to premier banks such as Citigroup and Goldman sachs" :p

And I forgot to add Credit growth: Negative Fed Senior Loan Officer Survey: Banks tightening credit standards The last credit crunch it took anywhere from 1 to 2 years after banks started doing net loosening of standards in different kind of loans for the fed to put the first hike. This...

Bullard from the Fed, it seems has argued the Fed cant just look at unemployment because it might not correlate with inflation well. He says in the 70's unemployment was high and inflation was also high, in the 90's unemployment was low yet inflation was low so the cyclical philips curve...

CPI inflation: -1.5% yoy Core CPI: +1.5% yoy(down from 2.5% in 2008) Unemployment: 9.7% and rising Last NFP: -216K M2: YTD barely up 10y inflation expectations derived from bonds: 1.83% Anyone with any understanding of the Fed's mandate can guess its virtually impossible for the Fed to...

So?The vast majority of that time was spent without a central bank, furthermore even withit the US was still fixing the price of gold or silver

He learned well :D

He held this view till he found out that central banks could in fact resist political pressure and target low levels of positive inflation

Heres Greenspan schooling Paul on a Congress hearing in 2001 "Mr. GREENSPAN. so long as you have fiat currency, which is a statutory issue, a central bank properly functioning will endeavor to, in many cases, replicate what a gold standard would itself generate. If you take the period in...

The US had bubbles and recessions before 1913. Can someone inform Paul of this? Oh I forget, Greenspan already told him that in a Congress hearing years ago but it entered one ear and came out in the other It seems that he worships Murray Rothbard and Mises too much to a point where he cant...

More Grant trashing http://www.financialarmageddon.com/2009/09/jim-grant-ringing-the-bell-at-the-top.html

"Per capita real income in 1933 was almost the same as in the depression year of 1908, a quarter of a century earlier. Four years of contractions had temporarily erased the gains of two decades, not, of course, by erasing the gains of technology but by idling men and machines" - A Monetary...

http://www.businessinsider.com/appetite-for-high-yeld-bonds-is-getting-ridiculous-2009-9

There is no one to rob, the bankers cleaned up everyone

I'm yet to hear how the resident autrians gold standard advocates would prevent free economic agents in a free market from initiating levered derivative transactions between each other to the tune of multiples of GDP(which they ocasionally use as 'evidence' that the financial system is phony)...

The idea that the SFP was shutdown because of JUST the debt ceilling issues seems ridiculous. Congress votes to increase the ceilling A LOT, there is simply no reason to expect they would vote no, so asking for a raise would work just as it did every single time ever since the United States has...

Looks like the blogs zero hedge and across the curve are waking up to the Geithner QE move that is occuring. It took these guys almost a week to report on this, the guy from across the curve is a very good bond market observer and it took a tip from a conspiracy theorist blog for him to find...

Roubini says what ended the crisis of confidence was the policymakers. The problem is most programs had been announced for months before risk assets bottomed. TALF, no big bank will fail, zero rates, CP liquidity facility, etc were 2008 stories, that didnt prevent markets from keep freefalling...

"By rallying, equities and corporate bonds not only anticipate recovery, but they also help to bring it to fruition. By opening their arms wide to such previously unfinanceable businesses as AMR Corp., parent of American Airlines, and Delta Air Lines Inc., the newly confident credit markets are...

More Grant trashing "History says that jobs lag the recovery and the deeper and faster the jobs were lost, the more it lags" http://www.nytimes.com/2009/09/17/business/global/17oecd.html?pagewanted=1&_r=1&ref=global

If Grant is so bullish on GDP what on earth will be the GDP component that will boom so much? Both consumer spending and capital spending are likely to remain weak http://www.calculatedriskblog.com/2009/09/capital-spending-and-consumer-spending.html That leaves trade and government...