July 14, 2009 at 11:14 am Morning Call Appearance:
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July 14, 2009 at 6:22 am Media Appearance: Morning Meeting
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The whirlwind media tour continues apace this morning, with a discussion with Dylan Ratigan & Co. on MSNBC’s Morning Meeting about Goldman Sachs earnings at about 9:10am.
A few things worth thinking about:
• Goldman Sachs got $13-billion in bailout payments via AIG
• That was after Goldman squeezed AIG for $5.9 billion before the bailout
Oh, and Goldman execs dumped $700m of stock as Lehman collapsed.
July 13, 2009 at 11:26 am MSNBC Morning Joe Appearance
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July 13, 2009 at 6:00 am Media Appearance: Morning Joe
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This morning, I will be discussing Bailout Nation on MSNBC’s Morning Joe at 8:30.
(I’ll try to post a video clip later)
July 9, 2009 at 4:34 pm Media Appearance: Glenn Beck
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I am hawking the book on the Glenn Beck show today at about 5:10pm on Fox News.
Guest host: Eric Bolling
July 9, 2009 at 12:32 pm Video: MSNBC’s Morning Meeting
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July 9, 2009 at 6:30 am Media Appearance: MSNBC’s Morning Meeting
This morning, I will visiting with Dylan Ratigan & Co. on MSNBC’s Morning Meeting at 9 and 10 am.
Amongst other things, we will also be talking about the stimulus plan. I found this WaPo chart instructive:>
X
Source:
Power of Stimulus Slow to Take Hold
Rising Joblessness Blunts President’s Plan for Recovery
Lori Montgomery
Washington Post July 8, 2009
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/07/AR2009070703182.html
July 6, 2009 at 4:17 pm Interview: Wall Street Cheat Sheet
Exclusive Interview: Macro-Strategist Barry Ritholtz
Written by Damien Hoffman
Posted on 01 July 2009
This is Part One of a two part interview with highly acclaimed Macro-Strategist Barry Ritholtz.
In the movie The Matrix, the character Morpheus serves as a guide to reveal objective Truth. Although we are challenged to discover anything objective in the highly subjective, pseudo-scientific field of economics, independent macro-strategist Barry Ritholtz is leading a clique of newly emerging economic realists. I liken this moment to that in which independent record labels such as Sub Pop Records (Nirvana) flanked the major labels to gain mainstream attention. Barry is our Sub Pop.
Although Barry has become increasingly popular over the years, he exploded onto the scene while blogging critical under-reported data during the housing and credit bubbles. While the mainstream media cheered irresponsible borrowing and spending, Barry’s uber-popular The Big Picture blog chronicled the bare facts and logically induced prescient warnings of the inevitable collapse. As a result, Barry had the rough draft of an indispensable book about the financial crisis and subsequent bailouts.
Despite a political controversy with original publisher McGraw-Hill, Bailout Nation was recently released. I sat down with Barry to discuss his career, his cross-disciplinary framework, his ballsy indictment of the crooks who perpetrated “the greatest heist ever made,” the legal training that helped his efforts, some legendary stories, and his outlook for the economy.
Damien Hoffman: Barry, we are both lawyers by training. What caused you to also forgo a legal career in favor of finance?
Barry: Mostly other lawyers [both laugh]. I actually enjoyed law school and just found myself not loving being a lawyer. One day about 20 years ago I ended up doing a deal closing at a friend’s trading shop. I got a tour of the trading room and basically I said, “This stuff looks like Nintendo for money.” And that was pretty much it. I was hooked. It didn’t take much.
Damien: Was that before or after the stock market crash in 1987?
Barry: It was after the crash in ‘87. Remember, that event was only a correction [laughing] … or so we were told. And in hindsight, turns out that conclusion was pretty close to accurate. The market finished the year up — which people seem to forget. After a 16-year bear market, you end up with a situation where the first five years of a rally from those lows got a little ahead of themselves. Not surprisingly, we found ourselves with a debacle: creaking internal plumbing in the New York Stock Exchange combined with portfolio insurance (portfolio insurance was, at the time, newfangled derivatives that promised to guarantee against losses). Lo & behold, the crash was one of the exceptions: a true correction that did not spill over into the broader economy.
July 1, 2009 at 5:45 pm MSNBC Morning Meeting
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