Thursday, January 22, 2009

Financial Market Bobbleheads

Christopher Whalen, the managing director of a firm called Institutional Risk Analytics, is a ubiquitous commentator on financial markets. This is despite the fact that, from everything I've seen, he's totally crazy. Par for the course when it comes to financial market bobbleheads, I suppose. I expect financial market bobbleheads to exhibit a certain amount of craziness—after all, the shows they appear on are aimed at retail investors, and they're just trying to make headlines. But Whalen's claim that Tim Geithner is "too close to Goldman Sachs" is Ben Stein-level crazy. From an interview with Yahoo Finance:

"I believe Tim Geithner only represents part of Wall Street - Goldman Sachs," [Whalen] says, suggesting Goldman was the "primary beneficiary of the AIG bailout" and notes Goldman alum Stephen Friedman serves on the board of the NY Fed.
When the interviewer stated, "effectively, your argument is that Tim Geithner is in bed with Goldman Sachs," Whalen responded, "I believe so." Nevermind that Geithner has never worked for Goldman, or any Wall Street institution for that matter. No evidence required. This is Yahoo Finance. The only thing resembling evidence Whalen cites (other than a rumor about Geithner spending time on the phone with Robert Rubin that Whalen actually started himself) is "the reporting in the New York Times about the AIG bailout," by which he means the preposterous—and thoroughly discreditedarticle by Gretchen Morgenson. Morgenson effectively asserted that the Fed's decision to bail out AIG was improperly influenced by Goldman, which is idiotic for a number of reasons, but especially because the Fed hired Morgan Stanley to advise them on the AIG bailout. No mention of this in the Times article, of course, because we can't let pesky facts get in the way of a good Goldman conspiracy theory. What is it about Goldman Sachs that drives the Ben Steins and Chris Whalens of the world so crazy? Honestly, I've never understood it.


s said...

Geithner: Who is Tim Geithner? What has he done? When rumors of his appointment were floated I waited for his credentials. Most all that people say he was involved in while at the NY Fed is denied. Fine, but what did he do? His contributions -- forget about taxes and rumors -- not a soul has referred to something the man accomplished. One cannot help but see him as the water boy.

And what a bit of buffoonery at the start: Tells China to manipulate their currency on one day and tells Japan not to manipulate their currency on the next. In god's name who is he speaking to?

thank you for your site

Cheap WOW Gold said...

i enjoy your writing ,its so readable ,pleasurable and easy to read .. thx .

dte said...

We just can‘t let go, when the storm is ahead eq2 plat, I held tight to the world, but rejected eq2 platinum, Let`s write that letter we thought of writing "one of these days eq2 gold.

dte said...

The consequences of today are determined by the actions of the past scarlet blade gold. To change your future, alter your decisions today scarlet blade gold, Experience is a hard teacher because she gives the test first, the lesson afterwards scarlet blade gold, but it takes character to keep you there.

Anonymous said...

Additional Buy Guild Wars 2 Gold sites include the Ghana Trade Good along with the Countrywide Theatre, however the Seminar Center is much more common as a result of the idea being drastically larger D3 Gems than the nation's Movie theater, and at one time smaller than the particular Ghana Trade Good Middle(that was built to sponsor missouri.

Anonymous said...

I have been waiting for someone to share this post. This has actually made me think and I hope to read | | | | | | | | | |