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Archive for November 12th, 2008

Global Warming and the Mortgage Crisis

Andy Spero | November 12, 2008 | 0 Comment(s) |

Regular readers will know that we often criticize the stupid application of mathematical models, especially ones related to finance and economics; ergo, our firm’s motto, “Thought Before Calculation.”

In that light, we note that in last Friday’s The Wall Street Journal (November 7) the editors excerpted a speech that Michael Crichton gave at Cal Tech in 2003, entitled ‘Aliens Cause Global Warming.’  (For those who don’t know, Mr. Crichton passed away early last week.)

In the speech, Mr. Crichton discussed the Drake equation which attempts to illustrate the winnowing-down process of all the planets in… Read the rest

Taking the TA out of TARP

Andy Spero | November 12, 2008 | 0 Comment(s) |

Jeez, our post from two weeks ago, which noted the similarities between TARP and GARP, makes us seem almost prescient.

Like T.S. Garp, it seems that Mr. Paulson is jettisoning letters as he continues lonely and aimless pursuit.  In fact, we’d prefer that he take up Mr. Garp’s hobby as it is less damaging to the economy and our well-being than many of Mr. Paulson’s extant actions.

We base our statements on today’s announcement that the Treasury Department will not purchase any Troubled Assets: Treasury Not Planning to Buy Bad… Read the rest

Common Sense? Smart Money? Oh, Please!

Andy Spero | November 12, 2008 | 0 Comment(s) |

We haven’t checked the calendar; so, we ask if the day after Veterans Day is now celebrated as “Opposites Day.”  That’s the sense we get from reading the descriptions versus the content of James B. Stewart’s weekly column, labeled both “Common Sense” and “SmartMoney” in today’s The Wall Street Journal.

To be frank, we don’t see much common sense or intelligence in his writing in general, but this week’s column seems especially silly: How Obama Can Fix the Economy.

Can Mr. Stewart cite a single instance when via increased governmental action, a President… Read the rest

Gossamery Arguments for Transparency and Our Reply

Andy Spero | November 12, 2008 | 0 Comment(s) |

Recently, we’ve seen many op-ed essays calling for more transparency in financial statements, particularly with respect to mortgage-related securities.  Many of these essays have been written by famous and esteemed individuals or their staffs.

In our own idiosyncratic, round-about way, we’ll explain the empty silliness of such arguments, and we begin by criticizing the notion that “more is always better.”

Too Much Information: Unfortunately, we’ve not read a single essay that contained an intelligent, concrete argument for why more transparency is better than less–as if transparency, in and of itself, is a good… Read the rest