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Nina Agdal, flanked by The EC Twins, celebrates her 21st birthday at the - 2013 season opening of Marquee Dayclub at The Cosmopolitan of Las Vegas NV on Saturday, April 6, 2013.
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The Las Vegas NV pool scene this spring is in full swing & it unquestionably has Casino Boy sprung on Vegas. Even though he gets shy in his swim trunks, there is no way Casino Boy
A Tea Party-affiliated political action committee in that caused a stir in the - US Senate race last week is now planning a weekend telethon to benefit Republican human being desiring political office Michael J.
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"I used to think that Freddie Mac was a pimp, but now my mutual fund is the one walking with a limp. Fannie Mae, you almost failed me, boo. But the faithful feds, they bailed you."
Lyrics
Poor Lehman Brothers....yall got the shaft (shaft!)
The government said, good luck with that (shaft!)
And AIG, old Uncle Sam he loaned you 85 Billion, but now he owns you.
Some cry out, Weve become a socialist state! While others say, We need to regulate. Should I vote McCain or pull the lever for O-bama? Im thinkin either way, Ill be movin back in with momma. (but the cookins good---and I think shell drive me to work)
You see, I dont have much job security Im an internet comedian...Im not sure thats even technically a job. I dont think it is. I cant put my finger on it; but you know things have gone wrong when I cant even afford to finish this...
Harry Smith interviews Paulson starting at 1:55. Relive some history.
The $200 billion bailout of Freddie Mac and Fannie Mae is intended to keep the economy from collapse. Harry Smith talks to U.S. Treasury Secretary Henry Paulson.
Decades of epic returns caused by credit expansion and debt.
Bill Gross yesterday on Bloomberg.
Pimco's Bill Gross weighs in with thoughts on his investment record, Bernanke, stock and bond markets, interest rates, Japan, Europe, Cyprus and the U.S. economy.
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They discuss Bill's latest monthly letter which is here.
Man in the Mirror
Am I a great investor? No, not yet. To paraphrase Ernest Hemingway’s “Jake” in The Sun Also Rises, “wouldn’t it be pretty to think so?” But the thinking so and the reality are often miles apart. When looking in the mirror, the average human sees a six-plus or a seven reflection on a scale of one to ten. The big nose or weak chin is masked by brighter eyes or near picture perfect teeth. And when the public is consulted, the vocal compliments as opposed to the near silent/ whispered critiques are taken as a supermajority vote for good looks. So it is with investing, or any career that is exposed to the public eye. The brickbats come via the blogs and ambitious competitors, but the roses dominate one’s mental and even physical scrapbook. In addition to hope, it is how we survive day-to-day. We look at the man or woman in the mirror and see an image that is as distorted from reality as the one in a circus fun zone.
The last Hawaii vacation cost taxpayers $7.5 million.
Excellent clip. Start watching at 1:10 if you're pressed for time.
Air Force One costs taxpayers $179,750 per hour. It's time to sequester President Obama's use of Air Force One and limit it to official business rather than vacations, politics and sight-seeing tours.
Fed mouthpiece Jon Hilsenrath on Fannie's massive debt to taxpayers despite record profits. This is the first profit in 6 years for Fannie, which lost $16.5 billion last year alone, and who along with Freddie has borrowed $187 billion from taxpayers since 2008.
So far, Fannie has paid back $36 billion of the $116 billion on its solo tab.
(Reuters) - Mortgage finance company Fannie Mae posted a record $7.6 billion in quarterly earnings, but it refrained from booking a tax-related gain that would have allowed the bailed-out company to repay as much as $59 billion to the government.
The U.S.-controlled company said it expects to be profitable in the future. Profits would allow it to record gains on billions of dollars worth of assets it had written down. That would help Fannie Mae repay roughly $117 billion it owes the U.S. Treasury for a taxpayer rescue during the financial crisis.
But Fannie Mae executives told reporters on a conference call that the company concluded it could not be sure enough of the timing of future profits to record that gain. If Fannie Mae had taken the gain, it would have reduced the company's eligibility to borrow cheaply from the Treasury. This could have forced the company to pay more to borrow in the market.
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
Fed President Richard Fisher on the Bernanke Doctrine.
Start watching at 1-minute mark.
April 4 (Bloomberg) -- Dallas Federal Reserve President and CEO Richard Fisher discusses Japan, Bernanke, QE, the stock market rally, housing, and his plan to break up the "too big to fail" banks.
Classic line on the difference between the U.S. and Japan.
"We breed here in America."
Fisher is entertaining as usual. Here are some of the quotes.
The Bernanke doctrine is not perfect.
There is no QEinfinity. It doesn't go on forever.
I supported the first round of QE and nothing since.
Munger On Gross Immorality, Rampant Debt And The Idiot Boom
Much as we ridicule Munger for his completely ridiculous bailout comments, this is actually a pretty interesting clip. Charlie Munger, Warren Buffett's long-time partner at Berkshire Hathaway, talks with the BBC.
Earlier this year, Charlie Munger, who is billionaire Warren Buffett's right hand at Berkshire Hathaway and a sort of self-proclaimed mad oracle of Wall Street, made some interesting comments. He bashed people who buy gold, delivering an all-time amazing quote:
Gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold – they invest in productive businesses.
Munger, if you might remember, is the same gazillionaire dickhead who two years ago ripped people experiencing post-crash economic hard times, saying they should "suck it in and cope" and that anyone who wants to complain about the Wall Street bailouts should realize they were "absolutely required to save your civilization" (Munger thinks a lot about "civilization"). He added that even if you didn't like them, "you shouldn't be bitching about a little bailout. You should have been thinking it should have been bigger."
Some of those bailouts we shouldn't have complained about, of course, were directed at one of Munger's favorite companies – banking giant Wells Fargo, in which Munger and Buffett are heavily invested. Wells Fargo got as much as $36 billion in federal aid after the crash and got a massive push from the government to help it buy up the dying crash-era megabank Wachovia for $12.7 billion, a shotgun wedding that created the second-biggest bank in America. Wells Fargo not only got $25 billion in TARP funds just before it bought Wachovia, it got a special tax break from then-Treasury Secretary Hank Paulson, which some reports say was worth as much as $25 billion to WF at that time.
So just to recap Munger's comments: gold is not an investment for civilized people, it's for panicked Jews fleeing the Holocaust. Civilized people, according to Munger, instead invest in productive businesses like Wells Fargo, which according to this new suit spent a decade committing mass fraud and dumping tens of thousands of dicey loans onto the lap of the taxpayer. If we think about it in retrospect, Wells Fargo then got rewarded for years of bad behavior by receiving tens of billions more in bailout money, which it used to buy a dominating market share – artificially inflating its share price for the next generation, to the benefit of wrinkly old greedheads like Charlie Munger. And if you don't like it, you should suck it in and cope.