The Market Ticker
Commentary on The Capital Markets- Category [Musings]

Today is Easter Vigil; for Christians of all stripes it has meaning in the theological calendar as the day between Christ's death on the cross and his resurrection.  For everyone else it's just a normal Saturday.

Usually what you see from me are missives related to economics or the political landscape around the world.  This is a bit different -- it's about commodities, one in particular.

That commodity is time.

Time is the one commodity you cannot buy more of, no matter how hard you work or how much money you have.  It is a commodity that you begin life with an unknown amount in your possession, and like the sand in an hourglass it slowly slips away.  Unfortunately the top of your hourglass is covered in black paint; only the last small bit of the glass before the pinch-point is transparent.  You must therefore divine exactly how much sand you began with and your alleged knowledge is usually predicated on nothing more than personal hubris.

Most people will believe they have a great deal of sand remaining in their teens, twenties, thirties and beyond.  Many of them will be right.  But with each passing decade a larger percentage of the population discovers that their optimism was misplaced as they see the top of their personal pile descend into the clear area of the hourglass, realizing that their time is about to run out.

When I was a young man, like most young men, I believed I was Superman in some form or fashion.  I could not die, absent undertaking some bold and spectacularly-stupid stunt.  This of course was a false belief but most boys and young men share it to some degree or another.  Death was abstract and while I had relatives that met the reaper during those years I was simply unprepared to deal with it -- so I didn't.

As the years have passed more people that I know have had their sand run out; several long before, in my view, it should have.  But my view doesn't matter as I wasn't in charge of filling those hourglasses originally.  That right belongs to the man upstairs, and despite anyone being able to ask "Why?" it is only through a rather extreme showing of arrogance that I, or anyone else, could claim the right to an answer.

Today marks a time of the year in which renewal is promised; the renewal of spring, in which longer and warmer days brings the renewal of agriculture, without which we would fall into famine and many would perish. The world around us blooms in color, promising fruits and growth in the months ahead.  

But for those of us already here today and tomorrow should bring reflection and perhaps self-examination as to whether the time we spend irrevocably, and which we cannot recover and repurpose, should be put toward something better suited to the nature of that which we are expending.

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Really, it's not that important to get there 30 seconds faster.... especially when you might not get there at all!  (Fast-forward to about 1 minute in)

(H/t here)

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Oh cry me a river.

"Here I'm not going to name the senior person, but I was meeting with someone… This person told me that the Chinese had received a message from the Russians which was, 'Hey let's join together and sell Fannie and Freddie securities on the market.' The Chinese weren't going to do that but again, it just, it just drove home to me how vulnerable I felt until we had put Fannie and Freddie into conservatorship [the rescue plan for them, that was eventually put in place]."

So what?

Let's first assume Paulson is not lying, and if he won't name the person he might be.  It's pretty hard to refute a claim that some ghost said something, right?

But let's just go with that for a minute: By what right does anyone have to bitch if someone who buys something wishes to sell it, irrespective of terms, absent a contractual obligation not to do so?

In other words if you wanted to "prevent" such a "Bear Raid" the only legitimate way to do it is to not sell them the instrument in the first place, which is your right because you're the seller.

But having profited from the price support that having more demand (that is, buyers) for said issue at the outset, you accept with that demand and thus price support risk -- specifically, the risk that you might get cornholed down the road if you allow a concentration of those securities to go places where someone might do something like this.

Further, need I remind anyone of the rather clear disclaimer on the front of these securities?

Was it really all that difficult to parse those words?

**** you Hanky Panky for trying to play off geopolitical events many years down the road.  

Anyone who buys into the crap you're running here is bereft of cognitive ability.

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