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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: stan_hughes who wrote (342673)	9/4/2007 7:28:57 PM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 436258

“But the data will probably be irrelevant to the decision.” Before Alan Greenspan boasted how The Fed had eliminated the business cycle, the above quote would have been ridiculed as a new “Yogi-ism”. Perhaps a pundit would have written a column scrutinizing this dangerous admission that things had changed, and not for the better. That was a different time, as we all understand. The Fed, The Treasury, and certainly Planet Wall Street understand that we are in a different era. They have the “bully pulpit”, and are making good use of it. In this brave new video world the message is we should believe what they say, rather than believe our lying eyes. Everything they say is down (inflation, unemployment, investor concern), we see is up. Everything they say is up (the GDP, the ISM, big ticket mfg, investor confidence), we see is down. And the things they can’t wish away, like trade deficits, budget deficits, and the huge notional value of derivatives contracts, well, they simply say it doesn’t matter. The ponzi scheme that started as mortgage-backed securities has wrought CDOs which has wrought “structured financial instruments”. Point is, possession of the facts used to mean everything. Possession of anything was “nine-tenths of the law”. Now? Well, now, it’s perception that matters; governance has become irrelevant, and the facts be damned. At some point perception will intersect with reality. It always does. Like a solar eclipse that shook the ancients who trusted blindly in the fiery orb, the day is coming when all the financial machinations and manipulations will intersect with the reality of a world no longer believing blindly in the power of Planet Wall Street to control their lives. Do we want such turmoil? Are we asking for salvation through ruination? “It matters not…” said The Hedge Hog, “…whither we want." Here’s hoping “the gods of the copybook headings” are Café subscribers!

To: stan_hughes who wrote (342673)	9/4/2007 7:33:57 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 436258

poke her at its finest. or him as the case may be. this is going to be a defining moment for a whole lot of folks. as you know, speaking in absolutes always leads to a rally. i am really learning to hate this job. and with less reason than before at anytime. oh... fuck everybody. that's not new. <g>

To: stan_hughes who wrote (342673)	9/4/2007 7:51:01 PM
From: Terry Maloney	Read Replies (1) \| Respond to of 436258

<<It's like a giant game of Hearts between the banks, and everyone's afraid of getting stuck with the Queen of Spades>> rotfl!!! Now there's an analogy even clowns should relate to ... g>

To: stan_hughes who wrote (342673)	9/4/2007 8:40:43 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Check the yield -g- Now ask yourself, what was the initial issue? National Retail Properties (NNN.N: Quote, Profile, Research) on Tuesday sold $250 million in 10-year notes, market sources said. Banc of America Securities and Wachovia Capital Markets, LLC were the joint bookrunning managers for the sale. BORROWER: NATIONAL RETAIL PROPERTIES AMT $250 MLN COUPON 6.875 PCT MATURITY 10/15/2017 TYPE NOTES ISS PRICE 99.649 FIRST PAY 4/15/2008 MOODY'S Baa3 YIELD 6.923 PCT SETTLEMENT 9/10/2007 S&P BBB-MINUS SPREAD 237.5 BPS/ PAY FREQ SEMI-ANNUAL FITCH BBB-MINUS 10-YR TREAS MAKE-WHOLE-CALL 40 BPS MORE THAN TREAS