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To: ~digs who wrote (6259)	3/1/2009 4:58:21 PM
From: Bucky Katt	Respond to of 7944

This is alarming, but a good take> THERE HAS BEEN NO SHORTAGE OF COMPARISONS drawn between our current financial plight and that of the Great Depression, with Professor Robert Shiller of Yale the latest to weigh in -- on depressions and self-fulfilling prophecy -- in the New York Times. But one money manager and commentator believes comparisons to the 1930s are somewhat spurious. "There will be a depression, but not a deflationary depression," says Puru Saxena, a Hong Kong money manager and chief executive of an eponymous wealth-management firm. He describes the problem as a solvency crisis, and says the U.S. response -- printing money and throwing it at the banks -- could result in a German-style 1920s hyperinflationary depression. In his February note to investors, Saxena enumerates the differences between the Great Depression in the U.S. and our current predicament. By 1933, 25% of all Americans were unemployed, and some 11,000 of the nation's 25,000 banks had failed. Moreover, household income declined by 40% from 1929 to 1932, homebuilding contracted by 80% and industrial production plunged nearly 45%. "You can't solve the problem of overconsumption by inflating," Saxena says. His solution? "Let the whole system fail." A draconian approach, but one that would save taxpayers and their descendants a not-inconsiderable amount of money. "I don't understand why 300 million people should have to pay to save a few bondholders in these banks," Saxena says, calling the proposed solutions "the biggest heist in world history." Saxena believes the U.S. response also mirrors that of Japan, and says attempting to "prop up dodgy banks using taxpayers' money has never worked throughout history." Caveat voter. online.barrons.com

To: ~digs who wrote (6259)	3/2/2009 3:37:05 AM
From: jmiller099	1 Recommendation Respond to of 7944

Ritholtz faux intelligence...

To: ~digs who wrote (6259)	3/2/2009 5:33:48 PM
From: Saulamanca	Read Replies (2) \| Respond to of 7944

Did Playboy Spike Its Santelli Smear Job? businessinsider.com Playboy dips a toe into investigative journalism meganmcardle.theatlantic.com

To: ~digs who wrote (6259)	3/3/2009 7:04:37 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 7944

Rick Santelli: I Want to Set the Record Straight. First of all let me be clear that I have NO affiliation or association with any of the websites or related tea party movements that have popped up as a result of my comments on February 19th, or to the best of my knowledge any of the people who organized the websites or movements. By the way of background, I am not and never have been a stockbroker. Not that there is anything wrong with being a stockbroker. The home I have lived in for 20 years is a 2,500-square foot ranch. Not that there is anything wrong with owning a larger, grander house. I am currently an on air editor with CNBC. Prior to my 10 years in this capacity I was a member in good standing on both the Chicago Futures Exchanges. My career in the futures industry spanned 20 years. cnbc.com