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How To Lose Half A Trillion In A Fortnight

TWO weeks ago, budget analysts said the Bailout measures might push the US deficit to as much as $1.5 trillion.

Today David Greenlaw, Morgan Stanley’s chief economist,estimated that the 2009 budget deficit could be close to $2 trillion, or 12.5 percent of gross domestic product, more than twice the record of 6 percent set in 1983.

That’s half a trillion dollars in a fortnight; wonder what the numbers will look like in another fortnight’s time?

Chenier

No Space Left On The National Debt CLock

Posted: 10th, October 2008 | In: Reviews | Comments (5)


BreakingViews.com Takes Anorak’s Words But Gives No Credit

STEVIE notices that Breakingviews.com have stolen June’s line about the ‘Consummation should have been over and done with…anyone checked the honeymooners sheets?’ …on the Morgan Stanley deal…22 hours later.

You have to take out a trial membership to see the entire article but it tells us that it – ‘raised worries it may not consumnate its mating’.

Breakingviews.com wants to charge people for its incredibly quick commentary about breaking news

No-one pays for online news – they’re f***ed…

Posted: 25th, September 2008 | In: Reviews | Comments (2)


The Useless Ban On Short Selling

MEGAN MCARDLE on the self-serving ban on short selling:

“Every time there’s a financial crisis, demagogues start criticising the short-sellers. . . . Successful shorts, like George Soros’ spectacular attack on the British pound, usually work because there is a real underlying issue (in that case, the British pound’s unsustainable peg to other EU currencies). If there’s no problem there, the shorts take a big bath. . . . Perhaps most importantly, while short selling is a problem for Morgan Stanley, and his shareholders, it is not the primary problem in this crisis. The problem is in the debt markets, not the equity markets: financial firms are finding it very, very difficult to roll over their paper. (More on this later). The ban on short-selling does nothing to combat this problem, and indeed, by shaking public confidence in the stock price, might push investors into being more conservative on the debt than they otherwise would be.”

It’s a market. Money is bought and sold. Selling short is legit…

Posted: 20th, September 2008 | In: Reviews | Comments (9)