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2013년 11월 24일 일요일

About 'mutual funds canada'|... article from the Financial Post (of Canada); (emphasis mine) In the press ...or through their pension, insurance and mutual funds that hold Exxon Mobil shares...







About 'mutual funds canada'|... article from the Financial Post (of Canada); (emphasis mine) In the press ...or through their pension, insurance and mutual funds that hold Exxon Mobil shares...








The               international               news               media               did               the               right               thing               with               the               SARS               epidemic.

They               generated               hysteria               that               helped               slow               down               communications               with               affected               far               east               countries               and               kept               people               isolated.

The               News               Media               was               doing               the               best               they               ever               had               and               actually               helped               do               more               than               anyone               else               to               stop               a               world               pandemic.

The               News               Media               still               does               not               know               the               extent               of               the               good               they               did               in               that               case               by               generating               pure               hysteria.

When               the               SARS               virus               appeared               in               Toronto               ,               Canada.

Reporting               that               fact               and               practically               shutting               down               the               Canadian               Border               turned               out               to               be               worthwhile               temporary               condition               to               stopping               the               spread               of               a               deadly               virus.

That               was               the               first               and               last               great               moment               for               the               oligarchy               of               the               American               mass               news               media!

The               same               folks               that               gave               us               nonstop               Michael               Jackson               on               trial,               Martha               Stewart,               Spotted               Owl               hysteria,               Global               Warming               Hysteria,               OJ               Simpson               Trials               and               tribulations               and               Tonya               Harding               would               soon               find               that               the               banking               system               could               make               for               an               enduring               mass               hysteria               .

The               recent               financial               news               reporting               has               generated               even               more               hysteria               with               potential               catastrophic               results               with               the               banking               system               handle               than               I               ever               before.

One               view               is               that               the               news               media               actually               hounded               Bear               Sterns               out               of               business               and               helped               create               a               run               on               their               assets,               the               same               happened               with               Fannie               Mae               ,               Freddie               Mac,               Lehman               Brothers               and               then               Washington               Mutual               ,               "the               biggest               bank               failure               in               history."               Bloomberg               ,               Fox               News,               CNN,               ABC,               CBS,               CNBC,               NBC,               MSNBC               will               bring               experts               on               market               doom               into               their               studios               when               the               market               dips               and               market               optimists               into               their               studios               when               the               market               goes               up.

The               evidence               from               the               collapse               of               Washington               Mutual               ,               especially,               is               that               the               bank               experienced               an               old               fashioned               run               on               the               bank               in               panic               even               though               all               accounts               were               FDIC               insured.

Where               was               the               public               withdrawing               funds               from               Washington               Mutual               in               a               panic               getting               their               information?
               I               think               that               the               News               Media               might               have               some               financial               liability               when               it               comes               to               generating               panic               and               crisis               mentality               when               there               really               is               not               one.

There               was               no               reason               for               anyone               to               remove               money               from               Washington               Mutual               accounts               unless               they               had               over               100,000               dollars               in               deposits               there.

I               had               friends               who               withdrew               a               few               thousand               dollars.

Why?

The               information               about               our               having               a               financial               crisis               was               manufactured               from               the               start               it               seems.

Even               the               idea               of               a               housing               bubble               does               not               make               sense               everywhere               in               the               USA               because               prices               were               not               falling               uniformly               across               the               whole               country               in               every               local               market.

There               was               no               recession               to               begin               with               and               then               suddenly               after               the               OJ               Simpson               effect               took               hold               there               seem               to               be               one               over               the               edge               of               the               precipice               cliff               that               the               market               was               about               to               stumble               over.

The               media               put               one               company               on               death               watch               after               another.

Letting               everyone               world               wide               know               to               withdraw               funds.
               Realizing               that               a               number               of               banks               are               in               a               weakened               state               of               financial               condition               is               really               no               reason               to               spur               a               mass               hysteria               to               withdraw               government               insured               FDIC               funds               from               those               banks.

Jim               Cramer               who               has               a               show               called               Mad               Money               on               CNBC,               a               franchise               of               the               General               Electric               Company,               Came               on               television               one               day               and               was               telling               his               audience               to               sell               stocks               and               buy               gold.

I               was               sitting               watching               TV               and               started               laughing.

This               guy               is               panicking               now.

I               know               markets               pretty               well               and               this               would               be               a               most               exceptional               time               to               sell               panicking               people               gold               if               you               happened               to               have               gold               to               sell.

The               next               thing               you               hear               on               CNBC               is               how               the               markets               have               suffered               a               loss               of               confidence               and               that               the               country               needs               a               massive               trillion               dollar               bailout               from               the               same               federal               government               that               cannot               be               trusted               to               so               that               you               can               leave               your               money               in               a               bank               instead               of               buying               gold               when               it               has               FDIC               insurance.

General               Electric               should               be               ashamed               of               itself,               even               if               the               company               so               badly               managed               their               finances               that               they               are               looking               for               a               government               hand               out               to               cover               their               own               butt.
               News               reports               came               out               in               the               mass               media               that               the               700               billion               dollar               plan               to               save               the               financial               system               real               purpose               was               to               keep               the               economy               from               rolling               over               into               recession.

Yes               "recession"!

Since               when               was               the               purpose               of               a               government               to               stop               an               economic               downturn               led               my               major               bank               failures?

I               thought               the               bill               was               to               save               the               financial               system               and               then               suddenly               it               is               to               stop               a               pending               recession               that               has               not               materialized.

I               go               to               the               mall               and               see               people               shopping               in               all               the               store.

There               is               no               sign               of               recession.

Some               real               estate               prices               have               fallen               leaving               some               banks               with               big               losses.

I               turn               on               the               television               or               open               the               newspaper               and               there               is               a               completely               different               reality.

It               was               under               the               Bush               Administration               that               credit               card               issuing               companies               got               a               bill               passed               by               Congress               and               signed               by               the               president               preventing               bankruptcy               abuse               and               it               was               the               republicans               and               Alan               Greenspan               that               warned               in               advance               that               Fannie               Mae               and               Freddie               Mac               were               building               an               unsustainable               business               in               the               housing               boom.

Alan               Greenspan               wanted               the               two               quasi               government               agencies               to               allow               banks               to               retain               more               risk               in               the               loans               that               they               issued.
               The               regulated               economy               and               business               and               market               laws               are               in               the               USA               so               the               argument               that               that               private               enterprise               was               all               to               blame               for               the               bank               failures               is               nonsense.

It               is               true               that               far               too               many               Big               public               American               companies               pay               their               managements               far               too               much               money               for               their               services               and               even               reward               complete               failure.

What               happened               at               Washington               Mutual               is               that               management               went               over               the               cliff               seeking               unnecessary               banking               risk               because               better               results               boosted               the               salaries               and               benefits               of               top               employee               management               people.

Washington               Mutual               went               from               being               a               smallish               sound               conservative               bank               that               pledged               it's               shareholders               that               it               would               pass               on               risky               mortgages               to               Fannie               and               Freddie               to               one               doing               something               considerably               different               than               advertised               to               the               public.

Shareholders               who               lost               everything               will               find               themselves               in               horror               when               the               truth               about               what               really               happened               at               Washington               Mutual               really               comes               out.

They               will               find               out               that               the               management               knew               the               looted               the               bank               enron               style               long               before               the               shit               hit               the               fan               with               the               failures               of               Freddie               and               Fannie.

They               knew               they               were               on               borrowed               time               though               the               bank               probably               would               have               survived               just               with               no               shareholder               equity               left.

The               media               did               the               rest               to               kill               the               remaining               company.
               The               Bear               Sterns               blow               up               had               the               media               staked               out               doing               a               corporate               death               watch               drumming               up               a               story               where               there               really               was               none.

There               was               no               FDIC               insurance               for               all               depositors               there               necessarily               but               it               is               rather               interesting               how               the               value               of               bear               got               fixed               and               sold               ahead               of               its               failure               suggesting               that               ,               obviously               ,               it               was               not               bankrupt.

The               same               is               true               of               Lehman.

Not               bankrupt               until               the               media               fanned               the               flames               of               doubt               and               caused               a               run               on               deposits.

Why?

Ignorance               and               lack               of               public               education..

The               Michael               Jackson               trial               news               media               we               have               is               incapable               of               educating               any               one.

The               news               media               is               in               the               entertainment               business.

The               911               attacks               on               the               world               trade               center               and               the               Pentagon               could               have               happened               and               no               one               would               have               heard               a               thing               about               them               if               the               OJ               Simpson               Trial               was               still               going               on               in               Los               Angeles.

The               media               personalities               and               reporters               know               nothing               about               the               economy               or               finance.

O'Reiley               on               Fox               does               not               know               how               world               oil               prices               are               set               in               a               world               oil               market               and               thinks               punishing               big               oil               companies               for               not               giving               away               their               products               is               the               way               to               stimulate               production!

That               is               beyond               stupid.

It               is               a               popular               point               of               view               but               still               totally               stupid.
               The               media               fails               to               give               facts               about               where               the               USA               is               in               the               economy               right               now.

The               fuss               about               a               700               billion               dollar               bail               out               of               Wall               street               has               no               perspective.

Not               one               network               I               watched               told               anyone               that               the               USA               had               total               financial               assets               over               80               trillion               dollars               as               recorded               sometime               in               2007               before               the               housing               market               "crash".

The               US               congress               has               budgeted               about               3               trillion               dollars               in               spending               for               2008.

That               money               maybe               partly               borrowed               or               may               all               becoming               from               various               forms               of               taxation.

The               gross               national               product               and               gross               disposable               income               of               the               population               also               happens               to               be               at               a               record               high               in               the               USA               otherwise               with               congress               budgeting               so               much               money               we               might               all               be               starving               to               death               unless               the               government               were               paying               for               our               food.

The               3               trillion               dollar               congressional               budget               is               less               than               4%               of               the               nations               wealth               and               probably               less               than               half               of               total               net               income               for               the               nation.

700               billion               dollars               happens               to               be               less               than               1/80th               of               the               nations               wealth               and               only               a               third               of               the               existing               congressional               budget.

So               when               the               big               talking               media               heads               go               on               about               the               congressional               bail               out               bill               for               banks               being               the               end               of               the               world               as               we               now               know               it               .

Watch               out               they               are               either               lying               or               totally               ignorant               about               the               nation's               economy!

When               I               turn               on               a               TV               and               hear               CNBC               and               Bloomberg               telling               me               to               sell               everything               and               buy               gold.

I               think               they               are               either               giving               the               public               the               best               possible               advice               or               they               are               stirring               up               unnecessary               panic               and               actually               to               blame               for               the               hysteria               and               panic.

I               am               leaning               toward               blaming               the               media               now.

This               must               be               an               intentional               manipulation               of               the               media               because               they               leave               out               such               basic               facts.

Say               we               did               have               a               20               percent               decline               in               total               asset               valuation               in               the               USA               of               20               percent               then               instead               of               a               80               trillion               dollar               economy               we               would               have               a               64               trillion               dollar               economy.

Not               all               parts               of               the               economy               stopped               growing.

The               United               states               is               still               in               a               growth               period               compared               to               the               rest               of               the               industrial               world               so               some               looses               will               be               offset               by               gains               which               might               mean               we               end               the               year               with               70               trillion               dollars               in               net               Assets.

If               we               value               us               assets               in               euros               the               net               worth               of               the               country               is               lower               to               begin               with.

If               Europeans               and               the               Chinese               buy               up               the               whole               country               that               would               immediately               re-inflate               the               valuation               of               the               total               and               we               might               consider               revaluing               the               net               worth               in               Euros               then.
               I               am               getting               the               real               sense               that               something               is               unfair               about               the               media               crisis               coverage               because               of               any               lack               of               metrics               in               the               reporting.

I               read               that               Goldman               Sachs'               leverage               was               27               percent               higher               than               their               assets               and               I               flip               thinking               how               or               why               the               US               government               would               go               in               and               try               to               save               that               mess.

Goldman               is               a               private               company               supposedly               run               by               the               best               of               financiers               the               world               has               to               offer               and               they               over               extended               themselves               to               that               extent?

The               US               Government               could               give               them               7               trillion               dollars               and               send               them               into               Las               Vegas               to               save               the               failing               casino               companies               who               have               suffered               as               badly               as               many               banks               have               with               wall               street               firms               that               leverage               their               assets               by               27               times.

Then               when               the               wall               street               pros               loose               all               their               money               again               we               certainly               can               repeat               the               mistake               again               and               again               and               again.

The               casino               gambler               lost               all               his               money               so               we               need               to               save               the               economy               by               giving               him               a               lot               more.
               I               understand               the               academic               demands               to               pass               the               Paulson               plan               to               prevent               a               continuation               of               the               crash               but               it               is               no               sure               thing               since               the               crash               looks               a               bit               too               artificial.

The               whole               episode               looks               as               artificial               as               the               OJ               Simpson               trial               of               the               century               news               entertainment               show               that               went               on               for               months               and               months.

It               is               even               starting               to               seem               as               irrelevant               as               OJ               was               to               real               life.

A               number               of               market               experts               are               telling               us               now               that               one               reason               the               bank               failures               started               was               because               congress               passed               a               really               stupid               law               ,               supposedly               to               protect               investors               in               reaction               to               some               former               market               abuses,               where               securities               were               supposed               to               be               valued               on               the               books               of               a               company               at               what               the               market               price               is               and               not               as               one               might               value               the               Asset               in               the               long               run               or               on               the               basis               of               what               kind               of               income               it               generates.


               The               rule               is               called               the               marked               to               market               rule               .

It               would               be               like               the               bank               sending               you               a               daily               statement               that               the               home               you               own               and               are               living               in               is               valued               at               ten               or               twenty               percent               less               than               it               was               a               day               ago.

The               law,               as               well               intended               as               it               originally               might               have               been               .

This               law               can               give               companies               the               look               of               having               negative               asset               valuations               on               their               books               when               the               assets               are               still               productive               to               the               bottom               line.
               Looking               at               the               whole               picture,               I               think               investors               in               companies               like               Washington               Mutual               and               Bear               Sterns               and               Lehman               might               consider               eventually               suing               CNBC               and               Bloomberg               for               creating               absurd               and               unnecessary               hysteria               and               not               putting               any               financial               facts               or               figures               into               perspective.

Maybe               the               whole               financial               system               will               come               crashing               down.

It               is               bad               enough               that               some               companies               were               to               blame               but               it               is               even               worse               that               the               mass               media               seems               to               be               creating               unnecessary               hysteria               such               that               there               are               runs               on               insured               banks.






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