Former central banker and capital market specialist commenting on markets, politics and other major topics
Joined October 2012
- Tweets10.5K
- Following1.6K
- Followers1.4K
- Likes3.6K
Pinned Tweet
I’ll tell you a story that was related to me a number of years ago. This person’s daughter went to one of the major New York hospitals. It turns out she was severely dehydrated and was admitted for the night.
The next morning, she was released and went to check out with her parent. If I recall correctly, they received a bill of nearly $20,000. The parent, a government employee took out her insurance card. However, her daughter had turned 26 a few days earlier and was no longer covered.
After recovering from the shock, the clerk was informed that they would not be able to pay such a sum. She was directed to the payment office to see what could be worked out.
The financial officer immediately suggested that they return and inform the clerk that their child was an illegal alien, and they would not have to pay, something they were unwilling to do.
This pretty much tell you everything you need to know about the corrosive consequences of illegal immigration.
Richard, it could be an underlying story. We’re all missing. Is it possible that problems with our supply chain have reduced access to sufficiently strong reading glasses, necessitating a reduction of things required😎
SEC has been rolling back rules that increased #transparency since the early 1980s when the Reagan Administration made Wall Street the SEC's client rather than Main Street ....
174
History tells you if you challenged the system, you don’t get a chance. So he professed allegiance to leaving Raetz Low, and he becomes the president of a regional federal reserve bank. If he had suggested the correct course of action, and pushed for more aggressive policy earlier he’d be languishing in a community college in the Midwest. I can point to a number of these stories that I’ve come across in my career.
This guy spent most of 2021-2022 as an inflation denier, "transitory" - now he's a hawk, interesting.
62
I have been listening to quite a bit of the analysis about Nvidia stock today. For what it’s worth here is my take.
There are two types of investor, those who trade their own money and those who trade the capital of others. For your own money, you can do what you wish. For those responsible for other people’s capital your investment decisions are usually constrained by fiduciary responsibility
In that regard, there are two broad categories of investor, indexers and discretionary managers. To the extent you are indexed you don’t really have a choice.
But if you are a discretionary manager, generally speaking, you have to know what you’re investing in and the problem right now is we do not know enough about what is going to happen with Nvidia and it’s business, etc. to make a decision on how to value the stock.
Just one person’s opinion.
Naive, sweet brilliant, etc is not the issue. Innocence isn’t either. Here is the problem. He was involved with someone with no background, no pedigree, no capital, no due diligence and somehow ended up selling $7.5 Bn of our most advanced chips to that ended up in the hands of a political and business adversary. He cannot no longer be associated with a business with national security connections.
What's truly scary about the @nvidia situation is the more your scratch, the more weirdness you find at a company that is so important to the economy and the country. This is why we have rules--and laws--that say board members and CEOS have a legal, fiduciary responsibility to SHAREHOLDERS and that responsibility goes beyond stoking a hot stock and being a celebrity CEO. Stock prices are fleeting; @Apple was an amazing stock under Jobs, but it was sustained because @tim_cook knew what he was doing from a corporate gov standpoint when he took over. BTW Cook wasn't and isnt the innovator that Jobs was. But he knew how to run things--no small feat. He wasn't imperial. He knew he worked for a board and the shareholder, not himself. He didn't run Apple like his family business. He didnt run around in a leather jacket and give all these interviews with fawning reporters. He worked and worked hard, He's everything @JensenHuang apparently isn't. Yes Huang is brilliant, a decent man, who made a mistake like we all do. But his far deeper mistake wasn't having sex; it was not knowing who he worked for and acting accordingly. It's not himself; it's Mr and Mrs Shareholder who demand certain behaviors over those who they give money to. Ditto for this feckless board, which now finds itself in a real jam. The class action lawyers are circling and it appears they have a case of failure of leadership and a claim that shareholders got screwed because of that. The investigations are only just getting started and it doesnt matter if Trump and Huang are friends; this genie aint getting put back in the bottle. The solution, unfortunately, is for shareholders to get screwed more in the short run before someone smart rights the old ship, which might make what we are seeing now a buying opportunity for $NVDA. Story developing
1
124
The Fed makes Steve Martin look like a dead, serious, tragic actor. Inflation is rising if you look at the charts year on year. And if they think they’re getting to 2% soon, you’re looking two years from now.
Neil Grossman retweeted
The Fed just paused rate hikes while expanding its balance sheet, with core PCE (inflation) yoy running at 3.1% vs. 1.5% in 2019. It has been above the central bank's beloved (sarcasm) 2% target since March 2021; facts are facts.
*Bloomberg terminal data.
And just out of curiosity, what does that have to do with her mandate?
And if equities were a component of the analysis, the Fed would’ve raised rates long ago. And in fact if equity prices were a component of inflation, which perhaps they should be monetary policy, would’ve been very very different and in fact, we probably would not have had many stock crashes either
Federal Reserve Governor Michelle Bowman said she sees a number of risks to economic activity from financial markets, including a sharp downturn in stock prices if returns on AI investments fall short of expectations bloomberg.com/news/articles/…
He was transported on Air Force One so he was at the very least on one of our most important aircraft. He sat in meetings with the president of the United States with foreign heads of STATE. I would guess there’s more.
However, we need to ask how many other senior business and technology people in this country might have been compromised.
And we should also ask where was our intelligence apparatus and all this
Laughable.
🚨 Al Arabiya reports that the Trump administration has agreed for the first time to let Iran enrich uranium on its own soil to 3.67%.
Under the reported terms:
🔴 Iran would dilute its 60%-enriched uranium to lower levels.
🔴 International Atomic Energy Agency inspectors would return to Iran.
🔴 The U.S. would release $6 billion to $9 billion in frozen Iranian funds.
🔴 The U.S. naval blockade on Iran would be lifted, and the Strait of Hormuz would reopen.
49
If this is true how much if our technology has been compromised. Again. Where is our intelligence apparatus. How compromised is it. And how can granting exemptions from export restrictions been allowed?
Nvidias access to China, Southeast Asia and sovereign buyers runs through Washington and Huang has been its chief negotiator there.
A board probe into whether a Chinese intelligence asset targeted him weakens his hand in all of those talks.
71
And at least on the surface, most Americans would not trade economics for politics, although without realizing it does seem like that’s where we’re headed
The problem isn’t only economics. It’s political system a single controlling voice with at least a reasonable knowledge of economic structures may well have an advantage
1
103
The problem isn’t only economics. It’s political system a single controlling voice with at least a reasonable knowledge of economic structures may well have an advantage
There is a lot of political finger pointing as to what happened in the election. I have my own perspective, some in my posts and comments.
What I would say is that I believe the President has one problem. He seems to miss the point that he makes history. He does not report or opine. That is the job of time. If he had spent more time on the former and less time trying to control the narrative, and completed what he started, the outcome could well have been different.
If I am correct, most people don’t care what he says, they care about what he does.
2
92
Mark … there is a line in the movie The Karate Kid.. Daniel-San you karate do or you karate don’t. The President did not pay heed. He squandered the opportunity of history
Two Senators tell me the Vice President is right that the GOP turned against the Iran war in the Senate GOP’s own polling. But they say what the VP leaves out is that the turn came after the VP negotiated a bad deal with the Iranian regime that repulsed the GOP.
79
A historic opportunity. And failure to back up the population with also a catastrophic problem.
Trump didn't lose because he started the Iran War.
He lost because he didn't commit to winning the war, and instead parked it in a confusing stalemate.
• 40 days of fighting
• 210 days of nonsense
Even out of those 40 days, only 25 days saw serious heavy fighting, and yet, they were extremely successful.
The islamic regime was on the edge of collapse, its leaders assassinated left and right, and the IRGC were literally hiding in tunnels and sleeping in tents. It was the time to push for surrender, not pull back.
Going for a ceasefire rather than the killshot back in April was a MASSIVE mistake.
71