Thursday, December 18, 2008

Snarking Bloomberg

A headline on Bloomberg:
Fed Loans Guided by Raters Grading Subprime Debt AAA
Oh, my God! You mean the Fed is actually relying on ratings provided by major ratings agencies? Can you imagine such a thing? And did you know there are homosexuals in Iran? Shocking, isn't it? Hard to believe, but it's true.

Seriously, dude, this is not news! It would be fine if you labeled it as commentary and called it something like, "Why is the Fed Relying on Raters Who Graded Subprime Debt AAA?" There is a good case to be made that the Fed should be doing its own credit research rather than relying on agencies that have both conflicts of interest and abysmal recent records. And someone else can perhaps counterargue about the dangers of allowing public institutions to pick private sector winners. Whatever. It's all very interesting, but it's not news.

40 Comments:

Blogger Ken Houghton said...

Now, now, you're misreading this: "Fed Loans Guided by Raters Grading Subprime Debt AAA" should be accurately interpreted:

"Only those guys will be willing to leave our TARP-laden debt at AAA."

Thu Dec 18, 07:10:00 PM EST  
Anonymous Sir Max Higgins said...

Bank of America and Mr. Higgins missing $millions, it can happen to you my, fellows Americans


More info at: http://maxhiggins.com/blog/

Mon Dec 29, 04:34:00 PM EST  
Anonymous Anonymous said...

Bank of America database hacked.

Learn more visit to: http://ezinearticles.com/?Web-Site-Traffic---Secrets-to-Increase-Web-Site-Traffic&id=1767974

Fri Jan 23, 07:18:00 AM EST  
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Sun Mar 08, 10:54:00 AM EDT  
Anonymous Anonymous said...

福~
「朵
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..................

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Fri Dec 17, 02:17:00 AM EST  
Blogger JUN said...

Application of Sewage North Face Womens Jackets for Purposes of Irrigation In our Report on the Thames,(pages 12 to 15,) we have described at some length the modes of sewage irrigation as practised at Croydon, Norwood, Worthing, G star raw Carlisle, and Edinburgh; we have little to add to this account other than that experience confirms the practice of this mode of disposing of sewage. In the course of our inquiry we have received evidence as to its advantage. At this time, April 18th, there are crops of Italian rye-grass at Worthing grown under sewage irrigation, which are being cut at the rate of from five to eight tons to the acre, whilst adjoining pasture-lands are almost bare. A small dairy has been established, the cows being stall-fed on the cut grass; the milk produced, from its richness and superior quality, G star jeans commanding a preference in the town. A sewage farm requires special and peculiar management; the operations should be specially adapted to this mode of culture, and then it will be found that any land may be improved. The operations do not turn clay lands into swamps, although 60 inches in depth of sewage are added by irrigation to the rainfall. The dressings with sewage must be even and at regulated intervals. In all cases sewage should be used fresh, that is before putrescence has set in, so as to Skechers Coupons prevent any effluvium arising from the irrigated land. Where this is the case there cannot be any just grounds for complaint. Where clay lands are irrigated, and the contour of the land will admit of the operation, a second and even a third use of the water may be made with advantage.Sewage irrigation works cannot be too simple in their character; the application should be by surface carriers, not by underground piping and hose and jet. Land which has been worked in ridge and furrow will require levelling, that is the soil should be stripped or the ground be broken up so as to bring the surface even. Main carriers should be laid in nearly level lines so as to Shape Ups Reviews command the area below, and secondary carriers at from half a chain to one chain apart should contour the entire surface. The main carriers may be covered in, having valves or sluice-boards of an inexpensive and simple kind to retain and let out sewage as required. The main carriers will be of brick or of earthenware pipes in size proportioned to the volume of sewage to be distributed. Conduits below 18 inches in North Face Outlet Sale diameter may be made most cheaply of earthenware pipes : brickwork may be cheaper for conduits of larger cross-sections. Small carriers may be formed with common agricultural tiles, but jointed and laid only three parts in the soil, so that one tile or more than one tile can be removed temporarily at any point to allow of surface overflowing at such points when the tiles are removed for this purpose.

Thu Jan 06, 02:53:00 AM EST  
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Mon Jan 17, 03:09:00 AM EST  
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Sun Apr 10, 09:49:00 PM EDT  
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