Wednesday, April 1, 2009

A Few Sparks

To my surprise, the G20 pre-meeting blather has produced a few interesting items.

The Prime Minister of Japan lectured German leaders on complacency, saying that his nation learned better how to deal with a severe downturn.

From FT: "Taro Aso has dismissed Angela Merkel’s warnings about the risks of excessive public spending in the global downturn, saying Germany has failed to understand why strong fiscal action is vital for recovery. ....

"Ms Merkel, German chancellor, said last week that spending more public money as part of a co-ordinated stimulus risked creating an unsustainable recovery.

"However, Mr Aso said that what his country went through after its asset price bubble burst in the early 1990s made clear that fiscal stimulus played a critical role in restoring growth. 'Because of the experience of the past 15 years, we know what is necessary, whilst countries like the US and European countries may be facing this sort of situation for the first time,' Mr Aso said. 'I think there are countries that understand the importance of fiscal mobilisation and there are some other countries that do not – which is why, I believe, Germany has come up with their views.' "

That's a good development - other nations showing leadership.

Here's another one: "In a further sign of tensions ahead of Thursday’s summit, Nicolas Sarkozy, France’s president, has threatened to walk away from the negotiating table if his demands are not met. Mr Sarkozy reportedly told cabinet colleagues on Monday that there would be 'an empty chair' – a reference to Charles de Gaulle’s seven-month boycott of the European Economic Community in 1965 – if he was not satisfied, although diplomats in Paris later downplayed his comments. "

The French leaders - the energetic Sarkozy and his finance minster Christine Lagarde - have shown considerable verve in wanting action, not words. In Latin, the idiom is "acta non verba" - "action, not words". France seems to lead in wanting hedge funds regulated and wanting limits on CEO looting, oops, I mean pay. Maybe I chose a language to learn wisely.

I read in Le Figaro and Le Monde that workers in France are protesting actively, too. From the WSJ: "PARIS -- French workers besieged bosses, including luxury and retail tycoon François-Henri Pinault, as anger at proposed layoffs generated more forceful protests. Mr. Pinault, the son of François Pinault, is chief executive officer of PPR SA, which controls exclusive brands such as Gucci and Yves Saint Laurent. Employees surrounded his car as he left a meeting in Paris early Tuesday evening and refused to let him leave for nearly an hour. Eventually riot police dispersed the protesters. Separately, workers facing layoffs at a Caterpillar Inc. factory in the French Alps detained four of their bosses Tuesday in a bid to secure better severance packages.
The incidents followed several others in France in recent weeks, and show how social unrest is mounting as the economic downturn deepens."

What would be a US equivalent? A march of the unemployed or foreclosed persons in the Hamptons or in Greenwich? Most US protests are silly affairs led by the loony left. They need to learn from the French, where protests by the common man seem to work.

Markets

A small rally yesterday. I'm wary, as most pullbacks from a primary trend - if this bull move is a primary move and not a bear rally - should be two pulses down with a rally in between them. Futures today show red, so perhaps I'll get some lower prices for my re-buys soon.

Word of the Day

"Affray" - noun and verb, transitive [$10] from the card file
Affray means (noun) a noisy quarrel or brawl; (verb - archaic) to frighten or to disturb as in to affray the peace.
Sentence: With such egos involved, the G20 meeting could degenerate to an affray; that would be very bad for recovery prospects.

Le Mot du Jour

"S'extasier - verb, pronominal, conjugated like 'prier'
S'extasier means to go into ecstasies or raptures over; takes 'devant' or 'sur' for the 'over' something or someone.
La Phrase: Les européenes se extasient sur Obama. Ont-ils raison ou ont-ils tort?
Sentence: The Europeans are going into ecstasies over Obama. Are they right or are they wrong?

51 comments:

Bud said...

Bman do you think the EU will survive this global recession ??


as you know....europeans have a proud and very very long history of going to war with each other over economic issues

Bud said...

-742k adp report.........horrific jobs numbers


jobs far more important to economic recovery than home prices

Bud said...

Bman did you read the wsj story about 2 goldman execs retiring........in their 40s


i think TARP firm execs are hitting the eject button before barney frank comes sniffing

Bud said...

what exactly does sarkozy want ??

Bud said...

ummmm......french are good at protesting..........cuz they have nuthin else to do


unemployment in france is at 15% i believe.........and has been for years

Bud said...

http://www.charleston.net/news/2009/apr/01/ammo_flying_off_store_shelves77113/



dixie gettin ready for another war

maverick said...

yes Bud....special meeting this weekend at the Esso CLub....told to bring the sheets

Frosty said...

G-20 or mardi gras, show me your tits...ppffttt...see azzhead has repelled the crew, even Bunky has him on ignore this morning.

Bunkerman said...

It seems like they will survive ... so far.

They seem to be willing to provide some grudging suport for the weaker members.

But I think they may re-think the loose federation they have, and the ECB.

particularly if Europe lags coming out of this.

Bunkerman said...

agree re peole leaving GS, etc.

They see better prospects in small firms. Probably true.

Regulation will really hit the big boys.

Bunkerman said...

Sarkozy wants hedge funds regulated harshly.

A good idea - I guess he reads this blog.

Bunkerman said...

no, I was pumpimng iron.

Bud said...

yes indeed........the guys are runnin scared from by beat-downs

frosty still standing........just say the words bob....and i'll


'call off the dogs'

Frosty said...

'call off the dogs'...LMAOOO...that one never get's old.

mern said...

wow, .5% of americans lost there job in march.

is that bad?

cant apply on line for unemployment, the servers r jacked up.

lol

Bunkerman said...

Hmm here's another "la Phrase"

Bud s'extasie sur l'aquarium de requin.

Bud goes into ecstacies over the shark tank.

Frosty said...

Bunky...I have tossed the towel...due to my horrid results, I will be returning to the tank on Thursday to play for table scraps...LONG LIVE THE SHARK.

Bud said...

l'aquarium de requin en fue !!!!!



cha ching cha ching cha ching


aaaah....... the sweet sound of vindication

mfl59 said...

Bud I'm still waiting for that negative court ruling....any luck? my German news feed not working

Bunkerman said...

you need a verb, Bud.

L'aquarium de requin est un feu.

'est' = "is" 3rd person singular present tense of 'to be'.

Spin-em said...

you call this anarchy???..there's more photogs on the frontlines than protesters....start crackin heads or go home...stop wasting my time.....abolish money..LMAOOO

Bunkerman said...

jeez, to restate a famous quote, "I'd rather have two teeth pulled than go back there"

Frosty said...

so sad...when we break spring trading my lil friend will be headed back to mudvillle and the nine slot for the hens...just can't handle the big leauge hook.

Bunkerman said...

Oh jeez^2, I knew that was a joke, but the thought fit anyway, so I fouled it off.

Spin-em said...

to play for table scraps...LONG LIVE THE SHARK.


pleeeease sir...I'd like some more...


MORRRRRRRRRRRE????????

Bunkerman said...

I prefer ->

Allez l'enfer, le requin.

Spin-em said...

to whom it may concern

please no Cleveland knockoffs on our course..thank you

Bull Run Conutry Club

Larry Spielberg

mfl59 said...

Bud you ever play at Doral?

I am heading down next year with a bunch of meatheads to tear it up....

Bud said...

yes i have played doral blue monster couple times......i have pretty much played all the top public courses in sout florida

i don't like it..........course has no character.........and no memorable holes.......i'll never play there again unless invited or free

it's way overpriced........it's a $60 course that charges 200

Bud said...

gonna fix the greenside bunker game........just scheduled a lesson saturday morning with a pga-pro

125bux for the hour



' L'aquarium de requin est un feu !!!!! '

Bud said...

bull run

lmaooooooooooooooooooo


i'm gonna be up in virginia next week...........and i will be playin that course


greens fees i checked online.........last summer i paid 100bux.......it's 75 this year




depressflation indeed

mfl59 said...

Will you hit it in the water on #18 at Bull Run?

Bud said...

18 on bull run is a fun hole


par5 .....dog left...........with a creek running along it.......decision time on shot2


last year......splash......this year......400bux for 5 1-hr lessons.........new swing.......i don't think so



'L'aquarium de requin est un feu !!!'

mfl59 said...

so you went away fromm the stack and tilt? tragic indeed...

Bunkerman said...

Hmmm French for golf is "golf".

Je ne joue pas au golf.

I do not play golf.

Le golf est un sport des riche.

Gold is a sport of the rich.

L'homme du bunker est un homme du commun.

Bunkerman is a common man.

mfl59 said...

Bunkerman est aussi loin d'un homme commun que "jim" est d'un homme étique

maverick said...

.......decision time on shot2


whether to lay up with 3 or 4 wood?

Bunkerman said...

C'est très amusant, mfl59.

haha

Spin-em said...

golf going up this year to $17 FN inflation

Bud said...

$ 17 ??? wasn't it 20bux last year ??


whatever ......to play in that cow pasture......i would not for free

Bud said...

wow mav.......good one !!!


you really got me there...you are so funny.....



maverick........just another drunk loudmouth punk......yellin from the cheapseats.......just like his idol.... ace

mfl59 said...

"whatever ......to play in that cow pasture......i would not for free"

yes no reason for a 15 handicapper to lower himself to play on such a track...

maverick said...

so which one?

Spin-em said...

LMAOOOOOOOO $15 for 9 last year

that why you blow bud.....you couldve been an all American...if you had 1/10 the heart as ace or mav..instead...ur on the practice squad with ur 110's

Spin-em said...

wow mav....what did you say??...ya really touched a nerve
LMAOOOOOOOOOOOOOOOOOOOOOO

mfl59 said...

"ace"

lmaooooooooooooooo


that was a big mistake letting that out of the bag....

Bud said...

gimme a break!!! ....no one touched any nerve.........you guys really think i'm gonna let you blowhards get to me.....keep dreamin


i'm very happy today


'merci jim'

Frosty said...

changed my accounting rules today from mark to market to mark to model...portfolio looking up, frost now worth billions...in the market for raw land down Mav's way.

Spin-em said...

roflllllllllllllllllllllll


ohhhh sorry...lol

mfl59 said...

tough to find setups in this crazy market....could sure use some guidance...

Spin-em said...

go back to sleep "jim"