Tuesday, September 23, 2008 12:31:10 AM
ieddyi -- re your hero Asshett (sorry, momentary dyslexia), and generally:
---
[ http://bigpicture.typepad.com/comments/images/dow_36000_1.png (in case the image next below disappears after awhile)]
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DOW 36,000 by James K. Glassman & Kevin A. Hassett
Price: $1.75
Condition: Used - Good
Qty. Available: 1
Date Added: 09-14-2008
Regular Shipping: $3.50
Express Shipping: not available
Int'l Shipping: not available
DOW 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market
by James K. Glassman & Kevin A. Hassett
Hardback Random House 1999 294 pages
At the heart of Glassman and Hassett's argument is the idea that stocks have been undervalued for decades and that, for the next few years, investors can expect a dramatic one-time upward adjustment in stock prices.
Book condition is Very Good. Light wear on dust cover. The interior pages are clean without underlining, highlighting or tears.
Shipping and Handling charges for this item are $3.50
All orders shipped with Delivery Confirmation.
We offer combined shipping on multiple purchases. You pay full shipping charge for the item with the highest shipping rate and only $1.00 for each additional item.
Thank You
TBY41996
http://www.atomicmall.com/view.php?id=38009
---
from "Comparing Obama's and McCain's economic advisors", Sunday, September 21, 2008 ( http://lippard.blogspot.com/2008/09/comparing-obamas-and-mccains-economic.html ):
Kevin Hassett - source [ http://www.nytimes.com/2008/03/26/business/26supply.html ]
Hassett has been widely ridiculed [ http://www.j-bradford-delong.net/movable_type/2005_archives/000025.html (good read, including the comments)] for writing the book Dow 36000: The New Strategy for Profiting from the Coming Rise in the Stock Market in 1999, predicting that the Dow would hit 36,000 within five years, if not sooner.
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McCain: Know Him By His Staff
September 21, 2008 10:59 AM
http://poliwatch.org/remers/2008/09/21/mccain_know_him_by_his_staff.php
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Ode To McCainiac Recession-Deniers
I can barely type (Damn you, broken wrist!) but feel compelled to mock McCainiac recession-deniers, like Kevin Hassett of the American Enterprise Institute [ http://thinkprogress.org/2008/06/09/mccain-hassett-recession/ ]. Apparently, reports of the soaring cost of daily necessities and other bad economic news are “politically motivated pessimism” meant to boost Obama’s candidacy.
Ode To McCainiac Recession-Deniers (Limerick)
By Madeleine Begun Kane
Behold the recession-denier!
As inflation and job loss surge higher,
He will stubbornly claim
Lib’ral press is to blame
For making us think things are dire.
http://www.madkane.com/madness/2008/06/13/ode-to-mccainiac-recession-deniers/
---
Kevin Hassett’s misguided Regulation FD rant
posted on April 15, 2008 at 11:11 am
This is probably the most idiotic article [ http://www.bloomberg.com/apps/news?pid=20601039&sid=a8AhwKwDZkto&refer=home ] I’ve ever come across on Bloomberg. Kevin Hassett mouths off about Reg FD in such a convoluted misguided way that it makes me wonder… If he’s a adviser to John McCain, then the US is going to be headed for some real economic trouble if McCain wins.
In the old days, if you were a big customer and heard speculation that a firm such as Bear was in trouble, you might call up the boss and ask him about it. If the rumor was that the firm was flat broke, then he might invite you to his office and show you his list of assets to calm you down.
Alternatively, if a chief executive received a number of troubling phone calls, he might summon a highly respected analyst to his office and open up his filing cabinets. If things checked out, the analyst would then issue a report saying that the bad rumors were unfounded. If he tried to get cute and profit personally from the opportunity, then insider-trading laws would apply.
Such a common-sense response to false rumors is now a crime. The law makes innuendo-based attacks far too easy.
Well, why can’t you just publish your news on Bloomberg? Tell everyone that you are OK, instead of just sharing it with one or two people? The law certainly makes widespread publishing OK.
What Mr. Hassett is really saying is that there are reasons why a company should not disclose information in the full public domain. Those reasons include legal liabilities that the information must be true (ie the company cannot spread counter-rumors). In effect, Mr. Hassett says that short sellers can use rumors to drive prices down, but the company cannot now use rumors (ie assertions not completely evidenced) to counter. And he blames Regulation FD.
Oh boo hoo. First and foremost, there is absolutely no damn reason that any company should not be able to announce anything it wants to the broader market under FD. Just beware, no favoring privileged insiders. If that affects disclosure standards by companies, tough. If you really want to make them disclose more, just modify accounting standards or laws. Anything they disclose on their own is optional anyway, and you are dependent on an illusory faith in good governance.
A second stupid part of this article
A study by economists Armando Gomes, Gary Gorton, and Leonardo Madureira of the Wharton School at the University of Pennsylvania found that earnings-forecast errors for small companies skyrocketed after Reg FD was passed, suggesting that it is mucking up information transmission even in normal times.
Yeah no shit. But Mr. Hassett assumes that information transmission is of the utmost importance. This is patently untrue. If information transmission was the only factor in market design, one would actually allow insider trading. Insiders would be able to transmit their knowledge most efficiently by trading on the stock. The stock price would then reflect all information, both public and private. Efficient market hypothesis, strong flavored.
He of course does not discuss why information transmission could be secondary to fairness.
I can’t believe this guy is a director of anything.
http://tradecoholdco.wordpress.com/2008/04/15/kevin-hassetts-misguided-regulation-fd-rant/
---
As a Lobbyist, Rick Davis Claimed that Fannie and Freddie Reduce Systemic Risk
Friday, September 19, 2008
It takes unbelievable gall for McCain to try to pin Obama to Fannie and Freddie when his current campaign manager and numerous other McCain campaign officials lobbied (see Halperin [ http://thepage.time.com/obama-camp-memo-on-alleged-mccain-ties-to-fannie-freddie/ ] and Aravosis [ http://www.americablog.com/2008/09/mccain-campaign-manager-rick-davis-paid.html ] for some great documentation) on behalf of the GSEs.
But not only did Rick Davis lobby for Fannie and Freddie, I dug up (really a simple google search) this letter Davis wrote to OFHEO in 2001 (PDF [ http://www.ofheo.gov/Media/Archive/docs/sysrisk/homeowner.pdf ] ) where he makes the argument that not only did Fannie and Freddie not pose a threat of systemic risk but he actually claims that they decreased systemic risk:
"Still others have and will try to make the argument to OFHEO that Fannie Mae and Freddie Mac create systemic risk. Those that say that do so either because they are hostile to homeownership or because they have competitive needs to try to hamper the two most efficient private sector engines for homeownership. The Homeownership Alliance hopes that OFHEO will scrutinize the motives of those who make such claims.
Any objective analysis of the roles played by Fannie Mae and Freddie Mac would show that they in fact reduce systemic risk while anchoring a housing finance system in which consumers have the upper hand."
How Rick Davis even has a campaign job after writing that in the aftermath of the Fannie and Freddie disaster is beyond me. Could you imagine if that was David Plouffe? Maybe some journalist can ask McCain about Davis' quote.
But I guess making wrong predictions that should humiliate most of us actually is a badge of honor with McCain (I'm thinking of you Kevin Hassett [ http://econ4obama.blogspot.com/2008/02/hillary-uses-discredited-mccain-advisor.html ] --author of "Dow 36000" and McCain advisor [ http://econ4obama.blogspot.com/2008/06/other-list-mccains-economists.html ]).
http://econ4obama.blogspot.com/2008/09/as-lobbyist-rick-davis-claimed-that.html
---
and see (items linked in):
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32347731
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32347589 (the link there is the link to the full legislative history of that bill)
. . .
---
[ http://bigpicture.typepad.com/comments/images/dow_36000_1.png (in case the image next below disappears after awhile)]
---
DOW 36,000 by James K. Glassman & Kevin A. Hassett
Price: $1.75
Condition: Used - Good
Qty. Available: 1
Date Added: 09-14-2008
Regular Shipping: $3.50
Express Shipping: not available
Int'l Shipping: not available
DOW 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market
by James K. Glassman & Kevin A. Hassett
Hardback Random House 1999 294 pages
At the heart of Glassman and Hassett's argument is the idea that stocks have been undervalued for decades and that, for the next few years, investors can expect a dramatic one-time upward adjustment in stock prices.
Book condition is Very Good. Light wear on dust cover. The interior pages are clean without underlining, highlighting or tears.
Shipping and Handling charges for this item are $3.50
All orders shipped with Delivery Confirmation.
We offer combined shipping on multiple purchases. You pay full shipping charge for the item with the highest shipping rate and only $1.00 for each additional item.
Thank You
TBY41996
http://www.atomicmall.com/view.php?id=38009
---
from "Comparing Obama's and McCain's economic advisors", Sunday, September 21, 2008 ( http://lippard.blogspot.com/2008/09/comparing-obamas-and-mccains-economic.html ):
Kevin Hassett - source [ http://www.nytimes.com/2008/03/26/business/26supply.html ]
Hassett has been widely ridiculed [ http://www.j-bradford-delong.net/movable_type/2005_archives/000025.html (good read, including the comments)] for writing the book Dow 36000: The New Strategy for Profiting from the Coming Rise in the Stock Market in 1999, predicting that the Dow would hit 36,000 within five years, if not sooner.
---
McCain: Know Him By His Staff
September 21, 2008 10:59 AM
http://poliwatch.org/remers/2008/09/21/mccain_know_him_by_his_staff.php
---
Ode To McCainiac Recession-Deniers
I can barely type (Damn you, broken wrist!) but feel compelled to mock McCainiac recession-deniers, like Kevin Hassett of the American Enterprise Institute [ http://thinkprogress.org/2008/06/09/mccain-hassett-recession/ ]. Apparently, reports of the soaring cost of daily necessities and other bad economic news are “politically motivated pessimism” meant to boost Obama’s candidacy.
Ode To McCainiac Recession-Deniers (Limerick)
By Madeleine Begun Kane
Behold the recession-denier!
As inflation and job loss surge higher,
He will stubbornly claim
Lib’ral press is to blame
For making us think things are dire.
http://www.madkane.com/madness/2008/06/13/ode-to-mccainiac-recession-deniers/
---
Kevin Hassett’s misguided Regulation FD rant
posted on April 15, 2008 at 11:11 am
This is probably the most idiotic article [ http://www.bloomberg.com/apps/news?pid=20601039&sid=a8AhwKwDZkto&refer=home ] I’ve ever come across on Bloomberg. Kevin Hassett mouths off about Reg FD in such a convoluted misguided way that it makes me wonder… If he’s a adviser to John McCain, then the US is going to be headed for some real economic trouble if McCain wins.
In the old days, if you were a big customer and heard speculation that a firm such as Bear was in trouble, you might call up the boss and ask him about it. If the rumor was that the firm was flat broke, then he might invite you to his office and show you his list of assets to calm you down.
Alternatively, if a chief executive received a number of troubling phone calls, he might summon a highly respected analyst to his office and open up his filing cabinets. If things checked out, the analyst would then issue a report saying that the bad rumors were unfounded. If he tried to get cute and profit personally from the opportunity, then insider-trading laws would apply.
Such a common-sense response to false rumors is now a crime. The law makes innuendo-based attacks far too easy.
Well, why can’t you just publish your news on Bloomberg? Tell everyone that you are OK, instead of just sharing it with one or two people? The law certainly makes widespread publishing OK.
What Mr. Hassett is really saying is that there are reasons why a company should not disclose information in the full public domain. Those reasons include legal liabilities that the information must be true (ie the company cannot spread counter-rumors). In effect, Mr. Hassett says that short sellers can use rumors to drive prices down, but the company cannot now use rumors (ie assertions not completely evidenced) to counter. And he blames Regulation FD.
Oh boo hoo. First and foremost, there is absolutely no damn reason that any company should not be able to announce anything it wants to the broader market under FD. Just beware, no favoring privileged insiders. If that affects disclosure standards by companies, tough. If you really want to make them disclose more, just modify accounting standards or laws. Anything they disclose on their own is optional anyway, and you are dependent on an illusory faith in good governance.
A second stupid part of this article
A study by economists Armando Gomes, Gary Gorton, and Leonardo Madureira of the Wharton School at the University of Pennsylvania found that earnings-forecast errors for small companies skyrocketed after Reg FD was passed, suggesting that it is mucking up information transmission even in normal times.
Yeah no shit. But Mr. Hassett assumes that information transmission is of the utmost importance. This is patently untrue. If information transmission was the only factor in market design, one would actually allow insider trading. Insiders would be able to transmit their knowledge most efficiently by trading on the stock. The stock price would then reflect all information, both public and private. Efficient market hypothesis, strong flavored.
He of course does not discuss why information transmission could be secondary to fairness.
I can’t believe this guy is a director of anything.
http://tradecoholdco.wordpress.com/2008/04/15/kevin-hassetts-misguided-regulation-fd-rant/
---
As a Lobbyist, Rick Davis Claimed that Fannie and Freddie Reduce Systemic Risk
Friday, September 19, 2008
It takes unbelievable gall for McCain to try to pin Obama to Fannie and Freddie when his current campaign manager and numerous other McCain campaign officials lobbied (see Halperin [ http://thepage.time.com/obama-camp-memo-on-alleged-mccain-ties-to-fannie-freddie/ ] and Aravosis [ http://www.americablog.com/2008/09/mccain-campaign-manager-rick-davis-paid.html ] for some great documentation) on behalf of the GSEs.
But not only did Rick Davis lobby for Fannie and Freddie, I dug up (really a simple google search) this letter Davis wrote to OFHEO in 2001 (PDF [ http://www.ofheo.gov/Media/Archive/docs/sysrisk/homeowner.pdf ] ) where he makes the argument that not only did Fannie and Freddie not pose a threat of systemic risk but he actually claims that they decreased systemic risk:
"Still others have and will try to make the argument to OFHEO that Fannie Mae and Freddie Mac create systemic risk. Those that say that do so either because they are hostile to homeownership or because they have competitive needs to try to hamper the two most efficient private sector engines for homeownership. The Homeownership Alliance hopes that OFHEO will scrutinize the motives of those who make such claims.
Any objective analysis of the roles played by Fannie Mae and Freddie Mac would show that they in fact reduce systemic risk while anchoring a housing finance system in which consumers have the upper hand."
How Rick Davis even has a campaign job after writing that in the aftermath of the Fannie and Freddie disaster is beyond me. Could you imagine if that was David Plouffe? Maybe some journalist can ask McCain about Davis' quote.
But I guess making wrong predictions that should humiliate most of us actually is a badge of honor with McCain (I'm thinking of you Kevin Hassett [ http://econ4obama.blogspot.com/2008/02/hillary-uses-discredited-mccain-advisor.html ] --author of "Dow 36000" and McCain advisor [ http://econ4obama.blogspot.com/2008/06/other-list-mccains-economists.html ]).
http://econ4obama.blogspot.com/2008/09/as-lobbyist-rick-davis-claimed-that.html
---
and see (items linked in):
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32347731
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32347589 (the link there is the link to the full legislative history of that bill)
. . .
Greensburg, KS - 5/4/07
"Eternal vigilance is the price of Liberty."
from John Philpot Curran, Speech
upon the Right of Election, 1790
F6
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