This MF thing is still causing a massive dislocation in the futures industry. It’s not just the employees of MF Global that are being hurt. There were people that earned their livelihoods from trading or servicing customers that now are out of business. The industry is extremely competitive, and never stops. When you aren’t there one day, someone else gets the trade, or earns the brokerage. I bet the opportunity cost to the industry of the MF Global management shenanigans was greater than 1 billion.
There are a lot of economic misconceptions. Here are three that need to die. My kids are learning Chinese, but it’s not because I think they will own us. It’s because they are going to be a large economic presence in their lives. I recall people in the 1980’s saying Japan was going to own us and we all know how that turned out. The Chinese economy could burst at any time.
Looks like there is demand for the Groupon ($GRPN) IPO. Bully for them. They doubled their money based on the Google ($GOOG) buyout number. Good luck in running your business.
Cattle prices are high, but don’t forget to hedge. Things can turn on a dime in these volatile markets. ($LE_F)
You might read this to get an education in what Marxism really is. The writer worked for a totalitarian government. He has a few choice words for Occupy Wall Street.
Hank Paulson is teaching at the University of Chicago. Maybe he is having second thoughts. The culture of professorship is very different there, especially in the economics department.
Maybe there is room for us old codgers just yet. Or, maybe not….
Europe is doomed. But, I don’t think they will go to war over it. One blogger I saw postulated an end to the Euro would mean the beginning of a war. I think the Europeans have seen too much bloodshed over the centuries, especially the last one, to sharpen their sabers again.
Jammin’ on a Friday. Tip of the hat to a man in DC you should follow, @LansingG