Marc Faber's advice to young people and the meaning of "success"

 

Greatly appreciated Marc Faber's advice to young people and his thoughts on "success", heard near the 8:00 mark of this interview clip. 

Kids today might wonder if they need a college education, or the certification conferred by a degree, to do well in life. Given the rising costs (and diminishing returns) of higher education and the problems of widespread student loan debt in the US, this is a subject for serious consideration.

Faber offers, "I don't think a degree is important. If you have parents that can pay for your degree, then take one. If I had to borrow a lot money to pay for the degree, I don't think I would take one... 

"...I would try first to work for someone who is successful in any industry and acquire knowledge from them. Whatever the area, you should like what you do. If you like what you do, you'll do a better job than if you are indifferent towards your job." 

Speaking to the idea of success, Marc adds, "I think in life success comes on many different levels. Monetary success is just one of them. If you have a happy family life or you can help other people, these are also measures of success. Our society maybe overrates monetary success...". 

Something for people of all ages to consider, now that I think about it. What do you think of Marc's advice? What would you say to young people starting out in life?

Related posts:

1. Ray Dalio: Meditation is the Secret of My Success.

2. Self-Education and the School of Experience. 

3. Michael Bigger on Starting Over.

4. James Altucher: 8 Alternatives to College.

5. Gary North: Find Your Calling (Making a Difference in the World).

Marc Faber on the global economy, bubbles, and inflation

Marc Faber offers some forecasts for the global economy in this recent Dubai hedge funds world conference video. 

Faber makes 2 important points at the outset of this talk.

First, he notes that at the start of his career (1970) investment banks were all private partnerships. Not a one was a publicly traded corporation, whereas today most large banks are listed corporations.

As a result, the risk profile at investment banks has completely changed from the days when partners at investment banks were personally liable for other people's mistakes. Today, bankers risk other people's money and face no real consequences for their mistakes. In fact, they are often bailed out with taxpayer funds when they go bust.

Secondly, Marc points out that the (neo-) Keynesians want to make interventions in the capitalist economy and "smooth out" the business cycle with fiscal and monetary measures. 

In Faber's view, these interventions have actually made fluctuations in the business cycle more violent and extreme. As he puts it, "the Keynesians always try to address long-term structural problems with short-term fixes...with an emphasis on creating bubbles to "help" the economy. Whereas bubbles usually hurt the majority of market participants." 

Check out the full presentation above for Faber's thoughts on how to navigate our global course of negative real interest rates, understated inflation, serial bubbles, and centrally planned markets. 

If you're enjoying these posts and would like to see more, please subscribe to our free RSS updates and follow Finance Trends in real-time on Twitter and StockTwits. You can also check out our related posts below for more market wisdom and trading insights.  

Related posts: 

1. Marc Faber: final crisis yet to come (video).

2. Nassim Taleb on Anti-fragility.

Rakesh Jhunjhunwala interview: Wizards of Dalal Street

On CNBC India, Rakesh Jhunjhunwala is feted in the same way Warren Buffett is here in the USA. 

He is known as one of the great bulls of the Indian markets, and while his success has coincided with the recent decades' secular uptrend in Indian shares, Rakesh is also an adept trader who has made money selling short. He cites Buffett and Marc Faber as two of the greatest influences on his trading and his understanding of markets.

CNBC-TV 18 profiles the Indian share trader and investor in this biography special, Wizards of Dalal Street. Rakesh tells Ramesh Damani the story of how he got his start in the share markets and how he searches for attractive investments today. 

Here are a few excerpts from the discussion, in which Jhunjhunwala talks about his childhood interest in the workings of share market and shares a few lessons on speculation:

CNBC:  "But you're a bureaucrat's son. I mean, weren't you compelled into [that area]?"

Rakesh: "I was a bureaucrat's son, but fortunately I had a very democratic father. And also we had a business background...my father was an intelligent man and he encouraged me to do whatever I had an interest in."

On speculation and reality: 

CNBC: "Does speculation teach you to be realistic, because you are betting on leveraged money?" 

Rakesh: "I think so, because speculation requires and teaches you to accept reality as it is, rather than reality as you would like to have it."

An important point on risk taking and concentration: 

CNBC: "But is one of Rakesh Jhunjhunwala's tenets is when he finds an idea to bet big?" 

Rakesh: "Big is relative, Ramesh. But when I find an idea whose prospects are very good...you have to be conscience of one thing - the great investment opportunities are very rare. So when you get them, seize them. And seize them in a manner that if you're right, it makes some difference to your balance sheet."



Check out the full interview here. Much great wisdom and insights within.

If you're enjoying these posts and would like to see more, please subscribe to our free RSS updates and follow Finance Trends in real-time on Twitter and StockTwits. You can also check out our related posts below for more market wisdom and trading insights.  

Related articles and posts: 

1. Rakesh Jhunjhunwala interview on FT.com - Finance Trends.

2. FY 2012 has been the worst trading year of my life: Jhunjhunwala - Moneycontrol. 

3. Rakesh interview CNBC-TV 18 transcript: Momentum and risk - Moneycontrol.

Russia Forum 2011 w/ Nassim Taleb, Marc Faber

Russia Forum 2011, which recently took place in Moscow, featured a global investing outlook panel discussion which included famed investors and commentators, Nassim Taleb, Marc Faber, and Hugh Hendry.



Also on hand at the forum were economist, Nouriel Roubini, strategist, Russell Napier, and a panoply of international investors and business leaders. You'll find Roubini and Napier adding their thoughts in the outlook panel video above.

There was also a rather interesting panel, featuring Faber and Taleb, entitled, "Is Russia the Best or Worst in BRIC?".

As you'll surmise from the title, it's a panel debate on the strengths and weaknesses of each of the large BRIC (Brazil, Russia, India, and China) nations, with added focus on host country, Russia. So is there a strong case for investment in Russia at this time?

This conversation is worthwhile not only for the contributions from the aforementioned panel stars, but also due to the comments from other panelists and some key questions from the audience.

Pay special attention to Mario Garnero's comments on the effects of Brazil's past inflation on its middle class (this is important for those of us in QE, deficit-land US), as well as the questions on Russia's future from the native conference attendees.

If you'd like to take a look at last year's lively panel discussion and judge the panelists' comments against what took place in 2010, check out our related post links below.

Related articles and posts:

1. The Russia Forum 2011 - Russia Forum.

2. Panel discussion from Russia Forum 2010 - Finance Trends.

Marc Faber on Davos, "dishonest" Obama (Bloomberg TV)

Newsy: Marc Faber talks to Bloomberg TV about Davos, the disastrous 1st term of our dishonest President Obama, the illusion of deficit spending prosperity, and more.

If you're a regular here, you already know how much we love the straight-shooting Dr. Faber. This latest chat is one more example of Faber's natural ability to cut through the propaganda and nonsense and get straight to the heart of matters.

Have a listen and catch Marc's latest thoughts on the US and emerging markets, the "global agenda setters" of Davos, bonds, inflation, and gold. Enjoy.

Related articles and posts:

1. Marc Faber: final crisis yet to come - Finance Trends.

2. Jim Rogers at Reuters 2011 Outlook Summit - Finance Trends.

Finance Trends: The Best of 2010

We're wrapping up some of your favorite posts (and mine) for this Finance Trends "Best of 2010" features edition.

You'll find key interviews with leading businessmen and investors, along with the best of this year's posts emphasizing the strong trends and events that are shaping our country, our investment markets, and our world.

Without further ado, here are some key posts highlighting the big picture trends we've witnessed in 2010, some of which may continue to unfold in 2011 and beyond.

1. On a Return to Classical Education. Your educationally-deprived editor muses over the benefits of a Classical education, and how such a foundation in thinking might help us as investors and as citizens of the world.

2. Marc Faber: Final Crisis Yet to Come. Wonderful presentation by Marc at this year's Mises Circle in NYC, offering a crucial take on US monetary policy and the likely outcomes of the Fed's "quantitative easing" experiments. Video and presentation slides included.

3. Niall Ferguson on Fiscal Crises and Imperial Collapse. Must hear presentation from Ferguson offers a historical overview of government debt crises. Highly relevant back in May and only more so now that the developed nations' sovereign debt crisis continues to unfold here at year-end 2010.

4. LTCM and the Lessons of Failure. Thoughts on hedge fund collapses (and fund manager resurrections), the money manager merry-go-round, risk management, and the dangers of overconfidence.

5. Must Hear Interview with John Burbank of Passport Capital. Part of our series on global macro investors and hedge fund managers, this excellent discussion with John Burbank comes to us via Benzinga podcast.

6. Michael Burry: An Up & Coming Macro Star? An in-depth look at Michael Burry's gradual transition from a US stock-focused value investor to an international, global macro investor.

Includes an unedited transcript of Bloomberg TV's interview with Burry, in which he offers his views on the economy, investing, and his famous subprime short trade.

7. Jim Grant, John Hathaway and Peter Munk sit down with Charlie Rose to discuss gold as money, the causes of the recent final crisis, and likely outcomes of Fed and government intervention in the markets.

8. John Allison on "Leadership and Values". The former CEO and Chairman of BB&T bank speaks to Virginia's Darden School of Business on the importance of adhering to a sound ethical framework and engaging in "win-win" business transactions. Excellent talk on the spirit of true capitalism and personal responsibility.

That's all for 2010. Please join us for more in 2011, as we explore the coming year's macro investing themes and future economic events.

You can keep up with us in the meantime through our real-time updates on Twitter and StockTwits or via the Finance Trends RSS blog feed. Have a Happy New Year!

*Photo credit: Floor of the New York Stock Exchange via LOC.gov.

What a renminbi revaluation means for commodities, economy

As I don't pretend to be an expert on matters of currency movements, here are comments from a few more knowledgeable sources on the recent policy shift in the Chinese renminbi (yuan) currency peg.

1. China to put renminbi in a currency basket - Daily Reckoning. "The renminbi is now 'flexible!'" These cats reckon that moves higher in the RMB vs. the dollar are not a foregone conclusion (as many/most suspect).

2. Chinese yuan under 5 by 2020 - Maoxian. Chairman Maoxian sees a long-term controlled appreciation of the Chinese currency that is likely to suit the country's own interests (and timetable).

3. Yuan revaluation impact to be limited - PragCap. Bondsquawk contributes this post on the revaluation, noting that deterioration in the euro is having an effect on "China's plan of allowing considerable appreciation for the yuan".

4. Chinese currency: why Americans should care about yuan revaluation - CSMonitor. Notes on how the exchange rate flexibility announcement could affect Chinese export prices and prices of US exports into China.

On a related theme, Wall Street Journal notes that anticipation of a stronger RMB has "sparked hopes of increased Chinese demand for commodities". As noted in the WSJ piece, some of the basic materials and metals mining stocks are getting a boost today on the revaluation.

While traders are taking the yuan revaluation news as a sign of strength for resources and the global economy, we wonder if investors like Felix Zulauf would agree with this one day verdict.

Zulauf and Marc Faber were both recently quoted in Barron's mid-year Roundtable as saying they expected a downturn for commodity prices, along with a slowdown (or "tightening") in China and the resource economies (Australia & Brazil) tied to its economic prospects.

Will the yuan revaluation turn out to be more of a strategic move which favors China rather than its economic rivals and resource suppliers?

Marc Faber: final crisis yet to come

In Sunday's post, we highlighted the excellent audio presentations being uploaded from the recent Mises Circle conference in Manhattan.

Now that all of the speaker presentations have been uploaded, I especially wanted to highlight a talk given by Marc Faber entitled, "Mirror, Mirror on the Wall, When is the Next AIG to Fall?".



Be sure to listen to Marc's overview of US monetary policy and his discussion of how the Fed's easy money policies fueled the dot com bubble and the US real estate bubble, and why mainstream economists such as Greg Mankiw and James Galbraith are still cheering for more money printing and deficit spending.

You'll also hear Faber's views on the global economy, the growth of emerging markets and their commodity consumption, why Americans should have at least 50 per cent of their money invested outside of the US, and why "the final crisis has yet to come".

PowerPoint presentation slides accompany the audio lecture.

Related articles and posts:

1. Faber, Rogers, & Schiff on EU bailout - Finance Trends.

2. Marc Faber: FT.com interview - Finance Trends.

3. Marc Faber on crisis & geopolitical tensions (McAlvany podcast) - Finance Trends.

Mises Circle in Manhattan: audio presentations

The good people at the Mises Institute have been quick to upload audio of speaker presentations from this weekend's Mises Circle in Manhattan.

As noted in our Friday Features post, the guest list looked stellar, so we'll be eagerly awaiting more uploads. So far, there's audio of a very interesting talk from Christopher Whalen called, "Inflated: How Money and Debt Built the American Dream", as well as lectures from Robert Murphy and Doug French on Austrian Business Cycle Theory (ABCT) and interest rates.

With added presentations from the likes of Kevin Duffy, Marc Faber, Lawrence Parks and more, we can't wait to hear the rest of the audio clips as soon they're added.

If you want to get down to the root of the most recent boom & bust periods and understand why we're facing a legion of bailouts and economic problems, these discussions are a great resource to further that understanding. Enjoy, and tell your friends.

Interview with Anthony Boeckh: The Great Reflation

Financial Sense Newshour recently interviewed Tony Boeckh, investor and author of a new book entitled, The Great Reflation.

I'd recently heard about Boeckh's new book through Richard Russell, who commented on it in his recent Dow Theory Letters updates. It seems to have drawn quite a few noted admirers, judging by the warm testimonials from Henry Kaufman, Marc Faber, and Barton Biggs (among others).

FSN host Jim Puplava was quite impressed with The Great Reflation as well, but we'll let you hear the details of Boeckh's thesis for yourself. Check out the interview, and pay close attention to Boeckh's opening statements on the nature of inflation and debt cycles, and how money and credit creation can affect investment decisions and asset prices. Enjoy.

Europe's $1 trillion bailout and a new world currency

When the news of Europe's unprecedented $1 trillion bailout package was announced last weekend, the storyline behind this "solution" to the sovereign debt crisis seemed (even at market-driven news outlets such as Bloomberg) rather skewed towards politicians' cries of speculators "attacking the currencies" of heavily indebted nations (where have we heard that before?).

Now that we've had a few days to digest the European policymakers' move to "defend" the euro, I thought it might be interesting to hear from some of the people who saw this crisis developing and are now explaining, in plain English, what these bailout arrangements will mean for all of Europe and for the rest of the world.

First, we'll point you to yesterday's post highlighting Der Spiegel's interview with Nouriel Roubini. If you missed it, be sure to read Roubini's views on sovereign debt issues and why Greece is just "the tip of the iceberg" for problems with government debt.



Peter Schiff offers his view of the Greek crisis and the problems (namely inflation and increased moral hazard) which are sure to come from their "American style" bailout.


Jim Rogers tells Bloomberg TV that while he is currently long the euro, he sees major problems for the currency longer term thanks to the debasement that is sure to come as a result of this latest move.

As Jim points out, the $1 trillion backing this bailout has to come from somewhere; this money will be printed, borrowed, or raised by increased taxation. Those who receive the money will, of course, benefit. Everyone else who pays for this bailout (via taxation or indirectly through inflation) will be much worse off.

You may recall that back in March, Rogers was telling Bloomberg viewers that a Greek bankruptcy would be good for the euro. Now that the euro's very survival is threatened by the longer-term ramifications of these bailout agreements, it seems more people are coming around to Jim's point of view.


Marc Faber sat down with Pimm Foxx to discuss, among other subjects, the situation in Greece and the inflationary consequences of Europe's bailout (which, as Marc notes, is largely for the benefit of the European banks). Faber's frank talk is always a refreshing tonic to the nonsense and outright lies we usually get from the talking heads in the cable TV universe.

Finally, Jim Rickards talks with Eric King about the European bailout package and the IMF's move to create a "one world currency" from Special Drawing Rights (SDRs). Pay close attention to Jim's discussion of how the IMF creates this money, and why the EU & IMF bailout merely "replaces one type of debt with more [of another] debt".

Jim Rogers + Marc Faber talk plunge on Bloomberg

Famed contrarian investors and thinkers, Jim Rogers and Marc Faber appeared on Bloomberg TV to discuss the May 6 market drop.

Here's a little excerpt from Bloomberg's print coverage:

"Investors should consider paring their holdings after a plunge in U.S. stocks yesterday, according to Jim Rogers and Marc Faber.

Equities had a “normal correction” and were “overdue for a sell-off” after rallying from last year’s low, Rogers, Singapore-based chairman of Rogers Holdings, told Bloomberg Television today. “The market was overbought, ahead of itself and due for a correction,” Faber, publisher of the Gloom, Boom & Doom report, said in a separate interview yesterday...."

You'll find the Bloomberg TV interviews with Faber and Rogers linked within the story (scroll down to the bottom of the article or see the "video" tab at the top). Always interesting to hear from our favorite straight shooters at times like these.

Goldman hearings as mass distraction

Well, sorry to repeat myself, but this is how I basically put it earlier today on Twitter:

"“To detached observers, it’s obvious Goldman $GS hearings are a public spectacle designed to draw attn to fin reg. + pandering to US voters.”"

Thanks to BMB for quoting me, and more importantly, for adding his own two cents. I really couldn't summarize the game plan any better than he does.

Obviously, I'm not the only one who thinks the timing or circumstances of Goldman Sach's hearing in Congress are a little staged or convenient.

And it's not that the SEC doesn't have a case against Goldman; that's for the legal system to decide. It's just that we're getting the broad strokes of information on this case in the midst of a circus sideshow, with politicians lashing out at the investment bankers in a blatant effort to appeal to their economically-strained voter base.

I could go on about the timing and merits of the case, and the shameless grandstanding of our elected officials during this latest public spectacle. Instead, we'll post some relevant videos here to lend a bit of added perspective on the Goldman fiasco, and some of the bigger problems our nation currently faces.


Mark Mobius discusses the Goldman hearing (at 8:20) on Bloomberg.



Marc Faber feels the case against Goldman Sachs is "purely for show, to appease the public" (Bloomberg video) and (CNBC video).

Goldman hearings are an argument to short Treasuries, and a distraction from problems at Fannie Mae and Freddie Mac, says Charles Ortel.

Peter Schiff talks with Tech Ticker about the "real crisis" the US is facing, how we got into this mess, and why our Senators have "some nerve" slamming Goldman for running with the policies and incentives they helped create (you'll hear Peter's take on the proposed financial industry regulations as well).

We're sure you're already loaded to the gills with media commentary on these hearings and the case against Goldman Sachs, so we'll just offer up these interviews in the interest of highlighting some of the more detached, and contrary, bigger-picture views on this subject. Hope you get something out of them.

Features of the week

Some Friday reading (and viewing) for ya.

1. Obama challenges financial industry to join regulatory overhaul - Bloomberg.

2. Marc Faber says China exhibits 'Danger Signals', symptoms of bubble building (w/ video) - Bloomberg.

3. Jeremy Grantham on bubbles - FT.com.

4. Renegonomics: are deadbeat borrowers fueling consumption? - Laurence Hunt's Blog.

5. Rail traffic recovery continues - PragCap.

6. John Paulson turns bullish on housing, economy - MarketWatch.

7. View From the Top: Mohamed El-Erian talks to FT about economic recovery, the US dollar, and the state of financial markets - FT.com

Thanks for checking in at Finance Trends; you can keep up with our posts and musings via RSS and Twitter. Have a great weekend, and be excellent to each other.

Marc Faber: FT.com interview

Marc Faber was recently interviewed by the Financial Times for their video series, "View From the Markets". Here's a quick overview of some of the topics and themes covered in this 4 part discussion:

• Marc warns of a partial US debt default, in which the government denies payment to foreign bond holders due to the overwhelming burden of future interest payments on the debt. Usually, governments faced with this situation will "monetize" the debt and print money to inflate away the real debt burden.

• Irrational monetary policies and artificially low interest rates have fueled recent asset bubbles and laid the foundation of the global financial crisis. We continue to see these artificially low rates globally, which leads to misallocation of capital, as in the case of China currently.
  

• Faber does not agree with targeted "excess profit" taxes on industries such as banks or oil companies. Instead, he points out that simply having high real interest rates would encourage savings and discourage speculation and the formation of bubbles.
  

• Stocks (particularly US shares) may continue to go up in terms of local currencies, but are unlikely to make new highs in terms of gold over the longer term. Marc is far more optimistic about the outlook for Asian shares and emerging markets. He feels that returns from emerging markets will outpace those of Western developed markets over the coming years.
  

Tune into the full video interview linked above for more. Enjoy your weekend, and thanks for reading!

Video: Russia Forum 2010

Must watch video of a panel discussion with Marc Faber, Hugh Hendry, Nassim Taleb, Michael Power, and others at The Russia Forum 2010.

As moderator, Marc Faber begins the discussion by asking the panel members how they would invest $100 million for the year ahead. A varied discussion on the global economy, geopolitics, inflation vs. deflation, risk, food and energy systems, and the rise of emerging markets ensues.

Great macro discussion with seeds of investing ideas and global macro trades sprinkled throughout. Don't miss this one, and thanks to Jay at Marketfolly for highlighting this discussion.

Jim Chanos: "overheating" in China

Here's what I'm currently watching: noted short-seller and hedge fund manager, Jim Chanos gives a talk on "Overheating & Overindulgence" in China at the London School of Economics Alternative Investments Conference (see also: Bloomberg video).

We've noted here before that Chanos is hugely bearish on the Chinese economy and looking to bet against its overheated real estate and construction businesses by shorting commodities and ancillary suppliers.

In this presentation Chanos offers his thoughts on China's GDP growth, its credit excesses, and the interplay of its economic and political system. Very interesting stuff, even if Jim Rogers is skeptical over the recent findings of newly-minted China experts.

Is he right? Given my limited knowledge of the situation, I'm inclined to agree with Marc Faber (a friend of both Chanos and Rogers) who notes that Jim Chanos is "hyper smart" and willing to back his thesis, though it's uncertain how the timing of a Chinese bust will play out.

Related articles and posts:

1. Pivot Capital Report: China's Investment Boom - Finance Trends.

2. Is China Headed Towards Collapse? - Politico.

3. Marc Faber: China bubble bad for commodities - Tech Ticker.

Barron's Roundtable 2010: quick thoughts

Happened to glance through the first installment of Barron's 2010 Roundtable this past week at the library.

When I say "glance through", I should clarify; I glance through all the parts I don't care about (comments from Abby Cohen, et. al) and carefully read the sections where Marc Faber and Felix Zulauf (and if time allows, Meryl Witmer or Fred Hickey) are talking.

Sometimes I'll stop and read Bill Gross' comments, but I think that has more to do with the fact that you never know what he is going to say these days, and it's interesting to see how his remarks line up with some of his (and PIMCO's) previous sentiments and actions.

Anyway, if you saw the 2009 roundtable report card, you'll notice that everyone's picks for last year were well in the black overall. Compare that to 2008's roundtable results (largely disastrous) and you'll see that roundtable participant greatly benefited from the broad market rally we saw during 2009.

No, I don't chalk this up to skill on (most of) their parts. In fact, the phrase that went through my head on examining this year's report card was, "they got their asses saved (by this rally) after last year's calls". Well, 2008 was pretty brutal all around.

Marc Faber seems to be the performance standout of last year's roundtable. The breadth and number of his calls in 2009 far outpaced the rest, and strong equity markets certainly helped keep his long positions positive. Still, it's amazing to look down at that 2009 report card and see every one of those picks in positive territory. The others did pretty well, too.

Enough of that. Let's see what the group have to say in the latest installment of Barron's 2010 Roundtable, shall we?

Related articles and posts:

1. Barron's Roundtable 2009 notes - Finance Trends.

2. 2008 Barron's Roundtable review - Finance Trends.

Geithner wants zipped lips on AIG swaps

Tim Geithner and the New York Fed told AIG to limit their swaps disclosure. The saga continues and Bloomberg has the details:

"The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a “backdoor bailout” of financial firms."

Timmy, you class act, you. Still, this latest bit of news shouldn't come as too much of a shock to anyone who's been following these bailout shenanigans.

In fact, this latest Bloomberg piece on the email exchanges between AIG and the New York Fed follows up earlier reports by Richard Teitelbaum and Hugh Son on the AIG swaps deal from October '09.

"Still, officials at AIG object to the secrecy that surrounded the transactions. One top AIG executive who asked not to be identified says he was pressured by New York Fed officials not to file documents with the U.S. Securities and Exchange Commission that would divulge details.

“They’d tell us that they don’t think that this or that should be disclosed,” the executive says. “They’d say, ‘Don’t you think your counterparties will be concerned?’ It was much more about protecting the Fed.” "

Read all about it and pass the news along.

Related articles and posts:

1. Fed told AIG not to disclose swap details - Dealbook.

2. Marc Faber interview: rotten apples in DC - Finance Trends.

3. Jim Rogers: "Geithner's clueless" - Finance Trends.

4. Geithner's gift to Pimco, BlackRock, et al - Finance Trends.

Happy New Year! Get ready for 2010

Happy New Year to you all! We've compiled some great year-end reviews for you, along with some worthwhile commentaries on the financial & social outlook for 2010.

1. Dave Barry's Year in Review: 2009 - Miami Herald.

2. Dud of a Decade - Chart of the Day via Bear Mountain Bull.

3. A Hell of a Decade - Peter Schiff at Campaign for Liberty.

4. Marc Faber shares his 2010 outlook on CNBC - Investment Postcards.

5. Ultimate Guide to 2010 Investment Outlooks - PragCap.

6. James Howard Kunstler: Forecast 2010 - Kunstler.com

7. Decade of Disruption: 4 part series - FT.com

8. Reflection and Introspection: Quotes - Financial Philosopher.

9. My Decade...Economically Speaking - Howard Lindzon.

Enjoy these links and we'll see you in 2010. Have a happy and healthy New Year.