Friday, October 31, 2008
Thursday, October 30, 2008
Esta ação de um procurador do Ministério Público federal é tão profundamente ridícula, tão inocentemente malefica, tão patentemente patética, que sua absurda existência apenas ilustra a total inutilidade e auto-achincalhamento das instituições responsáveis pela justiça na selva. Também substancia o baixíssimo nível intelectual das pessoas que ocupam esses cargos públicos.
Wednesday, October 29, 2008
Tuesday, October 28, 2008
Monday, October 27, 2008
Saturday, October 25, 2008
Friday, October 24, 2008
"Western Europe’s contemporary culture is one of repudiation, a culture based on negatives for every aspect of the traditional European heritage, such as Christianity, monogamous marriage, national loyalty, monocultural identity and so on. Western Europe’s refusal to uphold the old forms of moral and civil order make it impossible to curb the welfare state, to control immigration, to maintain order in its cities, to resist Islamization".
Thursday, October 23, 2008
Wednesday, October 22, 2008
Tuesday, October 21, 2008
A polícia federal e o Ministério Público federal afirmam que as investigações dos desdobramentos da Operação Pasárgada estão travadas desde que o STJ (Superior Tribunal de Justiça) assumiu o comando do inquérito -que envolve pelo menos um desembargador federal suspeito de negociar sentença.
Monday, October 20, 2008
Saturday, October 18, 2008
Friday, October 17, 2008
5) Algumas empresas brasileiras fizeram operações financeiras estranhas. Tais operações resultaram em grandes prejuízos. Em sua opinião isso foi má sorte ou barbeiragem pura dos administradores?
"Barbeiragem. Não entenderam a operação, não souberam apreçar o instrumento, não tinham noção clara dos payoffs negativos".
Thursday, October 16, 2008
El loco Bielsa jogou uma pá de cal nos hermanos. Sua única razão de existir é fazer com o futebol argentino o que o Bush faz com os EUA. Dunga é seu discípulo dileto, ainda em fase de aprimoramento. Seu objetivo é exterminar completamente o futebol brasileiro. Hoje ele provou que não precisa usar suas armas principais para isso, decidiu que o gigantesco anão Diego e o rei da cocada marron, Ronaldin Gaúcho, não jogariam. Todavia,Dunga é criativo e conseguiu uma proeza, ele DESTRUIU a jogada mais básica e elementar do futebol canarinho: O apoio dos laterais ao ataque. Para isso lançou mão de uma aberração absoluta e inigualavel na lateral esquerda [alguém faz a mínima idéia do que seja aquilo?]. Além disso, num jogo em que o adversário jogou com onze zagueiros, sem a mínima vontade de passar do meio de campo, o Dunga decidiu escalar dois cabeças de bagre para ajudar na defesa. Impressionante, admirável. Será que a CBF só vai deixar de escalar aquele bug ensandecido, o tal do Josué, na hora em que algum clube otário da Europa comprar o seu passe?
Wednesday, October 15, 2008
Tuesday, October 14, 2008
O então Ministro do Planejamento José Serra me telefonou perguntando se estava acompanhando as pesquisas de Krugman em Harvard. Elas já chamavam a atenção do mundo acadêmico. Disse-lhe que não tinha a menor idéia sobre elas. Então, como tinha escrito aquele artigo?"
Como Erik Figueiredo notou, o midget mental acha que vai ganhar o Nobel. Detalhe, apreciem o profundo conhecimento de economia de Serra ao ligar Krugman a Harvard.
"Why were the warnings ignored rather than investigated? First, preconceptions played a role. Many economists and political leaders are heavily invested in a free market ideology which teaches that markets are robust and self-regulating. The experience with deregulation, privatization, and the many economic success stories that followed the collapse of communism supported belief in the free market. The belief was reinforced, in the case of the financial system, by advances in financial economics, and relatedly by the development of new financial instruments that were believed to have increased the resilience of the financial system to shocks. Borrowing and then lending the borrowed funds is inherently risky, because you have fixed liabilities but (unless you invest in risk-free assets such as short-term Treasury Bills) risky assets. But it was believed that the risks of borrowing had been reduced and therefore that leverage (the ratio of borrowing to capital) could be increased without increasing risk. Bayesian decision theory teaches that when evidence bearing on a decision is weak, prior beliefs will influence the decision maker's ultimate decision".
E, mais importante, sobre os PICARETAS de finanças ele diz:
"Of all the puzzles about the failure to foresee the financial crisis, the biggest is the failure of foresight of professors of finance and of macroeconomics, with a few exceptions such as Roubini. Some of the media commentary has attributed this to economics professors' being overly reliant on abstract mathematical models of the economy. In fact professors of finance, who are found mainly in business schools rather than in economics departments, tend to be deeply involved in the real world of financial markets. They are not armchair theoreticians. They are involved in the financial markets as consultants, investors, and sometimes money managers. Their students typically have worked in business for several years before starting business school, and they therefore bring with them to the business school up-to-date knowledge of business practices. So why weren’t there more Roubinis? I do not know. And why, if not more Roubinis, not more financial economists who took the warning signs sufficiently seriously to investigate the soundness of the financial system? I do not know that either". [Hat tip, Badger]
Monday, October 13, 2008
Sunday, October 12, 2008
Saturday, October 11, 2008
Friday, October 10, 2008
Thursday, October 9, 2008
Continuem apostando. A galera que acha que as merdas tradicionais Brasil, Rússia, México e Argentina são imbatíveis, tem que prestar muita atenção naquela bosta de gelo que bóia sozinha no Atlântico norte.
Wednesday, October 8, 2008
“Nos últimos quinze anos, fiz várias dezenas de palestras sobre a economia brasileira em Wall Street”. Concluimos que se Wall Street paga para sociólogo falar de economia essa crise financeira era mesmo inevitável.
Tuesday, October 7, 2008
Num artigo na Forbes, o ganhador do Nobel de economia de 2001, Michael Spence, explica a crise financeira:
"One should ask why a housing bubble caused by low interest rates and the inappropriate and excessive extension of credit has caused such a widespread financial crisis. The short answer is balance sheets. Through securitization, the packaging and repackaging of mortgages (and securities backed by mortgages), the holding of the highly levered and now damaged securities was widespread--including in all the principal financial institutions that supply credit to the economy. Insurance also played a role. Securities that looked risky were nevertheless rated highly and purchased in part because of the addition of credit insurance. But insurance only works when individual risks are substantially uncorrelated in the pool that is being insured. No one would undertake to provide hurricane insurance for a single town on the Gulf Coast. The problem is that when risk is as systematic as it has become in the financial sector, you can't provide insurance without an enormous capital underpinning. That was not there".
E tenta explicar como o bailout vai atuar:
"One goal is clearly to help households whose mortgages are either under the current value of the house or who cannot pay the interest and principal on the mortgage. This is important politically, and can be accomplished through the purchase of bundles of mortgages, resetting the terms of the mortgages and avoiding foreclosure. A second is to initiate a process in which something like market values are established for assets whose value is currently highly uncertain, or discounted dramatically, because of counterparty solvency, visibility and transparency issues. The third is to inject capital into the existing system, by replacing highly discounted or under-priced assets with cash. There is a debate going on about what the "right" price is for these purchases. The argument is something like this: If the purchases are at current extreme distressed prices, not much capital will enter the system; and if they are at higher prices, the institutions are being bailed out and the taxpayer is footing the bill, or there is compensating warrant dilution".
Sábias palavras de Arnold Kling:
"Big Finance and Big Government have much in common. Both are coveted by Harvard graduates. Both are characterized by an arrogant sense of entitlement and importance.
Instead of thinking of the pending bailouts and financial regulation as a new era of government supervisions of markets, think of it as preserving the system in which a Harvard elite controls other people's money. In fact, very little is likely to change. Reading the news stories about how Secretary Paulson plans to implement the bailout, it seems as though the same people will be in charge of the money. Print some new business cards, change the logo on the front from "Goldman Sachs" to "U.S. Treasury," and everything else continues as it was. It's just that it becomes a lot more difficult for ordinary people to opt out of using the elite's money management services"
Monday, October 6, 2008
O SB aposta no México. Campeón mundial de crises. Muito difícil bater los hermanos Aztecas. Se bem que a farra na selva tava boa demais e desperdiçamos oportunidades únicas que apareceram nesta década para investir em infraestrutura, educação, equilíbrio fiscal e apenas nos tornamos imbatíveis em corrupção e canalhice política.