While I was spending the day riding a bus around London the market exploded on the news that the FED was doing even more to bring capital to troubled assets. I have not read the details but on the face of it it looks like they are helping a lot of folks to make some easy money. Given the outrage about bonuses I am a little worried that if the public truly understands what is going on, they might not like it very much. There are so many mixed messages coming from Washington and the FED that it truly has me worried. They realize they need the private sector but while they are reaching with one hand, they are slapping, punching, beating with the other. The firms that got 'bail-out capital' seem doomed and those that did not, are getting offered free money, lots of leverage and limited downside risk. Am I missing something? Regardless we have had a healthy bounce off the lows in the equity market but i continue to believe we are still in deep, deep do do. The problems in the housing market, in consumer spending, in manufacturing, in employment ... are not going away any time soon. Sorry. ( iIwas going to put a sad face too.. but the happy one looks, well, happy)
On another note...............
"Women better fund managers then men" - That was the name of an article in today's FT by Heather Dale. I wonder if someone gave her a heads up as to the soon to be released paper from the National Council for Research on Women! This is a project I have been working on with them and we are so close to the finish line I am beside myself. We are looking for sponsors so if you have any suggestions please send them my way. As soon as I get back from London I am hitting the pavement with this important piece of work. It is a comprehensive look at all the research we could find on the topic with a lot of added insight and of course, a solution set! Very exciting....
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