Comments on: Denninger fires back at CNBC, propaganda division of zombie GE http://sovereignspeculator.com/2009/09/04/denninger/ Thoughts on the markets and the decline of the west Mon, 20 Dec 2010 23:51:09 +0000 http://wordpress.org/?v=2.6 By: Mike http://sovereignspeculator.com/2009/09/04/denninger/#comment-5913 Mike Wed, 09 Sep 2009 18:23:11 +0000 http://sovereignspeculator.com/?p=2751#comment-5913 I didn't want to go off on this, but here we go: Smoking ban. Trans-fats ban. Random bag checks in subways, random car searches at bridges and tunnels, and making Yankee Stadium as enjoyable as JFK airport. Cordoning off the city like a cattle yard at every parade or celebration. Free Speech Zones, mass arrests, and unwarranted and inhumane detainment at 2004 Republican convention. Permits for amateur photographers. Militarized police force: groups of meat heads with sub-machine guns, German shepherds and battle gear standing on random corners for no reason at all. Blanketing the city with police surveillance cameras and license plate readers. Installing watch towers with one-way glass! Anti-private gun ownership efforts. Rabid open-container law (I'm talking about sitting on your stairs or picnicking, not driving) and marijuana enforcement (New Yorkers don't give a damn about pot, but the police sure do now). Supporting the use of public credit for private real estate projects run by local bigwigs. I won't even mention the big stuff. I mean it, I won't. This isn't that kind of a blog. And yes, I am a New Yorker, though I no longer have a residence there. I didn’t want to go off on this, but here we go:

Smoking ban.

Trans-fats ban.

Random bag checks in subways, random car searches at bridges and tunnels, and making Yankee Stadium as enjoyable as JFK airport.

Cordoning off the city like a cattle yard at every parade or celebration.

Free Speech Zones, mass arrests, and unwarranted and inhumane detainment at 2004 Republican convention.

Permits for amateur photographers.

Militarized police force: groups of meat heads with sub-machine guns, German shepherds and battle gear standing on random corners for no reason at all.

Blanketing the city with police surveillance cameras and license plate readers.

Installing watch towers with one-way glass!

Anti-private gun ownership efforts.

Rabid open-container law (I’m talking about sitting on your stairs or picnicking, not driving) and marijuana enforcement (New Yorkers don’t give a damn about pot, but the police sure do now).

Supporting the use of public credit for private real estate projects run by local bigwigs.

I won’t even mention the big stuff. I mean it, I won’t. This isn’t that kind of a blog. And yes, I am a New Yorker, though I no longer have a residence there.

]]> By: Graphite http://sovereignspeculator.com/2009/09/04/denninger/#comment-5912 Graphite Wed, 09 Sep 2009 18:07:12 +0000 http://sovereignspeculator.com/?p=2751#comment-5912 The guy banned smoking in bars, it doesn't get much more fascist than that. The guy banned smoking in bars, it doesn’t get much more fascist than that.

]]> By: Paul http://sovereignspeculator.com/2009/09/04/denninger/#comment-5786 Paul Fri, 04 Sep 2009 19:27:02 +0000 http://sovereignspeculator.com/?p=2751#comment-5786 Mike, Why would you say that about Bloomberg? Do you know him? Do you even live in the city? Do you know anyone who has worked with him? I do, and I can tell you that you don't know what you're talking about. Mike,
Why would you say that about Bloomberg? Do you know him? Do you even live in the city? Do you know anyone who has worked with him? I do, and I can tell you that you don’t know what you’re talking about.

]]> By: Mike http://sovereignspeculator.com/2009/09/04/denninger/#comment-5785 Mike Fri, 04 Sep 2009 18:43:50 +0000 http://sovereignspeculator.com/?p=2751#comment-5785 Good video. The analyst is right: they have over half a trillion in debt. I just checked out their June financials, and operating income is running at 30B per year, out of which comes over 18B in interest expense. And get this: they're still paying dividends! 14B a year! Keep an eye on those long term investments of 400B -- that's largely the GE Capital loan portfolio. I bet the real value is 200B or lower, hence equity is -100B, not +100 as stated. But hey, if the govt gave 100 to AIG, surely they've got that much to keep the lights on at GE. Good video. The analyst is right: they have over half a trillion in debt. I just checked out their June financials, and operating income is running at 30B per year, out of which comes over 18B in interest expense. And get this: they’re still paying dividends! 14B a year! Keep an eye on those long term investments of 400B — that’s largely the GE Capital loan portfolio. I bet the real value is 200B or lower, hence equity is -100B, not +100 as stated.

But hey, if the govt gave 100 to AIG, surely they’ve got that much to keep the lights on at GE.

]]> By: Graphite http://sovereignspeculator.com/2009/09/04/denninger/#comment-5784 Graphite Fri, 04 Sep 2009 18:19:43 +0000 http://sovereignspeculator.com/?p=2751#comment-5784 Tech Ticker had a pretty good interview on GE a couple of days ago: http://finance.yahoo.com/tech-ticker/article/316847/Avoid-%22Massively-Overleveraged%22-Companies-Like-GE-and-Boeing-Analyst-Says?tickers=ge,ba,xli,spy,dia,^dji,^gspc Tech Ticker had a pretty good interview on GE a couple of days ago: http://finance.yahoo.com/tech-ticker/article/316847/Avoid-%22Massively-Overleveraged%22-Companies-Like-GE-and-Boeing-Analyst-Says?tickers=ge,ba,xli,spy,dia,^dji,^gspc

]]> By: Mike http://sovereignspeculator.com/2009/09/04/denninger/#comment-5778 Mike Fri, 04 Sep 2009 12:04:15 +0000 http://sovereignspeculator.com/?p=2751#comment-5778 Just a note: I can't say that I endorse all of Denninger's opinions -- he can get a little stubborn for his own good, though his rants against bankers make for good copy. Just a note: I can’t say that I endorse all of Denninger’s opinions — he can get a little stubborn for his own good, though his rants against bankers make for good copy.

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