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Minyan Mailbag

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Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next discussion with that very intent.

Toddo,

As if this month wasn't long enough, I have my Sox playing your Hated Ones tonight. While I hurl at the thought of your pinstripes, though I do treasure the Thurman Munson autograph I got from him the week before he died, I value your opinion:

Didn't the Fed say that they don't try to control the stock market once upon a time? It seems to me that is just one of many things they are trying to control right now. All this almost wants me to call a realtor here in Santa Monica, buy a house with an interest only mortgage, buy an SUV with 0% interest, get $5000 cash back, use that to buy a plasma TV and just simply join the herd. As fiscally irresponsible as that sounds those that have done that have hit the jackpot.

Can Elmer really save the day?

Minyan Brendon



Minyan Brendon,

Thurman was far and away my all-time favorite Yankee and was the reason I played catcher way back when. It still irks me that he never qualified for the Hall but I suppose he fell a few seasons short. It just goes to show you that you can be on top of the world--or behind the plate--one day and gone the next. That's why it's so important to work to live (not live to work) and make every day count. Tomorrow is promised to nobody.

Speaking of tomorrows, I can't tell you when it'll finally arrive for Elmer and his magic trick, but be careful not to confuse liquidity with Kool-Aid. The lessons of the bubble have largely been forgotten but the hand over fist chasing made a lotta people feel silly (and sad) after the fact. We know the structural metric that is in play (Carrie and her friends) but we must also remain proactive in assessing potential potholes. The leveraged debt in this country is spooky and as my grandfather Ruby used to say "what goes around, comes around"

Thanks much,

Toddo



R.P.

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