Comments on: Video of my testimony http://cafehayek.com/2009/10/video-of-my-testimony.html where orders emerge Mon, 16 Jan 2012 02:06:33 +0000 hourly 1 http://wordpress.org/?v= By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188189 Anonymous Fri, 30 Oct 2009 16:41:00 +0000 http://cafehayek.com/?p=7051#comment-188189 I agree! There was emotion in Russ' voice, but it was the emotion of urgency that if our government does not back off and stop down this stupid path of meddling, we're in trouble. I totally agree with that and I was proud of Russ and the clear stand that he took seemingly alone. Prof. Black seemed to agree with Russ, but his focus was on the wrong thing. Well done Russ! I agree! There was emotion in Russ’ voice, but it was the emotion of urgency that if our government does not back off and stop down this stupid path of meddling, we’re in trouble. I totally agree with that and I was proud of Russ and the clear stand that he took seemingly alone. Prof. Black seemed to agree with Russ, but his focus was on the wrong thing. Well done Russ!

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188188 Anonymous Fri, 30 Oct 2009 16:35:00 +0000 http://cafehayek.com/?p=7051#comment-188188 As did I. To me, he was being a classic college professor who knows a lot but is not very good at using more common language to explain his argument. Russ, you did and always do a masterful job on your podcast EconTalk at explaining economics in a very accessible way. You don't dumb the concepts down, but just like in the engineering profession, like I am in, there is always a way of describing something in a more simple way - it does not have to resort to only explaining with the most precise mathematical formula. As did I. To me, he was being a classic college professor who knows a lot but is not very good at using more common language to explain his argument. Russ, you did and always do a masterful job on your podcast EconTalk at explaining economics in a very accessible way. You don’t dumb the concepts down, but just like in the engineering profession, like I am in, there is always a way of describing something in a more simple way – it does not have to resort to only explaining with the most precise mathematical formula.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188185 Anonymous Fri, 30 Oct 2009 16:32:00 +0000 http://cafehayek.com/?p=7051#comment-188185 I think it may just be the player because a video that I watched in Flash on Linux did allow me to seek, but it was a different looking Flash player app. This one does not allow me to seek either. I think it may just be the player because a video that I watched in Flash on Linux did allow me to seek, but it was a different looking Flash player app. This one does not allow me to seek either.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188186 Anonymous Fri, 30 Oct 2009 16:32:00 +0000 http://cafehayek.com/?p=7051#comment-188186 I think it may just be the player because a video that I watched in Flash on Linux did allow me to seek, but it was a different looking Flash player app. This one does not allow me to seek either. I think it may just be the player because a video that I watched in Flash on Linux did allow me to seek, but it was a different looking Flash player app. This one does not allow me to seek either.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188069 Anonymous Fri, 30 Oct 2009 11:01:00 +0000 http://cafehayek.com/?p=7051#comment-188069 Wow, it takes guts to say what you did to politicians' face. Kudos to your comportment and poise! Wow, it takes guts to say what you did to politicians’ face. Kudos to your comportment and poise!

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188070 Anonymous Fri, 30 Oct 2009 11:01:00 +0000 http://cafehayek.com/?p=7051#comment-188070 Wow, it takes guts to say what you did to politicians' face. Kudos to your comportment and poise! Wow, it takes guts to say what you did to politicians’ face. Kudos to your comportment and poise!

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188057 Anonymous Fri, 30 Oct 2009 06:43:00 +0000 http://cafehayek.com/?p=7051#comment-188057 Beautiful! Looking forward to an edited version to share. Beautiful! Looking forward to an edited version to share.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188056 Anonymous Fri, 30 Oct 2009 06:43:00 +0000 http://cafehayek.com/?p=7051#comment-188056 Beautiful! Looking forward to an edited version to share. Beautiful! Looking forward to an edited version to share.

]]> By: mesaeconoguy http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188047 mesaeconoguy Fri, 30 Oct 2009 04:34:00 +0000 http://cafehayek.com/?p=7051#comment-188047 Good lord. Who is this UMKC Prof. Black fool?The incentive structure is a canard. We already fixed that with Sarb-Ox, didn't we?The securitization drivers, i.e. the risk envelope parameters, are being driven further out right now because this idiot doesn’t understand incentives, and THE CHECKBOOK IS OPEN EVEN WIDER NOW THAN IT WAS BEFORE.This clueless fraud Towns thinks Associate Deputy Assistant Professor Black knows the RTC structure. He doesn’t. You were 20,000 feet above Mr. Black in your explanation. Towns was busy wiping his ass.Dead on Dr, Roberts. Well done, sir. But incredibly depressing. Good lord. Who is this UMKC Prof. Black fool?The incentive structure is a canard. We already fixed that with Sarb-Ox, didn’t we?The securitization drivers, i.e. the risk envelope parameters, are being driven further out right now because this idiot doesn’t understand incentives, and THE CHECKBOOK IS OPEN EVEN WIDER NOW THAN IT WAS BEFORE.This clueless fraud Towns thinks Associate Deputy Assistant Professor Black knows the RTC structure. He doesn’t. You were 20,000 feet above Mr. Black in your explanation. Towns was busy wiping his ass.Dead on Dr, Roberts. Well done, sir. But incredibly depressing.

]]> By: mesaeconoguy http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188046 mesaeconoguy Fri, 30 Oct 2009 04:34:00 +0000 http://cafehayek.com/?p=7051#comment-188046 Good lord. Who is this UMKC Prof. Black fool?The incentive structure is a canard. We already fixed that with Sarb-Ox, didn't we?The securitization drivers, i.e. the risk envelope parameters, are being driven further out right now because this idiot doesn’t understand incentives, and THE CHECKBOOK IS OPEN EVEN WIDER NOW THAN IT WAS BEFORE.This clueless fraud Towns thinks Associate Deputy Assistant Professor Black knows the RTC structure. He doesn’t. You were 20,000 feet above Mr. Black in your explanation. Towns was busy wiping his ass.Dead on Dr, Roberts. Well done, sir. But incredibly depressing. Good lord. Who is this UMKC Prof. Black fool?The incentive structure is a canard. We already fixed that with Sarb-Ox, didn’t we?The securitization drivers, i.e. the risk envelope parameters, are being driven further out right now because this idiot doesn’t understand incentives, and THE CHECKBOOK IS OPEN EVEN WIDER NOW THAN IT WAS BEFORE.This clueless fraud Towns thinks Associate Deputy Assistant Professor Black knows the RTC structure. He doesn’t. You were 20,000 feet above Mr. Black in your explanation. Towns was busy wiping his ass.Dead on Dr, Roberts. Well done, sir. But incredibly depressing.

]]> By: mesaeconoguy http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188043 mesaeconoguy Fri, 30 Oct 2009 04:07:00 +0000 http://cafehayek.com/?p=7051#comment-188043 I believe TARP originally stood for: Troubled Asset Repurchase Program. I would like to ask Mr. Geithner how and why that changed. I’m fairly certain that’s been expunged from our collective lexicon, as the “repurchase” part evaporated, because government was completely ineffective in determining relatively cogent market valuations for these assets. And Barney Frank had an important rendezvous in Montreal at the time. This caused our current conundrum (sorry, Dr. Greenweenie) since the problematic assets remain on many banks’ books. This may actually be a good thing, as much of the unseen underlying asset revenue stream continues to perform, despite the original NRSRO AAA rating. The missing piece is rising real estate values, which, according to Austan Goolsbee, should be right around 2005 levels about now. So, Russ, why is it surprising that Mr. Feinberg, whoever he is, is a politician? I believe TARP originally stood for: Troubled Asset Repurchase Program. I would like to ask Mr. Geithner how and why that changed.

I’m fairly certain that’s been expunged from our collective lexicon, as the “repurchase” part evaporated, because government was completely ineffective in determining relatively cogent market valuations for these assets. And Barney Frank had an important rendezvous in Montreal at the time.

This caused our current conundrum (sorry, Dr. Greenweenie) since the problematic assets remain on many banks’ books.

This may actually be a good thing, as much of the unseen underlying asset revenue stream continues to perform, despite the original NRSRO AAA rating.

The missing piece is rising real estate values, which, according to Austan Goolsbee, should be right around 2005 levels about now.

So, Russ, why is it surprising that Mr. Feinberg, whoever he is, is a politician?

]]> By: mesaeconoguy http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188042 mesaeconoguy Fri, 30 Oct 2009 04:07:00 +0000 http://cafehayek.com/?p=7051#comment-188042 I believe TARP originally stood for: Troubled Asset Repurchase Program. I would like to ask Mr. Geithner how and why that changed. I’m fairly certain that’s been expunged from our collective lexicon, as the “repurchase” part evaporated, because government was completely ineffective in determining relatively cogent market valuations for these assets. And Barney Frank had an important rendezvous in Montreal at the time. This caused our current conundrum (sorry, Dr. Greenweenie) since the problematic assets remain on many banks’ books. This may actually be a good thing, as much of the unseen underlying asset revenue stream continues to perform, despite the original NRSRO AAA rating. The missing piece is rising real estate values, which, according to Austan Goolsbee, should be right around 2005 levels about now. So, Russ, why is it surprising that Mr. Feinberg, whoever he is, is a politician? I believe TARP originally stood for: Troubled Asset Repurchase Program. I would like to ask Mr. Geithner how and why that changed.

I’m fairly certain that’s been expunged from our collective lexicon, as the “repurchase” part evaporated, because government was completely ineffective in determining relatively cogent market valuations for these assets. And Barney Frank had an important rendezvous in Montreal at the time.

This caused our current conundrum (sorry, Dr. Greenweenie) since the problematic assets remain on many banks’ books.

This may actually be a good thing, as much of the unseen underlying asset revenue stream continues to perform, despite the original NRSRO AAA rating.

The missing piece is rising real estate values, which, according to Austan Goolsbee, should be right around 2005 levels about now.

So, Russ, why is it surprising that Mr. Feinberg, whoever he is, is a politician?

]]> By: RL http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188035 RL Fri, 30 Oct 2009 02:47:00 +0000 http://cafehayek.com/?p=7051#comment-188035 FYI, Prof. Roberts. I pasted your testimony (attributed, of course) into a physician's blog I contribute to. One of the doctor's, in the comments, wanted you to run for President. :-) FYI, Prof. Roberts. I pasted your testimony (attributed, of course) into a physician’s blog I contribute to. One of the doctor’s, in the comments, wanted you to run for President. :-)

]]> By: RL http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188034 RL Fri, 30 Oct 2009 02:47:00 +0000 http://cafehayek.com/?p=7051#comment-188034 FYI, Prof. Roberts. I pasted your testimony (attributed, of course) into a physician's blog I contribute to. One of the doctor's, in the comments, wanted you to run for President. :-) FYI, Prof. Roberts. I pasted your testimony (attributed, of course) into a physician’s blog I contribute to. One of the doctor’s, in the comments, wanted you to run for President. :-)

]]> By: SteveO http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188015 SteveO Fri, 30 Oct 2009 02:08:00 +0000 http://cafehayek.com/?p=7051#comment-188015 I got Russ's point. I think Black's point was that in addition to Russ's point, compensation as an incentive was part of the problem. The thing Russ focused on wasn't a problem, but he only talked about the peanut butter, without the jelly. The other thing he could have mentioned, that would have undercut Black's point, was the restriction on insider trading. I've been studying Enron all semester, and there were plenty of people who know what was going on. Any one of those people could have undercut Skilling, Lay and Fastow's stock based incentive pay. To sum: 2 relevant points. (1) Allowing market loss encourages prudence. (2) Trading by all who can bring information to the market reigns in stock based "out of control" pay incentives. I got Russ’s point. I think Black’s point was that in addition to Russ’s point, compensation as an incentive was part of the problem.

The thing Russ focused on wasn’t a problem, but he only talked about the peanut butter, without the jelly. The other thing he could have mentioned, that would have undercut Black’s point, was the restriction on insider trading. I’ve been studying Enron all semester, and there were plenty of people who know what was going on. Any one of those people could have undercut Skilling, Lay and Fastow’s stock based incentive pay.

To sum: 2 relevant points. (1) Allowing market loss encourages prudence. (2) Trading by all who can bring information to the market reigns in stock based “out of control” pay incentives.

]]> By: SteveO http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-188014 SteveO Fri, 30 Oct 2009 02:08:00 +0000 http://cafehayek.com/?p=7051#comment-188014 I got Russ's point. I think Black's point was that in addition to Russ's point, compensation as an incentive was part of the problem. The thing Russ focused on wasn't a problem, but he only talked about the peanut butter, without the jelly. The other thing he could have mentioned, that would have undercut Black's point, was the restriction on insider trading. I've been studying Enron all semester, and there were plenty of people who know what was going on. Any one of those people could have undercut Skilling, Lay and Fastow's stock based incentive pay. To sum: 2 relevant points. (1) Allowing market loss encourages prudence. (2) Trading by all who can bring information to the market reigns in stock based "out of control" pay incentives. I got Russ’s point. I think Black’s point was that in addition to Russ’s point, compensation as an incentive was part of the problem.

The thing Russ focused on wasn’t a problem, but he only talked about the peanut butter, without the jelly. The other thing he could have mentioned, that would have undercut Black’s point, was the restriction on insider trading. I’ve been studying Enron all semester, and there were plenty of people who know what was going on. Any one of those people could have undercut Skilling, Lay and Fastow’s stock based incentive pay.

To sum: 2 relevant points. (1) Allowing market loss encourages prudence. (2) Trading by all who can bring information to the market reigns in stock based “out of control” pay incentives.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-187938 Anonymous Thu, 29 Oct 2009 20:43:00 +0000 http://cafehayek.com/?p=7051#comment-187938 Tis true. Look forward to it. Tis true. Look forward to it.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-187913 Anonymous Thu, 29 Oct 2009 19:27:00 +0000 http://cafehayek.com/?p=7051#comment-187913 I don't know who's bad it is. When you read my essay you'll have a better idea of what I was trying to say and can weigh in again then. I don’t know who’s bad it is. When you read my essay you’ll have a better idea of what I was trying to say and can weigh in again then.

]]> By: Anonymous http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-187911 Anonymous Thu, 29 Oct 2009 19:23:00 +0000 http://cafehayek.com/?p=7051#comment-187911 I am sorry Prof Roberts, I mistook Russell's replies as being from you. However if we go back to your last, I really did not see the clarification you speak of. My bad? I am sorry Prof Roberts, I mistook Russell’s replies as being from you. However if we go back to your last, I really did not see the clarification you speak of. My bad?

]]> By: Justin P http://cafehayek.com/2009/10/video-of-my-testimony.html/comment-page-1#comment-187910 Justin P Thu, 29 Oct 2009 19:21:00 +0000 http://cafehayek.com/?p=7051#comment-187910 Yeah I had to listen to him again because at first glance, I thought he was advocating Nanny Statism. Yeah I had to listen to him again because at first glance, I thought he was advocating Nanny Statism.

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