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Wednesday, September 24, 2008

The gasbags are still at it at lunchtime although the reception today is a little nicer than yesterday at the senate. The Ohio rep...i missed her name but everytime there is a hearing she brings up putting on an additional tax on those earning 1 million a year or more. No matter what the hearing is about she brings up the millionaires tax. Amazing that the financial world is waiting for these dunces to act.

Okay in the meantime the markets have been going nowhere fast trading in an extremely tight range. MLPS are a little higher. Inergy GP and Inergy LP are up fractionally on the 2009 earnings guidance. Most mlp are showing fractional gains..nothing noteworthy really.

On the downside also fractional losses on uninspired volume. I guess we need to wait for these guys to get done. The general felling i get is that something will pass at worst over the weekend.

2 comments:

Anonymous said...

Here's an example of the distress in the bond market:

Someone is willing to sell this bond from Morgan Stanley with a yield to maturity of 13.307%,

Basically priced for a huge risk of bankruptcy, as with a bond generally there would usually be a significant hope of recovery of principal in a bankruptcy. With some of the comments out of Congress that the taxpayers should come before shareholders, and bondholders... Congress is doing their best to bring on a depression.

HS


200 5 Morgan Stanley
Non Callable, NYBE, MS 4.750 04-01-2014
A2/A 13.307
Mat 67.331

Anonymous said...

I had to stop listening to the Congressional morons. They don't ask real questions, instead they just make speeches filled with partisan political rancor and cheap, false and misleading shots.

I don't know which is the scarier thought: thinking that they don't really believe anything they are saying or that they do.

Bruce