More Lies From Bernanke
Submitted by Tyler Durden on 12/03/2009 - 17:40These days catching the Fed chairman telling the truth as opposed to a b(a)ld faced lie is in itself a six sigma event. Sadly this post will continue with hugging the median. Some observations on the most recent fabrications by the chief money printer himself, which go to show just how willing Bernanke is willing to bend reality and/or his perception of it as the occasion suits.
- Comments: 43
- Reads: 7,243
So That's Where The Volume Went
Submitted by Tyler Durden on 12/03/2009 - 17:02
Shockingly, Bank of America's ability to pay massive bonuses (i.e. TARP repayment) was not quite the market positive event CNBCOMCAST thought it would be. On the bright side, at least BAC first year analysts will be able to afford their own island in Nakheel's "The World" artificial archipelago.
- Comments: 21
- Reads: 6,254
Dodd Says Bernanke May Not Be Confirmed Before Christmas
Submitted by Tyler Durden on 12/03/2009 - 16:13Per the WSJ, looks like this whole "halting" thing may be useful after all.
- Comments: 41
- Reads: 3,028
Is GBP About To Get Whacked Again
Submitted by Tyler Durden on 12/03/2009 - 15:43"Maybe it is related to the recent situation with Dubai's debt, but in any case we have noticed a lot of economic forecasters point out a risk of sovereign default for an EM or even maybe a G10 country as the wild card for 2010. The anti-fiat currencies pro gold trade has been raging on. Because of its role as leader of the free world and excessive 2009 deficit, the US has been in the eye of the storm. Shorting the USD has also been a popular trade to express discontent towards Washington. However, it is hard to imagine a currency crisis in the US without starting with one in Japan or the UK. GBP has been relatively weak since 2007 compared to the rest of the G10." - Nic Lenoir
- Comments: 11
- Reads: 3,798
135 Billion Pieces of Zero Yielding Junk On Deck
Submitted by Tyler Durden on 12/03/2009 - 15:13Unprecedented economic collapse? €0.69...
Unsustainable budget deficits? 1 ounce of gold...
Immaculately inexperienced administration? One Larry Summers bowel movement...
For everything else there is Tim Geithner.
- Comments: 39
- Reads: 4,796
The Untold Story - Emergency Unemployment Compensation Claims Surge By 265k In One Week
Submitted by Tyler Durden on 12/03/2009 - 14:31
Even as CNBC, which seems to be unaware it is now under new ownership and can stop selling GE stock all day, every day (will Cramer be allowed to pump the worthless equities of competitor cable and satellite companies going forward? Inquiring minds want to know), could not stop praising the fabulous improvement in continuing claims which plummeted by a whopping 5,000 from 462k to 457k, one number that everyone ignored, is the explosion in Emergency Unemployment Compensation - yes, the same name for insurance benefits as they roll beyond their standard expiration horizon, and which the Administration is set on extending to cover a period from now to infinity. That number skyrocketed by 265,300 in one week to an all time record of 3,859,553 for the week ending November 14, from 3,594,253 in the prior week.
- Comments: 57
- Reads: 12,096
Republican On Senate Banking Committee Rumored To Follow Sanders, Place Hold On Bernanke Reconfirmation
Submitted by Tyler Durden on 12/03/2009 - 14:04It appears another Republican, identity as of now unknown, is expected to join Socialist Independent Bernie Sanders in placing a hold on the Bernanke confirmation hearing.
- Comments: 48
- Reads: 3,304
Goldman On Gold: $1,450/Oz
Submitted by Tyler Durden on 12/03/2009 - 13:29
In case you were curious how Goldman Sachs is axed vis-a-vis the dollar, we present the firm's complete Commodity Outlook, which among other things sees another $250 increase in gold, and thus continued dollar destruction which of course is wonderful for Goldman. Then again, Goldman has had an abysmal and permabullish commodity prediction track record: reader beware.
- Comments: 43
- Reads: 8,155
The Goldman Sachs Christmas Party Menu Selection In Full
Submitted by Tyler Durden on 12/03/2009 - 12:35Modest menu sampler
APERITIFS & HORS D'OEUVRES - Minted-Green Dacquiris Flowing From a Kozlowski-Inspired Ice Sculpture Fountain. (Holy Water or non-alcoholic beverages available on request)
FIRST COURSE - Shark-Fin Soup
MAIN COURSES - Roasted Market Goose Entier with "Couilles Brasse" With Scalped Pototoes
DESSERT - Gaffes with a Blanc-Fine Syrup
PETITS-FOURS - Bittersweet Karma Cookies
- Comments: 49
- Reads: 4,310
Very Weak Retailer Performance In November Highlights Tapped Out Consumer
Submitted by Tyler Durden on 12/03/2009 - 12:24
Major negative surprises by virtually all retailers with two exceptions, indicate that the consumer is becoming increasingly tapped out into the holiday season. Black Friday sales which were not too bad are likely merely another unsubsidized (yet) Cash For Clothing program with substantial demand being pulled forward: at this rate December sales will likely be an even greater negative surprise.
- Comments: 33
- Reads: 4,767
Japan Planning US Treasuries Sale
Submitted by Tyler Durden on 12/03/2009 - 11:55Developing story from Market News
- Comments: 148
- Reads: 23,688
Guest Post: Is The Yen A Proxy For Yuan (rmb) Devaluation Or Carry Trade Déjà Vu?
Submitted by Tyler Durden on 12/03/2009 - 11:48I have been bullish on the Japanese currency since March 2007. What I think defines broad movement in currencies is perception along with broad relative monetary actions. The expansion or contraction of monetary aggregates in one currency versus another is in essence its purest denominator. We show today such a timing model in the yen/usd rate of exchange. Notice that timing simply based on monetary aggregates can be not forgiving for quite some time until the new trend establishes itself.
- Comments: 7
- Reads: 3,137
Fed Completes First Reverse Repo With Treasury Collateral For The Symbolic Amount Of $180 Million
Submitted by Tyler Durden on 12/03/2009 - 11:24$180 Million, yes, not Billion, Million, was Reverse Repoed (in a 3 day operation) by the FRBNY in its first executed Temporary Open Market Operation Test as part of the liquidity soak up process. The collateral was "Treasury", not CMBS, not stocks of bankrupt companies, but the safest of the safe securities. And even so Primary Dealers could barely part with just under $200 million. So let's do the math: excess liquidity of about $1 Trillion, and a reverse repo of $180 Million: that's just over 5000 TOMOs to go. Don't say the Federal Reserve has no sense of humor.
- Comments: 24
- Reads: 2,741
November Non-Manufacturing ISM At 48.7, 1.9% Drop Back To Contraction Levels, Comes Below 51.6 Expectation
Submitted by Tyler Durden on 12/03/2009 - 11:12From the Non-manufacturing ISM survey responses: "No one trusts that the recovery is real. Seems everything and everyone is in a holding pattern." Amen to that. In other news, the Services ISM comes at 48.7, well below October's level of 50.6, and far below consensus of 51.6. Double dip - here we come.
- Comments: 15
- Reads: 2,316
Bernanke Reconfirmation Hearing Webcast
Submitted by Tyler Durden on 12/03/2009 - 10:57Watch it live without newly Comcastic interruption here: http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream
- Comments: 90
- Reads: 2,365
