It's Official - BBVA Gets Guaranty
Submitted by Tyler Durden on 08/21/2009 - 18:22Fresh from the FDIC
And, especially for the new purchasers, here is a question and answer guide En Español.
The highly incredulous cost to the FDIC: $3 billion.
Long-Term Budget Deficit Revised, Now $2 Trillion Dollars Worse
Submitted by Tyler Durden on 08/21/2009 - 17:22Two days ago the market ripped a few hundred points after yapping heads couldn't shut up about how next year's budget deficit was going to be revised down by $260 billion, after a stellar financial system managed to ramp up 100% ever since State Street refused to lend any stocks for shorting... ever... and after the FDIC has somehow managed to maintain the bank failure rate at a stellar +/- 10 banks per week. Well, as is usually the case with CNBC, they jumped the shark early in keeping with the overall propaganda directive. The full report that will be released on August 25 will demonstrate that the budget deficit for the next ten years will be worse... by $2 trillion dollars.
Radio Zeroth Amendment: "Bring It On..."
Submitted by Marla Singer on 08/21/2009 - 16:47..but get your facts straight. It's going to take more than sloppy recursive citation to "out" Tyler Durden. Radio Zero(th Amendment) is easy to out, however. Just check back here earlier than usual for the URL. Let's call it 6:30 ET?
Listen here: http://cdo.zerohedge.com:8000/listen.pls
Chat up the DJ here: radiozh.
Weekly Credit Summary: August 21
Submitted by Tyler Durden on 08/21/2009 - 16:36Spreads ended this tempestuous week mixed with breadth generally weak (wideners outpacing tighteners by over two-to-one) and curves flattening more than steepening in single-names. HY outperformed IG as both IG and HY managed gains on the week (Friday-to-Friday close) and even more so from Monday's gap wider openings as the intraday ranges increased as the week progressed.
Guest Post: The S&P500 After The Glowing July Existing Home Sales Report
Submitted by Tyler Durden on 08/21/2009 - 16:02The SP500 is reaching towards its point 23 high off the March 6 low on the intraday charts. The point 23 dome is usually formed through some sort of stop run like we are seeing right now. We note on the chart below that even the Fibonacci external ratios target 1033 to 1042 for a potential dome high. Yes, there may be some upside overthrow, but on balance we should see little if any trade above the 1030-1050 price band without help from a higher power than our policymakers. This is going to be the place to look to adopt shorting strategies on proven reversal signals such as false auction highs that leave “tails” on the candlesticks. More on proven reversal signals in upcoming reports.
Goldman Sachs Principal Transactions Update: 613 Million Shares
Submitted by Tyler Durden on 08/21/2009 - 15:50Per conversations with the NYSE, expect disclosure in early September on who, if any, new entrants into the SLP program are. Based on continuing principal PT data, Goldman can be safe in that it will be picking rebates, and being a "voluntary" market market, with unspecificed balance sheet and risk tolerance requirements, for years to come.
Successful Liftoff
Submitted by Tyler Durden on 08/21/2009 - 14:20
And people thought the parabolic market from late 2007 on no news would never come back...
FDIC Sells $234 Million Of CRE Loans At 30% Discount, Beal Bank Largest Bidder
Submitted by Tyler Durden on 08/21/2009 - 13:52
The FDIC keeps auctioning off its busted CRE loan portfolio, most of it remnants collected from failed banks which it had to pick up. With the recent additions of Colonial and Guaranty, look for this list to explode. In the meantime, in June, Sheila's agency saw only 45 CRE loans auctioned off, for a total of $234 million at a $163 million purchase price, a 30.4% average discount, which has been declining over the past 5 months in line with the overall market.
Fully Expected Flatline After Volume Spike
Submitted by Tyler Durden on 08/21/2009 - 12:46
Equity Capital Markets - Redefining "sideways" ever since SkyNet took over.
Zero Hedge's Anonymity Policy
Submitted by Zero Hedge on 08/21/2009 - 12:38Friday being a slow news day, stories going around today purport to identity one of Zero Hedge's contributors. Ironically, each piece seems to reference another media outlet as a source in an interlocking circle of recursive reference that boggles the mind.
This, by our very rough count, is the fourth widespread rumor floating around purporting to identify a Zero Hedge contributor or staff member. As a matter of policy, Zero Hedge does not comment on the identity of the nearly 40 contributors of staff members that constitute our little family.
Bernie Sanders' S.604 "Federal Reserva Sunshine Act" Now With 23 Cosponsors
Submitted by Tyler Durden on 08/21/2009 - 12:15While Congress is still in recess, it is relevant to remember that one of the most critical pieces of legislation, Ron Paul's HR 1207 Bill is still waiting in the corridors, compliments of several individuals who for some reason or another are trying to do all they can to prevent a bill which has a guaranteed passage, with 282 co-sponsors, the second it goes to a vote. And yet the heat is already rising in the Senate, with Bernie Sanders' S. 604 Bill aka the "Federal Reserve Sunshine Act of 2009" already receiving increasing endorsement, with 23 co-sponsors at last check. We suggest readers contact their Senators and voice their endorsement of this critical measure which many are trying to drown out in a whole lot of noise.
Fed Proposed To Become Next AIG
Submitted by Tyler Durden on 08/21/2009 - 11:23
A new proposal by MIT professors seeks to involve the Fed directly in the wholesale selling of CDS. According to recent TIC data, perhaps the Fed is doing this already.
Today's Asset Pairs: Dollar-Vol And Bonds-Stocks
Submitted by Tyler Durden on 08/21/2009 - 10:38
Momos still unable to read anything beyond the misleading headline in today's housing numbers. Let's give them another few hours.
Dennis Guthrie Of Guthrie, David, Henderson & Staton, P.L.L.C., Takes On Nancy Pelosi
Submitted by Tyler Durden on 08/21/2009 - 10:20"Don't ever use the term "un-American" again for protesters who love this country and are exercising their rights upon which this country was founded. By the way, while I served in the Army, I was spit on by the same type of lunatics who support you and who you probably supported in the 60's and 70's. You are an embarrassment to all of us who served so that you would have the protected right of free speech to call us un-American. But at the same time, I have to right to write you to notify you that I consider you to be un-American, as do the majority of the people of this formerly great country. You are a true disgrace to most of the people who served this country by offering themselves for public service in the United State Congress." - Dennis L. Guthrie, Esq.
Unemployment Rate By State: July Update, California Hits 11.9%
Submitted by Tyler Durden on 08/21/2009 - 09:49
The most recent BLS State unemployment data is out. State by state unemployment increased by 1.0% on average (unweighted) from June to July.
