Archive - Jun 2009

Well, the "for broke" part is hopefully a pun. But based on their most recent holdings, which among others include 104% of the IYR Real Estate ETF, Credit Suisse is certainly ploying something here (one hopes, or else that is one big fat finger). When you have the balance sheet of the Swiss National Bank to back you up, you don't really care much if you overload the boat. Of course, this is excatly what Boaz Weinstein was thinking when the world blew up in his face.

Well, the "for broke" part is hopefully a pun. But based on their most recent holdings, which among others include 104% of the IYR Real Estate ETF, Credit Suisse is certainly ploying something here (one hopes, or else that is one big fat finger). When you have the balance sheet of the Swiss National Bank to back you up, you don't really care much if you overload the boat. Of course, this is excatly what Boaz Weinstein was thinking when the world blew up in his face.

Well, the "for broke" part is hopefully a pun. But based on their most recent holdings, which among others include 104% of the IYR Real Estate ETF, Credit Suisse is certainly ploying something here (one hopes, or else that is one big fat finger). When you have the balance sheet of the Swiss National Bank to back you up, you don't really care much if you overload the boat. Of course, this is excatly what Boaz Weinstein was thinking when the world blew up in his face.

The state unemployment data from the BLS is likely significantly flawed but it makes sense to visualize it nonetheless. The chart below demonstrates both the monthly change in unemployment (April - May 2009) as well as the year-over-year increase in state unemployment (vs. May 2008). Notably, Michigan was in a world of pain even before the bankruprtcy of GM and Chrysler. The green shoot: seems cattle ranchers are in high demand in N/S Dakota and Wyoming.

The state unemployment data from the BLS is likely significantly flawed but it makes sense to visualize it nonetheless. The chart below demonstrates both the monthly change in unemployment (April - May 2009) as well as the year-over-year increase in state unemployment (vs. May 2008). Notably, Michigan was in a world of pain even before the bankruprtcy of GM and Chrysler. The green shoot: seems cattle ranchers are in high demand in N/S Dakota and Wyoming.

The state unemployment data from the BLS is likely significantly flawed but it makes sense to visualize it nonetheless. The chart below demonstrates both the monthly change in unemployment (April - May 2009) as well as the year-over-year increase in state unemployment (vs. May 2008). Notably, Michigan was in a world of pain even before the bankruprtcy of GM and Chrysler. The green shoot: seems cattle ranchers are in high demand in N/S Dakota and Wyoming.

Everyone else does, why should David be an exception. Fast fwd to 2:20 - "You want a good laugh, take a look at Dick Bove's latest report." Dick - when CNBC makes fun of you for smoking the "shutes" you know you have reached a new low on the propaganda pole. At least that DC advisory job beckons - better make use of it quick. The next election is in just over 3 years.

Latest NYSE Program Trading data out. Program Trading volume continues to decline, with 3.4 billion shares traded, down 700 million from the week before. Most notable is Goldman's dramatic drop in principal trading, down from on average 1 billion over the past 2 months to a mere 631 million. In the meantime, Credit Suisse is continuing its climb in Principal PT.

Latest NYSE Program Trading data out. Program Trading volume continues to decline, with 3.4 billion shares traded, down 700 million from the week before. Most notable is Goldman's dramatic drop in principal trading, down from on average 1 billion over the past 2 months to a mere 631 million. In the meantime, Credit Suisse is continuing its climb in Principal PT.

Latest NYSE Program Trading data out. Program Trading volume continues to decline, with 3.4 billion shares traded, down 700 million from the week before. Most notable is Goldman's dramatic drop in principal trading, down from on average 1 billion over the past 2 months to a mere 631 million. In the meantime, Credit Suisse is continuing its climb in Principal PT.

In what is sure to blow Barney Frank's lid wide open, Moody's (never one too far behind competitor S&P, except when it comes to TALF ratings) announced earlier it was preparing a major, multi-notch rating downgrade of the state if it does not produce a budget any time soon.

Well, maybe Scott Galloway too.

[youtube=http://www.youtube.com/watch?v=ENu_06t9xl4&hl=en&fs=1&]

In yet another splinter approach from the route espoused by Bernanke, the Dallas Fed shares its thoughts on limiting irresponsible lending. The Fed's solution is the imposition of loan-to-value caps which would make a lot of sense, but would substantially curb loan demand - a course of action that the Federal Reserve would fight tooth and nail against in its attempt to deflate debt by a new wave of excess (and even more irresponsible as it would be taxpayer backstopped) lending. The Dallas Fed's justification:

Submitted by John Bougearel of Structural Logic

Fox News reporting that Robert Gates is likely about to call Kim Jong Il's bluff about possible retaliation upon ship interception (and is happy to have placed those nuclear missile interceptors in Hawaii).