Archive - Aug 2009
August 25th
Dollar Taking Reappointment Of Its Executioner In Stride
Submitted by Tyler Durden on 08/25/2009 13:16 -0500
Oddly, the dollar has taken the news of its imminent demise well... too well, judging by the massive diarrhea occurring in commodity land. In the meantime 170/70s sure aren't having a nice day.
Canadian Dollar Crosses Head For the Kitchen Sink - 25-Aug-2009 Action
Submitted by Raymond Shaw on 08/25/2009 13:08 -0500Bank of Canada's Council Member Timothy Lane has some interesting things to tell the market.
$42 Billion 2 Year Auction Closes At 1.119% High Yield, 2.68 Bid-To-Cover
Submitted by Tyler Durden on 08/25/2009 12:15 -0500- Yields 1.119% vs. Exp. 1.115%
- Bid-to-cover 2.68 vs. Avg. 2.86 (Prev. 2.75)
- Direct bids 49.4% vs. Avg. 47.66% (Prev. 33.01%)
- Allotted at high 92.32% (BBG)
FOIA NOT DOA: District Court Holds Federal Reserve Improperly Withheld Records From Bloomberg
Submitted by Res ipsa loquitur on 08/25/2009 12:13 -0500August 24, 2009 will undoubtedly go down as a day of celebration at Zero Hedge as the thus-far bullet proof Federal Reserve was ordered to produce documents improperly withheld from Bloomberg reporters Mark Pittman and Craig Torres.
$268 Million BWIC On Deck, Another Credit Fund Casualty
Submitted by Tyler Durden on 08/25/2009 11:52 -0500An "anonymous and confidential" seller has bitten the bullet and is circulating a $268 million BWIC consisting of 84 loan tranches. The largest pieces in the BWIC include a $9.2 million Term B by Select Medical, $8.5 million TL from Cambium, $8.3 million TL from Envirosolutions, $7.8 million TL from Clientlogic, and a bunch of other CIT and GECC specials, including a $6.1 million TL by BCBG Max Azria. According to LCD News, total BWIC volume year to date has hit a paltry $3 billion, likely a function of loan values skyrocketing as a result of the continued parabolic high beta, garbage stock move in equities.
Barney Frank On Bernanke: It's Raining Dollars
Submitted by Tyler Durden on 08/25/2009 11:26 -0500"[Bernanke] has acted to provide needed liquidity to the economy and has demonstrated that he is fully ready to reverse course when economic conditions dictate. President Obama’s decision to reappoint him now is one more example of his providing leadership the country, and the world, needs as well as addressing the economic situation he inherited. By nominating Chairman Bernanke he is giving an example of the right kind of bipartisanship." - Barney Frank
Excluding GGP Trickery, CMBS Delinquencies Hit Another Adjusted Record High Of $30.5 Billion For July
Submitted by Tyler Durden on 08/25/2009 10:43 -0500RealPoint has released their July CMBS delinquency report, and if one adds the surprising switch of $4.8 billion in GGP loans which amusingly were returned to current payment status,the July delinquency total has hit a total of over $30 billion - an all time record.
Michael Pento Gets In Touch With His Feelings, Tells The Truth About The Fed
Submitted by Tyler Durden on 08/25/2009 10:09 -0500Someone get in touch with a medal for Michael for daring to say what every CNBC producer hates more than anything, the truth. Yet the market celebrates 7 more years of ceaseless asset bubble creation, debt monetization, and dollar destruction.
At least Hamptons real estate will be back to its bubble levels soon enough, as the US middle class completely disappears over the next 10 years.
The Conclusion: Beating a Dead Horse (to Death)
Submitted by Vitaliy Katsenelson on 08/25/2009 09:49 -0500The Chinese ascent over last decade has lowered the degree of separation between China and the global economy: what happens in China doesn’t stay in China (not anymore), it spills over to the rest of the world.
Welcome To The Casino, We Got Fun And Games... But No Liquidity All Of A Sudden
Submitted by Tyler Durden on 08/25/2009 09:32 -0500
Billions were made and lost in half an hour.
Office Of Management And Budget Blames US' China Vassal State Status On Republicans
Submitted by Tyler Durden on 08/25/2009 09:14 -0500Peter Orszag justifies an insane cumulative budget deficit by 2019 by underscoring "the dire fiscal situation that was inherited." And while the $9 trillion is likely a very gentle underestimation of what will happen if the Bernanke policies kick in and trillion is really quadrillion, it is a sad state of affairs when every administration going forward will simply blame the previous one for its unprecedented fiscal and monetary blunders. Oh and here is an item for future revisionists: by 2019, interest expense will account for more than 80% of the projected deficit of $917 billion. We are now officially a vassal state of China.
August Consumer Confidence At 54.1
Submitted by Tyler Durden on 08/25/2009 09:02 -0500Consumers now taking their unemployment benefits (which are increasingly running out) and investing all the proceeds into FNM and C. Market rips, confidence goes even higher. Facts and $9 trillion upcoming budget deficit ignored.
Senator Kaufman On Reforming The Markets
Submitted by Tyler Durden on 08/25/2009 08:06 -0500"I want a comprehensive approach instead of a piecemeal approach"
Frontrunning: August 25
Submitted by Tyler Durden on 08/25/2009 07:51 -0500- Bernanke to print dollars for seven more years, as Obama is set to announce a $2 trillion increase to budget deficit (FT)
- BofA denies misleading its investors on bonuses (WSJ), in other news its CRE loans are all fairly reserved at par
- Ball in Shanghai stock market roulette falls on red today (MarketWatch)
- Goldman's town hall (MarketWatch)
- Futures up presumably as massaged Case-Shiller data leaked; market attention span drops to sub-minute levels (Bloomberg)
Daily Highlights: 8.25.09
Submitted by Tyler Durden on 08/25/2009 07:32 -0500- Asian stocks fell, Treasuries advanced on lower profit at Chinese cos, evidence of increasing loan losses in the U.S.
- Cash for clunkers filing time extended until noon ET Tuesday.
- China’s stocks fell for the first time in four days, led by commodities suppliers and banks.
- FDIC to ease entry for private-equity firms buying failed banks.
- Former Chair Volcker says money-market funds weaken U.S. Financial system.





