Archive - Jul 3, 2010

Tyler Durden's picture

BP plc And The Administration Replace First Amendment With $40,000 Fine And Class D Felony





CNN's Anderson Cooper, one of the few people who apparently hasn't or isn't leaving the troubled news network (surely Ted Turner has learned by now from CNBC that his female anchors should wear transparent body suits, show belly button deep cleavage, and install a stripper pole or seventeen for those ever more elusive Nielsen points), reports some troubling developments out of New Orleans. "The coast guard today announced new rules keeping photographers, reporters and anyone else from coming within 65 feet of any response vessel or booms, out on the water or on beaches. In order to get closer you need to get direct permission from the coast guard captain of the Port of New Orleans. Shots of oil on beaches with booms - stay 65 feet away. Pictures of oil soaked booms useless laying in the water because they haven't been collected like they should. You can't get close enough to see that. And believe me, that is out there. But you only know that if you get close to it, and now you can't without permission. Violators could face a fine of $40,000 and class D felony charges. The coast guard tried to make the exclusion zone 300 feet before scaling it down to 65 feet." While Cooper's conclusion is spot on, "we are not the enemy here, those of us down here trying to accurately show what is happening down here, we are not the enemy. If we can't show what is happening, warts and all, no one will see what is happening, and that makes it very easy to hide failure and hide incompetence", it doesn't matter, and little by little, nothing else matters, except for what the administration, the Fed, and the megacorps think it is in America's best interest to be able to see, hear, read, do, and what assets they have, where they can invest... especially if all this is done in conjunction with maxing out yet another credit card to buy the latest and greatest weekly edition of the iPhone.

 

Leo Kolivakis's picture

Bond Market Worried About 1930s Echo?





What's driving bond yields to their lowest level since April '09? Could it just be an ominous 1930s echo...

 

Tyler Durden's picture

Rick Santelli Uncut (And GE Turbofan Commercial Free)





Having rapidly become the only person worth listening to on CNBC, Rick Santelli's insights on the economy are now far more valuable than any other guest's on the Jeff Immelt propaganda station. Which is why we were very happy to find that Eric King's latest interview was with none other than Mr. Santelli. The topics discussed are numerous, varied and and very critical to our economy, covering such concepts as deflation, deficit spending, bailouts, government spending multipliers, Fed transparency, spending cuts, austerity, the folly of Keynesianism, strategic defaults, direct bidders and treasury auctions, and lastly, tea party dynamics, making this a must hear interview for anyone still on either side of the economic fence, and who enjoys listening to Rick for longer than the 45 second segments the CNBC producers will allow.

 

Tyler Durden's picture

The Laws Of A Traxis: From Permabull To Bear in 48 Hours





June 30 (Bloomberg):

Biggs said bullish bets make up about 70 percent of his investments and isn’t selling because he expects the S&P 500 to finish the year 10 percent to 15 percent above its level now. He favors property developers, oil service companies and technology suppliers in the U.S. and emerging-market equities.

July 2 (Bloomberg):

Signs the U.S. economy is weakening convinced Traxis to
reverse course as the S&P 500 posted a weekly slump of 5
percent, bringing its loss since April 23 to 16 percent. Biggs,
77, said yesterday he cut bullish bets by about half since June
29, when they made up 70 percent of his fund.

 

Tyler Durden's picture

Goldman Sachs: "The Second Half Slowdown Has Begun"





The economic mood at 200 West has officially downshifted. In a report by Jan Hatzius, the Goldman chief economist warns that "the second half slowdown has begun." Hatzius says: "This is consistent with our long-standing forecast of materially slower growth of just 1½% (annualized) in the second half of 2010." And while the contraction has been obvious to all those without a metric ton of wool in front of their eyes, the two indicators that have broken Goldman's will were this week's NFP and ISM reports. And not only that, but Hatzius is now firmly in the Krugman camp, blaring an even louder warning that should the government cut off the fiscal subsidy spigot "there is some downside risk to our forecast of a gradual reacceleration in 2011 (to about 3% on a Q4/Q4 basis)." In other words, not only will H2 GDP officially suck, but since Goldman has now officially jumped on the Keynesian gravy train, and as Goldman has rapidly become the best contrarian indicator in the world (we can't wait for David Kostin to realize that endless economic stimulus, GDP and corporate profits are, gasp, related), it likely means that Obama will not allow for even $1 dollar of extra unemployment subsidies or state bailouts just to spite Goldman.

 
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