Archive - Oct 30, 2009 - Story

Pent up demand anyone? It may be time for Bernanke to do another POMO... oh wait...oops

This is better than Six Flags, and less bankrupt (for now). For the time being, all is good on the NYSE. Following that closely.

Among Dylan's musings on the sham regulatory overhaul proposal, and the behind the scenes political bickering, is this question "Why is it legal for the US banking system to take infinite risk in a financial gambling parlor in secret and use taxpayer assets." We hope readers can provide the answer because unfortunately nobody else seems to be able to.

About 200 people on NYSE update call and rising by the second.

UPDATE: NYSE claims it is now "functionally normal"

BREAKING: All NYSE symbol ranges going down for three minutes.

After several recent IPOs had seen a less than stellar reception by the equity market, banks have decided it is time to pull IPOs entirely and wait for a better window of opportunity. The most recent casualty: energy company AEI. Per the company: "We have decided not to proceed with an initial public offering of our shares at this time due to market conditions."

Ah, the fall. A perfect time to spend weekends looking at the fall foliage, going apple picking... Antique shopping in quaint, little towns... And attending a Philadelphia auction with what may just be a few tokens of Lehman's, um... Fall. It's art collection. Everyone loves a no-reserve sale.

Because we all need one sooner or later.

Yesterday, the market moved on what was the double whammy of the government's own rather fluid favorable interpretation of what was essentially the government's very own stimulus. Yet others can play, and unwind, the number fudging game too. According to David Rosenberg, absent the now declining impact of the massive governmental stimulus, GDP would have been flat if not negative. So much for bickering over whether GDP was 2.7% or 3.5%: at the end of the day, on a normalized, non-stimulus inflated basis, GDP was flat, and if the equity market cared about isolating non-recurring items such as excess government spending driving a collapsing economy, the stock market reaction would have been quite the opposite.

CNNMoney published a story how stimulus spending has created or saved some 650,000 jobs- a figure reported by the White House today. But as I read the story, and the reasons/excuses for its complex claims of job creation/preservation- can someone please stand-up if your job was created by stimulus spending?

Give me a G... Goldman Sachs announced today that it plans to cut the rescue loan arranged for CIT Group by $875 million, to just $2.125 billion.

Even as liquidity swaps and CPFF hit a new all time low since inception at $33 and $32 billion, respectively, the Fed's accelerating purchases of securities, mostly MBS and agencies, keep the Fed's balance sheet flat week over week.

• Expect major dark pool, ECN, ATS backlash: NYSE Euronext net profit down 28% in Q3 (AP)
• Fed supervision backlash picks up as regional Fed directors threaten with MAD: Per Lyle Gramley: "If Congress interferes with the Fed’s ability to do what
  has to be done, it could have major negative effects on the
  economy through its impact on inflation. The threat to central bank autonomy looks to be the worst that I can recall in my lifetime." (Bloomberg)
• Eurozone jobless at 9.7%, highest since 1999 (BBC)
• Deflation in Europe: Euro consumer prices still down (AP)
• Deflation in Japan: 2.3% drop in Japan CPI (Forbes)
• Bankers expect rising bonus pay, courtesy of massive government subsidies, to break record in global poll (Bloomberg)