Archive - Jun 25, 2009 - Story

One word: Reundecoupling (was also very appropriate last year when the China thesis plummeted, but investors have 24 hour long-term memory).

Developing story: German Government adviser says Porsche should sell some VW (VOW GY) shares to raise cash.

Disclosure: no holdings of volkswagen or porsche securities.

As Ben is about to be crucified before the House Committee on Oversight and Government Reform, below is his full prepared testimony. Also, if readers want to watch the hearing live without CNBC's commercial interruptions for Sham-Wow or Mark Haines doing long division on air to calculate the difference between Dow futures and fair market value, they can do so here.

In an interview with MarketWatch's Jon Friedman, Janet Robinson, CEO of embattled former media titan and now merely distressed media company scrambling to plug debt covenant holes, New York Times, has announced that she has had it with other members of the evil, speculative media world.

• Second derivative promptly trounced: Initial jobless claims pick up again to 627k (Reuters and Bloomberg)
• Jonathan Weil: Capital One's $549 million man buys back freedom (Bloomberg

• Bernanke will face hostile questioning on BofA deal.
• Fed leaves bond-purchase program unchanged, says pace of contraction slows.
• Fed: Key interest rate will remain near zero "for an extended period."
• Irish banks face $49 billion in losses.
• New-home sales unexpectedly fell 0.6% in May from the prior month.
• Bed Bath & Beyond's qtr net up 14% at $87.2M; revs up 2.8% at $1.69B.
• China Construction plans to set up a venture with Banco Santander.
• China Petrochemical completed purchase of Addax for $7.2 billion.
• CKE Restaurant
  

• Wall Street begins campaign to thwart populist overreaction (Bloomberg) [Zero Hedge soon to begin campaign to thwart this campaign]
• $27 billion of 7 Year USTs on deck (Bloomberg)
• Deflating our way to Posterity (