Archive - Jul 29, 2009 - Story

Paul Wilmott: "Thus the problem with the sudden popularity of high-frequency trading is that it may increasingly destabilize the market. Hedge funds won’t necessarily care whether the increased volatility causes stocks to rise or fall, as long as they can get in and out quickly with a profit. But the rest of the economy will care."

• Home Prices in US cities post monthly rise; consumer confidence declines.
• Japan stocks edge up amid corporate earnings, investors await US GDP data.
• Shanghai's index fell by 5% on disappointing corporate profits, lower commodity prices.
• US dollar mostly higher, gold falls in European morning trading.
• Akzo Nobel 2nd quarter net profit down 13 percent to $220M, shares rise on margins.

• June Durable Goods down -2.5% on expectations of -0.5%
• Let's break up the Federal Reserve (WSJ)
• Americans rate Fed worst among 9 key agencies (SignOnSD, h/t Bob)
• CRE companies drooling at taxpayer generosity, plan to raise a whopping $3 billion via TALF in September, only $3.997 trillion to go (Bloomberg)
• China banks to slow lending with low targets (Reuters, h/t Gilgamesh)

While some would debate they’ve bailed-out the auto industry enough, the United States government gets into the often gimmicky, very corny and highly questionable art of selling cars. With $1 billion on the table, it’s soon to be a new model year- and Uncle Sam wants… your shitty old car!