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Never close the debt window. Keep that free money flowing to bubble up everything till we get monthly business cycles and everyone is broke but the people who cheated.
DING, DING, DING! We have a winner!
Yes, this is how "markets" in Banana Republics "function" (hat tip to David Goldman at ATOL for mentioning this first). It is no co-incidence that you recognize the similarity to yours in Argentina, as it is obvious.
Thanks Bam_Man NYSE=Banana Republics and dont need visa, jeje
A savage from Banana Republic is in the final instance of the us open ! Are there any americans participating ? Nopes ! Not even close ! But wait ! I can see a black armed mammoth death threating a line woman who is one tenth of her size ! Is she american ? wow ! Are you people just as "advanced" as her ? I am glad to be argentine...
PD : my english is far from perfect bambiman, but sure is far better than your spanish
Kink:
Congressman Accuses Bank Of America Of "Stonewalling" Yael Bizouati|Sep. 11, 2009, 10:17 AM| Print Tags: Financial Services, Bank of America, TARP, Bailout, Wall Street, Banks, Financial Crisis, Merrill LynchBank of America is having a bad week. First there was the letter from Cuomo. And now Congressman Edolphus Towns is going after the bank.
Towns, who chairs the Committee on Oversight and Government Reform, is focused on what he calls a "ring-fencing agreement" under which the US government agreed to backstop $118 billion of Bank of America's capital markets exposure.
He says the bank is now attempting to pretend that the agreement was never really in place.
From Towns’ statement today:
“Bank of America has conveniently erased from its memory the terms of the ringfencing agreement. It seems that the bank wants to have it both ways – all the benefits of government insurance without having to pay a dime for all of its benefits.”
Towns says that while BofA previously recognized the agreement, Ken Lewis now refers to it as a “proposed agreement.”
Towns says this is just nonsense. In a letter sent to Lewis in July, Towns explained that the "ring-fencing" of Bank of America's toxic assets provided financial stability to Bank of America “at a very crucial time for the company,"
From the letter:
Apparently, Bank of America believes it has the right to back out of this deal with the government because the agreement was never signed. If this is true, I must note the irony of such an argument. As you have stated under oath, Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Hank Paulson made verbal commitments to you in December of 2008 to provide Bank of America with billions of taxpayer dollars to help your bank absorb the losses at Merrill Lynch. What would have happened to Bank of America if the government had not honored the verbal commitments you say were made to you?
In a letter Lewis wrote to Towns Wednesday, the CEO says that what was “envisioned” was that the bank would pay premiums and receive protection in the event of catastrophic losses on a pool of primarily Merrill Lynch assets. The bank would also gain access to a non-recourse loan facility.
From the letter:
“As you know, bank and government representatives are currently in discussions about the degree to which the bank should compensate the Government. Those discussions have been thoughtful and professional and are continuing this week. We are committed to achieving a resolution of this issue and we are confident that we will meet that objective.”
More big put buying in WFC today. 10000+ at 26 strike in OCT. Spurious activity in BAC--nearly 10000 puts at 16 and 17 in Oct but 10000+ in 17 and 18 calls. Not matching up like yesterdays WFC January simultaneous trade of selling 100,000 puts struck at 20 and buying 50,000 struck at 25. Given who owned 25% of BAC at the end of Q2, I would be wary of any BAC activity. Furthmore, over 27000 puts of C struck at 4 in Oct. today. Fun fun fun...
Could be because contemporary patriots across the country are removing their "cheap" money from the too big to fail/collaborating/TARP recipient banks and depositing it in local, state chartered, FDIC insured banks who didn't take any tarp money.
The big banks and their government protectors can't stop this without resorting to overt fascist methods which, of course, are still possible, all in the name of protecting the "system".
It will be interesting to watch this play out from both a financial and political standpoint.
Tarp recipient "Banks": http://www.financialstability.gov/latest/reportsanddocs.html
Some perspective from Europe, fyi. We have Arcelor Mittal in 3 european indices (France, spain, Netherlands), in addition to the Euro Stoxx-50 and the FTSE eurotop 100. Stock has a weighting of around 15% and was rammed up 6% today (closed at +5%). Happens each and every time, you can really set your watch on it. Thing is this stock has multiple sets of books, can't prove it of course, but balance sheet tells you a lot. It is the european equivalent of your banking universe, since ours imploded and because of low base isn't able to crank up the indices. This is just one example, can tell you lots more, but the thing is, as opposed to USA, that the futs are not leading anymore, they have to buy the stock (on low volume) in order to up the European fut. This will end in tears but that's a story for another day.
Keep up the good work, ZH stands almost alone (with Mish, Minyanville and some others) with regard to no-BS quality.
Orca, Belgium
Agreed; MT has all the transparency of The Fed. And he moves the shells around with about the same skill. I will never understand why so many people trust such one-man shows with their money, given the history.
New York Times urges Mom & Pop back into stocks.
no space for comments there like "WTF! investing is dead!"
http://www.nytimes.com/2009/09/11/business/11investors.html?_r=1&ref=bus...
Can somehow explain how euro/yen can drive the s&p?
Don't understand how this is supposed to work.
http://www.youtube.com/watch?v=JjglR2KYz5o
explained
great watch thanks chief!
Tyler, is it really the dollar carry trade, or does GS and JPM have to pay the Fed their dues by buying some stock at the end of every day? I am asking this seriously.