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Frontrunning: August 10
- Today's CRE green shoot - Maguire properties warns of loan defaults, prepares to hand over 7 buildings with over $1 billion in associated debt to creditors (WSJ)
- Poorer consumers are worst affected as banks make $38 billion in overdraft fees (FT)
- Effort to rein in pay on Wall Street hits "guaranteed bonuses" hurdle (NYT)
- Aluminum joins oil in speculator ranks - price rises despite falling demand (FT)
- GDP RIP (NYT)
- Opposition emerges to House' jet spree (WSJ)
- Congressional cash for clunkers (Fundmastery)
- Earnings are no sign of a recovery (WSJ)
- Fed does not need more powers (FT)
- On Charlie's attempts to grasp the obvious (Dear John Thain)
- Templeton's permabullish Mobius sees 30% stock market correction (Bloomberg)
- ECB sees demand fizzling (Merk Investments)
- Sugar is the next coffee bubble (FT)
- William Pesek: Big Mac says all about world after Lehman's fall (Bloomberg)
- Three things to look for when it's time to buy dollar's (Brown Brothers Harriman)
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'Un-American' attacks can't derail health care debate
By Nancy Pelosi and Steny Hoyer
http://blogs.usatoday.com/oped/2009/08/unamerican-attacks-cant-derail-he...
and if you didn't get a chance you should read Rosie on the employment reports from last week - he even included some charts that rival dShort
http://2.bp.blogspot.com/_nSTO-vZpSgc/Sn21Jea96rI/AAAAAAAAGmo/g_mNH-Hz4g...
"Rosie on the employment reports"
could you please post a link? I've yet to come to a conclusion on last months figures.
Opps Rosenberg, thnx
Todays Goldman cronie update:
Who runs NYSE Euronext? - Duncan Niderauer
Who runs the Commodities Futures Trading Commission (CFTC) ? - Gary Gensler
Have a nice day, make sure your arse is firmly sealed tight when trading these markets.
McDonalds and Hornel (maker Spam) have all come above expectations. Should we even discuss this "greenshoot".
I f'in love organizations that are in distress. Viva economic downturns!
thanx 4 teh links but imo that wsj piece was tripe.
FNM and FRE replace Sugar is the next coffee bubble
Now I understand what Mohamed El-Erian meant when he talked of a sugar high? ;-)
McDonalds and Hornel (maker Spam) have all come above expectations. Should we even discuss this "greenshoot".
Start hoarding those coffee sugar packages.
Good read on the dollar.
Steinhardt was preeetty grim on cnbc this AM.
robo...where are you??? I've been walking around the casino looking for you at the freddie mac table...did you run over to the fannie pai gow tables?
Rumor is he used all his winnings from the Guess Which Hand (aka FRE) Table to buy up the Newspaper Publishing business - financed by Regional Banks and delivered by YRC Trucking.
There's a flaw in the article discussing GDP. Breaking something, then paying to replace it, doesn't increase GDP. I've had this discussion many times with people who think it would "help" the economy to wreck cars and have people pay to fix them.
Or to break windows and pay to fix them. Or anything like this kind of behavior, in the hopes that GDP would improve.
But replacement of a useful and productive product doesn't improve GDP because it shifts what is otherwise good, productive spending into areas that are not productive.
Other than that, it's not a bad article. I've always wondered what the "marginal value" is of my neighbors' "free" child care provided by grandparents, or the value of saving money by hanging the laundry out to dry.
Or the $5,000 I just saved by tearing out and replacing my bathroom by myself (and I do a damn good job).
That $5,000 I saved increased the value of my home (whose value is declining anyway) by about $3,000....so running in place isn't a bad thing. But it also allowed me to spend the money (or save it) on other things that are desperately needed.
Santelli v. Leisman re: GDP validity about 2 minutes ago mirroring issues in
this article. As usual LIES-man is a government agent.
By the way, Trish Reagan would look better if I satisfied her oral fixation thereby lowering the incoherent screaming, decibel level.
Here's a green shoot!
"a staggering 150,000 vacant housing lots across metro Atlanta are available, more than a decade’s supply at current absorption rates."
Full story and a slide show of one of the weed infested builder-abandoned subdivisions at this link:
http://www.ajc.com/business/volume-of-109957.html?imw=Y