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Frontrunning: August 12
- June Eurozone industrial output drops, erases May gain (BBC News)
- $23 billion of 10 Years on deck (CNNMoney)
- Momo is now global - most stock optimism in two years (Bloomberg)
- China accuses US of protectionism in tire case (Yahoo, h/t Credittrader)
- Stocks: the latest Fed bubble (Fortune)
- A president as micromanager (WSJ)
- The final days of Merrill Lynch (The Atlantic)
- Pimco's Gross reduces mortgage holdings in July (Fed happy to gobble it up), adds to cash (Bloomberg)
- Dante's trough: Lehman can pursue CDO claim: "It would be an unwelcome surprise to the securitization market if the case were to go in Lehman's favor" (Reuters, h/t CT)
- BOE: don't expect inflation (Bloomberg)
- China arrests 4 from Rio Tinto, no spying charges yet (NYT)
- The employment outlook - a long way off (Raymond James)
- Fed faces its Zimbabwe moment (Forbes)
- ING profit tumbles 96% on real-estate losses (MarketWatch)
- Isn't missing an $8 trillion housing bubble a mistake? (American Prospect)
- Retailers aren't the only ones slashing prices (Delta Global Advisors)
- The quiet coup (The Atlantic, h/t Xil)
- Must watch: Chris Martenson on fuzzy government numbers (Martenson, h/t Amsterdam Trader)
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Obama Oval Office meetings:
"In the sessions, according to those who attend, the president sometimes chafes at his advisers' limitations, quizzing them on points raised by critics or asking them to do justice to a view other than their own. At times he quotes from letters sent to the White House to counter a stance taken by his team."
The tone of these meetings almost make me feel like Obama is listening to the people. It was almost a week to the day after I sent a letter to the White House about Commodity speculation that there were rumors of capping speculation in oil. Maybe someone is listening.
"there were rumors of capping speculation in oil."
Are you for real? That's been talked about since well before Obama and as usual nothing happens. The best way to NOT listen to voters is to "look into that" or "hold a hearing". Come on. Cash for Clunkers, Auto Bailout, Bank Bailouts, Health Care all get whipped together in no time at all. If anyone cared to, they could overhaul the market in as little time. It wouldn't be perfect, but the problems are quite obvious; you could at least handle a lot of serious issues quickly.
No one with influence gives a hoot about the individual voter. Mass a million people and go protest bailouts/commodity spec./insider trading/deficit/Iraq and you might get some effective response.
please allow me to translate the WSJ puffpiece:
"oh, that Obama! Isn't he just dreamy? He's smart, and tall, and hansome. He like puppies and I'll bet he's a great kisser "
Honestly if the economy is now out of recession, why the need to keep rates so friggin low, even if they raised it to 1%, its still low by historic standards, but at least we can prevent another bubble from brewing out of hand. This Fed led by the Bald Burner has lost complete control and is leading America down the path of Destruction.
Because it is not.
I hate Chase. I hope they are next on the chopping block for ZH
http://www.nakedcapitalism.com/2009/08/jp-morgan-chase-caught-speculating-with.html
JPMoneybags is the other arm (GS being the aforementioned). Working in tandem; one or the other can reach anything.
"The quiet coup"
it's nice to hear the IMF validating what the herd already instinctively knew.
I wonder how we look Hedonically these days-- it seems like every restaurant I go to these days, they are subtly trying to pass on smaller portions as the same size. Reverse hedonics = inflation trigger. Doubt the bureau of lies and statistics will adjust for this...
Let me explain. We're getting our kitchen remodelled and have to eat out every day this week. I went into Chipotle yesterday and was surprised when the previous two scoops of everything was replaced with merely one. Further, when we went to Panda Express, I noticed that they have now moved their condiment tray behind the register and you now have to ask for something as simple as soy sauce. Further, there menu has much fewer items than it used to. Subtle belt tightening, but it is definitely reverse hedonics.
Thank you Tyler for the Fuzzy Number video and introduction to Chris Martenson. His Crash Course series is outstanding, and will be pushed out to my family & friends.
Where have you been? It's been out for a while now! I saw it a year ago I reckon, though at the time it was incomplete.