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Frontrunning: August 14
- Toxic loans topping 5% may push 150 banks to point of no return (Bloomberg)
- Aussie dollar hits new 11 month high (FT)
- California to redeem IOUs early (WSJ)
- Floyd Norris: Teetering on failure but meeting standards (NYT)
- No new normal as JP Morgan sees V-shaped recovery on robust growth (Bloomberg)
- Sugar may advance 80% on supply crunch (Bloomberg)
- Diary of a crisis: two years and counting (Mesirow)
- Carl Icahn becomes target of investor ire (WSJ)
- Dinosaurs BA and AA should not be allowed to merge (Telegraph)
- Defining recessions: misdefining NBER (Big Picture)
- Unfinished business for Wall Street's "Death Panel" (WSJ)
- How Morgan Stanley landed a sweeter deal than Goldman Sachs from Uncle Sam (Fortune)
- Will oil surge kill the stock market rally? (Pragmatic Capitalist)
- Is the Federal Reserve a rudderless ship (Sustainable Wealth)
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The first article sets the bar for all the rest to follow. This is the 2007 liquidity crisis deja vu all over again. No matter what the equity markets convince themselves to do, their past performance ahead of horrible derivative data is res ipsa loquitur.
The liquidity-insolvency of the Banana Republic Americana has been exposed and has nowhere to hide.
In the toxic loan story they mention Michigan and it's highest in the country unemployment rate.
Does that mean the MCSI will be all out of state calls?
This story may be the beginning of another buy "toxic assets" government plan.
Sugar? Not a problem. I always love the CPI numbers that exclude food and gas. So, sugar will not be a problem. Woops! There goes the operating margins of your local baker.
We could use a few less Dunkin Donuts around here.
Recent British bakeries that released their figures already show wild swing in profits due the uptick in such commodities as Sugar...
Don't tell me, the exchanges are going to have another problem, cos the market is going down?
BofA-Merrill Lynch upgrades Citigroup (C) to Buy, saying Q2 results showed a stabilization in consumer credit delinquency that suggests better loan loss trends in coming quarters. Shares +3% premarket.
In related news, Jimmy the Leper upgrades Joey With Lupus.
Well...it is FDIC Friday....
CORS +64%. +68%, +72%, going up by the second ... Love this market.
Bloomberg reports BB&T will take over Colonial.
I read the b'berg article on the (insolvent) banks early this a.m.
one of the last articles i read last night was the wsj piece about Geithner, who was rather glowing about the state of our financial sector.
now, i really do not think Geithner is insane, but his pathetic attempt at spin is atrocious. if he is going to continue his attempts in this regard, he needs to hire someone like james carville.
The majority of us hear what we want to hear which is unfortunate because ignorance is bliss but the United State simply can no longer afford it...
Don't tell me, the exchanges are going to have another problem, cos the market is going down?
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
On the face of it, that stuff from JPM about pent-up consumer demand just waiting to be un-pent reminds me of the same kind of talk about housing in 2007/2008:
http://globaleconomicanalysis.blogspot.com/2007/12/pent-up-housing-deman...
Once the boys at JPM take off their rose-colored glasses they will realize that the coloring of their view came from the blood spatter of the US consumer.
those idiots who keep holding money in these banks will be having a hard time getting their money back when the shit hits the fan.
150 banks - $193B in deposits. FDIC is already insolvent and couldn't seize Corus, Colonial and Guaranty for more than two months already. their depositors - total idiots.
just now on Bloomberg TV
BofA - "it's time to buy C"
I can't wait for the sequel - how long will the investing public be duped by this wall street game of Three Card Monte
If it was such a good buy, why isn't BoA just ponying up the $20B-ish to do it themselves?