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Frontrunning: August 16
- China Overtakes Japan as World's Second-Biggest Economy (Bloomberg)
- US banks get securities buy-back window - $118bn of high-cost ‘Trups’ can be redeemed over 90 days (FT)
- Yield Curve as Harbinger (WSJ)
- It Takes a Tea Party to Start a Tax Revolution (Bloomberg)
- Evans-Pritchard: Ireland can withstand the euro's ordeal by fire, but can Southern Europe? (Telegraph)
- Workers Let Go by China’s Banks Putting Up Fight (NYT)
- Goldman Undercuts Rivals in GM IPO as It Loses Top Role (Bloomberg)
- Is This Normal? The uncertainty of our economic uncertainty (NYMag)
- Mark Zandi oped: The Tax Cut We Can Afford (NYT)
- European distressed debt investors could benefit from double-dip (Risk)
- And so another fad ends as the cattlecar looks elsewhere for novelty: Fears for future of 3D as films flop (FT)
- Nouriel Roubini: Gordon Gekko Reborn (Project Syndicate)
- China Favors Euro Over Dollar as Bernanke Alters Path (Bloomberg)
- BofA may pare Blackrock stake (WSJ)
- Rosenberg completes his trifecta of major media appearances with this interview on Consuelo Mack (Wealth Track)
- What 11 consecutive losses for Liz Claiborne mean for the future of the brand (WSJ)
- As we first reported on Jim O'Neill's musings, US and China to clash over yuan fall (Telegraph)
- Some more views from the most bullish bank holding company with zero deposit branches: Growth Pickup Coming, but Fed Exit Postponed (Morgan Stanley)
- NatWest banker claims he was 'tortured' into pleading guilty over theft of $7.3m from RBS (Telegraph)
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That Mark Zandi!!
From the linked FT piece: "The prudent middle ground would be to forestall any tax increases in 2011 and to phase in higher rates on upper-income households in 2012, when the economy will be on firmer ground."
5th word from the end..."will" /hahahahahahahahahaha/
oh Mark..... you kidder you.....
Seriously folks, we all know Mark from his excellent unicorn paper from a few days ago, so this is just another data point in his single man effort to have his dimentia re-diagnosed as being self inflicted via Toyota Matrix exhaust pipe fellatio.
front run this too:
Goldman refuses to spin off prop trading division with the "software that manipulates markets in unfair ways": trying to have software code written that is "more standard".
http://www.finextra.com/news/fullstory.aspx?newsitemid=21676
FREE SERGEY
Wow thanks for the link! Seems weird to get rid of the trading desk but not give it its tools. I suppose the spinoff wouldn't have access to Fed money and so couldn't do its job? In the original CNBC link it says they are hiring "experts" to recode the software to be suitable for the new spinoff, but it's "cloaked in secrecy" with people not even being told GS is the employer. Can anyone think of a single finance job where this is common? I mean WTF, that should trip some alarm bells.
It just makes me wonder how much faster China would have overtaken Japan if the RMB was not pegged to the USD.
In reality(whatever that may be), it has taken over Japan a long time ago.
The bookend stories tell a tale in and of themselves.
China overtakes Japan, of course it does. It has. Long ago. Japan is running because of machines/robots and "free"ish nuclear energy (no new capex for decades). China is running on cheap, free-ish human labour. Japan is at a theoretical limit of growth (anyone been there will see Bridges to nowhere being built, day after day after day, everywhere).
And banker "torture" even by his own definition of it. Does it portend more of the same?
What would a Goldmanite consider "torture"? I have a few funny images in my head.
ORI
http://aadivaahan.wordpress.com
Ireland will take us down this week. I guess the lepracon is on vacation and took his bucket of gold with him sailing to the horizon.
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