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Frontrunning: August 27
- In defense of "Flash" trading - now the blame is shifting back to the NYSE (WSJ)
- Jobless claims at 570,000, higher than 565,000 forecast (Bloomberg)
- Swiss negotiator for UBS says IRS may seek more data (Bloomberg)
- Must read: Boycott the market: How Goldman problems are hurting you (Post)
- Roubini: The Spend-And-Borrow economy (Forbes)
- Toll revenue drop by 42% (Reuters)
- Airline traffic recovery will be slow (WSJ)
- More people drinking the hopium, this time Germans (AP)
- Speaking of hopium, Lacker says Fed may not need to buy $1.25 billion in MBS (Bloomberg)
- Germany joins France in supporting bonus curbs (FT, h/t Paul)
- FDIC adopts weaker rules to attract LBO firms to failed banks (Bloomberg)
- Nevada declares war on California (LA Times)
- Boeing sets schedule for first 787 flight (AP)
- Obama's excessively optimistic deficit projections (RealClearMarkets)
- Poll points to landslide for Japan's DPJ (FT, h/t Paul)
- The rising tide of unemployment in America: how bad will it get and what can we do (Washington's Blog)
- Deficit projected to soar with new programs (WaPo)
- Durable goods orders jump on spike in Aircraft orders (Wells Fargo)
»
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It's 'green shoots' day on Bloomberg
Economy contracted by only 1% last quarter
Treasury may only need to purchase $1.25 trillion of mortgage backed securities
Initial jobless claims only 570,000 last week
We're pulling out of this thing, I'm telling you. Buy, buy, buy!
Paulson the sob. I always suspected that man. The Hydra Headed Monster had one big Head in the treasury. Read on..
"What has been of particular interest to me is whether Paulson contacted his friends at Goldman after a lunch with Federal Reserve Chairman Ben Bernanke on Thurs., Aug. 16, 2007.
That day Wall Street seemed to get wind of the idea that the Fed was planning to do something big, and stock prices rallied strongly at the very end of that trading session.
The very next morning Bernanke cut interest rates, the first of many such moves. "
Some more shocking stuff...
Then The New York Times got hold of Paulson's phone records for Sept. 2008, which detailed loads of calls between him and Goldman right before the government's decision to bail out AIG, a huge insurance company.
AIG had taken large trading risks including many with Goldman on the other side of the transaction.
The Treasury said there was nothing wrong with the phone calls. "
God save Us of A. Now, has Obama read this post. Should Michael Bloomberg show it to Manhattan Judge Loretta Preska . I think someone should take a stand. NOW or never.
Paulie got a waiver while keeping Bankfiend on hold don't ya know.
Paulson buying C shares?
http://www.reuters.com/article/wtUSInvestingNews/idUSTRE57Q1C820090827
(John, but would not be surprised if Henry was)
Fed is involved in these buyouts b)the FDIC is broke but is covering that with continued magical accounting and valuations c) accessed their line to the Treasury on the down low? I mean what the .... is going on here?
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
DUDE!!!! IMO, NEVER, EVER link TO A Shobhana Chandra article!!!! She writes nothing but horseshit Orwellian green shoots articles!!!!!!!!! I am mortified that the word "journalist" and that name might appear in the same sentence!
Make it go away, ple-ease!!!!!
argh! I threww up a little in my mouth
"Durable goods orders jump on spike in Aircraft orders"
The link for that bullet point is incorrect, FYI.
WSJ piece by Luskin & Hynes seems to make a solid argument FOR flash trading, what say you ZH?
In keeping with the GS article, I just want to mention that "derivatives weekly" reported that:
[begin extract]
Goldman Sachs has been buying six-month dollar calls against the euro over the last week (dated Aug 17). The trades came to th attention of structurers and traders as they were built in the mornings on a relatively quiet week for the currency pair....
...The size of the trades were USD300-600 million with strikes ranging from USD1.30 - 1.32 .... Spot at the time of the trades ranges betwen USD1.44 and USD1.42....
[end extract]
I wouldn't be surprised to find the prop desk was shifting to net short on equities.
Good catch, good comment. My position exactly, edging out of commodities currencies into USD, preparing to short equities.
Ya think?
The audacity of hopium..
fck goldman.
You'll laugh, but I've been entirely out of the stock market since early May. Yes, I missed the biggest run up ever - it was all hot off-gassing from a volcano that is about to blow. I couldn't time it, and based on the fundamentals couldn't understand it, so I got out and sat in cash and diversified into some metals and foreign stuff.
So, yeah. I'm down with boycotting the market. I won't be back in until the waters are at least patrolled for sharks. And yes, that probably guarantees me serf status, because the lords of the universe are generating enormous paper profits on the 6 people still trading. But I have other things to do and not even a Bloomberg terminal, much less a mainline on the market's system. I'd just be chum in the water.
So I've got a good book, and some 90 SPF sunscreen, and I'm just going to sit on the sand and watch for awhile.
You'll laugh, but I've been entirely out of the stock market since early May. Yes, I missed the biggest run up ever - it was all hot off-gassing from a volcano that is about to blow. I couldn't time it, and based on the fundamentals couldn't understand it, so I got out and sat in cash and diversified into some metals and foreign stuff.
So, yeah. I'm down with boycotting the market. I won't be back in until the waters are at least patrolled for sharks. And yes, that probably guarantees me serf status, because the lords of the universe are generating enormous paper profits on the 6 people still trading. But I have other things to do and not even a Bloomberg terminal, much less a mainline on the market's system. I'd just be chum in the water.
So I've got a good book, and some 90 SPF sunscreen, and I'm just going to sit on the sand and watch for awhile.
49794, A nod not a laugh. It's ceased to be a market for investing: pure speculation. Big sharks eating little gamblers. Given the technology, political power. access to information etc. the sharks have, we're all being reduced to dumb money. I've accepted the fact that I'm dumb money. Sitting on cash, watching the feeding frenzy, and waiting for Vesuvius.
•Roubini: The Spend-And-Borrow economy
Nice clear stuff, spot on observation. The only flaw to the plan is that the Government needs to act in a sane and rational manner. We are doomed.
Certainly, Roubini's ideal solution to the crisis in the article is nothing but a pipe dream. Cross-reference the Washington Post article (well done stuff we already know, but well done) - we are freaking doomed.
The 2012 election will be very interesting, if we have one or a country by then.
I am shocked - shocked - to see the new 3x Real Estate ETF already on the RegSHO fail to deliver list...
Why? You know the market is a fantasy built on NSS and phantom stock.
Nothing to see here, move along....
Cash for the unemployed. Just another cash for clunkers program.
The glass floor is cracking. The EUR/JPY is really testing the lower support bands. If the 133.00-132.50 level fails to hold, watchout below!
Any body heard from Cheeky lately?
Last seen on the AB doing 210mph in his Benz AMG....who knows?? ; )
As you can see the fall in steel imports has actualy slowed - this is probably mimicing the deceleration of inventories. And this is what counts for GDP - not an outright rise in inventories but a slowing in their fall.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions