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Frontrunning: December 21
- Bad news for Athens: ECB says no bailouts, look for record Greek CDS risk shortly (WSJ)
- Suspected intervention weighs on Swiss franc (FT)
- For stocks, the worst decade ever (WSJ)
- Fund boss made $7 billion in the panic (WSJ)
- Mihskin's brilliance to the forefront again, as Iceland lawmakers reject Icesave bill, another downgrade impending (Bloomberg)
- China now exporting its bubbles: considers extra $200 billion for CIC sovereign wealth fund (Bloomberg)
- Tishman's $5.4 billion boomerang gives Rob Speyer costly lesson (Bloomberg)
- Risk vigilantes make hints of higher rates a perilous idea (Bloomberg)
- Eurotunnel shuts down car service (BBC)
- LSE takes 60% in Turqoise platform, as dark pools go global (Reuters)
- U.S.-brokered climate deal may give Obama more sway in Senate (Bloomberg)
- Bucyrus to purchase Terex mining unit for $1.3 billion (AP)
- China targeting 8% growth in 2010 (BBC)
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Bloomberg: The [Icesave] depositor accord, which polls show almost 70 percent of Icelanders oppose, is the last milestone the government must reach to repair international relations.
Pressure is on tiny Iceland to formalize the enslavement of its people to indebtedness to the international banksters forever and ever, hallelujah. Tiny Iceland prepares to say "fuck you." Classic bankster crash-and-grab, and the people ain't going for it. It's almost like robbery. How dare they resist?
Reminds me of those damn Germans who didn't pay off their war reparations after WWI. Absolutely disgusting, the arrogance of these poor, broken, and weak nations in their refusal to pay the justly earned profits of the bankers who are trying to do the work of God.
Maybe the Nazi scum shouldnt have started World War 1? Or in the case of Iceland, shouldnt have turned their country into a hedge fund and then go-a-complaining when their bets went south.
Up up up we go again! Risk orgy in full effect!
So why is Gold going down today when even the UN is pushing Gold?
http://www.gold.org/news/2009/12/16/story/13674/gold_coins_to_bear_the_u...
Bulls killed again -- film at 11.
Eurostar clearly demonstrates that private utilities are an abject failure.
Eurostar is a train company, not sure I would call it a utility.
This is the first time there has been an extreme weather caused electrical failure in 15 years. The alternatives for travelling London Paris or London Brussels are boat or air. The ferry services will and do stop if there is severe weather in the Channel and as for air travel, don't get me started.
While this is a massive inconvenience for thousands of people, it is nonsense to call it an abject failure and the idea that if it were state owned, it would somehow work, seems daft.
as a comparison, it is funny how the London tube trains often fail to run when there has been snow. Since the trains mostly run underground, they don't have any special protection against snow or ice, but the state owned London Underground parks the trains above ground overnight....
You conveniently fail to mention how London Underground was a private consortium that failed miserably and had to be bailed out and become state owned.
A failed private business model does not a sustainable public utility make. The budget for the underground has hit the wall and the system keeps deteriorating. Don't worry, government will come to the rescue, oh wait... http://www.guardian.co.uk/politics/2009/mar/19/london-underground-overcrowding-maintenance
The difference is that governments can get deeper into debt than corporations without being forced to pony up.
I expected to read all kinds of reports this morning on how retailers were affected by the Eastern US being snowed in for what was supposed to be the last gasp before Christmas.
Finally, I find the spin:
http://www.businessweek.com/bwdaily/dnflash/content/dec2009/db20091221_4...
No problem. Retailers are going to do just fine.
I call BS on this. Procrastinated my shopping and went to the usual stores that are nuts on holidays (Costco, Walmart, Bestbuy, Target), and none seemed to have more than the usual crowds. The malls I visited were much the same. No issues parking, was the first or second in line checking out. And this isn't in the snowed in east coast, it was Texas and gorgeous outside.
Exactly. Yet retail index up 1.7%.
You have to love the downgrade of POT by Soleil on Friday and the Conviction Buy by the Squid this morning. Left holding the bag, Lloyd?
And Soros.
ECB knows bailing out Greece is the IMF's job.
It's pretty freakin' obvious looking at European stocks today that somebody's going to be bailing Greece out.
Bernanke wants a piece of that action too.
Pretty interesting Bill Moyers' from this past week with Matt Taibbi and Robert Kuttner - IMO.
http://www.pbs.org/moyers/journal/12182009/watch.html
Sorry if it's already been referenced.
Pete
Nice, thanks
Where's all them Gold Bubble Bug's been here lately?
Haven't heard much outta them. i.e. GG, Chumba, Chinky,
I'm glad I listened to Roubini and Prechter
Gordon_Gekko 12-11-09
Gold might take a peek (or perhaps do an intraday spike) below the 50 dma, but won't go lower than $1080. Unless you are able to predict the future, I would suggest start buying somewhere around the 50 DMA/$1100 area. Below $1100, buy at will. Those who don't own any Gold, I would suggest them to buy it right the fuck now. Those waiting for $1000 Gold (or even $1050) will be waiting FOREVER.
I think I've spotted some of those guy's commenting anon on here.
Fund Boss David Tepper made 2.5 billion for himself buying bank stocks at the low, made 7 billion overall.
2.5 billion for HIMSELF. wow.
"a bet worth billions of dollars that America would avoid a repeat of the Great Depression."
He understood well that they would put up the facade of well being and how that would play out economically.
I'm going to say that plays favoring the downside in 2010
will be winners for the most part. The forces looming
make it pretty clear there will be a lot of economic contraction for the next few years.
-MobBarley
We haven't seen facade yet.
Next quarter will take us to TWILIGHT ZONE versions of UNBELEIVABILITY.