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Frontrunning: December 7
- Dubai government ring-fences key assets, stocks tumble, "while property stocks were all trading limit down" (abcnews)
- New pay skirmish at AIG: lots of threats, lots of "we want outs", lots of what have yous (WSJ)
- Vacant possessions: "85% of UK loans made in past five years are in breach of loan agreements" (FT)
- Treasury said to link Citigroup sale to TARP payback (Bloomberg)
- Top tick indicator: permabankruptcy candidate Clear Channel attempting to raise $2.5 billion (WSJ)
- Yemen teeters on brink of failure (LATimes, h/t steak)
- More details on Jeff Gundlach's sudden firing by TCW (WSJ)
- U.S. Treasury says TARP to cost $200 billion less (Bloomberg, WSJ)
- Disagreements already present on how to use TARP money for "job creation" (FT)
- Euros become currency of drug cartels (Guardian, h/t David)
- Many mutual funds are up 50% in 2009 - but beware (Time)
- Capitalism without romance (American)
- The ECB is a reluctant hawk (RCM)
- Bernanke gets walloped (Fox Business)
»
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"U.S. Treasury says TARP to cost $200 billion less"
If one thinks a second about what these articles are talking about, they're first saying the losses will be less. But of course, they're assuming AIG, GM, C and others will pay back more than is realistically expected, unless you're on the government approved prescription strength Kool-Aid.
But like any credit card junkie, the government and Congress see the credit line TARP really is (remember they borrowed the TARP money and have not paid back the bonds supporting the TRAP) as a "saved" or unspent pool of slush fund cash.
Someone please throw some cold water on these dogs before the children see what's going on.
+1
Love the cold water line...very, very funny.
little of the ole Mississippi leg hound....
I see 3 o'clock Charlie bombed gold again this morning. I wonder what makes that guy so cranky?
Someone or thing wants people's perception about Gold to change. They want Americans to wake up to hear that Gold (that can't miss investment for the last 3 months) to be down again and again.
Now that the herd has been lured in, they're getting slammed. How do you teach someone the stove is hot? Let them burn their fingers a few times. Very effective.
People have been saying the Fed has lost control of Gold. Not for a second. The Fed has massive Gold derivatives to play with, along with a very willing group of lap dogs in the guise of GS, JPM etc to do their bidding. I see Gold going lower as long as the Fed and friends continue to pump the dollar.
I don't see it going much lower. BRIC will be there for the blue-light specials courtesy of our fascist friends at the Fed.
I guess it all depends on the word "much". I believe it will hit $1100, which is not far away, and it might even visit $1000, where strong support awaits.
But it can always be jammed much lower if the market panics again and people start selling everything to get liquid. There is so much profit inside Gold that was purchased just 6 months ago that it would be tempting to sell if things started downhill....again.
Edit: See Gundlash/TCW story
Note to AIG executives who threatend to quit unless they get more loot --- You are a Hollywood Whore:
Wake up!!!!!
The party's over
Don't let the door hit ya where the good lord split ya, hunny.
Hahaha...
Props to Papa Roach "Hollywood Whore"
http://www.youtube.com/watch?v=duuUnO6kxGg
Yes, regulation created systemic risk.
Apparently the Book of Revelations mentions Gold 20 times.
Gold is mentioned like 5000 times in the bible.
If they want peoples perception of Gold to change, they ought to abolish the bible outright, lest the people go thinking God is partial to Gold on account of the new city at the end of the world being made entirely of Pure Gold with 12 giant Pearls for city gates.
Another interesting thing to note, Gold is God plus an L.
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