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Frontrunning: February 1

Submitted by Tyler Durden on 02/01/2010 09:39 -0400

A collosal failure of governance: the reappointment of Ben Bernanke (Baseline Scenario)
As expected, Swiss National Bank interevened in CHF on Friday (FT)
Following up on Euro-decline observations from the weekend, Euro proving no reserve asset as central banks shift (Bloomberg)
$3.8 trillion budget to be released accounts for another $100 billion stimulus, proposes new record deficit (Bloomberg, Reuters, WSJ)
Subpoena the Fed (Cumberland)
Goldman monopolizing market flow information? No way... Front-running the markets and the sickness unto death (Jesse)
A growing share of Americans' income comes from the government (Financial Armageddon)
Wells Fargo shuns carry trade, braces for risk of higher interest rates (Bloomberg)
The US is broke. Here is why (USA Today)
Amazon gives in to Macmillan's higher price demand; should boost Kindle sales even more... Say's law or something (Bloomberg, Reuters)
Paulson book excerpt: Two days that shook Wall Street (WSJ)
Shiller: Stuck in neutral? Reset the mood (NYT)

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Mon, 02/01/2010 - 09:51 | 213165 Anonymous

The SNB has sold CHF several times in the past year and it has not kept the CHF from rising against the dollar, at least. It will be interesting to see what happens to the CHF/USD when the implications of the new deficit projections for 2010 in the US are digested.

Mon, 02/01/2010 - 10:04 | 213168 Anton LaVey

And don't forget that the ECB now wants the same power as the U.S. FED: total secrecy on bank bailouts.

See here: http://www.ecb.int/ecb/legal/pdf/c_01920100126en00010004.pdf

Here is the relevant excerpts:

2. Specific observations
Disclosure of central banks’ lending operations under EU legislation

2.2. A clear legal framework should be put in place in order to facilitate the smooth and rapid conduct of central banks’ lending or other liquidity facilities, including in crisis situations, as highlighted by the recent financial crisis. In this regard, information on central banks’ lending or other liquidity facilities provided to a particular credit institution, including emergency liquidity assistance, needs to be kept confidential in order to contribute to the stability of the financial system as a whole and maintain public confidence in a period of crisis.

(emphasis mine)

In other words:we'll spend your money European Union citizens... But we won't tell you why, how, how much, or who will benefit. See: Greece, Bailout, "Le Monde". No one will know until the ECB decides to tell.

The EU's lack of internal democracy and total lack of accountability is getting more and more worrying all the time.

Mon, 02/01/2010 - 10:08 | 213172 Anonymous

Why Obama is intentionally announcing blowing a massive hole in the budget:

Remember everything is a blocking and tackling scheme for healthcare...here goes: 1. Reconciliation can only be used for deficit reduction and budget matters, 2. Obama has continually claimed his 'healthcare policy' reduces the deficit, while everyone knows that is categorically false and misleading. Why is he repeatedly claiming such an absurdity?

So he can use reconciliation for healthcare even though it is wildly inapropriate and factually incorrect.

I believe if he attempts this Evil Kneviel-like stunt, it will lead to an impeachment hearing.

Mon, 02/01/2010 - 10:40 | 213197 Anonymous

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afbSjYv3v814

Also check out this piece on Bloomberg.
Henry Paulson stating that the Russians sold all of their Freddie and Fannie holdings. He claims it was an act of war and they also tried to get the Chiense to go along too.

It appears Paulson is cracking at the seam lines. Why would he say something like this and why
now? Is it because the public closing in on the idea that subprime was crashed on purpose? So are really suppose to beliEve that the Russians are capable of inventing/ brain storming financial terrori sm,

Maybe with the "agency" advice of Goldman. That would explain why Paulson was in Moscow meeting with Goldman management committee in June 2008.

Mon, 02/01/2010 - 11:23 | 213225 DaveyJones

Not so S.W.I.F.T.

http://www.spiegel.de/international/europe/0,1518,674789,00.html

Wed, 11/10/2010 - 05:17 | 715478 cheap uggs for sale

Frontrunning: February 1

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