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Frontrunning: February 4
- We hope you bought some: US CDS widest (why do they keep saying highest) since April (Reuters)
- Pesek: Biggest bubble in history is growing every day (Bloomberg)
- Weil: Obama's $6.3 trillion scam is America's shame (Bloomberg)
- Portugal, Spain lead worldwide decline in stocks, dollar gains. Why, oh why, can't every currency be a reserve currency? (Bloomberg)
- Roubini: The ticking US fiscal time bomb (Forbes)
- GMAC reports record loss on home mortgage defaults (Bloomberg)
- Micro investment bank Imperial Capital shelves plans to go public at a ludicrous 4.69 times net tangible assets per
share (3x more than prevailing 1.52
times). More importantly, everyone is expecting the IPO of Hustler affiliate, porn site AdultFriendFinder (Bloomberg) - Idiots live. Moody's Q4 profit climbs on increased demand for ratings. Ha (Bloomberg)
- We need a new capitalism to take on China (TimesOnline)
- More than half of UK lawmakers asked to repay $1.8 million in expenses (Bloomberg)
- Roubini sees dollar falling against Asian, "commodity" currencies (Bloomberg)
»
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I thought the biggest bubble in history was the US Treasury market?
Another excellent piece from Johnathan Weil. Thanks!
it's not a question of "irresponsibility" it's to whom you are responsible
Nice $20.00 takedown in gold this morning. Right on time. I guess "investors" didn't like the jobless claims report.
Equities got skunked out of the gate as well (no surprise there), with everyone seemingly flying to the "safety" of Benron's Bucks.
Unexpected.
Yep. USD up big time on the news that the ECB is leaving interest rates unchanged. Makes perfect sense to me.
EVERYONE TO THE EXITS!!!!!!!!!!!!!!!1!!!!! THE CARRY TRADE IS COMING BACK IN!!!!!!!!!!!!!!!!!! AHHHHHHHH!!!!!!!!!!! LOUD NOISES AND ECONOMIC DESTRUCTION!!!!!!!!!!!!!!!!!!!!!!!
No more Daily Highlights, TD?
Gold -23.17 in euros too. Makes perfect sense to me.
Gold support UNDER PRESSURE: $1080 is hanging on by a thread. Rope a dope? Probably. Looking at the way gold has been "panned" during the last several months we notice that even though it has lost nominal value, it's REAL value is way up. For example, last time it traded at DXY 79 was in June when it was $911 an OZ. This "DIP" we are in could last another month, so we will see if the bottom support ($1040) is tested soon. With BS back at the helm, I do not know if we will get there. I think with all this yelling about a second stage of economic recovery under way, and jobs coming soon, the Fed runs them presses until there is no tomorrow.
Let's see. Over at AMPEX, gold spot price $1065.10 selling at $1,127.75. Silver spot price $15.55 selling for $18.38.
That is, of course, if it's available.
+11....hundred
Ignore the noise.
"Over the last reporting week, very large traders the CFTC classes as “commercial” reduced their collective net short positioning by a very large 25,029 contracts or 9.1% while gold fell $40.84, or 3.6%, between reporting Tuesdays.
Long-time COT-watching traders will note that is the largest one-week reduction in commercial net short positioning since the April 7, 2009 report, when the commercials covered or offset a then startling 28,703 contracts, or 16%, with gold at $881."
http://www.stockhouse.com/Columnists/2010/Feb/3/Got-Gold-Report--COMEX-C...
+11....million.
Obama says "don't go to Vegas."
Ironic, coming from the town of prostitutes who constantly gamble with other peoples money
You still remember when your mom had cancer...or was that for votes?
Keep smiling and thinking of your bank account Obama!
Maybe you could talk to Jamie about this next time he comes for lunch...
Mortgage Company Adds to Family's Hardship
Pennsylvania homeowners Margaret and John Krenitsky were hit with some tough news. John was laid off and Margaret learned she was living with a brain tumor. Most of us, myself included, would think that's enough for any family to deal with --but Margaret would tell you that's simply not the case. Their stress levels would continue to rise, as would their hardships, caused by accounting errors, misinformation and mishandling of their mortgage held with Chase Financial.
Margaret and John's difficulties highlight the struggles homeowners continue to face when forced to deal with big financial institutions who appear to compound problems by neglecting their duties and their customers. The Krenitsky's, like many of us, hope that by writing about these wrongs-someone will be inspired to help right them.
http://tinyurl.com/yzkma9y
"Weil: Obama's $6.3 trillion scam is America's shame"
America is America's own shame...