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Frontrunning: July 1

Tyler Durden's picture





 
  • US ADP Employment Change (Jun) M/M -473K vs. Exp. -395K (Prev. -532K, Rev. -485K) (Bloomberg)
  • Fed's Yellen says rates may stay near zero for years (Bloomberg)
  • Banks falling 23% since may foreshadow S%P slump (Bloomberg)
  • Karl Denninger: To Dennis Kneale - You're an idiot (Market Ticker)
  • Too Bernanke to fail? (WSJ)
  • Mortgage application index falls 19% last week, 7 month low (Bloomberg)
  • A forecast with hope built in (NYT)
  • Citi raises card rates on millions (FT)
  • Fed's e-mail disclosure may chill confidential bank supervision (Bloomberg)
  • Fed Funds closed at 7% on quarter-end demand (Bloomberg)
  • The fed can't save the economy on its own (MarketWatch)
  • Hedge funds get to feel like smart guys again (Bloomberg)
  • Credit Cycle: Breakdown, Adjustment and Rebuilding in the Financial Sector (Wachovia)
  • Let's be objective about the increase in the Fed's balance sheet (Northern Trust)
 


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Wed, 07/01/2009 - 09:26 | Link to Comment Anonymous
Wed, 07/01/2009 - 09:35 | Link to Comment Anonymous
Wed, 07/01/2009 - 10:08 | Link to Comment Chumly
Chumly's picture

“The worst is behind us but we’re a long ways off from a recovery in housing,” said Mark Vitner, a senior economist at Wachovia Corp.

How many times will we hear "the worst is behind us" BS? He apparently didn't get the memo about the rising foreclosure rate in the prime borrowers sector of housing. Certainly, "the worst is behind us" - c'mon!

*
Re: Unemployment

I am in awe of the prophetic powers of The Great One, as we now head over 10% just as predicted. Here's my own prediction: 12-15% (BLS) by the end of 2009

The Arbitrageur

Wed, 07/01/2009 - 09:42 | Link to Comment fxquant
fxquant's picture

Smart idea Yellen, recreate the 2001-2004 Greenspan bubble keeping rates to low, too long. Idiocy!

Wed, 07/01/2009 - 09:44 | Link to Comment Anonymous
Wed, 07/01/2009 - 09:47 | Link to Comment Anonymous
Wed, 07/01/2009 - 10:26 | Link to Comment Anonymous
Wed, 07/01/2009 - 10:44 | Link to Comment Anonymous
Wed, 07/01/2009 - 15:34 | Link to Comment Anonymous
Wed, 07/01/2009 - 11:17 | Link to Comment Chumly
Chumly's picture

Denninger does make some nice points. I believe that one of the most important points he makes is about excessive debt. I will continue to make the argument that this excessive debt is our inflation, the inflation of many decades compounded into this current crisis. To add to the current pain, QTM advocates who bring you the charade of QE falsely believe debt must be increased on one side of the ledger (gov‘t) to pay for the failings of the other side of the ledger (flawed financial capitalism), in order to address the current excess debt which is also causing deflation. In essence, this explains our Negative Marginal Productivity of Debt. It is the mother of all financial storms. As deflation picks-up speed so will debt inflation (so long as QTM/QE are applied) until the two implosive forces consume each other and everything in their path.

This nonsense has to stop. Mr. Bernanke, if you live a long healthy life, you may still be dead from old age as my children attempt to bring their own children into an impoverished nation whose leaders could have honestly dealt with their problems but didn’t. The dissent of the masses will only grow with this realization - this will not be our heritage! In the meantime, you have perceived mouthpieces, blathering idiots like DK, cheering you on. We will become more entrenched and WILL not go away but only grow in numbers.

The Arbitrageur

Wed, 07/01/2009 - 11:38 | Link to Comment Anonymous
Wed, 07/01/2009 - 16:33 | Link to Comment Anonymous
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