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Frontrunning: July 29
- June Durable Goods down -2.5% on expectations of -0.5%
- Let's break up the Federal Reserve (WSJ)
- Americans rate Fed worst among 9 key agencies (SignOnSD, h/t Bob)
- CRE companies drooling at taxpayer generosity, plan to raise a whopping $3 billion via TALF in September, only $3.997 trillion to go (Bloomberg)
- China banks to slow lending with low targets (Reuters, h/t Gilgamesh)
- Assets as Singapore sovereign wealth fund Temasek drop by $28 billion (Bloomberg)
- Phibro mum after White House slams reported $100 payday (Reuters)
- Ad weakness continues: Time Warner profit falls 34% on ads and films (WSJ)
- Goldman Sachs lawyer Todd Genger charged with soliciting 15 year old online girl for sex, released without bail, unlike Sergey Aleynikov (LoHud, h/t JJ)
- Consumer Confidence Retreats Further (Wells Fargo, via RCM)
- Weak dollar consqeuences: Honda net down 96%, Tokyo must be ecstatic (WSJ)
- Ben, be careful what you ask for (Cumberland Advisors)
- Moody's profit falls 20% as people realize company is a crony sham (MarketWatch)
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Seriously, how many Americans can even identify 9 government agencies?
Moreover, of those that could, how many could identify the role the Federal Reserve plays in the United States?
The Federal Reserve is NOT a government agency. This gets more frustrating by the day.
But I'll bet 40% of Americans can name a number of Gov't Agencies around the first of the month.
I know they are not. My error. The agency has been politicized to an extent that i cannot help but think of them as government.
Thanks Gilgamesh
My explosion was supposed to be directed at that article/Gallop, not your comment - but I can see how it was taken. So much of our government does the bidding of the owners of the Fed anyway.
The term "Crony Sham" would apply to many entities in the US, least of all is Moody's.
But, it's a start.
Re: Durable Goods orders
Headline from CNBC: Durable Goods Orders Drop 2.5%, Most in Five Months
Headline from Bloomberg: U.S. Durable Goods Orders, Excluding Cars and Planes, Unexpectedly Advance
Both were links actually although CNCB preserved the headline in the article while Bloomie went with "U.S. Durable Goods Orders Rise Excluding Cars, Planes (Update1)"
You mean CNBC did not spin the headline? I'm emailing their WEB Master.
Pete
Durable Goods Orders Advance, excluding Durable Goods.
CNBC leaves it to Steve Leased-man to put the positive spin on it. He was spewing some BS about some positive crap within the report. I really never listen, I just pretend I'm a criminal profiler trying to determine how much he's lying.
Bloomberg (non-terminal) is starting to head down the path of CNBC style cheerleading-reporting.
Liesman said that the bright point from the report was that production of durable goods had increased. In other words, they are making more and more of what they could not sell, and in the mind of Liesman, that is a positive.
There may be more czars than agencies now too.
Can't name a darn czar either...I wonder if Obama Czars will make into Civics Books - wait they don't teach Civics anymore.
Pete
"Let's break up the Federal Reserve"
Yes, let's. Audit it, then close it and indict the board members.
Regulating and printing money don't go well together - whoops, I f'd up the regulatory job. Oh well, I'll just print money to make up for it!!
Rating Actions on General Electric this morning:
- Anonymous Blogger downgrades CNBC division from "Certain Nameless Bottom Caller" to "Certifiably Nuts, Batshit Crazy"
- Hugh Hendry upgrades CNBC division from "Caruso 'Nice Bags' Cabrera" to "Cokeheads & No-Bra Cheerleaders"
Perhaps that Phibro story would have attracted more attention if you had typed $100 million instead of $100.
But even if Citigroup is still alive because it's a ward of the state, its contracts are sacred, aren't they?
Let the man have his $100 million and hope he can double that next year!
Can't see how the taxpayer or the massive deposit base of C are served by allowing the kind of risk that can just as easily blow up. I am not sure the average taxpayer qualifies as an investor in a hedge fund.
Gotta love America! Only here can the villains of yesteryear become the statesmen of tomorrow.
I see Henry Blodget pimping his services on Bloomberg and CNBC sits Michael Milken down for a "Meeting of the Minds". (As an aside, that title alone is worth a post. When you have a meeting of "THE MINDS", an inference of superiority could be concluded. Subtle, but tacky.)
Can't wait for 2020 when the we have the following programs:
- Angelo Mozilo "Power Hour", where Angelo and his friends discuss all things concerning home ownership. Special guests will include, but not limited to, Senators, athletes, and famous persons.
- Bernie Madoff "Cooking with Ponzi" where he shows the true investor how to make "Mad Money". Wait, we already have that show.
Anticipation is a biatch. I CAN'T WAIT!