Frontrunning: June 23

• Gold set for growing role as reserve asset (FT)
• Volcker rule under attack as lawmakers seeks loopholes (Bloomberg)
• Melbourne-based Sonray Capital collapsed at 11pm yesterday, freezing 3,000 clients (SMH)
• Yuan shift won't make stocks better buys, Mobius says (Bloomberg)
• Nato warns against McChrystal dismissal (FT)
• Blanche Lincoln intervenes for Arkansas bank (WSJ)
• Schumpeter 2.0 (American)
• You did a heckuva jov Mr Orszag (RCM)
• Mamma Mia' goes dark, bankers stay home as G-20 hits toronto (Bloomberg)
• Did Greenspan channel or betray Ayn Rand? (Market Watch)
• Lessons from the 1930s and a rising renminbi (FT)
• ECB has been buying mainly Greek Government bonds, Mills says (Bloomberg)
• Oil slips on IEA outlook, rising US stockpiles (Reuters)
• Beware the "reverse conundrum" with treasuries (CFR)
• Dark prospects after Louisiana rebound (WSJ)
• From oversold to overbought in the blink of an eye (Trader's narrative)

Comments

[Temporalist]

Ahh gold up all morning but 30 minutes before markets open in U.S. it goes negative.

[Oso]

missed this one, f'ing disgusting, but same shit over and over.

http://online.wsj.com/article/SB10001424052748704123604575323121011316674.html?mod=WSJ_hps_LEFTWhatsNews

"Sen. Blanche Lincoln, one of the chief architects of the financial-regulation overhaul nearing completion in Congress, is pushing for a change that would benefit a bank in her home state of Arkansas.

The bank, Arvest Bank Group Inc., of Bentonville, Ark., is predominantly owned by the Walton family, of Wal-Mart Stores Inc. fame, perhaps the most influential family in the state and one of the richest in the U.S."

[Tyler Durden]

It's there - Blanche Lincoln intervenes for Arkansas bank (WSJ)

[docj]

Well, of course she did.

After all, she's probably going to be looking for a new job after 1/2/11.  Right?

Consider this a "Resume Enhancer".

[Rusty_Shackleford]

Ha!

Exactly.

[Miles Kendig]

“Underlying demand for housing absent the government’s tax credit remains disappointingly weak,” Guy LeBas, chief fixed- income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. “The housing market recovery is looking like a mirage.”

http://www.bloomberg.com/news/2010-06-23/sales-of-u-s-new-houses-plunge-...

Sooner or later government and financial officials will run headlong into that hard, unforgiving wall called objective circumstances.  When this happens the realization will dawn that the only people that have been getting fooled are those selling the lie of a debt fueled recovery during an overwhelming period of debt deflation.  Just as farmers in the dust bowl finally learned that their crops could not be saved by irrigating their crops by the bucket load and Ben's hose cannot be made fat enough.... Checkmate.

http://www.youtube.com/watch?v=sIEAJM-C3QE