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Frontrunning: June 30

Submitted by Tyler Durden on 06/30/2010 08:58 -0400

The $5 trillion rollover (Reuters) -
good of Reuters to pick up on this theme. We
wrote about this is November, and the number is not $5 trillion, it
is $15 trillion
Yet another jobs miss: ADP comes in at +13,000 on expectations of +60,000 (Bloomberg)
Scrutiny of Goldman's board focusing on silence over conflicts (Bloomberg)
As expected, Alex now a hurricane (Bloomberg)
"Not only is Elena Kagan perhaps the most unqualified person to ever be
nominated to the Supreme Court, but she is a neoliberal globalist hack
who had the silver spoon of privilege surgically implanted in her Kagan
rectum at birth" - All in the Family; The Globalist Kagans of Brooklyn (American Everyman)
Putin rips Russian spy bust (WSJ)
Why Obamanomics has failed (WSJ)
Todd Harrison: Where we've been and where we're going (Minyanville)
Krugman spits in the faces of imaginary bond vigilantes (NYT)
JP Morgan talks its massively underwater BP book, sees someone buying BP instead of waiting for bankruptcy. Lehman - Barclays anyone? (AP)
Beware twitterers: SEC attacks fraud on Facebook, twitter (Securities Industry)
Crazy treasury bulls get it right (Barrons)
With federal stimulus funds running out, economic worries grow (LA Times)
Psychic octopus picks Germany to beat Argentina (Reuters)

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Wed, 06/30/2010 - 09:01 | 443960 Nout Wellink

I am sure Leo has a perfect explanation for the sorry job number. It will be much better next month, guys. Just be patient.

Wed, 06/30/2010 - 09:03 | 443962 EscapeKey

Wed, 06/30/2010 - 09:02 | 443963 HellZero

Regarding the massive treasury rollover, would it not be prudent for the treasury to issue massive amounts of 10-30 year debt to capitalise on low long-end yields?

Wed, 06/30/2010 - 09:09 | 443974 Turd Ferguson

Prudence! HAHAHAHA!

Half the debt is now under two years in duration just to keep total interest costs low. Now we're totally trapped. Can't let rates go higher nor can we lock in low rates farther out on the curve. If we do, the deficit explodes to $2T.

Wait a minute, how can there be a deficit if there wasn't a budget in the first place? Now I see.....

Wed, 06/30/2010 - 09:24 | 443999 HellZero

It is shocking, this path we are heading down.

Sooner we get to the end the better

Wed, 06/30/2010 - 09:10 | 443972 Popo

Paul Krugman thinks bond market vigilantes aren't going to eat his lunch? Paul has already been utterly discredited. He completely failed to recognize the housing bubble, and was blindsided by the economic collapse in 2008. That's no small accomplishment. To be unaware of the largest financial bubble in history isn't really forgiveable for an economist.

Now Paul is prognosticating that without further fiscal stimulus we will suffer a depression. (Nevermind the fact that we are already suffering said depression despite historically unprecedented QE, and will continue to suffer it with or without more QE). This is a man for whom prognostication clearly doesn't come easy.

The bond market vigilantes aren't some fictitious group. They're the players we all already know well. They'll be re-named vigilantes when they switch to the other side of the bond trade (counter to central bank interests) -- which will happen when QE sufficiently weakens the USD. It's a no brainer.

Wed, 06/30/2010 - 09:10 | 443976 Turd Ferguson

The douchebag Krugman can take his shiny little Prize and stick it up his fat ass.

Wed, 06/30/2010 - 09:32 | 444011 downwiththebanks

He and Kissinger can stick them up each-other's asses.

Get Sotero up in it, too.

Wed, 06/30/2010 - 09:30 | 444009 downwiththebanks

Krugman knows who they are. That's why he's writing this nonsense to shill for them.

Wed, 06/30/2010 - 09:10 | 443975 Careless Whisper

front run this too.

Now take your flu shot and shut up; FDR and environmentalists sent proposal to Congress to implement eugenics policy.

http://www.orionmagazine.org/index.php/articles/article/5614

Trader buys 7 million barrels of oil in "alcohol-induced blackout".

http://www.dailymail.co.uk/news/article-1290577/City-firm-PVM-Oil-lost-6...

Wed, 06/30/2010 - 09:37 | 444025 PeterSchump

Teddy is not FDR.

Wed, 06/30/2010 - 10:27 | 444122 Careless Whisper

my bad. key word "environmentalists"

Wed, 06/30/2010 - 09:27 | 444005 jkruffin

Just what the doctor ordered, another spending bill. I guess Timmy has some work to do.

http://finance.yahoo.com/news/Senate-combines-jobless-apf-2315520204.htm...

Wed, 06/30/2010 - 09:34 | 444017 Lux Fiat

Appreciated the link to last Nov's "The U.S. Lunatic Asylum (i.e., Economy) Is Facing Approximately $15 Trillion In Roll Risk By 2012". Had forgotten how good that article was, and now, it's even more timely.

Krugman should get replaced with the psychic ocotpus. Forecasting accuracy could only improve.

Also, there was a storyline on the main webpage of another (cough) site - "Double-Dip Trade Is Probably Overdone" by Larry Kudlow. All I can say is that he is one of the better contrarian indicators out there.

Wed, 06/30/2010 - 09:51 | 444060 cognitis

silver spoon of privilege surgically implanted in her Kagan rectum

Perverted homosexual rage?

Wed, 06/30/2010 - 09:56 | 444070 jkruffin

Bernanke had a Big Bertha Driver hosel implanted in his

Wed, 06/30/2010 - 10:01 | 444079 hedgeless_horseman

Jewish doctors moving in on Rabbis' turf with unnecessary but lucrative procedure for newborns.

Wed, 06/30/2010 - 10:35 | 444134 -273

See this too?

How a broker spent $520m in a drunken stupor and moved the global oil price PVM Oil Futures trader Steve Perkins bought 7m barrels of crude in late-night trading binge on his laptop, driving the oil price to an eight-month high.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7862246...

Wed, 06/30/2010 - 10:58 | 444161 michael63636