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Frontrunning: May 18
- The only relevant piece from today's economic barrage: building permits down to 606k vs 680k exp., previous 685k
- Stephen Roach Op-Ed: New battle plan needed for a crisis-prone world (FT)
- Now this is funny: Goldman Sachs, facing a fraud lawsuit from U.S. regulators who accuse the company of misleading investors, is trying to convince more Americans to trust the firm with their retirement funds (Bloomberg)
- How the 'Flash Crash' Echoed Black Monday (WSJ)
- The day the Dow dived (NY Observer)
- Debt woes spur "Lehman II" concern for Europe's banks (Bloomberg)
- Obama wins (for now): banks agree to bail out ShoreBank (Fox Business)
- EU threatens severe treatment for debt speculators (Reuters)
- HFT goes mainstream: USA Today - Time to put the brakes on high-frequency stock trades (USAToday)
- Federal mortgage insurance: the next di$a$ter (NYPost)
- Thomas Weisel charged with "account stuffing" securities fraud (FT)
- Is it time to criminalize Wall Street Broker-Dealers? (WSJ)
- State finances rigged in conspiracy by banks, advisors (Bloomberg)
- So much for the biggest LBO in years: Blackstone-led group drops plan to buy Fidelity National (Bloomberg)
- Treasury bonds have their own risk factor: interest rates (WaPo)
- The Goldman Rule (The Notion)
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"building permits down to 606k vs 680k..."
They must be talking about bomb shelters; cuz it sure as hell ain't residential or commercial construction. It's dead as doornails in and around Atlanta. And the legal sections are posting record foreclosures - business and residential. Up or down, this is still Vitamin H through an IV.
Most terrifying thing I have ever read.
My area: builders are using lots in previously developed subdivisions and vacant since the crash. They've started/built like crazy the past few months in time for Spring selling with the magic price point at @300k. (kind of funny to see neighborhoods where once the McMansion are 3500SF and brick but are now being populated by 2500SF and white vinyl siding. The difference is, I suppose, worth about $250k) Still, nothing is moving. Starts are crashing again.
Call your senators!
They're finishing up banking regulation right now. The Levin-Merkley amendment is our closest shot at re-imposing Glass-Steagall. Current reports are that it has a majority, but not enough to overcome a threatened fillibuster.
Your senators are hearing from the banking lobby right now - they need to hear from you that the electorate is actually paying attention.
I noticed something interesting (at least it is to me).
Yahoo Finance has not updated the price of gold since May 7th!
They give a gold quote right under the DOW, Nasdaq, etc. Even if you click on "gold" you don't get a current quote (as you do with anything else). You get the May 7th info.
What is that about?
very confused by posting. building permits lower than expected brings futures UP?
Last week a guy driving a pickup offered to fix my roof cheap, but he needed payment in advance to buy materials. Being a trusting person I wrote a check, and I'm sure he will be back soon. Now where do I go to hand over my retirement savings to this Goldman outfit? I hear they are very smart and will make sure I get what's coming to me.