• Armstrong Economics: Entering Phase II of The Debt Crisis
    Chopshop
    03/20/2010 - 04:48
    Phinance's phavorite political prisoner, Martin Armstrong, cautions that "the EU is in dire position", on the precipice of shattering. Since "debts will never be paid and interest expenditures are the greatest transfer of wealth in history ... Western society is falling apart ... If we do not act, civil unrest will explode. The current choice is DEFAULT or HIGHER TAXES & CIVIL UNREST ... Someone has to step forward to save us or we may be doomed. It's time to wake up for this is the future of our children and their children at stake. "
  • China's Fragile Economy, Its Housing Bubble, and What It Means To Us: Download
    Econophile
    03/20/2010 - 00:41
    As promised, here is the complete article, "China's Fragile Economy, Its Housing Bubble, and What It Means To Us," in a downloadable PDF. You can download it, print it out, and read the entire piece at your leisure. The conclusions aren't encouraging, for them or us.
  • Europe's Commercial Real Estate Timebomb?
    Leo Kolivakis
    03/19/2010 - 17:00
    Europe faces a commercial property debt timebomb with almost €1 trillion (£896bn) outstanding from the sector and a quarter of that potentially distressed. The UK accounts for 34% of the €970bn total, with Germany second with 24%. Not to worry, global pension funds are busy snapping up properties but do they really know how long it will be before this crisis blows over? And what if it gets a lot worse before it gets better? Are pensions prepared to deal with those losses?

Frontrunning: November 10

Tyler Durden's picture
Submitted by Tyler Durden on 11/10/2009 09:05 -0500



  • SAC said to tell clients a review found no suspicious trading (Bloomberg)
  • John Crudele destroys the fabricated data coming out of the BLS: real unemployment at 22% (Post)
  • The Mishkin galatic stupidity trifecta:
    • After destroying Iceland, finance "guru" Fred Mishkin says asset bubbles are a good thing (FT) - Where does the Fed find these sociopaths?
    • And even more toxic filth out of the Iceland destructor: The Fed is Already Transparent (WSJ)
    • As a reminder, Fred Mishkin, was left the Fed in disgrace in 2008, has credibility boredring on negative infinity (Zero Hedge)
  • Charlie Gasparino on mollusks and purported credibility: Goldman Sachs doing god's work (HuffPo)
  • Hedge funds are ready for new boom in start-ups (Bloomberg)
  • Russia central bank continues anti-ruble interventions (FT)
  • Keynes, Friedman give way to the master of gloom (Bloomberg)
  • Don't buy Treasuries says Willem Buiter: Fed to raise rates (Bloomberg) - sure...in 2049
  • The country that is supposed to lead Europe out of the recession not doing too hot: German investor confidence drops on weaker outlook (Bloomberg)
  • Talk about mismarking: even with the CDS market ripping tighter, MBIA reports over $700 million CDS loss in Q3 (Bloomberg)
  • Barclays net drops 54% in impairment charges: not even getting Lehman assets for a penny can save the firm anymore (WSJ)
  • Cause who needs loans when you have a bubble: AIG Consumer Lender group shuts down 25 branches, fires 300 people (Bloomberg)

 

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by TraderMark
on Tue, 11/10/2009 - 09:08
#125715

Albert Edwards of SG calls for new lows in 2010

http://is.gd/4RKEg

Albert Edwards, an analyst at French bank Societe Generale who correctly predicted the Asian financial crisis, sees global equity markets at a new low and chances of another global recession in 2010.

"People should question the happy clappy nonsense from sellside analysts," London-based Edwards, a global strategist with SocGen's Corporate & Investment Banking group, told a media briefing. "We are not saying that people should not participate in the rallies -- that will get you fired as a fund manager -- but they should not become too convinced of the recovery," he said

He said while inflation was a concern, deflation was a bigger worry in the near term, at a time when western and Japanese governments were effectively insolvent. 

by Racer
on Tue, 11/10/2009 - 09:23
#125726

True unemployment more probably at 22.1% Now why doesn't that surprise me.

 

Fiddle, fiddle, tweak and spin.

 

How long will it be before the people get really fed up with all the lies and seeing the banksters get away with what they have done to the ordinary people and still get huge payouts?

by Veteran
on Tue, 11/10/2009 - 09:26
#125728

Sanders' Too Big to Exist petition.  Sign it and pass it along

 

http://sanders.senate.gov/petition/?uid=c53f1aca-5881-403e-928b-a25980cb4e0c

by Anonymous
on Tue, 11/10/2009 - 09:41
#125733

you right about the sociopath thing, downright gormless spectacles.

http://image.minyanville.com/assets/FCK/Image/mishkin%281%29.jpg

by Anonymous
on Tue, 11/10/2009 - 09:48
#125740

What a relief that SAC tells us that everything's on the up and up! Just like Iran and Madoff and the SEC, criminals always tell you when they're being bad...

by MinnesotaNice
on Tue, 11/10/2009 - 10:00
#125746

I and plenty of others think that Hayek is wrong. The U.S. won’t necessarily tip into socialism. It will eventually again embrace markets. Too bad we’ll all have to endure the long wait to find out if we’re right.  Amity Shlaes

I don't agree... the bailout bell has been run too loudly and for too long... and it simply cannot be unrung... we will never go back to free markets... as if they ever were free... they will always have the hand of the government to backstop them creating great distortion, corruption, and an implied socialism (or as Cheeky would say fascism).

by Anonymous
on Tue, 11/10/2009 - 10:03
#125749

good thing Zero has off shore servers

Justice Dept. Asked For News Site's Visitor Lists

http://www.cbsnews.com/blogs/2009/11/09/taking_liberties/entry5595506.shtml?tag=mncol;txt

by Steak
on Tue, 11/10/2009 - 10:14
#125762

Even in me redpill days, I almost threw up all over my economics textbook written by mishkin.  I think it was actually the first textbook I read that I could emphatically proclaim was total BS.  I ignored what the book said and practically dared the teacher to fail me for writing real-world answers to her questions.

Gag me with a freaking spoon...

http://www.bestwebbuys.com/The_Economics_of_Money_Banking_and_Financial_Markets-ISBN_9780321122353.html?isrc=b-search

by Edna R. Rider
on Tue, 11/10/2009 - 10:15
#125763

The performance of the dollar and that silly ETF UUP has to make the Fed proud today.  I thought it might actually go up.  But alas, no such thing.

by Screwball
on Tue, 11/10/2009 - 10:23
#125766

I was impressed the dollar was trending up, until exactly 9:30 when it changed directions and headed back down.  Market up, dollar down.  Wash, rinse, repeat.

by Racer
on Tue, 11/10/2009 - 10:45
#125790

Same as usual it seems, dollar down and market up

 

When it is just toooo easy it snaps back in your face, like the bears earlier on in the year... all you had to do was short every day and it was 'easy' money

 

But when you have all buyers and no sellers, or all sellers and no buyers, something has to give

by Ruth
on Tue, 11/10/2009 - 10:56
#125811

For the layperson, can I suggest the newest Warren Pollock video, channel subscription recommended:  http://www.youtube.com/watch?v=z-y-hehqSXo

And some reference: http://www.boston.com/bostonglobe/ideas/articles/2009/09/13/why_capitalism_fails/

this may be a repeat, but Warren is a great source.

by Anonymous
on Tue, 11/10/2009 - 11:42
#125892

Never sAy never, cap will preveil

by Racer
on Tue, 11/10/2009 - 12:00
#125898

Today's news not so hot from EU and US!

 

 

GMT                     Current  Expected   previous         

 

 

10:00EUR Euro-Zone ZEW Survey (Economic Sentiment) (NOV)     51.8    58.0        56.9 

 

10:00 EUR German ZEW Survey (Current Situation) (NOV)   -65.6                -70.0                -72.2        

        

10:00  EUR German ZEW Survey (Economic Sentiment) (NOV)         51.1                55.0                56.0

15:00   USD IBD/TIPP Economic Optimism (NOV)                                47.9                49.0                48.7          

by ghostfaceinvestah
on Tue, 11/10/2009 - 12:34
#125968

One big difference between the US and Japan - if we were Japan, Mishkin would have stuck a sword in his stomach by now.

by Anonymous
on Tue, 11/10/2009 - 12:49
#125990

Umm, Mr Mishkin's not very bright for someone with as many qualifications as he has...

DavidC

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