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Frontrunning: November 16
- Retail sales ex-autos at 0.2%, miss expectations of 0.4%, huge downward September revision (AP)
- Evans-Pritchard: China has now become the biggest risk to the world economy (Telegraph)
- Remember Europe? Greek bonds decline, spread with bunds widest in four months (Bloomberg)
- NY $10 billion budget gap looms as lawmakers returns to Albany (Bloomberg)
- Obama talks human rights, censorship with Chinese students but event is not broadcast nationally (ABC)
- GM reports $1.2 billion loss, generates $3.3 billion in cash
courtesy of CfC and other subdisides that keep it out of liquidation,
threatens to pay back government loan back with more government money (Bloomberg) - UBS's debt trading may be key for profit revival (Bloomberg)
- Reid's health overhaul bill likely to split senate democrats (Bloomberg)
- Airbus parent EADS swings to loss, provides no guidance for year (MarketWatch)
- Reviewing the dollar's outlook (Brown Brothers Harriman)
- Niall Ferguson: The great wallop (NYT)
- The debt economy (New Yorker)
- If this is a recovery, where are the taxes? (Mauldin)
- Are stocks forming a major top? (CCM)
- Lowe's misses earnings, profit plunges 30%, provides weak Q4 guidance (MarketWatch)
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The biggest indicator of an actual recovery IS tax receipts. When we start seeing THOSE rising (other than from massive tax increases themeselves) from actual sales tax revenue and corporate revenue...then I might start believeing the utter bullshit numbers the whitehouse is pushing out to the herd.
/facepalm
no.... wrong ... and if you dont know why, then you are bigger moron than i thought you were .... go back to yahoo boards ... you will fit there better ...
that seems a little unnecessary. teach a man to fish, don't break his rod
Don't sugar coat it Cheeky. Give it to him straight.
To try and reword what his intention was, I think he was just trying to reiterate what Karl Denninger has stated many times, that everything else being equal, sales tax receipts are an indicator of consumer activity (not economic recovery).
This is the only economic headline that matters anymore.
"Dollar sinks as S&P rises. Traders will stay in the market and try to time the collapse of the carry trade by transfering their money out to gold a few milliseconds before financial armageddon."
Yahoo boards? What is a yahoo board? I may be from KY but I dont use it! What metrics do you recommend cheeky? Does Liesman help guide your trading?
of course you don't know what yahoo board is, given that you are a redneck .... and what is that on you avatar, your militia leader or something ...
haha. you are a ruthless man cheeky
Alright Francis, take it easy...
dude ... wink wink ...
Did you just use that guys voice to say that? I swear you said it in HIS VOICE. It's like when you read something professor farnsworth says on furturama. It's always in HIS VOICE.
JUDGE'S RULING:
(Uhuh... okay... yeah...)
IT'S LEGAL. No immediate or direct threats of physical violence to person or property. Continue to bash away.
I am pretty shocked about the Commerce Dept's downward revision on Sept sales.
It's pretty rare for the USA government to make errors on the economic datapoints.
Maybe they should team up with DOL's BLS group to learn how to accurately report numbers.
The house of cards is built on lies, fraud, CONfidence and these chickens will come home to roost.
Stocks are up simultaneously with a 30 bp flattening of the 2/10 spread. Makes sense.
OT:
Does anyone know what's up with Palladium the last week? Are there possible issues in Russia or South Africa, or is it simply hedge funds (GS included) gunning the price? If that's not the case, the platinum/palladium spread is huge which drives up demand for palladium for industrial uses like catalytic converters, so there may be more upside potential here than with other precious metals. Just watch out for a pump and dump.
With all due respect, Evans-Pritchard is an idiot. All of a sudden producing finished goods that the rest of the world consumes at a low price is "harmful" to the world economy. The biggest risk to the world economy is the United States - PERIOD.
With all due respect, mercantilist policies are harmful to the economy. That is why the neoclassical economics dismissed them in the 18th century.
Running Ponzi pyramid schemes is much more harmful IMHO. It was the US which destroyed the world's monetary system by declaring bankruptcy...er..."going off the gold standard" and now is blaming other nations for imbalances in world trade. What else did it expect from a sinking...er..."floating" purely fiat currency exchange rate regime? The US has nothing but ITSELF to blame for the mess it is in, and has dragged the whole world into the mess alongside it by forcing other countries to use dollar as the reserve currency. Patriotism is all well and good, but not when it's based on a foundation of lies.
Hey Mr. Gekko What is the game plan if we can't trust the gold we are buying? Or is the following article just BS?
http://www.marketoracle.co.uk/Article14996.html
Gld ETF Warning, Tungsten Filled Fake Gold Bars
Commodities / Gold & Silver 2009
Nov 12, 2009 - 12:22 PM
By: Rob_Kirby
“Gold Finger - A New Take On Operation Grand Slam With A Tungsten Twist”
I’ve already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank – who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences:
As usual the only thing that matters today is not retail sales or any other economic figure, just is the dollar going down still and if so, carry on buying anything you can get your hands on