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Frontrunning: November 2 - Pre-QE2 Day... Oh And Some Meaningless Election Is Going On
- Democracy’s Rich Pageant (The Awl)
- Democratic power at risk (Reuters)
- US Federal Reserve's latest bubble threatens mayhem: The prospect of more quantitative easing (QE) is driving government bond yields to levels that price in a depression (Telegraph)
- Fed easing may mean 20 percent dollar drop: Gross (Reuters)
- US Shifts G20 Currency Focus To Trade Deficits (FT)
- Robert Rubin dares to show his face with an FT oped: How America can withstand the headwinds (FT) - here's how, go back in time, and make sure Robert Rubin was never in position of power. Does that work?
- Lessons From a Lost Decade (Hussman)
- China's Hu Jintao Says Country's Yuan Policy Is Responsible, Figaro Says (Bloomberg)
- Ireland May Have One Month to Stave Off Bailout: Euro Credit (BusinessWeek)
- Merkel: Private Creditors Must Share Losses In Future Crises (Market News)
- IMF speeds gold sales amid soaring prices (FT)
- China's Dollar Borrowing Costs Tumble on Ratings Outlook (Bloomberg)
- Europe's attempt to quickly make every insolvent bank TBTF continues: BBVA launches €5bn rights issue, seeks joint control of Turkey's Garanti Bank (FT)
- Australia, India Raise Rates to Slow Inflation Before Fed Move (Bloomberg)
- BP ups spill cost to $40 billion, profits beat forecast (Reuters)
- If the Irish Budget fails to convince markets of our financial independence the game is truly up, writes Colm McCarthy (Independent, h/t JAFO)
- China Lets HKMA Buy Yuan Assets, Diversify Reserves (Bloomberg)
- Apple has 95 percent of tablet market: Strategy Analytics (Reuters)
- ECB Smacdown: Junker v Weber (El Pais, h/t JAFO)
- GM seeks to raise $10bn in landmark IPO (FT)
Economic Highlights:
- Australia RBA Cash Target 4.75% - higher than expected. Consensus 4.5%. Previous 4.5%.
- Japan Monetary Base 6.4% y/y. Previous 5.8% y/y.
- Euro-Zone PMI Manufacturing for October 54.6 - higher than expected.Consensus 54.1. Previous 54.1.
- Germany PMI Manufacturing for October 56.6 - higher than expected.Consensus 56.1. Previous 56.1.
- Italy PMI Manufacturing for October 53.0 - higher than expected.Consensus 52.8. Previous 52.6.
- Spain PMI Manufacturing for October 51.2. Previous 49.6.
- UK PMI Construction for October 51.6 - lower than expected. Consensus 53.0. Previous 53.8.
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A vote for a republican is the same as voting for a democrat. the only slight difference is the union interests vs corporate interests.
i think the only way your vote will count is if you vote 3rd party...
but the insane democratic policies may force me to vote republican.
i feel so manipulated...
The Libertarians ran a surprisingly strong slate in Texas this year. Damn near every position had a Libertarian running for it, and there was an option to vote straight ticket Libertarian.
If this spreads, there may be a real chance of a third party taking power in 2012.
History says you will be correct:
http://ragingdebate.com/uploads/image/Party_Retention.gif
http://ragingdebate.com/uploads/image/Party_Retention_Rates.gif
http://ragingdebate.com/uploads/image/Seats.gif
But the U.S. is empire. Those in power just might be able to push it off because of external threats that are pre-empted to avoid restructuring from favorite, insider pals that don't intend to lose one cent of the trillions in fascist booty.
An independent party lacks independent media at the scale required to force restructuring of debts on creditors in a balanced method and reassign seed funding for future vendors. Wars are the expected outcome of the CB model running out of steam. This time won't be different.
A determined, unified, people could do much.
maybe next time
"If this spreads, there may be a real chance of a third party taking power in 2012."
Dream on. The idiocracy will continue to choose between the two "major" parties until the bread and circuses end at which point they'll follow some neo-fascist moron who looks good on TV.
… just so much sound and fury, signifying nothing.
The economy cannot be fixed, the environment preserved, or civil liberties protected without ending what both major parties constantly support, namely global militarism and financial racketeering...
Ditto!
Triple digits on the DOW by 9:31:01 EST.
Same as it ever was.
Even Marc Faber says buy equities. As I've said for a while now, we're going to see nice gains into the end of the year on these stupid Fed moves. Sinking dollar means higher stock prices. Keep on buying.
High prices in an even more rapidly depreciating currency...why would you buy equities unless you have a fervent belief that the dollar will return to strength before you sell, pray tell?
Keep on buying! ;)
Some poor souls are actually short equities. Imagine how that's going to feel? Better to be long and gain something than nothing.
Voting Republican means that the FED may be a bit more refrained, and it may thus increase the rapidity of the keynesian Ponzi downfall. I'm not an American but I would vote Republican, even though I don't share their ideas and hate bipartism.
The Fed answers to no politician, only to the heads of the TBTF's of this country.
We need a Ron Paul saying get rid of the FED. We all know we are never going to get rid of the FED......Rick Santelli.
Squalkbox this AM
But Rick, the FED is unconstitutional. Why can't we get rid of the FED?
Looks like the European manufacturing indices were all BTE echoing China and US. Beginning to look like the recovery is gaining broader traction.
Have you noticed the sudden intraday drop in the dollar index? It could mean that some 'insiders' had a glance into Helicopter Ben projects for tomorrow. And it will be far more than 500 billion.
Do ya think? On both points. Yes insiders already know the magnitude and yes it's going to be at least a couple trillion. Probably more.
Ahhh election day in a corporate fascist society. Good day to get stoned to the Be Jesus Belt.
Robert Rubin dares to show his face
testimony, under oath, that mister rubin, while at citi, was told that citi underwrote mortgages that were 80% defective in 2007:
http://fcic.gov/hearings/pdfs/2010-0407-Bowen.pdf
Dear Fed:
Work the 7 year and the 10 year down just a little further and you may have all of my bond supply.
Sincerely yours,
Bobert
Remember a few tea party types can get the ball rolling in congress to change the elites choke hold ..keeping the same old R and D's in office is called suicide of your freedom.
The Tea Partiers just want to feed themselves from the same troft as the Dems and Repubs. They will be in the K-Street's pockets before they unpack in DC. No one survives in politics without kissing the ring of K-Street.
In Detroit on business this week and met with some auto execs yesterday. They were giddy and fairly arrogant. It's like nothing happened here. I will quote one of them who said, "Once we hit over 12 million units, it'll be like printing money here. It's really going to take off."
Interesting when you get out here in the real world and see what's truly happening.
They are just giddy and arrogant because they are expecting the excess liquidity expected to be sloshing around thanks to QE2, will result in another Clunkers program. They are rightfully giddy for that fact. The problem is that QE2 will have an inverse effect in the long run due to sustainability has yet to be established. Running up input prices and commodities is going to end up causing the growing EBT card receivers to need more money to pay for things, which will in turn strain the already blood red state budgets. Tax income is down and will stay low with no jobs, and tax increases not passing with a locked Congress. QE2 will buy us 1 to 2 years max until we are hit in the face with austerity or death.
So it should really take off in 2017. I will mark my calendar.
QE 3 leaving the station. Never heard of that ship? It's "under construction." What does that mean? To be "under" "construction"?
Is that a White star liner?
Smell ice, can ya? Bleedin' christ.
This is a sad day for me. For the last 20 years i have been voting for the lesser of 2 evils and i am just fucking tired of this shit. Do not even want to vote. Protest 3rd party vote for me.
Lets face it ones civic duty is better exercised getting loaded @ the strippers. At a minimum one is stimulating ones local economy. Trickle down economics :)
In the US elections are nothing more than auctions.
Some of us require more stimulus than others to get that trickle started.
That little gem made my morning.
but...but...Rubin's a good Harvard boy.
Whenever the FED starts printing, the ECB will do the same.
LET'S ROCK AND ROLL BITCHEZ!!
I wanted to vomit when I saw the rubin thing in the ft. Amazing how we keep recycling our faulires and give them a voice. proof that an oligarchy exists in the us that can't be ousted.
at least in commie countries they'd get a show trial and put away or other more suitable punishment.
geithenr, bernanke, Greensapn, Rubin, summers. all these people shpould have no voie at all and should b discredited based on their records. but the oligarchy keeps them around because they are owned lock stock and barrell.
since we pretend to be a democracy they can bring there people back. In china they'd have to get rid of them because they would be worried the people would riot. Interesting how they can't vote, but somehow the leadership has to in fact act at times when our elected leadership ignores us.
If the world was the way it should be they would be in jail, or at least afraid to show their face in public. when are the sheep going to rise up and put an end to this nonsense
you should vote for "Change"...
Well, you'd be a fool to think the 2008 election was meaningless. Hopefully that wasn't the last one that mattered.
Chart: SPX
Fuck the election. They're all liars and thieves.
http://99ercharts.blogspot.com/2010/11/spx_5857.html
http://www.zerohedge.com/forum/99er-charts
Went to vote this morning, they didn't even check my ID to see if I was, who I said I was, and that to me is very scary. Our elections need to be cleaned up and fast. I can easily go back later today and claim I am my neighbor and they wouldn't know the difference. Voting has become a crock in this country. Like I said before, and was touted in a Tech Ticker article a few months ago, if voting changed anything it would have already had a backdoor law passed in the middle of the night to make it illegal.
Ah, yes, it's time once again to ignorantly bounce back and forth between two equally corrupt, bought and paid for political machines like lemmings in a game of Find the Cliff.
This single political cartoon says it all:
http://www.dvorak.org/blog/wp-content/uploads/2010/10/Dem_Rep.jpg
Robert Rubin can be summarized in three words "Lying hypocritical cocksucker". Hey Mr. Rubin only drunk London chicks passed out on the street with an FT crumpled up coincidentally where they passed out want to read YOUR opinion---ASSHOLE.
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