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Frontrunning: November 25
- Jobless claims drop to 466,000 as everyone moves to emergency benefits (Bloomberg)
- Consumers maxing out credit cards as spending outpaces incomes (Bloomberg)
- Durable goods orders fall (Bloomberg)
- The other side of the bubble: China banks prepare to raise capital - tens of billions needed after lending spree (FT)
- Connecticut AG Blumenthal joins Ohio in suit against rating agencies (Bloomberg)
- Farmers not benefiting from stock market move as Deere reports subpar 2010 forecast (Bloomberg)
- Vietnam devalues currency by more than 5%, after claiming repeatedly it will not devalue currency - sound familiar? (FT)
- Home prices may be nearing another dip (NYT)
- The end of the soap opera: Porsche faces huge loss on VW stake (FT)
- Airbus A400 clients may advance loans to troubled plane maker (Bloomberg)
- Nomura fires two traders on derivatives marking breach (Bloomberg)
- Short-term vs. Long-term- Prechter moves to 200% short (MarketWatch)
- Zuckerman: Finding the right fix for too big to fail (WSJ)
- The stimulus bogus jobs saved (NY Post)
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check....check.....and.....check
there's nothing new under the sun....
Yup and if it wasn't for bad news there would be no news at all...
Anyone else getting nostalgic for some "green shoots" stories?
amusingly jobless claims rose 68,000 on an unadjusted basis.
government stats = garbage in garbage out.
I should think thanksgiving week is not the easiest for seasonal adjustment.
just saying
It is the week before Thanksgiving. Factoring in temporary holiday employment, you would think a surge in initial jobless claims, unadjusted, would be amplified by the seasonal adjustment, not erased entirely.
my bad, should have said around thnksgiving.
just for kicks, i pulled up last year's data. nsa was 89k more than sa.
Indeed, the biggest difference is around x-mas/new years, because of temps. (like an extra 422k nsa in Jan)
Front-run this too: Homeowners say IndyMac bank was "like organized crime". (ya think?) NY Judge says bank was "inequitable, unconscionable, vexatious, and opprobrious" and cancels debt.
http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQbWMI
They will bribe like there is no tomorrow to get the appeal heard by some hard-on pro business judge.
But its news now, so they better watch it.
anyone notice that even with DX being pillaged, oil is unch, and ES not really moving like it used to....?? it could be the holiday..... OR, it could be that we are close to the point where dollar moving down no longer works, as foreigners flee all dollar denominated assets, period. cannot be long risk here.
Yeah crude is breaking down, interesting. The Nikkei is breaking down just like it did in 2007 as a leading indicator.
Yup...everyone is jumping on the Gold-train/Silver-train. The run-up in Oil is over.
Yup, Nikkei is definitely a sign of things to come. bad things
This thing is going to crash.
Well I for one am so glad to see the American people maxing out all their credit cards before throwing them away.
I think the vast majority realize this is endgame before the big boom, so stock up now on whatever you can get while the getting is good.
We've got 1 million unemployed losing their benefits in January, 1 million in February, 1 million in March , 1 million in April, 1 million in May, and so on if the gruberment doesn't extend unemployment indefinitely.
There is no job creation period, we're still in free fall contraction mode.
Fancy a stab at picturing this country's economy in 2011?
Checked out any of those video's of Detroit on youtube?
Yup, just maxed out cash advances. The rest of the lines I will max buying as much food as I can over the weekend.
On my way to clean out my savings account. That part might be on the news later.
LOL
Once again, CRE REITs slightly outperforming gold miners as the market prints red.
Vietnam? Vietnam!
Hey, Apocalypse - the domino effect is baaaAAaack!
I wonder if the Vietnam Treasury has their own version of Eraserhead?
And they say politics is show-business for ugly people!
http://www.jhvu.com/images/tuananh.jpg
can someone tell me how 50+ weeks of first time jobless claims at 500k per week equals only 5 million in jobs lost?
Wouldnt that mean 25mm people have filed for unemployment insurance for the FIRST TIME?
What am I missing and how do these numbers add up in the MSM?
The MSM just republishes the Fed's Press Releases verbatum, usually with no actual thought. The MSM only cares about Ad Revenue, not analysis or facts.
The Fed must figure that only a fraction of the people with jobs actually work, so those jobs don't count.
Don't forget that the numbers for this entire year are going to be "corrected" in February, by about an additional 800,000 claims. That's 15,000 per week on average that you can add to the numbers.
It reminds me of the old joke about a CFO interview question, of "How much is 2+2"? The right answer is "How much do you want it to be?"