• Jim Rogers on Chinese Currency and Trade War: My Thoughts
    asiablues
    03/20/2010 - 19:47
    My take on views expressed by Jim Rogers at a BBN interview on Mar. 18 about the recent currency and trade confrontation between the US and China, the Canadian loonie and the U.S. bond market.
  • 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.

Frontrunning: November 25

Tyler Durden's picture
Submitted by Tyler Durden on 11/25/2009 09:02 -0500



  • 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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by m.g. turner
on Wed, 11/25/2009 - 09:04
#141856

check....check.....and.....check

there's nothing new under the sun....

by ZerOhead
on Wed, 11/25/2009 - 14:05
#142302

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?

by lizzy36
on Wed, 11/25/2009 - 09:08
#141861

amusingly jobless claims rose 68,000 on an unadjusted basis.

government stats = garbage in garbage out.

by bobby02
on Wed, 11/25/2009 - 09:19
#141889

I should think thanksgiving week is not the easiest for seasonal adjustment.

 

just saying

by bruce wayne
on Wed, 11/25/2009 - 09:33
#141904

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.

by bobby02
on Wed, 11/25/2009 - 10:24
#141978

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)

by Careless Whisper
on Wed, 11/25/2009 - 09:09
#141864

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

 

 

by snorkeler
on Wed, 11/25/2009 - 13:02
#142176

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.

by Oso
on Wed, 11/25/2009 - 09:26
#141897

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.

by mdtrader
on Wed, 11/25/2009 - 09:31
#141900

Yeah crude is breaking down, interesting. The Nikkei is breaking down just like it did in 2007 as a leading indicator.

by Divided States ...
on Wed, 11/25/2009 - 09:34
#141906

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

 

by Anonymous
on Wed, 11/25/2009 - 09:44
#141919

This thing is going to crash.

by Anonymous
on Wed, 11/25/2009 - 09:42
#141918

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?

by snorkeler
on Wed, 11/25/2009 - 12:56
#142169

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.

by Hephasteus
on Wed, 11/25/2009 - 13:04
#142180

LOL

by Gilgamesh
on Wed, 11/25/2009 - 09:49
#141927

Once again, CRE REITs slightly outperforming gold miners as the market prints red.

by WaterWings
on Wed, 11/25/2009 - 10:45
#141993

Vietnam? Vietnam!

Hey, Apocalypse - the domino effect is baaaAAaack!

by Assetman
on Wed, 11/25/2009 - 11:07
#142024

I wonder if the Vietnam Treasury has their own version of Eraserhead?

by WaterWings
on Wed, 11/25/2009 - 12:04
#142078

And they say politics is show-business for ugly people!

http://www.jhvu.com/images/tuananh.jpg

by perpetual-runner-up
on Wed, 11/25/2009 - 11:50
#142061

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?

by Anonymous
on Wed, 11/25/2009 - 12:14
#142095

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?"

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