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Frontrunning: November 5
- This is just the beginning: Bank of England extends Quantitative Easing by 25 billion pounds to 200 billion, holds rates steady, wishes it could push rates to -50% (Reuters)
- ECB holds rates, clues on withdrawal sought (Reuters)
- No Solitaire was played in Q3 - worker productivity jumps 9.5% in Q3, while unit labor costs fall 5.2%, in other news, this year your bonus is your job, like last year (Bloomberg, AP)
- From the wrist slap department: UBS fined 8 million pounds by UK regulator for unauthorized trades (Bloomberg)
- Professor Colander tells Congress economic models are flawed (Wall St. Cheat Sheet)
- John Crudele: Obama's gibberish on jobs makes my job easy (NY Post)
- Japanese investors saying "no thanks" to government bonds (Seeking Alpha)
- JPMorgan deal arranging Alabama swaps provided payoffs including Rolex watches, designer clothes and cash (Bloomberg)
- India shows hedge fund savvy with gold buy (Bloomberg)
- RIMM buying back $1.2 billion in shares as growth slows, Apple keeps eating lunch (Bloomberg)
- In other UBS news, the bank gets fewest "buy" ratings as analysts fret over fleeing clients (Bloomberg)
- Jobless claims fall to 512,000 as exhaustion rate keeps accelerating (Bloomberg)
- Where did the money go? (FinReg21)
- Consumer spending: slow growth - not no growth - ahead (Morgan Stanley)
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Take it from an insider, economic research done in academia is more fraudulent than all the CDS written by AIG.
School budgets bloated by easy access to student loans has produced a perverse system of incentives.
Max Keiser on GM: US predators sacrifice workers as lambs
http://tinyurl.com/ygfmdhw
some thoughts on productivity and perhaps a view to the future for American workers
http://www.cornellsun.com/node/39250
And sterling went up initially! On top of that I just got a cold call offering mortgages. They are back! Housing Bubble 2.0
Mortgages?..looks like we'll be the renter society...
man those bankers made out like bandits..
securitized principal...fees up the wazoo...reimbursed for loss...subsidized for leverage...back stopped on risk....
now they'll annuitize your future...
so much for HAMP....looks very DAMP
Fannie Mae to rent out homes instead foreclosing
http://finance.yahoo.com/news/Fannie-Mae-to-rent-out-homes-apf-332039372...
"The models are useful and were useful at some point, but they quickly lost their usefulness. In order to make them manageable they had to use so many assumptions that they deviated so far from reality and ultimately stopped shedding light on reality."
restated : Validity of an model (or idea/concept) drops off the further one goes from the core.
http://wallstcheatsheet.com/knowledge/medal-of-honor-professor-david-col...
Maybe the BOE is going to save the entire Euro Zone?
http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-05112009-AP/EN/4-051...
Kimco offering today's green shoot to spur the mall REITs to new highs:
http://www.reuters.com/article/marketsNews/idCNN046507020091105?rpc=44
NEW YORK, Nov 4 (Reuters) - Kimco Realty Corp (KIM.N), the largest U.S. strip mall owner and developer, reported a 36-percent drop in quarterly funds from operations, hurt by lower occupancy and stores vacated by bankrupt retailers.
The company, which also lowered its forecast for the year, reported late Wednesday that third-quarter FFO fell to $112.6 million or 30 cents per share, compared with $176.9 million, or 68 cents per share in the year-earlier period.
Most of the sector, at this moment, including KIM, is down to flat in response. Think that most non-Zombies already know that they are a "little" overextended?
Not sure we're seeing the same quotes. Everything else green, many of them by multiple %s.
If Japanese investors are not willing to buy their own government debt......why would they buy ours? I know thier banks are and have been zombies for a long time....but Japanee pride actually runs a lot deeper and stronger than ours here in the states (which really does piss me off). Japanese default within 18 months........and closing in!
John Crudele's article is great. Thanks for the link.
no mention in the gloomberg article what currency india used to buy the gold.
guess it's not important.
humble addition, 420 edition:
http://online.wsj.com/article/SB125736987377028727.html
look at those plants!
growing pot on the reservations -- now that's change i can believe in...