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Frontrunning: October 20
- 20 reasons why capitalism is now dead (MarketWatch)
- Galleon's traders seek legal advice, share stock tips, update resumes as firms like Dick Bove's Rochdale pulls their money from Galleon (Bloomberg)
- Sarkozy calls dollar move against euro a "disaster," says an exchange rate
of $1.50 per euro “is a disaster for the European economy and
manufacturing sector” (Bloomberg) - PPI down -0.6 on flat expectations: looks like deflationary bonds will be right as always, or at least until the SPARC cores are turned on (Bloomberg and AP)
- New home construction at 590,000 below 610,000 expectation, new apps for building permits down 1.2% (AP)
- Arcandor's bankrupt catalog house Quelle shuts down after 82 years of operations (BBC)
- CAT's profit drops 53%, $7.3 bn in revenue on $7.5 bn estimates, but EPS "blows away" expectations and stock up 5% as per oldest trick in WS book - how much longer will this game continue (WSJ)
- The race to save Lehman Brothers (NYT)
- How Citi's Andrew Hall made $100 million last year (Time)
- Cerberus prepares Freedom Group gunmaker for IPO (WSJ)
- Should insider trading be legalized? (Minyanville)
- More trade red flags: truck business down at Eurotunnel (BBC)
- Lockheed posts higher profits, sees 2010 down (Reuters)
- Down the rabbit hole (Alhambra)
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Be amazed if somebody doesn't gun for 1.50 EURUSD and take out any stops above there.
Sadly, Hats off to the capitalism is dead piece.....
Wow, that was one uplifting piece.
No need to get out of bed, work, pay the bills or whatever, I'm just going to end up a slave.
Really? You think "Go see Michael Moore's movie" is an indication that capitalism is dead? Or a circle-jerk quote from perennially-wrong rabid-Marxist harridan Naomi Klein interviewing the same faux-populist dipsh*t Michael Moore is a good reason to nail the coffin shut on Adam Smith?
That "article" was tripe.
Indeed, that quote from the Moore interview was ridiculous. I'm all for exposing and expunging fascism and corporatism, but equating those with capitalism is just plain incorrect.
All these leftists hooting about the demise of capitalism...that ship sailed long ago. Maybe, possibly, if we're lucky we'll see an end of the corporatism soon, but may the gods help us if it is replaced by socialism.
If this hasn't been noted:
Moody's downgrades $259,000,000 ACA CLO 2007-1
http://www.reuters.com/article/marketsNews/idCNWLA616720091020?rpc=44
So how come the eu stockmarkets rise in tandem with the falling dollar ?
Why are Qatari's getting out of Barc's now? Fear of a Lehman's clawback?
I like watching the earnings from regional banks...of the ones I follow ZION and MI both reported terrible results. both down 8-10% today.
Higher Non performing assets, lower net interest income...you name it, it was worse than last quarter for these two banks, and i am assuming most regional banks.
MI had what i thought was an interesting comment about loans to other banks going bad...
MI was very telling...
And with this new 25% dilution, the stock is off 8% and rallying into the close. Well, heck; if WFC is better off now than '07 (based on stock price), why not MI too? It's oversold!