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Frontrunning: October 20
- Bank of America Accused of Racketeering in Foreclosure Lawsuit in Indiana (Bloomberg)
- Fed to Buy ’Plenty’ of Debt, If Needed, O’Neill Says (Business Week)
- China-Japan South China Sea fiasco returns: Spokesman: Japan FM's remarks are 'shocking' (China Daily)
- FBI Investigating foreclosures (AP)
- Chicago sheriff says no to enforcing foreclosures (Reuters)
- France faces more protests as pension vote looms (Reuters)
- Pimco Says U.S. Economy Will Disappoint With 1.75% Growth (Bloomberg)
- China Rate Move May Lure Capital, Complicating Policy (BusinessWeek)
- Michael Pettis on FOMC Rate Hike (Mpettis)
- India Warns on Damage from G20 Tension (FT)
- N.Y. Fed Adds `Weight' to Mortgage Investors Seeking Relief (Business Week)
- High-Frequency Product Cadence/Self Cannibalization: Apple's Steve Jobs to Unveil Updated Macintosh Line, Software (Bloomberg)
- King Says G-20 Needs `Grand Bargain' to Avert Protectionism (Bloomberg)
- We May No Longer Be Entitled to "Entitlements" (Barrons)
- The once and future kingdom of austerity: The U.K.'s Conservatives repudiate European welfare state (Wash Times)
- Osborne cuts to usher in ‘sober decade’ (FT)
- EU Moves to Soften Debt-Sanctions Plan (WSJ)
- BOE Case for More Stimulus Is `Weaker Than It Was,' Niesr Says (Bloomberg)
Global Economic Data
- Germany Producer Prices for September 0.3% m/m 3.9% y/y - higher than expected. Consensus 0.2% m/m 3.8% y/y. Previous 0.0% m/m 3.2% y/y.
- Italy Industrial Orders s.a. for August 7.3% m/m - higher than expected.Consensus 3.5% m/m. Previous -3.0% m/m.
- Italy Industrial Orders n.s.a. for August32.4% y/y - higher than expected.Consensus 10.4% y/y. Previous 0.7% y/y.
- Italy Industrial Sales s.a. for August 2.8%.Previous -2.7% m/m.
- Italy Industrial Sales n.s.a. for August 13.5%.Previous 8.9% y/y.
- UK Bank of England Minutes
- UK Public Finances (PSNCR) for September 20.7B - higher than expected.Consensus 15.3B. Previous 5.8B.
- UK Public Sector Net Borrowing for September 15.6B - higher than expected.Consensus 14.5B. Previous 15.3B.
- UK PSNB ex Interventions for September 16.2B - higher than expected.Consensus 14.3B. Previous 15.9B.
- UK M4 Money Supply for September -0.3% m/m 0.9% y/y - lower than expected.Consensus 0.3% m/m 1.5% y/y. Previous 1.9% m/m 14.6% y/y.
- Australia Westpac Leading Index -0.1% m/m. Previous 0.3% m/m.
- Australia DEWR Skilled Vacancies -0.5% m/m.Previous -0.7% m/m.
- Japan Coincident Index CI 103.3.Previous 103.5.
- Japan Leading Index CI 99.5.Previous 99.1.
- Japan Convenience Store Sales 12.9% y/y.Previous 1.0% y/y.
»
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All is well... nothing to see here... move along now
It's POMO day!
October CFO magazine has a very pessimistic survey report of CFOs. Pessimists outnumber optimists 4 - 1. Fifty-three percent of firms increased earnings and 33% report they cannot sustain current trends beyond the next six months.
Generally, CFOs fear a double dip as no changes in financial reform or credit conditions are anywhere to be see.
http://www.cfo.com/
The 2000 : 1 sell-to-buy was a clue as to their 'pessimism' (more like pissing-their-pants-imism).
Karl Denninger has a great piece out this morning which is a must read...
http://market-ticker.org/akcs-www?post=169697
If the J6Ps could stand still for 5 seconds to get their heads around half that stuff their fury would be insatiable.
The banks have for a very long time raped and corrupted every part of the financial and judicial system.
Sorry J6P America is no longer yours. Your respective heros (left and right) have sold you down the river.
http://www.cnbc.com/id/39754296 For Jim Rogers fans.
(Reuters) - Britain said on Wednesday it would cut half a million public sector jobs, raise the retirement age and slash the welfare state as part of the biggest spending cuts in a generation.
http://www.reuters.com/article/idUSTRE69J1U120101020
The implications of this will be exponential and the reply from one of my co-workers after I mentioned this Reuters article to them, "so what"
So what? what the fuck do you think is going to happen over here I says to da bonehead!
It's only real when it flashes as a headline on the iPhone. Until then, "so what".
Yea, I didnt get a Tweet about this.
SheepDog-One, between this and yesterday's Pentagon "weapons discharge", it's clear you and I are "out of the loop".
I know who I pissed off. What about you? :>)
We are definitely out of the loop! I must need more IGadgets,
i have an iHORN, and it works grrrrrrrr eat. i mean the iPHONE simply doesn't work like they said it would.
I sure hope you enabled the message updates functions because otherwise, you're in for the long wait and see
You mean it's NOT Steve Jobs, who I gave an atomic weggie to in junior high, personally restricting my headlines but rather a failure on my part to read the instruction manual?
Shit. Who would have think? :>)
http://www.youtube.com/watch?v=jZoYUQSU38E
Are we waking up and pushing back against the banks? A quiet revolution has begun in the courtroom. Lawyers, here is your chance to redeem yourselves. Fuck moral hazard, take back America.
Don't worry, we will. There are too many of us that are diligent, intelligent, and have a conscience...
Now we know the fix is in.
by Cognitive Dissonance : "Now we know the fix is in."
Do you really believe what you are writing? Do you know how many escape hatches these bums have. Stop writing nonsense!
Big effing deal FBI investigating
I'm sorry. I don't know what came over me. Please, forgive my transgressions. It must have been that Irish Whiskey I guzzled last night.
Thank you for setting me straight.
BTW do you even know what I meant by "the fix is in" because it seems you don't based upon your last sentence.
Be easy on the fella...it's early in the AM
yeah, early in the AM and maybe still a little punchy.
Jake Lamotta is obviously "punch drunk" to use the old vernacular.
'Escape hatches'? Name 1.
Have you never seen LOST?
Witch season? The one that showed the flashback of the flashback or the one that showed the flashback of the flashback of the things that didn't happen but are happening?
loads of cash & lawyers on retainers. You eat lunch out of a can & they have Sea Bass with $400 wines!
I eat from a can? Do you think I'm Boxcar Willie or somethin? I eat what I feel like, and I dont like sea bass or wine, no matter how much it costs. A $400 wine lunch reminds me of what my grandmother said 'People like that are just low lifes puttin on airs'. They probably wouldnt know a $400 wine from $10 wine if blindfolded.
+ grandma, bitchez
I had the same thought.
And headline 1, the racketeering charge. That is interesting. Collusion/Fixing/Inter-state fraud/massive accounting fraud... all the ingredients are there.
Interesting to think of Jamie D or Tiny Timmay as the modern day Al Capones...
ORI
http://aadivaahan.wordpress.com
Now we know the fix is in.
Sadly, I am thinking the same thing. Will this turn out to be just an attempt by the federal authorities to shove the state AGs out of the way? A statement in this linked article is positively hilarious:
http://finance.yahoo.com/news/Banks-unlikely-to-quell-apf-3419464958.htm...
Meanwhile, a federal law enforcement official says the FBI is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis.
The law enforcement official says the question is whether some in the industry were acting with criminal intent or were simply overwhelmed by events in the wake of the housing market's collapse.
For decades the FBI has been the domestic arm for official cover-ups. It's been that way since it's inception. One of the greatest propaganda successes of all time is the public perception of the FBI as a federal agency of the highest integrity full of hard working honest Federal agents who always get the bad guy.........when they aren't enabling them or covering up the dirty work they or others engage in.
that is simply just a headline. they don't want to investigate, they said two years ago they were manning their departments with more white collar crime investigators. FBI are the "Don" of white collar fraud. they surely (i know your name isn't Surely) participate in encouraging this type of behavior. they can't use their guns so much with WCC, so that is a bummer. i called sent FedEx packages of documentation of the correct numbers compared to the HUD and appraisal and loan application and title records and mortgage fraud and title fraud. title insurance fraud. didn't get a call back.
"Fed to Buy ’Plenty’ of Debt, If Needed, O’Neill Says (Business Week)"
The deflationists seem to ignore that inflation is needed to keep the Ponzi afloat. It is now obvious for non-biased people that the FED will do anything to avoid the slightest deflation.
The FED prefers hyperinflation to 1% of deflation. Even if it will destroy the economy, it will be quicker, and the debt will be paid back.
This kind of declarations prove it.
I think people do understand that they MUST create inflation or die. There are many here who simply don't believe they will be successful.
I do agree that they see hyperinflation as better than death or deflation. When you know you're going to be shot at sunrise, even an extra 12 hours of life is worth everything you have. Or everything we have.
Maybe it's time to take a closer look at what really happened on 9/11. The economic shock waves from that earthquake are increasing in intensity. Everyone wishes to believe either the official story or that it was a false flag event to start wars. But very few look to see if maybe it was used to cover massive financial fraud as well as enabling a second and third round of financial fraud.
Successful? Depends on the goal.
If the goal is a smoking hole where the illusion called "United States" used to be; well then that is going to be realized.
9-11 >> many many many layers and at least 50 years in the planning (if not more).
I stated one of "the" goals. Inflation. And that many here on ZH don't believe the Fed will be successful creating inflation.
If you mean there might be many other hidden "goals" I fully agree. But my comment was addressing one very specific one and how "other" people feel about it.
i was wrong pomegranates are only inflationary at whole foods, the rest of the real world they are big and only a buck. pomegranates are great for you. i am putting them in my smoothies, fiber and antioxidants and my vodka martini's. weeeeeeeeeeee
Do you know what I do when I have an emergency?
I dial 9-1-1.
http://www.youtube.com/watch?v=KehwyWmXr3U
I'll bet they have a new currency plan ready to roll. Free haircut with each purchase.
Yes theres plenty of debt TheGreatPonzi...but is it a PLETHORA of debt?
@ Ponzi
The deflationists seem to ignore that inflation is needed to keep the Ponzi afloat. It is now obvious for non-biased people that the FED will do anything to avoid the slightest deflation.
You're missing the point. The point of the FED was to fuel the wealth gap, bankrupt municipalities, states, and the federal government, break the shackles of collective bargaining, and create an atmosphere whereby the principal actors of the frauds against the country will fill the power vacuum... it's job is largely over. It matters not whether we have inflation or deflation, the same end results, hyperinflationary depression. An attempt at a controlled demolition, at this juncture, is what prolongs the looting by the principal actors the longest and gives them the most time to convert the spoils from the ether into hard assets that endure any scenario (which is one of the reasons you have only heard jawboning about QE 2, since it would likely impose hyperflationary collapse or at least sufficiently threaten to do so). But, either way, the FED dies... it was designed to be jettisoned once the principal actors reached the upper atmosphere... they're there and banking on its demise to appease the pitchforks.
In an era when all headline markets are heavily manipulated, the involvement of the NY Fed in this lawsuit does not indicate to me that we are "taking back America". It indicates to me that the Powers are moving to the next step in their plan.
I am trying to understand (with the help of ZH and its commenters) --
(1) what is the next step of the plan? and
(2) how will the rapidly-evolving financial 'crisis' interact with the rapidly-evolving political 'crisis'.
The warning quotes around crisis are there because I think that both of these crises show clear signs of being planned well in advance.
Never mind the putbacks...here comes the empty hand army and their law-yuhs.
"sober decade"
Who is he kidding.
The Party is just getting started!!!!
In fact, its just the start of Tyrone Biggums $250,000 crack party!!
'Plenty' of debt will be bought?
SI El Guapo!
So are you telling me... is it a PLETHORA of debt??
as the hits just keep on rolling through this 24 hour music mix
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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