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Frontrunning: October 21
- Banks Clueless on Foreclosure Mess Severity: Jonathan Weil (Bloomberg)
- New York Fed Faces `Inherent Conflict' in Mortgage Buybacks (Bloomberg) - as we speculated first, the FRBNY gets dragged into this as not pursuing action would be dereliction of fiduciary duties to taxpayers by Maiden Lane
- Geithner suggests major currencies "in alignment": report (Reuters)
- Geithner's Goal: Rebalanced World Economy (WSJ)
- Chinese growth slows to 9.6% (FT)
- On the "cash on the sidelines" BS and on Google's 2.4% effective tax rate (Bloomberg)
- Osborne vows not to backtrack on cuts (FT) as UK unveils dramatic austerity measures (FT)
- Greek, Portugal Bonds Lead Peripherals Lower After Spanish Sale (Bloomberg)
- We See Totally Surreal Markets (Bob Chapman, h/t John)
- As Dollar’s Value Falls, Currency Conflicts Rise (NYT)
- And another bank suffers from the collapse in trading - Credit Suisse hit by weak equities trading (FT)
- China Day Ahead: Krugman Says Trade War is Looming; Sinofert Buys Potash (Bloomberg)
- North Korea Movements at Nuclear Site Spark Speculation of Test (Bloomberg)
- Politics as Usual — or Is It Revolution? (Rick's Picks, h/t Robert)
- French Unions Ramp up Pressure, Prepare For "Massive" Strike, Senators Near Vote (Reuters)
- Buyout Firms Invest Record $40 Billion in Cash in Third Quarter (Bloomberg)
- Fed's Lacker Says More Purchases `Hard Case to Make' (Bloomberg)
Key Economic Data:
- Japan Buying Foreign Bonds¥919.8B.Previous ¥74.2B.
- Japan Buying Foreign Stocks-¥3.9B. Previous -¥105.7B.
- Japan Foreign Buying Japan Bonds-¥188.6B. Previous -¥619.2B.
- Japan Foreign Buying Japan Stocks¥133.8B. Previous ¥36.7B.
- Japan All Industry Activity Index -0.4% m/m – in line with expectations. Consensus -0.4% m/m. Previous 1.0% m/m.
- Australia RBA Foreign Exchange Transactions 526M. Previous 397M.
- Euro-Zone PMI Composite 53.4-lower than expected. Consensus 53.7. Previous 54.1.
- Euro-Zone PMI Manufacturing 54.1-higher than expected. Consensus 53.2. Previous 53.7.
- Euro-Zone PMI Services 53.2-lower than expected. Consensus 53.7. Previous 54.1.
- Germany PMI Manufacturing for October 56.1-higher than expected. Consensus 54.6. Previous 55.1.
- Germany PMI Services for October 56.6-higher than expected. Consensus 54.9. Previous 54.9.
- France Own-Company Production Outlook for October 16. Previous 0.
- France Production Outlook Indicator for October 9.Previous 3.
- France Business Confidence Indicator for October 102-higher than expected.Consensus 98. Previous 98.
- France PMI Manufacturing for October 55.2-lower than expected.Consensus 55.5. Previous 56.
- France PMI Services for October 55.3-lower than expected.Consensus 57.5. Previous 58.2.
- Switzerland Trade Balance for September 1.69B-higher than expected. Consensus 1.20B. Previous 0.57B.
- Switzerland Exports real SA for September -3.8%.Previous -1.4%.
- Switzerland Imports real SA for September -4.0%.Previous 9.1%.
- Switzerland Money Supply M3 for September 6.8% y/y.Previous 6.6% m/m.
- Switzerland Real Estate Index Family Homes for Q3 384.3. Previous 378.7.
- Switzerland Credit Suisse ZEW Survey (Expectations) for October -27.5.Previous -5.1.
- Sweden Unemployment Rate for September 7.8%-higher than expected.Consensus 7.6%. Previous 7.4%.
- UK Major Banks Mortgage Approvals for September 44K-in line with expectations.Consensus 44K. Previous 45K.
- UK Retail Sales Ex Auto Fuel for September 0.0% m/m 1.8% y/y-lower than expected.Consensus 0.2% m/m 1.9% y/y. Previous -0.4% m/m 1.9% y/y.
- UK Retail Sales w/Auto Fuel for September -0.2% m/m 0.5% y/y-lower than expected.Consensus 0.3% m/m 0.9% y/y. Previous -0.5% m/m 0.4% y/y.
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North Korea testing again. I guess Osama wants to make sure they work before plunking down his money.
GYEONGJU, South Korea (Reuters) - India, Russia and Germany on Thursday rejected a U.S. proposal for numerical targets for "sustainable" trade surpluses and deficits as a way to help rebalance the global economy
It's come to this. They are promoting trade wars to keep the ponzi going for another couple of weeks.
"Treasury Secretary Timothy Geithner said he would use weekend meetings of G-20 finance ministers to advance efforts to "rebalance" the world economy so it is less reliant on U.S. consumers, to move toward establishing "norms" on exchange-rate policy, and to persuade others the U.S. doesn't aim to devalue its way to prosperity."
Obviously he's the opening act. What Chris Rock wasn't available?
Rock had previous obligations and Tracy Morgan landed that pay per view special, so they had to go with the goof troop.
Geithner is blathering before elections to settle markets so there's no negative surprises.
Banks and everybody is going to know soon how bad the banking mess is.
Calling a BNP increase to 9,6 a slowdown is a farce... C'mon 9 [f***ing] point 6 and it's a slowdown?
I can understand WHY it is a slowdown but 9,6 is almost 10% and we are talking about CHINA!
Cooked books, cooked gooses. All fall down.
http://www.youtube.com/watch?v=ygbm5stt34I&feature=related
banks aren't clueless about the severity of the mortgage problem, they are just trying to buy more time.... Lehman redux - they knew about the problems for at least a year beforethe surprise events...
Liking 'key economic data' section. Interesting to note that the RBA has increased its FX presence by about 32 1/2 %. I would assume most of that would be about taking advantage of the higher AUD?
Banks Clueless on Foreclosure Mess Severity: Jonathan Weil
does jonathon weil really think the banks are clueless on this? maybe it should read:
"jonathon weil and other msm'ers clueless that the banks are seriously publicly underplaying the foreclosure mess severity."
but that headline probably wouldn't fit...
I recommend you read more of his posts.
He is anti-bankster MSM.
One of the few.
maybe so.
i just don't buy that the banks are clueless about it at all.
on geithner's goal: rebalance world economy (wsj)
this bilderberg member doesn't even try to hide that he thinks he is in charge of the world economy. hey timmay, you work for the united states of america. apparently you forgot.
um, you may work for the UNITED STATES (caps intended), but I can assure you timmay knows that he doesn't. . . G20 soon, lots of clues are being tossed about.
fuck geithner.
fuck cnbc.
http://img695.imageshack.us/img695/7590/geithnerwtf.jpg
The NY FED doesn't have a conflict of interest....they can now be required legally to inject liquidity. Whoo hoo
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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