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Frontrunning: October 22
- Weil: Goldman is too big to tell it straight (Bloomberg)
- Pento: Mr. Geithner, stop passing the buck on the dollar (Forbes)
- Jobless claims resume upward trajectory, hit 531,000, from prior revised 520,000 (Bloomberg)
- Who's looking at the Fed's books? (NYT)
- The debate now shifts to the HFT churn (FT)
- China's economy grows a mythical and impossible 8.9% (FT)
- Paul Krugman, and the middle-class champion myth (RCM)
- How to save a friend from the false prophet Nouriel Roubini (Wall St. Cheat Sheet)
- HFT according to Greenwich: friend or foe (Alphaville)
- US to order steep pay cuts at firms that got most aid (NYT)
- Interview with Jesse at the Cafe Americain (Phil's Stock World)
- Potash profit falls 80% as fertilizer sales slump (Bloomberg)
- Raising the debt ceiling (WaPo)
- New Castle set back by Galleon liquidation, loss of UBP deal (Bloomberg)
- Advertising revenue at NYT continues dropping (NYT)
- The US economy is now driven by iPhone sales: Apple's phone helps AT&T too (Bloomberg)
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Dear friend,
Last week, we got a slew of submissions to our "Foundation for Reform" paper! Consensus starts to crack. We just need to keep building the momentum.
So, have you heard about what promises to be the largest protests against the banks yet - Showdown in Chicago on October 25th? All ANWF members who want to go and need more details should contact us. As much as we can, we need to show up! We expect thousands of people to show, we hope you will too. The protest is being organized by dozens of organizations, including ANWF, and will take place outside of the American Bankers Association's annual meeting. You can help at this critical moment, find rides, organize a contingent and go. We'll help you meet up with other ANWF members. We'll have even more info for you next week, but the time to make a decision about going is now.Our friends at the Center for Media and Democracy recently started working on bank reform too with a new go-to site for updates on the fight: www.BanksterUSA.org. Their "Action Center" is a hotbed of popular campaigning on the crisis, helping us to ramp up the campaign to demand the Federal Reserve fix what's broken (see the ANWF petition):
From your friends, Tiffiniy Cheng, anewwayforward.org and Mary Bottari, mary@prwatch.org
Learn more at A New Way Forward
The Real Economy Project are part of the Center for Media and Democracy (CMD).
There is an existing model of other systemically important institutions which are viewed as important enough to warrant a government-guaranteed rate of return on equity (based partly on performance), monopoly status and taxpayer-backing.
We call these institutions public utilities. And their business activities, risks, pay scales and ROE are strictly government-influenced, if not government-controlled.
Goldman had better be careful what they wish for, because they just might get it. And no, I'm not kidding. Goldman has achieved utility status, has lobbied hard for it, and continues to make the case for it by word and deed.
All that is left to do is restrict business activities, ROE and pay. Congress could do this tomorrow. Barney, are you listening?
Ah yes, Chinese growth figures. Like a balm of propagandic stability in these tumultuous times. Not because they have any relation to reality, mind you, but rather because you can count on them being "over 8%" come hell, angry migrants or high water.
MC, if you realized the importance of 8's in chinese culture, these #'s become crystal clear. i actually choose to believe that there are some members of the CCP that see the fact that they didn't hit 8.8% as a failure.
tip e. canoe,
Haha, so maybe the 8.9% is just slightly off enough so the numbers don't appear too cooked. I spent two years in China and did my part for the cult of the number 8 by smoking way too many Double Happiness (characters looks like two eights) cigarettes.
how synchronic, apologies for the assumption otherwise. know all about the double happiness addiction...still get a pack everytime i'm around chinatown.
i'm actually really surprised they didn't hit the 8.8 print, if nothing else as a sly retort to the S&P 666 (e.g. we'll raise your antichrist with our double happiness).
that they didn't may give one an indication of what might be happening behind the red curtain. things may still be a bit askew and it's vitally important to put forward a 'proper' face, lest the proletariat start wondering what's on the stove.
then again, who knows really?
cheers
Tyler:
Have a look at 2010 implied correlation yesterday. Normal stochastic self in the morning. DIDN'T MOVE A TICK most of the day!?! Took off with VIX, then down at the close.
Interesting bitching about Roubini...
Prior to the collapse, I found most of ur economic analysts to be full of bonafide Horsesh*t. Everyone had an agenda and were pimping their particular product. Some were even touting Lehman Bros before it choked.
Chinese propaganda is just as pathetic as the occidental stuff. They claim 8% but fuel and electrical consumption are down as lots of factories are off line.
Once again, Jonathan Weil proves that he is one of the few of his ilk that has a brain and speaks frankly. Thank you for that Mr. Weil.
Lloyd, Lloyd, Lloyd....please cut the crap and hypocricy about Goldman being "independent from momma government".
Pay off the 22+billion in FDIC TLGP bonds and go out into the cap markets and borrow the money like a big boy.
In addition to this, can someone please throw Goldman out of the bank holding company baby crib and get them out of the discount window?
+1...Weil is one of a few who gets banking & the accounting chicanery.
I'd think a few volunteers can be found for the task.
Yeah, he is pretty good, I think he was the first journalist who pointed out Fannie and Freddie's "capital" was largely composed of deferred tax assets that they would probably never realize.
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100001459/do...
Cnbs just announces most fraud in the cash for clunker houses program is by IRS employees. Figures.
http://www.cnbc.com/id/33430867
edit for url
For once we get a sensible piece on something from the NY Times. Mr. Barnett is spot on. I guess we can now confidently relegate each and every piece of bullshit...er..."data" emanating from the Fed (such as the money-supply "data") - so enthusiastically used by deflationists (and inflationists) - to the trash can. We cannot trust ANYTHING emanating from the Fed - period.
We cannot trust ANYTHING emanating from the Fed - period.
GG...you're getting soft.....how about adding Treasury, the Summers diet coke team, most everything that comes from the bank, wall street crew, 90%+ of so called analysts, etc. LOL!!