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Frontrunning: October 22
- The real stock rally killer: Analysis: Bush tax cuts might just expire after all (Reuters)
- Bondholder `Immunity' to Losses Challenged as Irish Bail Banks (Bloomberg)
- Fed's Hoenig: Further Easing Poses Risk To Nascent US Recovery (WSJ)
- Fed's Bullard Favors Open-Ended Bond Purchases (MarketWatch)
- Ohio AG: foreclosure probe won't stop post-election (Reuters)
- False expectations: The historic infrastructure investment that wasn’t (Economist)
- Brazil Plans Overseas Bond Sales to Curb Real Gain (BusinessWeek)
- Democrats slam another campaign opponent: China (Reuters)
- One seer says stocks will have short-term rallies as bonds succumb to a major bear market. But long-term investors, beware (Barrons)
- UK joins US, Debt Cost Falls to Lowest Since 1980s. (FT)
- Megadeals Go Missing From M&A Rebound as Companies Avoid Risk (Bloomberg)
- Lawyers got it right on the foreclosure mess (WashingtonPost)
- French Unions Urge More Strikes (FT)
- When Will the Madness Stop? (WSJ)
- U.S. pushes FX and trade target plan at reluctant G20 (Reuters)
- G-20 Proposal on Curbing Trade Imbalances Faces Opposition (WSJ)
- HP unveils $799 tablet with a PC feel (Reuters)
- Decoupling: Alive and Well (EuroPac)
- Tokyo says Japan and China should avoid tit-for-tat (Reuters)
- China Interest Rate Increases Likely in 2011, Survey Shows (Bloomberg)
- Merkel Cedes Ground in Pact on Debt Rules (WSJ)
- King Pressured to Honor BOE `Deal' After Cameron Delivers Austerity Drive (Bloomberg)
- Greece's Default Swaps Show Threat of Imminent Default Easing (Bloomberg)
- Krugman: "the sudden consensus among Very Serious People that everyone must balance budgets now now now wasn’t based on any kind of careful analysis. It was more like a fad, something everyone professed to believe because that was what the in-crowd was saying." (NYT) Well, there was the whole Greek bankruptcy thing... But who cares about truth when one is a demagogue revisionist.
- Last but not least: Rooney Signs Five-Year Contract to Stay at Manchester United (Bloomberg)
Economic data:
- Germany IFO - Business Climate for October 107.6 - higher than expected.Consensus 106.5. Previous 106.8.
- Germany IFO - Current Assessment for October 110.2 - higher than expected.Consensus 110.0. Previous 109.7.
- Germany IFO - Expectations for October 105.1 - higher than expected.Consensus 102.9. Previous 103.9.
- France Business Survey Overall Demand for October 16.Previous 17.
- Italy Retail Sales s.a. for August 0.0% m/m 0.3% y/y - lower than expected.Consensus 0.0% m/m 1.5% y/y. Previous 0.0% m/m 1.7% y/y.
- Norway Existing Homes for Q3 -0.5%.Previous 3.7%.
- Australia Import Price Index 0.7% q/q – higher than expected. Consensus 0.0% q/q. Previous 2.0% q/q.
- Australia Export Price Index 7.8% q/q – higher than expected. Consensus 4.0% q/q. Previous 16.1% q/q.
- Japan Supermarket Sales -0.3% y/y. Previous -1.1% y/y.
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I wish they would quit openly buying bonds, I have been waiting for the mother of all auction failures. When will the FED quit being the market and let this ponzi scheme end.
Ponzinomics ran by folks with Headupassitis rule the day now, but that could turn anytime like the first article says with realizing not only Bushs tiny tac cut will expire, but here come massive new taxes 25% vAT tax being just one. This is not a growing economy its an abomination.
They may quit buying bonds when they realize that savers who would like to earn some interest can't. There is an important segment of our soceity that would benefit from an increase in interest rates. The QE policies are like an iron boot resting on top of interest rates. Perhaps one day the interest rates will wiggle free.
The 10 yr is the one to watch for when the Fed becomes the only bidder.
Neveruary 1st, 2012
The Ponzi will never stop. What the FED is doing now is postponing, and she has the ability to postpone for several years.
The final downfall will not come until 2015.
Mr. Krugman: Please strangle yourself with your own intestines for our amusement.
Wow seeing that would certainly make my day.
Yea, I could do with a little more of not hearing what that Douchbag/Minion has to say
(Reuters) - The United States struggled on Friday to win backing for its proposal of setting numerical targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.
http://www.reuters.com/article/idUSTRE69K0Q720101022
Right, so all other countries are to eat shit with their people rioting while USA extends its print to fantasy activities? I dont think thats goin over too good.
(Reuters) - German Economy Minister Rainer Bruederle warned of falling back into planned economy thinking on Friday in response to a call from the United States to tackle foreign exchange and trade imbalances.
(Reuters) - Two top U.S. Federal Reserve officials gave competing views on the need for more monetary stimulus to the U.S. economy, continuing a public debate over further easing even as the core view at the U.S. central bank appears to favor such a move.
A careful look at the expiration of the 2001 tax breaks on 1/1/2011 reveals a substantial percentage increase in federal taxes for my family. Increased capital gain and dividend and interest tax rates, reduced child credits, marriage penalty, etc. etc., etc., Now if the new congress will just add some more regulation to my life.
This could be huge. I know I've been looking at getting out of a few long positions sooner rather than later, as unspurprisingly I'd rather pay less tax on than more tax. A few things that can be have been brought forward to this year.
Decoupling is a myth. Won't happen, at least not this decade.
with all the problems in the MBS legal issues the fed will buy more. the pimco shot was a warning to the fed that they will hurt the banks unless the fed buys MBS.
a way of forcing the program to happen.
let us not kid ourselves. None of this QE stuff has anything to do with the economy, it has to do with bailing out wall street. Nothing more. the fed will do what ever wall street wants.
Look bernanke decides policy based on what the market does, this is acknowledged fact, (as easily seen by the timing of announcements at critical levels). Hence all wall street needs to do is drop the market and bernenke will respond like the lap dog he is
Honestly, he and greenspan are the worst thing that has happened in america in a generation.
The road to hell is paved with good intentions (assumption is that he has good intentions), I pray and hope hell does exist because I want him to suffer for a very long time for what he has done and continues to do.
Retirement account holders who avoided minimum distributions in 2009 won’t have the same break in 2010. By December 31, anyone born before July 1, 1939 will have to pull money out of their IRAs and other tax-deferred retirement accounts.
http://blogs.reuters.com/deep-pocket/2010/10/21/mandatory-ira-withdrawal...