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Frontrunning: October 24
- Rampant buying of Kindles did not help UK's GDP, which posted a "surprising" drop of -0.4% in Q3 (Bloomberg)
- Allan Meltzer: Banks are holding prices down because they can buy Treasurys with free money from the Fed (WSJ)
- UK GDP reaction: sterling tumbles, Gilts rally, but FTSE fine (FT Alphaville)
- New Jersey pays Goldman for swaps on non-existant bonds (Bloomberg)
- Dollar's doom puts a face on new $1 million bill (Bloomberg)
- China's 8.9% growth? No way - Beijing has spent its way to a sugar high (Forbes)
- Joke of the day: Bernanke says financial industry should bear costs to shut firms (Bloomberg)
- Calpers reviewing relationship with Apollo (Reuters)
- Laying on bets at America's biggest pension fund (Reuters)
- The United States has no more money to spend (The Atlantic)
- Pirate Bay back in the courtroom (BBC)
- CEO of ING Insurance to Woods: Who cares about Austria's economy? (Mises)
- More companies post major earnings drops yet expectations beats: Fortune Brands (Bloomberg) and Ingersoll (Reuters)
- Time said to plan more job cuts as advertising sales slump (Bloomberg)
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Roubini will play himself - aka Dr Doom - in Oliver Stone's Wall Street 2 taking trades from Dr. Evil, played by Sorors! lol
+1
I smell a bull trap. Yes, companies doing pretty well. Unfortunately country failing.
Tops are usually formed, and then end, on good news. The wild cards in the deck are the momo computers and the never ending Fed liquidity.
But I find it interesting the retail investor is backing out of equity mutual funds and the majority of the trading is not in long term money.
Definition of long term money. One nano second longer than the time it takes for electrons to travel between co-located servers at the NASDAQ or NYSE.
Long Term Money (Alt. Definition) - Any trade that is NOT a flash trade (i.e. - does not get to see the market .5 sec. before the transaction)
Syn. - Anything that NY Sen. Charles Schumer doesn't like
MS...profit down....stock price up <huuuuuuuuge>
Gold breaks upside triangle at $1065, set for a power surge to $1100.
Well, looks like our friends bullion banks just took a dump on it. It appears they can't seem to accept the FACT that it isn't going below $1000 - EVER, or perhaps they are so pissed/embarrassed with their FAILURE to hold it below $1k that they doing their best to injure as many Gold bulls as possible during this rise.
Tyler,
how do you know the headlines from tomorrow?
Today is 23rd.
The Rules of Project Mayhem:
Roubini say's Big Crash Coming to a movie near you!
http://www.indexuniverse.com/sections/features/6777-nouriel-roubini-big-crash-coming.html?Itemid=5
Yeah, isn't there a connection between New Jersey and Goldman? The vampire squid strikes again!
Edit: We're all familiar with the scariest line known: "I'm from the government and I'm here to help". Next up: " I'm from Goldman Sachs and I'm here to help."
AAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!!!
"Dollar's doom puts a face on new $1 million bill"
Speaking of large denomination paper currencies, have you seen the GW Bush portrait on the Zimbabwe 100 trillion dollar bill?
http://farm4.static.flickr.com/3020/4030398085_07bb0c6724.jpg
Of course, all presidents and congress critters are puppets of the oligarchy, but at least the current president isn't a complete moron.
Drive on, NJ, drive on. The municipal bond/swaps article (New Jersey, Goldman) is another absurd example of municipal or state funds making quite foolish agreements for using IRSwaps to hedge issuance. these always look foolish in hindsight, of course.
It's a horrible contract, which carries a penalty to cancel between now and 2011. Good grief, aren't there novation rules around ?
Pulaski Skyway
New Jersey’s contract with Goldman Sachs Mitsui Marine Derivative Products L.P., a partnership of the bank and Japan’s Mitsui Sumitomo Insurance Group Holdings Inc., allows the state to terminate the deal without penalty after 2011. Canceling before then would require a payment estimated at $37.6 million on Sept. 30, according to state records.
The state’s payments on the swap in the past year have exceeded the $10 million budgeted to maintain the 76-year-old Pulaski Skyway, the 3-mile (4.8 kilometers) elevated road from Newark to Jersey City.
“I’m sure there’s an explanation,” Corzine, 62, said during a brief interview as he left a contractors’ convention in New Brunswick, New Jersey, on Oct. 14. “They don’t just send money out.”
The governor declined further comment on the transaction, according to his spokesman, Steve Sigmund.
Quote of the day: "I'm sure there's an explanation. They don't just send money out." Governor Jon Corzine, former Goldman CEO and current NJ Governor on the State paying Goldman for interest rate swaps on non-existant bonds.
FREE SERGEY. ARREST LLOYD.
Perhaps the ex-Senator and now current guvnr should try explaining a little better. NJ tax rates are what, 3rd highest in the US ?
They in third place but heading for #1. Corzine said if re-elected he will increase gas tax.
http://www.landlinemag.com/todays_news/Daily/2009/Oct09/101209/101609-07.htm
LOL
According to his blog, "Conscience of a Liberal", Paul "Freedie" Krugman was relieved that Governor Corzine was likely to win his reelection bid in a couple of weeks because he was pulling out the brass nuckles.
Soooo... It's okay to be a Vampire Squid, so long as you're a liberal Vampire Squid?!
Check!
Great month for the airlines I notice. Down only around 20% each. Guess that economy is really kicking ass. Too bad someone at ECRI can't prop up their stocks a little better.
+100