• Amid a Depression and Linked Heavily into Western Europe, Latvia's Government Collapses Today!
    Reggie Middleton
    03/19/2010 - 10:03
    As I warned in my Pan-European Sovereign Debt Crisis series and amid a depression, this Eastern European government has collapsed. Western European countries (and their banks) have material claims within this country, and when combined with pressure from the PIIGS, may be the ones that set off the financial/economic contagion daisy chain. It is difficult to determine who sets it off, which is why it is best to attempt to determine the path of the contagion instead...
  • Where Do Pensions Stand on Post-Crisis Reforms?
    Leo Kolivakis
    03/19/2010 - 07:34
    A recent joint poll by Responsible-Investor.com, the Network for Sustainable Financial Markets and AQ Research, showed more than 90% of investment professionals believe moral hazard has increased. And yet, global pension funds and wealth funds who manage trillions of dollars have not taken the lead to push for financial reforms. Why do they acquiesce, and not push for meaningful post-crisis reforms?
  • Google: A Moral Company
    Econophile
    03/19/2010 - 00:48
    The fact that Google will not kowtow to Bejing and will walk away from the market of greatest potential is to me a commendable act. This is a companion piece to my series, "China's Fragile Economy, Its Housing Bubble, and What It Means To Us." China is not a liberal country, by far.

Frontrunning: October 24

Tyler Durden's picture
Submitted by Tyler Durden on 10/23/2009 08:05 -0500



  • 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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by Sqworl
on Fri, 10/23/2009 - 08:10
#108072

Roubini will play himself - aka Dr Doom - in Oliver Stone's Wall Street 2 taking trades from Dr. Evil, played by Sorors!  lol

by Anonymous
on Fri, 10/23/2009 - 09:09
#108118

+1

by Edna R. Rider
on Fri, 10/23/2009 - 08:15
#108074

I smell a bull trap.  Yes, companies doing pretty well.  Unfortunately country failing.

by Cognitive Dissonance
on Fri, 10/23/2009 - 08:22
#108080

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. 

by Unscarred
on Fri, 10/23/2009 - 09:51
#108159

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

 

by MountainHawk
on Fri, 10/23/2009 - 08:24
#108082

MS...profit down....stock price up <huuuuuuuuge>

by mdtrader
on Fri, 10/23/2009 - 08:26
#108084

Gold breaks upside triangle at $1065, set for a power surge to $1100.

by Gordon_Gekko
on Fri, 10/23/2009 - 09:43
#108150

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. 

by Gunther
on Fri, 10/23/2009 - 08:27
#108087

Tyler,

how do you know the headlines from tomorrow?

Today is 23rd.

by Unscarred
on Fri, 10/23/2009 - 09:57
#108168

The Rules of Project Mayhem:

  1. You don't ask questions.
  2. You don't ask questions.
  3. No excuses.
  4. No lies.
  5. You have to trust Tyler.
by Sqworl
on Fri, 10/23/2009 - 09:11
#108120

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

by Gordon_Gekko
on Fri, 10/23/2009 - 09:33
#108138

"Banks are holding prices down because they can buy Treasurys with free money from the Fed"
"The United States has no more money to spend" 
"New Jersey pays Goldman for swaps on non-existant bonds"

Hahahahahahaha...what a surprise.
by SWRichmond
on Fri, 10/23/2009 - 10:30
#108215

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!!!!!!!

by Winston Smith 2009
on Fri, 10/23/2009 - 09:57
#108164

"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.

by McGriffen
on Fri, 10/23/2009 - 10:28
#108214

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.

by Careless Whisper
on Fri, 10/23/2009 - 10:47
#108242

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.

by McGriffen
on Fri, 10/23/2009 - 11:17
#108281

Perhaps the ex-Senator and now current guvnr should try explaining a little better.  NJ tax rates are what, 3rd highest in the US ?

by Careless Whisper
on Fri, 10/23/2009 - 11:43
#108311

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

 

by earnyermoney
on Fri, 10/23/2009 - 12:22
#108370

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.

by Unscarred
on Fri, 10/23/2009 - 12:29
#108380

Soooo...  It's okay to be a Vampire Squid, so long as you're a liberal Vampire Squid?!

Check!

by Edna R. Rider
on Fri, 10/23/2009 - 12:57
#108427

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.

by Unscarred
on Fri, 10/23/2009 - 22:16
#109139

+100

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