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Frontrunning: October 27

Submitted by Tyler Durden on 10/27/2010 08:29 -0400

Foreclosure Lawyers Go to Gardner's Farm for Edge on Lenders (Bloomberg)
Employers in U.S. Start Bracing for Higher Tax Withholding (Bloomberg)
Fed leaks more data via WSJ: Fed Gears Up for Stimulus, and will buy
trillions, $100 billion at a time as long as Depression continues and
bonds available for purchase don't run out (WSJ)
Fed looks set for new round of monetary easing (Reuters)
Florida Foreclosure Auction Cancellations `Frustrating' to Judge (Bloomberg)
Asian Leaders Head to Hanoi Amid Concern at China Yuan (Bloomberg)
Fed Won't Join Banks in Discount-Window Appeal (WSJ)
CNBC now just 9 months behind the curve, discovers insider selling: Insider Selling Volume at Highest Level Ever Tracked (CNBC)
Greek Bonds Tumble as Government Says Tax Revenue Falling Short (Bloomberg)
Korea Says May Need Capital Controls After Won Surge; Currency, Bonds Fall (Bloomberg)
On the CNY-USD: It ain't easy being green (Michael Pettis)
Deutsche Bank Pays Investment Bankers More Than Goldman Sachs (Bloomberg)
The real foreclosure mess: Lack of accountability for banks (WaPo)
Job Losses Outweigh Obama’s Successes (NYT)
Q&A with Elizabeth Warren: 'The changes are starting now' (LA Times)

Economic Highlights:

Euro-Zone M3 s.a. 3 mth ave. for September 0.8% - lower than expected. Consensus 0.9%. Previous 0.5%.
Euro-Zone M3 s.a. for September 1.0% - lower than expected.Consensus 1.3% y/y. Previous 1.1% y/y.
France Consumer Spending for September 1.5% m/m 1.1% y/y - higher than expected. Consensus 0.4% m/m -0.3% y/y. Previous -1.6% m/m 1.2% y/y.
Italy Business Confidence for October 99.8 - higher than expected.Consensus 98.5. Previous 98.6.
Sweden Household Lending for September 8.9%.Previous 8.8% y/y.
Australia Consumer Prices 0.7% q/q 2.8% y/y – lower than expected. Consensus 0.8% q/q 2.9% y/y. Previous 0.6% q/q 3.1% y/y.
Australia RBA Trimmed Mean 0.6% q/q 2.5% y/y – lower than expected.Consensus 0.7% q/q 2.6% y/y. Previous 0.5% q/q 2.7% y/y.
Australia RBA Trimmed Median 0.5% q/q 2.3% y/y – lower than expected.Consensus 0.7% q/q 2.6% y/y. Previous 0.5% q/q 2.7% y/y.
Japan Small Business Confidence 46.4.Previous 47.3.

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Wed, 10/27/2010 - 08:39 | 680115 primefool

Bennie is an intellectual. And - it is now clear that there is NO intellectual justification for monetization. Can he live with the contradiction? Will it break him psychologically?
I think he has backed himself into a corner and does not have the will, the intellectual support or the political support for any bold "experiments" on us guinea pigs. So he will wesel out - talk abot incremetal monetization ans stuff like that. Not good for markets that have maybe taken the GS BS seriously about 2-4 Trillion , big bang etc etc - aint gonna happen.

Wed, 10/27/2010 - 10:06 | 680312 LeBalance

BenB is an employee. He is very strictly controlled and reads from the written script every second of his public life.

He has either accepted his role ala Dick Cheney, Don Rumsfeld, or Pick Any Bush or he might attempt later life memoir recalcitrance or mid-life jumping from the fish bowl.

We see the former in W. Wilson and the later in J. F. Kennedy.

One put the Fed in and the other attempted to stamp it out.

The Fed remains and they are dust.

BenB is a historian, I think he will play the scripted role until his time is done.

Wed, 10/27/2010 - 08:44 | 680137 israhole

"CNBC now just 9 months behind the curve". LOL, CNBC's getting better all the time!

Wed, 10/27/2010 - 08:46 | 680145 primefool

If all he was doin is jawbonung markets for the past month to get stocks up before the elections. Only to let it all unravel afterwardsHe really should resign, for his own sanity. God help him - and the devil too.

Wed, 10/27/2010 - 08:47 | 680149 primefool

There must be a law somewhere that views market manipulation for political purposes as treason?

Wed, 10/27/2010 - 08:49 | 680153 primefool

I fully expect a crash in the next 3 trading sessions. Wall Street need one - to force their insipid little intelletual weasel into giving them more cash next Wednesday.

Wed, 10/27/2010 - 09:09 | 680192 unum mountaineer

AUD, whoop whoop

Wed, 10/27/2010 - 09:08 | 680195 King_of_simpletons

Economy is running out of gas

http://www.marketwatch.com/story/economy-is-running-out-of-gas-2010-10-27

Letting Bush tax cuts expire will sure pump gas into the economy according to our congress, el presidente and Alan Greenspan..... We are headed for a disaster. Who knows may be that is what the power brokers have been working hard at... a total collapse of this country. It sure does seem like it.

Wed, 10/27/2010 - 09:14 | 680210 SWRichmond

The real foreclosure mess: Lack of accountability for banks (WaPo)

Given what has already been factually established regarding foreclosuregate, I think this article is the most timid piece of crap I've ever read.

Wed, 10/27/2010 - 09:45 | 680230 Temporalist

Janjuah Interview on Global Economy, Fed Easing, Stocks

http://www.bloomberg.com/video/64031490/

Ortel Says U.S. Policy `Delaying Inevitable' for Housing: Video

http://www.bloomberg.com/video/64015526/

Wed, 10/27/2010 - 09:47 | 680277 Bob

Foreclosure Lawyers Go to Gardner's Farm for Edge on Lenders (Bloomberg)

Participants, who are admitted only after a background check confirms that they don’t work for creditors, gain access to a private e-mail distribution list where they share legal strategies, documents and advice. Linda Tirelli, a consumer- bankruptcy attorney in New York and Connecticut and one of the 599 people who have gone through the program, said she feels like she’s now part of a big law firm.

Say what you like about trial lawyers, but without them we'd be screwed in perpetuity by the financial criminals.

Wed, 10/27/2010 - 10:16 | 680339 LeBalance

Greetings: words are very very important. There are NO lawyers. There are only attorneys. Attorn is a verb meaning: to return coin to the Court. Court meaning Bench (judge sits on it). Bench means Bank. Banks are on both sides of a river (of commerce). They regulate the current. SEE!

All attorneys like to mis-inform (lie) and make you believe they are Laywers. An attorney has a dual job, they are both an officer of the Court (see above def.) and re-presentor of the client. If there is a conflict of interest, the allegiance to the Bank supercedes the oath to the client.

With ALL of the "fun" going on let me say this again: Attorneys are Officers of the Bank.

:) LB

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Frontrunning: October 27

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