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Frontrunning: September 1
- Is the next shoe in Europe dropping behind the scenes? European countries voluntarily increase IMF funding (Berninger, h/t Dave)
- Next industry in line for bailouts: Commercial jet market still awaits recovery, EADS chief says (Bloomberg, h/t Jake)
- 10 year Eurozone jobless high: 9.5% (BBC)
- What banks are really doing with foreclosures (Diana Olick)
- The coming deposit insurance bailout (WSJ)
- John Mauldin: Why we won't avoid a double dip recession (Minyanville)
- 10:00 am ISM release: estimate range from 48.9 to 53.5, [final result will be leaked at 9:40 and the market will move in opposite direction of where it will finally close] (Reuters)
- Russia should speed up shift to free-floating ruble, S&P says (Bloomberg)
- A. Joseph Cohen has been drinking too much hopium claims Paul Tudor Jones: Goldman wrong on economic recovery, macro hedge funds finally speak (Bloomberg)
- The Obama slide (NYT)
- Averting a tiresome trade war (Weekly Standard)
- Nigerian stocks may rally 37% after tumble, bank clamp-down (Bloomberg) [they actually throw banksters in jail in real banana republics]
- There is some use from a massive short squeeze after all: BofA seeks to repay a portion of bailout (WSJ)
- Interest rate Cosa Nostra (FSU, h/t Project Mayhem)
- Range Factor: FASB eyes broader fair-value disclosures (CFO, h/t Keyser Soze)
- A tale of two data sets (Hussman Funds)
»
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From the Washington Post and George Will: 'Time to Get Out of Afghanistan'
http://www.washingtonpost.com/wp-dyn/content/article/2009/08/31/AR2009083102912.html
Good for you, George
This M***Fu**** says something which makes me feel like puking on his face.
“Europe seems to be positively surprising,” Jim O’Neill, head of global economic research at Goldman Sachs Group Inc., said in a Bloomberg Radio interview. “Germany looks to be coming out of things much stronger than I would have thought.
Now read this which also came in Bloomberg some minutes back
The 2,500-euro car-scrappage program ends this month, jeopardizing as many as 90,000 jobs, according to an Aug. 27 report of the VDA car federation. The 5 billion-euro program has benefited two million car owners, the Economy Ministry said yesterday.
“As much as it hurts me to say it, the worst is yet to come for the labor market,” Wolfgang Franz, the chairman of Merkel’s panel of independent economic advisers, said in an interview in the Die Welt published yesterday. He sees unemployment rising to an average of 4.4 million in 2010.-Bloomberg.
Can someone send this post to the SOB.
Dude! I heard that interview on the way into work and was shaking my head in disgust and surprise. I saw the numbers and was like "What the F*** is this guy smoking??"
It's official. Bloomberg has declared they are entering the race with CNBC to see which network can broadcast the biggest pile of bullshit the fastest.
No doubt the Count will take his pound of flesh from the banks in the process too, probably hidden behind the smoke-screen of government.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Hahaha WSJ ran an article on the coming FDIC bailout.
ZH has its fingers on the pulse of America.
To me, it's more like the thermometer in America's a**hole.
"We suppose Congress could raise a faux fuss, but these are the same folks who ordered the FDIC to broaden the insurance limit." Ouch, that's gotta hurt.
Goldman sachs and Paul Tudor Jones II are on opposite sides of the market.
http://capitalobserver.blogspot.com/2009/09/paul-tudor-jones-ii-vs-goldm...
How do you know which side of the trade Goldman is REALLY on these days?
This is a tough one: one the one hand you have people with access to lots of inside information as well as being fully backstopped in all of their proprietary trading by the US taxpayer, kind of a Socialist Hedge Fund. On the other hand, there is PTJII, who earned his multi-billion fortune the old fashioned way: he is smart and disciplined.
One perhaps has better information but little or no real talent and would be out of business if not for the Taxpayer and priviledged access; the other has boatloads of real talent but far less access to inside information.
Got to go with Tudor.
You missed the story about Madoffs Long Island Beach house being put on the market. Oh thats right , ITS TOTALLY FRIGGING IRRELEVANT for financial news CNBC IM TALKING TO YOU. They really are pushing that as some kinda headline. Bottomless pit of irrelevance.
I am amazed the NYT even published David Brooks', The Obama slide. How long before the attack dogs are unleashed on this poor guy.
"The public’s view of Congress, which ticked upward for a time, has plummeted." Brooks is a whore. Oops, did I say that in my loud voice?
Not a big shoe,indirect bidders most probably Baltic via Sweden and other lenders.
Steinbrück und Lagarde wollen IWF-Nothilfen stärker aufstocken
31.08.2009 - 14:16
BERLIN (Dow Jones)--Deutschland und Frankreich haben sich für eine deutlichere Erhöhung der Notfallhilfen des Internationalen Währungsfonds (IWF) ausgesprochen als bislang vereinbart. Die Europäische Union soll nach dem Willen beider Länder dem IWF im Rahmen der "Neuen Kreditvereinbarungen" insgesamt 175 Mrd USD zukommen lassen, wie aus einem Brief von Bundesfinanzminister Peer Steinbrück und der französischen Finanzministerin Christine Lagarde hervorgeht, in den Dow Jones Newswires am Montag Einblick hatte.
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In dem an Schwedens Finanzminister Anders Borg adressierten Brief heißt es, der Anteil von Frankreich belaufe sich somit 18,45 Mrd EUR, während sich Deutschland zur Zahlung von 25,03 Mrd EUR verpflichten würde. Schweden hat derzeit die EU-Ratspräsidentschaft inne. Die Gruppe der zwanzig führenden Industrie- und Schwellenländer (G-20) hatte im April auf dem Londoner Finanzgipfel eine Erhöhung der IWF-Mittel für Soforthilfen auf 750 Mrd USD beschlossen hatte, wovon die EU bislang 100 Mrd USD bereitstellen wollte.
"10:00 am ISM release: estimate range from 48.9 to 53.5, [final result will be leaked at 9:40 and the market will move in opposite direction of where it will finally close] "
Looks like they just leaked it and market went up, so I guess we'll expect it to close lower now.
The CNBC piece from Olick....it's just too funny that people are still "mystified" about what the banks are (not) doing with foreclosures. AS if it is even a debate.....
MS
Hopefully FED & Treasury will learn from Chinese PB experience not to push V recovery too far and at any cost.. (nah, fat chance.)
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
University of California - San Diego. "Millionths Of A Second Can Cost Millions Of Dollars: A New Way To Track Network Delays." ScienceDaily 31 August 2009. 1 September 2009 .
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“This is stuff the big traders will be interested in,” said George Varghese, a computer science professor at the UC San Diego Jacobs School of Engineering and an author on the SIGCOMM paper, “but more importantly, the router vendors for whom such trading markets are an important vertical.”
If an investment bank’s algorithmic stock trading program reacts to information on cheap stocks from an incoming market data feed just 100 microseconds earlier than the competition, it can buy millions of shares and bid up the price of the stock before its competitors’ programs can react, the computer scientists say.
While the network links between Wall Street and investment banks’ data centers are short, optimized and well monitored, the performance of the routers within the data centers that run automated stock trading systems are difficult and expensive to monitor. Delays in these routers, also known as latencies, can add 100s of microseconds, potentially leading to millions of dollars in lost opportunities.
“Every investment banking firm knows the importance of microsecond network delays. Because routers today aren’t capable of tracking delays through them at microsecond time scales, exchanges such as the London Stock Exchange use specially crafted external boxes to track delays at various key points in the data center network,” said Alex Snoeren, a computer science professor at the UC San Diego Jacobs School of Engineering and an author on the SIGCOMM paper.
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