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Frontrunning: September 15
- The new carry trade: Funding in dollars (FX Solutions)
- Retail sales ex auto subsidies up 1.1% (Bloomberg)
- Core PPI up 0.2%, gasoline up 23% (Bloomberg)
- Evans-Pritchard: Credit shrinks at Great Depression rate prompting fears of double-dip recession (Telegraph, h/t Geoffrey)
- Weil: Too-big banks can take comfort in Obama's math (Bloomberg)
- Retail sales here - not so much “We need to see a revenue story emerge”: Best Buy profit misses estimates as sales fall at older stores (Bloomberg)
- For all of Obama's talk of overhaul, the US failed to wind in Wall Street (Guardian, h/t Geoffrey)
- US said to be exploring Citi stake sale as soon as October: they can sell it to the same HFT algos that have overpriced the company by a few hundred % (Bloomberg)
- Germany's Bosch expects full-year loss, sales down 15% (WSJ)
- Diary of a crisis II: Bear, Lehman and into the abyss (Mesirow Financial)
- Ferguson: Why a Lehman deal would not have saved us (FT)
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The best buy story still amazes me.
Their largest competitor, Circuit City, is an ash heap and they cannot grow sales? This has been ongoing since CC went down the drain pipe.
It says a lot to me.
What does it say about the people paying 55 times earnings for Amazon?
people suck
It says to me that we may have reached the official point where cutting costs to increase profits margins are ending... would someone please hand Mr. Bernanke the next hat pre-loaded with a rabbit.
Lol.
And just so you know TSF... I may be moving onto the Ron Paul bandwagon with you for next election... save me a seat...
Okay, I was going to ask you if that rabbit is the official ZH mascot?
I need a new avatar.
lmao... no it isn't... but I would suggest an avatar with an bit of an 'edge'... not sure what though...
Like a bear with constipation?
yeah... along those lines... but it has to be growling with teeth bared :-)
I can't wait for Christmas! The holiday season should be terrible, somewhat supported by cash-for-appliances. The manufacturers are partially ramping up production for that, I'm sure. What happens to production when the incentive plans end?
BB's competitors are Walmart and Costco, and the internet.
Those are some pretty harsh competitors. They are the reason that CC went down, not competition from BB.
Don't know how indicative this is of everything at Best Buy...
I stopped in at my local Best Buy recently because I needed a cable, and didn't want to wait for shipping. I would have been perfectly happy to have spent a few dollars more.
http://tinyurl.com/r5ykvr
http://tinyurl.com/o8gzpk
But not x4. I waited for shipping.
(Do you think this is just Best Buy upping accessory items, hooking sales once people are already in the store? Or do they have an anti-imports policy I don't know about? Or are they just not that competitive?)
I think this is a must read especially because it is from a member of Obama's transition team:
The Continuing Disaster of Wall Street, One Year Later
Sunday, September 13, 2009 by Robert Reich
"...So will the President succeed on financial reform? I wish I could be optimistic. His milktoast list of proposed reforms is inadequate..."
http://robertreich.blogspot.com/
They'll ignore him...their in control...they got what they wanted....this guy actually thinks they care.
FX Solutions: The new carry trade: Funding in dollars (FX Solutions)
--------------
The US dollar fell about 40% in the 1930's, and has fallen about 40% in the Noughts. Whose to say it doesn't stop falling, if private outpaces government leveraging (e.g., M-2 has fallen recently because private deleveraging has exceeded government leveraging)?
I smell sellers today...
This market is officially, completely F'd. Genworth announces a big secondary, and the stock goes up. Same for REITs, banks, and any other marked-to-fantasy stock. Meanwhile, gold stock that does a Convertible bond issue gets positively savaged. Even a secondary tanks ABX.
http://finance.yahoo.com/echarts?s=JAG#chart1:symbol=jag;range=5d;compare=abx+^gspc+^gox;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
No doubt we are back to early 2000 territory. Just a question of how much longer now.
The link below has a clear tally and breakdown of the bailout... $17T!!
http://www.sitemason.com/files/kn283C/bailouttally083109.pdf
I would love a televised interrogation of Timothy Geithner and Ben Bernanke by Ambrose Evans-Pritchard, David Rosenberg, Stephen Roach, and Peter Schiff.
I am sick and tired of Timmy and Ben's prepared speeches/statements; soft-ball congressional hearing questions (by people who have little understanding economics/finance or how to formulate a relevant question); and easy-answer media interviews.
Let's cut to the chase and figure out if Ben and Timmy's positions on the economy are as strong as they claim... or if they are riding on a wing and a prayer (along with the rest of us).
Timmay was on Good Morning America this morning. WTF?
(Blagojevich on CNBC as well? Along with C dumping gov't holdings headlines not the other way around)
It's like waking up in the twilight zone.
And does the premature dissolution of the shotgun marriage between C and the USG seem odd to anyone else... with C presently sitting at $4.39 a share after riding nearly $60/share... I hope whoever buys the USG's stake in C really enjoys the scene where Lucy holds the football for Charlie Brown.
I don't think for one second that the USG plans on unloading their (our) shares of C....this is just a test to see what the reaction is, like so many other programs, let it out and see what happens. The price reaction yesterday and today is what they were looking for.... the answer is "nope, we've got to hold the c shares longer. I'm sure the house of saud has already phoned the WH and said "wtf".....
edit...one other thing...when is wfc gonna get killed? wtf is going on with them? is the Fed buying up every one of their shares?
GNW dumps an eleventeenth secondary into the market and it shoots up anyways. Apparently just selling paper for cash is the new business model. The more times you can dilute the better your stock is.
dilution is the solution
Well, the very fact that they're issuing secondaries is obviously evidence they expect to be hanging around for a long time. Therefore, GNW is a stable company which is critically undervalued and will really pay off in a few months to a year. It's common sense.
Pretty interesting for a company that initially couldn't even get govt. backing because they were in such terrible shape. What was GNW back in March or April...90 cents?
.78 in March, but even better... .70 last November. March stock prices can be almost thrown away as panic liquidation pricing on some companies; but with GNW the Nov price tells a much bigger picture. This was no fluke of the market throwing a baby away.
Your above 'common sense' actually is the sense of brokers at the IBs and their clients who subject themselves to sales calls.
If I were in that position and someone pumping another GNW stock sale gave me a call, I would strongly consider hanging up on them. How stupid are these people?
.70...wow. PPT are back, pumping the Nasdaq to drag the market up.
I've never seen the bullion banks have so much problem keeping a price down. Gold just keeps bumping up against a $1000 and the biggest chain I've seen them able to use is $3 to $6.
Lol. Flipped to Fox Business as the numbers came out. A somewhat downcast report on the July inventory numbers(-1% vs. exp. -0.9%, with a revision downward in June of -.1 or -.2) for a minute, then "but let's get back to the retail sales numbers from this morning." The media won't stop.
Anyone have a quick list of recent TXT upgrades/screaming buys? Wonder how many would match this list:
Sept 14 (Reuters) - Textron Inc (TXT.N) on Monday sold $600 million of notes in two part, said IFR, a Thomson Reuters service.
The size of the deal was increased from an originally planned $500 million. Bank of America, Goldman Sachs, and JP Morgan were the active joint bookrunning managers for the sale. Barclays and Citigroup were the joint passive bookrunning managers for the sale.So the Dow added almost 40 points in five minutes. I buy that.
I saw a 1mn green volume tick on the spy...
I bought 3 new shirts this week, first clothing purchase in 2 months. They were marked down 75%,on sale for $10 each. I bought them as replacement shirts, not because they were on sale. I am looking for a 32" flat panel TV to replace one that is going bad, I will buy when it's priced around $250 new. I pack my lunches and buy beer at the liquor store (the good stuff, I will not skimp here). I am using cash for all my purchases and have closed out all my credit. I do not see any major purchases in my future for at least 2-3 years while I work on getting my cash reserves up. Done with the market and banksters, been screwed by them the last few bubbles and not smart enough to trade on my own. I also think that this post has captured the attitude that I see growing around me every day. - Spanish Inquisition
retail sales went up as incomes fell and consumer credit tanked big time.....yeah...right.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Frontrun this.
"The Steamroller" will return:
http://www.nypost.com/p/news/local/spitzer_financial_system_needs_reform_Rqnb8SxZZ2EWN7fOTH9CvL
So what's up with the markets today... they should be soooo excited after Ben spoke:
"The recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.
just read the AEP article. If the M1, M2, and M3 are all declining, wouldn't that be bullish for the dollar, or is this just the fabled "Ka" in "Ka-Boom"?
And the dirtbag idiot scammers, too, have only succeeded in turning the markets into a disfunctional farce, which can only aid in ultimately (soon?) destroying the system entirely. Nice going boyz. I wish them all the hell on
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
earth.