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Frontrunning: September 16

Tyler Durden's picture




 
  • Pearlstein: What kind of judge stands up for truth and justice? (WaPo)
  • Treasury announces it will reduce one of its rescue programs from $200 billion to $15 billion (AP) - we now have six weeks before the US defaults under current debt ceiling regime
  • Foreign trade keeps stalling: current account deficit at 2.8% of GDP hits lowest since 1991 (AP)
  • Gold keeps climbing higher (FT)
  • The SEC gets neutered again (CNNMoney)
  • Dollar pressure continues as greenback hits fresh low (MarketWatch)
  • Wells Fargo urges US to boost mortgage market, no "or else" part added yet (FT, h/t Lizzie)
  • Dick Parsons joining PE firm Providence, to keep his Citi post (Reuters)
  • British jobless rate near 13 year high at 7.9% (AP)
  • Baum: Obama scolds bankers, appeals to moral compass (Bloomberg)
  • More subsidies to keep "economy going": $8,000 homebuyer tax-break set likely to expand to $15,000 (NY Times, h/t Lizzie)
  • What Bernanke really said (Forbes)
  • Chrysler turnaround "slow process" says CEO (Reuters)
  • Michael Pento talks markets and the Fed (Wall St. Cheat Sheet)
  • Bernanke says recession over, should you care (Big Picture)

 

 

 

 

 

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Wed, 09/16/2009 - 09:14 | 70920 Bob
Bob's picture

Wall Street's Moral Compass?  JHC, now that's some insanely hopeful blather that I am supposed to believe in?

Wed, 09/16/2009 - 09:23 | 70927 glenlloyd
glenlloyd's picture

The needle of the moral compass is pointed in the direction of moral hazard

Wed, 09/16/2009 - 09:55 | 70958 John Self
John Self's picture

Pearlstein has been pretty awesome throughout this period.  Really surprising to find him in the WaPo.

Wed, 09/16/2009 - 09:56 | 70960 ED
ED's picture

"What kind of judge stands up for truth and justice? "

 

One that needs to go to the bathroom?

Wed, 09/16/2009 - 09:57 | 70961 Anonymous
Anonymous's picture

From the NY Times article:

“It was a no-brainer,” said Mr. Myers, a commercial underwriter. “Owning something is the American family dream. [...] We did exactly what the government wanted us to do,” said Ms. Myers, a third grade teacher. “We stimulated the economy.”

All good except that
1) they own nothing except a mortgage to Uncle Sam
2) they didn't stimulate the economy in any way
3) they're fascists

Wed, 09/16/2009 - 09:57 | 70962 Anonymous
Anonymous's picture

From the NY Times article:

“It was a no-brainer,” said Mr. Myers, a commercial underwriter. “Owning something is the American family dream. [...] We did exactly what the government wanted us to do,” said Ms. Myers, a third grade teacher. “We stimulated the economy.”

All good except that
1) they own nothing except a mortgage to Uncle Sam
2) they didn't stimulate the economy in any way
3) they're fascists

Wed, 09/16/2009 - 10:04 | 70967 Stevm30
Stevm30's picture

Pearlstein is worthless.  I'm amazed that a man of such mediocre talents is taken seriously.

Wed, 09/16/2009 - 10:26 | 71001 Steak
Steak's picture

True story...I interviewed to be his assistant.  He said I was too qualified and gave the job to a friend of a friend.  Nice guy but really he's oldschool DC (DC is the center of the universe) in a way that precludes him from actually trying to figure out what is going on beyond the beltway.

Wed, 09/16/2009 - 10:45 | 71010 MinnesotaNice
MinnesotaNice's picture

Bloomberg seems to have an even less cheerful story this morning about Chrysler and auto sales... how much of that company do we own? Paybacks for government intervention are a bitch...

 http://www.bloomberg.com/apps/news?pid=20601087&sid=aCIadllzd_Zc

 

Chrysler Executives Say U.S. Industry Sales Plunging

Chrysler Group LLC, the U.S. automaker run by Fiat SpA, said nationwide industry sales are off 19 percent so far this month after a government purchase- incentive program ended.

“We are going to see harsh reality in September,” Sergio Marchionne, the chief executive officer of Fiat and Chrysler, said at the Frankfurt Motor Show. He described the U.S. industry results as a “disaster.” Fritz Henderson, CEO of General Motors Co., said the market is “very weak” this month.

Wed, 09/16/2009 - 10:41 | 71020 MinnesotaNice
MinnesotaNice's picture

Oh, and Lizzy, nice find on the NYTimes article about the $8000 versus $15,000 tax credit... I nearly choked on my Cheerios when I read this...

“It was a no-brainer,” said Mr. Myers, a commercial underwriter. “Owning something is the American family dream.”

The couple bought a two-bedroom condominium here in the spring for $171,000 and amended their 2008 taxes immediately, receiving their windfall by direct deposit a few weeks later.

Their home is now a monument to the government’s generosity. They bought a leather couch, a kitchen table, a bed, television stand, china cabinet, kitchen table, coffee table, grill and patio set.

“We did exactly what the government wanted us to do,” said Ms. Myers, a third grade teacher. “We stimulated the economy.”

So now I am off to work, so I can pay for all of Mr. and Mrs. Myers new stuff they bought... probably nicer than my own stuff...

Wed, 09/16/2009 - 11:46 | 71129 Gilgamesh
Gilgamesh's picture

NY Times, speeding towards completely irrelevant as a news source - about to fall over the purely partisan rag cliff (worse than HuffPo?).  This has to be one of the most biased "articles" ever seen outside of the Editorial section:

 

http://www.nytimes.com/2009/09/16/us/politics/16acorn.html

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