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Frontrunning: September 24
- China trade war escalates: Paper is next front in China trade war (WSJ)
- Baltic Dry index falls for 10th day in a row, now at 2,163 (Navigate)
- Michael Pento: America digs deeper into debt (Delta Global)
- New deadly dollar carry trade (FSU, h/t Project Mayhem)
- The message is spreading: break up giant insolvent banks using America's 100 year old anti-trust laws (Washington's Blog)
- Ex-Deustche Bank manager says boss knew of spy case (Bloomberg)
- The global financial crisis is not over (Minyanville)
- Jobless claims decline to 530,000, as prior number revised traditionally higher (Bloomberg) as benefits continue rolling off
- And here is the government's response: Congress extends unemployment benefits payments in 27 states (24/7 Wall Street)
- Hope I'm wrong about the Bernanke Fed (Barron's)
- Harbinger also selling: Phil Falcone is unloading stakes in Calpine and Times (Dealbook)
- Goldman's damage control (Post)
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And of course, futures up. Another day in bizarro world.
New Home sales are gonna pop with efforts like this:
http://www.kbhome.com/staticTemplates/disney_magic_moment.aspx
Woo. Roll out the magicians. Get the lightworkers to make people feel warm and fuzzy about buying a new house with a disney room. Pull in Jesus to teach forgiveness to everyone but the bankers who NEVER forgive a debt even when people are starving.
Let's get the magic back in this illusion.
The big banks should be killed, mutilated, pieces burned, and the earth salted so they can never grow again.
CNBS: Did anyone else see Rick Santelli take on that Dreyfus character, Dick "Bullshit Market" Hoey?
Hoey was like a deer in headlights.
It was beautiful, the Dreyfus dude was in desperate need of a teleprompter - his stutter factor amped up to a 9.8 on the sphincter scale.
TD did you see the Houghy and Santelli smack down?...now that was theater!
Again the reiteration, fundementals, as long as they as superficial, matter, otherwise stay out of the fine print on the econ. I am surpised that GE still holds Rick's spot at the C-BO.
And so it begins?
http://apnews.myway.com/article/20090924/D9ATL1BO0.html
Here's the latest continuing claims numbers from this morning's Department of Labor report. When adding State claims, the Federal Emergency Unemployment Compensation, and the Extended Benefits together (as one should, but the media does not) you get a new high of the recession for the week of September 5: 9,922,902. This surpasses the previous high of 9,791,551 from August 22.
The Federal programs lag the State programs by a week, so although we know continuing claims data from the States for the week of September 12, we won't find out that week's Federal data until next week. Since State continuing claims did dip by 123,000 this week, it should cause a pull back in next week's total number.
Here's the numbers:
5-Sep 9,922,902
29-Aug 9,677,514
22-Aug 9,791,551
15-Aug 9,629,696
8-Aug 9,660,992
1-Aug 9,557,535
25-Jul 9,577,202
18-Jul 9,487,075
11-Jul 9,260,272
4-Jul 9,305,347
27-Jun 9,726,080
20-Jun 9,589,660
13-Jun 9,474,884
6-Jun 9,431,551
30-May 9,453,166
23-May 9,159,030
16-May 9,244,953
9-May 9,021,607
2-May 8,944,249
25-Apr 8,621,170
18-Apr 8,612,554
11-Apr 8,525,310
4-Apr 8,212,325
28-Mar 8,012,824
21-Mar 8,006,800
Has this been posted so far? It tanked the Pound overnight (ala all the good chatter here regarding the impending currency wars, and yesterday's US vs UK piece):
BOE's King: Pound weakness aids rebalancinghttp://www.marketwatch.com/story/boes-king-pound-weakness-aids-rebalancing-2009-09-24
Washington's Blog is consistently outstanding. Thanks for introducing me to it
I would love to know who got butthurt on this drop today...probably the retail traders/investors.
Nice big FU to the public....
This bank-engineered equity rally
http://ftalphaville.ft.com/blog/2009/09/24/73736/this-bank-engineered-eq...
There's at least one pocket of strength in the economy:
http://news.yahoo.com/s/ap/20090923/ap_on_re_us/us_ammo_shortage
I am surprised that the powers that be are not renting container ships to sail back and forth loaded with dirt tonnage that never gets delivered.