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Frontrunning: September 25
- Former PPT member Kevin Warsh voices in: The Fed's job is only half over (WSJ)
- Still waiting for the inventory bounce: durable good orders drop 2.4% in August, worst since January (Bloomberg)
- Mattress-maker Simmons finally throws in the towel, to file Chapter 11 (AP)
- Investors don't feel like taking chances with stocks, spending (USA Today)
- Battle brews over unused TARP cash (WSJ)
- Norway DnB NOR Bank launching $2.4 billion rights offering (WSJ)
- Former HSBC chief investment manager kills wife after uncovering affairs (Bloomberg)
- A secret White House power grab is in full swing (Fox News, h/t William)
- After 27% fall in its "investment fund", Finra plays it safe (WSJ)
- China 2009 car sales forecast to hit 12.6 million (AP)
- FDIC is broke, taxpayers at risk, Bair muses (Bloomberg)
- Bank bailout problem, no easy answers (Fortune)
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VIDEO: "Audit the FED" hearing going on now. Here's the Link:
http://www.house.gov/htbin/leave_site?ln_url=http://boss.streamos.com/wmedia-live/financialserv/16489/300_financialserv-qwertyuiop_070131.asx&ln_desc=Live+Webcast&tmpl=/financialservices&wait=2
God this just looks like freaking infomercial. I do not want to buy a shamwow. Get to the damn questions.
Thanks.
Alvarez: "If 1207 were enacted today we believe that the public would lose confidence in the independence and judgement of the Federal Reserve"
No truer words were ever spoken...
yeah, he says that like it's a bad thing.
God this is painful to watch. It's like watching co-dependants. The congress critters just loved the central banks when they could borrow and do what they wanted without having to get the political support and taxation. Now that the debt is so large they have NO gain from it and are too spineless to put a stop to it all.
Oh my god. Grayson is GUTTING this fed lawyer like a fish.
Indeed.
Grayson: Mr. Alvarez is the Federal Reserve manipulating the stock market?
Alvarez: Ummm, ummm, that question is very broad.
If anyone taped the hearing please post Grayson questions (about 11:25 a.m.) to youtube ? thanks.
unbelievable - Bernanke giving his own news conference right now, which some of the financial networks are covering - while the real news is the HR 1207 hearing
The magician is waving his magic wand. Eyes front and center people. Ignore that man (Ron Paul) behind the curtain.
Is it me or did something change over the past week? I appears that the mainstream media is suddenly paying attention to the bad economic news that's been around for months.
I'm not just talking about NEW bad economic news but also OLD bad news. The economic summaries I've been reading over the past few days are actually mentioning old bad news like it never happened and was just noticed.
Of course, from the MSM 's point of view, they did just notice the old bad news. Or at least that's the cover story.
hearings are even being shut out on cspan - even the link to the feed posted above (thanks to ZH for providing that) is poor quality
OT but full of irony - Textron Inc. fell 3.5 percent to $17.70. The maker of Cessna planes and Bell helicopters was downgraded to “neutral” from “outperform” at Cowen & Co. LLC.
OT but full of irony - Textron Inc. fell 3.5 percent to $17.70. The maker of Cessna planes and Bell helicopters was downgraded to “neutral” from “outperform” at Cowen & Co. LLC.
Bank of Sealy is going to be the largest holder of US deposits soon enough now that Simmons is circling the drain.
Good highlights TD and staff: To everyone, there is indeed, a massive POWER grab in Washington and it is occurring very strategically, one program at a time. Here is a good link highlighting a new Fox News story:
http://www.foxnews.com/opinion/2009/09/23/phil-kerpen-browner-secret-white-house-power-grab/
Taking a step back, first it was Finance (the banks), then Energy (Cap & Trade), Medical (health care.) and Housing, this week it's Executive Pay (compensation mandates). NEXT... we all will wake up and find government will be sleeping in our bedrooms. Pay attention to government's "Power Grab" because unless we educate ourselves and take a stand, we'll have our freedom and rights stripped away, quietly, slowly, piece by piece. Good luck everyone.
Seriously, you have to be kidding me.
Bernanke noting that 3 of 4 TALF agents are African American. Worthy of breaking news on CNBC?
And Bernanke argues that auditing the Fed will "potentially" politicize the entity......
why why why do people watch CNBS
why not watch Bloomberg or Fox Business or better still the 1207 hearing
It's my comical entertainment for the day... while I drive to work... I like to see how they are going to spin 'straw' into 'gold' each day... I missed their spin this morning on the Durable Goods Report... but I bet they managed to make 'gold' out of it also.
You really didn't expect them to show something significant like the hearing on HR1207 did you? It is CNBS after all. :-)
And 60 percen of the IRS is females. So the FED loves to hide behind minorities and women.
Lizzy, here is our boy Dylan Ratigan and Ron Paul skewering the FED. Ron has a great quote "We should never be fearful of the truth."
http://www.youtube.com/watch?v=GZ5e5MfEY2o
Thanks, pigpen!!
Hopefully Tyler, will post the video of Grayson asking the Fed @ the hearings this morning, if they manipulate or front run equity markets.
Ageed on all points, lizzy.
What J6P should realize is that the Fed is ALREADY POLITICIZED. It comes in the form of its own (very powerful) banking lobby that moves in lock step with every action the Fed wants to make.
Bernanke is full of crap and the clothes need to come off the Emperor.
Loved Jonathan Weil's article on the FDIC... and his juxtapostion with what David Evans wrote last year. Then finally summarizing with:
"The FDIC’s problem is that it didn’t collect enough revenue over the years to cover today’s losses."
I think that statement can be easily extrapolated for any goverment agency, bank, homeowner, etc... Nobody collected enough revenue to cover the losses... and we are just swirling down the toilet bowl.
anybody who follows the bank sector must read Jonathan Weil's stuff.
Reprinting the FDIC's response to David Evans' piece of last year ago was beautiful...once again, proof positive that the fdic is a failure.
i can't figure out who is worse....fdic or sec....if you put a gun to my head, i'll go with the sec but there are soooo many good points to argue as to how awful fdic has been.
Bloomberg really does have a few good Opinion writers... and Bloomberg must give them a pretty long leash... and they certainly don't seem to be drinking the same Kool-Aide as the rest of the MSM.
Optimism is a good thing: just ask an unstimulated Larry Kudlow. Yet when optimism is the only thing, you have problems.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www..
hat tip:
financial news & opinion updated daily
Markets being pumped ahead of new home sales...Goldman upgrade of homebuilders recently...hmmm. Either a tipoff or Goldman's opportunity to get short.
A usual "50%" friday
Mark down Wed-Thr then Gun Short's going into the Weekend.
OVERNMENTS AND FINANCIAL SYSTEMS MANIPULATE CURRENCY VALUES (INCLUDING GOLD)
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www..
hat tip:
financial news & opinion updated daily