Frontrunning: September 27

• Last week's key story, conveniently buried late on Friday: "Three Wholesale Credit Unions Nationalized As US Securitizes $50 Billion In Legacy Toxic Assets; Failure "Sweep Under The Rug" Friday Just Got Real" - (Zero Hedge)
• From media shy to publicity whore, book-talker extraordinaire, David Tepper is now everywhere (New York Mag Profile)
• China Imposes a Steep Tariff on U.S. Poultry (NYT)
• Gold is the final refuge against universal currency debasement (Ambrose Evans-Pritchard)
• Japan Looks At $55bn Stimulus Package (FT)
• Fed Relative Value Model for Treasuries Showing Diminishing Market Returns (Bloomberg)
• Wolfgang Munchau on why the European Rescue Facility (EFSF) is one
  bid CDO, and would collapse immediately if France is downgraded  (FT)
• Eurozone banks face test as loans expire (FT)
• Interview: Marc Faber on the Federal Reserve and Hyperinflation (Seeking Alpha)
• Banks Keep Failing, No End in Sight (WSJ)
• John Hussman - Not Yet Out of the Woods (Hussman Funds)
• Treasury Said to Ready Plan to Sell AIG Stake, Recoup Taxpayer Investment (Bloomberg)
• Yen Likely to Hurt Company Sentiment in Japan's Tankan (Bloomberg)
• Risking a Trade War With China (RCM)
• China's Charm Blitz in `Shambles' Over Regional Spats (BusinessWeek)
• Record Ruble Bond Sales Stoke Deutsche Bank, HSBC Hiring: Russia Credit (Bloomberg)

Economic Data:

• Euro-Zone M3 s.a. 3 month avg. for August 0.5% - higher than expected. Consensus 0.2%. Previous 0.1%.
• Euro-Zone M3 s.a. for August 1.1% - higher than expected.Consensus 0.3% y/y. Previous 0.2% y/y.
• Sweden Household Lending for August 8.8% y/y.Previous 8.8% y/y.
• Sweden Trade Balance (Kronor) for August -2.8B - lower than expected.Consensus 5.0B. Previous 10.3B.
• UK Hometrack Housing Survey for September -0.4% m/m 1%y/y.Previous -0.3% m/m 1.5% y/y.
• Japan Corp Service Price Index -1.1% y/y - higher than expected.Consensus -1.2% y/y. Previous -1.1% y/y.
• Japan Merchandising Trade Balance Total¥103.2B – lower than expected.Consensus ¥200.0B. Previous ¥802.0B.
• Japan Adjusted Merchandising Trade Balance ¥589.7B – higher than expected.Consensus ¥522.1B. Previous ¥594.8B.
• Japan Merchandising Trade Exports 15.8 y/y – lower than expected.Consensus 19 y/y. Previous 23.5 y/y.
• Japan Merchandising Trade Imports 17.9 y/y – higher than expected. Consensus 17.5 y/y. Previous 23.5 y/y.

Comments

[Careless Whisper]

this too:

Raters Ignored Proof of Unsafe Loans, Panel Is Told (NY Times)  just google the headline

Miss Gretchen blames the ratings agencies but glosses over the fact that the wall street banksters had ACTUAL KNOWLEDGE from Clayton that only 54% of the loans met their own underwriting standards, whatever they were.  Rather than inform investors of that, they used the info to negotiate better deals. that spells f r a u d. fraud. doesn't it?

[Id fight Gandhi]

Cnbs briefly mentioned the credit unions In jest. Joking how it was released on Friday and doesn't matter. "let me know when it's a 100 billion, one joked." I can't even watch that channel for a few minutes without getting pissed off.

[T Rex]

Antitrust Complaint

http://www.wnd.com/index.php?fa=PAGE.view&pageId=207685

http://www.globalsecuritieswatch.org/DOJ_Antitrust_Complaint

[chistletoe]

China is "tired" of trade wars,

plays chicken with chicken

[Bob]

Interesting that our primary chicken export to them is the feet of the chicken . . . which would surely be of little value otherwise. 

Then there's the little matter of rare earths: Rare earths are important for automotive, electronics and clean energy industries. China mines 93 percent of the world’s tonnage of rare earths.

Me thinks we greatly exagerate our leverage over China.  Hubris can be a bitch . . . and, unlike the banksters and other PTB here within the mighty and morally pure USA, I suspect we may learn learn that "The arc of the moral universe is long, but it bends towards justice" after all. 

What a world of bitter irony this would be.  It reminds me of the notion that every criminal wants, deep down, to get caught.

[ebworthen]

CNBC gets worse as each month passes.

This morning it was "Bull vs. Bull" because it's all up from here (*cough*).

Rick Santelli slipped in the $35 billion government takeover of the private credit unions but was very toned down; careful Rick, Big Brother is watching.  Maybe FOX will pick him up the way they did Charlie Gasparino.

Zucker is gone (yeah!), let's hope Cumcast doesn't replace him with a dumber twin (or worse).

[kathy.chamberli...]

i watched santelli this morning too. they had the ultimate bull guy in the middle. i go back and forth between bloomie and joe's table. all chicks on bloomie at that time slot it seems. plus laughing so hard when they said becky and warren are on the way over to china together. what gives with that relationship? no problem holding back that agenda for the public acknowledgement. WOW, guess it is accepted warren and becky sitting in a tree,

k  i  s  s  i  n   g , oh you know that rest. cumcast probably.

[sushi]

Don't know why TD keeps supressing positive info such as this:

Sept. 27 (Bloomberg) -- The Dow Jones Industrial Average will surge to 38,820 in an eight-year “super boom” beginning in 2017, according to Jeffrey A. Hirsch, editor in chief of the “Stock Trader’s Almanac.”

2017 - better back up the truck today. They are going fast!!

[Bob]

Beginning in 2017!  Hillarious!

Blommie is beginning to read like The Onion.

[daniel]

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