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Overalottment: July 1

Tyler Durden's picture





 
  • Australia's trade deficit doubles in May (MarketWatch)
  • Schizo China changes tune again, hopes dollar remains stable as reserve currency (Bloomberg)
  • Unwinding AIG Prompts Pasciucco to Ponder Systemic Failure (Bloomberg)
  • BOE official says banking system like South Sea bubble (Guardian h/t Steve)
  • Podcast: Minsky framework explained (Mcculley, h/t Kyle)
  • Obama enters decisive phase of presidency (FT)
  • "Dickweeds", "Vampire Squids" and "Morons" (NY Mag)
  • And on that note, TrimTabs details the BEA process of estimating personal income and personal savings, and why the reading is garbage (h/t John)

 


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Wed, 07/01/2009 - 23:29 | Link to Comment orange juice
orange juice's picture

The Chinese are awesome are they not? I wish they were more spastic.

Wed, 07/01/2009 - 23:56 | Link to Comment 100PercentProle
100PercentProle's picture

Closed dictatorship + inconsistent public announcements = Internal power struggle?

Thu, 07/02/2009 - 06:36 | Link to Comment fxquant
fxquant's picture

Pure politically based circlejerk. As in bad cop, good cop routines.

Wed, 07/01/2009 - 23:54 | Link to Comment DaylightWastingTime
DaylightWastingTime's picture

http://maxkeiser.com/
it's the reason i'm here. thought i would pass the connection along

Wed, 07/01/2009 - 23:55 | Link to Comment FischerBlack
FischerBlack's picture

Dennis Kneale's little en passant failed miserably and still Zero Hedge got a plug out of it. It couldn't have worked out any better.

I think Marla should get a raise for distracting him with the 'brutal day' bit. Kneale miscalculated how humorous it would be and fell flat on his face looking like a petulant, pale, young boy.

I hope he hasn't learned his lesson, and reads the NYmag piece and faces off with you guys in a fair forum. That would be precious...

Thu, 07/02/2009 - 00:19 | Link to Comment Renfield
Renfield's picture

hahaha Aus trade deficit deeper 'than expected' in May...

'Expected' by whom? Wish they'd name those cluefree economists and then we know who not to quote again.

Aus has not been hit by the recession ONLY b/c the government is front-ending our debt, handing out 'stimulus' and 'homedebtors grants' like there's no tomorrow (literally). (Meaning, they're running up debt at the front end of our Great Depression rather than like the US, halfway through it.)

So we're now the proud death rattle of the housing bubble, as house prices shot up again in response to the latest government handout renewed in June through December, and marginal 'buyer' morons commit to $500K of debt on the brink of a Depression, to gain $21K of housing grant. (Which goes straight onto the price anyway.)

It's gonna get UGLY here when the rising twins unemployment and the bond market force the government to cool it with the bank-and-builder freebies. Our Big Four (banks) are overleveraged to the gills and DEEP in RE/CRE.

Thu, 07/02/2009 - 03:44 | Link to Comment Shaza (not verified)
Thu, 07/02/2009 - 08:41 | Link to Comment Glen
Glen's picture

When you look at the range of data out of late, the only north bound stats were house prices and consumer confidence - figures that lean toward debt growth. All the south bound stats, job ads, construction, current account etc - the figures that create jobs and wealth - just weren't playing. So housing debt grows as does consumer confidence (where no child shall live without a plasma) head in one direction while all those stats that support and pay for debt head in the other. Can't wait for this rubber band to break.

Thu, 07/02/2009 - 00:33 | Link to Comment rocker_jdb
rocker_jdb's picture

Looks like the WSJ is getting it's head out of Murdoch's tukus and starting to actually do a bit of reporting again: http://tinyurl.com/magjud

With the calls for an audit of the Fed growing louder by the day, Washington & Wall St. might be getting a tiny bit nervous. Collusion only lasts so long, before two things happen: people realize just how badly they're getting screwed; action must be taken to restore the appearance of justice or fairness. As a cynic, I hope something deeper beyond those two things shakes up the fraud and manipulation in our markets/banking system. But, I'm not holding my breath, either.

Thu, 07/02/2009 - 03:34 | Link to Comment Shaza (not verified)
Thu, 07/02/2009 - 07:22 | Link to Comment Anonymous
Thu, 07/02/2009 - 08:28 | Link to Comment Glen
Glen's picture

Look out - Bloombergs on fire tonight (Australian time)

"Biggest Rally in Value Stocks Sends Bearish Signal to PNC, AXA" - The biggest quarterly rally in value stocks is a bearish sign to some of the largest money managers, who say it shows the equity market has relied on companies with the worst finances to fuel its rebound.

Money-losing companies in the MSCI World Value Index with the most debt climbed an average of 38 percent last quarter, compared with a 20 percent gain for the MSCI World Index, according to data compiled by Bloomberg. That pushed value stocks, or those trading at the lowest level relative to their earnings or assets, in the index up 22 percent, the biggest increase since at least 1995.

...and how long has ZH been banging on about this junk rally?

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2DYNA8YkI0w

....and;

"China Allows Yuan Trade Settlement, Offers Tax Breaks" - China’s central bank allowed companies to undertake settlement of cross-border trade in the yuan and promised tax breaks, seeking to reduce the reliance of importers and exporters on the U.S. dollar.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aBX5jC9CuOC4

Alls good in green shoot land. Better go water the astroturf.

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