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Saturday Readings
- Here we go: Geithner formally asks Congress to lift $12.1 trillion statutory debt limit, saying it could be breached as early as October, Amex Centurion happy to comply (Reuters)
"It is critically important that Congress act before the limit is
reached so that citizens and investors here and around the world can
remain confident that the United States will always meet its
obligations" - Tim Geithner - Totally unrelated - psychopaths have faulty brain connections, scientists say (Reuters)
- Must read: Deleveraging the U.S. Economy (Comstock Partners, h/t Vince)
- Health debate turns hostile at town hall meeting (NYT)
- Healthcare critics make childish claims, Obama says (Reuters)
- The history of the stock market (Mint)
- CIT now considering secured bond swap for near-term maturities (DebtWire)
- Long suffering Finlay Jewelers files for bankruptcy, to sell assets (CoStar Group)
- TARP cop cites bailout lobbying (CNNMoney, h/t Lizzy)
- How to blow a bubble (Baseline Scenario)
- One man was target of twitter DOS hacker attack (NYT)
- Swine flu this fall: turbulence ahead (Science Blogs, h/t Paul)
- How tough is the SEC? (Boston.com)
- Primary drivers in AIG's profitability:
"Commenting on the second quarter results, AIG Chairman and Chief Executive Officer Edward M.
Liddy said, “Our results reflect stabilization in certain of our businesses. The primary drivers
of our positive second quarter results were reductions in net realized capital losses, primarily
due to the decline in other than temporary impairments resulting from the adoption of new
accounting guidance and improved market conditions"
- thank you accounting voodoo and confidence game for creating a mega squeeze (h/t happy nietzsche) - Helicopter hits small plane near New York (Reuters)
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Just FYI, that NYT article about townhall meeting violence was so misleading that it borders on libelous. The people arrested were union thugs, and they were arrested for assaulting protesters. It was not a "fight." One of the assaults was caught on video:
http://gatewaypundit.blogspot.com/2009/08/tea-party-protesters-attacked-...
Here is a link to some video of the man from earlier in the day. A woman who claimed to "work for [Dem. Rep.] Carnahan" was picking on him then, and was later arrested. Also some great footage of the "angry mob" outside the meeting, who were standing quietly in line and not bothering anyone:
http://thedanashow.wordpress.com/2009/08/07/breaking-carnahan-staffer-ad...
Here's another video of an SEIU woman slamming a video camera in the face of a woman who was filming her:
http://moelane.com/2009/08/08/are-you-paying-attention-now-iamthemob/
This is for those of you that may have exhausted your Saturday reading list. Commercial Real Estate crash, prices approaching 2000 levels, according to M.I.T.
http://web.mit.edu/newsoffice/2009/tbi-0803.html
Why do they even bother actually having a limit????
They just say can I have a bigger limit on my credit card and they get it no problem.
When has it ever been denied?
So it isn't a ....limit... if it can be extended surely?
they need a benchmark to beat?
Forget about all this and go watch fight club again.....or for the first time.
Paulson’s Calls to Goldman Tested Ethics During Crisis
http://www.nytimes.com/2009/08/09/business/09paulson.html?partner=rss&em...
Will GS pay back the tax payers the money they got from AIG atleast because it help them stay alive. I think these guys should defintely be stopped and hope the main media if they have sense of resposiblity keep the heat on GS.
Will congress and sentate take this up with some real action and ask for the money be paid back to tax payers even if it is in few years ?
"Will congress and sentate take this up with some real action..."
ROFLMAO... with tears.... oh... my... that was a good laugh... ohhhh to be 18 again...
p.s.
House + Senate = Congress
A little political math you seem to need help with..
The real question is was it Helicopter Ben who went down in the Hudson...throwing out trillion dollar bills?
The man who was beaten and stomped outside the town hall was a black conservative who was selling and handing out the "dont tread on me flags."
Maybe Obama will invite him for a beer since it was the SEIU thugs who assaulted him. I am waiting for the media to declare it a hate crime since they called him the N WORD when they beat him. Wierd, SEIU supports Obama LOL.
The crisis is over folks!! stop talking shit, the bull amrket is on now.
Yeah, the bull market is on alright - IN GASOLINE AT YOUR LOCAL PUMP!!
In an HFT moment of my own on Thursday...I pulled up to the pump and the price was $2.83 before I swiped my debit card the price changed from $2.83 to $2.87 right at the pump. In after hours trading this weekend, the price for the same grade at the same pump is $3.09.
Res ipsa loquitur
for gas prices, please share geographical region if you would be so kind.
regular is 2.83 in upstate NY, up from 2.71 about one week ago.
dh,
Fairfield County, Shell, 93 Grade...the 850 Turbo purrs on 93 Grade, like giving milk to a kitten. The 3900 lb 5cyl machine gets 27 MPH hwy running at 70 MPH (but gets a little less over 100 mph).
Thankfully the old Volvo is debt free. Despite my $.04/gal HFT moment, I finally made a winning trade (the first good one in months) by filling an almost empty tank on Thursday - I sensed that prices were going up hard and soon. I think I'll start trading gasoline futures from now on.
The 26 cents is way out of the norm for what is being reported around the country; neverthless, this is insane (as it will bust a broken economy) but could be orchastrated for the equity market correction feeding Benny's much needed USD rise. Criminals!
Early next week:
"Stocks fell today amid rising concern among investors that rising gasoline prices may stiffel the economic recovery."
No, seriously, I want to read every comment on here... but damn, you got a lot of peeps ZH...
I agree. It's getting a little crowded in here...
Bloomberg headlines routinely state:
Oil rises on optimism of recovery.
This shit cracks me up.
Yes, JPM and GS traders are optimistic they can recover the losses made on RRE and CRE by gambling on oil futures. Bloomie's statement is pretty factual, actually.
difficult
some additional Saturday reading regarding Hank Paulson:
http://www.nytimes.com/2009/08/09/business/09paulson.html?_r=1
I guess a rising market causes people to forget:
With all this talk of banks repaying TARP money, only a teeny portion of the subsidies they've received, too many people have lost sight of the real issue: these banks would have collapsed were it not for the generosity of the American taxpayer. And the real crime here, as Roger Ehrenberg, is that the Treasury Department, in a deal Paulson was deeply involved in, badly underpriced the TARP warrants. Do you think that was an accident? If so, I have a bridge I'd like to sell you.
http://www.nakedcapitalism.com/2009/08/quelle-surprise-hank-paulson-and....
there was nothing accidental about it, IMO. that is the truly disturbing nature of the chain of events over, at least, the past 30 years (but more like 95 years).
The numbers are so big now their allocating costs over the worlds population....this is disgraceful:
MF: total cost (so far) of bailing out financial oligarchy is $3000 for every man, woman & child on planet
http://maxkeiser.com/2009/08/09/imf-total-cost-so-far-of-bailing-out-fin...
ith all this talk of banks repaying TARP money, only a teeny portion of the subsidies they've received, too many people have lost sight of the real issue: these banks would change. We just can not compete with the vast amounts of money being used to influence decisions. The Rich article says"
recommended: one of my favorit new finance sites..
On increased debt limits, would just like to state the following from a great Financialsense.com article: http://www.financialsense.com/fsu/editorials/andros/2009/0808.html
“Government spending cannot create additional jobs. If the government provides the funds required by taxing citizens or by borrowing from the public, it abolishes on one hand as many jobs as it creates on the other”…
-Ludwig Von Mises
"It took $1.50 of debt to generate $1 of GDP in the 1960s, $1.70 to generate $1 of GDP in the '70s, $2.90 in the '80s, $3.20 in the '90s, and an unbelievable $5.40 of debt to generate $1 of GDP in the latest decade."
"Some of the most extensive research on the effects of taxation and multipliers is found in a paper written at UC Berkeley by Christina D. and David H. Romer (Christina Romer chairs the Council of Economic Advisors of the Ob@ma administration) entitled “The Macroeconomic Effects of Tax Changes,” , which finds that the multiplier is 3, meaning that each dollar of higher taxes will reduce private sector spending by 3 dollars.
Back to a previous post, democracies go through phases according to Alexander Tytler 1775: A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising them the most benefits from the public treasury, with the result that a democracy always collapses over a loss of fiscal responsibility, always followed by a dictatorship."
I would prefer fiscal responsibility to a dictatorship.