Weekend Reading

Tyler Durden's picture
  • Must read: Fast-on-the-draw trades need spot of marshalling (FT, h/t Joe)
  • Roubini Op-Ed on Bernanke: The Great Preventer (NYT)
  • Lennar signals fleeting buildling rally as buyers flee (Bloomberg)
  • JP Morgan to raise banker salaries (FT)
  • The man spreading false rumors about Harman and Textron takeovers (that fooled fast-money's Najarian) found dead in suicide (Bloomberg)
  • Chinese steel executive beaten to death,  (FT)
  • Alan Abelson: It could be worse (Barron's)
  • Real homes of genius: The California housing collapse deconstructed (Dr Housing Bubble)
  • Rally may cool on earnings reality check (Reuters)
  • California officials worried about new budget woes (BusinessWeek)
  • US probe targets UBS banker visits (Reuters)
  • Phibro trader Andrew Hall is holding Citi hostage over $100 million pay package (WSJ)
  • Who caused the economic crisis: an email debate between Simon Johnson and Goldman's John Tablott (Salon part 1, part 2 and part 3 hat tip Ian)


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Anonymous's picture

its predicted that there will be 100,000 cases of Swine flu contractions in the UK by Sept. What effect does this have on the "recovery"?

Anonymous's picture

if they die, the unemployment rate will fall.
after the black death, there was an economic boom in europe.

good luck

Bob Dobbs's picture

After the plague came the renaissance.  I guess you might call that a boom.  Of course only 1/3 of the population was left.

dark pools of soros's picture

once technology evaporates the need for any brain memory (cell phone<>phone #'s;  google<> any details, history; GPS <> sense of direction, etc etc until brain = blob) then the magtastic nuetron bombs will be launched and usher in the next Dark Age...

DebtorShredder's picture

The sooner the better.

These rose-colored glasses give me a headache, anyway.

Anonymous's picture

To clarify, that is 100,000 cases per day.

Anonymous's picture

Does brother Ben deserve re-appointment? Sure, why not. But first he must take a camping trip with Timmy, Larry, Lloyd and Kenny.


Bobby Fischer36's picture

How could there even be a discussion about Ben after viewing the Ratigan piece from Friday?


I say bring in the hammers  Alan Grayson & Brad Sherman. I think they can figure out how to move our economy forward.








Anonymous's picture


foreign troops patrolling our streets

next week.

what country are we living in?

Anonymous's picture

These exercises happen all the time.

Anonymous's picture

guys, i just want to apologize for that remark.
don't listen to me; i thought Gaddafi was a lebanese dish.

anonymous out

calgaryschmooze's picture

Countries affiliated with the British Commonwealth whose troops will be in the DC area have already had their matches and lighters confiscated.

DebtorShredder's picture

How about we get the other side to Ben Bernanke's reappointment?

Anna Schwartz says "No":




Anonymous's picture

do you think roubini was warned that if he continued to be too critical, his family would be turned into chili.
it makes sense if wall street is run by gangsters and the law doesn't matter.

Anonymous's picture

They probably sent him his tombstone with an open date of expiry. When CNBC 'misquoted' him, he should have taken the cue, instead he said CNBC reported what he said out of context.

Anonymous's picture

he found a tack on his chair and some papers out of order on his desk.

some parts of america are in a depression
and maybe the flaws of the greenspan machine are the flaws of a fed machine.

Anonymous's picture

Roubini is a sham. He has essentially predicted the last 10 recessions, 9 of which never materialized. He is seeing his moment of fame slipping because he was a bear when the markets rallied. This happens because he is a spineless bear. No real conviction.

I lost A LOT of money with this rally, but I'm still a bear. I'm sorry, but my analysis does not change with the level of the S&P, only with a change of the fundamental data.

Roubini is finished. Stop listening to him.

Arm's picture

I did not realized I was not signed in.  This is ARM

PolishHammer's picture

Since I saw his pictures at Dealbreaker womanizing and pulling that NYC shitck, I've become sceptical.

Somehow I can't take the guy seriously.

dark pools of soros's picture

why fight the tape?   its a market not an equation.  


and fundamentals only matter when money aint funny

Anonymous's picture

Goldman upping the ante for rivals on bonuses


Anonymous's picture

F the FT, they say they are the paper that owns the crisis and I have been sending them info about manipulation for a long time. including your own prop trading volumes data, stick saves, painting the tape, etc. they have done nothing about it or anything with the info until now. I wrote the editors and questioned their honestly in completely avoiding even the potential of market manipulation by a firm. I detailed how godlamn prop desk increases in trading correlated with market moves, when the data was inconsistent, like decreasing money flow but the markets still moving up, when the market wasn't moving as you would expect with global money flows, and showed theses events were always associated with increases in goldman trading. They did shi...

Anonymous's picture

Rubeini will lose his credibility long before he loses that ridiculously thick fake accent.

He was born and raised in Brooklyn.

Anonymous's picture

I warned everyone, several years ago, that Roubini was a police state suckup, a careerist fathead, and not to take him seriously. He's a front. Ignore him.

Anonymous's picture

7:23p - Bernanke: This crisis may surpass Great Depression (marketwatch.com)

WTF does that mean ? Does it mean the recession is over unlike this Newsweek article: http://www.newsweek.com/id/208633

Anonymous's picture

When debtors decide to default: NYTimes


Illuminating piece.

Anonymous's picture

Roubini, like Krugman, is bedazzled by the glitter of a high-profile government job.

Krugman is the more obvious victim of self-interest: Ever since his dinner at the White House, he has played the party line -- even making excuses for his past "offenses". If his Princeton colleague can be Chairman of the Federal Reserve, then why not himself?

Roubini is the more surprising one -- but out of the gate he represented the greatest threat to the perception that the administration could engineer a soft-landing. An economics professor, and high-profile author (like Krugman) Roubini was another voice that needed to be quashed with promises of power.

Roubini once insisted that an "L-shaped" recession was in store if Bernanke stayed his course -- but Roubini now seems to be suggesting that Bernanke now deserves commendatation for doing exactly that which Roubini said he shouldn't do.

DebtorShredder's picture

The game still the same, but just the names change.

Who cares what these people think? Do you really believe that 1 man/woman has enough predictive power to guess how 300 million people are going to act financially in the future? People are not rational, so how would anyone be able to model their behavior?


DebtorShredder's picture

Is Wall Street business really that bad?

Virgin Blue to Sell New Stock

The stock last traded at 29 cents, giving the carrier a market value of A$305 million. The stock sale is being underwritten by Credit Suisse Group AG and JPMorgan Chase & Co.


Anonymous's picture

There will be come microcap mutual fund that the underwriters (credit suisse and JPM) will push it and ignorant fund holders will not even know.

Anonymous's picture

Roubini, along with Krugman, have now placed themselves at the table to occupy the space that Summer's now has. Summer's will get the Fed job should BB not be re-appointed. I can think of no one person who would be any worse for this country's middle-class than Larry (Fuck everyone else) Summer's.

Now I am not a fan of BB and there are only a few people on this earth who have been more wrong (in a condescending self-serving way i.e. shilling for his master's) then BB but think of the alternative. Summers as Fed Chief with Roubini and Krugman (who was swayed by the power of one roast-beef dinner) as the "key economic advisors".

Makes my head hurt even more than it does now.


Be careful what you wish for

Anonymous's picture

I think Dr Roubini's article is more than stupid:

Since he understated everything during the period leading to this grave situation, and reacted well after the situation went bad, Bernake deserves to be reaapointed.
Typical corporate American stupidity: Execute bad but get bonuses anyway with an acclaim! Oh Dont worry, Fed doesnt handle Asset bubbles, but we will cut int rates on a weekend(sunday) when the futures are lower by about 600 and Asian markets fell by 5%!

What a sham! We dont need reactionaries, we need visionaries. We need people who standup to the modalities and the chores and think in a non-myopic way!

Gilgamesh's picture

Speaking of Lennar, they are participating in the CALPERs' "here a $Billion, there a $Billion, everywhere a $Billion loss" reset program.


The home builder had sold its controlling interest in the project to CalPERS in 2007. The giant pension fund loses its nearly $1-billion stake:



Macquarie sells majority interest in US retail portfolio to CALPERs JV at $1B loss over 4 years: