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Frontrunning: November 7





  • Twitter's IPO to Make Market Debut (WSJ); Twitter Raises $1.82 Billion, Pricier Value Than Facebook (BBG)
  • Worried Senators Press Obama on Health Law (WSJ)
  • Greenspan Says Yellen Was His Guide to Economics Research at Fed (BBG)
  • European Central Bank seen holding rates despite inflation tumble (Reuters)
  • Wall St. Bonuses Over All Are Predicted to Rise 5 to 10% (NYT)
  • Cautious consumers seen curbing U.S. economic growth (Reuters)
  • China Grants U.S. Investors Indirect Access to Its Stock Markets (WSJ)
  • Higher Tax Rates Give Top U.S. Earners Year-End Headaches (BBG)
  • Iran Loses Nuclear Leverage as World Ignores Export Drop (BBG)
  • NYPD Commissioner Ray Kelly in the running for JPMorgan job (Post)
 


Tyler Durden's picture

Frontrunning: November 5





  • China premier warns against loose money policies (Reuters)
  • Brussels forecasts tepid Eurozone growth (FT)
  • SAC Case Began With Informant’s Tips on Cohen, Rajaratnam (BBG)
  • Dirty Munich Home’s Nazi Loot Estimated at $1.35 Billion (BBG)
  • Mortar hits Vatican embassy in Damascus, no casualties (Reuters)
  • India Launches Mars Mission (WSJ)
  • Lael Brainard to leave Treasury, heading to Fed (FT)
  • U.S. Takes Aim at 'Forced' Insurance (WSJ)
  • Wife of Jeff Bezos attacks book about Amazon (FT)
  • Fall of Brazil’s Batista embarrasses President Dilma Rousseff (FT)
  • The One Thing People Still Really Like About BlackBerry (BusinessWeek)
 


Tyler Durden's picture

Guest Post: Are Constitutional Conservatives Really The Boogeyman?





Power, or perceived power, is a viciously addictive narcotic. It doesn't matter what political or philosophical background a person hails from, very few have the self discipline or the self awareness necessary to relinquish the trappings of power once they have tasted it. This truth applies to conservatives as much as it applies to liberals. The bottom line is, whether Obamacare is successfully implemented or not, whether the debt ceiling is raised again or not, whether the Left passes every agenda on its list or not, our system is broken and it is going to collapse. There is no way around it. More debt and more fiat printing means stagflationary collapse. Default and austerity means stagflationary collapse. If liberals want to place blame for this conundrum, then they should focus on the people who actually set the original fire – international and central bankers. Constitutional conservatives have been the only people attempting to inform the American public of the facts surrounding our current fiscal crisis.

 


Tyler Durden's picture

Frontrunning: October 25





  • Contractors describe scant pre-launch testing of U.S. healthcare site (Reuters)
  • Carney Says BOE Revamp Offers Wider Access to Cheaper Funds (BBG)
  • Help wanted in Fukushima: Low pay, high risks and gangsters (Reuters)
  • Merkel and Hollande to change intelligence ties with US (FT)
  • Twitter IPO pegs valuation at modest $11 billion (Reuters)
  • NSA monitored calls of 35 world leaders after US official handed over contacts (Guardian)
  • Officials alert foreign services that Snowden has documents on their cooperation with U.S. (WaPo)
  • Scottish Nationalists Lose Vote After Plant Threatened With Axe (BBG)
  • Fernández contemplates a train wreck in Argentine elections (FT)
  • Irish Government will consider ‘best options’ for bailout exit (Irish Times)
 


Tyler Durden's picture

Guest Post: Non-Participation As An Effective Weapon Against Tyranny





Legitimate revolution takes time, patience and fortitude. Unfortunately, this is a strategic concept that is lost on many Americans today who suffer from a now common ailment of attention deficit disorder and an obsession with immediate gratification. Even some who have their hearts in the right place and who work to defend and resurrect our nation’s founding ideals seem to believe that any action to defeat corrupt oligarchy must be effective immediately, otherwise, it’s not worth the attempt. History, of course, teaches us the opposite. As things stand at this moment, though, the death of the system is not something to cheer, no matter how much we might wish it to crumble under the weight of its own criminality. The collapse of the existing system will not be the end of our troubles, only the beginning. Chaos always opens doors for evil men, and they will certainly take full advantage of the chaos triggered by shutdown, default or continued inflationary debt spending. We must make ourselves ready to resist by making ourselves separate from the monster we plan to fight. Crisis waits for no one, and on the path our nation now walks, crisis is assured.

 


Tyler Durden's picture

QE Is "At Best An Unfair And At Worst An Evil Policy"





Five years ago, when QE first started, we blasted the Fed's "Plan Z" systemic rescue "policy" - which was merely a tried and true dilutive fallback plan used by every collapsing monetary regime starting with the Romans - stating it does absolutely nothing to resolve the biggest underlying threat to the economy and the western way of life, namely the epic accumulation of debt (most of it bad), courtesy of a Fed which has now unleashed a perpetual "buyer of only resort" QE (as we predicted months before QEternity was revealed), which instead only redistributes wealth from the middle class to the wealthiest 0.01%, while providing scraps to the poorest to keep them occupied and away from very violent thoughts. Enter the FT, which in an Op-Ed today titled "QE has stigmatised the well-off" says that "despite it being entirely justified as a save-the-world policy in its first round, it is still at best an unfair and at worst an evil policy. Why? Because of the way in which it redistributes wealth" And now we lean back and await for even more of the incisive mainstream media to suddenly come up with this timely, non-conspiratorial observation.

 


Tyler Durden's picture

"What Politicians Want Is A World Of Pure Beta And Zero Alpha"





What politicians want from their regulatory efforts is a world of pure beta and zero alpha. This is the ultimate “level playing field”, where no one knows anything that everyone else doesn’t also know. The presumption within regulatory bodies today is that you must be cheating if you are generating alpha. How’s that? Alpha generation requires private information. Private information, however acquired, is defined as insider information. Insider information is cheating. Thus, alpha generation is cheating. QED. Why would politicians want an alpha-free market? Because a “fair” market with a “level playing field” is an enormously popular Narrative for every US Attorney who wants to be Attorney General, every Attorney General who wants to be Governor, and every Governor who wants to be President … which is to say all US Attorneys and all Attorneys General and all Governors. Because criminalizing private information in public markets ensures a steady stream of rich criminals for show trials in the future. Because the political stability of the American regime depends on a widely dispersed, non-zero-sum price appreciation of all financial assets – beta – not the concentrated, zero-sum price appreciation of idiosyncratic securities. Because public confidence in the government’s control of public institutions like the market must be restored at all costs, even if that confidence is misplaced and even if the side-effects of that restoration are immense.

 


Tyler Durden's picture

Mark Spitznagel Warns "Interventionist Policies Cause Of, Not Cure For, Busts"





Time is nearly up for Ben Bernanke, the chairman of the Federal Reserve who supposedly applied his scholarly knowledge of the Great Depression to steer the U.S. to safety after the financial crisis. In truth, Bernanke navigated a monetarist course that favored intensive intervention, following in the footsteps of many mainstream economists who grossly misunderstood the lessons of the Crash of 1929 and the ensuing malaise. That lesson is that when corrective crashes occur, intervention is far from the cure — it is the cause.

 


Tyler Durden's picture

Frontrunning: October 11





  • Dot Com part deux: Investors are showing increasing hunger for initial public offerings of unprofitable technology companies  (WSJ)
  • Poll Finds GOP Blamed More for Shutdown (WSJ)
  • House, Senate Republicans Offer Competing Plans on Debt-Limit, Government Shutdown (WAPO)
  • Obama, Republicans aim to end crisis after meeting, hurdles remain (Reuters)
  • US Rethinks How to Release Sensitive Economic Data (WSJ)
  • Chinese East Oil Fuels Fresh China-US Tensions (WSJ)
  • ECB Agrees on Swap Line With PBOC as Trade Increases (BBG)
  • China September Auto Sales Surge 21% on Japanese Rebound (BBG)
  • JPMorgan Taps Taxpayer-Backed Banks for Basel Rules (BBG)
 


Tyler Durden's picture

Frontrunning: October 8





  • Hilsenrath: Tense Negotiations Inside the Fed Produced Muddled Signals to Markets (WSJ)
  • Biggest US Foreign Creditors Show Concern on Default Risk (BBG)
  • Shutdown Costs at $1.6 Billion With $160 Million Each Day (BBG)
  • What default? Republicans downplay impact of U.S. debt limit (Reuters)
  • Top Bankers Warn on U.S. Debt Proposal (WSJ)
  • India to stick with austerity despite looming election (Reuters)
  • Japan's Current-Account Surplus Plunges (WSJ)
  • Amazon Wins Ruling for $600 Million CIA Cloud Contract (BBG)
  • German Factory Orders Unexpectedly Fall on Weak Recovery (BBG)
  • Britain's Higgs, Belgium's Englert win 2013 physics Nobel prize (Reuters)
  • Supreme Owner Made a Billionaire Feeding U.S. War Machine (BBG)
 


Tyler Durden's picture

Frontrunning: October 7





  • A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall (BBG)
  • Software, Design Defects Cripple Health-Care Website (WSJ)
  • Gunmen kill 5 Egyptian soldiers near Suez Canal, 2 people die in blast (Reuters); Egypt death toll rises to 53, streets now calm (Reuters)
  • Three retailers sell Apple iPhone 5C for $50 or less (Sun Sentinel)
  • New American Economy Leaves Behind World Consumer (BBG)
  • Dow's Exiles Often Have Last Laugh (WSJ)
  • Macy's Puts China Online-Expansion Effort on Hold Amid Economic Slowdown (WSJ)
  • Gold Befuddles Bernanke as Central Banks’ Losses at $545 Billion (BBG) - just ask the BIS gold selling team: they are unbefuffdled
  • Markit Group Said to Avoid U.S. Antitrust Claims as EU Proceeds (BBG) - being owned by the banks has benefits
  • Paulson leads charge into Greek banks (FT) - and scene for the Greek banking sector
 


Tyler Durden's picture

Frontrunning: October 4





  • Troops Forage for Food While Golfers Play On in Shutdown (BBG)
  • Police suspect dental hygienist Miriam Carey was behind the wheel of Capitol chase (WaPo)
  • Italian Senate committee starts Berlusconi expulsion process (Reuters)
  • Swiss Regulator Probing Banks Over Foreign-Exchange Manipulation (WSJ)
  • GOP Begins Search for Broad Deal on Budget (WSJ)
  • No Jobs Report Means Economists Chew on Football Instead of Data (BBG)
  • U.S. default seems unthinkable but investors have options (Reuters)
  • Citigroup fined $30 million after analyst sent report to SAC, others (Reuters)
  • FBI Snags Silk Road Boss With Own Methods (BBG)
  • Recession Warnings Found in Asset Price Falls (BBG)
  • Bank of Japan warns of severe global impact from U.S. fiscal standoff (Reuters)
 


Tyler Durden's picture

Frontrunning: October 3





  • Mounting Wall Street fears of US default (FT)
  • This is what the US government does when it is "shut down" - CIA ramping up covert training program for moderate Syrian rebels (WaPo)
  • SEC Weighs Overhaul of Exchanges’ Self-Regulatory System (WSJ) - just let Goldman and JPM do all the policing; not like anyone cares anymore
  • Reid Sets Tone for Democrats in Shutdown Fight (WSJ)
  • No Movement in Shutdown Standoff (WSJ)
  • Shutdown will not slow Fed nomination, says Obama (FT)
  • Syrian Regime Chokes Off Food to Town That Was Gassed (WSJ)
  • Tesla Says Car Fire Began in Battery (AP)
  • China Services Index Increases in Sign of Sustained Rebound (BBG) or sustained data manipulation
 


Tyler Durden's picture

Ackman Books Herbalife Losses, Forced To Cover 40% Of Short To Avoid Being "Forced To Cover" Short





It just keeps getting worse and worse for Bill Ackman. A few weeks after the epic humiliation, not to mention even more epic losses, he suffered on his now defunct JCP long position (despite ample warnings by the likes of Zero Hedge who said long ago JCP is merely a melting icecube and fast-track Chapter 11/7 candidate) all those who predicted (such as Zero Hedge back in January) that an epic HLF short squeeze would result in the aftermath of Ackman's Herbalife short announcement leading to Ackman's ultimate capitulation, have been proven correct. Moments ago, in a letter to investors, Bill Ackman just announced that he has covered over 40% of his Herbalife short position, with his forced buy-in explaining the endless move higher in Herbalife stock in recent weeks. The explanation of being forced out of nearly half of his position is amusing: "we minimize the risk of so-called short squeezes or other technical attempts by market manipulators to force us to cover our position." So Ackman is forced out by his Prime Brokers so as not to be forced out by market manipulators? That's an interesting explanation for what is a far simple situation: booking your paper losses.

 

 


Tyler Durden's picture

Frontrunning: October 2





  • U.S. Government Shut Down With No Quick Resolution Seen (BBG)
  • 12 House Republicans now say they’d back a ‘clean’ CR (WaPo)
  • Republicans’ 2014 Senate Edge Muddied by Shutdown Message (BBG)
  • Obama Shortens Asia Trip Due to Government Shutdown (WSJ)
  • Fed Said to Review Commodities at Goldman, Morgan Stanley (BBG)
  • Foreign Firms Tap U.S. Gas Bonanza (WSJ)
  • Behind Standoff, a Broken Process in Need of a Broker (WSJ)
  • Japan Awaits Abe’s Third Arrow as Companies Urged to Invest (BBG)
  • Microsoft investors push for chairman Gates to step down (Reuters)
 


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