Philadelpia may have booed Santa Claus, but last night it was New York's turn to boo a not so jolly, calorie-challenged man, embattled NJ governor Chris Christie, during the ceremonial Super Bowl “handoff” at Times square. However, in the aftermath of Friday's NYT revelations that evidence exists that Christie was aware about the real reason behind the bridge closures as they happened, onlookers only had a brief 30 seconds during which to boo Christie before he promptly departed the stage on his own.
- Here comes JPM's next multibillion legal reserve: Federal Probe Targets Banks Over Bonds (WSJ)
- Mulally Bows Out of Microsoft CEO Race, Staying at Ford (BBG)
- United States sending more troops and tanks to South Korea (Reuters)
- Eurozone unemployment sticks at record high (FT)
- China-Japan 'Voldemort' attacks up ante in propaganda war (Reuters)
- Alternative Lenders Peddle Pricey Commercial Loans (WSJ)
- John McAfee: glad Intel dropping name from security software (Reuters)
- Jobless Benefits Bill Stays Alive Amid Talks on Offsets (BBG)
- Chicago Colder Than South Pole as Frigid Air Clamps Down (BBG)
- Former Miss Venezuela shot dead in attempted robbery (Reuters)
JFK, Roads Closed, Northeast Paralyzed After Up To 20 Inches Of Snow Drop; Wind Chill Hits -40; 100 Milllion AffectedSubmitted by Tyler Durden on 01/03/2014 07:28 -0500
Snow and cold weather... in the Northeast... in January. Surely, such an unprecedented development in the New Normal should predictably justify explaining away at least a 1% miss of Q1 GDP (which when inventory destocking is factored in, will likely come in negative). Still, 20 inches of snow dropping in one night is somewhat abnormal, especially when one adds a blast of cold air to accompany them, and explains why even the area major airport hubs - JFK in New York and Logan in Boston - are all closed currently, while key NYC transportation hubs, I-84 and the LIE, closed at midnight and won't open until 8 am.
— Andrew Cuomo (@NYGovCuomo) January 2, 2014
Either the Volcker Rule is making Wall Street's menu of investment choices so unbearably limited, or traditional assets are so overpriced Wall Street won't even touch them with other people's money, but when it comes to allocating capital the smartest conmen in the room are coming up with some truly unorthodox products. Such as investing in ex-convicts in the form of 2000 newly released prisoners.
- SURPRISE - Goldman Sachs won a preliminary victory to limit losses from a wave of erroneous trades that roiled U.S. options markets (WSJ)
- HP’s Whitman abandons 2014 revenue growth target (FT) - just keep doing those buybacks and ignore CapEx: revenue growth estimated in 2022
- Republicans in Echo Before Big Burn Defy Affordable Care (BBG)
- China's banks to take next step in rate reform push (Reuters)
- Berlin’s Consistency on Greece’s Rescue (FT) and lack thereof
- Summers as Obama Voice of Authority Rides Car Rescue in Fed Race (BBG)
- Cuomo in Manure Fight as New York Promotes Yogurt (BBG)
- Yellen’s Ties From London to Shanghai Bypass White House (BBG)
- Sanctions Gap Allows China to Import Iranian Oil (WSJ)
- Bernanke Seeks to Divorce QE Tapering From Interest Rates (BBG)
- China launches crackdown on pharmaceutical sector (Reuters)
- Barclays, Traders Fined $487.9 Million by U.S. Regulator (BBG) - or a few days profit
- Barclays to fight $453 million power fine in U.S. court (Reuters)
- When an IPO fails, raise money privately: Ally Said to Weigh Raising $1 Billion to Pass Fed Stress Tests (BBG)
- Bank of England signals retreat from quantitative easing (FT) ... Let's refresh on this headline in 6 months, shall we.
- Russia's Putin puts U.S. ties above Snowden (Reuters)
- Smartphone Upgrades Slow as 'Wow' Factor Fades (WSJ)
- Snowden could leave Moscow airport in next few days (FT)
- New Egypt government may promote welfare, not economic reform (Reuters)
There are two types of people in this world; those who worship the ideal of centralized command authority, and those who do not. Those who value freedom regardless of risk or pain, and those who value slavery in a desperate bid to avoid risk and pain. When I consider the ultimate folly of man, in the end I look to the meek and unquestioning masses who strive to avoid risk, because it is they who always end up feeding the machines of war, despair, and tyranny. The power thirsty halls of elitism surely instigate and manipulate the tides of this wretched ocean of quivering souls, but ultimately, the weak-hearted and weak minded make all terrible conquests possible. They live by the rule of fear, and their fear drives them to seek control; control of their environment, control of others, and by extension they believe, control of the future. They attempt to mitigate their overwhelming fear by containing the world and sterilizing it of everything wild, untamed, and unknown. They dream of a society of pure predictability, and zero responsibility. They are willing to sacrifice almost anything to attain this position of artificial comfort. The concept of “big government” appeals to such people for many reasons...
- Guess who doesn't believe in the "great rotation out of bonds and into stocks": Abe Aids Bernanke as Japan Seen Buying Foreign Debt (BBG)
- AIG Sues Federal Reserve Vehicle in Dispute Over Lawsuit Rights (WSJ)
- JPMorgan Said to Weigh Disclosing Whale Report Faulting Dimon (BBG)
- Ugly Choices Loom Over Debt Clash (WSJ)
- Credit Suisse to cut bonus pool by 20 percent (Reuters)
- Brazilian Bikini Waxes Make Crab Lice Endangered Species (BBG)
- EU redrafts plan for bank rescue funding (FT)
- JCPenney stock plunges after bad holiday (NY Post)
- Regulator Comments Buoy Shanghai Stocks (WSJ)
- Japan voters back PM Abe's efforts to spur growth, beat deflation (Reuters)
- Cameron averts row over Europe speech (FT)
- Swatch Buys Harry Winston Jewelry Brand for $1 Billion (BBG)
To put this in the most basic terms: registration and restriction equals revolution. Count on it. It is not a matter of what we "want", it is a matter of what is necessary. Without a citizenry armed with weapons of military application, we lose our last deterrent to tyranny, and thus, we lose everything. When backed into a corner, a victim has two options: he can lie down and die, or, he can fight regardless of the odds. Sadly, this is where we are in America; fear, servitude, subservience, or civil war.
- Republicans put squeeze on Obama in "fiscal cliff" talks (Reuters)
- Inquiry harshly criticizes State Department over Benghazi attack (Reuters)
- Banks See Biggest Returns Since ’03 as Employees Suffer (BBG)
- Italy president urges election be held on time (Reuters)
- Bank of England Says Sterling Hurting Economy (WSJ) - there's an app for that, it's called a Goldman BOE chairman
- China slowdown hits Indonesian farmers (FT)
- China dispute hits Japanese exports (FT)
- Market to get even more monopolized by the HFT king: Getco wins Knight with $2 bln sweetened offer (Reuters)
- MF Global Cases Focus on 'Letters' (WSJ)
- UBS fined $1.5 billion in growing Libor scandal (Reuters)
- Spotlight swings to interdealer brokers (FT)
- China Widens Access to Capital Markets (WSJ)
- With Instagram, Facebook Spars With Twitter (WSJ)
After The Flood Comes The Freeze: "Tens Of Thousands Need Housing" Says Cuomo, As Nor'Easter ApproachesSubmitted by Tyler Durden on 11/04/2012 11:19 -0500
First the flood, now the freeze (and the lack of fuel and gas and heating just making it much worse). And for tens of thousands of residents of New York and New Jersey this means that as many as 40,000 will need to find alternative housing, especially ahead of Wednesday when a Nor'easter formation is expected to hit the Tristate area and bring even more freezing rain and cold to the region. From Reuters: "Tens of thousands of people affected by superstorm Sandy could soon need housing as cold weather descends on the state of New York, Governor Andrew Cuomo said on Sunday. Cuomo, in a televised press conference nearly a week after the storm hit the U.S. East Coast, said the fuel shortages are improving but problems will persist for "a number of days."" Elsewhere, and also from Reuters: "Victims of superstorm Sandy on the U.S. East Coast struggled against the cold early on Sunday amid fuel shortages and power outages even as officials fretted about getting voters displaced by the storm to polling stations for Tuesday's presidential election. Overnight, near-freezing temperatures gripped the U.S. northeast. At least two more victims were found in New Jersey, one dead of hypothermia, as the overall death toll from one of worst storms in U.S. history climbed to at least 112. Fuel supplies continued to rumble toward disaster zones and electricity was slowly returning to darkened neighborhoods after a storm that hit the coast last Monday. New York Mayor Michael Bloomberg said it would be days before power is fully restored and fuel shortages end."
On October 30, the day after the worst natural disaster in New York history struck and flooded virtually all of downtown, Governor Andrew Cuomo tweeted the following dramatic picture of Whitehall station, which was then completely submerged underwater. A few days later, Whitehall station is almost dry. Watch this MTA video to see how they did it in 3 short days.
Remember the wetsuit purchased many years ago for that trip to Hawaii and never used once? It may be time to find where it is and clean it up, as "escaping from New York", in a worst case scenario is getting so problematic, swimming through the Hudson or East Rivers may soon be the only option. Moments ago, in a press conference, Andrew Cuomo reported that while the storm is behaving as predicted, as of 2pm today both the Holland and Brooklyn Battery tunnels will be closed. And if these are down, the Lincoln and Queens-Midtown can't be far behind, especially if the flood continues as expected.