Comcast

• George Soros: 'What Japan is doing is actually quite dangerous because" (BBG)
• North Korea lacks means for nuclear strike on U.S., experts say (Reuters)
• Yellen latest to hint about slowing of QE3 (FT)
• Hollande approval rating hits new low (FT)
• Hollande Dismisses Reshuffle as Crisis Hits Popularity (BBG)
• Japan Upper house approves full 5 year term for BOJ gov. Kuroda (BBG)
• US: Plan to Cap Tax Breaks Is Gaining Steam (WSJ)
• BOE Says Investors May Be Taking ‘Too Rosy’ a View of Stress (BBG)
• Kiwis Say ‘Ni Hao’ as China Ties Trump Australia Sales (BBG)
• Obama Avoids Trading Threats With North Korea’s Kim (BBG)

• The revolving door continues: Mary Schapiro joins Promontory Financial (WSJ)
• First Peek at Health-Law Cost (WSJ)
• Abe warns over Japan inflation target: warns 2% inflation target may not be reached within two years (FT)
• BoJ's Kuroda tested by divided board (Reuters)
• Nanjing poultry butcher fourth person infected with H7N9 bird flu (SCMP)
• What time do top CEOs wake up? (Guardian)
• Cyprus Seeks More Time to Meet Targets in Talks With Troika (BBG)
• Investors Ignore Negativity at Their Peril (WSJ)
• Apple bows to Chinese pressure (FT)
• One can only laugh: North Korea to restart nuclear reactor in weapons bid (Reuters)
• Visa Demand Jumps (WSJ)
• Bloomberg's refutation of Stockman: yes, yes but... look over there, stocks are up! (BBG)

• Lines Form as Cyprus Banks Reopen (WSJ)
• Greek Bets Sank Top Cyprus Lenders - Banks at Heart of Cyprus Mess Were Bullish on Athens as Other Investors Fled (WSJ)
• Hollande Economic Woes Masked by Cyprus Fig Leaf (BBG)
• M&A Stumbles Amid March Deal Drought (BBG) ... but any minute now
• Train hauling Canadian oil derails in Minnesota  (Reuters) - must be an evil pipeline riding first class
• Slovenian Austerity After Cyprus Fails to Stem Yield Gain (BBG)
• Banks Seek to Overturn Judge’s Ruling in Critical Mortgage Case (NYT)
• Ships Costing U.S. $37 Billion Lack Firepower, Navy Told (BBG)
• OECD still gloomy on eurozone recovery (FT)
• BOJ's Kuroda says asset purchase limit already broken (Reuters)
• Kuroda warns Japan debt ‘not sustainable’ (FT)
• BOJ’s Kuroda Vows to Continue Easing Until 2% Target Achieved (BBG)
• South Korea cuts economic forecast (FT)

It is clear now that we must have been wrong about the economy. No more proof is needed than the fact the Dow has gone up 1,500 points. Everyone knows the stock market reflects the true health of the nation – multi-millionaire Jim Cramer and his millionaire CNBC talking head cohorts tell us so. Ignore the fact that the bottom 80% only own 5% of the financial assets in this country and are not benefitted by the stock market in any way. It is time to open your eyes and arise from your stupor. Observe what is happening around you. Look closely. Does the storyline match what you see in your ever day reality? It is them versus us. Whether you call them the invisible government, ruling class, financial overlords, oligarchs, the powers that be, ruling elite, or owners; there are powerful wealthy men who call the shots in this global criminal enterprise. No amount of propaganda can cover up the physical, economic, social, and psychological descent afflicting our world. There’s a bad moon rising and trouble is on the way.

• Cyprus Salvaged After EU Deal Shuts Bank to Get $13B (BBG)
• Last-minute Cyprus deal to close bank, force losses (Reuters)
• Anxious, angry Cypriots face uncertain future (Reuters)
• Spain Brings the Pain to Bank Investors (WSJ)
• First Switzerland now... U.S. Seeks Answers in Liechtenstein on Tax Cheats (BBG)
• Rebel Free Syrian Army founder loses leg in Syria blast (Reuters)
• European Stocks Rise on Cyprus Deal as Italian Bonds, Crude Gain (BBG)
• Michael Dell Likely to Sweeten Buyout Bid to Save Legacy (BBG)
• Bankers’ pay premium is narrowing (FT)
• Surgery Restoring Penis After Prostate Cancer Increasing (BBG)
• Silent or supportive, conservatives give gay marriage momentum (Reuters)

While it has been a while since Charlie Gasparino broke anything material, and is why we urge readers to take this news with a grain of salt, the report that CNBC's Gary Kaminsky would be leaving the Comcast channel and his role as capital markets editor and heading to Morgan Stanley as vice chair of its brokerage division would make sense, and would certainly explain the quite amicable relationship between CNBC, its various anchors, and the B-grade brokerage.

• One in four Germans would back anti-euro party (Reuters)
• EU Chiefs Seeking to Stave Off Euro Crisis Turn to Cyprus (BBG)
• Ryan Says His Budget Would Slow Annual Spending Growth to 3.4% (BBG)
• Goldman leads decline as Wall Street commodity revenues plummet (Reuters)
• South Korea and US begin military drills (FT) and North Korea cuts off hotline with South Korea (Reuters)
• Karzai Inflames U.S. Tensions  (WSJ)
• Algorithms Get a Human Hand in Steering Web (NYT)
• Meeting Is Set to Choose Pope (WSJ)
• More U.S. Profits Parked Abroad, Saving on Taxes (WSJ)
• Banks rush to redraft pay deals (FT)
• Fugitive Fund Manager Stuffed Underwear With Cash, Fled (BBG)
• Post-Newtown Gun Limits Agenda Narrows in U.S. Congress (BBG)
• China Hints at Shift in One-Child Policy (WSJ)

Bernanke: "None of the things you said are accurate"

Corker: "Oh yes they are"

• John Kerry just got happier: Berkshire Hathaway, 3G Buying Heinz for $72.50 a Share, or $28 Billion - ~20% premium to last price (CNBC)
• US Airways, AMR to Merge (WSJ) - can thousands of workers spell "synergies"?
• Draghi, Carney show ascent of "whatever it takes" central bankers (BBG) ... to preserve the Goldman way of life
• Euro zone economy falls deeper than expected into recession (Reuters)
• Soros has made $1 billion betting against the Japanese Yen (WSJ)
• Ex-Analyst at SAC Felt Pressured for Tips  (WSJ)
• Desalination Seen Booming at 15% a Year as World Water Dries Up (BBG)
• China's 'Wall' Hits Business (WSJ)
• Israel publishes some details as Australian spy mystery deepens (Reuters)
• Tata Motors Profit Falls 52% (WSJ)
• AB InBev Will Sell Corona Unit to Salvage Modelo Takeover (BBG)
• "Blade Runner" Pistorius charged with murdering girlfriend (Reuters)
• In Ohio and beyond, Obama sees model for manufacturing revival (Reuters)

• Obama Paints Wider Role for Government in Middle Class Revival (BBG)
• Obama to Seek a New Trade Deal With EU (WSJ)... or this is strawman why 2016 GDP will be higher
• Mobile phone sales fall for the first time since 2009 (Telegraph)
• Sequester Looms, No Deal in Sight (WSJ)
• Neither US party swallows a compromise (FT)
• Embattled Economies Cling to Euro (WSJ)
• For China, Spending Is Harder Than It Looks (WSJ)
• Bank of England's Sir Mervyn King says recovery in sight (BBC) - just a little more inflation first
• G7 fails to defuse currency tensions (FT)
• Japanese Leader Urges Firms to Boost Wages (WSJ) - so does the US one
• Fed Bank Chiefs Back Money-Fund Overhaul (WSJ), or force everyone out of MMFs and into stocks

• With array of challenges, Obama kicks off second term at public inauguration (Reuters)
• Uneasy in the Political Climate, Mickelson Talks Like Someone Ready to Step Away (NYT)
• BOJ Should Slow Easing If Yen Weakens Too Much, Hamada Says (BBG)
• Spain Recession Scars Exposed as Jobless Seen at 6 Mln (BBG)
• Davos Doom Loses to Merkel-Draghi as Euro Defies Roubini (BBG)
• Algeria finds dead Canadian militants as siege toll rises (Reuters)
• Beijing tries to clean up its act (FT)
• Investigators probe Boeing 787 battery maker (Reuters)
• Netanyahu Gets Landslide in Markets Masking No Peace Process (BBG)
• Google aims to replace passwords with ID ring (Telegraph)
• Kim Dotcom launches new upload site (FT)
• Dell Said to Hire Evercore to Seek Higher Bids After Buyout (BBG)
• Hostess Bakers Union Hires Investment Bank Gordian in Asset Sale (BBG)

It seems like it was only 24 hours ago that Europe bailed out Greece for the third time and everything was "fixed", with a resultant desperate attempt to validate this by pushing the EURUSD above 1.3000. Sadly, as always happens, Europe, and especially Greece, refuses to be fixed, because as we will not tire of saying: you can't fix debt with i) more debt, ii) hockeystick projections or iii) soothing words of platitude and an outright bankruptcy, just like that which Argentina is about to undergo, will be needed. If that means the end of the EUR and the delusion that the Eurozone is a viable monument to the egos of a few technocratic career politicians, so be it. As a result, this time around the halflife of the latest bailout was precisely zero, as was that of the latest Japanese QE episode, as the entire world is now habituated to the lies emanating from Europe, and demands details, which in turn are sorely lacking, especially as relates to the question of just where will Greece get the money desperately needed to fund the Greek bond buyback. But at least Kathimerini was kind enough to advise readers that said buyback must take place by December 7 in time for the euroarea finmins to approve the payment of the next Greek loan tranche at the December 13 meeting, something which will likely not happen, especially if Germany's SPD party delays the vote on the Greek bailout until the end of December as was reported yesterday. We can't wait to learn the details of the buyback package, which will come in the "next few days" per ANA, and especially where the buyback money will come from, especially with the FT reporting that various European countries will already lose money next year on the latest Greek bailout.

• Moody’s Cuts Ratings on Catalonia, Four Other Spanish Regions (Bloomberg)
• And the market top: Billionaire Ross Interested in Buying Spanish Bank Assets (Bloomberg)
• Japan Jojima denies govt seeks $250 bln BOJ asset buying boost (Reuters)
• China hints at move to strengthen Communist rule (Reuters)... well everyone else is doing it
• Euro-Area Bailout Fund Faces Challenge at EU’s Highest Court (Bloomberg)
• Obama, Romney now tied in presidential race: Reuters/Ipsos poll (Reuters)
• Former China Leader Jiang Resurfaces Before Political Transition (Bloomberg)
• Some in Congress look to $55 billion fiscal cliff 'fallback' (Reuters)
• CLOs stage comeback in US (FT)
• TXU Teeters as Firms Reap $528 Million Fees (Bloomberg)
• China’s Factories Losing Pricing Power in Earnings Threat (Bloomberg)

• Italy rejects need for EU control (FT)
• ‘Worst US quarterly earnings since 2009’ (FT)
• Chinese firm helps Iran spy on citizens (Reuters)
• World Bank cuts East Asia GDP outlook, flags China risks (Reuters)
• Foxconn factory rolls on in spite of strike (China Daily)
• Economic recovery ‘on the ropes’ (FT)
• Japan Tries Cars That Make the Mini Look Maxi (Businessweek)
• Euro Finance Chiefs to Give Positive Greece Statement, Rehn Says (Bloomberg)
• Romney attacks drones policy (FT)
• Euro zone mulls 20 billion euro separate budget (Reuters)
• Hong Kong’s Leung Seeks Turnaround With Economy Focus (Bloomberg)
• RBA Keeps Some Documents Private in Securency Bribe Probe (Bloomberg)
• India Inflation to Remain at 7.5%-8% Till Early 2013 (WSJ)

On December 20, 2010, Netflix CEO Reed Hastings had one message to everyone who cared: "Cover Your Short Position. Now."

NFLX price then: $178.05...  NFLX price now: $55.40; Return: -71.20%. And they say CEOs know their companies best...

Thanks for the advice Reed. But we'll stick with our short. But hey, when the whole CEOing thing doesnt work for you, the ECB will surely hire you as it is in dire need of people who sound sophisticated, pretend they know what they are talking about just because they speak loud and with confidence, and write long-winded essays of windbaggery, that say nothing, and end up 100% wrong.