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China Manufacturing PMI Drops To 32 Month Low

Tyler Durden's picture




 

China Manufacturing PMI prints at 50.4, down from 51.2, when consensus was expecting an increase to 51.8. This is the lowest print in 32 months, and the lowest since February 2009. But wait, before concluding that this is very bad news, uh, ahem... well, sorry, we haven't taken the CNBC spin school yet. It's bad news and the hard landing is coming. We leave the spin to the professionals. Oh wait, yes, China will go ahead and ease immediately if not sooner. Because the PBoC has surely completely forgotten how much fun it was to see pork prices rise by triple digits year over year, and because it knows all too well that no matter what it does the Fed will never, ever print, and thus export metric tons of inflation straight across the Pacific. How's that for spin?

 

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Mon, 10/31/2011 - 21:59 | 1830446 Cult_of_Reason
Cult_of_Reason's picture

PMI 50.4 vs 51.8 expected -- a huge miss.

China growth continues to slow down -- bad news for commodity bulls.

It explains heavy XLB and XME puts buying activity today.

"Early in Monday's session, an opening investor purchased 11,000 $55-strike December put options in the XME, contracts that profit from a 5.7% decline in the ETF over the next month and a half. The investor paid $3.15 apiece for the bearish contracts, and would profit should shares of the ETF fall below $51.85 by December's expiry. The ETF fell $3.87, or 6.6%, to close at $55.01.

The XME, which has its biggest holdings in names such as RTI International Metals Inc. (RTI) and Titanium Metals Corp. (TIE), climbed 23% this month. Daily volume in the XME's put options was three times the daily average, as put options outpaced calls at a rate of 37-to-1, according to options data provider Trade Alert LLC."

http://www.firstenercastfinancial.com/news/story/45574-options-report-tr...

Mon, 10/31/2011 - 23:35 | 1830725 Cynical Sidney
Cynical Sidney's picture

pmi lowest in 32 months? does that translate to the lowest levels of pollutants and toxins in their air, soil n water in 32 months? i guess being the world's slave labor manufacturing foundry indeed has its benefits.

(as a part of the ongoing financial world war)china knows its renminbi cannot obtain the world reserve currency status unless it could marginalize the petrol dollar and replace it with petrol-yuan. thusly i offer the following analysis of china that i dub the ''Zemin Memorial", which depicts how a financial war turns into an actual one.

1. In order to keep growing China needs more petroleum.

2. In order to obtain petroleum China needs to conquer the South China Sea, and

3. China needs to import energy from Russia

4. Establishment of bases in South China Sea and subsequently the Indian Ocean

&articlesandconditionsconstitutingtheinevitabilityofwar

Mon, 10/31/2011 - 23:36 | 1830759 moskov
moskov's picture

When Dollar reaches the devaluing tipping point. There would be a massive bank runs from all the Central banks around the world away the FED. Which surely led by China. 

Tue, 11/01/2011 - 00:21 | 1830814 TruthInSunshine
TruthInSunshine's picture

I've been on an (admittedly) annoying off topic sequence (3 straight posts now) today/tonight, but I wouldn't be doing it if it weren't noteworthy 411 and regarding things I thought you'd all find highly interesting, if not downright incredible.

And so...here....we....go:

From tonight's New York Times (essentially, the New York Branch of the Federal Reserve Bank disregarded higher ups and refused to insist on haircuts for counterparties to insolvent entities such as AIG and others, putting taxpayers on the hook for far more than should have been the case [assuming the bailouts were legal, ethical - given conflicts of interest -, or prudent, in the first place]).

What the New York Fed could have gotten for 10 cents on the dollar, they refused, and insisted on using tax dollars to pay full face (inflated wildly) value for toxic sludge to ensure their VIP friends such as Goldman and JPM got fully paid on their CDS bets with the likes of AIG.

Sweet deal for banksters. No shame. No ethics. No limits in the ways and manner in which they shaft the taxpayers and grease the cronyistic, nepotistic, kleptocratic revolving door between the New York Fed and the Chosen Wall Street Investment 'Firms' doing such a great national service for the economy.

And who was the head of the New York Fed when this all took place? Why none other than Timmmmay Geithner, of course, of course.

Report Says New York Fed Didn’t Cut Deals on A.I.G.

New York Times 37 minutes ago

In paying the full amounts A.I.G. owed financial companies, the New York Fed disregarded the expectations of senior Fed officials in Washington.

WASHINGTON — The findings of a federal investigation released Monday raised new questions about the Federal Reserve Bank of New York’s handling of the 2008 bailout of American International Group.

The report, by the Government Accountability Office, says that New York Fed officials have offered inconsistent explanations for their decision to pay other financial companies the full amounts they were owed by A.I.G., and that some of the explanations were contradicted by other evidence.

The report also asserts that the decision to pay the full amounts, rather than seeking concessions as the government later did in other cases, disregarded the expectations of senior Fed officials in Washington and the expressed willingness of some of the companies to accept smaller payments.

In one case, when a company offered to accept a smaller amount of money, officials at the New York Fed responded that they had decided to pay the full amount of the debt, the report said.

 

Report Says New York Fed Didn’t Cut Deals on A.I.G.

Tue, 11/01/2011 - 00:32 | 1830853 trav7777
trav7777's picture

can you stop reposting this?  jeez

Tue, 11/01/2011 - 00:40 | 1830865 TruthInSunshine
TruthInSunshine's picture

It's significant enough that I believed posting it twice had merit.

In fact, it warrants a headline from ZH.

That the Government Accountability Office has essentially accused the New York Fed (headed by Geithner, at the time) of lying with respect to the reasons for paying the amounts it did to counterparties of AIG, during the largest bailout and backstop of Wall Street in American History, is highly extraordinary.

Tue, 11/01/2011 - 07:06 | 1831080 Raskolnikoff
Raskolnikoff's picture

why would a slave, our gov,  complain about one of its masters, the fed...? guess that kind of thing happened often enough on the plantation. Did the masser ever listen? 

Tue, 11/01/2011 - 00:38 | 1830860 Caviar Emptor
Caviar Emptor's picture

@Truth: I think the anger and frustration over this never went away. The pain of poor financial decisions always becomes worse later on when it turns out you need the money even more urgently. 

 

Tue, 11/01/2011 - 00:44 | 1830877 TruthInSunshine
TruthInSunshine's picture

I couldn't agree more.

As things on Main Street disintegrate more, there seems to be a proportionate awakening by many more (despite nearly non-existent Main Stream Lame Ass Media coverage) as to how badly the New York Fed screwed the taxpayers, with the benefits of said screwing accruing to the chosen few on Wall & Broad.

The financial sector has hijacked every issue, imperative, initiative and policy of the United States Government.

The financial sector is calling the shots.

The parasites are bleeding the nation to death.

Tue, 11/01/2011 - 07:10 | 1831085 Raskolnikoff
Raskolnikoff's picture

one good thing about the financial crisis, many finally woke up to the fact that there never really was a 'free' press, in fact...it's always been bought and paid for, like the judiciary...like every other so called elected office. it's like some kind of bad movie, like Jim Carey waking up and realizing there are a lot of cameras monitoring the daily minutia that is his life.

Tue, 11/01/2011 - 07:17 | 1831094 chaartist
chaartist's picture

I have posted it on offgridminds.com if you dont mind, I like your posts! keep them coming. thank for insights

Tue, 11/01/2011 - 08:03 | 1831198 s2man
s2man's picture

-1 for hitting Reply to the first post, instead of making a new post, just to get your "incredible" message at the top of the page.

BTW, do you know what incredible means? (hint: in = not)

Tue, 11/01/2011 - 00:11 | 1830824 Cynical Sidney
Cynical Sidney's picture

with respect moskov, these speculations would not merit reasonable basis for concern; there is 0 chance china will be leading the charge against the US. should the US default it'd destroy over half of china's spare capacity, ensuring their manufacturing culture will collapse overnight, not a likely scenario china should be contemplating. china would much rather be leading the charge against regional nemesis india, and china have had been consistently undermining india's labor potentials and they could underbid for so long. besides US made growth possible to the chinese, they'll likely to keep milking the cow

Tue, 11/01/2011 - 00:40 | 1830867 moskov
moskov's picture

I think you should NEVER ever make any speculations about 0 chance, but 0.00001 if you really wish to demostrate a realistically critical thinking. a US default would be the default on its own people, the banks, the wall.st and even the military industral complex. It's the worst consequence can happen to the US credibility in the world as well as domestically to its own citizens unless US fully turns into military dictatorship in high gear. considering most of the 3rd world countries using Dollars as their domestic currency.  China's manufacturing culture is currently based on the illusion that USD can be and will be traded as a hard asset for meaningful goods with the rest of the world besides the US. US doesn't export much to China and what US can produce China can always produce cheaper and faster and it's not for the sake of American consumerism that China can and cannot consume themselves. The rest of the world would not accept a failing hegemony system that produces nothing but eventually destroying their own economic bodies. It's not about US, China or India. It's about the law of nature and economics. Prodcution is always the key to the demand, not the political sugarcoat, illusional propaganda and false reality.

Tue, 11/01/2011 - 02:05 | 1830936 Cynical Sidney
Cynical Sidney's picture

appreciate the reply. with regards you are naively blunt perhaps with a mindset of a revolutionary. "as well as domestically to its own citizens unless US fully turns into military dictatorship in high gear" no and yes: US default and the ensuing restructuring will add to 'US credibility in the world' due to its unrivaled 'military industrial complex'. what i'm saying is that it's not in anyone's interest to propel the US toward endgame, at which time guns will be doing the talking just as US and its allies will still be talking.

china has transformed its slave labor into a national absolute advantage there are only about 2 billion chinese they can afford to do labor intensive manufacturing, can you compete against them? The chinese exports cheap craftsmanship while they import creativity and technology, food and energy. in effect the chinese rely much more on the globalized trade than the US, and they have much more to lose in the event of US default. hegemony global ponzi yes, however in the absence of a cataclysmic event humans lack the will to break up the unsustainable all in one day. crazy world we live in, but i have to confront these 'false reality', embrace it for the lack of a better alternative...

Mon, 10/31/2011 - 23:44 | 1830773 Mike2756
Mike2756's picture

SYDNEY Nov 1 (Reuters) - Australian miner Kagara Ltd said on Tuesday it was talking to potential buyers for its nickel mine, the latest in a series of sales which could lead to further consolidation in the local sector as global prices for the metal falter.

http://af.reuters.com/article/metalsNews/idAFL4E7M106H20111101

Mon, 10/31/2011 - 21:44 | 1830452 nmewn
nmewn's picture

"Because the PBoC has surely completely forgotten how much fun it was to see pork prices rise by triple digits year over year..."

Pofied wicce...ROR!!!

Mon, 10/31/2011 - 21:44 | 1830453 X.inf.capt
X.inf.capt's picture

RAFING ROUT ROUD....

Mon, 10/31/2011 - 22:43 | 1830630 Manthong
Manthong's picture

Roh Roh..

-Scu Bi Doo    (Didn't know he was oriental, did you?)

 

Mon, 10/31/2011 - 22:48 | 1830640 X.inf.capt
X.inf.capt's picture

good one....

+1

Mon, 10/31/2011 - 21:49 | 1830467 Stoploss
Stoploss's picture

I think Bernie Lo just shit himself.

Mon, 10/31/2011 - 21:50 | 1830471 Ahmeexnal
Ahmeexnal's picture

Panda stew back on the menu on many chinese tables.

Tue, 11/01/2011 - 07:44 | 1831138 peekcrackers
peekcrackers's picture

less and less people  buying cheep crappy china made products.

Mon, 10/31/2011 - 22:02 | 1830474 DormRoom
DormRoom's picture

China pegs its yuan to the USD so the US indirectly controls its monetary policy.  So more QE -> hyperinflation in China, and more capital is redirected to the shadow banking industry, to front run inflation, thus more bad loans. 

 

Less USD printing => than China enters a mild-severe recession, depending on how severe Europe's recession is.

Hard landing near-medium term.  can't escape it.

Let's not forget the cuts by the supercommittee in 2012, a large part will likely be pushed to the State & local governments.  So public expenditures (local & state) will likely fall off a cliff, putting a sizeable drag on growth.

 

 

Mon, 10/31/2011 - 22:03 | 1830513 RobotTrader
RobotTrader's picture

The time to buy stocks is after many months or weeks of weak data like we just saw in China.

Bad times don't last forever, expecially in emerging market countries.

Don't forget Tyler mentioned huge shorts are still in the Euro.

And Cult in his post above noted that everybody and their dog were buying XLB and XME puts today.

I noticed that Asia indexes are not cratering in response to the U.S. index drop today.

And hey, don't even get me started on how SPG is at world record highs during a period where we have the highest vacancy rates in history and many shopping centers are ghost towns.

Mon, 10/31/2011 - 22:07 | 1830531 X.inf.capt
X.inf.capt's picture

o.k. 

translation....

ZH'ers....

RUN LIKE HELL.....

to physical PM's.........BITCHEZ!

Mon, 10/31/2011 - 22:58 | 1830673 kito
kito's picture

one doesnt run to pms when deflation is knocking on the door. 

Tue, 11/01/2011 - 00:44 | 1830876 Hephasteus
Hephasteus's picture

Good luck with that.

Tue, 11/01/2011 - 01:09 | 1830904 Bunga Bunga
Bunga Bunga's picture

I hope your money was not in an MF Global account.

Tue, 11/01/2011 - 00:02 | 1830808 homersimpson
homersimpson's picture

The word "Robotrader," translated in a very ancient Chinese dialect, means "bankrupt advisor."

Tue, 11/01/2011 - 01:11 | 1830907 Bunga Bunga
Bunga Bunga's picture

Didn't we have months of weak data in September 2008?

Mon, 10/31/2011 - 22:08 | 1830535 Carlyle Groupie
Carlyle Groupie's picture

Why so much ignorance here about China?

Mon, 10/31/2011 - 22:12 | 1830546 lotusblue
lotusblue's picture

Prolly just the timing gives it the pop

Tue, 11/01/2011 - 00:33 | 1830855 Mark123
Mark123's picture

The greatest ignorance about China is that they have a piggy bank full of real money. They don't.

 

China has issued massive loans to combat the collapse in consumption world wide....and a massive amount of these loans are a complete waste of money and will never be repaid.  When those loans are written off, they will have to consume their reserves to prop up their bankrupt country.

 

For them the really shitty part will be that all they have is paper promises.  No gold in fort Knox....

 

My concern is that when things fall apart they will turn to militarism to keep the people working.  Just like everyone else has done throughout history.

Tue, 11/01/2011 - 00:55 | 1830879 moskov
moskov's picture

I think you are really talking nonsense here.

Fort Knox has Gold?

I beg they havn't been audited for years and FED rejected in a straight manner that this will never happen. Who knows they still have gold there? Former IMF chief was arrested for raping a ugly New York maid in fact he was informed that there's no gold left in Fort Knox, then CIA got him and destroy him completely overnight.

 

I beg if any country is sensible about their own gold reserve. they will never ever put their gold into the US as they know US will nationalise them and they won't get them back.like Germany and France

http://www.youtube.com/watch?v=9AybwKHHXks

Tue, 11/01/2011 - 00:56 | 1830889 Saxxon
Saxxon's picture

"Why so much ignorance here about China?"

Are you surprised?  The board is mostly American wiseasses whose overseas experience amounts to about 3 days 2 nights in Playa del Carmen.

Tue, 11/01/2011 - 07:26 | 1831102 jcaz
jcaz's picture

Pretty gay with the avatar, dude-  feel inferior much?

Mon, 10/31/2011 - 22:10 | 1830541 mynhair
mynhair's picture

China?  The porn star?

 

My guy is blacker than your guy.

No Cain, no Gain.

Mon, 10/31/2011 - 22:54 | 1830594 Pure Evil
Pure Evil's picture

How's that for spin?

 

Well, to tell the truth, I feel like Linda Blair after the Exorcist.

Mon, 10/31/2011 - 22:46 | 1830636 reader2010
reader2010's picture

Who cares pork?  Tender pussy for iPhone. Anyone interested?

http://www.chinahush.com/2011/10/23/college-girl-offers-sex-for-iphone-4s-chat-log-exposed/

Mon, 10/31/2011 - 23:00 | 1830682 Pure Evil
Pure Evil's picture

Hopefully she's received all of her Gardasil shots.

Mon, 10/31/2011 - 22:50 | 1830649 Ahmeexnal
Ahmeexnal's picture

China spits on Merkozy's face:

http://www.dailymail.co.uk/news/article-2055521/Don-t-count-help-single-...

 

Klaus Regling, the head of the European Financial Stability Facility, was dispatched to China last week after the EU unveiled its plan to rescue Greece, shore up the banking system, and increase the size of the bailout fund.

It was hoped that China may pump around £60billion into the fund, which is expected to be boosted to 1trillion euro (£877billion). But after a series of meetings, Mr Regling admitted there will be no quick deal with China.

China’s pile of around £2trillion in foreign exchange reserves is the biggest in the world and keeps growing.   

Analysts estimate that China holds about a quarter of its foreign exchange in euro assets and there are few other places for it to park investments of such a scale

A prominent member of Mr Sarkozy’s centre-right party, former prime minister Jean-Pierre Raffarin, said that making a stand against China was pointless.     

‘We cannot go it alone. China has taken over the baton and become banker to the world. That’s the new deal of the 21st century,’ he said.

Mr Sarkozy was also criticised by Left-wing political opponents in France who claimed his enthusiasm for a deal with China showed ‘European weakness’.

 

At classrooms all over china, laughter erupts when economics professors mention the euro project.

Mon, 10/31/2011 - 22:57 | 1830667 Pure Evil
Pure Evil's picture

Jean-Pierre Raffarin, said that making a stand against China was pointless.     

‘We cannot go it alone. China has taken over the baton and become banker to the world. That’s the new deal of the 21st century,’ he said.

Mr Sarkozy was also criticised by Left-wing political opponents in France who claimed his enthusiasm for a deal with China showed ‘European weakness’.

 

 

No wonder they call them surrender monkeys.

 

Hey Jean-Pierre, try not to gag when smokin' the hung lo wonton.

Mon, 10/31/2011 - 23:00 | 1830681 drivenZ
drivenZ's picture

not that I dont believe the economics but does anyone really believe PMI data coming out of China? HSBC? ehh. if i were China I'd be keeping those numbers soft for some time giving easy cover for a weak yuan. The data works both ways.... people on ZH are always quick to dismiss US stats that dont validate their views but as soon as the stats are in their favor they're ok.

Mon, 10/31/2011 - 23:16 | 1830717 qussl3
qussl3's picture

This.

China has loads of BS paper from the US and EZ, what it most wants to do is convert the crap into hard assets and ownership of corporates.

If it wasnt for the inconvenient happenstance that China still needs her export markets, she would be "crashing" right now while buying overseas assets on the cheap.

Behind a smile, a knife.

 

Mon, 10/31/2011 - 23:29 | 1830748 earleflorida
earleflorida's picture

this ain't no soft number - it's hard boiled wonton soup coming our way,... take your medicine

Mon, 10/31/2011 - 23:07 | 1830699 kito
kito's picture

there will be no hard landing for china

ben will not print before elections

deflation is upon us and cannot be stopped

--this is fact, not spin

 

Mon, 10/31/2011 - 23:19 | 1830726 qussl3
qussl3's picture

I have Banana Ben down to print sometime early next year, just enough time for the equities halo to paint the elections the right shade of rose.

If the Greeks deliver as needed brent and crude should be sitting sub 100/80 by then, giving him the breathing space needed to go bonkers again.

 

Tue, 11/01/2011 - 01:40 | 1830925 Hephasteus
Hephasteus's picture

Margin collapse in complex society production is upon us. All repaid by higher food clothing energy costs.

I don't think this one is going to make it. I think he's going to be a repeater. He's not even trying to figure it out.

Mon, 10/31/2011 - 23:15 | 1830709 tempo
tempo's picture

Maybe someone should mention that the tripling of pork prices in China is due largely to "hoof and mouth " diease not monetary policy. Let's not blame everything on global banksters.   However, the voiding of Greek bond CDS will make the global investment/hedge fund/banks much more conservative.  IMHO, not honoring valid contracts is a big deal since no one will  believe any hedging positions will be honored by the counterparties.

Mon, 10/31/2011 - 23:25 | 1830739 moskov
moskov's picture

There's cycle of pork production in China year after year. Chinese farming industry always like to rush into one kind of production some time as Pork was overly produced few years ago. Then the farmers lose money and they given up producing them. Then suddenly pork shortage becomes severe which the cycle bites in. Everybody is rushing into Pork production again for the current high prices.

Mon, 10/31/2011 - 23:37 | 1830761 delacroix
delacroix's picture

the pig farmers, spent all their money on copper

Mon, 10/31/2011 - 23:38 | 1830764 earleflorida
earleflorida's picture

they're importing 'wild boar' from america's south -

let the breeding begin -

and those huge baby-backs breed exponentially, never mind being delicious and free,... for the small price of a big-bullet

Tue, 11/01/2011 - 02:21 | 1830955 sub Z
sub Z's picture

be wary of any man who keeps a pig farm

Tue, 11/01/2011 - 06:53 | 1831075 Raging Debate
Raging Debate's picture

Ahh yes Moskov. The scarcity vs. abundance debate. Supply side economics was mainly all that could be offered man over the millenia until the last century that is. The rebalancing is the tough act but one thing must always remain intact and that is the right of private property. Since this sacred fundamental understanding has been destroyed globally, much work must be done to repair it.

Mon, 10/31/2011 - 23:16 | 1830719 moskov
moskov's picture

PBOC will NOT loose any tightning policy, expecially NOT QE.

Their aim is to make the house price drop heavily and make the bubble burst as quick as they can so that the illusional part of growth in the property sector can be stopped and re-adjusted at acceptable level.

They are ready and planning to go through the short-term pain in order to re-correct the economy properly without the nonsense of Keynesian from the EU and US.

LET the Printing Machine eat their own consequence, including those rich oil states and raw materials who are dump enough to peg the oil price with dollar. Any further world economic growth based on the dollar hegemony system is going to be useless and inflated. So No Production at all for the fake fiat is the right way to get out of this mess

Mon, 10/31/2011 - 23:21 | 1830731 LongSoupLine
LongSoupLine's picture

I have a feeling the 'ol Donkey Kong pic is soon to be posted here at ZH...

Tue, 11/01/2011 - 06:52 | 1831074 SpeakerFTD
SpeakerFTD's picture

Right next to the fawn with glowing eyes.

Mon, 10/31/2011 - 23:32 | 1830752 Mike2756
Mike2756's picture

Yentervention one more time? Longs getting uppity, back to back beotch slaps should do the trick.

Mon, 10/31/2011 - 23:44 | 1830771 honestann
honestann's picture

The mainstream media is worse than useless.

Mon, 10/31/2011 - 23:54 | 1830791 Undecided
Tue, 11/01/2011 - 00:07 | 1830818 kito
kito's picture

Less than likely, more than unlikely......

Tue, 11/01/2011 - 02:45 | 1830972 sub Z
sub Z's picture

A free market gold standard. But will it happen? I'm watching for a global currency before that happens. Not with these turkeys.

There are two kinds of gold standards: government-guaranteed and privately administered. The first is a counterfeit of the second. It is just a little better than a fiat-money standard. There was never a gold standard in the nineteenth century or early twentieth century. It was always a government promise standard. It was as reliable as government promises. But advocates of "the gold standard" almost always mean "a government-guaranteed gold standard." Therein lies the problem. Governments lie. They cheat. They steal.

 

Tue, 11/01/2011 - 00:03 | 1830810 Caviar Emptor
Caviar Emptor's picture

While the market slept....more rot piled up in the global economy. 

We're looking at a global downturn after only 2 full years of "recovery". And whether it was even a recovery is contestable seeing as GDP only just barely broke it's previous high, employment and incomes never returned and measures of output are sagging. 

 

Tue, 11/01/2011 - 00:55 | 1830888 Caviar Emptor
Caviar Emptor's picture

How long before Wall Street begins to shout about "this is like 1937!". They tightened too soon, we need more E-Z Cash (TM) so it can trickle down.

Tue, 11/01/2011 - 01:47 | 1830930 Milton Waddams
Milton Waddams's picture

Actually, the 'meta-sentiment' has been almost a mirror image of 1937 

http://bit.ly/sdJ7Db

[x] failure of an expected building boom to develop [2011- no broad recovery in RE]

[x] business men were inclined to blame the government [2011- 'anti-business obama']

[x] continued spending and unbalanced budgets [2011- like duh, obviously]

[x] businessmen were feeling gloomy and hesitant [2011- see point 2]

 

 

 

Tue, 11/01/2011 - 02:27 | 1830961 Mike2756
Mike2756's picture

More haircuts:

"Councilman Wanda Williams said creditors who backed the financing of the city's troubled incinerator "should have known" the project was risky and should accept concessions, while Councilman Susan Brown Wilson said she was not happy the state is preventing Harrisburg from raising new revenue through commuter, sales or drink taxes.

Councilman Brad Koplinski, who argued for the city's bankruptcy filing, asked the state to "slow-track" the consent agreement process until the Chapter 9 question is settled.

 

He also proposed $100 million in concessions from Dauphin County and Assured Guarantee Municipal Corp, two of the biggest creditors in the incinerator deal; approval of a sales tax to generate $36 million a year; and an audit "to determine who caused this problem.""

 

http://www.reuters.com/article/2011/11/01/us-usa-harrisburg-meeting-idUSTRE7A00IE20111101

Tue, 11/01/2011 - 04:49 | 1831025 Dick Darlington
Dick Darlington's picture

OT: Panic in the air...

*ITALIAN TWO-YEAR NOTES EXTEND DROP; YIELD RISES 24 BPS TO 5.23%

*ITALIAN 10-YEAR BONDS EXTEND DROP; YIELD RISES 14 BPS TO 6.23%

Tue, 11/01/2011 - 06:35 | 1831065 Irish66
Irish66's picture

thats some move

Tue, 11/01/2011 - 06:11 | 1831046 Hedge Fund of One
Hedge Fund of One's picture

So CNBC found their spinner, Donna Kwok of HSBC, to do the deed along with Brian Jackson of RBC (HK), declaring that the PMI figure points to a soft landing: 

http://www.cnbc.com/id/45113334

Only one way to find out ...

 

Tue, 11/01/2011 - 06:27 | 1831061 Augustus
Augustus's picture

They are circling in the fog, low on fuel, no runway in sight, icing conditions, auto pilot out, and the Pilot in Command has never flown in these conditions, let alone made a landing.

Then they can find someone to predict confidently a soft landing?

Tue, 11/01/2011 - 06:31 | 1831062 nmewn
nmewn's picture

I was thinking the same thing...they've been circling the airport for three years now...burning fuel.

Confidence inspiring ;-)

Tue, 11/01/2011 - 09:15 | 1831641 Shizzmoney
Shizzmoney's picture

Here we go?

Tue, 11/01/2011 - 09:40 | 1831829 Grand Supercycle
Grand Supercycle's picture

As mentioned for some time, the bullish USD weekly chart continues to exert it’s influence and according to my analysis this will continue.

DOW chart showing bearish megaphone pattern warned of resumption of downtrend:

http://stockmarket618.files.wordpress.com/2011/10/2011-10-31_dow_dy_x.png

Do NOT follow this link or you will be banned from the site!