Daily US Opening News And Market Re-Cap: September 6

Tyler Durden's picture

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wang's picture
wang (not verified) Sep 6, 2011 8:55 AM

Found a link to a live CNBC stream, which I have not watched in a couple of years

wtf Cramer and Melissa Lee

puke

lolmao500's picture

If all the banks followed Basel 3, most of them would go kaboom. They just don't have the money to comply with the minimum reserves asked.

In other news, Shangai has raised margin on silver and gold yet again.

doomandbloom's picture

I attended a presentation on risk management some time ago and the calculations for capital reserves seemed dodgy. They calculated capital on a small % of the overall amount ( after a lot of exclusions).

So while the % looks high ..the actual amount is small because they dont take the whole amount into consideration.

Does anyone know how these guys are calculating capital reserves in more detail?

digitlman's picture

"Looking ahead they expect oil prices to stabilise and no longer exert a drag on consumer spending."

Gas is still around $3.68 /gal in NC this morning.  This is still a drag, you assholes!

 

Racer's picture

and in the UK it is not far off all time highs... yeah stabilising at extremely HIGH price which people can't afford

SheepDog-One's picture

'Stabilizing' around record highs, wow thats great.

spanish inquisition's picture

Uncle Warrens quid pro quo? After bailing out BOA and people started talking about how none of his banks were being sued. I heard on CNBC (yes, I know), that they were not included because they are in settlement negotiations. hmmmmm

SheepDog-One's picture

Theyre loading up the lifeboats, damn sure are.

papaswamp's picture

Massive money printing and merging of 2 sick banks into one massive one is some how seen as a positive? People have really lost their minds.

SheepDog-One's picture

Its so pathetic now its just like a major disaster movie...everyone knows theyre fuked, but got to keep looking up and maybe we can find a hole in the hull somewhere to get out.

lolmao500's picture

Warren invested in Wells Fargo... and of course it's not sued...

SheepDog-One's picture

Oh a 'major infrastructure program' from the clown in chief...yea lets fix some pot holes that ought to turn it around! Where does that money come from? Coupled with a payroll tax adjustment which is apparently the reason for the all time record high unemployment. What do they think, we're all retarded?

Shinrai's picture

We now know what happened to at least some of Libya's gold: 

http://af.reuters.com/article/libyaNews/idAFLDE7850BQ20110906


Libyan convoy with gold, cash crossed to Niger-NTC

Moneyswirth's picture

So with all the NATO "bombing" and the tsk-tsking of Gaddaffi by the world "community", he's able to slip out of the country AND loot the treasury at the same time?

Awesome...

Mitzibitzi's picture

Only fair, really. It's what every other pol and bankster will be doing over the next couple of weeks. I kinda get the feeling that someone's chilling the Pinot and warming the BBQ on a bunch of private islands as we speak. Or maybe they're all gonna hide on the same one?

Jim in MN's picture

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/874038...

Ambrose Evans-Pritchard goes a bit deeper into the German mindset and the Euro crisis.  Note this gem on the German constitutional court:

Otmar Issing, the ECB’s founding guru, fears that the current course must ultimately provoke the "resistance of the people". Instead of evolving into an authentic union with a "European government controlled by a European Parliament" on democratic principles, it has become deformed halfway house.

In its rush to save EMU, he said, Europe has forgotten that legislative primacy over tax and spending is the crucible of our democracies. It was monarchical assault on the power of the purse that led to England’s Civil War, and America’s Revolution.

We will find out to what extent Germany’s constitutional court shares these fears when it rules this Wednesday on the legality of the EU rescue machinery, and delivers its verdict of life or death for monetary union.

The opinion will be drafted by Udo di Fabio, a Wilhelmine nostalagic and declared enemy of "libertarian nihilism". The judge has an odd outlook perhaps for the grandson of an impoverished nobleman from the Abruzzi who found work in Duisburg steel mills. He is quintessentially German now.

His remarkable 2005 book "The Culture of Freedom" decries the "enfeebled" societies of the West, and judges multiculturalism and the welfare state to have failed miserably. He calls for a "renaissance of marriage and family" and a return to "the nation as common destiny". One awaits his Nieztschean verdict on Europe with curiosity.

Irish66's picture

Thanks for the info on the judge

Moneyswirth's picture

ECB buying sovereign debt?  Interesting.

 

This underscores how boned the Eurppean banking system really is.  The plutocrats keep insisting that the banks are fine, which is complete nonsense.  Nobody can gauge the true value of this sovereign debt, and without assessing the inherent risk involved, nobody can say with certainty, that the banks holding said debt, are well capitalized.

They need to keep lying to keep the game of musical chairs going as long as possible...

earnulf's picture

Why have rules when no one is expected to adhere to them, especially if they are banks that haven't been following the rules anyway?

Rules are for the suckers! (Of course, so are the pitchforks and rail ties for when the rule breakers are finally run down)

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spanish inquisition's picture

Tyler,

Spammer! Kill the spammer!