• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Frontrunning: August 10

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Wed, 08/10/2011 - 08:46 | 1545706 Sudden Debt
Sudden Debt's picture

I hate slow days like today...


Wed, 08/10/2011 - 09:00 | 1545741 snowball777
snowball777's picture

"If the commission were to define the term significant error ... we believe it would effectively be substituting its judgment" for the credit-rating agencies, S&P President Deven Sharma said in the letter. He said S&P's own error correction policy "has proven to be effective and, where errors have occurred, our practice of reacting swiftly and transparently has benefited the market." Barbara Roper, director of investor protection for the Consumer Federation of America, said that policy has proven inadequate. "What was their correction policy on their Enron rating? What was their correction policy on their Lehman rating? What was their correction policy on their Bear Stearns rating? They don't have an error correction policy -- they have an error denial policy, and the SEC is absolutely right to step in," Roper said.

They can still be sued for their fuck-ups, yes?


(g)(1) Notwithstanding the provisions of paragraphs (a) and (b) of this section, the security rating assigned to a class of debt securities, a class of convertible debt securities, or a class of preferred stock by a nationally recognized statistical rating organization, or with respect to registration statements on Form F–9 (§239.39 of this chapter) by any other rating organization specified in the Instruction to paragraph (a)(2) of General Instruction I of Form F–9, shall not be considered a part of the registration statement prepared or certified by a person within the meaning of sections 7 and 11 of the Act.

Oh, right...

Fraud on!

Wed, 08/10/2011 - 09:05 | 1545752 Rusty_Shackleford
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“The earnings were very positive if you strip out the Greek writedown,”



Wed, 08/10/2011 - 09:11 | 1545772 snowball777
snowball777's picture

And Charllie Sheen's a billionaire, if you strip out that wicked coke habit.

Wed, 08/10/2011 - 09:16 | 1545795 Smiddywesson
Smiddywesson's picture
  • The problem with intervening in markets is they always need another shot of heroin.  Today will be ugly.
  • Football (soccer) used to be the favorite international sport, now it is rioting.
  • Stocks up, gold up.  Stocks down, gold up.  USD up, gold up.  USD down, gold up.  Remember in the good old days when they could run gold prices lower for days on end?  Silver is next.
  • Apmex was so uncertain about moving gold prices it actually stopped taking orders.  Now the mint has stopped selling gold collectable coins.  These incidents are the canary in the coal mine.
  • Economic recovery is generally accepted to be dead, even by the Fed, who revealed the obvious, interest rates have to stay at zero forever or it is game over.
  • Germany balks at digging out everyone in the EU
  • Italy becomes the new Greece, and all eyes are on France
  • The mirage that China will drag its customers out of a depression is revealed to be just that, a mirage.
  • The last four tiny lifeboat currencies are becomming swamped by would-be survivors

This week has revealed a whole new world to those who listen to the MSM.  The process is accelerating.


Wed, 08/10/2011 - 09:17 | 1545806 mess nonster
mess nonster's picture

"Aug. 10 (Bloomberg) -- Senate Democratic Leader Harry Reid will appoint Senators Patty Murray of Washington, Max Baucus of Montana and John Kerry of Massachusetts to a special committee charged with finding $1.5 trillion in budget savings."


Oh, F**K. That's "RubberStamp" Murray, (emptyheaded bimbo), "I never met an insurance company I didn't like" Baucus, and John Kerry, the white man's answer to Barack Obama. Why is the SuperCongress going to give us nothig but dreck? Because it is comprised of dumb-fucks like this. My head is exploding! I wish words were adequate to convey the sensation of disgust, anger, and frustration I am feeling right now. I wish I had a London hooligan's petrol bomb to hurl at these reptilian ass-wipes. FUCK!!!!

Wed, 08/10/2011 - 09:24 | 1545846 Smiddywesson
Smiddywesson's picture

LOL.  Hey, it doesn't matter who they appoint to find $1.5 trillion.  The mission itself is ridiculous. 

Their budget projections are so outrageously optimistic that they have no idea what their budget shortfall is.  That $1.5 trillion is nothing next to their spending increases and falling tax revenues, which are collapsing, even if the cuts were front loaded and not spread over the next ten years.  This is just a dog and pony show.

Wed, 08/10/2011 - 09:24 | 1545847 Smiddywesson
Smiddywesson's picture


Wed, 08/10/2011 - 09:17 | 1545807 Smiddywesson
Smiddywesson's picture

Say hello to $1800 gold everyone.  We may see it by this afternoon.

Wed, 08/10/2011 - 09:19 | 1545814 LongSoupLine
LongSoupLine's picture

BofA just put the taxpayer on the hook some more...with the FULL cooperation and blessings of the US Govt., of course.


F'ing BS!

Wed, 08/10/2011 - 09:20 | 1545823 slewie the pi-rat
slewie the pi-rat's picture

Pass the Granade: BofA Sells Part of Mortgage Portfolio to Fannie Mae (WSJ)

i saw this earlier;  hoping to learn more soon.  let's make sure everybody @ BAC gets paid, and if there are any problem loans, nationalize the losses thru F&F, whose payments are, at least for now, guaranteed as "sovereign" debt. 

so maybe somebody should ask why tf BAC gets to off-load their crimes and mistakes to you and me at this point.  did we get a really good price, or what?  huh? 

Wed, 08/10/2011 - 09:38 | 1545919 snowball777
snowball777's picture

Hmmm $500M for 400,000 underwater loans...$1250 apiece...not a bad deal if each house had a few hundred pounds of copper, lead, aluminum, and scrap lumber ...especially after QE3 boosts commodity prices a bit more. /sarc

Wed, 08/10/2011 - 09:36 | 1545909 MobBarley
MobBarley's picture

BOA: Yes passing the bad paper to the taxpayer. However, I will recall you that

BOA was forced to ingest countrywide at gunpoint. This is a game of hide the

bad paper, and countrywide was a CIA op all the way. Social destruction

through loans to Pedro, legal recourse, Pedro goes to jail, your neighborhood

is destroyed through social integretation and attrition, your economy is destroyed

systematically to create hyperinflation leading to a new currency.

Play book is page 1 but the people  prefer dancing with the ELEnin's.


Wed, 08/10/2011 - 10:10 | 1546101 Grand Supercycle
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My long term indicators still warn of USD rally and EURUSD weakness.

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