Frontrunning: October 6

Tyler Durden's picture
  • Steve Jobs "may never be equaled" (Reuters)
  • Secret panel can put Americans on "kill list" (Reuters)
  • Michael Lewis: California and Bust (Vanity Fair)
  • Europe’s Rescue Fund is Only Last Resort (Bloomberg)
  • EC To Propose Coordinated Action On Bank Recapitalization (MNI)
  • SNB Foreign Currency Reserves Climb to Record (Bloomberg)
  • Geithner Says Europe Debt Crisis Poses Risk to Global Growth (Bloomberg)
  • Repatriation Tax Holiday to Be Proposed by Hagan, McCain (Bloomberg)
  • China Tests US With Currency Move (FT)
  • China on Course to Squeeze Property Bubble (Xinhuanet)
  • Banks Face New European Stress Tests (FT)
  • Turkey Tries Three Steps To Close Off Lira's Slide (WSJ)
  • Palin Won’t Make 2012 Presidential Bid (Bloomberg)

Global headlines courtesy of Egan-Jones:

  • ADP estimates US companies added 91,000 jobs in Sept., better than expected.
  • Asian markets rebounded solidly after positive U.S. jobs data.
  • Bank of England may edge closer to bond purchases.
  • China to loosen policy as property markets cool.
  • European Central Bank could take steps to shore up banks, rate move possible but less likely.
  • EU to test bank capital for deeper Greek losses
  • ECB keeps benchmark rate unchanged at 1.5%.
  • German industrial orders down for second straight month with 1.4% drop in August.
  • Oil rises above $80 a barrel on hopes Europe will stabilize.
  • Spain raises $6B in debt auction as investors show good appetite despite contagion fears.
  • Acuity Brands' Q4 profit rose 26% on higher volumes. Revs up 12% at $496.2M.
  • Aeon posted a 19% drop in H1 profit, but expects record full-year earnings as cost cuts.
  • Akorn to acquire certain assets of Kilitch Drugs in India, for $52M.
  • Apple's co-founder and former CEO Steve Jobs has died at age 56.
  • BofA may face fraud claims for soured loans.
  • Corning hikes dividend, approves $1.5B buyback.
  • Deutsche Boerse gets EU objections to NYSE deal.
  • General Dynamics board authorizes plan to buy back up to 10M shares.
  • Marriott swings to Q3 loss of $179M on impairment charges. Revs up 9% at $2.87B.
  • Omnicare extends the $456M hostile bid for PharMerica.
  • Oracle announced plans to let businesses use the Internet to access applications.
  • RPM Intl posts a better-than expected 11% rise in Q1 profit at $76.8M. Revs up 10%.
  • Sara Lee in final talks with DoJ over the sale of its N.American fresh bakery business.
  • Toyota's global vehicle production back at pre-tsunami levels.
  • Walgreen September same-store sales up 3.1%.
  • Yahoo shares decline on reports of MSFT \not mulling an acquisition bid for the former.
  • Zumiez September same-stores sales rise 10.1%.

Economic Calendar: Initial Claims & Continuing Claims to be released.
Earnings Calendar: ANGO, HELE, PEDH, RBN, SKY, STZ, SWFT.

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msmith's picture

The USD is setting up for weakness ahead.  A look at the USD Index and the EURUSD.  http://bit.ly/pcrsPQ

Crash N. Burn's picture

 If anyone is interested, Dylan Ratigan of MSNBC discusses strategy with the Occupy Wall Street protesters, pass a constitutional amendment banning money from politics.

http://worldwideponzicollapse.blogspot.com/2011/10/dylan-ratigan-at-occu...

imssol10's picture

With the Patirot Act, we can have citizen abductions, renditions and "enhance" interrogations until they yield the actionable intellegence that they were suspected of knowing. yacht finder

Dapper Dan's picture

Presidents can now kill US citizens with impunity,

 please read article link below.

Secret panel can put Americans on "kill list"

October 04, 2011

Assassinating Awlaki The Day America Died by PAUL CRAIG ROBERTS

September 30, 2011 was the day America was assassinated.

Some of us have watched this day approach and have warned of its coming, only to be greeted with boos and hisses from “patriots” who have come to regard the US Constitution as a device that coddles criminals and terrorists and gets in the way of the President who needs to act to keep us safe

http://www.counterpunch.org/2011/10/04/the-day-america-died/

philgramm's picture

This was the most striking headline.  So it begins.  Dissidents will be targeted. It's a rather tired tale that has been told by many eroding empires of history.  

philgramm's picture

Tyler (s) please make the secret panel reuters story a post of its own.  This is the most significant news to come from Washington since the Patriot Act.  We may look back on this as a crucial story in the crumbling of this empire one day

imssol10's picture

It's great living in a country where your murder can be ordered by a secret panel that has no accountability or oversight, doesn't have to publish it's justification or methodology or decision making process and doesn't give the victim a chance to defend himself legally or physically turkey yachts

wang's picture
wang (not verified) philgramm Oct 6, 2011 8:13 AM

posted yesterday

America's permanent robot war

http://www.guardian.co.uk/commentisfree/cifamerica/2011/oct/04/unmanned-...

 

Two miles from the cow pasture where the Wright Brothers learned to fly the first airplanes, military researchers are at work on another revolution

http://www.nytimes.com/2011/06/20/world/20drones.html?pagewanted=all

http://www.nytimes.com/slideshow/2011/06/20/world/20110620-DRONES-2.html

spanish inquisition's picture

I for one, as a citizen, feel empowered. At first, all we had was citizen arrests and the right to defend ourselves.

With the Patirot Act, we can have citizen abductions, renditions and "enhance" interrogations until they yield the actionable intellegence that they were suspected of knowing.

Now the process has been streamlined so that should a person anywhere in the world, besmirch the reputation of the United States as anything other than the most free, democratic and capatilistic country, threaten or appear to threaten you as a citizen and by extension the United States of America, you are now able to legally "after recommendation of the secret committee in your head" to commit citizen threat neutralization.

Who shouldn't feel like James Bond right now? Everyone is a secret agent! It makes me want to borrow money to buy stuff..Austin or BMW? Old or new? Maybe a shaggin' Jag?

Peterpaul's picture

Alright! America has (again!) a Star Chamber. While I am not suprised, I am still shocked. Today our "citizens" abroad, tomorrow our citizens at home...and one day, soon enough, someone you know!

Dr. Gonzo's picture

It's great living in a country where your murder can be ordered by a secret panel that has no accountability or oversight, doesn't have to publish it's justification or methodology or decision making process and doesn't give the victim a chance to defend himself legally or physically. I think a read a novel called 1984 where things like this were routine for dissidents... and torture also. I thought is was science fiction at the time I read it but apparently it's just Modern America. Thank God Obama was able to help bring this "Change" to our country.

1835jackson's picture

What a delusion to even consider freedom in this world. 

imssol10's picture

wow.. General Dynamics board authorizes plan to buy back up to 10M shares. Who could have seen that coming? sicily yacht charter

sabra1's picture

300 million americans with guns would solve this problem in no time! instead of illegally shipping guns to mexico, you can make a killing here!

Catullus's picture

Ah. So there's a process and several people are "consulted" and there's a checklist of approvals and then passed in front of lawyers. That means all of these people are guilty of conspiracy to commit murder. They ordered a hit on someone.

There really is no difference between these guys and a band of thugs. The Godfather was right.

Boston Matrix's picture

Bank of England announces £75bn of QE a month earlier than expected:

http://www.guardian.co.uk/business/economics-blog/2011/oct/06/bank-of-en...

metals had a little LBMA rally on the news but have fallen back since.

How long before Benneh follows suit?

El Viejo's picture

Life is full of Paradox and Irony.  The double slit experiment exposing the partical-wave duality was always paradoxical and thought to have causality at the quantum level and never exist in the real world until two scientists in Europe demonstrated it on a vibrating table of fluid with tiny particles that behaved just like phontons in the double slit experiment. (Seen on "Through the Wormhole"(How the Universe Works) ) It's a paradox until we understand. Irony, like receiving the Nobel prize for peace and then sanctioning the murder of individuals, is closely tied to hypocrisy. Say you have recently quit smoking and try to convince others to do the same. The others could say, "you smoked for years. You are a hypocrite". Irony is a contradiction in behavior, but there is a self righteous evil side as well. If someone says that you have no right to tell anyone to stop smoking cause you did or do smoke then there is a downside that there is no room for warnings from those who have been there or are there. We sent a flight of P38s specifically to kill Yamamoto. There were several attempts on Hitler as well. Granted, it sets a bad precident to target individuals, but the alternative is an attempt to be self righteous. Hey God look at me. I'm innocent. I'm righteous. I didn't kill anyone.

The only thing required for evil to prevail is for good men to do nothing.  

Magic Mamaliga's picture

Executive branch gaining authority to assassinate US Citizens they deem threats is last years news...  plans are always made in advance...

http://www.aclu.org/national-security/obama-administration-claims-unchecked-authority-kill-americans-outside-combat-zone

Bansters-in-my- feces's picture

I nominate Timmy Geithner for the USKill list.

imssol10's picture

The double slit experiment exposing the partical-wave duality was always paradoxical and thought to have causality at the quantum level and never exist in the real world until two scientists in Europe demonstrated it on a vibrating table of fluid with tiny particles that behaved just like phontons in the double slit experiment. real estate mallorca

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l.hauri's picture

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imssol10's picture

Who shouldn't feel like James Bond right now? Everyone is a secret agent! It makes me want to borrow money to buy stuff..Austin or BMW? Old or new? Maybe a shaggin' Jag? impression 434 yacht