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Frontrunning: September 14
- World Must ’Get House in Order,’ Not Rely on China: Wen Jiabao (Bloomberg)
- Merkel bids to quash Greece default talk (FT)
- Moody’s cuts two French banks’ ratings (FT)
- Geithner Takes Tougher Tone on Europe (Bloomberg)
- Obama to propose Medicare and Medicaid cuts (FT)
- Biggest Brokers Consider Banning Market Orders (Traders Mag)
- Grifters of 'Al Saud, Inc.': How Saudi royals get their wealth (Wikileaks)
- Emerging Giants Look at Europe Aid (WSJ)
- ADB Reduces China Growth Estimate, Highlighting Need to Rebalance Economy (Bloomberg)
- ECB Will Lend Dollars to Two Euro-Region Banks as Market Funding Tightens (Bloomberg)
- Insurers Dumping Foreign Bonds Bolsters Government Auctions: Japan Credit (Bloomberg)
European economic highlights:
- Eurozone Ind. Prod. w.d.a. July 4.2% y/y – lower than expected. Consensus 4.6%. Previous 2.6%.
- Eurozone Ind. Prod s.a. July 1.0% m/m – lower than expected. Consensus 1.5%. Previous -0.8%.
- Switzerland Producer & Import Prices for August -1.2% m/m -1.9% y/y – lower than expected. Consensus -0.4% m/m -1.1% y/y. Previous -0.7% m/m -0.6% y/y.
- UK Claimant Count Rate for August 4.9% - lower than expected. Consensus 5.0%. Previous 4.9%.
- UK Jobless Claims Change for August 20.3K – lower than expected. Consensus 35.0K. Previous 33.7K.
- UK Average Weekly Earnings 3M for July 2.8% - higher than expected. Consensus 2.7%. Previous 2.6%.
- UK Weekly Earnings exBonus 3M for July 2.1% - in line with expectations. Consensus 2.1%. Previous 2.3%.
- UK ILO Unemployment Rate 3M for July 7.9% - in line with expectations. Consensus 7.9%. Previous 7.9%.
Global news highlights courtesy of Egan-Jones:
- ADB trims Asia 2011 growth forecast to 7.5%.
- Chairman of Swiss regional bank regrets taking US clients -report
- ECB's credit quality is a concern.
- ECB providing liquidity to two large EU banks.
- Italy's parliament to vote on austerity measure.
- Obama asked lawmakers to again consider increasing taxes for high earners.
- Oil fell from the highest in six weeks.
- US gov't prepares to release BP oil spill report.
- BNP Paribas plans $96 billion of asset sales.
- Dell has added $5 billion to its stock- buyback program.
- GE would buy back Berkshire Hathaway’s preferred stake in the largest US conglomerate.
- Google raised its offer for Motorola Mobility Holdings by 33% to $12.5 billion.
- HSBC is seeking buyers for its non-life insurance unit – report
- Honda to launch Five Hybrids in China.
- HP extended the deadline for its $11.2 billion takeover of British software company.
- News Corp shareholders file new allegations.
Pfizer is delaying a sale of its infant-nutrition business - report
Wal-Mart launches initiatives to support women.
Yahoo's board will meet to discuss a wide range of options facing the Internet firm according to reports.
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NY 9 goes GOP! Now THATS change I believe in. Even the Democrts are hating on Obama's job performance.
Copyright © 2011 by Obama for America
REPORT AN ATTACK
Paid for by Obama for America
Where is Lulz when you need'em.
could be a honeypot
Well now...here is a headline that will never make it to the crew at the BlowHorn [CNBC]. Quick...talk more about the great "global growth" story and how it ensures that equities are "historically cheap" and that the next time the markets tank it will be a terrific "buying opportunity" because of said global growth, global growth, global growth, global growth, global growth.
Pull the tape at 8:10 on the BlowHorn, Tyler...that one is a gem...worth a post all by itself.
Full retard is what it all is, but I guess as long as theyre keeping the 401K brigades calm and not thinking of selling thats all that matters. From Monday mornings worst case Rule 48 down open, the DOW has gleefully tacked on +400 points.
Hooray.
But what about that FOMC thing? You know, the QE3 pinky swear from Bernank that has driven markets for the last 9 months? Ah hell we dont need to worry about that, markets doing great all on their own now, 'investors' and all I'm sure.
As if on cue, J. Cramer...who literally has been sounding like a mouth breathing psychopath lately...talking about the joy joy for the world economy coming from.......China. Ta Da....there....facts fixed.
Nothing but joy and love and profit and bullishness and unicorns and pixie dust for everyone...for free...all from the miracle known as China.
I just threw up in my mouth a little.
China say: Ah so, you must get house in order like we do....kill dissidents, keep population starving, get house in order, world, chop chop!
Fascists running wild this morning...Geithner...announcing to J. Crammer..."We are taking your advice."
Close the fucking curtains in the US. The advice? Borrow and spend another half trillion dollars...because...because why you ask? Why, because rates are good.
Once again, a government official suggesting that the best fix for the economy, currently, is MORE DEBT! Umm....would someone please fire Timmay? Thank you.
All part of the plan, keep the accelerator mashed to the floor right over the cliff. Timmah loves China, sure theyre people are poor and starving and they kill you if youre a dissident...just as theyre planning for here.
Rates are good, and its not our problem anyway....the peasants will soon be paying us back doing work for us for free in the FEMA forced labor camps.
Whaddaya mean "quit", Honey? We've got plenty of smack! - Lenny Bruce
hundreds of billions of dollars are positioned short for a crash now.
the imbalance is that yes there will be default but the herd thinks it can profit off it.
When you position short for total implosion, who pays? What do they get from shorting Greece, free chairs on the beach?
I am going to refer to 2011 as 2007.2
By the time this is done, we'll renumber the years with AC (after crisis)..."in the year of our crisis 3 AC...".
Every dollar of Medicare re-imbursements that are cut will be added to prices the insured pay. The hospitals and doctors will not lose on this. Expect another 40% jump in health insurance rates.
Hospitals and doctors will lose, it's the health insurers and big pharma that will collect whatever obamalamadingdong cuts from actual provisions of h/c.
I actually cant wait for people to really start feeling how screwed we are, its about time we had breakouts of civil unrest like the rest of the world is getting.
As long as the sheeple have the TV's and Ipads they will never riot.
FLASH* TB WILL BUY ITALIAN AND FRENCH BONDS
http://www.reuters.com/article/2011/09/13/us-tuberculosis-europe-idUSTRE78C7VD20110913 In reality though, this is quite alarming.
The Careless Whisper Morning Report
GE To Add 450 Jobs - In Germany
http://www.greenwichtime.com/news/article/GE-to-invest-118-million-while...
Cali Household Income Drops 4.5%
http://www.latimes.com/business/la-fi-poverty-california-20110914,0,2221...
Prosecutor: TSA Agent Bribed With $50 Gift Card
http://www.lohud.com/article/20110913/NEWS02/109130372/Feds-Gift-cards-c...|topnews|text|Frontpage
Man Sentenced To Jail For Being "Internet Troll"
http://www.guardian.co.uk/uk/2011/sep/13/internet-troll-jailed-mocking-t...
Whoopi To Dick Cheney On The View; You Were Really Running The Country (@3;30)
http://www.youtube.com/watch?v=a35Y8C40W04
NSA Director Warns Of Cyberwarfare
http://www.washingtontimes.com/news/2011/sep/13/computer-based-attacks-e...
National Enquirer: Sarah Palin Had Fetish For Big Black Ding Dong; Alleges One-Highter With NBA Star Glen Rice
http://www.nationalenquirer.com/celebrity/world-exclusive-sarah-palin-bo...
3 Firefighters Survive Lightning Strike; Have Ringing In Ears
http://latimesblogs.latimes.com/lanow/2011/09/fire.html
That Saudi leak is interesting. I wonder if someone is trying to poke the wasps' nest a la Tunisia-style?
seems like a lot of similarities with the House of Tony Soprano
Tyler,
Recent spammers if you have not shut them down yet. wdd0815 crayzffur chinawholesaler
china to world: get your shit together and fund those trade deficits!
world to china: molon labe!
Wen Jiabao's comments are very dangerous for China.
"Chinese Premier Wen Jiabao, facing calls to widen support for indebted European countries, signaled that developed nations should cut deficits and open markets rather than rely on China to bail out the world economy."
Basic understanding of sectoral balances means that if China is to maintain a trade surplus (export status) to the western world, then by definition other nations will have a trade deficit. That deficit is balanced by either reductions in private savings or by government sector deficits. It is clear to most anyone that the private sector is overlevered and does not have much more capacity for deficit spending so that leaves government to fill the role.
I think he realizes that the Euro is doomed and that a financial Chinese finger puzzle trap is being set.
Re: Obama to propose Medicare and Medicaid cuts (FT)
Obama clearly thinks the far-right lunatics running for Prez on the GOP ticket are giving him leeway to appeal to the center-right (which is clearly where Obama is most comfortable anyway).
What I can promise you is that this progressive independent (me) will not vote for Obama no matter who the GOP runs.
The more I think Obama could win again, the more likely I'll vote for any GOP candidate. Sometimes things have to get a lot worse before they get better - kind of like washing out all the friggin excess debt. If it looks like the GOP will win, I will definitely be voting 3rd party or write-in (Bernie Sanders). Of course, if there turns out to be a viable 3rd Party candidate, that candidate will most likely get my vote.
Okay, sick idea time: move the cash on corporate balance sheets back into the economy by providing tax incentives linked to job creation along with purchases of sovereign bonds in <your banana republic here>.
Jdoo he has always wanted to cut those programs. Every proposal this president puts forward includes cutting these programs. Really it does not matter though, those that have insurance will end up paying for it. Juat another way to pilfer our pockets. The additional cost at the hospitals will be passed on to those that can pay!
"Revenues from 'one million barrels of oil per day' go entirely to 'five or six princes.'" -- Cable from the U.S. Embassy in Riyadh, Saudi Arabia A secret, 1996 cable -- sent from the U.S. Embassy in Riyadh, Saudi Arabia and released by Wikileaks -- offers a detailed account of the mechanisms of wealth distribution and waste within Saudi Arabia's royal family. Despite the considerable riches doled out to "thousands" of Saudi princes and princesses, the cable observes that Saudi royals "seem more adept at squandering than accumulating wealth." (The embassy notes that the country has more commoner billionaires than royal billionaires.) As reported in the cable, corruption also abounds largely unchecked.
from your Wiki leaks link. How Fat can the Cats get?
Agreed, this is intolerable -- how dare they squander America's hard earned wealth!