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Shit Just Got Real: Primary Dealers Called To New York Fed For Emergency Noon Meeting
From an email just sent out by Morgan Stanley's David Greenlaw:
The NY Fed just asked primary dealers to come downtown today at noon to meet with Fed and Treasury Dept officials. We expect to hear them outline a contingency plan for next week. Details to follow.
More from Bloomberg which confirms this is not the previously scheduled meeting:
- The Treasury has canceled its regularly scheduled individual meetings with bond dealers in favor of the group meeting, according to the people, who declined to be identified because the meeting hasn’t been publicly announced
- All 20 primary dealers were invited
- Treasury spokesmen in Washington didn’t immediately reply to a request for comment on what will be discussed at the meeting
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We already know the contingency plans. Creditors get paid first, everyone else can just take a hike.
They are telling them the Fed is going to sell all of their treasuries....the PD will have to buy them ...all of them..and the Fed will buy them back later at a big premium..and they can borrow the money also to do it....all good
Two key data points support Biflation this morning: Q2 core PCE at 2.1% is a jump despite declining employment and GDP. Also, Chicago PMI confirms it too: PMI declining and misses, orders down, prices paid up
Can someone please explain how the bond markets aren't in the toilet by now?
Benny Bucks
there once was a man named Bernanke,who said, You people should thank me,
as head of the Fed I've stolen your bed,
now you must sleep with a hanky.
poetry by beinki
The Fed is having a harder time screwing the average Joe; it will instruct its HFT machines to jack-off-up the market to show where their true love "lies". Expect a spurt this afternoon
In panic, Bernanke then called the President.
He said: Will this political shit then never end?
Wadoya fucking mean responded Obama disgusted
We're all dead, you see: Nobody can be trusted!
There once was a man named Bernanke,
Who said "All you people should thank me!"
For paying billions in "Gimme" with my good friend Timmy
And doing lots of panky with Hanky.
/I like your version. I just cleaned it up a bit.
The Librarian
you mean 'doing lots of the stanky with Hanky'?
There once was a money called dollar
At one time it bought lots of fodder
But the bankers got greedy
And made us all needy
Now we're all fucked up the ass
wheres alqiada when you need them
Yemen, but they're opening new branches in Egypt and Libya as we speak.
And U Mich edges lower, misses by a bit....Hat Trick!
EXPE and PCLN on big runs today.
I suppose a U.S. default means everybody gets to take vacations the rest of the summer???
Suppose whatever you want. They pump 'em, they can dump 'em too
hd down: check
vz down: check
mo trading in its .000001% band: check
'tards seed capital at all time low: check
Who will cater the affair? Will there be Caviar and Steak Tartare by Petrossian? Ooh Lala.
Get ready to buy the ES!
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Where are they going to meet? How are they going to accomplish anything getting sloshed on martinis at Boehners favorite afternoon bar? IMO we're fucked. Of course since I have been literally slaughtered in this massive economic recovery I am more pessimistic than a lot.
Sad thing is I know more about what is going on than most people do and im still fucked even though I seen it coming. Hard to convince wife and friends, I did what I could do.
At least you're metally prepared for it. The others will be surprised to find that their SUVs cost $1,000 to fill up.
note: bring KY jelly
That will do you well in the up and cumming barter economy.
What is your name?
Sir Gallahad of JPMorgue
What is your quest?
To save the US Treasury
What is your favorite color?
Silver...No...Gold
AHHHHHHHHHHHHHH!
That made my morning. Ni !
would be nice to lock them in the room and give them the last Czar of Russia treatment.
I think this and most articles are 5 stars on the rating scale. However, I do not feel qualified to click the rate stars, so I don't. I hope Tyler understands that the lack of participation in ratings is no reflection of the importance of his work here.
Feelings... Nothing more than feelings...
I hope not all readers are this ghay.
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Hi Mr. Effigy!
Remember the hallmark of good trolling is staying in character. I've got my eye on you, boy, you have promise.
Look at the REITS and the IYR. Almost back to positive.
Man, that shit is funny. I don't care who you are.
Maybe Andrew Ross Sorkin can get another book out of this clusterfuck.
Looking forward to more Lloyd Blankfein quotes on Omaha Beach and Higgins boats, as he pulls into the FRBNY in a black Mercedez.
We can only hope that in the next film incarnation of this clusterfuck fairy tale, they have Wallace Shawn playing Sir Blankfein. it would be far more appropriate in my opinion.
It's time to unveil a doomsday cult at the heart of the Fed.
looks like they were instructed to buy up everything in sight before leaving their desks.
/ES surging for no reason whatsoever.
The Captain and crew are taking the life boats because there are too few for the crew and passengers.
The last word from the Captain to the passengers as he takes the last life boat; "You're on your own Bitchez!"
XLF unable to make new lows.
Bears better watch out.
Also, we broke a new record of 16 days with "mini-panic" -1000 TICK readings this month.
And had 3 consecutive months with 14 days with -1000 TICK or worse....May, June, July.
Honestly I think if RT had a hedge fund he would outperform any of the 'Experts' on this site. I'd give this guy money before I would give it to any of the random dumb money suggestions I see posted on here.
This place is like Grand Central Station for dumb money. With aforementioned exceptions of course.
(whiny voice)"I don't know how to trade this! What's in the basket Tyler, what's in the basket!!"
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
contraire, my friend. the 'tard is the dumb money indicator. research his past comments. besides he doesn't have but a few bucks invested in mo, hd and vz - his words - not mine, or ours. he's a poseur with a narcissist personality disorder begging for attention. at least that's what i gather after he spilled his guts here recently with his life story.
"A narcissist personality disorder begging for attention."
Trademarks of the successful trader type.
Sorry, I'm here to make money only. My measly government pittance does not allow me to experience a full life.
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
lol. if you had followed the market calls of the 'tard you would know he has earned the title the ultimate dumb money indicator. he consistently is on the wrong side of almost every trade. in any event go for it. follow him. just remember: the 'tard doesn't even follow his own advice.
so your "itching to get short" and "i will get real short" below 1300 was nothing but pure blather. you must be terribly long, begging the market to bail you out.
lol! as you bray.
meanwhile, the 'tard is on hands and knees begging the bank to let him go full time as 1099 processor as his seed capital crumbles before his eyes.
one man one vote is that whats the deal,
you lied and said to us, lets make a steal,
the beeple got dem problams bo jangles blames the jets,
but the rich and business owners left us with all the losing bets,
printing and lying and throwing from the hopper,
Im in hollywood and lips quivering good, and throwing from the chopper,
no one watching the tv show all the liars by the dozen,
the blamers, the cramers the pimpers they know nuzzin,
cause the people got their problems the have the have nots,
but now the haves say no more printing borrowing pimpin or
as gold goes nuts,
let me hear ya all say it; NO MORE SPENDING......NO.
Bernanke is going to tell them this is the last time he can buy lunch for them.
Fed will reassure the PD's they are in the front of the bread line for payments next week. SS recipeints on Aug 2, Obama will invoke 14th Amendment to pay them.
Nothing has or will change, this is political theater, stick to the plan: buy gold / sell dollars.
James Turk has been saying for a few weeks that Plan B = 14th amendment gambit
Before QE2, they also polled the PDs to ask them for their preferred amount of money to be printed! So yes, state your desires for QE3, Chopper Ben will comply with the most demanding ....
Printing won't solve the very public "debt ceiling" issue. The sheep need to have resolution.
I live across the street from NY fed.... here's my bet as to what is going to happen. GHOSTBUSTERS STYLE DON'T PULL THE SWITCH! NOOOOOOOO!
http://www.youtube.com/watch?v=8vxEimC3HME
dude, you should get the handycam out and take a vid of all the black sedans rolling into the fortress...would make for great friday afternoon entertainment.
you can score it to Ride of the Valkyries, like this one:
http://www.youtube.com/watch?v=ZpvLCptAHT8
Or, you could be remembered as the VOn Stauffenberg of Wall Street!... Think about it... :)
Quotes from the afternoon meeting at the Legion of Doom Reserve Corporation:
Lex Luthor: I've called you here today because our skimming operation is under great threat...
(to be continued by other commenters)
instead of king crab legs and lobster they will eat peanut butter and jellie sandwiches for lunch.
fed gonna remind them of their duty to toe the party line......
This is a FLASH MOB of Primary Dealers, they will ransack the place and then blame it on their disadvantaged upbringing
Tyler, what do you think will come out of this meeting?
World Peace and stable monetary/fiscal policy based on sound and rational decisions.
Ahahahaha! Thank you! You made my day :)
that's the funniest thing I've heard all morning! LOL! There is some really good, funny stuff on this thread, but this one got me best. Cheers.
Big reversals in most of the Investor's Business Daily "Riverboater Top 50" today.
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9787275
boss man must be out of the bank office today, allowing you free reign to surf the internet, post at zh and stare hard at the sea of red on your etrade screen, as you process the same 1099 for the 50th time in the hope of extending your contract another week.
Another warning sign for bears: Crude oil getting destroyed this week, but the OIH has not shown much weakness. Straight up after the open.
straight up just like the "v" recovery you keep braying about even as every resume you've sent out has yet to be answered.
robottrader: the ultimate dumb money indicator.
RoboTarder, why do all of your posts sound as if they came out of some CNBC-spawned Magic 8-Ball?
This is bullish, DJIA melting up again in preperation for the noon meeting.
Bernanke: I am the great and powerful OZ!
Buy the dip you sheeple!
They won't even let this market correct 10%...unreal.
All together in the same room? You won't have another opportunity like this anytime soon! Who wants to play von Stauffenberg?
All of the PD's were invited, perhaps even cordially so, to attend. Does this mean if you're still on vacation or have other pressing problems, you could simply send your regrets and not go?
Those tea party Republicans talked like mad men on TV..that scared me...
Did you see Nancy Pelosi roaming the streets of DC with a big hammer surrounded by a bunch of black people?
That shit scared the bejeezus out of me.
.
Well, everybody has a plan, and now, at least the primary dealers belatedly are getting a plan together.
Barry still ain't got no plan, and no plans for a plan. Where's the plan? If teleprompters had unions they'd have already walked out on Barry for having to work overtime on false pretenses.
Ben B (on the phone): "This is Ben"
Fed Shareholder(2): "Can you come up to our office, we need to talk to you"
Ben: "Sure thing"
Ben walks into the owners office....
Shareholder(s): "Thanks Ben. First let us say we appreciate everying you have been doing. Text book. Great job."
Ben: "Why are all of you here?.... Why do you continue to use those name tags with only your first names? This seems kind of strange you are all here"
Shareholders(s): "Enough of the questions, let me lay it out to you. Remember who you bought that MBS crap from us in 2008? That really helped us out of a bind. I know it was tuff for you but you took it for the team. QE2 worked exactly as planned but it seems it was a little short. "John" here from BOA said he still has a couple of billion in treasuries on his books. This whole debt limit thing it cutting it too close. We need you to buy up his treasuries."
Ben: "Funny you should say that, I have been working with Treasury..."
(interrupts Ben)
Shareholder(s): "DO YOU SEE ANYONE HERE WITH "TIMMAH" on a name tag?" I dont care what treasury is doing! its a mess. Just buy those last treasuries we are holding and you can have all the fun with Timmah you want."
Ben:" That wont be good for inflation numbers."
Shareholder(s): "Inflation? Why you think my Grandad got the dual mandate?!? Tell them you are trying to get unemployment down. Tell them anything. I dont care, just buy those notes!! Now get out of here!"
Ben: "Got it. Thanks guys. Sorry to bother you, but can you approve that Jackson hole expense report? Im kind of tight at the moment and need the cash."
Shareholders(s): "you still here?"
perfect time for a new "Hitler in the bunker" video
Jig's up!
bank holiday bitchez, got cash? or got money?
The White House announced that Obama would deliver his previously unscheduled statement at 10:20 a.m. Eastern time. Administration officials indicated earlier that Obama and fellow Democrats remain opposed to the House GOP plan and its provision for a two-stage increase in the federal debt ceiling tied to large spending cuts. The White House wants a single increase in the $14.3 trillion debt limit that would last into 2013
Logically speaking one calls a 'meeting' when one has something to discuss, right? I suppose this meeting called by the NY Fed is for the purpose of discussing and preparing for a U.S. Debt downgrade.
DOUBLE DEEP
DOUBLE DEEP
No rise in the Debt Ceiling means Bankers will not get their Social Subsidy check on a daily basis.
Bankers want Social Security to be cut so they can keep their Social Subsidy.
just walked down to the FED, there are two news vans and the security guards confirmed... got a good picture for the grandkids
Tyler...You had me at "Shit just got real."
well, assuming the "debt negotiations" are not proceeding as they would wish, these PDs are the players on the chessboard for the FED:
"we will need 'data' and 'interpretations' so we can 'prove' what we must do to save the world."
"oh no! you can't be freaking serious?" "again?" "dude! you're really twiching there!" "hahahahahahahahahahahahahahahahah" "that's not fukin funny!" "avoid a downgrade or perish?" "we must NEVER stop borrowing & printing! where's the mike? we can get that out from europe! L0L!" "where's timmah? gads, i miss that boy!"
"Daddy, what is 'financial repression?'"
http://en.wikipedia.org/wiki/Financial_repression
Maybe the Treasury is going to trot out those $Trillion coins. I think it is a great plan. Have a parade from the West Point Mint downtown, and buy back the Treasury notes.
Problem Solved!
This is the meeting we should all be in on. Instead, we must sit here guessing and listen to Obama spout broad opinions at a press conference. But, of course, we won't be allowed to know the results of this meeting until all the primary dealers have a chance to put their trading positions on. What a racket. What a beautiful scam.
Koolaid Party!
They are holding the meeting to discuss what the vig will be on the deal...
When are the real free market Chinese bankers going to crush the FED and Primary's that have stole the country for the last 30 years.
Because Group Think is ALWAYS Better
Especially when dealing with a group of idiots, incompetent political hacks and Wall Street crony capitalist who only fail upwards...
Wash DC & Wall Street
Where "Buy My Junk Bonds" meets "Bailout My Bonus"...
Since the end of QE2 primary dealers have been called upon to cover a much larger share of the auctions without the commensurate ability to flip CUSP's back to the Fed.
While the individual meetings might have been to reassure, the group meeting must be planned as a frank discussion about their combined willingness and ability to continue to cover the bid (in the face of all the August auctions) in a way that does not spook the indirects and the rest.
The last few auctions have been sloppy.
Quick overview of auction:
There is a term and a total amount. Each Primary steps up and states how much they want and how much they'll pay. As each primary declares, indirects must also declare how much they want at that price. When the directs have finished, the highest bidder claims the amount they pledged as do all the indirects that backed it. The next primary dealer claims and so on until the total amount is filled and the actual rate for all is the the last direct order filled.
What happens in sloppy auctions is that no indirects back the price a primary dealer sets so a lot of indirects get left out and the primary dealers are left with a large share.
Directs can turn around and sell it to the indirects or whomever, but this meeting is probably to create a game plan on how to bid to lure the indirects in now that the FED is out and too many indirects want a lower price than is being bid.
Noon? Awfully sorry, Ben....but I have a noon T-Time on the course followed by 'the usual" Three Martini lunch.
Sorry Ben. But all you have to do is Hand out the Q2 Bonus money...that's all.
RICO bitchez!
"ok everyone listen up.
This here engineered default confabulation
is part of the plan to do away with Social Security, SSI,
medicare, medicaid, and foodstamp, while at the
same time catapulting our next Presidential
Selection, Michelle Bachmann into the position
of Mommy-Savior for all the crying little children
out there and we can blame the IGGAH-NAY
for the bad deeds"
That is all you really need to know.
Minutes of Meeting
Timmay: Welcome Gentlemen criminal NY Cartel Banksters. To cut to the chase you know that fiscally unsustainable budget i proposed to Congress?
NY Mafia Banksters: Yes
Timmay: Well the fiscally unsustainable bit was more important than i thought. The US Govt is bankrupt
NY Mafia Banksters: That's not really news is it?
Timmay: Well it is to me and Congress, we're shocked at this Black Swan happening! In fact to the majority of Senators they still haven't woken up to the new reality and are still loading every Bill with earmarks, snortmarks and piggymarks.
NY Mafia Banksters: Has the President been informed?
Timmay: No O'Bankersrentboy is one of the problem public representativese saying he'd ban earmarks 3 years ago yet still loads every Bill with favours, brown envelope public contracts and every committee and Govt post with Marxist pals. We called the Doctors in 3 days ago for him, only good for teleprompted speeches now!
NY Mafia Banksters: So what has this to do with us precisely?
Timmay: Well one favour amongst friends deserves another favour. We bailed you out in '08, we wondered if you could bail the US Govt buying our next $3 Trillion Bond issuance?!!
NY Mafia Banksters: Isn't the Fed there for that, to print funny money and paint over your uncontrolled suicidal spending, sorry debt?
Timmay: Benny is a national laughing stock with no credibility. The 3 QE programmes are busted flushes, everything he said they would achieve has failed miserably!
NY Mafia Banksters: That's not really news is it?
Timmay: Well it us to us in Govt, we're shocked at this Black Swan happening! So, how about it boys?
NY Mafia Banksters: We're bankrupt. Is that Black Swan news to you as well? Only the Fed and Accountancy Board bending over like corrupt crones and moving the goalposts allowed us to cook our books. Our balance sheets look profitable but they couldn't be further from the usual fraudluent Wall Street truth. And without the Fed perverting the free market with delusional zero interest rates we'd be even more fuked if that's even possible! We're the walking dead zombie banks, we have nothing to offer but another black hole to piss public money down
Timmay: Holy fuk we're fuked!!!
NY Mafia Banksters: Pundits have warned the US Govt for 50 years you've a terminal spending and debt problem. This is not another Black Swan or news to you is it Mr Treasury Secretary???
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