• Wall Street begins campaign to thwart populist overreaction (Bloomberg) [Zero Hedge soon to begin campaign to thwart this campaign]
• $27 billion of 7 Year USTs on deck (Bloomberg)
• Deflating our way to Posterity (

First, Darrel Issa taking on Bernanke in what may prove a fateful and timely opposition against the Federal Reserve, now Alan Grayson going for Bernanke, Geithner, and Vikram's jugular. Just when it seemed that the D.C.-Wall Street crony alliance would last forever (don't worry Barney, we still love you), opposition voices finally emerge and take on the biggest culprits head on.

Among the questions that Grayson is seeking the SIGTARP's assistance on are:

The following may or may not be all the emails that will be referenced at the hearing tomorrow. Oddly (or not) the $78 billion portfolio of problem positions has been redacted.

The following may or may not be all the emails that will be referenced at the hearing tomorrow. Oddly (or not) the $78 billion portfolio of problem positions has been redacted.

Spreads were tighter in the US as all the indices improved (though 2-3bps wider than the pre-FOMC tights in IG). Indices generally outperformed intrinsics with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew, ExHVOL outperformed pushing the skew wider, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew.

The brand spanking new team (and legacy boy Craig Schmidt) that Merrill recently acquired from some other bank (I wrote about this, but frankly don't remember where these clowns came from nor do I care), just went to town all over the REIT bathroom and marked their territory effusively. ML in fact distributed a 45 page reinitiation report, which I have no intention of ever reading. The summary ratings and price targets are below.

The brand spanking new team (and legacy boy Craig Schmidt) that Merrill recently acquired from some other bank (I wrote about this, but frankly don't remember where these clowns came from nor do I care), just went to town all over the REIT bathroom and marked their territory effusively. ML in fact distributed a 45 page reinitiation report, which I have no intention of ever reading. The summary ratings and price targets are below.

This is what direct, premeditated, overt manipulation looks like.

For indirect, just look around (especially the 900 level on the S&P).

This is what direct, premeditated, overt manipulation looks like.

For indirect, just look around (especially the 900 level on the S&P).

Was that Cramer complaining there is too much democracy in this country? My dear, you of all people should be so glad for First Amendment rights after losing hapless mom and pop retail investors, whose only sin is listening to you, countless billions and billions of dollars.

One would be tempted to link up to Jimmy's famous rant against Bernanke from two years ago. Oh what the heck... here it is.

With a subtitle like "From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again" run, don't walk, to your nearest kiosk and buy Matt Taibbi's latest piece in Rolling Stone magazine. One of the best comprehensive profiles of Government Sachs done to date. Speaking of GS, they sure must be busy today, now that Bernanke is about to be impeached and take the fall for all their machinations.

If anyone knows what the hell is going on with the market since the Fed release (aside from South Carolina Governor Sanford being a big fan of the Buenos Aires Hustler Club), please advise.

If anyone knows what the hell is going on with the market since the Fed release (aside from South Carolina Governor Sanford being a big fan of the Buenos Aires Hustler Club), please advise.

If anyone knows what the hell is going on with the market since the Fed release (aside from South Carolina Governor Sanford being a big fan of the Buenos Aires Hustler Club), please advise.

If anyone knows what the hell is going on with the market since the Fed release (aside from South Carolina Governor Sanford being a big fan of the Buenos Aires Hustler Club), please advise.