• GoldCore
    01/24/2015 - 05:15
    So who pays? Someone has to, you can not just create money out of thin air. The answer is “we do, you and I”, in the form of a devalued: currency, diminished savings and devaluing pensions. You are...
  • Marc To Market
    01/24/2015 - 10:27
    I have told you the US dollar was going up for months.  Some mocked me.  Others insulted me.  So what?  I tell you the dollar's bull market remains intact.  

Merrill

Merrill
Tyler Durden's picture

Frontrunning: October 4





  • Romney dominates presidential debate (FT)
  • What Romney’s Debate Victory Means (Bloomberg)
  • Obama Lead Shrinks in Two Battlegrounds (WSJ)
  • "Everything will fall apart unless the Spanish conditions are extremely tough" German policy-maker (Telegraph)
  • Draghi Stares at Spain as Brinkmanship Keeps ECB Waiting (Bloomberg)
  • RBS facing loss after Spanish property firm collapse (Telegraph)
  • Burdened by Old Mortgages, Banks Are Slow to Lend Now (WSJ)
  • The Woman Who Took the Fall for JPMorgan Chase (NYT)
  • European Banks Told to Hold On to $258 Billion of Fresh Capital (Bloomberg)
  • Europe Weighs More Sanctions as Iran’s Currency Plummets (Bloomberg)
 
Tyler Durden's picture

Ultraluxury NY Real Estate Market Cracking As Legendary 740 Park Duplex Sells 45% Below Original Asking Price





Even as the media desperately tries to whip everyone into a buying frenzy in an attempt to rekindle the second housing bubble, the marginal, and less than pretty truth, is finally starting to emerge. Over the weekend we presented the first major red flag about the state of the housing market - in this case commercial - when we exposed that "New York's Ultraluxury Office Vacancy Rate Jumps To Two Year High As Financial Firms Brace For Impact." What is left unsaid here is that if demand for rents is low, then, well, demand for rents is low: hardly the stuff housing market recoveries are made of. Today, on the residential side, CNBC's Diana Olick adds to this bleak picture with "Apartment Demand Ebbs as ‘Avalanche’ of New Units Open." In other words rental demand for both commercial and resi properties is imploding. But at least there is always owning. Well, no. As we have shown, the foreclosure, aka distressed, market is dead, courtesy of the complete collapse in the foreclosure pipeline as banks are effectively subsidizing the upper end of the housing market by keeping all the low end inventory on their books (who doesn't love the smell of $1.6 trillion in fungible excess reserves to plug capital holes in the morning. It smells like crony capitalism). But at least the ultra luxury, aka money laundering market was chugging along at a healthy pace. After all there are billions in freefloating dollars that need to be grounded in the US, courtesy of the NAR which is always happy to look the other way, another issue we discussed this weekend. Now even that market appears to be cracking, following the purchase of a duplex in New York's most iconic property: 740 Park, by, who else but a former Goldman partner, at a whopping 45% off the original asking price.

 
Tyler Durden's picture

Frontrunning: September 28





  • China accuses Bo Xilai of multiple crimes, expels him from communist party (Reuters), China seals Bo's fate ahead of November 8 leadership congress (Reuters)
  • "Dozens of phone calls on days, nights and weekends" - How Bernanke Pulled the Fed His Way - Hilsenrath (WSJ)
  • Fed won't "enable" irresponsible fiscal policy-Bullard (Reuters)
  • PBOC Adviser Says Easing Restrained by Concerns on Homes (Bloomberg)
  • Data Point to Euro-Zone Recession (WSJ)
  • Fiscal cliff dims business mood (FT)
  • FSA to Oversee Libor in Streamlining of Tarnished Rates (Bloomberg)
  • Monti Says ECB Conditions, IMF Role Hinder Bond Requests (Bloomberg)
  • Japan Heads for GDP Contraction as South Korea Weakens (Bloomberg)
  • Moody’s downgrades South Africa (FT)
  • Madrid Struggles With Homage to Catalonia (WSJ)
 
Tyler Durden's picture

Frontrunning: September 26





  • China To Maintain Prudent Monetary Policy (China Daily)
  • Why Exit Is An Option For Germany (FT)
  • China-Japan Ministers Hold 'Severe' Talks As Spat Damages Trade (Bloomberg)
  • Eurozone Deal Over Bank Bailout In Doubt (FT)
  • UBS Co-Workers Knew of Fake Trades, Adoboli Told Lawyer (Bloomberg)
  • Banks Seek Changes To Research Settlement (FT)
  • Secession Crisis Heaps Pain On Spain (FT)
  • SEC: NY Firm Allowed HFT Manipulation (Bloomberg) - busted 'providing liquidity'?
  • Germany To Tap Brakes ON High-Speed Trading (WSJ)
  • Rajoy Outlines Fresh Overhauls (WSJ)
  • BBC Apologizes To Queen Over Radical Cleric Leak (Reuters)
  • British Banks Step Back From Libor Role (WSJ)
  • Obama Seeks To Recast Ties With Arab World (FT)
 
Tyler Durden's picture

Frontrunning: September 21





  • Europe’s crisis will be followed by a more devastating one, likely beginning in Japan. (Simon Johnson)
  • Porsche, Daimler Indicate Europe’s Car Crisis Spreading (Bloomberg)
  • No progress in Catalonia-Madrid talks (FT)
  • Hilsenrath speaks: Fed's Kocherlakota Shifts on Unemployment (WSJ) - luckily QEternity made both obsolete
  • Lenders Reportedly Consider New Greek Haircut (Spiegel)
  • Fed Officials Highlight Benefits of Bond-Buying (WSJ)
  • ESM to Launch without Leverage Vehicle Options (WSJ)
  • Japanese companies report China delays (FT)
  • Borg Says Swedish Taxes Can’t Go Into Ill-Managed European Banks (Bloomberg)
  • Greek Leaders Struggle With Spending Reductions (Bloomberg)
  • Asian Stocks Rise as iPhone 5 Debut Boosts Tech Shares (Bloomberg)
  • China government's hand seen in anti-Japan protests (LA Times)
 
Tyler Durden's picture

Bank Of America To Fire 16,000 By Year End





Curious why nearly 4 years ago to the day Ben Bernanke and Hank Paulson told Ken Lewis to purchase Merrill Lynch "or else" (but to make sure everyone gets paid their bonuses bright and early with no cuts)? It certainly had to do with the stock price and preserving the wealth of the shareholders. It had little to do with making the company viable in the long run, unfortunately, as the just announced news of a massive tsunami of 16,000 imminent terminations at the company confirms. All BofA did then was to take on dead weight at gunpoint, which it now has to shed. It also shows that despite rumors to the contrary the US economy is not getting better, the US financial system is not getting stronger, faith in capital markets is not returning (based on future staffing needs at banks), US tax revenues by the highest earners will go down, and the closed loop that is a procyclical economic move will just get worse as there are fewer service providers providing financial services, in the process taking out less consumer debt to keep the GDP "growing." What will also happen by January 1, 2013 is that BofA will no longer be America's largest employer, with the total headcount of 260,000 at year end being the lowest since 2008, and smaller than JPM, Citi and Wells.

 
Tyler Durden's picture

Frontrunning: September 20





  • Obama, Romney tiptoe around housing morass as they woo voters (Reuters) ... just as ZH expected
  • Poll Finds Obama in Better Shape Than Any Nominee Since Clinton (Bloomberg)
  • Romney on Offense, Says Obama Can’t Help Middle Class (Bloomberg)
  • Fed’s Fisher Says U.S. Inflation Expectations Rising (Bloomberg)
  • Citigroup Warns Irish Investors to Plan for Losses (Bloomberg)
  • Central Banks Flex Muscles (WSJ)
  • China says U.S. auto trade complaint driven by election race (Reuters)
  • Brussels sidesteps China trade dispute (FT)
  • How misstep over trading fractions wounded ICAP's EBS (Reuters)
  • Ex-CME programmer pleads guilty to trade secret theft (Reuters)
  • Income squeeze will persist, says BoE (FT)
  • South African miners return to work, unrest rumbles on (Reuters)
 
Tyler Durden's picture

Frontrunning: September 19





  • Deposit Flight From Europe Banks Eroding Common Currency (Bloomberg)
  • BOJ eases monetary policy as global slowdown bites (Reuters)
  • Stalled Rally Puts Pressure on Spain (WSJ)
  • Missed Chances Stoke Skepticism Over EU’s Crisis Fight (Bloomberg)
  • Germany's big worry: China, not Greece (Reuters)
  • Goldman names new CFO, heralding end of an era (Reuters)
  • Russia Demands U.S. Agency Halt Work (WSJ)
  • Fed’s Dudley Says Easing Vital to Spur Too-Slow Growth (Bloomberg)
  • Romney under fire from all sides (FT)
  • Poland cuts red tape to spur growth (FT)
  • IMF to Put Argentina on Path to Censure Over Inflation Data (Bloomberg)
 
Tyler Durden's picture

Frontrunning: September 18





  • Nothing has changed and things have just gotten worse: Europe Banks Fail to Cut as Draghi Loans Defer Deleverage (Bloomberg)
  • Mitt Romney secret video reveals views on Obama voters (BBC)
  • Romney Stands by Government-Dependent ‘Victims’ Remark (Bloomberg)
  • Video shows Libyans helping rescue U.S. ambassador after attack (Reuters)
  • Fannie Mae paid BofA premium to transfer soured loans-regulator (Reuters)
  • Northrop to shed nearly 600 jobs (LA Times)
  • LOLmarkets: Retail Currency Traders Turn to Algorithms (WSJ)
  • U.K. Royal Family Wins French Ruling on Kate Photos (Bloomberg)
  • Nevada recluse dies with $200 in bank, $7 million in gold at home (LA Times)
  • Gap Between Rich and Poor Grows in Germany (Spiegel)
  • Chicago teachers meet Tuesday to decide whether to end strike (Reuters)
  • Australia's Fortescue wins debt breather, shares soar (Reuters) ... a deal which ultimately will prime equity and unsecureds by $4.5 billion in secured debt
  • Ford car sales fall 29% in Europe (FT)
 
Tyler Durden's picture

Frontrunning: September 14





  • Weeks before U.S. election, Mideast gives Obama perfect storm (Reuters)
  • Clashes intensify near US embassy in Cairo (Al Jazeera)
  • Puppet governments in trouble: Mursi Risks Rift With U.S. or Voters as Islamists Rally (Bloomberg)
  • Protests Put Egypt Relations on Edge (WSJ)
  • Fed insists politics had no role in decision (FT)
  • UBS "rogue trader" fraudulently gambled away $2.3 billion, court told (Reuters)
  • Obama Holds Lead in Three Key States (WSJ)
  • China's Xi recovering from bad back, could appear soon - sources (Reuters)
  •  Japan voices anger over Chinese incursion after vessels entered waters around disputed Senkaku islands  (FT)
  • Goldman Scales Back Junior-Analyst Program; No Contracts for College Hires (WSJ)
  • China commentary slams Romney's "foolish" China-bashing (Reuters)
  • Aging Baby Boomers Face Losing Care as Filipinos Go Home (Bloomberg)
 
Tyler Durden's picture

Frontrunning: September 12





  • Germany Can Ratify ESM Fund With Conditions, Court Rules (Bloomberg)
  • Obama Discusses Iran Nuclear Threat With Netanyahu (Bloomberg)
  • Stocks, Euro Gain as Court Allows ESM; Irish Bonds Climb (Bloomberg)
  • U.S. cautions Japan, China over escalating islands row (Reuters)
  • Draghi alone cannot save the euro (FT)
  • 'New York Post' Runs Boldest Anti-Obama Ad Yet (Bloomberg)
  • Another urban legend: Fish Oil Pills Don’t Fix Heart Ills in 24-Year Data Review (Bloomberg)
  • Troika Says Portugal’s Program is ‘On Track’ (Bloomberg)
  • Russia Wants to Steer Clear of 'Gas War' (WSJ)
  • U.S. Said Set to Target First Non-Bank Firms for Scrutiny (Bloomberg)
  • Wen Says China’s Policy Strength Will Secure Growth Targets (Bloomberg)
  • UK faces clash with Brussels on City (FT)
 
Tyler Durden's picture

Are The Krimson Karlsruhe Knights About To Say Ni-en?





On Wednesday the German constitutional court, aka the KKK (Krimson Kardinals Of Karlsruhe, any association with other acronyms is purely accidental), will decide if Europe stays or goes. There is some possibility Karlsruhe may delay the September 12 decision even further, following a new complaint by a Merkel conservative, Peter Gauweiler who said in a statement on Sunday the fund should not be ratified unless the ECB rowed back on its plans to make unlimited purchases of sovereign bonds, since that he said, posed a major risk to Germany's own national budget. The Constitutional court is expected to opine on this latest hurdle today or tomorrow at the latest. However we doubt it. So what does the binary outcome ahead of Wednesday look like? Here are some Wall Street pundits opining. Curiously, while the market is also pricing perfection as the outcome to this event, there may be gray skies forming.

 
GoldCore's picture

JPM and Goldman See $1,800/oz Gold By Year End – Iran, Middle East and Inflation Risks Cited





XAU/EUR Exchange Rate Daily - (Bloomberg)

Gold at €1,355/oz, just 2.5% from the record high of €1,390/oz, is a sign of a continuing lack of trust in the euro and in Draghi’s stewardship at the ECB.

 
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