Merrill Lynch

Vitaliy Katsenelson's picture

 I read that Rich Bernstein, former chief investment strategist at Merrill Lynch, is very optimistic about US stocks; he believes we are at a point similar to where the market was in 1982 – at the beginning of the 1982-2000 secular bull.  After you’ve gone through my slides, you’ll understand why it is so hard for me to share Rich’s excitement.

Frontrunning: January 7

  • Secret and Lies of the Bailout (Rolling Stone)
  • Banks Win 4-Year Delay as Basel Liquidity Rule Loosened (BBG)
  • Hedge Funds Squeezed With Shorts Beating S&P 500 (BBG)
  • Bankruptcy regime for nations urged (FT)
  • Is the Fed Doing Enough—or Too Much—to Aid Recovery (WSJ)
  • Cracks widen in US debt ceiling debate (FT)
  • McConnell Takes Taxes Off the Table in Debt Limit Negotiations (BBG)
  • Abe Seen Spending 12 Trillion Yen to Boost Japan’s Economy (BBG)
  • Monti, Berlusconi Spar on Taxes in Weekend Media Barrage (BBG)
  • Cameron Sets New Priorities for U.K. Coalition (BBG)
  • Defiant Assad Rules Out Talks With Rebels (WSJ)
  • Korea Seen Resisting Rate Cut as Won Threatens Exports (BBG)
lemetropole's picture

You truly have to be mentally challenged if you follow the gold/silver market action and cannot appreciate something is very amiss, as per the confused Mitsui gold people, as brought to your attention the other day.

2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends

Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).

Austrian Parliament Hears 80% Of Austrian Gold Bullion Reserves In London

The Austrian central bank keeps most of its 280 metric tons of gold reserves in the United Kingdom, Vice Governor Wolfgang Duchatczek was quoted as saying in the finance committee of the country’s parliament today, according to Bloomberg. Answering lawmakers’ questions, Duchatczek said 80%, or 224.4 metric tons of the metal was stored in the U.K., 17% or 48.7 metric tons in Austria and 3% in Switzerland, according to a summary of a closed-door committee meeting provided by the parliament. The reserve has been unchanged since 2007, Duchatczek was quoted as saying. The central bank has earned 300 million euros ($385 million) over the last ten years by lending the gold, he said.

Guest Post: Real Danger Of “Obamacare”: Insurance Company Takeover Of Health Care

Now that The Show is over, we are left with the equivalent of a Sunday morning hangover following a binge of promises and lies. After the Supreme Court upheld the PPACA, a spate of mergers rippled through the managed health care realm, to ostensibly cope with smaller profit margins and  ‘compliance costs.’  But really, it’s because each firm wants to corner as much as possible of the market, in as many states as it can, to garner more premiums and control more disbursements and prices at the upcoming insurance ‘exchanges.’ Meanwhile the more hospitals are viewed as profit centers, the more their Chairmen will cut costs to maximize returns, and not care quality. They will seeks ways to sell underperforming assets, programs or services and reduce the number of nonessential employees, burdening those that remain. And if insurance companies can manage doctors directly, they can control not just costs, but treatment – our treatment. It’s not an imaginary government takeover anyone should fear; but a very real, here-and-now insurance company takeover, to which no one in Washington is paying attention.

Merrill Lynch: "Greek Risk Is Back"

You read about it here first (here and here). Now it is time for the sellside (whose products your soft dollars so generously fund) to wake up to what is happening next week.

Dark Knight Capital... Again

Dear Valued Client,

As per Knight’s request below, please route away from Knight.  If a client routes an order to Knight, the order will be rejected by our system.  Information on existing orders will still flow back from Knight.

Guest Post: Before The Election Was Over, Wall Street Won

Before the campaign contributors lavished billions of dollars on their favorite candidate; and long after they toast their winner or drink to forget their loser, Wall Street was already primed to continue its reign over the economy. For, after three debates (well, four), when it comes to banking, finance, and the ongoing subsidization of Wall Street, both presidential candidates and their parties’ attitudes toward the banking sector is similar  – i.e. it must be preserved – as is – at all costs, rhetoric to the contrary, aside. Obama hasn’t brought ‘sweeping reform’ upon the Establishment Banks, nor does Romney need to exude deregulatory babble, because nothing structurally substantive has been done to harness the biggest banks of the financial sector, enabled, as they are, by entities from the SEC to the Fed to the Treasury Department to the White House.