General Motors

• U.S. agency gives quiet nod to light oil exports (Reuters)
• China’s Stocks Fall to Pare Biggest Monthly Advance Since 2007 (BBG)
• The Cartel: How BP Used a Secret Chat Room for Insider Tips (BBG)
• BRICs Busted as Stocks Diverge Most on Record on Outlook (BBG)
• Petrobras deadline prompts some bondholders to push for default (Reuters)
• AirAsia Captain at His Happiest When Flying, Family Says (BBG)
• UK housing crisis: brick stocks hit record low (Telegraph)

The mainstream economics narrative is so far down the monetary rabbit hole that the blinding clarity of the chart below has no chance whatsoever of seeing the light of day. That’s because it dramatizes the real truth regarding all the Fed gibberish about “accommodation” and “stimulus”. Namely, that what lies beneath its “extraordinary measures”, such as ZIRP, QE, wealth effects and the rest of the litany, is a central banking regime that systematically destroy savers. Period. TARP wasn’t “repaid” with a profit. It was simply perpetuated and  morphed into a new form of destructive state subvention and malinvestment.

Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."

"I’m tired of being outraged!"

• Ruble Sinks to 80 a Dollar Defying Surprise Russia Rate Increase (BBG)
• Oil slumps near $59 for first time since 2009 on oversupply (Reuters)
• Oil sinks, Russian moves fail to quell nerves (Reuters)
• Fed Seen Looking Past Low Inflation to Drop ‘Considerable Time (BBG)
• Students Among Dead as Pakistan Gunmen Kill 126 at Army School (BBG)
• Repsol to buy Talisman Energy for $13 billion (Reuters)
• Indonesia’s Rupiah Erases Decline After Central Bank Intervenes (BBG)
• Anti-Islam Rally Grows as Immigrant Backlash Hits Europe (BBG)
• Saudi Arabia is playing chicken with its oil (Reuters)

Blackstone's well-timed IPO in 2007 was almost the perfect top-tick indicator as 'the smart money' private-equity guys cashed out into the public markets at peak euphoria. Earlier this year we noted that, among others, Blackstone was drastically ratcheting down purchases (and in fact selling what it could) US residential real estate - and with it withdrew the only pillar holding up the housing market. And now, in the biggest deal in 7 years, Blackstone is dumping a $3.5 billion commercial real estate portfolio. Given the recent declines in CMBX pricing, perhaps, once again, Blackstone is calling the top in another bubble...

• Welcome to the recovery:
  • Euro zone warning hits stocks, currency as oil plumbs depths (Reuters)
  • Japan GDP Worse Than Initially Reported (WSJ)
  • China trade data well below expectations (BBC)
  • German industrial production frustrates forecasts (FT)
• Oil Extends Retreat With European Stocks as Dollar Gains (BBG)
• California police, protesters clash again after 'chokehold' death (Reuters)
• Ruble’s Rout Is Tale of Failed Threats, Missteps (BBG), not to be confused with "Yen's Rout Is Tale Of Keynesian Success, Prosperity"
• Uber banned from operating in Indian capital after driver rape (Reuters)

• Ferguson in Flames (Reuters)
• Ferguson Cop Told Grand Jury He Feared for His Life (BBG)
• Sharpton: Grand Jury Announcement ‘An Absolute Blow’ (Daily Caller)
• Gunshots echo as violence returns to Ferguson, protests across U.S. (Reuters)
• BoJ members warned on costs of more easing (FT)
• Hagel Exit Shows Obama Has Taken Power Away From Pentagon (BBG)
• Ukraine leader, under pressure from West, pledges new government soon (Reuters)
• Eurozone Stagnation Poses Major Risk to Global Growth, OECD Warns (WSJ)
• ECB’s Coeure Says Officials Won’t Rush as They Debate All Assets (BBG)

• Banks to Pay $3.3 Billion in FX-Manipulation Probe (BBG)
• Symbolic being the key word: U.S., China sign symbolic emissions plan, play down rivalry (Reuters)
• Europe (so really Russian sanctions) is the new "snow in the winter" - Carney Sees Europe Stagnation Impact as Growth Outlook Cut (BBG)
• Eurozone Industrial Output Points to Weak Third Quarter Growth (WSJ)
• Not everyone around Abe is insane: Kuroda Ally Flags Warning on Delaying Sales-Tax Increase (BBG)
• Hong Kong to scrap daily yuan conversion limit to boost stock investment (Reuters)
• Barclays Falls After FX Settlement Delay Reduces Discount (BBG)
• Some unhappy Yahoo investors asking AOL for rescue (Reuters)

• Obama urges China to be partner in ensuring world order (Reuters)
• China Sees Itself at Center of New Asian Order (WSJ)
• Xi Dangles $1.25 Trillion as China Counters U.S. Refocus (BBG)
• China's Xi, Japan's Abe hold landmark meeting after awkward handshake (Reuters)
• Revenue Softness Worries Stock Investors (WSJ)
• How BOJ’s Kuroda Won the Vote for Stimulus Expansion (WSJ)
• Bonus Season Brings More Pain for Traders (WSJ)
• Russia’s Military Encounters Risk Clash in Europe (BBG)

Despite testifying that she wasn’t informed of the deadly ignition-switch problem until late December 2013, The Wall Street Journal reports that, according to emails it has obtained, GM ordered a half-million replacement ignition switches almost two months before it alerted federal safety regulators to any problems. Who was in charge of GM purchasing at this time? Mary Barra. As WSJ concludes, the switch order, nearly two months before GM told NHTSA of the need for recall in early February, suggests the company took initial concrete action to address the defect, but outside of scrutiny by regulators and vehicle owners.

• The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare (Matt Taibbi)
• Explains the midterm results: Optimism precedes job data (Reuters)
• EU Dream Ebbs Amid Weak Growth, Putin's Jets, 25 Years After Wall Came Down (BBG)
• SEC Probing Trading Activity at Apple Supplier GT Advanced (WSJ)
• Boehner touts bills to repeal Obamacare, build Keystone (Reuters)
• China Gold Buying Means Price Floor to Standard Chartered (BBG)
• High-Speed Ad Traders Profit by Arbitraging Your Eyeballs (BBG)
• Central Banks Can’t Be ‘Only Game in Town’ Boosting Economies (BBG) - less talking, more getting to work

• From Yes We Can to Probably Not (BBG)
• How Mitch McConnell did it (Politico)
• Tough road ahead for Obama after Republicans seize Senate (Reuters)
• Election 2014: Who were the big winners and losers? (USA Today)
• GOP Senate Takeover Puts Fed on Hot Seat (WSJ), and other fables
• GOP Won by Recruiting the Right Candidates (WSJ)
• McCain could shake up U.S. defense in powerful new Senate role (Reuters)
• Investors Pulled Record Amount From Pimco’s Flagship Fund in October (WSJ)
• Taliban group threatens to attack India following border blast (Reuters)
• Oil Import Decline to U.S. Revealed by Louisiana as Truth (BBG)

• Republicans expect gains, but many races close on election day (Reuters)
• Ahead of tough election, White House blames dismay with Washington (Reuters)
• On Election Day, a Tale of the Young and the Old (WSJ)
• Because the recovery: Sprint to Cut 2,000 Jobs as Mobile Customers Keep Leaving (BBG)
• Ukraine's rebel leader is sworn in, crisis deepens (Reuters)
• Brilliant: Burkina Faso Army Promises Religious Leaders It Will Step Down (BBG)
• More Unknowns Leave Central Banks Facing Greater Internal Strife (BBG)
• Scapegoat found: IBM to Change Leadership at Global Services Unit (WSJ)
• Explains why Europe just slashed its GDP forecast: Don’t Be Fooled by Warm Spell as Cold Air About to Return (BBG)

If yesterday's Citi debacle was a buying opportunity (which it is according to the pre-market), then news that Ally Financial (formerly GMAC) is under regulatory and DoJ investigation must be great news:

*ALLY CITES REQUEST FROM SEC ON SUBPRIME AUTO FINANCE PROBE & MORTGAGE-BACKED SECURITIES; REQUESTS INCLUDE SUBPOENAS FROM DOJ

Of course, do not forget that GM itself recently admitted to the DoJ probing its subprime auto loan underwriting practices. But, but, but - isn't this exactly what FHFA's Mel Watt wants?

• Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time?
• Insider-Trading Probe Focuses on Medicare Agency (WSJ)
• He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG)
• China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters)
• Dubai Insists the Boom is Not a Bubble This Time Around (BBG)
• Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG)
• Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG)
• Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG)
• French drugmaker Sanofi sacks CEO Viehbacher (Reuters)