My favorite story of the day from Zero Hedge: CNBC Viewership Plunges 50% In October. The inverse of the market's numbers (but worse). I guess bad news really does sell more than good news. Hmmm, I guess ratings will be up again soon.
Denninger keeps harping on the unrealistic actions of our government as they continue to operate from Fantasy Land in More Arrogation Of Power? Arrogation is a big word for me. This one is good highlighting the Fed and treasury's illegal actions early in the game. "The Fed created this mess. "Loose money" along with willful blindness to reasonable regulatory requirements and in fact black-letter statutory requirements under the law to apply "prompt corrective action", along with wanton and reckless refusal to supervise and impose controls on firms levered 20 or even 30:1, especially given that Henry Paulson lobbied the SEC to remove the investment bank leverage limits in 2004, were the actual and proximate cause of all the failures." LOL, we sheeple are so lacking in any viable representation it is totally ridiculous.
Mish has some great P3 material. It appears that there is an outside possibility of some major cities having to file for bankruptcy (why they did not do Birmingham I don't know). In City of Houston is Bankrupt (So are California, Oregon, and Pension Plans in General) Mish highlights Houston, California, Oregon and Pension Systems country wide as in deep trouble. "It is highly likely that nearly every pension plan in the country is busted. The solution is for every city and municipality in a predicament to "pull a Vallejo" and declare bankruptcy. Please see Judge Rules Vallejo Can Void Union Contracts for details." It is coming folks. The ball busting fall is coming. 2008 may have been a cakewalk for what I expect to come.
Prag Cap (as well as ZH) have the BILL GROSS: “ALMOST ALL ASSETS APPEAR TO BE OVERVALUED” post. LOL, PIMPCO, weren't they just dumping some positions last week (at our expense if I am not mistaken)? Guess that is not included in the insider selling numbers I posted yesterday. "Bill Gross, arguably the most powerful money manager in the world, has joined the ranks of Jeremy Grantham in saying stocks have risen due to artificial influences and are now substantially overvalued." When the hell are some of my readers going to come around and face the facts that this market is manipulated as all hell and when it lets go, all hell will break loose. I know, Shanky you are bashing America and our spirit. Uh, no, I'm bashing the fact that everything has been stolen from us by the banks and our government let it happen. WE had nothing to do with it and if WE don't get off OUR asses, WE will have nothing left to bitch about.
Mary Shapiro obviously went to a Dr., and he's prescribed some sort of testosterone rub for her and it may be working. The FT reports in SEC head urges fresh securities laws that, "US securities laws are outdated and legislation is needed to govern new investment products that blew up during the financial crisis, the Securities and Exchange Commission chairman told an industry gathering on Tuesday." ROFLMAO, what brainiac figured this out TWENTY YEARS AFTER THE FACT. Oh, that's right, Greenspan is out of the picture now, so hang Ben out to dry and you go to cut his fiscal legs out from under him and the economy. Don't expect anything other than rhetoric for at least 10 years.
That is enough for tonight. Don't forget the morning post. Thanks for tuning in.
(Unmask The Fed)