Good thing as I dropped off the property tax bill today. So what do we have newsworthy tonight that can add some fuel to this fire? Hmmm, should not be hard to find if you ask me. I think you'll get a good laugh somewhere in this post.
TD and Zero hedge will lead us off with Nic Lenoir's Is This The Beginning Of The End Of The Ponzi Scheme? How bout this little factoid that will bring a smile to the premabears faces, "I saved the best for last: the LQD ETF which is basically a proxy for investment grade bonds which has been on a straight ramp up since October 08 seems to have broken its trend. Tha comes on the back of some observations over the last few weeks of some divergence between the CDS market which has made attempts to move wider while equities kept grinding up. This is by far the most important development. If the price action in the next 2/3 days confirms this break, then really it means the carry trade as a whole is starting to break down." As Cartman would say, sveeeeet!
Karl Denninger does the best job at ripping the preshredded fodder left over from the capitol hill grindings. Today he rips on Helicopter Ben in To Bernanke: It's Time To Stop Lying. "Or shall we talk about the "off-balance sheet" games, such as Wachovia's practice of writing CDS against their own tranches of OptionARMs as inducement to get people to buy them - a toxic brew that has now landed on Wells Fargo and remains undisclosed as to the exposure it presents to Wells from possible (or even probable) defaults! Wells has some $2 trillion of this off-balance sheet exposure and they're hardly alone in the (ab)use of these "QSPEs" - indeed, those are the same sort of vehicles that a really great energy-related company called ENRON was (ab)using to hide mounting losses that ultimately blew them sky-high." Note to Karl, stay away from the 5hr Energy man. You will blow. I can feel the angst being transmitted from your keyboard into mine and I don't need any more angst in my life right now.
OK, I'm not sure if this headline is a joke or not, Greenspan Calls Market Top Buahahahahaha, ROF, puke out nose, shart in pants! Thank you Naked Capitalism for my best laugh of the day. You mean the man with the troop of 1,000 economists (some salaried and some contracted) that all monitor this shit daily and missed the top in the first place, and YOU, yes you all by your little self, pull this out of your ass? You got to be freaking kiddin me? Uh, Mr. Greenspan, and your credibility to call this top would be? Yes? It would be?
Mish brings a rosy report from Rosenberg in Rosenberg: “We are certainly in a deflationary state”. "“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there's no doubt. I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said." Uh, ok, now that is not what I heard on CNBS or from the leading ML analyst that took your old job. David, have you not had your government mandated green shoot tea today? Please report to the infirmary at once.
The Pragmatic Capitalist comes thru with it's daily must read in MUST READ: THE REAL REASON BEHIND THE FED SECRECY Sveeeet! You all know I love this shit.
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
- Thomas Jefferson
(Note: support audit the Fed HERE.)
Bhuahahahaha, ROF, puke out nose, shart in pants again! Oooh, better go clean that up.
Have a great night. Bhuahahahaha. He called a top. OMG, that's funny as shit.