Let's face it, they are gonna ease no matter what, how, why, when, where, whatever. We've been saying it for almost a year now. Their backs are against the wall. They have no way out. They will print until the gates of hell open and we are all sucked down the tube to eternal damnation.
From Zero Hedge, "Gold and Silver and surging this morning as the Fed's Charles Evans talks on CNBC of the need for more accomodative policy by the Fed. His 'infiniter' easing seems to have sparked this move as he clarifies the seeming psychopathy of the Federal Reserve's actions. His message clearly is that the amount doesn't matter (nor the unintended consequences), the printing and flooding of money into an already stuffed banking system will continue until morale improves." Permadove Chuck Evans Speaks, Precious Metals Soar (emphasis mine)
Showing posts with label bloomberg. Show all posts
Showing posts with label bloomberg. Show all posts
Monday, October 1, 2012
Tuesday, August 28, 2012
Morning Charts 08/28/12 SPX /ES
The waiting game continues. The rumors and opinions fly, but no one knows for sure what The Bernank is going to pull out of his ass bag of tricks to fool the investing public this time? With the elections so close can he even hint at policy? Well that's probably what he'll do. He's gonna throw out a few ideas and let them ferment in the market place hoping that (as proven over the past year) rhetoric and not actual action will be enough to keep the markets elevated.
I think a big surprise could come in the form of some real socialist type move. Direct stimulus to the sheeple could be a real possibility. This would have controls of course, but something like this may need to come sooner than later as public sentiment is rapidly deteriorating. Is there a better way of shutting up the screaming baby than to give him a treat?
Draghi To Miss Jackson Hole Forum; All Rumors Now To Focus On ECB September 6 Meeting which will be followed closely by the FOMC meeting September 12th. We're stuck in rumor hell for the next two weeks. This is wonderful for the crony capitalists as the markets barring some sort of event or catalyst will have a steady flow of rumors to keep the markets under control.
I think a big surprise could come in the form of some real socialist type move. Direct stimulus to the sheeple could be a real possibility. This would have controls of course, but something like this may need to come sooner than later as public sentiment is rapidly deteriorating. Is there a better way of shutting up the screaming baby than to give him a treat?
Draghi To Miss Jackson Hole Forum; All Rumors Now To Focus On ECB September 6 Meeting which will be followed closely by the FOMC meeting September 12th. We're stuck in rumor hell for the next two weeks. This is wonderful for the crony capitalists as the markets barring some sort of event or catalyst will have a steady flow of rumors to keep the markets under control.
Monday, November 2, 2009
Aidit The Fed Should Not Be Dead!
I'm an ounce shy of a rant. I really should be imploding right now. Mel who? Uh, how bout 'ol Mel's website address - http://watt.house.gov/ - watt house? Give me a break. I would comment on that, but Jimmy Carter would crawl all up my butt saying I'm racist. In this time of strife and injustice look no further than this person's actions surrounding this bill, and you'll know where the representative from the bank laden state of North Carolina's heart lies. It lies not with his constituents, or with the best interest of the nation but with his wallet. This is simply insane. It is absolutely an insane action at this time.
Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says from Bloomberg has, “There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”
Mish has Debt Slave Bait and Audit the Fed Bill Gutted: What You Can Do?. Folks this issue is so important that you have to act. Read this post and GET INVOLVED!
A Less Than Opaque Look At Mel Watt's Motivations To Kill The "Audit The Fed" Bill from Zero Hedge, "There has been lots of speculation on why Representative Mel Watt has done his best to make sure that the Audit the Fed bill will be gutted, and why the Congressman is willing to promote the same irresponsible and unaccountable bubble-inflating behavior that got us to the current Fed-sponsored, bubble-reflation attempt, which is practically guaranteed to end much worse than just a few Goldman competitor banks imploding here and there."
Gotta keep bangin on the Fed folks. in the Zero Hedge post Darrell Issa's Letter To The NY Fed's Bill Dudley Demanding AIG Bailout Disclosure ZH points out, "the letter penned by California Congressman Darrell Issa to New York Fed President Bill Dudley, demanding much more information on the Fed's decision regarding AIG. Issa's quote that "behind closed doors and with no approval from Congress, the FRBNY may have added an additional $13 billion of debt on the backs of taxpayers. These allegations, if true, amount to nothing less than a backdoor bailout of AIG’s creditors, including Goldman Sachs, Merrill Lynch, Société Générale and Deutsche Bank" leaves many open questions as to the true motives of the NY Fed and the Federal Reserve system overall." Please do me a favor and don't let this link Unmask The Fed that I keep posting go to waste.
Please get involved.
Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says from Bloomberg has, “There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”
Mish has Debt Slave Bait and Audit the Fed Bill Gutted: What You Can Do?. Folks this issue is so important that you have to act. Read this post and GET INVOLVED!
A Less Than Opaque Look At Mel Watt's Motivations To Kill The "Audit The Fed" Bill from Zero Hedge, "There has been lots of speculation on why Representative Mel Watt has done his best to make sure that the Audit the Fed bill will be gutted, and why the Congressman is willing to promote the same irresponsible and unaccountable bubble-inflating behavior that got us to the current Fed-sponsored, bubble-reflation attempt, which is practically guaranteed to end much worse than just a few Goldman competitor banks imploding here and there."
Gotta keep bangin on the Fed folks. in the Zero Hedge post Darrell Issa's Letter To The NY Fed's Bill Dudley Demanding AIG Bailout Disclosure ZH points out, "the letter penned by California Congressman Darrell Issa to New York Fed President Bill Dudley, demanding much more information on the Fed's decision regarding AIG. Issa's quote that "behind closed doors and with no approval from Congress, the FRBNY may have added an additional $13 billion of debt on the backs of taxpayers. These allegations, if true, amount to nothing less than a backdoor bailout of AIG’s creditors, including Goldman Sachs, Merrill Lynch, Société Générale and Deutsche Bank" leaves many open questions as to the true motives of the NY Fed and the Federal Reserve system overall." Please do me a favor and don't let this link Unmask The Fed that I keep posting go to waste.
Please get involved.
Tuesday, October 20, 2009
News - The Video Edition
DO NOT FORGET "The Warning" tonight at 9:00 on Frontline.
Ron Paul on CNN-Bailouts-Wall St Fraud 10-20-09 - "Wall St. has the strings on Washington. That is where the corruption is."
Gerald Celente on The Corbett report 19 Oct 2009 "There is no recovery. It is a cover-up." and "It is a cover-up that has been painted over with phantom money." Classic Celente. Gotta love him.
From Zero Hedge - Dylan Ratigan Discusses Obama's Purported Secret Agenda - Dylan's set gows larger each day, and I appreciate him for attempting to spread the news.
It all makes so much sense now - Wall Streets Trickle Down - "40% jump in Wall Street bonuses could boost sales of the city's multi-million dollar apartments and generate extra tax revenue for New York City. (Bloomberg News)" Uh, OK, if you say so. Who says crime does not pay!
Sadly I forgot about ICN - Informed Citizen News 10/11/09 - FDA rushing thru swine flu vaccines that may not be safe, Former Monsanto exec and chief lobbyist now Sr. Advisor to FDA (he's a-ok with GMO foods by the way)? and more surprising stuff the MSMs don't cover.
Don't forget to help here as well - Unmask The Fed
Ron Paul on CNN-Bailouts-Wall St Fraud 10-20-09 - "Wall St. has the strings on Washington. That is where the corruption is."
Gerald Celente on The Corbett report 19 Oct 2009 "There is no recovery. It is a cover-up." and "It is a cover-up that has been painted over with phantom money." Classic Celente. Gotta love him.
From Zero Hedge - Dylan Ratigan Discusses Obama's Purported Secret Agenda - Dylan's set gows larger each day, and I appreciate him for attempting to spread the news.
Visit msnbc.com for Breaking News, World News, and News about the Economy
It all makes so much sense now - Wall Streets Trickle Down - "40% jump in Wall Street bonuses could boost sales of the city's multi-million dollar apartments and generate extra tax revenue for New York City. (Bloomberg News)" Uh, OK, if you say so. Who says crime does not pay!
Sadly I forgot about ICN - Informed Citizen News 10/11/09 - FDA rushing thru swine flu vaccines that may not be safe, Former Monsanto exec and chief lobbyist now Sr. Advisor to FDA (he's a-ok with GMO foods by the way)? and more surprising stuff the MSMs don't cover.
Don't forget to help here as well - Unmask The Fed
Wednesday, September 30, 2009
ISM, SEC , EEM, China and Super Rally In The News
Yes, I can do more than chart. You see, I have this bi-polar issue where the blog gets chart heavy then news heavy, sorry bout that. It has a lot to do with time available.
The Pragmatic Capitalist has an article that you EEM investors may be interested in, TRADE OF THE DAY: BIG MONEY BETS AGAINST EMERGING MARKETS "A massive chunk of put options purchased on the emerging markets fund this afternoon flies in the face of the 1.5% rally in shares during the session to $39.20. Approximately 95,000 put options were purchased at the November 35 strike for an average premium of 73 pennies per contract." Hmmm, maybe a look at EEV would be worth it.
Barry Rithholtz at the Big Picture comes to the SEC's rescue (as far as blog persecution goes) in Giving the SEC Teeth. So how does one go about fixing the SEC? First there is the soft, almost apologetic, Barry's way...
And then there is the apparently more effective, down to earth, no apologies accepted Zero Hedge Way, More Pain For Humiliated SEC After Disclosure It Ignored Moody's Whistleblower Warnings. "As if the SEC could be humiliated any more, another piece of disclosure now highlights that Mary Schapiro's useless organization was unresponsive to whistleblower overtures by former Moody's employees attempting to warn the regulator "about Moody's weak compliance department and ratings process."" I prefer the ZH manner of addressing the issues with the most inept government subsidized regulatory unit.
Mish does a good job of covering the unexpectedly horrible PMI number this morning (did someone mention unemployment surprise today as well?). Reflections on the Unexpected Negative Surprise in Chicago Purchasing Index PMI highlights some of the rosy, green shoot bullshit reports that try to gloss over the number and then Mish delivers, "Fundamentally and technically the market is prime for a huge correction. Sentiment is extreme and the viewpoint expressed by William Dwyer above is consensus. However, it is important to keep in mind that as long as the corporate bond market stays healthy, stocks will likely have a bid. How much longer that remains is anyone's guess." Tomorrow's national ISM # and the non-manufacturing on Monday may be more fuel for the bear's fire (if you don't get your reports from Liesman on CNBS).
Bloomberg brings us U.S. Stocks Fall, S&P 500 Trims Best Two-Quarter Gain Since ’75. "“We’re in the faith part of the economic cycle,” said Ralph Shive, manager of the $1.3 billion Wasatch-1st Source Income Equity Fund, which has beaten 96 percent of competing funds over the past five years. “All of us to some degree are guessing how strong the recovery is or how long it will take. Market prices have anticipated a decent recovery at this point. At some point we need to see earnings turn.” " Look, I don't need to be messing with Ralph, but he needs to be spilling the beans. Earnings suck and will get worse IMO because they can't squeeze any more blood out of the turnip. Unemployment is getting "better" cause businesses are as lean as they can get. When you have dumped 16% of the workforce on their ass, you can't cut much more. It is only a matter of time before the reflated bullshit recoveryless recovery comes full circle.
The financial Times has a good one on China to cut back industrial expansion. "But over the past three months many government officials have begun to publicly warn that the credit binge could create overcapacity in heavy industry, which could produce a new round of bad bank loans."
Remember, they have built empty malls and bridges to nowhere to no end. LOL, and you thought our reinflation efforts were screwed up? Well, since you can not trust anything coming out of big red (much less here for that matter), I would say they are gunning for implosion #2. The only difference with them is they did not protect their banks in round one. Big trouble in little China lies ahead IMO, and that may have a direct influence on their deposits here.
I'm looking forward to the ISM numbers tomorrow and Monday. The market is topping (or has topped). When they lose the market they lose the public. When the public goes ape, it is all over. That is all that is left. I can't say when this will happen, but both you and I can see the pressure building. They are one slip or one "external" event from this collapsing in a dramatic fashion. If you have not noticed, everything is happening at such a rapid pace and there are so many balls in the air that something will be dropped and the house of cards will come crumbling down. Don't you wonder about the dollar, deflation, the lack of regulatory actions, monetization, TARP transparency, the Fed, and on and on? Tick, tick, tick....
The Pragmatic Capitalist has an article that you EEM investors may be interested in, TRADE OF THE DAY: BIG MONEY BETS AGAINST EMERGING MARKETS "A massive chunk of put options purchased on the emerging markets fund this afternoon flies in the face of the 1.5% rally in shares during the session to $39.20. Approximately 95,000 put options were purchased at the November 35 strike for an average premium of 73 pennies per contract." Hmmm, maybe a look at EEV would be worth it.
Barry Rithholtz at the Big Picture comes to the SEC's rescue (as far as blog persecution goes) in Giving the SEC Teeth. So how does one go about fixing the SEC? First there is the soft, almost apologetic, Barry's way...
And then there is the apparently more effective, down to earth, no apologies accepted Zero Hedge Way, More Pain For Humiliated SEC After Disclosure It Ignored Moody's Whistleblower Warnings. "As if the SEC could be humiliated any more, another piece of disclosure now highlights that Mary Schapiro's useless organization was unresponsive to whistleblower overtures by former Moody's employees attempting to warn the regulator "about Moody's weak compliance department and ratings process."" I prefer the ZH manner of addressing the issues with the most inept government subsidized regulatory unit.
Mish does a good job of covering the unexpectedly horrible PMI number this morning (did someone mention unemployment surprise today as well?). Reflections on the Unexpected Negative Surprise in Chicago Purchasing Index PMI highlights some of the rosy, green shoot bullshit reports that try to gloss over the number and then Mish delivers, "Fundamentally and technically the market is prime for a huge correction. Sentiment is extreme and the viewpoint expressed by William Dwyer above is consensus. However, it is important to keep in mind that as long as the corporate bond market stays healthy, stocks will likely have a bid. How much longer that remains is anyone's guess." Tomorrow's national ISM # and the non-manufacturing on Monday may be more fuel for the bear's fire (if you don't get your reports from Liesman on CNBS).
Bloomberg brings us U.S. Stocks Fall, S&P 500 Trims Best Two-Quarter Gain Since ’75. "“We’re in the faith part of the economic cycle,” said Ralph Shive, manager of the $1.3 billion Wasatch-1st Source Income Equity Fund, which has beaten 96 percent of competing funds over the past five years. “All of us to some degree are guessing how strong the recovery is or how long it will take. Market prices have anticipated a decent recovery at this point. At some point we need to see earnings turn.” " Look, I don't need to be messing with Ralph, but he needs to be spilling the beans. Earnings suck and will get worse IMO because they can't squeeze any more blood out of the turnip. Unemployment is getting "better" cause businesses are as lean as they can get. When you have dumped 16% of the workforce on their ass, you can't cut much more. It is only a matter of time before the reflated bullshit recoveryless recovery comes full circle.
The financial Times has a good one on China to cut back industrial expansion. "But over the past three months many government officials have begun to publicly warn that the credit binge could create overcapacity in heavy industry, which could produce a new round of bad bank loans."
Remember, they have built empty malls and bridges to nowhere to no end. LOL, and you thought our reinflation efforts were screwed up? Well, since you can not trust anything coming out of big red (much less here for that matter), I would say they are gunning for implosion #2. The only difference with them is they did not protect their banks in round one. Big trouble in little China lies ahead IMO, and that may have a direct influence on their deposits here.
I'm looking forward to the ISM numbers tomorrow and Monday. The market is topping (or has topped). When they lose the market they lose the public. When the public goes ape, it is all over. That is all that is left. I can't say when this will happen, but both you and I can see the pressure building. They are one slip or one "external" event from this collapsing in a dramatic fashion. If you have not noticed, everything is happening at such a rapid pace and there are so many balls in the air that something will be dropped and the house of cards will come crumbling down. Don't you wonder about the dollar, deflation, the lack of regulatory actions, monetization, TARP transparency, the Fed, and on and on? Tick, tick, tick....
Monday, September 14, 2009
Mind Boggling News Events Continue To Boggle The Mind
Let's start with the HufPo's Priceless: How The Federal Reserve Bought The Economics Profession. This one will blow your mind and is a must read. "Even the late Milton Friedman, whose monetary economic theories heavily influenced Greenspan, was concerned about the stifled nature of the debate. Friedman, in a 1993 letter to Auerbach that the author quotes in his book, argued that the Fed practice was harming objectivity: "I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results," Friedman wrote." ROF LMAO - they own 'em ALL. No one on the payroll or with any thought of advancing in the field will ever speak against them. the funniest part, how the 220 PHD's on staff all missed this one coming. Simply mind boggling.
The FT brings us, Court rejects SEC settlement with BofA Judge Rakoff holds serve and sends 'em to court in February of 2010. "In Monday’s order, Mr Rakoff wrote that the settlement “does not comport with the most elementary notions of justice and morality, in that it proposes that the shareholders who were the victims of the bank’s alleged misconduct now pay the penalty for that misconduct”." What is mind boggling about this one is that justice may actually be served and may be gaining momentum.
Calculated risk has Failed Banks and the Deposit Insurance Fund. this is a real gem that hits home to me. "The cumulative estimated losses for the DIF, since early 2007, are now over $42.5 billion.Regulators closed three more banks on Friday, and that brings the total FDIC insured bank failures to 92 in 2009. At the recent pace, regulators will probably close around 150 banks this year - the most since 1992." That is a mind boggling $42.5 billion they are now in the hole and possibly hundreds or thousands of more banks to fail? Heloooo?
And from Pragcap.com - DAVID TICE: THE S&P IS GOING BELOW 400 You know I could not resist this one. "David Tice is undeterred by the 50% rally in stocks. In his latest interview he says the market will fall over 60%." There is a link to the full interview there. Nice to hear one realist out there with a mind boggling prediction the pundits at CNBS can not fatham.
And last but not least our friends at Zero Hedge dug this up at Bloomberg: China Probes ‘Unfair Trade’ in U.S. Chicken and Auto Products. Mind boggling to think that China is complaining about fair trade practices. "Chinese industries complain that they’re being hurt by “unfair trade practices,” the nation’s Ministry of Commerce said on its Web site yesterday. The dumping investigation relates to poultry alone, a spokesman said in Beijing today. The ministry didn’t specify the value of imports of the products."
GL trading.
The FT brings us, Court rejects SEC settlement with BofA Judge Rakoff holds serve and sends 'em to court in February of 2010. "In Monday’s order, Mr Rakoff wrote that the settlement “does not comport with the most elementary notions of justice and morality, in that it proposes that the shareholders who were the victims of the bank’s alleged misconduct now pay the penalty for that misconduct”." What is mind boggling about this one is that justice may actually be served and may be gaining momentum.
Calculated risk has Failed Banks and the Deposit Insurance Fund. this is a real gem that hits home to me. "The cumulative estimated losses for the DIF, since early 2007, are now over $42.5 billion.Regulators closed three more banks on Friday, and that brings the total FDIC insured bank failures to 92 in 2009. At the recent pace, regulators will probably close around 150 banks this year - the most since 1992." That is a mind boggling $42.5 billion they are now in the hole and possibly hundreds or thousands of more banks to fail? Heloooo?
And from Pragcap.com - DAVID TICE: THE S&P IS GOING BELOW 400 You know I could not resist this one. "David Tice is undeterred by the 50% rally in stocks. In his latest interview he says the market will fall over 60%." There is a link to the full interview there. Nice to hear one realist out there with a mind boggling prediction the pundits at CNBS can not fatham.
And last but not least our friends at Zero Hedge dug this up at Bloomberg: China Probes ‘Unfair Trade’ in U.S. Chicken and Auto Products. Mind boggling to think that China is complaining about fair trade practices. "Chinese industries complain that they’re being hurt by “unfair trade practices,” the nation’s Ministry of Commerce said on its Web site yesterday. The dumping investigation relates to poultry alone, a spokesman said in Beijing today. The ministry didn’t specify the value of imports of the products."
GL trading.
Thursday, September 10, 2009
The Video Eddition
I'm slightly miffed about the market today, so here is something a little different. Just in case you have not seen these.... (doing my part to support CNBS - oops - not one CNBS clip here)
(Oh, I almost forgot, how bout that big volume day we had today!)
TIMMAAAY! gets Warrenized. Maybe we should call him Squirmaaay!
A little Obama SMACK DOWN please. From YouTube Rep. Joe Wilson shouted "You lie!" Uh, Joe, uh, will you please report to Rahm's office after the meeting. Dissent is coming folks. It will be on a street corner near you sooner than later I think.
From our friends at Bloomberg - Bond Outlook - Treasury Offerings Will Overpower Market. (Coming off the strong auction today! Just how long will it take the Fed buyback from the PD's to happen this time?)
Amother Bloomberg - Survey Says - Foreclosures Still Rising (and rising and rising)
Let me sneak in some CHANNEL MADNESS (Don't click on it. It is not a Vid)
And from YouTube one that you have most likely seen that I want stored here for prosperity (cause she's so HOT!) - DEBTORS REVOLT BEGINS NOW!
(Oh, I almost forgot, how bout that big volume day we had today!)
TIMMAAAY! gets Warrenized. Maybe we should call him Squirmaaay!
A little Obama SMACK DOWN please. From YouTube Rep. Joe Wilson shouted "You lie!" Uh, Joe, uh, will you please report to Rahm's office after the meeting. Dissent is coming folks. It will be on a street corner near you sooner than later I think.
From our friends at Bloomberg - Bond Outlook - Treasury Offerings Will Overpower Market. (Coming off the strong auction today! Just how long will it take the Fed buyback from the PD's to happen this time?)
Amother Bloomberg - Survey Says - Foreclosures Still Rising (and rising and rising)
Let me sneak in some CHANNEL MADNESS (Don't click on it. It is not a Vid)
And from YouTube one that you have most likely seen that I want stored here for prosperity (cause she's so HOT!) - DEBTORS REVOLT BEGINS NOW!
Wednesday, September 9, 2009
As The Green Shoots Turn (Brown)
Let's get right to it shall we.
From Calculated Risk we get Treasury: Millions More Foreclosures Coming. Where Assistant Secretary for Financial Institutions Michael S. Barr testified, "Therefore, even if HAMP is a total success, we should still expect millions of foreclosures, as President Obama noted when he launched the program in February." OK, we need some extra housing inventory. I'm sure the home builders spiked on this news.
From The Underground Investor - The Coming Blowback of Banking Fraud. In this doozy of an article you'll get glorious tid bits like, "As of September 4, 2009, shadowstats.com reported that unemployment in the US is now near 21% and is showing no signs of improving any time soon (when factoring in discouraged workers, part-time workers that can’t find full-time work, unemployed workers that have fallen off the unemployment roll, etc.) In fact, yesterday, Manpower’s Employment Outlook Survey reported that US employers’ hiring plans for the upcoming fourth quarter dropped to the lowest level in the history of its survey which dates back to 1962." So much for that highly touted 9.7% number you get from CNBS.
In a follow up to Mish's glorified employment post from yesterday, The Big Picture puts it in a nut shell for ya in Temp Hiring: No Imminent Jobs Recovery with two nice charts.
From Bloomberg - Record Plunge in U.S. Consumer Credit Signals Weakened Spending. "Sept. 9 (Bloomberg) -- A record $21.6 billion drop in borrowing by Americans added to evidence that consumer spending will be slow to recover as banks and credit-card companies tighten lending standards and households pay down debt."
And the most important story I may bring you today is from MSN Money - Why every cold beer costs you more. "While consumers shelled out more for their blue-collar Budweisers in the first half of this year, compensation for Bud execs advanced 92%. The top 13 executives made $73 million in the first half of 2009, or $5.6 million each, on average -- up from $38 million a year before." That is just wrong. What is with these executives and bonuses. Are they just trying to really piss off every person at every economic level?
The top callers all got shot down today. Not me! T minus 33 days to my top date. Some may begin to cry for a double top. That may work, but we'll have to see.
GL trading!
From Calculated Risk we get Treasury: Millions More Foreclosures Coming. Where Assistant Secretary for Financial Institutions Michael S. Barr testified, "Therefore, even if HAMP is a total success, we should still expect millions of foreclosures, as President Obama noted when he launched the program in February." OK, we need some extra housing inventory. I'm sure the home builders spiked on this news.
From The Underground Investor - The Coming Blowback of Banking Fraud. In this doozy of an article you'll get glorious tid bits like, "As of September 4, 2009, shadowstats.com reported that unemployment in the US is now near 21% and is showing no signs of improving any time soon (when factoring in discouraged workers, part-time workers that can’t find full-time work, unemployed workers that have fallen off the unemployment roll, etc.) In fact, yesterday, Manpower’s Employment Outlook Survey reported that US employers’ hiring plans for the upcoming fourth quarter dropped to the lowest level in the history of its survey which dates back to 1962." So much for that highly touted 9.7% number you get from CNBS.
In a follow up to Mish's glorified employment post from yesterday, The Big Picture puts it in a nut shell for ya in Temp Hiring: No Imminent Jobs Recovery with two nice charts.
From Bloomberg - Record Plunge in U.S. Consumer Credit Signals Weakened Spending. "Sept. 9 (Bloomberg) -- A record $21.6 billion drop in borrowing by Americans added to evidence that consumer spending will be slow to recover as banks and credit-card companies tighten lending standards and households pay down debt."
And the most important story I may bring you today is from MSN Money - Why every cold beer costs you more. "While consumers shelled out more for their blue-collar Budweisers in the first half of this year, compensation for Bud execs advanced 92%. The top 13 executives made $73 million in the first half of 2009, or $5.6 million each, on average -- up from $38 million a year before." That is just wrong. What is with these executives and bonuses. Are they just trying to really piss off every person at every economic level?
The top callers all got shot down today. Not me! T minus 33 days to my top date. Some may begin to cry for a double top. That may work, but we'll have to see.
GL trading!
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