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Saturday, October 9, 2010

...from Barry Ritholtz' The Big Picture (TBP)

Positives
1) Private sector job gains about line with expectations
2) Initial Claims fall below 450k
3) Aug Pending Home Sales better than expected
4) ISM services rise more than estimated but components mixed
5) Purchase apps at 5 mo high
6) For asset prices at least, BoJ will buy anything, Bernanke hints at more QE
7) For sound money, BoE and ECB stay put
8) Strong Australia jobs #
9) Shanghai index at 5 mo high
10) China likes Greek debt, Greek 10 yr below 10% for 1st time since June
Negatives
1) QE consequence, CRB index at 2 yr high, message to Fed: Be Very Careful What You Wish For
2) $ index lowest since Jan, Brazil/South Korea take step toward capital controls
3) Fitch downgrades Ireland credit rating
4) Sept private Payroll gain modest, U6 at 17.1%, matches 9 mo high
5) Refi’s fall to 8 week low
6) ABC confidence at 8 week low
7) Sept Canada jobs # falls

...click post title to link to the source - TBP...

9 comments:

  1. Sorry, as common man I need a Legend of Abbreviations to translate some of this.
    Noted that Dow broke thru 11000 based on the negative jobs numbers anticipating Fed to respond with increased stimulus?
    Maddening that many who call for no government intervention, unregulated free market depend on and game the system.
    Similar wall street and political forces that Greenspan catered to.
    "Never underestimate the elasticity of greed."

    By the way Gray you have tom upload an image into your profile to give yourself identity.

    Game 2 >Braves 5 , SF 4 - Did you see that come back last night?

    ReplyDelete
  2. Helllooo FE...we do NOT have free markets (regulated or otherwise), that is a joke, however, we do have The FED...unfortunately, that is not a joke...

    ...now, do we need oversight of the financial sector, absolutely, however, the hacks in congress are owned by those they oversee - the financial reform legislation appears very comprimised...

    ...gaming the system starts by influencing the regulations when they are drawn up...the corporations that are being regulated own the congressmen that are responsible for creating the laws that regulate...now once a regulation is in place, the game is to work within the boundaries of the regulation to game the system...

    ...so, in my view, you cannot game a system without laws and regulations being in place...

    ReplyDelete
  3. Admittedly an imperfect system. Historically has been, always will be. Perhaps some campaign financing controls might limit the corporate lobbying influence, but as legitimized recently by Citizens United ruling by the Supreme Court this won't happen. Not only are the special interests domestic but international as the President spoke on today.

    Re your last comment I would propose that in Bush's 8 year tenure championing de-regulation was itself one of the biggest incentives to game the system to the brink of systemic failure.

    ReplyDelete
  4. ...unfortunately, the root of the crisis wrt to deregulation started in the Clinton administration with the repeal of Glass-Steagal (undoing the 1930's regulation separating commercial banks from investment banks and insurance companies, thereby allowing the creation of the Too Bit To Fails)and the Commodities Futures Modernization Act (which facilitated the unregulated use of derivatives in the OTC markets)...

    ...not making any excuses for Bush, but, this started long before his tenure...besides, his evil was Cheney and the desire to go to was to secure resources to sustain the "american way of life, to which we have a god given right..."...bush was a moron - did you ever see the video of his speech to some supporters near the beginning of the banking crisis - "I guess Wall Street got drunk, he, he, he"...total fucking moron...

    ...combine this with the accommodating Fed of Alan Greenspan, who made easy money available by lowering interest rate to 1% after the tech bubble burst and 9/11...along with the ding-dongs in congress and the "privatization" of Fannie and Fredie resulting in the real estate bubble...facilitated by the Shadow Banking System (unleashed by the aforementioned Graham-Leach_Bliley and the Commodities Futures Modernization Act legislation)...and here we are today - in the eye of the storm my friend...blowing a new bubble - US Treasuries...watch when it blows...

    ...now if you want to pick a partisan battle, Clinton cut a deal with "wall street", remember Robert Rubin, his Secretary of Treasury...to show that Dems could deal with matters of business and finance...well, the legislation mentioned above, were largely Republican sponsored bills - in the pocket of WS and big business - we are a Corporatacracy...regardless of the party in power - take one red pill please...

    http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act

    http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

    http://www.cato.org/pubs/pas/pa-293.html

    http://en.wikipedia.org/wiki/Robert_Rubin

    ReplyDelete
  5. Good historic tracking of political/corporate wheeling/dealing.
    I will delve into the articles for a bit of education.
    As far as political allegiance there are many similar traits regardless of parties however there are also clear distinctions so its difficult to remain "apolitical" as you request. One cannot remain aloof and write off the whole democratic system despite its general ineffectiveness.

    "All that is necessary for the triumph of evil is that good men do nothing."
    Edmund Burke (1729 - 1797)

    ReplyDelete
  6. ...FE - we do not have a Democracy, we have a Corprotacracy...please take your red pill...

    recall this post...
    Push Me Pull You by Anthony Freda, http://red-pill-blue-pill.blogspot.com/2010_09_01_archive.html

    ...did you hear what the congress criters tried to do last week, on the down low, passed a bill that would allow the "banksters" to foreclose on houses without the proper/usual paperwork - fortunately, Obama vetoed it before it completed the required procedures - they are all in the pocket of the corporations - all of congress, regardless of party affiliation...they are owned, every last one of them, with the possible exception of Ron Paul...

    try this link to find out some more, but, please, by all means, take your red pill first

    "You take the blue pill, the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes.... Remember, all I'm offering is the truth, nothing more"

    http://business-news.thestreet.com/link/?http://feeds.voices.washingtonpost.com/click.phdo?i=ecbee33f3feb3dd520e07264e11086db;;;http://business-news.thestreet.com/business/2010/10/08/a/708835705-this-is-the-biggest-fraud/;;;http://business-news.thestreet.c

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  7. ...oh, and if you are interested in a good fact-based read on the topic, try Barry Ritholtz book, I highly recommended it -

    "Bailout Nation"

    How Greed and Easy Money Corrupted Wall Street and Shook the World Economy

    http://www.amazon.com/exec/obidos/ASIN/0470520388/thebigpictu09-20

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  8. You have given me quite a reading assignment.
    Appreciate the enlightenment.
    I'll d do my best to keep up with the peloton my friend.

    ReplyDelete