herbert hoover

Squid flu? Growing frustration over reports that Goldman Sachs (GS) (along with big employers including Citigroup (C) and Morgan Stanley (MS)) is receiving hundreds of H1N1 vaccines before many hospitals do. David Weidner has a reader's limerick: "As jobless rates keep getting worse/The bankers cut lines to the nurse/Bad debts they accrue/But when there's swine flu/They finally turn risk-averse." NYC's health commissioner defends the distribution.

Let's hope that it wasn't flu vaccine but something really deadly and contagious

UBS out with a bullish note this morning: "In our view, a large correction remains fundamentally unwarranted. We find little evidence to support the assertion that the 2009 market rally represents a liquidity-induced 'bubble,' or that the recent spate of market choppiness is a function of over-valuation."

So the Madame sees nothing wrong with prostitution and Seeking Alpha thinks this is news?

Futures knee-jerk lower after unemployment jumps to 10.2% and payroll losses were 15K more than expected. Dow now -0.3% to 9923. S&P -0.3% to 1059.50. Crude -1% at $78.81. Dec. 30-year Tsy +0.13% to 118-13. 10-year +0.26%. 5-year +0.2%. Dollar still flat vs. euro, yen and pound.

Here comes Stimulus 2.

The wealthy don't enjoy the same political support as everyone else, and that's why high-end homes have a ways to go to the bottom, says Pimco's Scott Simon. As Congress approves credits for first-time homebuyers, he says, banks are looking for ways to avoid qualifying high-end buyers, or charge them hefty fees.

Let them pay cash!

Fixed 30-year mortgage rates fell for the first time in four weeks, to 4.98% from 5.03%, according to Freddie Mac's survey. The Fed reiterated yesterday that its agency MBS purchases - credited with keeping mortgage rates low - will wrap up by the end of the first quarter.

....and then start up again at the beginning of the second quarter."

John Chambers was enthusiastic about an economic recovery on Cisco Systems' (CSCO) Q3 earnings call yesterday: "Based upon our business momentum... this would indicate that the recovery from an initial phase perspective is well underway..." And: "We are seeing very tangible results that the recovery, at least the initial phase of the recovery, is gaining momentum."

Did he have anything to say about Magic Fairies and dappled unicorns?

Sector ETF strength early on: Clean Energy– PBW +3.1%. Biotech– BBH +2.6%. Solar– TAN +2.6%. Homebuilders– XHB +2.6%. Semis– IGW +2.4%. Steel– SLX +2.2%. Russell 2000– IWM +2.1%. Semis– SMH +2%. Biotech– IBB +2%. Nasdaq– QQQQ +2%.Weakness: Retailers– XRT -1.1%. Commodities– GSG -0.5%.

Dow 10000!

Dow 10000!

Break out the hats.

Buying strength carries through early on, with major indexes now back around their post-FOMC highs, before a last minute selloff took the wind out of what would otherwise have been a strong up day. DJIA +1.4% to 9936. S&P +1.2% to 1059. Nasdaq +1.7% at 2091. Dec. crude -0.7% to $79.85. Gold +0.25% at $1,090. Treasurys are flat, as is the dollar.

This is hilarious - thank god these guys aren't plying with my money

Better than Expected Initial Jobless Claims

Don't try to argue reality with people who want to believe that everything is wonderful.Wait till they see the retail sales for this season and they try to spin that bullshit into gold


On Nov 05 10:05 AM Shimmers wrote:

> Improving? They are getting worse at a very fast, albeit slightly
> slower, pace.

Announced Job Cuts Now at Below Average Levels

"The labor market continues to improve..." How?

My god, a half million people lost their jobs last month and you think that this is improvement? It must be so weird to live in a Wall Street bubble. Think of it this way - there are now another half million HOUSEHOLDS who are not going all out this Christmas Season. You figure it out

JPMorgan Chase (JPM +1.1%) is paying more than $700M to settle SEC charges that the bank made unlawful payments to friends of public officials to win Alabama muni bond business.

Jail time is for "little people."


On Nov 04 01:31 PM optionsgirl wrote:

> How about some jail time for JPM personnel?

Gold futures strike a new all-time high of $1,077.30. Dec. gold currently +1.9% to $1,074.60.

LOL - There are no "conservatives" running in the elections. There are corporatist Democrats and corporatist Republicans. They both want to spend your money ... on different things


On Nov 03 11:07 AM mb2 wrote:

> Speculation....
> If conservatives win today's elections, will that be a precursor
> to next November? If so, wouldn't that bode well for USD?

Nearing the end of 2009, Floyd Norris has a nominee for worst idea of the year: Goldman Sachs' (GS) galling offer to buy discount tax credits from Fannie Mae. Given Fannie's ward status, it amounts to Goldman offering Uncle Sam 15 cents to save 20 cents in taxes - after it was taxpayer money that saved the megabank from extinction. (earlier)

I have a worse idea:

How about Geithner giving 2.3 Billion dollars to CIT a month ago. Poof - all gone. This SOB should be indiccted

DealBook breaks down the $2.3B bath the government takes on CIT Group's (CIT -62.3%) bankruptcy. Finance professor Linus Wilson says the government's TARP investment in the lender was never a good idea, in the red from the start.

Geez, it must have been really obvious if a college professor could see it. I wonder when Obama will realize it?

No more Sir: Texas financier Allen Stanford is being stripped of his knighthood in Antigua and Barbuda, for embarrassing the nation with charges he defrauded investors of $7B.

Jesus, can we strip Geithner of the title "Treasury Secretary" now that he's totally embarassed himself and his country?