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  • Yields on Irish 10-year debt zoom past 7%, with a possible catalyst an article quoting economist Colm McCarthy as saying "the game is up" Dec. 7 if the government doesn't deliver a credible budget. He also warns that Ireland's cash reserves will run low by next spring unless it re-enters the bond market with a "pretty big issue" of up to €5B.   [View news story]
    Ireland is one of PIIGS where its yields are exceeding their stress test
    numbers.....Irish 10 yr currently 7.07....stress test was 6.7 for 2010
    and 7.8 for 2011...
    Nov 1, 2010. 10:51 AM | Likes Like |Link to Comment
  • Oct. ISM Manufacturing Index: 56.9 vs. 54 consensus and 54.4 prior (revised). Prices index 71 vs. 70.5 prior. Employment 57.7 vs. 56.5. Inventories 53.9 vs. 55.6. New orders 58.9 vs. 51.1. "With 14 of 18 industries reporting growth in October, manufacturing continues to outperform the other sectors of the economy."   [View news story]
    Rut Ro...Help wanted on line ads number just out.....highest number
    since August 2008.....

    www.conference-board.o...
    Nov 1, 2010. 10:19 AM | 2 Likes Like |Link to Comment
  • Oct. ISM Manufacturing Index: 56.9 vs. 54 consensus and 54.4 prior (revised). Prices index 71 vs. 70.5 prior. Employment 57.7 vs. 56.5. Inventories 53.9 vs. 55.6. New orders 58.9 vs. 51.1. "With 14 of 18 industries reporting growth in October, manufacturing continues to outperform the other sectors of the economy."   [View news story]
    But..But David Rosenberg said....
    Nov 1, 2010. 10:13 AM | 3 Likes Like |Link to Comment
  • Oct. ISM Manufacturing Index: 56.9 vs. 54 consensus and 54.4 prior (revised). Prices index 71 vs. 70.5 prior. Employment 57.7 vs. 56.5. Inventories 53.9 vs. 55.6. New orders 58.9 vs. 51.1. "With 14 of 18 industries reporting growth in October, manufacturing continues to outperform the other sectors of the economy."   [View news story]
    Strong numbers....New orders minus inventories back to positive...
    very strong export number....

    The 11 industries reporting growth in new export orders in October — listed in order — are: Apparel, Leather & Allied Products; Furniture & Related Products; Fabricated Metal Products; Miscellaneous Manufacturing; Paper Products; Machinery; Food, Beverage & Tobacco Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Computer & Electronic Products; and Chemical Products. Nonmetallic Mineral Products is the only manufacturing industry reporting a decrease in export orders during October.
    Nov 1, 2010. 10:09 AM | 7 Likes Like |Link to Comment
  • M&T Bank (MTB) will acquire ailing Wilmington Trust (WL), with $10.4B in assets, in a $351M deal. The buyout values Wilmington at $3.84/share, a 46% discount to Friday's close, added to WL's 39% drop this year. This morning, Wilmington said its Q3 loss widened and its loan-loss provisions soared amid mounting losses. WL -44% to $4 premarket.   [View news story]
    Wilmington Trust is emblematic of what a lot of smaller banks face...a very low pre provision earnings number to the size of the loan portfolio....
    108 million dollars a year to try and cover a loan portfolio of 8.1 billion...1.33% way way too low...
    Nov 1, 2010. 09:14 AM | Likes Like |Link to Comment
  • Bank of America: Worth Watching Ahead of 2011  [View article]
    The best thing going for BAC is that it generates 45 billion dollars a year in preprovision earnings a year ( this is a conservative estimate)....no bank generates a higher number....
    Nov 1, 2010. 09:10 AM | Likes Like |Link to Comment
  • Sept. Personal Income and Spending: Personal income -0.1% vs. +0.2% expected, +0.4% in Aug (revised from +0.5%). Spending +0.2% vs. +0.4% expected, +0.5% prior (revised from +0.4%). PCE core price index flat vs. +0.1% exected, +0.1% prior.   [View news story]
    GDP is driven by consumer spending not consumer income...
    Consumer income is in the GDI number,,,
    Nov 1, 2010. 09:00 AM | Likes Like |Link to Comment
  • Sept. Personal Income and Spending: Personal income -0.1% vs. +0.2% expected, +0.4% in Aug (revised from +0.5%). Spending +0.2% vs. +0.4% expected, +0.5% prior (revised from +0.4%). PCE core price index flat vs. +0.1% exected, +0.1% prior.   [View news story]
    Government wage disbursements down...Private wages disbursements up
    Nov 1, 2010. 08:39 AM | 2 Likes Like |Link to Comment
  • "Foreclosures are rising, lawsuits are flying, banks are beleaguered." It's time for a Marshall Plan for housing, Matt Goldstein writes. But it's on the big banks with significant exposure to second liens - enough to wipe out most of their net worth. They have no choice but to reach an agreement, since "keeping their heads in the sand is a guaranteed way for the entire financial system to blow up."   [View news story]
    and there you go....just sue...
    Oct 31, 2010. 02:59 PM | Likes Like |Link to Comment
  • Tricks or Treats Ahead? Expect a Ghoulish Week  [View article]
    " Bloomberg reports that B of A (BAC), Wells Fargo (WFC), JP Morgan (JPM) and Citibank (C) face large exposures in second or junior mortgages which could run as high as $425 Billion and could be at risk if and when the senior or first mortgage defaults. "

    Need to do a lot more homework on this subject toget a clearer view...
    Oct 31, 2010. 03:19 AM | 5 Likes Like |Link to Comment
  • Have We Become a Nation of Zombie Households?  [View article]
    Incomplete...what about debt service to disposable income???
    Oct 31, 2010. 03:14 AM | 2 Likes Like |Link to Comment
  • Talk about a bad hangover: It would take 107 months for banks to sell their inventory of foreclosed homes, up from a similarly bad 103 months reported in April. The backlog looks like it will continue to grow, as failed mortgage mods are prompting a new wave of defaults and home sales slowed sharply after the government's stimulus program ended.   [View news story]
    62% of the negative equity mortgages are located in 7 states that
    constitute 31% of the populace...
    Oct 31, 2010. 01:52 AM | 3 Likes Like |Link to Comment
  • Ohio AG Richard Cordray strikes out at lenders (including WFC, BAC, JPM) for trying to restart foreclosures by simply fixing faulty paperwork. He's pushing the banks to opt for mortgage mods, saying it's "not acceptable for a party who believes they submitted false court documents to merely replace those documents... banks are not simply allowed a 'do-over.'"   [View news story]
    Cordray is planning to run for senate...inciting the pitchfork crowd
    always helps,,,,,
    Oct 30, 2010. 04:19 PM | 1 Like Like |Link to Comment
  • "Foreclosures are rising, lawsuits are flying, banks are beleaguered." It's time for a Marshall Plan for housing, Matt Goldstein writes. But it's on the big banks with significant exposure to second liens - enough to wipe out most of their net worth. They have no choice but to reach an agreement, since "keeping their heads in the sand is a guaranteed way for the entire financial system to blow up."   [View news story]
    A Hint.... a 45% loss figure is ridiculous....read some 10q's and judge for yourself as opposed to letting some of these drive by studies influence you....
    Oct 30, 2010. 02:47 PM | 2 Likes Like |Link to Comment
  • Double Dip Delayed, Not Derailed; Understanding Consumer Spending  [View article]
    Mish....

    seekingalpha.com/artic...
    Oct 30, 2010. 10:36 AM | 1 Like Like |Link to Comment
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