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  • Lockheed Martin (LMT -0.7%) CEO Bob Stevens and COO Chis Kubasik up the ante in their battle against $492B of defense sequestration by sending a letter to employees reiterating the warning they gave Congress yesterday that 10K jobs are at risk. LMT might need "to issue conditional WARN notices to a substantial number of our employees," starting in late Q3.  [View news story]
    "In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.
    We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together."

    Dwight D. Eisenhower
    Jul 19, 2012. 10:13 AM | 2 Likes Like |Link to Comment
  • A trader's timing may have been too good on this one, writes Steve Sears: Yesterday, an investor sold 20K July $25 puts on FXI, using the proceeds to buy 20K July $37 calls - a bet on a big and quick move higher in the popular China ETF. This morning's PBOC rate cut had FXI opening up 2.8% and the calls higher by 83%.  [View news story]
    Relative probably works in central planning.
    Jun 7, 2012. 02:56 PM | 1 Like Like |Link to Comment
  • Bank of Spain Governor Ordonez is stepping down from his post on June 10, one month ahead of the end of his term.  [View news story]
    Skeletons must be falling out of the closets left, right and center
    May 29, 2012. 12:39 PM | 1 Like Like |Link to Comment
  • S&P cuts its ratings on five Spanish banks, and affirms the ratings on another nine. Santander (STD) and BBVA aren't touched, but remain on "CreditWatch with negative implications."  [View news story]
    Those two will be downgraded after the market closes.
    May 25, 2012. 01:18 PM | Likes Like |Link to Comment
  • If Greece exits the eurozone, writes The Tell, the EU should consider replacing it with Turkey. The country's speedy growth and youthful demographics would help a union sorely in need of both. One wonders if the reason Turkey's economy is perky (even overheating) is because it's not part of the eurozone. The EU may want the country, but has anybody checked with Ankara?  [View news story]
    We were unable to get a hold of Turkey for comment, though the lights were on.
    May 23, 2012. 08:48 AM | Likes Like |Link to Comment
  • Alongside a wave of regulatory investigations hitting market sentiment this afternoon, former Greek PM Papademos tells Dow Jones preparations for Greece exiting the euro are being considered; the risk of leaving is real. Estimates of a cost of €500B-€1T underscore the magnitude of the consequences, he says.  [View news story]
    That should accelerate the run on their banks.
    May 22, 2012. 03:57 PM | 2 Likes Like |Link to Comment
  • Moody's downgrades 26 Italian banks by one to four notches noting an economy back in recession, mounting asset quality challenges, and restricted access to funding markets. The ratings outlook for all of the affected banks remains negative. The euro slides another few pips to $1.2825.  [View news story]
    I smell a bank run on Italian, Spanish and Portugese banks coming.
    May 14, 2012. 05:02 PM | Likes Like |Link to Comment
  • Why did JPM hold an emergency call to discuss a trading loss equivalent to just 1% of shareholder equity, asks Jonathan Weil. "It could get worse," said Jamie Dimon last night - "worse," writes Weil, "could mean disastrous." Reading between Dimon's lines tells Weil the trades weren't hedges, but speculative wagers. "Dimon must know he has a lot more explaining to do."  [View news story]
    You telling me they didn't give us the full news last night?
    May 11, 2012. 10:48 AM | 1 Like Like |Link to Comment
  • As the EU periphery remains mired in a "slow motion train wreck," it's worthwhile to check in on the road not taken - default, devaluation, quick collapse, recovery. Iceland last week returned to the international bond markets, selling $1B in debt. GDP - which dove 7% in 2009 - is expected to rise 2.4% this year, cutting the unemployment rate to 6%.  [View news story]
    Shhhhhhh! You better stop that or you will be in trouble with all the banksters.
    May 9, 2012. 04:36 PM | 1 Like Like |Link to Comment
  • The Chicago Fed's Charles Evans continues to carve out a spot on the FOMC as maybe its most dovish member, essentially advocating a nominal GDP-targeting strategy. Evans says "strong accommodation" shouldn't go away until the economy sustains 4% growth for awhile. Of 2% inflation, he says it's "not a ceiling." Evans is not a voter this year.  [View news story]
    How is the USA going to do 4% growth over a sustained can't do 2.5% with unprecedented monetary stimulus.

    This guy is a member of the FOMC, all I can say is wow.

    The only reason you ever did 4 to 5% in previous years was bubbles, be they internet or housing.

    I guess what he is really saying is the USA needs another bubble before you let off on the gas again.
    May 1, 2012. 03:45 PM | Likes Like |Link to Comment
  • A wave of ratings downgrades to hit developed countries in coming years will spare Canada, says Citi's Mike Saunders. The 2012 federal and provincial budgets - while maybe putting a drag on near-term growth - should strengthen the country's already sound fiscal position.  [View news story]
    Until our government is downgraded from our coming housing collapse.

    At least our banks will be in good shape! Thanks to CMHC the first 25% loss on housing will be the taxpayers.
    Apr 19, 2012. 03:34 PM | 2 Likes Like |Link to Comment
  • Martin Wolf argues against the notion that the eurozone will fail: “The big idea that brings members together is that of their place within Europe and the world... If this were a mere marriage of convenience, a messy divorce would seem probable. But it is far more than such a marriage, even if it will remain far less than a federal union. Outsiders should not underestimate the strength of the will behind it."  [View news story]
    It will come down to "do the people believe it" not the will of politicians.
    Apr 18, 2012. 11:18 AM | 1 Like Like |Link to Comment
  • The U.S. and U.K. have agreed to release emergency oil stocks, reports Reuters. Brent Crude (BNO) -2%, WTI Crude (USO) -1.1%.  [View news story]
    The USA embarrasses itself again.

    What Emergency, Americans are now paying $2.00 per gallon less than people in other countries?
    Mar 15, 2012. 11:53 AM | 1 Like Like |Link to Comment
  • Treasury scrambled to convince S&P away from downgrading the U.S. in the days and hours leading up to the Aug. 5 move, according to newly obtained emails. As it became evident S&P was going to move ahead, Treasury desperately floated a story the ratings agency had muffed a simple calculation, but it was to no avail.  [View news story]
    What a bunch of creeps
    Feb 22, 2012. 10:44 AM | 5 Likes Like |Link to Comment
  • Canadian Housing Market Collapse: Part II [View article]
    Rodney, your article is very good but I take exception to the socialist comment. Our backstopping of the banks was through CMHC and yes the taxpayers will be on the hook in the end - how in your "Democratic" society are the taxpayers not paying for your housing and banking crisis? I guess socialism is above board, democracy only works til it cost the banks money and they are not allowed to fail, then taxpayer is responsible - can you explain how this is any different?
    Feb 15, 2012. 10:45 AM | Likes Like |Link to Comment