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  • Commodity Prices Point to Ongoing Recovery and Rising Inflation [View article]
    1. I didn't see the word "speculation" anywhere in the article.
    2. It's easy to jack corporate profits when you don't have to recognize any losses. If you think banking profits are legit you are out of your mind.
    Nov 12, 2010. 10:09 AM | 3 Likes Like |Link to Comment
  • Bullish sentiment among individual investors gets closer to a four-year high, jumping nine points to 57.6%, while bearish sentiment slipped 1.3 points to 28.5%. Investor's Intelligence also reports the bulls are on the trail, with its highest reading since May.  [View news story]
    What about POMO? I am asking this in all seriousness. I have been burned by paying attention to "european sovereign debt, QE2, bond bubble, state municipality meltdown" as listed by Obi-Wan, and I was sure that the foreclosure mess would cause a meltdown, and each time the PPT/Fed/POMO/stick saves/outright manipulation has rendered those things meaningless. So what would you suggest for 8 straight days of POMO starting tomorrow?
    Nov 11, 2010. 12:03 PM | 2 Likes Like |Link to Comment
  • Mark Fisher's QE2 warning: "Parabolic moves have parabolic corrections... This is going to be the bubble of all bubbles." Pushing up equities doesn't create jobs; it's more likely to hurt the economy by pushing commodity prices to "obscene" levels. But it's not Bernanke that will cause energy demand, for example, to surge by at least a third over the next 25 years.  [View news story]
    The more I read, the more I believe that Bernanke is hypnotized by the Depression. I wonder if it may not be enough for him to have had Obama credit him with _preventing_ another depression. I wonder if he would prefer to actually engineer a depression, just so he could be at the helm to (attempt to) steer the country out.
    Nov 9, 2010. 08:08 PM | 5 Likes Like |Link to Comment
  • Consumer bankruptcies jumped 12% Y/Y in the first nine months of 2010 and are expected to hit 1.6M this year, American Bankruptcy Institute reports. Doug McIntyre says it underscores the interconnection between the financial health of consumers, their profligate borrowing, the drop in home prices, and their inability to pay debts - and says "bankruptcy numbers are not done marching higher."  [View news story]
    What'chu talkin' 'bout Willis? Big Ben is engineering a wealth effect that will completely reverse any and all consumer bankruptcies. I would personally have focused on sustainable activities and policies that would generate sustainable jobs but then again I'm not a "student of the Depression".
    Nov 9, 2010. 10:10 AM | 1 Like Like |Link to Comment
  • John Hussman: Bubble, Crash, Bubble, Crash, Bubble... [View article]
    I think ari5000's comment was sarcasm. Just saying.
    Nov 9, 2010. 06:21 AM | 2 Likes Like |Link to Comment
  • ECB President Trichet tries to calm the dispute over foreign-exchange policies, refuting claims that major powers are deliberately weakening their currencies. The world's central banks "share a common purpose" in keeping inflation expectations anchored, he says, despite the differing challenges they face in their respective countries.  [View news story]
    I'm thirsty. Pass the kool-aid.
    Nov 8, 2010. 02:40 PM | 2 Likes Like |Link to Comment
  • Fannie Mae (FNMA.OB) announces a Q3 net loss of $1.3B and asks the Treasury Department for a $2.5B cash infusion. Standard & Poor's says the total cost to rescue and overhaul mortgage giants Fannie Mae and Freddie Mac could reach $685B.  [View news story]
    Can someone define "rescue" for me? For the sake of argument, even if you could accurately state the final dollar amount, what does a post "rescue" F&F look like?
    Nov 6, 2010. 01:33 AM | Likes Like |Link to Comment
  • David Stockman doesn't mince words: "Today the Fed is scared to death that the boys and girls and robots on Wall Street are going to have a hissy fit. [Its programs are] designed to somehow pacify the stock market, [fooling] the people into thinking they are wealthier... The Fed is injecting high-grade monetary heroin into the financial system of the world, and one of these days it is going to kill the patient."  [View news story]
    The "I am the Chair of the ..." comment looked more like a disclaimer/signature to me, not an attempt to puff himself up to any degree. I agree with Truth-hurts - simmer down, he just started posting here.
    Nov 4, 2010. 08:18 PM | 11 Likes Like |Link to Comment
  • Less of a Reason to Be Bored, But Bored Still [View article]
    How is it possible for things to be improving in either Greece or France? Mass strikes -> no economic activity -> no tax revenue.
    Oct 28, 2010. 06:53 AM | 3 Likes Like |Link to Comment
  • QE2 Rumored to Disappoint...But That's Good News [View article]
    I would enjoy your comments more if you stuck to economics and finance and avoided preaching.
    Oct 28, 2010. 06:51 AM | 10 Likes Like |Link to Comment
  • There’s no denying that the economy has been stuck in the mud, but Obama might want to reconsider his remarks about a “decade in which, frankly, that can-do spirit had been lost... prevent[ing] more Googles from being created." Maybe he forgot about Apple and Facebook, and doesn't know that the most-ever U.S. patent applications were granted during the decade.  [View news story]
    In general, I see no value in bragging about the number of patents. As many have pointed out, you can apply to patent almost anything and in the process all you really do is line the pockets of patent lawyers.
    Oct 22, 2010. 10:42 PM | Likes Like |Link to Comment
  • So whom to believe? The foreclosure mess likely will blow over, says one analyst who is baffled that banks - which have every incentive to keep people in their homes - are being accused of all sorts of chicanery. Or, up to 9M foreclosures in the pipeline may face legal challenges, lenders could eat up to $6B and housing Armageddon could ensue.  [View news story]
    How does it not impact demand? If you end up with a bunch of squatters, they don't need to move (i.e. this lowers demand), so from that perspective it's a wash between supply and demand.
    Oct 12, 2010. 09:20 PM | 1 Like Like |Link to Comment
  • So whom to believe? The foreclosure mess likely will blow over, says one analyst who is baffled that banks - which have every incentive to keep people in their homes - are being accused of all sorts of chicanery. Or, up to 9M foreclosures in the pipeline may face legal challenges, lenders could eat up to $6B and housing Armageddon could ensue.  [View news story]
    This is another way of saying that if assets were accurately priced, it would be a bloodbath.
    Oct 12, 2010. 07:32 PM | 6 Likes Like |Link to Comment
  • The attorneys general of up to 40 states plan to announce as soon as Tuesday a joint investigation into banks' use of flawed foreclosure paperwork. Banks have been reeling from the robo-signing scandals, and BofA (BAC) just became the first bank to halt foreclosures in all 50 states.  [View news story]
    Are the scale, scope, and general themes (denial, for starters) present here and now significantly different from those that preceded the 2008 meltdown? As near as I can tell, suspension of mark-to-market is the single shield protecting the illusion of solvency.
    Oct 10, 2010. 04:21 PM | 12 Likes Like |Link to Comment
  • The Onion sums up your usual Market Currents day in one story: "Some sort of tax cut or earnings or money or something was reported" in economic news, and experts are concerned. "Greece was also involved."  [View news story]
    One of the few times I can say 'LOL' and mean that literally I LOL'd.
    Oct 8, 2010. 08:13 PM | 1 Like Like |Link to Comment