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Gaping hole in the ocean

Gaping hole in the ocean
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  • The CBO says Harry Reid's debt reduction plan would save $2.2T over 10 years, but the 'devil is in the details.' The bulk of those savings, around $1T, will come from one source: reductions in the defense budget and de-funding the wars in Iraq and Afghanistan.  [View news story]
    Seems to me it is in the Dems best interest to default, then the administration can pick and choose what programs they want to pay for and which ones they want to suspend. I think the Repubs think the Dems will blink but the most recent handling of the budget crisis is fresh in everyones minds. History has shown it's a non event anyways. I for one am thinking the probability is high for a technical default and it could come as a big surprise to the market as everything I have read thinks it won't happen. I think for sure they are going past the August deadline as tax receipts are up and they have more time to waste and they are only moving further apart. This is nothing more than a battle of ideologies and for control, there are no real solutions to be found among this crop of self interests. That's my 2 cents.
    Jul 27 02:54 PM | Likes Like |Link to Comment
  • The high-speed rail crash may serve as the moment when the shortcomings of state-driven investment in China were laid bare. The Ministry of Railways took on a debt equivalent to 4.6% of GDP to build the network - money likely never to be recouped. For 2010, fixed investment in China totaled 46% of GDP - it's hard to spend even a fraction of that prudently.  [View news story]
    "it's hard to spend even a fraction of that prudently."

    Yes, but doesn't it all make for a spectacular boom.....and then bust.
    Jul 26 01:18 PM | Likes Like |Link to Comment
  • That 70 point pop in the DJIA at 2 ET is likely attributable to this statement from the Fed minutes: "A few members noted ... the committee might have to consider providing additional monetary stimulus." The statement shouldn't be a surprise, but any hint of QE3 is likely to please stocks, at least for a short bit.  [View news story]
    That didn't take too long just about two weeks before we needed more patting on the butt and soothing words whispered in the ear. Quite a bull market indeed.

    Check out the action in Italy today.
    Jul 12 03:10 PM | 1 Like Like |Link to Comment
  • 10 Reasons to Worry About the Second Half of 2011 [View article]
    #6 is my personal favourite. The $248 trillion black hole the has no rules or regulations and that most people don't even know exists and is growing exponentially.
    Jul 11 02:38 PM | Likes Like |Link to Comment
  • LivingSocial selects JPMorgan Chase, BofA Merrill Lynch and Deutsche Bank as the lead underwriters for its upcoming IPO. The company plans to raise between $700M to $1B in the stock sale, giving it a market cap between $10B to $15B.  [View news story]
    ok...sure....why not?
    Jul 8 03:48 PM | Likes Like |Link to Comment
  • Today's weak NFP is just another in a string of poor employment numbers the market has had to deal with in recent months. The typical response has been to shrug it off and move to new highs shortly after. One difference today: no POMO.  [View news story]
    Hey ask half the folks on here the S&P is going to the moon baby, TO THE MOON! I guess since the estimates were much better we can probably just ignore the actual number right?
    Jul 8 09:16 AM | Likes Like |Link to Comment
  • Pres. Obama has raised his sights and now wants to strike a far-reaching deficit reduction agreement that would include deep cuts in Social Security and Medicare, reports say. Speaker John Boehner met secretly with Obama last weekend, NYT says, and offered to consider as much as $1T in new revenues in exchange for $3T in spending cuts.  [View news story]
    I certainly doubt Boehner would be willing, or able, to make real cuts in programs that are widely popular with his voting base. I wish he could make some comments that are reassuring. I'm waiting to watch them all crash into the wall. Time will tell if the Ds will fold like they usually do.
    Jul 7 10:35 AM | Likes Like |Link to Comment
  • Investors may be the ones who get hurt if Congress moves ahead with a cost-cutting plan that would give self-funded FINRA oversight of ~12,000 investment advisers. “It’s a very bad idea to expand the notion of self-regulation," a former state regulator says. "They’re supposed to oversee the activity of the industry, but they are industry."  [View news story]
    I was going to suggest that ultimately it is the industries job to regulate and the individual states jobs to legislate and enforce and lo and behold that is what we have now and look at the 90% of brokers who are out there doing the right thing and taking it in the rear because of the other 10%. It's the same broken record playing all day long. The state regulator is a moron if they can't even see that this is a win for states rights.
    Jun 29 12:53 PM | Likes Like |Link to Comment
  • Investors may be the ones who get hurt if Congress moves ahead with a cost-cutting plan that would give self-funded FINRA oversight of ~12,000 investment advisers. “It’s a very bad idea to expand the notion of self-regulation," a former state regulator says. "They’re supposed to oversee the activity of the industry, but they are industry."  [View news story]
    ohh I see, but government officials who get their positions specifically because they are from the industries and companies they are suppossed to be regulating is ok and does not in any way hurt the consumer.

    I for one am all for FINRA, big government can not effectively regulate small business all they can do is stifle it. It is the industries responsibility to regulate themselves and most of the time they do.
    Jun 29 11:08 AM | 6 Likes Like |Link to Comment
  • Dallas Fed President Richard Fisher says economic growth is likely to pick up in the months ahead, adding that it would not be "unimaginable" to see 4% growth in the second half, more than twice Q1's tepid 1.8% rate.  [View news story]
    During an election year no less...because you know how contentious presidential elections spur confidence in the market.
    Jun 28 04:45 PM | Likes Like |Link to Comment
  • Surprising almost nobody after her endorsements by China and the U.S., Christine Lagarde will start her five-year term as the first female leader of the IMF next Tuesday. What comes next: Certainly an assured new tranche of Greek aid from a woman known as "the most uncompromising opponent of a Greek debt restructuring" among eurozone ministers.  [View news story]
    I think it's pretty obvious at this point that none of this will end well. I mean Greece can mortgage or divest themselves to the moon but there is no way they can pay off those debts and if the IMF wants to play hardball it is probably just to see how much dust they can squeeze out of this star before it goes supernova.
    Jun 28 02:53 PM | 3 Likes Like |Link to Comment
  • Mortgage fraud reports jump 31% - but apparently because big lenders are digging into 2006-2007 deals after having to repurchase bad loans; this according to a report from the Financial Crimes Enforcement Network. In geographies, Miami drops out of the top two locations to sixth, while California's No. 1 for mortgage fraud.  [View news story]
    You mean not everyone in sunny Cali could actually afford half a million $ starter homes? I am shocked, you think the banks woulda known something like that.
    Jun 28 11:02 AM | 3 Likes Like |Link to Comment
  • Deficit reduction talks led by Biden appear to grow more contentious as Democrats and Republicans become increasingly entrenched on key issues. Aside from expected ideological disputes - no new taxes vs. no changes to entitlements - negotiators argue over how quickly to implement whatever spending cuts or tax increases that might be part of a plan.  [View news story]
    First rule of politics: Never let a good crisis go to waste.

    Second rule: Always be in a crisis.
    Jun 23 11:02 AM | Likes Like |Link to Comment
  • Noting consumer spending growing at the unprecedentedly low annualized rate of just 0.5% since 2008, Stephen Roach labels today's Americans the "zombie generation." Especially impressed with China's new and improved central planning, Roach believes Asia's consumers will pick up the slack.  [View news story]
    They are the zombie generation because they have been attacked by the "vampire squids." LOL, this stuff is great today!
    Jun 21 10:41 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    "Paulson makes massive loss on Sino-Forest. John Paulson's $37B hedge fund has made a loss estimated at hundreds of millions of dollars (I, II) after selling its entire stake in Sino-Forest, the Chinese tree-plantation owner accused of overstating its timber holdings by investment firm Muddy Waters."

    I did get a chuckle when reading this if nothing more than the name of the "investment firm" probably should have tipped some folks off. I mean you can't make this stuff up!
    Jun 21 10:26 AM | 4 Likes Like |Link to Comment