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Joe Morgan

Joe Morgan
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  • Given the rout in EU sovereign debt, renewed pressure is sure to come upon the ECB start buying it all up. "It's time for you to fire the silver bullet, Mr. Draghi," leads a plea from Alexander Friedman, the CIO of UBS, urging the new ECB chief to follow the lead of Ben Bernanke.  [View news story]
    I love seeing bankers getting desperate. I know of a friend that works in one of the banks, and he says the tension and panic is enormous.
    Nov 9 08:17 AM | Likes Like |Link to Comment
  • Italian 10 year BTP yields are sharply higher to 6.60% with German Bunds down to 1.78%. pushing the spread between the two to another post-euro high of 482 basis points. The ECB could (at least temporarily) reverse this, but looks to be sitting on its hands to try and force movement in Italian politics.  [View news story]
    They are already stepping in to buy.....


    Italian yields dropping from it's highs despite Berlusconi saying he isn't going to resign.

    Of course this ECB effect doesn't lasts too much....let's see what brings tomorrow.
    Nov 7 07:56 AM | Likes Like |Link to Comment
  • “I am impressed that the people have not yet stormed into Parliament and burned the politicians alive - like a souvlaki,” says a retired truck driver in Greece who just sent his life savings of €50K to Sweden. With eyes often focused on the latest from Berlin or Brussels, forgotten is the economic devastation on the ground in Greece, the tinderbox it has created, and the accelerating bank run that may ultimately end this.  [View news story]
    “I am impressed that the people have not yet stormed into Parliament and burned the politicians alive".

    Maybe because Greeks are people not animals.
    Nov 6 03:55 PM | 2 Likes Like |Link to Comment
  • Those bashing Ben Bernanke over his inflation record should look at the stats, says Jon Hilsenrath in the WSJ. CPI on Bernanke's 67-month watch has averaged 2.3%, giving him one of the best records of all Fed chairmen. It's lower than Alan Greenspan's 3.1% and Paul Volcker's 6.2%, although the latter did inherit double-digit rates.  [View news story]
    Straightforward math.... You take the 223.233 from 2011 3rdQ and subtract 215.495 from 2008 3rdQ= 7.738

    Then 7.738/215.495= 3.59%
    Nov 6 12:08 PM | 4 Likes Like |Link to Comment
  • Those bashing Ben Bernanke over his inflation record should look at the stats, says Jon Hilsenrath in the WSJ. CPI on Bernanke's 67-month watch has averaged 2.3%, giving him one of the best records of all Fed chairmen. It's lower than Alan Greenspan's 3.1% and Paul Volcker's 6.2%, although the latter did inherit double-digit rates.  [View news story]
    Check the table on the last part of the page....
    CPI-W 3rd Q. 2008. 2010.

    Average (rounded to the nearest). 215.495 223.233


    Which equates to a 3.6% difference, which it was awarded for social security recipients for 2012.
    Nov 6 12:00 PM | 3 Likes Like |Link to Comment
  • Those bashing Ben Bernanke over his inflation record should look at the stats, says Jon Hilsenrath in the WSJ. CPI on Bernanke's 67-month watch has averaged 2.3%, giving him one of the best records of all Fed chairmen. It's lower than Alan Greenspan's 3.1% and Paul Volcker's 6.2%, although the latter did inherit double-digit rates.  [View news story]
    Wrong. It is the CPI-W from 2008 they used as the base.

    Check the Social Security page before making such weak arguments.
    Nov 6 11:47 AM | 2 Likes Like |Link to Comment
  • Europe Is Finished [View article]
    Another point, Spain is having national elections soon. The party that it is well, well ahead in the polls has pledged for more deep austerity cuts.....with Spain unemployment at 22%......I can't see any growth at all in 2012....
    Nov 6 10:12 AM | 1 Like Like |Link to Comment
  • Those bashing Ben Bernanke over his inflation record should look at the stats, says Jon Hilsenrath in the WSJ. CPI on Bernanke's 67-month watch has averaged 2.3%, giving him one of the best records of all Fed chairmen. It's lower than Alan Greenspan's 3.1% and Paul Volcker's 6.2%, although the latter did inherit double-digit rates.  [View news story]
    COLA is based on the 3rdQ of 2008 CPI-W change with 2011 3rdQ.
    Nov 6 09:47 AM | 2 Likes Like |Link to Comment
  • Europe Is Finished [View article]
    With eurozone PMI readings going down again, Germany manufacturing orders dropping, and more eurozone austerity coming I think a recession in Europe is a given barring ECB printing.

    But, it is not the end of Europe and the World. All the contrary, it just presents opportunities for investors looking for deep value high yield assets.
    Nov 6 09:40 AM | 2 Likes Like |Link to Comment
  • A bipartisan Senate committee proposal would maintain spending on highways, bridges and transits at current levels plus inflation for two years, although there's just one snag: the plan doesn't say how it will close the $12B gap between the amount needed and the revenue from the gasoline tax that helps pays for such expenditure. Oops.  [View news story]
    So much for cutting the deficit.....
    Nov 6 09:26 AM | 5 Likes Like |Link to Comment
  • Those bashing Ben Bernanke over his inflation record should look at the stats, says Jon Hilsenrath in the WSJ. CPI on Bernanke's 67-month watch has averaged 2.3%, giving him one of the best records of all Fed chairmen. It's lower than Alan Greenspan's 3.1% and Paul Volcker's 6.2%, although the latter did inherit double-digit rates.  [View news story]
    With the Core CPI at 2%, Ben Bernanke has served it's duty. By the way, I think doing more QE would be a huge mistake.
    Nov 6 09:17 AM | 4 Likes Like |Link to Comment
  • The CME hikes maintenance margins on all of its products to the same level as initial margins. This may or may not have something to do with aftershocks from the MF Global (MF) collapse, but maintenance levels are typically about 25% less than initial, so some believe a massive margin call is in store for Monday. Update: The CME has clarified that it has actually lowered initial margins to maintenance margin levels to accommodate MF Global clients moving funds.  [View news story]
    Agree. Dr. Keynes advocated spending more or cutting taxes to boost aggregate demand in a cyclical downturn. But he also advocated restraining and saving money in the boom times. Politicians have hijacked the doctrines and morphed them into the current mess we are. Politicians never cut, they exist only to usurp power by selling the public dreams.....
    Nov 5 05:30 PM | 4 Likes Like |Link to Comment
  • With Greek stocks trading at just six times forecast earnings, half their book value and paying a 6% dividend yield, it's time to buy, says Brett Arends. Stocks are not bonds; the shippers, retailers and oil producers are all "real" assets, and will survive. Fears of Greece getting booted out of the EU are also overblown. Britain was booted from the exchange-rate mechanism in 1992, and their stock market took off soon after.  [View news story]
    I wouldn't invest a single penny on Greece assets knowing they are going to collapse in price. Greece is in the midst of a depression....lower prices ahead.

    The only way I could buy Greece assets, is if they are 10 cents on the dollar.
    Nov 4 09:35 PM | Likes Like |Link to Comment
  • It's been one month since the S&P 500 hit bear market territory and rallied hard. Since then, market pundits have done an about-face, aggressively distancing themselves from any inkling of bearish sentiment. From a contrarian perspective, this behavior suggests another bear-market rally, says Mark Hulbert. Add to the mix the excessively bullish exposure of short-term market timers and it gets even more ominous. So, Hulbert says, "if it looks like a bear market rally, and smells like a bear market rally, then... ?"  [View news story]
    Politicians can play all the games they want, they can pretend and extend for a lot of time......but what they are all missing is long term solutions for growth in which all boats(income classes) are lifted.

    Germany manufacturing orders, Eurozone PMI ,US weak jobs growth, etc.... points to a horrible 2012 for Global Growth. But be careful, stocks can rally and rally for a long of time......
    Nov 4 08:54 PM | 3 Likes Like |Link to Comment
  • Felix Salmon on Jon Corzine's resignation: "I’m sure you’re sad - that often happens, when you become the living embodiment of the destructive greed of the 1% and a hate figure for millions. But are you sorry?... Chances are, Corzine will never be prosecuted, let alone convicted, and that he’ll enjoy [a] comfortable retirement... But right now, when it matters, he can’t even bring himself to say he’s sorry."  [View news story]
    Wmarkw, that guy above said on a stocktalk that the MF move(going down) was too much and was unwarranted. He was expecting a rally....but he got a bankruptcy filing...
    Nov 4 06:14 PM | 1 Like Like |Link to Comment
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