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  • Due to market turbulence, the EU is pushing back proposals that would have forced senior bondholders of failing banks to book losses. The draft legislation is now not due until October at the earliest. Yields on bank debt had initially spiked in January when the idea of "bail-ins" first appeared.  [View news story]
    Why have them reveal the true losses now? Have them reveal it later so the fat cats running the big institutions can get out first and then reveal that "its lehman all over again!"
    Sep 7, 2011. 03:21 PM | 1 Like Like |Link to Comment
  • Speaking tomorrow, Ben Bernanke has another opportunity to provide color on the Fed's options for further accommodation. While the Chairman may not show his cards, Vince Reinhart says to listen to his comments about higher inflation - if he backs away from that risk, "that sets the stage for being able to do something."  [View news story]
    All the feds know how to do is schedule talks...about nothing. If that is what it takes to become the fed chairman, then I have my script ready.

    "dear americans, we are monitoring the situation and have a chest of tools in which we can use when the situation calls upon it. we are confident that the economy will pick itself up and that we are only running into a soft patch. thanks for listening. peace out."
    Sep 7, 2011. 03:21 PM | Likes Like |Link to Comment
  • ING's Carsten Brzeski doesn't think today's court ruling will change Germany's "piecemeal approach" to the debt crisis, but does expect its parliament to vote for a second Greek bailout and stronger rescue fund. Meanwhile, concerns are being raised by politicians about Greece's commitment to the austerity demands attached to the second bailout.  [View news story]
    I think the smartest guys in the room are the greeks. They asked politely for the money the first time and got that they got the germans hooked onto helping, they are going to ask for everything up front and then reduce their austerity measures. I think the ultimate winners are the greeks in this eurozone crisis.
    Sep 7, 2011. 10:03 AM | Likes Like |Link to Comment
  • The Treasury has approved $4.3B for 382 financial institutions as part of its Small Business Lending Fund. The program was created in Sept 2010 to provide low-interest loans to community banks that expand their lending to small firms.  [View news story]
    hmm another is this going to help?

    bank of america and others have so much cash that they cant lend out because 1) risky...and 2) no one wants to borrow right now. how is adding 4.3B going to help an anemic environment?
    Sep 7, 2011. 10:03 AM | Likes Like |Link to Comment
  • A Greek newspaper reports private sector participation in the Greek debt swap at 75%, well less than the hoped for 90%. Greece has threatened to scuttle the 2nd bailout if the target isn't reached, but a finance ministry official, calling the process "ongoing," says it's too early to start talking percentages.  [View news story]
    You know why it is too early to start talking percentages?
    1) they can't count. if they could, they wouldnt have gotten their balance sheet into such a mess.

    2) if they drop the total of participants out, then they can achieve 100%! they could easily take a page out of how we calculate our unemployment numbers...just take out the discourage who are unemployed but dont count because they dont look pretty on the books. once you do that, then you are looking at some pretty numbers...or in our case, prettier than reality.
    Sep 7, 2011. 10:03 AM | Likes Like |Link to Comment
  • A good example of what's lurking on the books of Spanish banks: Lender CAM reported its bad loans soaring to 19% from 8.5% previously after regulators spent some time reviewing the books. The central bank today began looking for a buyer for the troubled savings bank.  [View news story]
    LIARS....all liars. This just makes me wonder why everyone is so optimistic about Europe. This unfolding of crappy balance sheets is just like it is 2008 again, except instead of it being a public company, it is a country.
    Sep 7, 2011. 08:02 AM | Likes Like |Link to Comment
  • To Bruce Krasting, the key central bank statement today was not the SNB's, but the ECB response: "(We) take note of this decision, which has been taken by the SNB under its responsibility." "The SNB has just committed suicide," writes Krasting, "draw(ing) a line in the sand," and going it alone.  [View news story]
    It is the first shot of the global currency war...the war to export deflation. This will not be pretty.
    Sep 6, 2011. 11:35 AM | 1 Like Like |Link to Comment
  • Civil unrest takes a turn in Greece where cafe owners are refusing to pay a 1000 basis point hike in the VAT (from 13% to 23%) on food and drink consumed outdoors. Government planners hope to raise €750M in revenue over the next year with the increase.  [View news story]
    If you raise the VAT, people are less inclined to spend, eventually they just die off and there are less social welfare obligations left to pay. It is genius. Reduce your population so you owe less on the balance sheet.

    The US does the same with the unemployment numbers. If you are discouraged, you don't count, but we'll keep paying you...for 99 weeks.
    Sep 2, 2011. 09:57 AM | 1 Like Like |Link to Comment
  • Market recap: Stocks weakened through the afternoon after the White House cut its growth and jobs forecast, the Fed told Goldman Sachs to review foreclosure practices by its former mortgage subsidiary, and more evidence of Greece's woes. Treasury prices rose after more downbeat economic data (I, II, III, IV). NYSE decliners led advancers four to one.  [View news story]
    surprise surprise data...or was it?

    GDP growth estimates...i dont think so.

    Goldman Sachs and more mortgage scandals?...dont think so.

    The biggest dont think so comes from Greece...i'm not some fancy economist, not a politician, not on wall st and not a prophet, but somehow I saw this from a mile away. Only comment for them is HA...HA.
    Sep 1, 2011. 04:55 PM | Likes Like |Link to Comment
  • Fed Governor Elizabeth Duke touts an enhanced effort to help more troubled homeowners refinance their mortgages. “Removal of barriers to refinancing would boost the impetus to recovery provided by lower long-term interest rates," adding that weak participation in the administration's existing refinance program "warrants another look at the frictions" impeding transactions.  [View news story]
    Reward those who took risk because of ignorance. Punish those who were sensible and not over-reach. Summation: It pays to be stupid.
    Sep 1, 2011. 03:16 PM | 3 Likes Like |Link to Comment
  • Lenders are making more subprime auto loans again, reversing the cautious approach adopted after the credit crisis. "We are continuing to see growth in subprime, both new and used, and loans are becoming looser," Experian says, noting that conservative lending in 2009-10 has brought down delinquency rates to "extremely low" levels.  [View news story]
    foreclosure and delinquency rates are down! this is NOT the norm. increase the risk appetite to bring those numbers back to their historic norm and restore order to the universe!
    Aug 30, 2011. 10:41 AM | Likes Like |Link to Comment
  • Aug. Consumer Confidence: 44.5 vs. 52 expected, 59.5 in June - its lowest level since April 2009. Expectations 51.9 vs. 74.9. Present situation 33.3 vs. 35.7. "A contributing factor may have been the debt ceiling discussions, since the decline in confidence was well underway before the S&P downgrade," the Conference Board says.  [View news story]
    There are always excuses. I think the plunge in consumer confidence had something to do with the stars aligning in a weird pattern sometime during the month which had affected the hormones which consequently made people feel sad and gloomy. Next month the stars will align in the image of a smiley face. I bet confidence will be restored!
    Aug 30, 2011. 10:35 AM | 1 Like Like |Link to Comment
  • Aug. Texas Fed Manufacturing Outlook: Business Activity Index -11.4 vs. -2 prior. Mfg. Production Index 1.1 vs. 10.8 prior. New orders 4.8 vs. 16. Capacity utilization -2.8 vs. 0.6. Shipments 6.7 vs. 7.8. Employment 5.4 vs. 12.1.  [View news story]
    everyone has a chance to win. as a politician, you just need to find a way to win. your credentials mean nothing. you just need to have the shamelessness to promise a country something and not do it.

    if anything, i'd say, if we elect someone as retarded as Bush, we might see a 2 negatives yield a positive come into play and the economy will be saved!
    Aug 29, 2011. 11:46 AM | 1 Like Like |Link to Comment
  • Behind the recapitalization of the to-be-merged Greek banks is the Qatar Investment Authority, already a 5% owner of Alpha Bank, which will pour in additional funds, becoming a15% owner of the new entity. In the meantime, deposits continue to flow out of the Greek banking system.  [View news story]
    the oil rich is jumping in again....

    why does this feel like dubai's investment in citibank a few years back with their 7.5B investment...only to help temporarily and then enter a free fall.

    history loves to repeat.
    Aug 29, 2011. 11:05 AM | 1 Like Like |Link to Comment
  • The Labor Department reports at least 12,500 striking Verizon (VZ) workers filed initial jobless claims for the week ending Aug. 13, and another 8,500 were included in the Aug. 20 report released earlier today showing initial claims at 417K.  [View news story]
    Excuses. Week to week fluctuations are meaningless. The fact that we are above 400k is a problem in itself.
    Aug 25, 2011. 10:14 AM | 2 Likes Like |Link to Comment