Business Summary Links By Day
Dave’s Daily: http://www.etfdigest.com BERNANKE IN ABC MODE ON ABC
3-27-12 ‘Sure, it’s one of my favorite movie scenes and I couldn’t resist it.
The Fed is in full campaign mode as great as Obama and his GOP rivals. When
stock prices seem in doubt the Fed is ready to launch more assurances
accommodation (money printing) will be available. Monday’s rally was typical as
we head toward the end of the quarter. Hedge fund performance fees are on the
line and any way to boost these profits is job one. Top holdings for hedge
funds include the usual suspects: AAPL, IBM, INTC, BAC, DIS, HD etc. With
little volume it’s easy for algos and hedge funds to prop stocks on little hard
news. Tuesday we briefly saw more of this. Just as markets were weakening a
story appeared using the Fed’s favorite oracle, the WSJ,
as Fed governor Rosengren stated, “more stimulus is on the table”. Immediately HFT algos
jumped and markets rose if only briefly.On its face, the Fed wants higher stock
prices to boost confidence in the economy. However from a practical view all
they’ve succeeded in doing from my perspective is debasing the dollar creating
inflation. The latter will be a problem for the next administration and even
the current generation. It’s an all about “now” market in a politically charged
year… , Bernanke
Claims That The Fed Has Averted A Second Great Depression By Bailing Out The
Too Big To Fail Banks http://albertpeia.com/weareinsecondgreatdepression.htm [ To the contrary, because of his policies and
particularly the bailouts which facilitated consummation of and even greater
frauds, the real economy, the nation, taxpayers will suffer a more severe fate
than even that obfuscated by bad policy in this election-year expedience! ‘…
When the last financial crisis began, the U.S. national debt was about 10
trillion dollars. Today, it has risen to 15.5 trillion dollars. So Bernanke did not fix
anything. The best that can be said is that he kicked the can down the road a
little bit and made our long-term financial problems a lot worse at the same
time. Bernanke can create money out of thin air and loan it to his friends all he
wants, but he is not going to be able to prevent this house of cards from
crashing down…’ . He’s as much a fraud and incompetent
bozo as ‘his buds who put him there’ for their purpose / benefit. The guy’s a
dope http://albertpeia.com/30bunglebenbernankequotes.htm , a fool which fact
is lost on no one vis-à-vis the debased Weimar
dollar http://albertpeia.com/10reasonsdollarreservecurrencyending.htm , who’s
delusional http://albertpeia.com/bunglerbenfedfedsfailure.htm
. He’s a total fraud! ] , Graham
Summers’ Free Weekly Market Forecast (a tenuous balance) March 26, 2012
By gpc1981 ‘…big trouble is lurking just beneath the
surface. And should anything upset the current balance being maintained, we
could see some real fireworks in the markets in short order.Indeed, we are
facing a confluence of negative factors regarding Europe (political, monetary,
fundamental, and technical) that indicate BIG TROUBLE could be hitting in
May-June …’ , SkyNet
Wars: How A Nasdaq Algo Destroyed BATS Durden
3-27-12 (What really happened is
that a malicious, 100% intentional Nasdaq algorithm purposefully
brought BATS stock to a price of 0.00 within 900 millisecond of the company's
break for trading!) Following the May 2010 flash crash, the
investing public hoped that as part of its "exhaustive report", the
SEC would find and hold responsible the various components of a broken market
structure, be it HFTs, ETFs, stubbing and sub-pennying algorithms, and all the
other knowns and unknowns we have covered over the years. Instead, in what
would prove to be a move of cataclysmic stupidity (if sadly understandable -
the SEC, like everyone else "in charge" is used to dealing with a
gullible and simplistic public, which has no access to the real data and
analysis, and whose opinion could be easily manipulated, at least until now),
the regulator blamed and scapegoated it all on a Waddell and Reed trade (we
wonder just what the quid pro quo was to get the asset manager to roll over and
take the blame despite protestations to the contrary, at least in the
beginning). The result was that the same investing public realized that market
structure is so corrupt, and so robotically mutated, there is no place for the
small investor in this broken market. Last week's BATS IPO fiasco merely
confirmed this. And as usual, BATS (whose chairman
Ratterman has just been demoted even as he stays on as CEO) decided to take
the "passive voice" approach and blame it all on a faceless,
emotionless, motiveless "software glitch"…
What happened is that a malicious,
100% intentional Nasdaq algorithm purposefully
brought BATS stock to a price of 0.00 within 900 millisecond of the company's
break for trading! This is open SkyNet warfare.’ , This Is The
World's Balance Sheet Durden
3-27-12 It is rather surprising
that in a world in which anything and everything is only about money, it is
next to impossible to find a consolidated balance sheet of the world's
insolvent economies (i.e., the developed countries: US, Japan and the Euro
Area). So for all those seeking a visual presentation of all the liabilities
that have to be inflated away by the central banks (because that's what this is
all about), rejoice: the broke world is
presented below in its glory. The irony is that the problem
would be quite fixable if it weren't for one minor issue: the bulk of the world's assets also happen to be its
liabilities! At the end of the day, this may prove to be the
fatal flaw in the chairman's attempt to dilute the global liabilities,
he will be doing the same with the assets. , Six
Variations On A Theme By Printerini Durden
3-27-12 A prevalent theme over the past 3 months has been the emergence
of the Schrödinger world, where on one hand we have a world as it is, and on
the other, as central planners, propaganda media, and a president caught up in
a reelection campaign would want it to be.
Luckily, that world
only had a binary bifurcation associated to it - and a simple observation of
the mythical collapsed its wave function in less time than it would take BATS
to commit corporate suicide. A much more fun world emerges when one
enters the superstring reality of the Federal Reserve, and especially its
chairman, where there are not two, not three, but a whopping six dimensions of
(mis)perception, all dependent on one's point of view. Courtesy of Silver Circle we present
them all. , On Europe's
'Stealth' Money Printing Durden
3-27-12 ‘…This consequence has two rather ugly consequences, it removes
still further collateral (assets
encumbered) from bank balance sheets and further delays the needed adjustment process
(read deleveraging) across the banking sector. , Taylor
'Rules' Fed Independence In Question Durden
3-27-12 John Taylor, of the Taylor-Rule, who has not been sheepish with
his views towards the Fed openly questioned the Fed's independence during a
speech to the Joint Economic Committee today. During his testimony at the
hearing on the 'Sound Dollar Act of 2012', Taylor noted: "The discretionary interventions of the Federal
Reserve have been ratcheted up in such unprecedented ways in recent years that
they raise fundamental questions about the future of monetary policy."
Perhaps more pointedly, especially given Bernanke's speech today on the Fed's
extreme actions and given the hope for a constant interventionist role for the
Fed to keep our economy market afloat "The fact that the Fed can,
if it chooses, intervene without limit into any credit market - raises more
uncertainty, and of course raises
questions about why an independent agency of government should have such power."
, CTRL+SPIN
3: The Fed Propaganda Tour Live Re-Educates Us On Their Response To The Financial
Crisis Durden
3-27-12 UPDATE (via
Bloomberg): *BERNANKE: `FORCEFUL' RESPONSE PREVENTED WORSE RECESSION and AIG
HAS STABILIZED - phewee... [Yes, indeed; this b***s*** is now beyond the pale! ]Today could be the day when all your beliefs and
misconceptions of the great central banking machine are set straight. After
explaining to us in the previous two lecture how the gold standard is just
silly, why central banks are constitutionally awesome, and how the Fed almost
single-handedly created the US
since World War II, today's
piece-de-resistance is Bernanke's take on his own response to the financial
crisis. We are sure it will be thorough in its discussion of
the massive and entirely hidden loans
for nothing that were given to the banks, how they encouraged
the risk-taking that led to it via their regulatory mis-controls, and removing
MtM and unlimited free-money helped the world go around - all the while
maintaining a strong-dollar policy inline with Treasury's apparent mandate. As
far as Word-Bingo: Tweet if you hear the word 'Helicopter' or 'Printing Press'
or 'Level 3 Assets are all worthless illiquid junk at best' and if Bernanke
says 'CDO' more than 10 times, we all get an animated silver bear. , A
Lesson For Europe: Why Iceland Won't Join The Euro Durden
3-27-12 In a brief but as usual succinct statement, MEP Daniel Hannan points out the
country that decided to say no to establishment-rules and stuck to its guns by
taking losses, devaluing its currency, and growing its way out of its pit of
despair. The eloquent Englishman notes Iceland's
current enviable position in terms of not just growth but Debt to GDP
and proffers upon his European Parliamentarian peers that perhaps, just
perhaps, there is a lesson in here for
all European governments (cough Greece/Portugal cough). 67% of
'shrewd and canny' Icelanders are now against joining the Euro. , It's
Official - The Fed Is Now Buying European Government Bonds Durden 3-27-12 As if the 'risk-less'
dollar-swaps the Fed has extended to any and every major central bank were not
enough, William Dudley just unashamedly admitted that the Fed now holds 'a very small amount of European
Sovereign Debt'. , The
Gap Between Reality And Consensus Is Growing Fast Durden
3-27-12 , Guest
Post: Welcome to the United States of Orwell, Part 2: Law-Abiding Taxpayers
Treated As Criminals Durden
3-27-12 Law-abiding taxpayers are treated like criminals while the
criminal class of financiers and State apparatchiks are free to loot and
pillage muppets and taxpayers alike. It's actually very simple: whatever the state or Federal government does to you,
that's legal. Whatever action you take
to protect your rights is illegal. In case you have any doubts about where our
"leadership" is taking us, please review these Assorted
quotes by Fascists or about Fascism. , Confidence
Drops As Consumers Brace For Surge In Inflation Durden
3-27-12 , Germany:
The Final Frontier... Whose True Debt/GDP Is Now 140%
Durden
3-27-12 , Case
Shiller Finds Home Prices Declined For 9th Consecutive Month In January Durden 3-27-12 Despite January being the
first of 3 record warm winter months, which saw virtually all other economic
indicators boosted on the heels of 'April in February', today's incomplete Case
Shiller data (Charlotte, NA was missing), indicated that in the first month of
the year, prices across the top 20 MSAs dropped once again, posting a 9th
consecutive decline, declining by 0.04% to 136.60. The Seasonally Adjusted
print brings the average home price to December 2002 levels. And just to avoid
Seasonal Adjustment confusion which courtesy of a record warm winter is all the
rage, the NSA data showed a -0.84% drop in January. , Bill
Gross: "The Game As We All Have Known It Appears To Be Over" Durden 3-27-12 First it was Bob Janjuah
throwing in the towel in the face of central planning, now we get the same
sense from Bill Gross who in his latest letter once again laments the forced
transfer of risk from the private to the public sector: "The game as we all have known it appears to be over...
moving for the moment from private to public balance sheets, but even there
facing investor and political limits. Actually
global financial markets are only selectively delevering. What delevering there
is, is most visible with household balance sheets in
the U.S. and Euroland
peripheral sovereigns like Greece."
Gross' long-term view is well-known - inflation is coming:
"The total amount of debt however
is daunting and continued credit expansion will produce accelerating global
inflation and slower growth in PIMCO’s most likely outcome."
The primary reason for Pimco's pessimism, which is nothing new, is that in a
world of deleveraging there will be no packets of leverage within the primary
traditional source of cheap credit-money growth: financial firms… As for the
endgame: "Is a systemic implosion
still possible in 2012 as opposed to 2008? It is, but we will likely face much
more monetary and credit inflation before the balloon pops. Until then, you
should budget for “safe carry” to help pay your bills. The bunker portfolio
lies further ahead."
Durden 3-27-12 6.0+
Magnitude quake strikes near Tokyo
(USGS)
- Ireland Faces
Legal Challenge on Bank Bailout (Reuters)
- Bernanke says U.S. needs faster growth (Reuters)
- Spain
Promises Austere Budget Despite Poll Blow (Reuters)
- Orban Punished by Investors as Hungary
Retreats From IMF Talks (Bloomberg)
- Obama vows to pursue further
nuclear cuts with Russia
(Reuters)
- Japan's Azumi
Wants Tax Issue Decided Tuesday (WSJ)
- Australia
Losing Competitive Edge, Says Dow Chemicals CEO (Australian)
- OECD Urges ‘Ambitious’ Eurozone
Reform (FT)
- Yields Less Than Italy’s Signal Indonesia Exiting Junk (Bloomberg)
The Daily Market Report
Mar 27th, 2012
• US
Richmond Fed Index tumbles to 7 in Mar, well below market expectations of 18,
vs 20 in Feb.
• US consumer confidence fell to 70.2 in Mar, just above market expectations of
70.0, vs upward revised 71.6 in Feb.
• US S&P/Case-Shiller home prices -0.8% (nsa) in Jan for 20-cities, 9th
consecutive monthly decline.
• Germany GfK consumer confidence ticks lower to 5.9 in Apr, below expectations
of 6.1, vs 6.0 in Mar.
• Germany import price index +1.0% m/m in Feb, in-line with expectations, vs
+1.3% in Jan; +3.5% y/y, also in-line.
• Taiwan LEI +0.9% m/m in
Feb, vs negative revised +0.8% in Jan.
• Hong Kong trade balance -HK$45.8 bln in Feb,
vs -HK$8.9 bln in Jan.
US
S&P/Case-Shiller home prices -0.8% (nsa) in Jan
for 20-cities, 9th consecutive monthly decline.
Mar 27th, 2012 07:34 by News
O.E.C.D.
Chief Urges Europe to Increase Euro Firewall to 1 Trillion Euros
Mar
27th, 2012 06:52 by News
PG View: You don’t
build “the mother of all firewalls” unless you think there is still the risk of
the mother of all fires…
Home prices hit a
10-year low
CNNMoney | Home
prices have fallen a whopping 34.4% from the peak set in July, 2006.
Don’t be fooled
by the money illusion
MarketWatch | Rising
prices are making some statistics look better than they really are.
Dead Man Walking Economy
Doug Casey | People
should be cutting expenses to the bone.
Turkey
Once Again Proves That Gold Is First And Foremost Money
Zero Hedge | The
Turkish central bank has doubled the amount of gold that lenders can hold in
reserves (as opposed to paper money – Lira) as part of their reserve
requirement changes.
Obama
Requests $770 Million to Fight Global Warming Overseas
CNS News | The Obama
administration has requested $770 million in federal funds to combat the
effects of global warming in developing countries.
The
Great Student Loan Debt Default: Over $270 Billion in Loans Are 30 Days Or More Past Due
Mac Slavo | Like the
housing bubble, which was predicated on easy money and rising prices, student
loan lending has increased to unprecedented levels over the last decade.
Miscellaneous Business Headlines
27-Mar-12 08:44PM Barclays Gas Note Joins ETN Minefield ETFguide
08:18PM Train Reading: Apple At $600. Who Knew? at
The Wall Street Journal 06:26PM Your First Move for Wednesday, March 28 at
CNBC 05:45PM Bernanke Tells ABC Economic Recovery Has 'Long Way To Go' at
The Wall Street Journal 05:31PM Tomorrow's Tape: Get Set For Durable Goods Orders at
The Wall Street Journal 05:09PM U.S. Economy Weaker Than Government Data Show TrimTabs at
The Wall Street Journal 05:00PM Minyanville's T3 Daily Recap: Market Turns Red in Last Hour
After Quiet Day at Minyanville
04:48PM Fund Flows Say 'More Banks' As Quarter End Draws Closer at
Barrons.com 04:37PM Stocks Succumb to Late Selling at
The Wall Street Journal 04:30PM The Ubiquitous Mr. Bernanke at The Wall Street
Journal 04:19PM Consumer Concerns Shift From Jobs to Gas Prices at
The Wall Street Journal 04:00PM MARKETS FALL AFTER LATE SELL-OFF: Here's What You Need To Know
Business Insider 03:26PM Fund Flows Say 'More Banks' As Quarter End Draws Closer at
Barrons.com 03:24PM InPlay: Stock indices
falter during final hour -- Dow -18, S&P -1.3, Nasdaq Comp +5.1 Briefing.com
03:20PM Hawk v. Dove: Speeches Offer Competing Views Over Fed Stimulus
at The Wall Street Journal 03:11PM BofA on Small-Cap Stocks: Sell in March and Go Away? at The Wall Street Journal
03:03PM Fed's Rosengren: More Stimulus Is Still on the Table at
The Wall Street Journal 02:45PM BofA on Small-Cap Stocks: Sell in March and Go Away? at
The Wall Street Journal 02:19PM InPlay: Minor new high
Nasdaq Comp +10, Dow +3.2 and S&P +1.2 still range bound Briefing.com
02:04PM Former Fed Governor Warns of Dangers of Proposed Reforms at
The Wall Street Journal 01:50PM Midday Market Report: Consumer Confidence Dips, Stocks Barely
Budge at Minyanville
01:43PM Another Tool for Your Box at TheStreet
01:27PM InPlay:
Stock indices flirt with lower end of tight ranges -- Dow -10, S&P -0.8,
Nasdaq Comp +5.2 Briefing.com
01:26PM U.S. Sells 2-Year Notes at Highest Yield Since July at
The Wall Street Journal 01:21PM Stocks, Beauty Pageants Are Birds of a Feather at
The Wall Street Journal 01:06PM What Next for BATS? at The Wall Street
Journal 12:39PM Foreign Banks Borrowing Fewer Dollars at
The Wall Street Journal 12:38PM InPlay: Stock indices
remain narrowly confined but edging toward upper end of ranges -- Dow +7.6,
S&P +1.2, Nasdaq Comp +6.8 Briefing.com
11:43AM VIX Traders Revving Up For A Hairier Few Months at
The Wall Street Journal 11:40AM 9 Weeks to Better Options Trading: Butterfly Spreads at
Minyanville 11:29AM Watch Live: Bernanke Lecture on Financial Crisis at
The Wall Street Journal 11:27AM Index, ETF option volumes near midday optionMONSTER
11:18AM [video] Trader: A Correction Would Be Healthy at
TheStreet 11:12AM Secondary Sources: Student Loans, Entrepreneurship, Labor
Market at The Wall Street Journal
11:08AM Consumer Confidence Slips a Bit, Stocks Roughly Flat at
The Wall Street Journal 10:46AM The Bulls Try to Bum Rush Quarter-End at
Minyanville 10:17AM Fed Has Done Enough to Protect U.S. From Europe, Official Says
at The Wall Street Journal 09:55AM S&P Case/Shiller: Home Prices Back to 2003 Levels at
The Wall Street Journal 09:40AM InPlay: Limited but
slightly favorable bias for stock indices -- Dow +9, S&P +1, Nasdaq Comp
+0.9 Briefing.com
09:40AM Are Technicals About to Go Bounty Hunting? at
Minyanville 09:34AM A Look at Case-Shiller by Metro Area at
The Wall Street Journal 09:25AM Minyanville's T3 Morning Market Call: Futures Fade After Strong
Monday Rally at Minyanville 09:24AM
Morning Links: QE3 Definitely Not Off the Table at
The Wall Street Journal 09:10AM One of Wall Street's Biggest Bulls Expects a Pullback at
The Wall Street Journal 09:10AM Pre-Market Primer: US Futures Flat Ahead of Consumer
Confidence, Home Prices at Minyanville
08:57AM Vital Signs: Pending Home Sales at
The Wall Street Journal 08:50AM Has High-Frequency Trading Destabilized Markets? at
Minyanville 08:48AM Walgreens Earnings: Streak of Two Straight Quarters of
Shrinking Margins Broken, but Profit Falls at Wall St. Cheat Sheet
07:56AM [video] Fed Adds Gains to First-Quarter Results at
TheStreet
AP Business
Highlights
...Yahoo Market
Update…
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{ some prior links of current interest }