Business Summary Links By Day
JPMorgan
Estimates Immediate Losses From Greek Exit Could Reach 400 Billion ZeroHedge.com
Tyler Durden , Are
They Insane? 58 Percent Of Americans Believe Economic Conditions In The United
States Will Be Good A Year From Now http://albertpeia.com/insanelyoptimistic.htm
, If
You Live In California Things Just Got A Whole Lot Worse http://albertpeia.com/hopelesscluelesscalifornia.htm
Failed Wobama
model illustrated: 16 Reasons To Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm , Why
Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil
And Gas Deposits Worth Billions Of Dollars?
http://albertpeia.com/chinabuyingamerican.htm , Merkel
is Backed Into a Corner… Commit Political Suicide or Bail on the Euro? May 13, 2012 By gpc1981 http://albertpeia.com/merkelpolsuicideorbailoneuro.htm
,
State
Election Defeat Seen as Disaster for Merkel (WSJblogs) , Greece Can
No Longer Delay Euro Zone Exit It’s Going to Get
Harder for Merkel (Der Spiegel) , Newsweek cover: Obama ‘first gay president’ , Must Read:
"Another Perspective" ZeroHedge.com
Tyler Durden , "The
Weight Of The Nation": Documenting America's Obesity Epidemic: Part 1 -
Consequences , Biderman And Bianco Bury
Bernanke's Bond Bull Market Backbone
, Guest
Post: JPM Chase Chairman, Jamie Dimon, The Whale Man,
And Glass-Steagall , Moody's
Downgrades 26 Italian Banks: Full Report Moody's Downgrades Italian Banks; Outlooks
Remain Negative , Deja Deja Deja
Etc. As S&P 500 Closes Below 50DMA First Time Since November , Guest Post: Sex, Money and
Largesse - The Hidden Depression , Phil
Falcone's Downfall Is Complete: LightSquared
Files For Bankruptcy , "No-Brainer
Trade Of The Year" Plummets As Bondholders Duck Ahead Of Possible Greek
Bankruptcy Tomorrow , James
Montier On "Complexity To Impress", Monkeys
With Guns, And Why VaR Is Doomed "One of my favourite
comedians, Eddie Izzard, has a rebuttal that I find most compelling. He points
out that “Guns don’t kill people;
people kill people, but so do monkeys if you give them guns.”
This is akin to my view of financial models. Give a monkey a value at risk (VaR) model or
the capital asset pricing model (CAPM) and you’ve got a potential financial
disaster on your hands." - James Montier,
May 6 , Guest
Post: The New European Serfdom , Iberia
Implodes To 17 Year Lows As Stigma Trade +200% , Meet
The Latest Converted Gold Bug: The IMF , Must
See: Greece Explained In One Picture We were going to do a caption
contest out of this image, but unfortunately this is not funny. It
is tragic. Many people will lose all their money, savings, livelihood, and more
because of this...
Dave’s Daily: http://www.etfdigest.com MARKETS CAN’T CLIMB ON ONE WHEEL 5-14-12
‘Angela Merkel’s party suffered a severe rebuke in local elections to
socialists and other left parties. This action demonstrates the tenacity with
which the public in the eurozone demands to cling to
government benefits versus austerity. It further complicates matters
politically for the EMU and previously agreed financial arrangements and
commitments. On Saturday, the troika agreed to give Greece an extra year (2015) to
reach its budget and deficit goals. This shows weakness. All this means is the eurozone will remain a problem for months and years to
come. Clearly, if austerity and reform are off the table then who will pick-up
the tab—the Chinese? JP Morgan (JPM) estimated if Greece were to bug-out of the eurozone and their commitments, it would cost the remaining
bag holders $500 billion. We see the same conditions in Wisconsin
and now California
facing a $16 billion budget shortfall. The fight with public unions and other
entitlements is only just beginning as current and future benefits are too much
to bear fiscally without reform.
As
an aside let’s review the reoccurring issues with mega-banks as just happened
with JPM. I’ve been writing about the demise of the Glass-Steagall
Act (GSA) for a long time. I featured it in my early 2007 book “Create Your Own
ETF Hedge Fund” and frequently on ETF Digest. The GSA was made law during the
Great Depression. Among other things it separated banks from brokers and federally
insured bank deposits (FDIC) to $100K. This had meant banks were restricted in
how they dealt with depositor funds which were widely insured by the public. In
the late second term of the Clinton
administration the law was allowed to lapse. At the core of this demise were a
band of brothers (Phil Gramm, Chris Dodd, Alan Greenspan and Robert Rubin) led
by Sanford “call me Sandy” Weill. He was the straw that stirred the drink and a
major WS wheeler-dealer. It allowed his brokerage firm to merge with Citigroup
putting the fox in the henhouse. Others quickly followed suit. It was great
(for them) from the get-go but a financial disaster ultimately as the walls
separating underwriting and trading from federally insured deposit taking came
tumbling down. It created a regulatory mess as a multitude of agencies now had
responsibility to oversee these new mega-bank combinations. Regulators were
inadequate to the task. When the financial crisis hit in 2008 suddenly trading
the public’s money meant the public had to bail out these new mega-banks.
Rather than reinstituting various protections of the GSA the government just
heaped more regulations atop those that weren’t working anyway. The mega-banks
and their congressional allies weren’t about to let the toothpaste be put back
in the tube. Therefore, we still have these JPM trading fiascos occurring
because there aren’t enough smart (emphasis added) regulators to oversee (herd cats)
mega-banks. And, besides if they’re bailed-out once they expect to be
bailed-out again. The solution is simple. Let bankers be bankers taking in
government insured deposits within manageable rules and let brokers be brokers
regulated separately. The latter can continue to do stupid things with their
stockholders money but not with public funds. The financial world would be a
better place.
Lower
oil prices are a mixed blessing since it benefits consumers but is also a sign
of serious trouble for the global economy as demand falls. We see much the same
thing with most commodities. Priced in dollars (UUP), and with the dollar
rallying, commodity prices continue to decline from that aspect as well. (Hmm,
I wonder if rappers and Hollywood stars are
still stashing their dough in euros
and / or making it rain.) Gold (GLD) and other commodities (DBC, SLV, USO and
JJC) also took a beating. Emerging Markets, more sensitive to commodity prices,
were also much weaker … Some buying may be wasted buying power and a gamble
that economic data later in the week and retailer earnings would provide a
boost. By day’s end stocks were in the toilet once again. What’s good? Bonds
from the big three: Germany,
U.S. and Japan.The
bottom line is you can’t lose the BRICs, the euro and
the eurozone and expect U.S. markets or commodities to
rally going it alone. No way, now how.Premium members to the ETF
Digest
receive added signals
when markets become extended such as DeMark
triggers to exit overbought / oversold conditions.Volume
once again on selling was relatively higher while breadth per the WSJ was quite
light…’
AP Business Highlights
...Yahoo Market Update…
Infowars.com | Now is the time to put an end to Obama’s treasonous and tyrannical
behavior.
http://albertpeia.com/impeachobama.htm
Drudgereport: Obama: 'Sometimes I Forget' Magnitude of
Recession…{ Oh! How conveniently forgetful, though the vast majority of
americans don’t have wobama’s luxury of feigned amnesia suffering from what
wobama did and didn’t do contrary to promises last time around the perpetual
campaign trail littered with his typical jive-talking b***s***! The following
headline will help him remember some of his sordid, pot-clouded high school
past! }...
FLASHBACK: Obama's Sordid High School
Past...
By Ben Shapiro ‘While the Washington Post has been diligently digging into relatively innocent
high school pranks by Mitt Romney, they’ve spent the last few years diligently ignoring
President Obama’s far more controversial high school days.Obama,
by all accounts, was a habitual drug user in high school. He tried cocaine, he
admits in Dreams From My Father; he “tried drugs enthusiastically.” The Chicago Tribune reported back in 2007 that Obama thanked the “Choom
Gang” in his high school yearbook; “chooming” was
Hawaiian slang for smoking pot. The Honolulu Advertiser reported that Obama’s senior portrait “prominently displayed … A package
of ‘Zig-Zag’ rolling papers and a matchbook.” One of
Obama’s close friends was arrested for drug possession during high school.In his memoir, Obama talked about routinely getting
high. “Junkie. Pothead,” he wrote. “That’s where I’d
been headed: the final, fatal role of the young would-be black man.” But,
according to Obama, he only got high because he was contemplating deep matters:
drugs could “push questions of who I was out of my mind.” Obama told students
in 2007 that this activity constituted “goofing off” and “wasting time”:"I will confess to you that I was kind of a goof
off in high school as my mom reminded me," Obama said. "I went to
high school in Hawaii,
so there's a lot of opportunity to goof off because the weather is really good
all the time …"You know, I made some bad decisions …. You know, got into
drinking and experimenting with drugs. There was a whole stretch of time where
I didn't apply myself. It wasn't until I got out of … high school, and went to
college that I started realizing, man, I wasted a lot of time.”The
New York
Times, however, went out of its way
to find Obama’s classmates to testify that drugs played only a “bit part” in Obama’s youth. Yet Obama would later brag on the campaign trail that
he “inhaled frequently … that was the point.”During
his high school years, Obama hung out with communist radical Frank Marshall
Davis; in 2007, the Los Angeles Times reported
that during his high school days, “he felt the first stirrings of anger toward
whites. He says he also delved into black nationalism.”
He was “offended or even enraged when white classmates adopted black street
slang or revealed their underlying consciousness of his race by going out of
their way to tell him how much they admired a black musician or athlete.” This
activity is certainly more reflective of Obama’s ideological history than Mitt
Romney’s pranks on teachers and fellow students. And as for the drug use –
well, that seems just a bit more serious than walking a teacher into a door or
cutting a student’s hair. But leave it to the Post to ignore or downplay all of that in favor of
continuing stories about Romney’s dog, his high school hijinks,
and whatever other nonsense they can use to protect President Obama from his
own incompetence.’ Ben Shapiro is Breitbart News Editor-at-Large. Follow him on twitter
@benshapiro.
Cracks in the Washington Post story on Romney’s ‘pranks’
emerge
Correction Request: Washington Post Uses Falsehood in
Romney Hit Piece
Media Downplays Obama's Past, Tries to Define Romney with
Teen Prank
If we're going to delve deep into a candidate's past, let's delve deep into a
candidate's past. Here's Obama in his own words admitting to physically shoving
a little girl named Coretta. Yes, it was at this moment that the first
shot in the War on Women was fired.http://albertpeia.com/obamashovesgirl.png
No doubt that after expending all that energy
bullying an innocent little girl, young Obama readied himself for round two by
eating a Golden Retriever. More on this breaking story here.If you're wondering what the rules
are regarding a candidate's past; how far back we're allowed to go in an
attempt to define them -- the answer is simple: the corrupt media will let
us know.
Washington Post Disgraces Itself By Targeting Romney's
'Anti-Gay' High School Pranks by Ben Shapiro { It
is true! The once great now failed newspaper, the washington
post, is an absolute
disgrace! But a shadow of its former self, the post is biased
presumably owing to shared desperation with the failed president wobama in return for access. So egregious had the bias
become wherein ‘sensitive’ commentary antithetical to wobama
and his, seldom seemed to work/post properly; and, then of course, the post’s pro-wobama
perpetual darkness-induced blind ‘constituency’. I stopped posting
there and have not visited their site since nor will I ever again. A
rather pathetic swansong /
end /
wind-down /
final chapter for what was once a great newspaper for which I had the utmost regard and respect! }
Obama WILL NOT pursue gay marriage as
part of party platform...
STONE: 'Playing a cruel and cynical
game'...
Unites Republicans?
New Black Panther Niggers Plan Newspaper
Cover With Zimmerman In Noose { and civilized people everywhere should respond
with niggers in nooses and contributions to the Klu Klux Klan! } ...
LOONEY CLOONEYLAND: BIG CAMPAIGN
BOXOFFICE FOR NIGGERO – Meanwhile, looney clooneyland ain’t doin’ so well with
the niggero model – see next headline! ...
Failed Wobama model illustrated: 16 Reasons To
Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm
Postal Service loses $3.2b in first
quarter...
78% of California 8th graders fail
national science test...
_______________________________________
{ some prior links of current interest }