Business Summary Links By Day
The
Bank Runs In Greece Will Soon Be Followed By Bank Runs In Other European
Nations ‘‘The bank runs that we are
watching right now in Greece are shocking, but they are only just the
beginning. Since May 6th, nearly one billion dollars
has been withdrawn from Greek banks. For a small nation like Greece,
that is an absolutely catastrophic number…’ http://albertpeia.com/greekbankrunsgoeurope.htm , This is the beginning of a run on banks. Zero
Hedge blogger Tyler Durden
fears the worst as he passes along pictures of ATM lines in Greece.
"A Greek banking system which is now virtually shut out of any extrenal funding except for the ELA, where it has a few
billions euros in access left, will be unable to deal
with hundreds of millions in deposit outflows," he writes. "This may be
the beginning of the end for Greece, just as Buiter and
later JPM warned
over the weekend." , The debt ceiling
nightmare scenario (for the u.s.) , Euro
Zone, a Solvency Not a Liquidity Crisis
, Chris
Martenson: "We Are About To Have Another 2008-Style Crisis"
ZeroHedge.com Tyler Durden ‘…Alas, all good things
come to an end, and a crisis rooted in ‘too much debt’ with a nice undercurrent
of ‘persistently high and rising energy costs’ was never going to be solved by
providing cheap liquidity to the largest and most reckless financial
institutions. And it has not.’ , Three
Charts On Why This Time Is 'Not' Different For Stocks We are constantly
told that this time is different and we are on a sustainable magic carpet ride
to growth, that stocks are merely 'stabilizing' to allow earnings to catch up
with valuations, and that buying-the-dip is the obvious trade. However, as the
three charts below indicate - its no different this
time at all. As Barclays notes, VIX and
credit markets are leaking exactly as they did in 2010 and 2011
in preemptive anticipation of the end of Twist (and LTRO) leaving stocks
vulnerable to the real shocks of a real macro event risk world; equity performance remains too good to warrant a
central bank response (as we just saw in the FOMC minutes) and TIPS breakevens
are far above previous intervention levels; and while bank funding fears, growth slowdown concerns, and
sovereign downgrade worries are supposedly lesser than in
previous sell-off periods, we suggest they are absolutely rising in anxiety and that is the catalyst
for the next leg down before the inevitable QE/LTRO occurs. , A
12-Year-Old Girl Crushes The Canadian (and American) Dream When Ron Paul stands up in front of a crowd
and explains the fictional-reserve
banking system's unreality, some listen, many shrug and bury their heads. When ZeroHedge does the same, comments are heavy but change is
slow to come. But when a 12-year-old
girl, in a little over five minutes can explain the total farce that is our
monetary system, surely people have to listen and break free of the matrix.
Victoria Grant, 12, explains how "The banks and the government have
colluded to financially enslave the people of Canada," and as CTV
notes, 'Grant lays out a brief history of the Canadian banking system,
referencing obscure historical figures such as former Vancouver mayor Gerald McGeer and explaining that the Bank of Canada held primary
control over government lending until the 1970's. Starting then, she says,
governments began borrowing from private banks instead at considerably higher
interest rates than those available through the central bank. The result, Grant
argues, is a rapidly increasing
national debt. The pint-sized pundit is quick to offer a
solution. "If the Canadian Government needs money, they can borrow it
directly from the Bank of Canada,"
she says. " ... Canadians would
again prosper with real money as the foundation of our economic structure."
The truth is out there - whether it comes from Alan Simpson, Ron Paul, ZeroHedge, or a 12-year-old Canadian young lady. , Bruno Iksil Leaving
, Greece
Sneezes, The Euro Dies of Pneumonia! A Step-by-Step Guide To Pan-Euro, Bank
Busting Contagion http://albertpeia.com/paneurobankbustingcontagion.htm , European
Banks Battered As Reality Sets In As Europe
opened last night markets were very weak with Sovereigns gapping dramatically
wider and equity and credit markets under pressure. Just as in the last few
days in Europe though, early weakness has been tempered by a modest belief that
the ECB will save us all if it gets bad enough. Today was a little different -
as we noted it appeared the ECB was starting to play chicken a little more
vocally and while equity, credit, and
sovereigns rallied in their usual way off the open - there was one critical
difference - financials did not. Early on it was clear that
many traders were looking to place the short-financials,
long-sovereign credit trade, this implicitly forced
LTRO-encumbered banks to underperform (as Greek, Italian, and Spanish banks
were crushed in stocks and spreads) moving the LTRO Stigma wider still - back near record wides.
The EURUSD was choppy
but once the ECB headlines hit and rumors swirled of more bank runs, cessation
of support, and capital controls, it fell back below 1.2700 once again (only to surge a little
into the Europe day-session close - back to unch.
Treasuries and Bunds were in lockstep - leaking higher in yield as the
technical support for sovereigns came in (not from the ECB but via our
financials-sovereign spreads arb) but this gave way
into the close as risk asset weakness dragged yields lower in Germany. US
equities faded into the Europe close (as normal) ending back at a balanced
VWAP, with EU financial stocks down over 1% on average, and EU stocks overall
down around 0.75% (BE500). , Did
Draghi Just Give Greece The All-Clear To Leave? ECB
President Draghi just admitted that while the ECB
Governing Council would like Greece to stay, there is a limit to what they will
do to save it and will do everything they can to preserve their 'pristine'
balance sheet - which sounds a lot to us like - 'we are not lending/printing/supporting your financial
system anymore as you are far too big a risk (and are asset-stripped) and to be
honest, it might be better if you just left - since we have
encumbered all your assets anyway'. , Art
Cashin On Ostrich Rallies, ATM Lines And MOC Bluffs
You saw it all unfold here blow by blow yesterday. Now Art Cashin
gives the post-mortem. , Housing
Starts Beat, Permits Miss; Both Crawl Along Record Bottom Following several months of permits rising
even as starts flatlined, today we get the opposite,
as forward looking construction came weaker than expected, with permits
printing at 715K on expectations of 730K, while starts coming ahead at 717K on
expectations of 685K. Completions soared as backlogs caught up with inventory
started and under construction. Really, that's all one can say about these two
series, who long-term charts can be seen below. What can one say but crawling
at the bottom, and increasing modestly courtesy of trillions in fiscal and
monetary stimulus, and as of recently full-blown mortgage debt forgiveness
courtesy of this country's desperate administration to get some traction in at
least one metric of economic improvement.
Submitted
by Tyler
Durden on 05/16/2012
- Facebook's
selling shareholders can't wait to get out of company, increase offering
by 25% (Bloomberg)
- Boehner Draws Line in Sand on Debt
(WSJ)
- Romney Attacks Obama Over Recovery
Citing U.S.
Debt Load (Bloomberg)
- BHP chairman says commodity
markets to cool further (Reuters)
- Merkel’s First Hollande
Meeting Yields Growth Signal for Greece (Bloomberg)
- Greek President Told Banks Anxious
as Deposits Pulled (Bloomberg)
- EU to push for binding investor
pay votes (FT)
- Martin Wolf: Era of a diminished
superpower (FT)
- China’s Hong Kong Home-Buying
Influx Wanes, Midland
Says (Bloomberg)
- U.N. and Iran agree to keep talking on
nuclear (Reuters)
- US nears deal to reopen Afghan
supply route (FT)
ABC News Exclusive: Zimmerman Medical Report Shows Broken Nose,
Lacerations After Trayvon
Martin Shooting {That little (6’3”) thieving nigger was enraged by his
being thwarted in his scope-out/plundering of Zimmerman’s neighborhood. Clearly
self-defense with wounds consistent with his true story, Zimmerman was fighting
for his life and ultimately saved the citizens of Florida from the future costs
of the burgeoning violent, thieving typical nigger-criminal trayvon
martin.}
16-May-12
05:35PM J.C. Penney Suffers Biggest One-Day Drop In Its History at The Wall Street Journal 05:19PM Tomorrow's Tape: Another Key Manufacturing Sounding at The Wall Street Journal 05:05PM Limited Brands Earnings Cheat Sheet: Net Income Drops by Double-Digits
at Wall St. Cheat Sheet 05:04PM Labor Department Error Overstates Female Job Losses at The Wall Street Journal 04:49PM Train Reading: Facebook IPO End of an
Era? at The Wall
Street Journal 04:37PM Labor Department Error Overstates Female Job Losses at The Wall Street Journal 04:28PM Einhorn's Silence is Golden for Herbalife at The Wall Street Journal
04:28PM Apple Shares: Einhorn vs Gundlach at The Wall Street Journal 04:19PM Housing Less Dilapidated, but Still a Fixer-Upper at The Wall Street Journal 04:19PM Gundlach Says Short Apple; Shares
Fall at The Wall
Street Journal 04:00PM STOCKS FALL AGAIN: Here's What You Need To Know Business Insider 03:58PM Spain's 'Friend' Needs a Hand at The Wall Street Journal 03:41PM Housing Less Dilapidated, but Still a Fixer-Upper at The Wall Street Journal 03:28PM InPlay:
Dow -6 dipped to new session low, still above Tues low -- S&P -3 and Nasdaq Comp -16 have thus far not pushed to new lows Briefing.com 03:19PM Facebook IPO: Limit to Stock Orders
When Trading Begins at
The Wall Street Journal
02:45PM Stocks Turn Negative After Fed Minutes at The Wall Street Journal 02:32PM Europe: How Disorderly Will It Get? at The Wall Street Journal 02:23PM Bernanke Hedges Bets: Fed Ready For QE3 But Only If Economy
Falters at Forbes 02:19PM Fed Debates Falling Labor Force Participation at The Wall Street Journal 02:01PM InPlay:
Stock indices lift off afternoon lows as FOMC headlines cross the wires -- Dow
+41, S&P +2.7, Nasdaq Comp -5 Briefing.com 01:56PM Defensive Stocks Leading the Way These Days at The Wall Street Journal 01:56PM S&P 500 cycles point lower at MarketWatch 01:42PM Dividends Are Hot! at CNBC
01:26PM Facebook and Treasurys,
the Odd Couple at The
Wall Street Journal 01:14PM InPlay:
S&P +1.1 and Nasdaq Comp -2.2 continue to probe
midday/afternoon pullback lows -- Dow +19 Briefing.com
12:59PM Bullard: Fed on Hold Because Existing Policy Already Ultra-Easy
at The Wall Street Journal 12:56PM Facebook IPO: More Buzz Than Buyers?
at The Wall Street Journal 12:15PM Stocks Could Use a Lifeline; Will Fed Provide It? at The Wall Street Journal 12:14PM Has Canada Contracted Dutch Disease? at The Wall Street Journal 12:09PM Short Interest Picking Up As Stocks Struggle at The Wall Street Journal 12:02PM Euro Drops After 'Major Confusion' Regarding Greek Bank
Operations at The Wall
Street Journal 11:56AM Shareholders Sue J.P. Morgan Over the Teapot, and the Tempest
Inside It at The Wall
Street Journal 11:47AM Euro Drops After Report Regarding Greek Bank Operations at The Wall Street Journal 11:45AM Index, ETF option volumes near midday optionMONSTER 11:40AM Index, ETF option volumes near midday optionMONSTER 11:40AM Cousin Greed and Cousin Fear Make an Uncertain Mr. Market at Minyanville 11:25AM Index, ETF option volumes near midday optionMONSTER 11:24AM Short Interest Picking Up As Stocks Struggle at The Wall Street Journal 11:17AM Dead-Dog Bounce Dies at The Wall Street Journal
11:17AM Fed Now Holds Very Few Short-Dated Treasurys
at The Wall Street Journal 11:06AM 3 Dividend Stocks With Exceptional Operational Performance at Seeking Alpha 11:05AM [video] Home Sales Lifts Stocks at TheStreet 10:58AM Secondary Sources: Job and Education Chart, Big Business, China
Dollar Shortage at The
Wall Street Journal 10:28AM InPlay:
Stock indices extend to new highs -- Dow +77, S&P +9.6, Nasdaq
Comp +16 Briefing.com 09:52AM Bears Found in China? at Motley Fool
09:36AM Stocks In Methodical Selloff, More Fear Needed For A Bottom
at Forbes 09:31AM Target Earnings: Profit Streak has Investors Cheering at Wall St. Cheat Sheet 09:30AM iShares MSCI Germany Index and CenturyLink Most Active Stocks in Pre-Market Today on the
NYSE at Minyanville
09:25AM This Decline Isn't a Selling Panic -- It's a Buying Strike at Minyanville 09:24AM Target Earnings: This Streak has Investors GIDDY at Wall St. Cheat Sheet 09:16AM In Vino Veritas
But In Wall Street Verisimiltude at Forbes 09:16AM In Vino Veritas
But In Wall Street Verisimilitude at Forbes
09:07AM Stocks to Watch: J.C. Penney, Abercrombie & Fitch, General
Motors at The Wall
Street Journal 08:47AM Morning Links: Bears Are Back at The Wall Street Journal 08:37AM Target Earnings: This Streak has Investors GIDDY at Wall St. Cheat Sheet 08:35AM Vital Signs: Cautious Consumers at The Wall Street Journal 08:25AM [video] Trading a Headline-Driven Market at TheStreet 07:36AM 10 Things You Need To Know Before The Opening Bell Business Insider 07:23AM Morning MarketBeat: 'Sell in May'
Working, So Far at The
Wall Street Journal
Developing
World’s Market Bubble Set to Bring Global Depression
Infowars | The world market bubble is setting the stage for a global
economic collapse.
Jamie
Dimon: Billions Lost in Derivatives Fraud is Merely
‘Standard Banking Practice’
LA Times | Head of
JP Morgan Chase unveils arrogance of a banking elite not concerned with the
real economy.
Death By
Foreclosure: Desperate Man Commits Suicide After Wells Fargo Steals His Home
. Dave Johnson Alternet
: Norman and Oriane Rousseau were one more couple
pushed by a huge, greedy bank to the brink of homelessness. On Sunday,
desperate and with nowhere to go, Norman Rousseau shot himself.
This is the story of what happens when an average
couple is up against a giant, wealthy, powerful bank. Unfortunately the result
is what the result always is when people are on their own against the wealthy
and powerful: the bank ends up with all of their money, takes their house to
sell and throws them out onto the street. In this case the bank is Wells Fargo.The quick version of this terrible story is that
Norman and Oriane Rousseau of Newbury Park, California
were scammed into a predatory mortgage. But they made their payments anyway,
always paying with a cashier’s check in person at the same branch. Then one day
the bank misapplied their payment and said they still owed the money. This
started a long, nasty process that led to the bank evicting the Rousseaus from their home. Here’s the shocker: right
at the start the Rousseaus came up with proof that
the bank had received the payment and had cashed the check. But the bank
continued to claim it had missed the payment, gave the Rousseaus
the runaround, started applying fees, and used it as an excuse to foreclose on
the house anyway. Read full article here
Did
Draghi Just Give Greece The All-Clear To Leave?
Zero Hedge | ECB
President Draghi just admitted that while the ECB
Governing Council would like Greece
to stay.
Greece
faces stark election choice – in or out of the euro
London Guardian | Collapse of coalition talks plunges eurozone into fresh turmoil as EU policymakers work on
plans for post-Greek single currency.
Jamie
Dimon, JP Morgan Chase & The
Fed: Billions & Trillions for Insiders
New American | Oops!
Another couple billion dollars lost.
Rogers:
“Volume Is Not Going To Come Back. We’ve Had A Great
30 Years. That’s Finished!”
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
Nancy Pelosi Wants to Amend the First Amendment Kurt Nimmo |
When Pelosi says “special interests,” she means interests opposed to
establishment Democrats. [ Here’s a look at the pelosi
/ wobama styled new california ( 16 Reasons To
Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm ) . pelosi’s incompetent / senile in that chronological order.
At this point, wobama the b for b***s*** is just
incompetent but acts and seems as if he’s senile, particularly with regard to
previous things he’s said and prior promises that he’s made. ]
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 }