Business Summary Links By
Day
AMERICA’S FAILED ECONOMIC APPROACH IN A
NUTSHELL (image courtesy of Dave Fry http://etfdigest.com )
:
http://albertpeia.com/insanity.jpg Well done, Dave! , Dave’s Daily: http://www.etfdigest.com http://etfdigest.com/commentary.html ‘THE FED DOES AS ADVERTISED 6-20-12 The result of Greek elections seemed a
non-event and now so too are the Fed’s action. The former is back to limbo with
a renegotiation stalemate with more of the same to come. The Fed’s extension of
“Operation Twist” was widely predicted as the likely outcome of their meeting.
The former makes you wonder why anyone believes the eurozone
is “fixed” while the latter begs the question: “If you’ve been twisting for the
past 6 months without any positive benefit, why continue?” In his news
conference Bernanke told reporters the Fed had lowered GDP forecasts (1.9-2.4%
from 2.4-2.9%) and expected unemployment to remain above 8% through year-end.
This is hardly bullish news despite hints of more action to come if necessary.
Like what? Well, they could just expand their Treasury holdings by buying even
more dated bonds—QE3 or some form of it. The latter is more jawboning and
threats. Goldman Sachs had perhaps astutely suggested this was the Fed’s last
chance to do something serious before the election made it seem politicized.
Nevertheless, markets want to go higher because, cynically, it’s
bonus time for portfolio managers and report card time for clients. After all
Europe is not fixed and neither is the U.S. The French have gone the other
way recommending retirement age be decreased to 60 from 62. Um,
not very helpful in the quest for austerite, oui? All we really have now globally is money
printing and talk to buy time. There has been some good reports and news from
Microsoft (MS) and Oracle (ORCL) of late but there have also been poor results
like Procter & Gamble (PG) and others too long to mention. When earnings
start flowing next month you might expect “beats” as estimates have been
sharply reduced. I’ve been on the “down low” the past few days awaiting the
Greek election outcome and the Fed’s action. It didn’t seem like there was much
to discuss until the dust cleared. Of course the funny thing is conditions are
as murky and unsettled as ever. With the Fed’s announcement the dollar (UUP)
was weaker along with gold (GLD) and commodities (DBC), (USO) & (JJC) while
bonds (IEF) were also weaker. Stocks were mixed to lower and it seems nothing
was popular on this Big Wednesday overall. Volume was higher Wednesday
especially after the Fed’s announcement. The old saying is “the first move’s
the wrong move” after Fed announcements and this seemed the case Wednesday.
Breadth per the WSJ was mixed to negative overall…’ ,
Will
Toledo, Ohio Be The First Major American City To Be Owned By China? http://albertpeia.com/holytoledo.htm ‘It has been said that
there are two ways to conquer and enslave a nation. One way is by using
the sword, and the other is by using debt. Fortunately, America is not in danger of being conquered by
the sword right now, but America
is being conquered by
debt. The borrower is the servant of the lender, and today we owe China more than
a trillion dollars. By running a gigantic trade deficit with us, China has been
able to become incredibly wealthy. We have begged them to lend us back
some of the money that we have sent them and this has made them even
wealthier. Now China
is gobbling up U.S. real
estate and U.S.
assets at an astounding pace. In fact, some cities are in danger of
becoming completely dominated by Chinese ownership. One of those cities
is Toledo, Ohio. In many "rust belt"
areas, real estate can be had for a song, and the Chinese are taking full
advantage of this. America was once the wealthiest nation on earth, but
now we are drowning in debt and we are being sold off in chunks to the highest
bidder…’ , The Chart
That Scares The "1%" The Most
ZeroHedge.com Tyler Durden 6-20-12 Capitalists have been gripped by
'systemic fear' making them worry not about the day-to-day movements of growth,
employment, and profit, but about 'losing their grip'. An interesting recent
article by the Real-World
Economics Review on the Asymptotes of Power focuses on the fact that the capitalists are forced to realize that their system
may not be eternal, and that it may not survive in its current
form. The authors fear that, peering into the future, the '1%' realize that in
order to maintain (or further increase) their distributional power (their net
profit share of national income - which hovers at record highs) they will have
to unleash even greater doses of social 'violence' on the lower classes. The
high level of force already being applied makes them increasingly fearful of
the backlash they are about to receive (think Europe to a lesser extent) and
nowhere is this relationship between the wealthy capitalists and social
upheaval more evident than in the incredible correlation between the Top 10%
share of wealth and the percent of the labor force in prison. In order to have reached the peak level of power it
currently enjoys, the ruling class has had to inflict growing threats, sabotage
and pain on the underlying population. Although there are no hard and fast
rules here, it is doubtful that this massive punishment can be increased much
further without highly destabilizing consequences. This crisis
is rooted in our past sins and we are unlikely to escape the punishment we
justly deserve. , The
"American Exceptionalism" Paradigm Is
Broken , What Is Executive
Privilege? There has been much talk
today about Obama's use of the "executive privilege" yet few are
familiar with the details of this relatively unknown presidential option. The
AP sheds much needed light on this practice: perhaps the most fitting, to the
constitutional expert president, is that the "privilege" isn't in the Constitution nor has been clearly
defined by the courts. In other words - just the kind of
loophole that one needs to mask the fact that the very person tasked with
imposing justice is himself guilty of performing just
the opposite. Yet Obama has only used it once (so far) during his tenure as
president. Dubya used it six times, Bush Sr used it once also. Slick Willie however takes the cake
with 14 cases of executive privilege during his 8 years..’ , Guest
Post: Abandoning Ship - The Eurozone Is Failing At An
Accelerating Rate , Faster
And Furiouser: Darrell Issa
Strikes Back, Holds Eric Holder In Contempt
, Guest
Post: The Housing Recovery - Based On What?
…We understand the industry's extreme self-interest in attempting to
re-inflate housing…But people need a sufficient income to qualify to own a
house, regardless of rates, so let's look
at income by age, and focus on the key homebuying
ages of 25 to 44. The only age group whose incomes continued
rising during the past five years is the over 65 cohort--the very group who is
"downsizing" or selling their homes to live in assisted living. The
key homebuying cohorts have seen their incomes
plummet since the housing bubble popped.
, Presenting
The Fundamental Flaw In The Fed's Thinking
This one simple chart below shows what is possibly the biggest and most
fundamental flaw in Bernanke's approach to spurring the economy, which to him,
of course, means rising prices of risky assets, aka the stock market. , Fed
Releases New Economic Forecast, Sees Deteriorating Economy, Up To 8.2%
Unemployment At Year End
Spain
is Now Facing a Banking Crisis and a Sovereign Crisis at the Same Time June 20, 2012 By gpc1981 http://albertpeia.com/eugameover.htm
‘Last year I (Graham Summers) wrote a piece in which I noted that the EU would
implode before the end of 2012. The reason for this was clear as day: EU banks
needed to roll over hundreds of billions of Euros’ worth of debt (possibly
trillions) at a time when interest rates would be rising as sovereign bonds
fell in value: At that time I wrote:
This is not a question of “if,” it is a question of “when.” And it will very
likely happen within the next 10-12 months if not sooner depending on how soon Greece
defaults. The reason that this is guaranteed to happen before the end of 2012
is that a HUGE percentage of European bank debt needs to be rolled over by the
end of 2012. Between now (autumn 2011) and then (end of 2012)…
- French banks need to roll over 30% of their
TOTAL debt.
- Spanish banks and Italian banks need to rollover
more than 33% of their TOTAL debt.
- German banks need to roll over nearly 40% of
their TOTAL debt.
- Irish banks need to roll over almost HALF (50%)
of their TOTAL debt.
Let’s
fast forward to today to focus on Spain’s current predicament:
Consider the following…
1)
Spain’s banking system is
roughly €3 trillion in size (3X Spain’s
GDP).
2)
Spanish banks’ gross borrowing from the ECB was €316 billion in April.
3)
Spanish banks need to roll over 20% of their bonds (roughly) €600 billion this
year.
Anyone
can see by this a simple “back of the envelope analysis “that Spain will need
a lot more than €100 billion to recapitalize its banks. How on earth Spanish banks can roll over €600 billion
in bonds at a time when the global bond market has just learned that all
private bondholders will be subordinate to the ESM is beyond me (read: it won’t happen). And thanks to a
€100 billion bailout which has put Spain’s
REAL Debt to GDP at 146%, Spain
is now facing both a banking crisis AND a sovereign crisis simultaneously. There is no entity on this planet that can shore up
both the Spanish banking system as well as the Spanish Sovereign bond market…’
20-Jun-12
07:20PM Bed Bath & Beyond Earnings: Revenue Lighter Than Wall
Street View at Wall
St. Cheat Sheet 07:17PM Red Hat Earnings: Double Digit Revenue Growth Not Enough for
Investors at Wall St.
Cheat Sheet 07:15PM Micron Technology Earnings: Margins Shrink For Fifth Straight
Quarter at Wall St.
Cheat Sheet 06:04PM Investors Expect High Octane Bernanke Market Rally Relief at Wall St. Cheat Sheet 05:04PM Stocks Seesaw After Bernanke Extends Twist: P&G Panned,
JPMorgan Praised at
Forbes 04:44PM Facebook Post Mortem at Motley Fool 04:05PM Bernanke Torpedoes Obama Reelection With Bleak Outlook, No QE3
at Forbes 03:16PM FOMC Saves Its Ammo Zacks 03:11PM InPlay:
Stock indices slide further off early afternoon recovery highs after end of Fed
press conference -- Dow -81, S&P -9.3, Nasdaq
Comp -13 Briefing.com 03:07PM MORGAN STANLEY: Buy Stocks, Sell Bonds Because Tomorrow's Home
Sales Report Will Smash Expectations Business Insider
02:17PM InPlay: Limited action as Fed Chair begins -- Dow +11,
S&P +0.7, Nasdaq Comp +7 Briefing.com 01:31PM Dow Averages Signal More Pain for Bears at Forbes 01:12PM Dow Averages Signal More Pain for Bears at Forbes 01:08PM Fed Extends Operation Twist, Hints at More Action at TheStreet 01:02PM Dow Averages Signal More Pain for Bears at Forbes 01:00PM InPlay: Fresh intraday rebound highs
after post-Fed slide to 50 day -- Dow - 4, S&P -1, Nasdaq
Comp +5 Briefing.com 12:50PM Bernanke Tries To Buy More Time: Fed Extends Operation Twist To
Year-End at Forbes 12:32PM FEDERAL RESERVE EXTENDS OPERATION TWIST Business Insider 12:32PM FEDERAL RESERVE EXTENDS OPERATION TWIST, MARKETS FALLING MORE
Business Insider 12:08PM InPlay:
Minor new session lows -- S&P -4.6, Dow -29, Nasdaq
Comp -6.2 Briefing.com 11:45AM Index, ETF option volumes near midday optionMONSTER 11:40AM Index, ETF option volumes near midday optionMONSTER 11:33AM How to Use Low-Volatility ETFs ETF Trends 11:31AM How to Use Low-Volatility ETFs ETF Trends 11:27AM Index, ETF option volumes near midday optionMONSTER 11:08AM Don't Fight The Fed, Get Busy at Forbes 10:39AM Five Events That Could Cause A Market Rally at Forbes 09:59AM InPlay: Stock indices edge off lows
after minor downticks -- Dow -19, S&P -2, Nasdaq
Comp +1 amid strength in Semi SMH +0.7% Briefing.com
09:45AM Is the Jaw the Biggest Tool Left in the Fed's Box? at Minyanville 09:43AM Bank of America and SPDR S&P 500 ETF Most Active Stocks in
Pre-Market Today on the NYSE at Minyanville 09:41AM Bank of America and SPDR S&P 500 ETF Most Active Stocks in
Pre-Market Today on the NYSE at Minyanville 09:20AM Minyanville's T3 Morning Market Call:
Futures Flat, Gold Drops Ahead of Fed Day at Minyanville 09:20AM Bank of America and SPDR S&P 500 ETF Most Active Stocks in
Pre-Market Today on the NYSE at Minyanville 09:05AM Pre-Market Primer: Stock Futures Rise as Fed Action Is On Tap
at Minyanville 08:35AM The Hidden Truth Behind ETF Inflows at Forbes 08:35AM The Hidden Truth Behind ETF Inflows at Forbes 08:31AM The Hidden Truth Behind ETF Inflows at Forbes 08:15AM SPX Update: Market Now Solidly Overbought at Minyanville 07:43AM [video] Trading The Fed News at TheStreet 07:43AM [video] Trading the Fed News at TheStreet 07:30AM [video] Why Volatility Weighted Indexes Trump S&P 500 at TheStreet 05:25AM Martin Feldstein: The Fed Shouldn't Bother With More Easing
Because It Doesn't Help The Economy Business Insider
Economic
collapse in Greece is finally sinking into the consciousness of its citizens
Natural News | The fact that their country is slipping further towards a
financial abyss is becoming more ingrained in their psyche.
Debt
crisis: Spain and Italy to be bailed out in £600bn deal
London Telegraph | European leaders are poised to
announce a £600 billion deal to bail out Spain
and Italy, it emerged at the G20 summit on Tuesday night.
Gold
Seen Falling A Second Day In London Before Fed
Decision
Bloomberg | Gold is set to decline for a second
day in London
as investors await the outcome of the Federal Reserve’s monetary-policy
meeting.
AP Business
Highlights
...Yahoo Market
Update…
Compendium of
Important Business / National / World News / Topics / Articles / Headlines
http://albertpeia.com/articlelinkspage3.htm
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. ]
Wobama’s Choom Gang Bangin’ { This
brief video (11 mb) is well done and worth a
watch! }
http://www.albertpeia.com/wobamaschoomgangbangin.wmv
PAPER:
Obama's grandfather tortured by the British? A fantasy (like most of the
President's own memoir)... { http://albertpeia.com/wobamaschoomgangfantasy.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 }
