Business Summary Links By Day
Dave’s
Daily: http://www.etfdigest.com
BERNANKE SHOWS UP, STOCKS
RALLY 8-31-12 { Absolutely amazing that
something that’s failed so miserably for all but the frauds on wall
street, the price for which will be paid by others now and in futuro could be
an accepted/anticipated/cheered strategy- How totally pathetic! How about real
valuations based upon real finance, economics as opposed to the fraudulent wall
street feel good from inflationary dollar debasement at everybody else’s expense! – summary: ‘…Stocks
bounced around most of the day but QE addicts are still running the show. After
all it is month-end the opportunity to window dress is ever present.The worst
measure of Consumer Sentiment, the U of Michigan’s data was positive (74.3 vs 73.5 expected &
prior 73.6). I say it’s the worst measure because it’s weighted
too heavily by stock prices. It’s an interesting disconnect from The Conference Board’s report on
Tuesday showing a dreadful (60.6 vs 65.4) reading. The Chicago PMI (50.3 vs
50.7) was a disappointment. Factory Orders showed a headline gain (2.8% vs -.5%
prior) but inside the numbers capital spending was 4% lower.Overseas the
eurozone offered the third straight month of gains despite dreadful economic
reports each month. The rumor du jour was that Jens Weidmann, head of the
Bundesbank and a thorn in the side of pro-bailout and QE forces in the ECB, was
contemplating retirement. That caused stocks to rally as the tough sheriff
might be leaving Dodge so the bad guys could tear up the town.One thing is
clear; gold (GLD) loves QE since it lowers the value of the dollar (UUP). And,
in case you forgot, one of the Fed’s two mandates is to protect the purchasing power of
the dollar. What’s the grade for especially given manipulated CPI data
…’ Regarding the rally? There’s a blazing
full, blue moon up there which has such effect on lunatics as are on wall
street and now in nations/markets worldwide! }
‘The Bernanke Put is firmly in
place. The much awaited Bernanke speech was just a rehash of previous
statements. But others like Fed mouthpiece, the WSJ’s Jon Hilsenrath, has
basically said more QE is on the way and it’s just a matter of when. Bernanke’s
own words suggest the Fed is keen to promote higher stock prices. As he stated:
“It is probably not a coincidence that the sustained recovery in U.S. equity
prices that began in March 2009, occurred shortly after the FOMC’s decision to
greatly expand securities purchases. And, that this
effect is potentially important because stock values affect both consumption
and investment decisions.” Therefore we know how he grades performance—the
level of the S&P 500. How he believes all this has helped the economy
is unexplained. The Bernank has the printing press and you don’t so don’t fight
him.There was some disappointment after the vague Bernanke statement as bulls
wanted their QE now! But the spin was assured by Hilsenrath and later
luminaries like Bill Gross who stated, “QE is a certainty.”With hindsight it
was clear now why Draghi was a no show. He knew Bernanke was just going to
repeat previous statements thus shining the spotlight on him. He had nothing to
offer so he stayed home.Stocks bounced around most of the day but QE addicts
are still running the show. After all it is month-end the opportunity to window
dress is ever present.The worst measure of Consumer Sentiment, the U of
Michigan’s data was positive (74.3 vs 73.5 expected & prior 73.6). I say
it’s the worst measure because it’s weighted too heavily by stock prices. It’s
an interesting disconnect from The Conference Board’s report on Tuesday showing
a dreadful (60.6 vs 65.4) reading. The Chicago PMI (50.3 vs 50.7) was a
disappointment. Factory Orders showed a headline gain (2.8% vs -.5% prior) but
inside the numbers capital spending was 4% lower.Overseas the eurozone offered
the third straight month of gains despite dreadful economic reports each month.
The rumor du jour was that Jens Weidmann, head of the Bundesbank and a thorn in
the side of pro-bailout and QE forces in the ECB, was contemplating retirement.
That caused stocks to rally as the tough sheriff might be leaving Dodge so the
bad guys could tear up the town.One thing is clear; gold (GLD) loves QE since
it lowers the value of the dollar (UUP). And, in case you forgot, one of the
Fed’s two mandates is to protect the purchasing power of the dollar. What’s the
grade for especially given manipulated CPI data?Investing tip: Just
yesterday we discussed a range of strategies to protect your portfolio from a poor
outcome post Jackson Hole. It looks like the Bernanke Put is firmly in place so
shorting seems unwise. You either don’t play or go with the presumed
next liquidity injection but you don’t need to go “balls to the wall”
especially when BRICs and others are in very poor shape technically and
fundamentally.Volume expanded on the volatile day’s action but was still below
recent standards. I suspect most traders left for the long holiday weekend
around noon. Breadth per the WSJ was positive…’ , AN OPEN LETTER TO THE
QE CROWD: GIVE UPAugust 31, 2012 By gpc1981
‘So… all of you were clamoring that QE 3 was coming. It was guaranteed.Well
guess what. It didn’t. You were wrong. 100% wrong. All we got was the same
tired “the Fed stands ready to act” tagline from Bernanke.This was the obvious
conclusion anyone who actually bothered doing research would come to. Bernanke
stated as far back as May 2011 that the consequences of QE outweighed the benefits.
He also stated a month ago that for the Fed to buy too many Treasuries or
Agencies would “hurt” the financial system.But no, everyone and their mother
was positive QE was coming today. Nevermind what Bernanke actually says.
Nevermind that food and gas prices are near records. Nevermind that the
political consequences of QE now would assuredly cost Obama the election and
result in Mitt Romney taking the Fed to task once he was in office… QE was definitely
coming today.You were wrong. You’ve been wrong for over a year. The fact the
market has ramped after the Fed disappoints only shows how desperate the QE
crowd is (“surely this leaves the door open for QE down the road”. We’ve
been through this same tired scheme over 10 times now.It’s 100% totally and
completely pathetic. And the fact so many people buy into it is proof positive
that sadly many investment professionals don’t have a clue how to perform
critical analysis or even accurately engage with reality.So Bernanke
disappointed. Next up is the ECB. What happens if it disappoints? What happens
if the whole “Central Banks can save the day” philosophy turns out to be total
nonsense? Just a thought. One that might be worth considering given that the
claims of more QE have proven to be bogus for over a year now. On that note,
I’ve already alerted my Private Wealth
Advisory
subscribers to a handful of investments that will explode higher as the markets
realize THE
OBVIOUS TRUTH: THE CENTRAL BANKS ARE TAPPED OUT FOR NOW…’ , Can
"It" Happen Again... Again?
ZeroHedge.com { Yes! } Many have
talked about it. More have eschewed it. But Minsky's hugely important insight
in asking the question "Can 'It' Happen Again?" regarding the
Depression remains critical reading for any- and every-one who opines day-in
and day-out on how much we need or do not need Central Bank money-printing… , Charting
China's 'Monetary Policy' Impotence
, Visualizing
The Public Vs. Private College Debate
, Today's
Mad 'Manipulated' World Of Markets; Or "How To Fit 2 Seconds Of Trading
Into 1 Millisecond!" , Europe's
Scariest Chart... Got Scarier While
the general level of unemployment in Europe is rising in a scary enough
way (more
detail here), the one really concerning data point has gone from bad to
worse. When we
last looked at youth unemployment in Europe, things were stabilizing a
little, though at extremely lofty levels. With the release of July's data, the
situation has deteriorated rapidly; Euro-Zone youth unemployment hs now ticked back up to its euro-era
record-high of 22.6% (18-year highs). Only Portugal saw an
improvement is the rate of unemployment among the Under-25 age group (from
37.6% to 36.4%) though it remains anarchically high. Italy was the hardest hit, back above 35%
with its largest rise in youth joblessness in 5 months, Ireland
rose back above 30% for its biggest rise in 11 months as France jumped to
two-year highs and Spain and
Greece are practically deadlocked with ~53% of their younger-generation out of
work - new all-time records. Why do we worry? Why is this so
scary? Two reasons - this
and this. , Guest
Post: Your Window to Buy Gold Below $1,700 Is Closing Even the hardiest investors have been
lamenting that gold prices have been stuck in a rut for a long time. Others
with less experience have watched the market waiting for something to happen...
And as always, many bailed out of the market entirely, licking their wounds.
But some, have been stocking up. Regardless of the date, we're confident that a
new high in the gold price will come. The highs will come because many major currencies are unsound,
overburdened with debt, and being actively diluted by governments.
Indeed, the ultimate high could be frighteningly higher than current
levels. As such, we suggest
taking advantage of prices that won't be available indefinitely.
I think we all need some of nature's cure for man's monetary ills. , Guest
Post: The End Of The Euro: When Will It Happen? In Rome, the main post office is in a majestic old building with
imposing architecture. It was a procession just to buy a few stamps. Stand
here, stand there. Take this ticket, fill out this form, print that form. What
should have taken 10 seconds took 10 minutes; the process it took to get
there was a real eye opener. They have all these fancy IT systems, but we get
the sense that this ‘technology’ just gives the post office a veneer of
modernity and sophistication without actually being necessary or adding any
value. This is typical of bureaucracy: take a simple task, make it
unnecessarily complicated, then spend a bunch of money on technology that makes
it even more complicated. Given this experience, Italy has clearly mastered the art of
unnecessarily complicating the simple. It’s no wonder they have
serious problems paying the bills. Moreover, the country’s demographic
challenges indicate the country’s fiscal situation cannot improve. Robust
economies are productive… and productivity is typically not associated with the
elderly. Italy has one of the world’s oldest populations concurrent with one of
the lowest birth rates. This trend drives an unsustainable fiscal quandary:
bloated public sector bills with lots of old people to pay pensions to, coupled
with a rapidly shrinking population devoid of young workers to pay taxes. At this point, there can be little doubt
that Italy will exit the eurozone... most likely voluntarily. A return to the
lira means the Italian government (probably to be headed by Berlusconi once
again) would be free to print currency at will. This is the only reasonable
solution remaining. When will it happen? Probably sooner than we think. , Guest
Post: The Real Reverse Robin Hood: Ben Bernanke And His Merry Band Of Thieves Listen up, debt-serfs, you have it good here on the manor estate.
You get three squares of greasy fast-food or heavily processed faux-food a day,
and if Reverse Robin Hood and his Merry Band of Thieves is ripping you off it's
for a good reason: the predatory Neofeudalist Financial Lords need the money
more than you do, as they have a lot of political bribes to pay: it's an
election year, and the bribes are getting increasingly costly. Poor things,
we're sure you understand. Now
go back to work or watching entertainment (or "news," heh) and leave
the Lords alone - but answer these 11 questions first, before hailing the new
hero. , Relying Upon
The European Numbers We fear that
the data given to us by Europe is erroneous. , Mission
Intractable: ECB Bond-Buying Plan-For-A-Plan Will Self-Destruct In 24 Hours Have no fear; Europe closed and equities
leaked so a quick series of European comments are more than required... Bankia,
check! Bank backstops, check! ECB Bond-Buying Plan...
- *ECB SAID TO PLAN TO
GIVE GOVERNORS BOND PROPOSALS ON SEPT. 4
- *ECB SAID TO HAVE NO
PREFERRED OPTION FOR BOND PURCHASE PLAN YET
So no real idea what they are actually
going to do. However!
- *ECB SAID TO GIVE
CENTRAL BANKS 24 HOURS TO DIGEST BOND PLAN
Submitted by Tyler
Durden on 08/31/2012
Perhaps it is the weight that is lifted
from having to tow the propaganda life while under the influence of the Fed,
but Robert Heller (ex Fed Governor) just laid out the 'translated' version of
Bernanke's speech this morning. "I
don't think the Federal Reserve will take any action, certainly not until the
fiscal cliff, the fiscal uncertainties are actually addressed,"
which is similar to our interpretation of Bernanke's comments as he added "if
they're not addressed and the economy falls off the cliff; yes, then you may
get QE3," but "I
don't see that happening before the election!" This great
interview - somewhat stunningly truthy for CNBC - is well worth five minutes of
your time (on this ever-so-hectic Friday before Labor Day) as Heller discusses
teh fading impact of QE, the risk of enormous losses for the Fed, and the
danger of believing in a 'safe' exit strategy.
Submitted by Tyler
Durden on 08/31/2012
The market is indeed a discounting
mechanism it appears. In a mere 20 milliseconds, the world's 'traders' had
managed to read Bernanke's 4549-word script, interpret it (as bearish in this
case - which apparently is wrong now?) and start to sell down the major equity
indices. As Nanex points out,
not only was the reaction lightning fast (actually faster than lightning) but
it occurred in their newly
created 'fantaseconds' as trades were timestamped 'before' the bids and offers
were even seen in the data-feed. How long until the machines
can interpret Bernanke's 'pre-QErimes' and really front-run reality?
Submitted by Tyler
Durden on 08/31/2012
It is no
secret that having failed repeatedly at the trickle down aspect of
QE1, QE2, Op Twist 1, Op Twist 2 (and implicitly LTRO 1 and LTRO 2) as it
pertains to the man in the street (if not the man in Wall Street, who was
subject to 1-2 years of subpar bonuses which have since regained their upward
trendline), the last effort the central planners of the world, and the
administration, have is to furiously do everything in their power to reflate
housing one more time, following what is already a triple dip in home prices
ever since the December 2007 start of the Second Great Depression. Which is why
month after month we get seasonally fudged, conflicted and outright manipulated
data from various sources how housing has bottomed, for real this time, and
things are finally looking up. Remember: with any con game, the key word is
confidence, and the US consumers need to regain their confidence. Sadly, as the
following very simple chart and accompanying explanation, the answer to the
housing question is only one: there
will be no housing recovery until much more debt is eliminated. $3.2 trillion
to be precise. Everything else is merely fits and spurts of
upward action predicated by easy money hitting the market either directly, or
via the "REO-to-Rental" stimulus program du jour, which lasts for a
few months then promptly evaporates.
AP Business
Highlights
...Yahoo Market
Update…
Compendium of Important Business / National / World News / Topics /
Articles / Headlines
http://albertpeia.com/articlelinkspage3.htm
http://albertpeia.com/archives.htm
FBI Nazi
Bikers Bust FBI Nazi Bikers - What's Up At The FBI/DOJ?
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 }
