Daily Digest

Daily Digest - September 19

Saturday, September 19, 2009, 9:25 AM
  • Now, Where's the Market Headed? (Chart)
  • Fantastic Meltdown Slide Show (H/T Dogs)
  • Wells Fargo Executives, Nothing but the Best (H/T Cat, Possible Repost, Video)
  • So Much For High Frequency Trading
  • Where are the Sailboats?
  • I Pledge Allegiance to the Debt (Seen on The Coming Depression blog)
  • Iowa Attorney General: "Option ARMs are about to explode"
  • Congressman Grayson: Fed Secretly "Stuffed" $500 Billion into "Foreign Private Pockets" and Gave $230 Billion to Citi "As a Secret Bailout"  (H/T Jeff Borsuk)
  • Enron Accounting and not by Arthur Anderson
  • Garbage In & the Good Get Out
  • There is a God: More Cable Bandwidth for Bloggers

Economy

Now, Where's the Market Headed? (Chart)

Fantastic Melrtdown Slide Show, (H/T Dogs)

"[The impact of] problems in the subprime market seems likely to be contained." ~ Bernanke

Wells Fargo Executives, Nothing but the Best (H/T Cat, Possible Repost, Video)

So Much For High Frequency Trading

The Securities and Exchange Commission has proposed halting high frequency and flash trading.

In response, Nasdaq (and others) are now prohibiting flash orders. Supposedly, the NYSE is also considering banning the practice.

Where are the Sailboats?

Something more modest, perhaps? How about:

Length: 22′-29′

Year: 2002-2006

Price: USD $0-50,000

That gets you 29 choices.

As I have noted many times in the past, I am a big believe in being a counter-cyclical spender. I try not to buy stuff when the economy is on fire and everything is overpriced. I don’t believe in using excess credit (Like these folks that ended up having their boats repo-ed)

This year, I have been selectively shopping for , and occasionally buying, whatever I thought was priced right — especially distressed merchandise.

27 crownline

I Pledge Allegiance to the Debt    (Seen on The Coming Depression blog)

Iowa Attorney General: "Option ARMs are about to explode"

In Arizona, 128,000 of those mortgages will reset over the the next year and many have started to adjust this month, the state's attorney general, Terry Goddard, told Reuters after the meeting.

"It's the other shoe," he said. "I can't say it's waiting to drop. It's dropping now."

This was a meeting of state AGs discussing mortgage scams with the Obama Administration, and based on the comments, there was an emphasis on Option ARMs.

Congressman Grayson: Fed Secretly "Stuffed" $500 Billion into "Foreign Private Pockets" and Gave $230 Billion to Citi "As a Secret Bailout" (H/T Jeff Borsuk)

Just a few weeks ago, while Chairman Bernanke was testifying to Congress, we examined the Fed balance sheet and P&L statement only to find what looked like the Fed handing over half a trillion dollars to foreigners. This was very surprising! When I asked Chairman Bernanke if this was true, he said, “Yes.” When I asked him who got the money, he said, “Fourteen foreign Central Banks.” And when I asked to who did they give the money, he said, “I don’t know.” “I don’t know” is not good enough when you’re talking about $500 billion. That’s $1700 for every man, woman, and child in this country...

Enron Accounting and not by Arthur Anderson

It got sold all right - right at the "120 day" late point where Wells counts a loan as "defaulted."

But look at who it got sold to..... (click for a larger copy)

Garbage In & the Good Get Out

Annual Decline In CNBC Viewership Accelerates: Down 37% In Overall Viewers Category

There is a God: More Cable Bandwidth for Bloggers

The change is effective immediately. So Mr. Kneale will not get a chance to say goodbye to his 8 p.m. audience. Nor will he get to take one final shot at anonymous bloggers.

14 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Re: Daily Digest - September 19

1) Moody's admits it will take over 10 years for the housing market to recover to peak levels.

Map shows California will take at least 14 years.

 

2) Educashion is impourtant.

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - September 19

2) Educashion is impourtant.

This country is absolutely amazing what so many think they can get away with anymore. We don't have to really teach, don't have to really learn, don't have to really be a responsible parent, don't have to really work, can eat what ever we want & then find some lame excuse for why we are so .......you...know......no worries though cause we be entitled LOL. Way too many have lost their sense of reality. Adjustment day is coming to a neighborhood near all of us.

The_Black_Death's picture
The_Black_Death
Status: Bronze Member (Offline)
Joined: Jan 22 2009
Posts: 33
Re: Daily Digest - September 19

Great  post Saxplayer!

I'm in shock at your 2nd article there.

Yeah, only about 1/4th of Oklahoma kids know who the first president was(and that's rounding UP), but what's alarming to me is that 40 percent of them didn't know the Atlantic and Pacific Oceans?

How is that possible?

Isn't that learned in like 1st grade? I remember having all of the Great Lakes memorized by 3rd grade.

 

This is what happens when we live in a world where only YOUR gratification is important. You don't have to hear anything you don't wanna hear, even if it's the truth. You can read only what YOU wanna read, even if it's trash. You can eat ONLY what you wanna eat, even if it is poison.

 

I'm afraid for the future, in all honesty.

gregroberts's picture
gregroberts
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Posts: 1024
Re: Daily Digest - September 19

Let's see, who runs most of the schools in the US? Let's put them in charge of medical care too.

idoctor's picture
idoctor
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Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - September 19

Greg wrote:

Let's see, who runs most of the schools in the US? Let's put them in charge of medical care too.

Greg that was my immediate thought when I read this article!! Let the Gov run anything & it becomes a circus! How can a Commander & Chief stand up & say with a straight face that we can run something more efficient than a free market is way beyond (fill in the blank) _ _ _ _ _ too me. Some one just can not be living in the real world to believe that IMHO. This is what we are lead by at the top levels......just unbelievable?

Looks like the Gov is finally more efficient than I could have imagined....I knew there was a dumbing down process going on but not to this extend. This is why I did not trust public education & put my kids in an affordable private school. The results so far have been excellent!

If anyone thinks there are medical errors now you "ain't" seen nothing yet......compared to gov care.

Oh well I guess our kids not knowing much is just a minor glitch LOL.....at least this education was "free" LOL. Free is what everyone is such a sucker for.....

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - September 19
gregroberts wrote:

Let's see, who runs most of the schools in the US? Let's put them in charge of medical care too.

Well I now have a BLT and Dr. Pepper keyboard. Thanks for the laugh!

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
FSN's Great Inflation/Deflation Debate

This week's FSN podcast is awesome! Still listening to the debate, but it is getting good....

Mish-vs-Amerman

Marc Faber

The_Black_Death's picture
The_Black_Death
Status: Bronze Member (Offline)
Joined: Jan 22 2009
Posts: 33
Re: Daily Digest - September 19

To be fair, all the other countries that kick our asses in everything education related are products of public schools too.

Remember, WE used to be the best in the world. Not because everybody had school vouchers or paid to go to private schools, but because being GREAT used to be important to Americans.

It's about our priorities as a society(money, fame, comfortability) as a society.

mesaboogieman's picture
mesaboogieman
Status: Bronze Member (Offline)
Joined: Jan 16 2009
Posts: 42
Re: FSN's Great Inflation/Deflation Debate
JAG wrote:

This week's FSN podcast is awesome! Still listening to the debate, but it is getting good....

Mish-vs-Amerman

Marc Faber

Mish wins hands down!!   We've had inflation for the last 40 years, it's deflations turn.   for now...

dave s's picture
dave s
Status: Bronze Member (Offline)
Joined: Feb 20 2009
Posts: 56
Re: Education

Not to trivialize a somewhat unfortunate state of affairs, but this sort of "problem" with US Education has been widely reported for 40 years or more.  It is not nearly as problematic as one might think.  An excellent recent book, The Post-American World by Fareed Zakaria, discusses this and other issues.  Some of us may complain that Mr. Zakaria fails to fully appreciate peak oil issues in his various writings, but he is inarguably a strong thinker and, having grown up in India, very capable of appreciating what the U.S. generally does quite well.  Which includes educating its children.

sensei's picture
sensei
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Joined: Aug 30 2008
Posts: 26
Re: FSN's Great Inflation/Deflation Debate
mesaboogieman wrote:
JAG wrote:

This week's FSN podcast is awesome! Still listening to the debate, but it is getting good....

Mish-vs-Amerman

Marc Faber

Mish wins hands down!!   We've had inflation for the last 40 years, it's deflations turn.   for now...

 

I agree, that was a fantastic broadcast.  Mish is the only deflationist I've heard/read that makes me think deflation is a real possibility, but I still lean towards inflation being the future.  We may see deflation in the short term, but I don't see it being severe enough to really concern me.  Deflation is very, very, very bad for the banks and the government; the feds will do whatever it takes to make sure it doesn't get out of control.

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Upcoming Liquidity Pump Calendar

If your shorting this market, you might want to think twice. The Fed has a few more aces up its sleeve.

Upcoming Liquidity Pump Calendar

The most recent weapon in the Fed's arsenal to pump liquidity into the market, which has for weeks now been groaning higher on liquidity fumes and on algorithmic speculation, is presented in the calendar below. Market bears would be well advised to familiarize themselves with it, because if history is any indication, these are the days when Primary Dealers will go berserk, funneling generous Fed liquidity from one asset class (70 Days CMB T-Bills) into another (equities).

Dr. M was right, surprise surprise, about the PD's supplying leverage for the equity markets.

 

 

jasonpaige's picture
jasonpaige
Status: Member (Offline)
Joined: Sep 7 2008
Posts: 7
Re: Daily Digest - September 19

Dennis Kneale lost his show?  Whatever for?  It was total BS just like the rest of CNBS.  37% less viewers, hmm, sounds like somebody running programming over there should lose their job.  Try putting on REAL news.

DmaxSilver's picture
DmaxSilver
Status: Member (Offline)
Joined: Apr 20 2009
Posts: 24
Building bridges to no where!

Stimulus funds are paying to redeck this bridge over a dead end.

Stimulus funds are paying to redeck this bridge over a dead end.

http://www.news9.com/Global/story.asp?S=11138144

 

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