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    Daily Digest – September 19

    by Davos

    Saturday, September 19, 2009, 2:25 PM

  • 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)

[video:http://www.youtube.com/watch?v=rRY5waZ4IbE&feature=player_embedded]

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.

 

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