Why Wall Street Does Not Like Anse Intendance

[dlry]

Friday, June 11, 2010

Goldman: Give the Money Back

The Young Turks protest Goldman Sachs taking 13 billion dollars in unnecessary bailout funds and ask Geithner at the Federal Reserve to get it back.



http://tinyurl.com/2d4zgxf

[Entendance]

Friday, June 11, 2010

Goldman: Give the Money Back

The Young Turks protest Goldman Sachs taking 13 billion dollars in unnecessary bailout funds and ask Geithner at the Federal Reserve to get it back.

http://tinyurl.com/2d4zgxf

goldman s.

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[dlry]

What were you fed today? check the messenger

June 11, 2010: To listen to Sprott Market Insights... John Budden in conversation with Eric Sprott and Jamie Horvat of Sprott Asset Management on June 11, 2010, and Murray Pollitt of Pollitt & Company, on June 11, 2010 on Ottawa News Talk Radio 580 CFRA; broadcast every Friday at 6:00 pm (EST). To Listen Live

http://www.beearly.com/

[Entendance]

Here Come The Threats: Europe
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.
How did that happen? Was it someone else's fault? Was it some "exogenous" event? Some natural catastrophe?
Or was it profligate spending, handouts and bailouts, promises made to public employee unions and intentional, willful and wanton bubble-blowing?
And by the way, how does a "popular uprising" destroy a representative government? That happens when the government stops representing the governed, doesn't it - and if that has happened you don't have a "democracy" any more, you have a ruling junta, whether you call it that or not... http://tinyurl.com/3ybxe8f

Anse Intendance...because this place is for Uncolonized Minds


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[dlry]

It Is All A Professional Investor Affair

From: Frank Veneroso
June 15, 2010

Yesterday I discussed the Q1 2010 Federal Reserve flow of funds accounts and their huge revisions for 2009. The flow of funds accounts now show that households were large sellers of equities in the second half of last year and the first quarter of this year. Apparently, they sold heavily into the past year’s near record bull market. This provides more evidence that near record bull market was entirely a professional affair.

In the following note I discuss a Yale School of Management survey that shows the same thing.

When I mention to people that the last year’s near record bull market was entirely a professional affair, they respond, "So what?" In fact, if that near record bull market advance was dominated almost entirely by very aggressive professional buying with no other enthusiastic participants the odds are it is almost unique historically and is a very vulnerable bull market. Today’s market professionals with their short term time horizons buy primarily because there is a bull trend which they believe they cannot miss. Once that trend reverses that same short term orientation makes them all sellers. If there is no other class of market participants that is willing to buy from them at that juncture you have the recipe for a crash.

Executive Summary

1. For a decade now Yale School of Management has surveyed institutional and individual investors on their confidence in the stock market by asking them if they would buy dips.

2. Institutional investors are more inclined than ever to buy dips. Individual investors became increasingly less inclined as the stock market rallied.

3. As I have been saying, the record 80% S&P rally over the last year or so was entirely a professional affair.

4. More striking, in the prior bull market when stock prices rose by a lot, institutional investors became less confident about buying on dips. In this cycle they have become more and more confident as prices have risen.

5. This is surprising given the horrors of the recent past, a relatively weak economic recovery, and an obvious threat from still sky-high overall debt in the U.S. and elsewhere.

6. What explains this extreme willingness to buy dips in a very troubled world?

7. My answer: A belief that there is an infallible Bernanke put with a high and rising strike price. Or a belief that the other guy will act on his belief in an infallible Bernanke put.

8. If anything severs this single but mighty thread of mega moral hazard that has carried this stock market aloft, professional investors will be inclined to sell en masse and there will probably be no other class of investors to sell to.

[GSIMMERLE]

Welcome to the post-tax-credit housing malaise

...at the moment what housing needs is not fake stimulus. It needs job creation. With 8 million people tossed out of work in the Great Recession, many more forced to work cheaply -- economists call it underemployment -- and not much in the way of new jobs coming around it's not hard to figure why folks are reluctant to buy.
Better keep those helmets fastened.
http://tinyurl.com/35qun6n

[sowhat]

...This is a central bank’s worst nightmare. You can’t solve a problem that is largely driven by psyche by applying traditional monetary policy.
http://tinyurl.com/36h8tps

[Entendance]

...And Sovereign Debt Crises Tend to Play Out in Four Stages …
Stage #1: Burgeoning Deficits
Stage #2: Ballooning Debt
Stage #3: Downgrades
Stage #4: Defaults
...unless governments can demonstrate they’re willing to take tough steps to reign in debt, crisis can spread quickly.
-Bryan Rich 06-19-10

Anse Intendance...because this place is for Uncolonized Minds


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[Entendance]

Economic troubles bring many to the brink
Gulf oil spill: Boat captain, despondent over spill, commits suicide
http://tinyurl.com/36mlcpr
These incompetent corporate clowns should be falling on their own swords

As prospects before BP get darker by the day, and the likelihood of bankruptcy grows, the TBTF propaganda begins.
http://tinyurl.com/3amyo6z

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[Entendance]

...there was the statement from the FOMC yesterday, in which they again subtly altered the language of the committee’s statement, but the intent was clear: the economy is slowing down. “We think the Fed is very concerned about the recent erosion in the U.S. economy,” UBS’ Art Cashin wrote in his daily commentary.
“Recall that the FOMC and the Fed Chairman cannot come out and say ‘we’re scared’ lest they panic the markets. So, when the FOMC needs to exhibit concern or caution it tends to do it in a very nuanced way.”
I think the Fed is scared. They have good reason to be, too.
http://tinyurl.com/38fxsvn

http://tinyurl.com/36wknj5
BP shares fell sharply in London Friday following the company's announcement that the cost of responding to the Gulf of Mexico oil leak has risen to $2.35 billion.

Will Gold Miners Act Like Stocks or Gold During the Crash?
viewtopic.php?f=7&t=718&p=11225#p11225



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