Frontrunning: February 10
Eurozone dismisses Greek budget deal (FT) Germany Says Greece Missing Debt Targets in Aid Rebuff (Bloomberg) Germans concerned over Draghi liquidity offer (FT) Azumi Says Japan Won’t Be Shy About...
View ArticleDaily US Opening News And Market Re-Cap: February 10
From RanSquawk The Eurogroup has dismissed the submitted Greek bailout package, giving Greece a further 3 conditions to fulfil before a bailout can be secured. Further commentary regarding Greece is...
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Prequel To The Main Event: Video Of Greek Warm Up Scuffles With Police
While the bulk of today's Syntagma Square drama will come at a later hour, once the cabinet convenes at around 6 pm (or likely much later because as of this point there is no agreement on the Troika...
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China January Oil Imports Rise To Record
Say what you will about the tenets of Chinese economic slowdown assumptions and what not (despite inflation obviously continuing to be a rather pesky issue), at least its steadfast determination to...
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China M1 Hits Bottom, Digs
A graph is worth a thousand words. Here's three grand worth. This graph charts China's M1, released last night: M1 has hit the lowest level in more than a decade. Think it...
View ArticleGreek Police Threaten IMF Arrests Due To "Austerity Demands"
As the headlines from Europe become more and more realistic (and ironically more and more Onion-worthy), Reuters notes one of the more interesting examples of just how the Greek people are feeling. The...
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Ben Bernanke FTMFW Quote Of The Day
And the winner is... BERNANKE: HOUSING MAY NO LONGER BE VIEWED AS SECURE INVESTMENT That's right. He just said that. And with that, a Lewis Black moment is coming on... He also said some other stuff....
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Heroes
Heroes Courtesy of Bruce Krasting I know a man. Call him Eddie. He’s African American, going on about 63. When he was a boy he had no real home or much education, so when he was eighteen he took the...
View ArticleS&P Downgrades 34 Of 37 Italian Banks - Full Statement
S&P just downgraded 34 of the 37 Italian banks it covers. Below is the full statement. And so get get one second closer to midnight for Europe's AIG equivalent: A&G. As for S&P, this is the...
View ArticleObama Revises CBO Deficit Forecast, Predicts 110% Debt-To-GDP By End Of 2013,...
While we have excoriated the unemployable, C-grade, goalseeking, manipulative excel hacks at the CBO on more than one occasion by now (see here, here and here), it appears this time it is the...
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Proof Of LTRO Bank Stigma, Or Why Mario Draghi Is Lying
Earlier in the week we began discussing the stigma that would likely be attached to the banks that decide to borrow from the ECB via the LTRO. Many talking heads including Mario Draghi himself, arbiter...
View ArticleThe Epic Farce Continues - US Attorneys General "Robosigned" A Foreclosure...
It is only appropriate, and so ironic, that a politically motivated settlement whose purpose is to squash any claims of pervasive defective document fraud (and contract law but just ask GM bondholders...
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Finance For Adult Dummies
For the last thirty years economic policy makers have been in the business of promoting asset prices higher through easy credit. Global policy makers are meddling in markets so that the economies they...
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Investors Take Note: A Seismic Shift Has Begun in China…
Graham’s note: this is an excerpt from a recent client note I sent out regarding the situation in China. The impact of the coming change will be dramatic both in terms of its impact on Europe (China’s...
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High Yield Plummets and VIX Flares Most In Almost 3 Months
Credit (and vol) continue to lead the way as smart deriskers as ES (the e-mini S&P 500 futures contract) ends down only 0.5% - which sadly is the biggest drop since 12/28. The late day surge in ES,...
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Credit Card Fueled Binges No Longer Bring A Smile To US Consumers' Faces
To be happy is to be confident. And at least until the recent past, in America to be confident, meant to have purchasing power, which pretty much always, at least for the bulk of the population, meant...
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Guest Post: The DHS Defends Globalism, Not America
Submitted by Brandon Smith from Alt Market The DHS Defends Globalism, Not America The Department Of Homeland Security is the very epitome of unnecessary bureaucracy. Its formation was predicated on...
View ArticleProof The January Jobs Number Was Real
Not convinced NFP was +243,000 in January? Fret no more folks, proof has surfaced. Jobs are in fact being created - Unions are paying protesters, and not only for occupy wall street demonstrations. The...
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