heading in to the new week
Jun. 28th, 2009 11:46 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
solarbirdI'm really busy in the summer with music, so here's another list of headlines I thought were interesting enough to keep open in tabs towards the end of last week.
The initial jobless claims report last week jumped substantially. Some people are pretending this will level off now, but that assumes that GM and Chrysler won't be engaging in substantial layoffs. We call that world "fantasyland." US GDP for 1Q 2009 was revised slightly upwards, however, to -5.5% annualised. (Last post, I asked why these things always seemed to be revised worse. This is an exception, so there you go.) CEO Jeffrey Hoffman of Inventory Liquidator says to expect a lot more retail bankruptcies.
The Harry Schultz Letter is predicting a bank holiday sometime probably this summer. There are reports that Citigroup has halted the unit responsible for about half of the mortgages it processes.
Rolling Stone has a big article on the political influence of Goldman Sachs, but I can't link to it because, "Rolling Stone hates the internet." However, I can link to the summary, which I did.
Martin Weiss has a shorter-than-it-should-be post about California's collapsing economy. Karl Denninger notes the withdrawal of a Federal Reserve primary dealer. At the same time, "Officials in the Obama administration are moving quickly to develop the investment infrastructure behind the president’s proposal for mandatory automatic enrollment in individual retirement accounts, which could be supported by the creation of Treasury-issued retirement bonds." Well, that's one way to funnel money into the T-bill arena.
Japan is seeing significant price deflation, seeing a new negative record. Mish has a lot to say about this. The Swiss have been intervening significantly in their currency transactions.
Talking of interventions and manipulations, programme trading is now 40% of actions on the NYSE, which makes market manipulation downright trivial. Best of all, the entities doing it have US government backstopping.
That's all for now. Good luck this week.
The initial jobless claims report last week jumped substantially. Some people are pretending this will level off now, but that assumes that GM and Chrysler won't be engaging in substantial layoffs. We call that world "fantasyland." US GDP for 1Q 2009 was revised slightly upwards, however, to -5.5% annualised. (Last post, I asked why these things always seemed to be revised worse. This is an exception, so there you go.) CEO Jeffrey Hoffman of Inventory Liquidator says to expect a lot more retail bankruptcies.
The Harry Schultz Letter is predicting a bank holiday sometime probably this summer. There are reports that Citigroup has halted the unit responsible for about half of the mortgages it processes.
Rolling Stone has a big article on the political influence of Goldman Sachs, but I can't link to it because, "Rolling Stone hates the internet." However, I can link to the summary, which I did.
Martin Weiss has a shorter-than-it-should-be post about California's collapsing economy. Karl Denninger notes the withdrawal of a Federal Reserve primary dealer. At the same time, "Officials in the Obama administration are moving quickly to develop the investment infrastructure behind the president’s proposal for mandatory automatic enrollment in individual retirement accounts, which could be supported by the creation of Treasury-issued retirement bonds." Well, that's one way to funnel money into the T-bill arena.
Japan is seeing significant price deflation, seeing a new negative record. Mish has a lot to say about this. The Swiss have been intervening significantly in their currency transactions.
Talking of interventions and manipulations, programme trading is now 40% of actions on the NYSE, which makes market manipulation downright trivial. Best of all, the entities doing it have US government backstopping.
That's all for now. Good luck this week.
