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Discussion on the book Leverage , available in electronic and hardcover formats. All discussion goes here; please read the pinned topic first! User Presentationszero hedge | on a long enough timeline, the survival rate for everyone drops to zero
Submitted by Tyler Durden on 03/22/2012 - 18:39 Auto Sales CDS China Consumer Sentiment Crude David Rosenberg Global Economy Housing Starts Iran Israel Merrill Michigan NAHB NFIB Payroll Data Personal Income recovery Rosenberg University Of Michigan Back in early 2011, even as the global economy was at best flatlining, the one goalseeked explanation to justify a levitating stock market (which was rising solely due to the short-term effect of transitory QE2 liquidity), was soaring corporate profitability (which only lasted as long as companies could trim some residual SG&A fat; they have now cut into the bone in terms of layoffs). This time around, with corporate margins having peaked, there had to be some other validation to explain away the "narrative" of the latest bout of central bank infused stock market levitation: it just happened that this time it was once again that old faithful, and always wrong, justification - decoupling.
Now this is creative -- and destructive. Spain is considering using debt issued by the government or its bank-rescue fund instead of cash into the Bankia group, using a mechanism that would free it from raising the money from investors. The government hasn’t made a decision on whether to use its debt to recapitalize the nationalized lender and will decide in two or three months, a spokesman for the Economy Ministry , who asked not to be named in line with its policy, said in a phone interview today. Prime Minister Mariano Rajoy said at a Madrid news conference today the government hadn’t spoken to the European Central Bank about such a step. Because the improvement assumes that the debt you put into the bank ("gifted", if you will, although in this case it's in exchange for ownership!)
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Angry Birds publisher Rovio Entertainment has acquired its fellow Finnish game development house, Futuremark Games Studio, in order to get some new talent.
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Remembering the Boxer Uprising: A righteous fist | The Economist
IN A schoolyard in a village on the dusty north China plain, martial artists drill children in the stylised kicks and punches of Plum Flower Boxing. This discipline, they proudly claim, spearheaded the Boxer Uprising of 1900. In a village recreation room, musicians practise the ear-splitting tunes which their ancestors played for Boxer braves heading into battle with the foreign “hairy ones”. Folk memories abound of an event that transformed the country’s relationship with the West, and its own view of itself.
Wall Street, investment bankers, and social good : The New Yorker
A few months ago, I came across an announcement that Citigroup, the parent company of Citibank, was to be honored, along with its chief executive, Vikram Pandit, for “Advancing the Field of Asset Building in America.” This seemed akin to, say, saluting BP for services to the environment or praising Facebook for its commitment to privacy. During the past decade, Citi has become synonymous with financial misjudgment, reckless lending, and gargantuan losses: what might be termed asset denuding rather than asset building. In late 2008, the sprawling firm might well have collapsed but for a government bailout.
How Dems Allowed the Tea Party to Rebrand the GOP
PAUL JAY, SENIOR EDITOR, TRNN: Welcome to the The Real News Network, Im Paul Jay in Washington. On Tuesday, American voters are going to choose which section of the American elite they want to govern them. Who says thats the choice? Conservative pundit George Will did, that was in the fall of 2008 during the Presidential elections.Heres what he had to say:
Petty China's Nobel problems to continue - The China Post
China reacted initially by terming the award an “obscenity” and demanded an apology. It accused Europeans generally of using the Nobel prize as part of a plot to contain China. It has also accused the West of trying to force its values on China. Now, however, the focus is on the scheduled formal ceremony for the conferment of the award in Oslo on Dec. 10, at a grand ceremony in the presence of the king and queen of Norway. It is unclear who will receive the award on Liu's behalf.
The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed?s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar.
Michael Hudson, former Wall Street economist: New $600B Fed Stimulus Fuels Fears of U.S. Currency War
naked capitalism
Yves here. I hope you’ll take the time to read this important post. There has been a great deal of discussion of the many deficiencies of the mortgage settlement, but its biggest has gone pretty much unnoticed. It isn’t just that the settlement gives the banks a close to free pass for past predatory, illegal conduct, but it also has such lax servicing standards and weak enforcement provisions so as to give the banks license to carry on with servicing abuses. By Abigail Caplovitz Field, a freelance writer and attorney who blogs at Reality Check The mortgage settlement signed by 49 states and every Federal law enforcer allows the rampant foreclosure fraud currently choking our courts to continue unabated.There’s plenty to be excited about in “The Amazing Spider-Man,” but the element of the movie that we’re most interested in is the Lizard. And the folks at Sony know it, too. Though we’ve had teases of the movie’s villain in trailers, promos and photos, but we’ve never seen him clearly...