Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter
Another Lehman Brothers kerfuffle has erupted, this time in Germany, in broad daylight. With a stunning amount: up to €800 million ($1.04 billion) in fees for the insolvency administrator. It blows away the prior German record of €70 million paid to the insolvency administrator of Arcandor AG, the parent of department store and mail-order retailer KarstadtQuelle.
Hedge funds, which have massively bought up claims of the original Lehman creditors, are raising a [...]
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Do you really love trading? Having fun? Making a living at it? Or is the stress killing you. Literally, affecting your health, family, relationships and your mental state?
Maybe you’re not psychologically cut out to be a day trader. Maybe you need to find a new career. Seriously, not everyone’s cut out for it. Take this stress test [...]
In his latest note, John Hussman is bearish, and says the recession here.
By our analysis, the U.S. economy is presently entering a recession. Not next year; not later this year; but now. We expect this to become increasingly evident in the coming months, but through a constant process of denial in which every deterioration is dismissed as transitory, and every positive outlier is celebrated as a resumption of growth. To a [...]
To become the type of fake Barack Obama is takes years of work. Now past fifty,if we are to believe his questionable birth documents, he has perfected the art of fakery, but getting there had to start many years ago in high school.
When he was a shiftless high school student in Hawaii Barack Obama habitually used drugs to get through “the daily demands” of doing little or no academic work.
In America we have a motivation problem : money. I’m not a communist. I love capitalism (I even love money), but here’s a simple fact we’ve known since 1962: using money as a motivator makes us less capable at problem-solving. It actually makes us dumber.
A number of years ago I watched a CEO make a long series of really bad decisions. He gutted his company of most of its long-term potential. It [...]
This week, my congressional committee will hold a hearing to examine how the Federal Reserve bails out European banks, propping up spendthrift European governments in the process. Unfortunately this bailout comes at the expense of American citizens, in the form of higher prices and diminished savings down the road.
A good analysis of the Fed’s “swap” scheme first appeared in the Wall Street Journal back in December, in an article by [...]
The nation’s largest banks, with combined holdings equal to half of the U.S. economy, represent a “clear and present danger” and must be broken up.
This alarmist conclusion is not the work of a consumer advocate or a liberal critic of Wall Street. No, this assessment comes out of Dallas, Texas, and the local arm of the Federal Reserve.
In its 2011 annual report, the Dallas Fed notes that more than half of [...]
Via Peter Tchir of TF Market Advisors,
Rather than making some predictions, here is a list of words and phrases that were popular in 2011 that just annoy me. It would be nice if they become less popular in 2012, but I predict they will remain in use.
No self-respecting videogame would have a “bazooka” as the ultimate weapon. Bazookas just aren’t that powerful. Maybe Europe needs to search for a “nuclear” option, [...]
December 01, 2011 2:00 AM
PORTSMOUTH — During what organizers described as perhaps the most widely attended town hall-style meeting Ron Paul has held yet, the Republican presidential hopeful said he would “slash” military spending, stated a goal of eliminating the Federal Reserve and took jabs at recent campaign flubs of a fellow candidate.
Paul, a Texas congressman, took a handful of questions from moderator Andy Sanborn, R-Henniker, before opening it [...]
From Peter Tchir of TF Market Advisors
Prudence versus Reckless Abandon
As much as the current round of negotiations are being framed as “France vs Germany” there is more to the story than that. The battle is forming up along the lines of those who are trying to show some restraint and prudence and are willing to deal with the consequences of that decision against those who want to do everything possible, [...]
By David Weidner, MarketWatch
NEW YORK (MarketWatch) — Anthony Weiner has put us men in a pickle.
Why is it that men so often self-destruct? In the political world, Weiner joins Eliot Spitzer, Bill Clinton, John Ensign, Arnold Schwarzenegger, and John Edwards as hypocritic slime balls who let their pants set their personal policy.
But it’s not just politics. Todd Thomson, young, married, chief financial officer at Citigroup Inc. [...]
by Jim Quinn
Smoot Hawley Redux
As the Greater Depression continues along a parallel pathway with the Great Depression of the 1930s, Congress is about to commit the same blunder it made in 1930. The rocket scientists in the House of Representatives in September passed the Currency Reform for Fair Trade Act, which aims to crack down on Chinese currency manipulation by targeting imports from China and [...]
David Rosenberg writes in ThursdayÃ¢â‚¬â„¢s Breakfast with Dave piece:
Ban the Bailout
First we have governments bailing out banks (and auto companies and mortgage providers), homeowner debtors, and now we have governments bailing out governments. When does someone finally say Ã¢â‚¬â€ enough is enough!
Oh no Ã¢â‚¬â€ bank ABC is too big to fail. Company XYZ is too complex to fail. And now country GRK is too interconnected to fail. Give me a [...]
More than a third of the nationÃ¢â‚¬â„¢s unemployed Ã¢â‚¬â€ 35.6% Ã¢â‚¬â€ have been out of work long-term, defined by the Labor Department as a period of 27 weeks or more Ã¢â‚¬â€ the highest proportion since World War II. As illustrated in the Wall Street Journal earlier this year, that is raising much concern among policymakers.
Ã¢â‚¬Å“The probability that a laid-off worker will find a job grows smaller the longer people have [...]