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Dow, S&P End at New 5-Year Highs, Nasdaq Closes at 12-Year High; GOOG Tops $800 Stocks finished modestly higher across the board Tuesday, with the Dow and S&P 500 logging fresh five-year highs, lifted by optimism for more M&A deals and after positive economic data from Europe. Homebuilder Confidence Falls This is the first decline in eleven months, as the National Association of Home Builders’ monthly confidence index now stands four points shy [...] Nouriel Roubini of Roubini Global Economics and Ian Bremmer of Eurasia Group appeared on “Bloomberg Surveillance” today from the World Economic Forum in Davos. Roubini said that “problems are global, but policies are national” and that “coordinating among different countries is going to become increasingly difficult. Political tensions, economic and financial tensions, like currency wars, can lead eventually to protectionism.” BLOOMBERG SURVEILLANCE
On the definition of a G-0 world:
Roubini: It was never [...] NEW HAVEN – Recent indications of a weakening global economy have led many people to wonder how pervasive poor economic performance will be in the coming years. Are we facing a long global slump, or possibly even a depression? A fundamental problem in forecasting nowadays is that the ultimate causes of the slowdown are really psychological and sociological, and relate to fluctuating confidence and changing “animal spirits,” about which George [...] Marc Faber, publisher of the Gloom, Boom and Doom Report, spoke with Bloomberg Television’s Betty Liu this morning and said that, “If I were running Germany, I would have abandoned the eurozone last week.” Faber went on to say, “In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.”
BLOOMBERG TELEVISION
Faber on the eurozone crisis:
“If you put one or 100 sick banks [...] KWN On the heels of China and Brazil nearly doubling the IMF’s lending capacity to $456 billion, and with renewed fears of Europe becoming a systemic risk to the global financial system, today King World News interviewed John Mauldin, President of Millennium Wave Securities. Mauldin told KWN, “What we’re seeing is the real end game” and “it is coming to an end.” Here is what Mauldin had to say about the [...] From FT: Remember last year when China was fretting about inflation? CPI hit 6.5 per cent in July, stoking talk of serious overheating and civil unrest. What a difference a year makes. Last month, Chinese inflation dropped to 3 per cent. Now, says Dong Tao of Credit Suisse, China looks to be more troubled by deflation. And that could damage the economy for years to come. China has taken clear steps to respond to the [...] From FT: Barack Obama, US president, offered more support for protesters against the global financial system after a weekend of demonstrations in cities around the world, but called on them not to “demonise” those who worked on Wall Street. On Sunday, Mr Obama honoured Martin Luther King at a dedication to a new memorial on National Mall in Washington. Referring to protests that have spread from Wall Street to London, [...] Daily Ticker The Ayn Rand Institute held its annual “Atlas Shrugged Revolution” dinner Thursday night in New York City. In attendance were a number of financial luminaries and hedge fund managers, including Peter Schiff of EuroPacific Capital, John Tamny of RealClearMarkets, Dmitry Balyasny of Balyasny Asset Management and Scott Schweighauser of Aurora Investment Management. The setting was the tony St. Regis Hotel on Fifth Avenue but there was nothing [...] Marc Faber expects a debt agreement, but nothing that helps in the long run. He tells King World News: “Yes, I’m sure there will be an agreement, but it doesn’t solve the fundamental problem of excessive debt and of further, very substantial deficits. They’ll iron out something with lots of compromises and with spending cuts that are backloaded, in other words they won’t happen immediately. As we [...] kingworldnews.com With gold trading strong above $1,600, today King World News interviewed one of the greats, Dr. Marc Faber, Editor and Publisher of the Gloom Boom Doom report. When asked if there will soon be a deal on the debt ceiling in the US Faber stated, “Yes, I’m sure there will be an agreement, but it doesn’t solve the fundamental problem of excessive debt [...] Submitted by Charles Hugh Smith from Of Two Minds Fed Aims At Mortgage Fraud, Shoots Housing Market In The Gut The problem with mortgage fraud wasn’t broker compensation: it was the ease of the fraud and the incentives throughout the food chain for collusion. New Fed rules simply wipe out competitors to the “too big to fail” mortgage banks. Why are we not surprised that the Fed took aim at [...] by kingston I wonder have many here simply jumped on the bandwagon because of a dislike or distrust of the Fed or the present Government in your country/ Perhaps the argument needs to be pointed towards an understanding of the term “quantitative easingâ€, which after all is the subject. The practice of Q>E can only be of value if the central banking system already has interest rates [...] If there is so much demand for treasuries that the 10Y yeild is below 2.6%, why do we need to print?Short version: The Fed buys the banks’ toxic assets and pays the banks interest on the banks’ reserves to recapitalize the banks, which the banks use to buy Treasury bonds. This is to: Hide the fact that all the banks are insolvent (the FDIC doesn’t even have the money to close insolvent banks); The fundamental problem is the one noted by both Benjamin Franklin and Thomas Jefferson; when politicians figure out they can buy a majority of votes by redistributing the wealth confiscated from a minority in taxes, then they have created a recipe for continued presence in office at the long-term expense of the country. We are nearing the long-term horizon as Democrats (and some republicans – though to a lesser extent) [...] |
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