Lorenz Leisner: Wozu bloß das ganze Malen? (German Edition)

Künstlerische Berufung und sozialer Status: Otto Ludwig by Hans P. Baumeister

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The existing compliance rules "are a rigorous and effective method of protecting taxpayers," she said. Much of Barofsky's report focused on the government's growing role in the housing market, which he said has increased the risk of another housing bubble. Over the past year, the federal government has spent hundreds of billions propping up the housing market.

About 90 percent of home loans are backed by government controlled entities, mainly Fannie Mae, Freddie Mac and the Federal Housing Administration. The report warned that these supports mean the government "has done more than simply support the mortgage market, in many ways it has become the mortgage market, with the taxpayer shouldering the risk that had once been borne by the private investor. They warn that the primary reason for the turnaround last year has been billions of dollars in federal spending to lower mortgage rates and prop up demand.

Once that spigot of cash is turned off, they caution, the market will be vulnerable to a dramatic turn for the worse. Daniel Alpert, managing partner of investment bank Westwood Capital, wrote in a report that national home prices are bound to fall 8 to 10 percent below the lows of last spring.

Officials from the Obama administration counter that massive federal intervention has helped the housing market stabilize and prevented more dire consequences. Under the Making Home Affordable program, only about 66, borrowers, or 7 percent of those who signed up, had completed the process as of December. He said the key to preventing future crises is to reform Fannie Mae and Freddie Mac, create and improve loan underwriting and supervision of banks.

He stopped short of endorsing specific proposals for overhauling financial regulation, but said many of the proposals would go far to improving the system. Gather up as many customers as possible, aggregate the available information to achieve a superior market view and then relentlessly extract rents from the marketplace. Between front-running and naked short selling the banks have things pretty well under their control.

The market makers are the Wall Street banks are the prop trading desks, trading at high frequency slightly ahead of the markets while peeking into your accounts, gaining just enough unfair advantage to defy the odds of winning and losing in a fairly regulated market. These banks have thousands of customers transacting in trillions of dollars in stocks, bonds, commodities and foreign exchange daily.

By using systems with anodyne names like SecDB, Goldman not only sees the transaction flows but some of the outright positions and whether they are bullish or bearish. Data mining techniques are just as effective for this market information as they are for Google, Amazon, Wal-Mart and others. The data can be aggregated so that the bank can look at positions on a portfolio basis without knowing the name of each customer. One need not be a market expert to imagine the power of this information. You can see which way the winds are blowing before the storm hits.

You get a sense of when momentum is draining out of a trade so you can get out of it before the market turns. You can see when bullish or bearish sentiment reaches extremes, suggesting it may soon turn the other way. This use of information is the ultimate type of insider trading because it does not break the law; you are not stealing the information, you own it.

So what do Goldman and others do with this mountain of market information? Do they send coupons to customers or text them with great trading ideas? A few lucky customers, usually giant hedge funds, may get a call on some insights, but this mountain of immensely valuable market information is used mainly to power their giant proprietary trading desks allowing them to rack up consistent excess returns. Economists have a name for this also. The difference between value-added behavior and rent seeking is like the difference between Amazon trying to sell me a book or planning to steal my library.

In nature, the name for a rent seeker is parasite. The ideal existence for a parasite is symbiosis, or balance, where it offers some minimal service to the host, some parasites devour insects which annoy the host , while extracting as much sustenance from the host as possible without killing it. But sometimes the symbiosis is disturbed and the parasite takes too much and actually destroys the host, which can end up destroying the parasite as well. This recalls the fable of the scorpion and the frog.

Both are on the edge of a river looking for a way to cross. The scorpion cannot swim and asks the frog for a ride on its back. But the scorpion assures the frog it will not sting him because they would both drown. The frog agrees to carry the scorpion. Once they reach the middle of the river, the scorpion stings the frog and they begin to drown. Like the bailout of AIG, the stewards of the public trust are choosing to turn a blind eye. The politicians are the beneficiaries of huge campaign contributions. The regulators are overwhelmed, and desirous of Wall Street positions.

The other traders are jackals, seeking to follow the lions as they tear into the flocks of sheep and cattle. The economists are timid, adverse to anything but painfully granular analysis of carcasses of other people's ideas and orthogonal scenarios. Their insatiable greed, monstrous appetites, and arrogant pride will take them over the cliff. Which would not be bad in itself, if our governments had not made us hostage to their reckless schemes, and if we, in our resignation and despair, do not allow them to take us with them.

A fellow-inmate drew up a program in Art Nouveau style, to which an official stamp was affixed: The title does not exaggerate the ambitions of the piece. An inscription in the score supplies a catastrophic image from the Book of Revelation: Or at least FINRA is finally realizing that there is more to stock manipulation than meets the eye, and in a radical change in policy which up to now had been non-existent on the matter , FINRA will start policing and pouring through tweets, after announcing that "securities firms must keep copies of all business-related communications on social networks, whether those communications are official or from associated persons.

However, many firms are also actively using these new platforms themselves, to reach out to customers, the general public, and potential new recruits. Man habe damals nicht genau hingesehen und nicht angemessen reagiert, sagte Provinzial Stefan Dartmann. Der Rechtsstaat darf sich nicht das Recht nehmen, das Recht zu brechen Ist es nicht besser, dem Sohn mit dem Geld eine gute Ausbildung zu sichern, als es dem Staat in den Rachen zu werfen?

Schweizer Banken zittern In der Folge dieser spannungsgeladenen Zeit kam es zum Dringlichen Bundesbeschluss betreffend den Schutz der Sicherheit der Eid- genossenschaft vom Er wurde verzeigt und von der Fremdenpolizei ausgewiesen. Entstehung, Bedeutung, Mythos http: We are confident that not one politician will read the whole thing from cover to cover.

And yet, oddly, the error-checker somehow made this rather justifiable omission: That's ok, we are here to remind them about the omission, and also to remind Mr. Orszag, who himself, in that long ago , espoused that these companies should be put on the Federal Budget. Isn't it strange what one and a half years worth of realizations just how broken beyond repair the system is, will do to one's convictions?

Die Banken denken nur an ihr Eigeninteresse, das mahnt zur Vorsicht.

Vanessa Paradis: La vraie histoire (BIOGRAPHIES, ME) (French by Hugues Royer

Auch bei einer Credit Suisse. Da erlaube ich mich zur fragen: Ich glaube, die Lage ist nicht so dramatisch. Sie ist eine grosse Bank, und sie hat die US-Regierung stark belehnt. Ein Zusammenbruch eines solchen Giganten mit all seinen Vernetzungen kann sich ein Finanzsystem gar nicht leisten. Denn man kann nicht mehr viel verlieren. Die andere Frage, die in diesem Zusammenhang wieder aufs Tapet kommt: Wie beurteilen Sie als Strafrechtsexperte die Ausgangslage? Was ist die Abgrenzung zwischen einem kriminellen und einem schlechten Manager? Das Strafrecht ist nicht dazu da, bloss Ladendiebe und Alltagskriminelle zu belangen.

Und vor der darf man nicht kuschen. Das Swissair-Debakel sitzt der Staatsanwaltschaft in den Knochen. Sie alle helfen den so genannten Steueroptimierern, ihr Geld anzulegen. Es ist ungeschickt, dass er eine Pension von seinem alten Arbeitgeber bezieht. Das perfekte Krisenszenario also. Die Motivation der Amerikaner war also, alle Probleme, die sie mit der Schweiz hatten, quasi auf einen Haufen zu tun und dort zuzuschlagen, wo wir am angreifbarsten sind. Wem in Bern haben Sie das mitgeteilt und wie reagierte man dort? Ich habe dies dem ganzen Spektrum der Departemente mitgeteilt.

Bei der Rechtshilfe brachte es aber wenig.

Wie tief steckt die Schweiz derzeit im Schlamassel? Wen meinen Sie damit? Woran hapert es in der Schweiz, dass es immer wieder zu Problemen kommt, die wir jetzt haben? Und wenn die Banken nicht strategisch denken, tun dies alle anderen auch nicht. Man will unter sich bleiben. Deshalb auch dieses Debakel und diese Hilflosigkeit im letzten Jahr.

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Wir sollten nun nicht ablenken, sondern unsere Hausaufgaben in der Schweiz erledigen und zu Ende diskutieren, wie wir mit diesen Bundesratsentscheiden umzugehen gedenken. Wie der heutigen NZZ entnommen werden kann, sind die entsprechenden Auswirkungen bereits festzustellen: Kundengelder mit entspr. Zu den gestohlenen Bankkundendaten: Haiti hat zudem alle Adoptionen gestoppt, die nicht schon vor dem Beben eingeleitet waren.

Verteilung von Lebensmitteln http: Erdbeben in Haiti http: The newspaper cited bankers who were in Davos, Switzerland, for the World Economic Forum as its sources. Von Philipp Wittrock mehr Schweizer Politiker wirft Merkel Bankraub vor http: Seit nahmen sich nach Gewerkschaftsangaben mehr als 30 Mitarbeiter das Leben. Arbeitnehmervertreter werten das als Ergebnis unmenschlicher Arbeitsbedingungen. In den vergangenen Jahren hatte der Konzern 22' Stellen gestrichen. Equal Protection From the Zombie Banks http: Can this be due to the fact that federal judges do not require huge campaign contributions, which Wall Street doles out like a foreign power to the craven denizens of Foggy Bottom?

The clauses that designate the Credit Default Swaps as super senior to nearly everything else Some animals are more equal than others clauses are being struck down by bankruptcy courts. The banks do not take precedent in the hearts and minds of everyone, despite assertions by Timmy and Hank to the contrary. This is an old financiers trick in the equity world of venture capital, the Sand Hill Road clause, long used to strip the holders of common shares of their slice of the pie in the evolution of startups.

The CDS and CDO variation took the gambit a step too far, stepping on the rights of the bond holders, and the courts are nullifying it. Wall Street does not always come first, when honest public servants uphold their oaths to protect and defend the Constitution against those confiscating the wealth of the people.

Do what thou wilt shall be the whole of the Law is the guide of those doing their darker god's work. In the short term it makes them strong, because they deny themselves nothing: They simply have no shame. But there is also no honour among thieves, only greed and fear. The best part of honour is the love of something greater than ourselves. And so the bonds of their coalition are weak. Greed and self-interest will be unable to sustain the partnership of government and the Banks when the tide turns-- in the end only the fear remains. And will Timmy whimper when the zombies turn on him?

Institutional Risk Analyst http: Our friends at HousingWire report that a federal bankruptcy judge in New York sitting on the Lehman Brothers bankruptcy, has voided the seniority claims of holders of various qualified investment contracts, ruling that their ipso facto clauses which subordinated other claims to their own were "null and void in bankruptcy. We have always held the view that the attempts by the large dealer banks, ISDA and regulators to carve out a special, privileged place in the law for OTC derivatives contracts in the event of default is inherently unfair and is doomed to failure, or at least would be challenged, on Constitutional grounds.

This case and others make that challenge and review process a reality and also leaves much of the world of complex structured finance in a shambles when it comes to the legal reality of counterparty risk. Indeed, the same legal art that gave the swap counterparties in this latest case the impression that they were senior to the other creditors of the bankruptcy estate was used by former Treasury Secretary Hank Paulson and his successor, Timothy Geithner, to justify the rescue of American International Group.

And notice that the world has not ended when the holders of OTC contracts are treated like everyone else. Indeed, Judge Peck has made a number of rulings over the past two years re-leveling the playing field between holders of OTC contracts and other claims against the Lehman bankruptcy estate. As we have noted before, the admirable conduct of the Lehman Brothers bankruptcy case by Judge Peck and US Bankruptcy Trustee Harvey Miller is the starkest condemnation possible of the AIG bailout, a hideous political contrivance that ranks with the great acts of political corruption and thievery in the history of the United States.

The question of the enforceability of the documentation in a complex structured securitization involving OTC swaps is not just a matter of debate in the AIG case. Across the US and around the world, investors and trustees are grappling with this same issue. Many of these claims regarding derivatives are being made in the context of claims for the repurchase of defaulted residential and commercial loans. The wave of loan repurchase demands on securitization sponsors is the next area of fun in the zombie dance party, namely the part where different zombies start to eat one another.

To put the growing combat in the loan repurchase channel into perspective, keen analysts will already know that a new item has appeared in the disclosure for non-interest income by many larger banks that have been active in the securitization markets. Imagine if we add a zero to the loss allocation, then another, and you get to the worst-case exposure on OBS loan repurchases. Watch this heretofore obscure part of the mortgage banking business become downright material in coming quarters as a race of sorts develops between banks that want to restart the securitization markets and those that are being dragged under water by the weight of legacy liabilities.

Countrywide Home Loans, Inc. Or the cost could be more than par if you count the cost of remediation and recovery efforts. With private issuers trying to find a workable formulation for new securitizations, the mounting litigation in the secondary market for structured deals comes at a bad time for efforts to revive the patient and confirms our worry that there is a lot of tough work ahead in the loss mitigation channel.

More, we worry that the level of claims and defaults now visible in the US markets is just a taste of the high tide we could see in , especially as and when interest rates start to rise even modestly. Did somebody say "interest rates? For those less familiar with the 13G Perhaps this is an error, or a misreading of the data. Someone 'fat-fingered' the Edgar filing button. Driven madly bullish, with enormously deep pockets, and an abiding faith in their ability to defy the odds?

Facilitating the hostile takeover of the rest of US real economy by a cabal of bonus taking Bonapartes? Starting a new Blackrock index fund from the bottom up, build it and they will come? LOL Certainly the SEC will inquire as to their intentions, which is the purpose of such filings, and an explanation to the investment public will be forthcoming. But this is a bit much. It held that buying SP futures to prop the stock market was cheaper than trying to clean up the mess after a stock market panic. But this was not about actually buying the market; it was about using price to manage perception, in the manner recommended by Edward Bernays.

Rather like creating a short term euphoria by treating a patient with pain killers, to the point of harmful addiction, without addressing the underlying condition. But buying over 5 percent positions in 1, listed equities? That is not your father's market rigging, and certainly a step above buying the SP futures contracts. Clumsy and heavy-handed to say the least. Skeptically waiting, we are keen to see the clarification, legitimate investment or data error. Regardless of the punter, it's a hell of a bet if that is what it is.

The stream started at just after 2 p. With few rare exceptions, these filings represented new positions for Blackrock since we only counted 11 amended 13Gs, which in itself seems very surprising, given the long list of stocks. As we now know, the Chinese government poured in more stimulus per GDP than the United States and with their economy rebounding substantially faster it looks like they are having trouble containing the red hot growth in the broad economy and in asset prices http: This has been nowhere more apparent than it is in Chinese real estatehttp: What is your overall approach to the real estate market today?

The real estate business should really be looking at rental yield; build a building and then lease it out with the rent giving a decent return. But, because of where China is with asset bubbles, people want to buy the assets regardless of whether they can be leased out or not. People just want to hold [property], even if it is empty. Prices are too high, rent is too low, so if you hold property in order to get yield you are likely to get very little.

For us it makes no sense to hold property, so our strategy is to sell everything. We see ourselves very much as a manufacturer. We buy land, we build, and then we sell. And the asset bubble has compelled us to be even more of a manufacturer Die Daten stammten aus dem Zeitraum vor Aber auch bei der Verwertung des Materials sieht der Experte zum deutschen und internationalen Strafprozessrecht keine Hindernisse: Rund, hart, kalt http: Die beiden Uiguren werden vom Kanton Jura aufgenommen.

In fact they will likely have sent you several credit cards in the meantime. He is the most senior official charged under a corruption probe in the city. The trial comes a day after another police official, Yue Cun, was sentenced to death for corruption. Mr Wen is appearing in court alongside his wife, Zhou Xiaoya, and three other senior Chongqing police officials, in a trial expected to last four or five days ZDF so was gruseliges: Heute hat er ein Gesetz verabschieden lassen, das ihm erneut Ruhe vor der Justiz verschaffen soll.

Es ist nicht sein erstes Mandat dieser Art. Die Siedlungspolitik des Landes sieht er freilich kritisch. But they are a big player, and actively using derivatives to 'rip customer's faces off' as they saying goes. Why does this happen? Any fines or penalities that are incurred from offenses are treated as a cost of doing business.

Crime does pay in the short term. Especially if you can buy off the government and co-op the regulators of a major developed nation. When someone succumbs to fraud, there is a tendency to blame the victim. The purpose of the law is to protect the weak. Perhaps they could have been more vigilant, but this in no way diminishes the guilt of the perpetrator, and the likelihood that this is something they have been doing in many places over a period of time, with a growing level of sophistication.

People argue that if a nation sets rules for banks, they will just move offshore and keep doing business in any way that they please. This is intended to undermine any reforms and the rule of law. It is possible to ban a company from doing business in your nation if it engages in unlawful practices. As noted here previously, Citi was engaging in trading practices in Europe and Japan that put them on the receiving end of bans for fraud. Globalization is used as a rationale for stripping nations of their sovereign rights, and the people from their ability to rule and protect themselves in accord with their own beliefs and preferences.

Why people accept this nonsense when it applies to the financial sector is amazing. Well perhaps not, given the force of a steady propaganda that has been promoting it for the past twenty years. The truth is ugly when you see it in plain black and white. The US is a relative safe haven for multinational corporations that engage in various forms of fraud and market manipulation around the world, like modern day privateers. It appears unable to regulate them because of widespread political corruption and the self interest of its monied elite.

Corporate privateering in partnership with the state has been a perennial problem in developing nations, especially in South America and the western Pacific. But the economic hitmen are ranging further and wider these days, in search of greater profits and new fields of plunder, and in developed nations. Iceland and Greece are one thing, but if a G7 nation like the UK falls prey to the banks, the reaction may be severe.

This theme of national sovereignty versus corporatism will gain more traction over the next five to ten years. The police are sequestering a further 30 million euros that the municipality was set to place in a fund managed by the banks on Feb. The prosecutor also asked that Charlotte, North Carolina-based Bank of America be banned from doing business with Italian municipalities for two years. A hearing is slated for next month. Prosecutors allege that when the banks arranged swaps and created a fund that invests money the region set aside to repay million euros of borrowings due in , they misled the region about the economic advantage of the package.

Banks skewed the swaps to their advantage to hide fees, the prosecutor said. Apulia, located in the heel of Italy, joins more than municipalities that face million euros in derivatives losses, according to data compiled by the Bank of Italy. Hearings started in Milan this month Paul Ryan, who in a brief 3 minutes presentation indicates why the proposed budget is not only a joke the fact that he compares it to a box of cigarettes in light of Geithner's associated disclaimer speaks words for the future health of this country.

Only only wonders if it is Ben Bernanke or Goldman Sachs who has assumed the role of Surgeon General , but why the bond vigilantes are just waiting in the corridors to see the Fed and PD's control over the bond market slip before they bring the house down. Am Besten die Steuern um ca. Isabel Wirth Und wieder wissen die Leute in den Kommentarspalten alles besser. Die Polizei hat z. The company, State Farm Florida, began sending out cancellation notices this week to nearly a fifth of its , customers, most of them in the state's hurricane-prone coastal regions.

She's currently without insurance, and other companies won't touch her. Just a matter of time The revision comes every February, but this is the biggest in 18 years. Von Axel Bojanowski mehr Sie verraten Tricks des Spionagegewerbes. Von Marc Pitzke, New York mehr Wieso die Nebenjobs toleriert werden? Whether the funding currency is the dollar ot the yen, the need to convert paper losses into real ones will likely hit the stops today causing a rush for the exits if it hasn't happened already. At this point you can take Goldman's ever optimistic double down on the BZL trade and use it for toilet paper.

One wonders if Lloyd wouldn't be happier not having a prop desk on days like today. Incidentally, both Deutsche Bank and Citi are actively eliminating their prop trading desks. Deutsche Bank earlier announced that "the bank has eliminated its proprietary credit trading business and reduced proprietary trading in equity and equity derivatives by 90 percent, Ackermann said in remarks prepared for the bank's annual results media conference on Thursday. In other news, Citi prop traders Matthew Newton and Matthew Carpenter has just bailed, seeing the writing on the wall.

Add new comment http: January is the month in this report that contains the largest seasonal adjustments by far. Here is a projection of what tomorrow's numbers may look like, and their historical context. The raw number unadjusted for seasonality may be a loss of around 4,, jobs.

Lemmy (Dutch Edition) by Mick Wall,Robert Neugarten

S Given that the expected raw number will probably be around 3. In other words, the adjustment is largely adjusted away by the seasonality. Nonsense, hardly connected to the real world, but quite clever bureaucratic sleight of hand really. PNG Saying all this, it seems almost needless to stress that any projection of the headline number is a tough call in January, because the seasonality has such enormous latitute.

More in the nature of a SWAG than a proper forecast. Then there is also the matter of the revisions to the prior two months at least, and the possibility of a revision to the whole series going back two years, which sometimes occurs. So, we'll look for a 'headline number' closer to zero than not, with a shade to the negative, maybe a loss of 20, or so.

But we are very prepared to be surprised to the upside to a positive number, and downside to a loss of around 80, That speaks less to our inability to forecast, we hope, and moreso to the arbitrary nature of the government's willingness and ability to fiddle with the numbers. PNG With pretty colors, it may look more like a sideways chop than a plunge, especially in light of a greater negative from December which will be adjusted but not higher.

As I have stated before, the banks and their prop trading desks are always and everywhere screwing you, and frontrunning their better insights into the markets, even if only by a few milliseconds. Watch the sovereign debt situation. This may place a heavy weight on the equity markets. But perhaps not just yet. Apparently there will be charges under the Martin Act against Mr. Ken Lewis, compliments of Mr. With a couple of his lieutenants, Mr. Blankfein could cover that fine out of pocket money. But some banks are more equal than others, and GS would probably not condescend to subject itself to an SEC inquiry in the first place.

Lewis is an outsider, a non-NY banker. He could be food for the wolves. Treasury yields, which move inversely to prices, as long as Bernanke and White House economic adviser Lawrence Summers are in office Keep in mind that his time frame is '2 to 3 years. Treasuries were a strong performer last year, and may be overbought relative to underlying fundamentals.

But one repeatedly hears the meme "Everyone is short the dollar. But it will take the appearance of the effects of the ongoing monetization of debt by the Fed and the government agencies and Treasury programs that Taleb cites to trigger the declines in the bond and the dollar.

And the euro and the pound may go first, to cushion the blow. Everything is relative, and the US banks will throw their relatives, their European cousins, under the bus if it is required to save their bonuses. The saying "he would sell his mother for an eighth" is a Wall Street proverb.

With a fiat currency regime, one always has to say, "it depends It may not be enough. Treasuries February 04, , Bernanke and the Obama administration. Treasury yields, which move inversely to prices, as long as Bernanke and White House economic adviser Lawrence Summers are in office, without being more specific. Nouriel Roubini, the New York University professor who predicted the credit crisis, also said at the conference that the U. The Fed and U. In a short sale, an investor borrows a security and sells it, expecting to profit from a decline by repurchasing it later at a lower price.

The Obama administration projects the U. In the United States and in Europe, you have fewer people employed and a larger amount of debt. Treasuries soared during the financial crisis, gaining 14 percent in , as investors sought the relative safety of U. So far this year U. Yields fell today on concern European countries including Greece, Portugal and Spain face difficulty financing budget deficits.

The yield on the benchmark year note fell 6 basis points, or 0. Furthermore, we expect that the consolidated liquidity position of BRK will be reduced from extremely strong historical levels as a result of the acquisition. As capital adequacy and liquidity levels have declined, investment risk remains very high in our view, compounding the need for extremely strong capital and liquidity given potential investment volatility.

A key concern is that BRK's risk tolerances appear to have increased, yet we believe they remain ill defined while the organization increases in complexity. Generally, we believe Berkshire has a high risk tolerance for capital volatility and investment risk. We do not believe that the company's overall risk management framework has evolved atthe same pace as the organization's complexity and that enterprise risk management practices remain in silos within each investment.

If you looking for somone who was able to arb system to full - he is the man. Secure cheap funding via insurance company and use it to buy cashflow rich companies using regulatory loopholes. Dow Jones Industrial Average - 10, Get Your Hats Ready http: Hats can be purchased direct from the NYSE here. Presumably many of you have done so recently as the NYSE has yet to break today.

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Feb 04 By: Dan Norcini Post Edited: February 4, at 2: Trader Dan Norcini http: The bulls certainly ceded the hard fought advantage that they had been clawing away from the bears early in the week. China and India will be pleased. Then they will probably point to Guam as a reason to buy the Dollar. It probably has not opted for Bankruptcy. Now we have to wait and see what level these buyers retreat to and where they tip their hand. For now, the order of the day is further long liquidation along with some additional fresh short selling.

The psychology that is working against gold for right now is that traders are yakking about the lack of inflation and thus their reticence to chase gold higher. With banks not lending and tightened credit standards, upward pressure on prices has not been seen in a larger way. That is the reason that the gold price is so tuned in to what the equity market is doing and why it sells off whenever the equities get clocked. The lower stock market is read by traders as a sign that the economy is not growing or expanding as quickly as the pundits would have them believe and so the upward pressure on prices across the economy fades and down goes gold.

It really is that simple. If they did, the bonds would have a handle on them by now. Keep in mind however that the bonds also have not been able to break higher either. They are trapped in a range as supply issues continue to have a deleterious effect on this market. That is one helluva lot of Treasury debt that is coming down the road.

Nothing really has changed except that gold is getting sold off from a higher level which means it will also find support at a higher level as it continues its steady climb higher. Where that new level of support emerges is unclear, but it will, just like it has in times past. One good thing out of all this hedge fund selling is that it is going to continue to give us cheap gasoline and energy prices. That will help with home heating bills this winter and consumer budgets not to mention lowering costs for the transportation sector.

Then again, lower costs are good but what they really need is more business and more revenues, not just lower inputs. That is no way to grow a business long term. We certainly are flirting with that level as I type these comments. That would not be much help for the gold shares were that to occur. Hedge funds with their ratio spread trades are probably making money out of this short leg in the mining shares that they are holding even as they take a bit of a hit on the bullion side of things In Sums von 19 Aimags gestalte sich der Winterweidegang schwierig bis sehr schwierig. Am schlimmsten betroffen ist der Gobialtaiaimag.

Der strenge Frost stellenweise herrschen Nachttemperaturen bis zu minus 50 Grad macht um die Hauptstadt keinen Bogen. Die Wintervorbereitung wird allerorten als unzureichend empfunden. Give up prop trading AND banking status? The mutant Zombie Banks would not allow it. Who needs insured deposits? Its the Treasury guaranteed bonds and Discount Window access that count.

When you are levering up Other People's Money you want it in bulk and wholesale, not retail. Goldman is no surprise, because they are nothing but a hedge fund with the right connections and a rolodex full of Senators. Prop trading - why lend when you can play at the tables? Two trillion down, but thirteen trillion to go. I can see why the Fed completely failed to notice this little trend change in its banking oversight.

I can hear the sound of knives being drawn as he walks in the door Posted by Jesse at 6: Credit Default Swaps http: Von Manfred Ertel mehr Burka-Debatte Schleierstreit entzweit Europa http: Wie Europa um die Burka streitet http: I'd like to read this book on Kindle Don't have a Kindle? Share your thoughts with other customers. Write a customer review. There's a problem loading this menu right now.

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