tag:blogger.com,1999:blog-37583306783904191292009-11-04T10:36:50.889-05:00Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.comBlogger3930125tag:blogger.com,1999:blog-3758330678390419129.post-26101344243344199562009-11-04T10:16:00.002-05:002009-11-04T10:22:37.685-05:00

A WHAS11/Survey USA poll has Rand Paul ahead of KY Secretary of State TreyGrayson by three percentage points, with a 4.1 percent margin of error, in the race for the Republication nomination for the US Senate seat from Kentucky.32% Grayson35% Paul2% Johnson1% Oerther3% Thoney10% Other18% UndecidedGrayson is down five from our last poll 11 weeks ago, Paul has gained nine points since then.

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-69668070339833775532009-11-04T09:57:00.005-05:002009-11-04T10:15:07.175-05:00

ZeroHedge calls it Absolute Perfection and puts this into perspective: The Goldman 10-Q is out, providing numerous interesting datapoints for those willing to scour through them. The key one: Goldman lost money on just one trading day in Q3, making money on all the other 64. As a reminder, even in Q2 Goldman lost money on two trading days...Goldman...is now set to redefine normal distributions

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-72646811871434848932009-11-04T09:32:00.002-05:002009-11-04T10:24:27.245-05:00

Nonfarm private employment decreased 203,000 from September to October 2009 on a seasonally adjusted basis, according to the ADP National Employment Report.The estimated change of employment from August to September was revised by 27,000, from a decline of 254,000 to a decline of 227,000. October was the seventh consecutive month during which the decline in employment was less than in the

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-90160380689909254752009-11-04T08:50:00.003-05:002009-11-04T09:09:08.591-05:00

I am reproducing below, in full, Deputy Treasury Secretary Neal Wolin's speech at University of the Witswatersrand, Johannesburg, South Africa, not because I think there is market moving or earth shattering news in the speech, but because I think it provides a strong overview of US steps now being taken to push towards a global financial system and the key pieces that are being focused on at this

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com2tag:blogger.com,1999:blog-3758330678390419129.post-82572973375605320942009-11-04T08:31:00.002-05:002009-11-04T08:36:37.224-05:00

The World Bank and IMF are starting to get it. If a central bank pumps money, it creates a bubble. Alex Frangos and Bob Davis at WSJ report:The World Bank warned Tuesday that the sudden reappearance of billions of dollars in investment capital in East Asia is "raising concerns about asset price bubbles" in equity markets across Asia and in real estate in China, Hong Kong, Singapore and Vietnam.

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-52607157716204551802009-11-04T08:28:00.001-05:002009-11-04T10:28:26.419-05:00

ADP reports U.S. private-sector payrolls fell by 203,000 in October.Developing...

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-89362237201396296612009-11-04T08:22:00.001-05:002009-11-04T08:23:54.524-05:00

On Wednesday morning, Secretary Geithner will attend the President’s Economic Daily Briefing at the White House. In the afternoon, Secretary Geithner will meet with Peruvian Finance Minister Luis Carranza at Treasury. And in Africa: On Wednesday morning, Deputy Secretary Neal Wolin will deliver a speech at the University of the Witwatersrand’s Business School in Johannesburg, South Africa

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-25502626201380382932009-11-03T18:07:00.003-05:002009-11-03T18:23:24.227-05:00

By Michael LabeitThe primary trailer to Michael Moore's latest hideously unwatchable “documentary” Capitalism: A Love Story features a narration of a series of events surrounding the financial crisis beginning in late 2008 and the federal government's particular method for addressing it with Moore ultimately proclaiming that “By spending just a few million dollars to buy Congress Wall Street was

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com5tag:blogger.com,1999:blog-3758330678390419129.post-49802643337613852822009-11-03T17:14:00.005-05:002009-11-03T18:49:09.907-05:00

The Treasury announced on Monday:•During the January - March quarter, Treasury expects to issue $478 billion in net marketable debt, assuming an end-of-March cash balance of $45 billion, which includes $15 billion for the Supplementary Financing Program (SFP).•These estimates do not include any incremental borrowing needs that would result from a potential increase in issuance under the SFPGot

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-4144231145084490952009-11-03T16:50:00.002-05:002009-11-03T17:01:41.601-05:00

Seemingly out of nowhere, the Treasury today announced that on October 30, 2009 Angelo, Gordon & Co., L.P. and GE Capital Real Estate completed an initial closing of a Public-Private Investment Fund established under the Legacy Securities Public-Private Investment Program.This one touched all politically correct bases, Treasury said in its announcement:Small, minority-, and women-owned businesses

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-66616872454073110772009-11-03T16:33:00.003-05:002009-11-03T17:05:40.565-05:00

When I went Bullish earlier this year, based on Fed money printing from Sept. 08 to Feb 09, I did so in March based upon further anecdotal evidence: A financing completed by a REIT. I wrote: Another sign markets are opening up, Simon Property Group, the largest publicly traded REIT, with huge holdings--including many top line malls, went to the market at the end of last week to raise $500 million

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com1tag:blogger.com,1999:blog-3758330678390419129.post-39060698783190605402009-11-03T13:51:00.003-05:002009-11-03T13:59:56.127-05:00

The first snippett from Charles Gaspariono's new book, The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System, is out with the answer:At a dinner following Lehman's annual strategy seminar at the Marriott Hotel, [investment banking chief Michael] Madden got ready to give his remarks and have a little fun at [Lehman CEO Dick] Fuld's

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-14987329683105429892009-11-03T13:35:00.003-05:002009-11-03T18:03:27.160-05:00

When a piano is called for,Dennis O’Connell pushes the piano on stage at Carnegie Hall. That's his job.For Carnegie's fiscal year ended in June, for this work he was paid $530,044.The four other members of the full-time stage crew — two carpenters and two electricians — had an average income of $430,543 during the same period, according to Carnegie Hall’s tax return.They are all members of Local

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-49974446312392688092009-11-03T11:01:00.002-05:002009-11-03T11:14:40.204-05:00

NYT has an interesting piece on Al Gore and the many ways he is profiting from Green Hysteria.Gore and his partners backed Silver Springs Network. NYT then slyly notes:The deal appeared to pay off in a big way last week, when the Energy Department announced $3.4 billion in smart grid grants. Of the total, more than $560 million went to utilities with which Silver Spring has contracts.Gore, of

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com2tag:blogger.com,1999:blog-3758330678390419129.post-80854502919003115802009-11-03T10:13:00.002-05:002009-11-03T10:31:41.333-05:00

Vulture investor Wilbur Ross is sure talking down the commercial real estate market.He told CNBC this morning that:Everything's going in the wrong direction and I think we're going to see quite a lot of tragedies in that sector...The same reckless lending that characterized the subprime mortgage business in residential was also characterizing what went on in commercial real estate in the mid

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-81711487027952209632009-11-03T09:47:00.002-05:002009-11-03T10:08:49.723-05:00

WSJ has a feature this morning on Brian Sack, executive vp of the Markets Group at the Federal Reserve Bank of New York.WSJ tells us that: A decision to tighten monetary policy could still be months away. And officials aren't yet sure how big the money-draining operations will need to be. In the meantime, Mr. Sack's desk is developing several contingency plans.Last I looked, Bernanke hasn't

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-58017747378065766002009-11-03T09:24:00.002-05:002009-11-03T09:42:29.452-05:00

This evening, Secretary Geithner will join Treasury officials meeting with the Treasury Borrowing Advisory Committee as part of the Quarterly Refunding process.It's the only item on Geithner's public schedule, today.Meanwhile in Africa, Deputy Secretary Wolin will travel, today, to South Africa, the largest economy in sub-Saharan Africa.In the late morning, heavy propaganda. He will visit

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-86258110250319315502009-11-03T08:57:00.002-05:002009-11-03T09:05:50.555-05:00

The International Monetary Fund has reported that it sold 200 tons of gold to the Reserve Bank of India for $6.7 billion.A senior IMF official, speaking on condition of anonymity, on a conference call said that the trade was done at an average price of about $1,045 an ounce over a two-week period in the latter half of October.The sale represents approximately half of the 403.3 tons of the The

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com2tag:blogger.com,1999:blog-3758330678390419129.post-40351850649827500002009-11-02T18:33:00.003-05:002009-11-02T18:57:29.927-05:00

By Mario RizzoThe Gross Domestic Product (GDP) is growing again at an annual 3.5% rate for the third quarter of 2009. Some people say this means that the recession is over. Apart from the much-touted stubborn unemployment problem, does this make sense?The government is spending and will be spending massively. Some of that is moving through the system directly increasing demand for the output of

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com1tag:blogger.com,1999:blog-3758330678390419129.post-53343743960174902032009-11-02T17:39:00.006-05:002009-11-03T09:21:40.986-05:00

Here's economist Nouriel Roubini, aka Dr Doom, at a party last night in Manhattan, along with a sloshed Oliver Stone.I am not impressed. Not only am I better forecaster than Roubini, but when I partied sometime back with a semi-sloshed Oliver Stone at Asia de Cuba in Hollywood's Mondrian Hotel, I actually had a seat, and there were eight girls, not four. And they were all smiling, not like the

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com3tag:blogger.com,1999:blog-3758330678390419129.post-73278496378529295092009-11-02T17:31:00.002-05:002009-11-02T17:35:50.121-05:00

Is Clusterstock getting a little desperate for hits? Let's go to the tape and judge for yourself. Clusterstock has this clip headlined: Paul Volcker Walks Out On Maria Bartiromo

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com4tag:blogger.com,1999:blog-3758330678390419129.post-84654322489546653982009-11-02T16:49:00.003-05:002009-11-02T17:17:01.307-05:00

Janet Tavakoli was the first one out of the gate this morning, calling for a General Fraud Audit of investment banks who received mortgage security related bailouts:Goldman should not be exempt from the general fraud audit of mortgage securitizations that all of the former investment banks [Lehman, Bear Stearns, Morgan Stanley, Goldman Sachs , Merrill Lynch, and some foreign banks doing business

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com1tag:blogger.com,1999:blog-3758330678390419129.post-75974597830699650452009-11-02T14:04:00.012-05:002009-11-02T15:01:37.900-05:00

The secrets of the Federal Reserve shall remain secret. The Fed got to Barney Frank (Probably not hard to do) The heart out of the legislation has been ripped out. Very curious is the continued emphasis on not letting us see what transactions the Fed has been conducting with foreign central banks. The Fed is really hiding something here, and the US citizens will now have no insight into what it

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com4tag:blogger.com,1999:blog-3758330678390419129.post-36031424184306179512009-11-02T10:04:00.009-05:002009-11-02T11:09:00.091-05:00

Do not mess with Janet Tavakoli.Yesterday, I linked to an anonymous blogger/Goldman apologist who wrote that Tavakoli "has always been more bark than bite. Being provocative is part of her shtick."Janet has since written a further analysis of the Goldman-AIG situation. She not only has bit, and pretty much tore the Goldman apologist's leg off, but she is glowering at Goldman so fiercely that if I

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com0tag:blogger.com,1999:blog-3758330678390419129.post-67909055813520272762009-11-02T08:52:00.002-05:002009-11-02T09:34:02.095-05:00

The Treasury has been announcing record debt auctions, and yet we see little in the form of increasing interest rates to attract buyers to these securities that are still somehow gobbled up. The Fed's balance sheet, of late, doesn't seem to account for it, as any buying they are doing seems to be sterilized. Are the Chinese so insane that they are buying up anything the Treasury throws up in the

Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211rw@economicpolicyjournal.com2