“Governments will impose a loss on some of their stakeholders,” Arnaud Mares in the firm’s London office wrote in a research report today. “The question is not whether they will renege on their promises, but rather upon which of their promises they will renege, and what form this default will take.” The sovereign-debt crisis is global “and it is not over,” he wrote.
What an idiot. You're a mid-level portfolio manager and you agree to appear on CNBC to discuss bank stocks and earnings against the greatest banking analyst of the last 2 decades. And you're unprepared. You deserve the annihilation.
Second clip inside of Whalen with Larry Kudlow and James Glassman discussing the Fed, economy, recession. Yes Glassman, the Dow 36,000 nimrod. Do I still show glimpses of PTS from years as a tech bubble short seller? Probably.
From Whalen's email to the Bail:
- "This is a great example of how the Street is walking into the buzz saw on financials, happily buying lower revenue and poor quality earnings."
Keep watching. Whalen does not let up with the beatdown until Burnett closes the interview.
Daily Show Video: Jon Stewart with Rod Blagojevich -- Aired Aug. 23, 2010
Outstanding interview. Best I've ever seen with Blago. Stewart is righteous and combative. Make sure you hear the FBI tape at the 5:50 mark of part 1. Parts 1 & 2 are inside. Heads up -- This is the uncensored version so there is some profanity.
Must See Charts -- Housing Cliffdives, U.S. GDP By Decade, History Of World GDP, Deficits With/Without The Iraq War
Notice the blip on the far-right for July 2010. Anyone have another adjective besides fugly? More chart porn on the flip.
Video: Live clip of Stiff Little Fingers performing Alternative Ulster -- 1979 Tour
European markets open in 4 hours. This is not a helpful data point for the bulls.
Analysis, several links, and a bonus clip as the Founding Fathers search for Boehner all over the best golf courses and tanning salons of Northern Ohio.
Mark Pittman 1, Bernanke 0 (FED Loses Latest Appeal To Limit Bailout Disclosure -- Supreme Court Is Next)
The N.Y. Federal Court of Appeals has ruled and it's not looking good for Bernanke.
Steal Groceries, Go To Jail; Steal Billions, Get An SEC Wells Notice (Gasparino On Lehman Developments)
Links, video and quotes transcribed inside.
We've got $900 billion more to go until we bump against the latest debt celiling at $14.3 trillion. Figures are inside.