The Mess That Greenspan Made - Part 416

More on OWS and Politics

Lawyer, academic, author, and former banking regulator (that is, from back in a different era before the financial industry had bought Congress) William Black was on the Dylan Ratigan show yesterday with an exhausted David DeGraw of AmpedStatus.com to talk about the relationship between the Occupy Wall Street protest and political parties.

Black would certainly be a good choice as their spokesman – he’s been talking about these issues since way back before the housing bubble had started to burst.

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Tuesday Morning Links

MUST READS
EFSF leverage ahoy – FT Alphaville
A leveraged EFSF is pure poison – Telegraph
French credit review threatens euro zone rescues – Reuters
China’s economic growth slows to 9.1% in third quarter – BBC
Goldman Sachs Posts Loss as Investment Banking Slides – CNBC
New York Credit Unions See Spike In Enrollment – Business Insider
Why Occupy Wall Street Is Bigger Than Left vs. Right – Taibbi, Rolling Stone
‘The Protests Are an Expression of Bitter Disappointment’ – Spiegel
Occupy Wall Street Must Occupy Congress, AG offices – The Big Picture
Ron Paul Media Blackout Confirmed – Atlantic Wire
Herman Cain: How about 15-15-15? – Cato Institute
Dial 9-9-9 for nonsense – Economist

MARKETS/INVESTING
Oil near $86 amid Europe debt plan doubts – AP
Gold slides as macro worries lift dollar – Reuters
Stocks, U.S. Futures Drop on France, Goldman – Bloomberg
Chanos: China’s hard-landing has already begun – MarketWatch
CFTC cracks down on commodity traders; will it stick? – Reuters
How China’s currency system is like a giant ETF – FT Alphaville
Phenomenal pick-up in Indian gold sales ahead of Diwali – Mineweb
The merry march of the miserable metals – Peter Brandt
EU bank failures will crash Wall Street — again – MarketWatch
Pain at the pump continues – LA Times

ECONOMY/WORLD/HOUSING/BANKING
Lowe’s to close 20 stores, cut almost 2K jobs – AP
Money-Printing Won’t Bring Inflation Surge: Economist – CNBC
Budget cuts claim hundreds of thousands of county, city jobs – USA Today
Inflation hits 19-year high of 5.2pc on higher energy costs – Telegraph
Toronto house price growth could soon top Vancouver’s – Globe & Mail
Greek rail workers, journalists, join strike wave – AP
Slim Pickings Are Latest Headache for Home Sales – WSJ
Rise in Short Sales a ‘Dramatic Shift’, Could Boost Prices – Bloomberg
Kocherlakota: Easing in Recovery Hurts Fed Credibility – BusinessWeek
Fed should adopt GDP target, Goldman says – MarketWatch
Banks to Mimic Bank of America With New Fees – Bloomberg
Fed officials at odds on inflation threat – Reuters

 

The Man on the Street Reactions to 9-9-9

America’s Finest News Source asked the man on the street what they thought of Herman Cain’s 9-9-9 tax plan and posted a few of their findings in this item earlier today.

If you haven’t seen this video of Cain singing about pizza to John Lennon’s Imagine, it’s well worth a few minutes of your time. The guy really does have a sense of humor.

Will the Super Committee Sink Stocks?

[Following are excerpts from the current issue of the Weekend Update at Iacono Research.]

A simple Google news search on “super committee” turns up all sorts of headlines about a 12-member Congressional committee – split evenly between Democrats and Republicans from both the House and the Senate – that began work six weeks ago to recommend a set of proposed spending cuts and revenue increases totaling $1.2 trillion over the next ten years.

After just a brief look at the headlines, the difficulty of their job becomes clear:

10/10 Deficit ’supercommittee’ struggles as clock ticks – AP
10/11 Debt committee could raise risk of U.S. downgrade – CNN/Money
10/13 GOP: Defense cuts shouldn’t be part of super-committee plan – CBS News
10/13 House Dems recommend new taxes to ’super committee’ – LA Times
10/14 Republicans want debt panel to overhaul taxes – AP
10/14 Deficit ’super committee’ flooded with ideas. Will any work? – CSM
10/14 Panel Gets Earful Of Advice On Taming The Deficit – Kaiser Health News
10/14 Many suggestions but little time for debt panel – AP
10/14 Super Committee’s Cuts Will Impact Farm Bill – Dakota Farmer

With a set of recommendations due by November 23, just over a month from now, the progress made by this group (or the lack thereof) could be the biggest single factor in how asset markets move this fall and, based on initial indications (that are hard to come by since the committee has been operating in secrecy), things are not looking good.

(Continue reading this article at Seeking Alpha.)

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