Big Banks | timiacono.com - Part 20

Wall Street Regains its Swagger

Wall Street types aren’t waiting until January to find out what their bonuses are going to be as high end spending in New York is surging, details provided in this report at DealBook.

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Largely responsible for the 2008 market crash and subsequent meltdown for the U.S. economy, it doesn’t seem fair that Wall Street should recover first, but, this is just one more reminder that a lot of things in life aren’t fair.

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The Fed Under Fire

It’s probably fair to say that, after the last few years, a lot more Americans know what the Federal Reserve is and what it does, but, that’s not necessarily a good thing as they probably don’t like what they’ve learned. This interview with New York Fed President William Dudley (formerly of Goldman Sachs) probably isn’t going to do anything to change that view.

The initiative to change the Fed’s mandate from low unemployment and stable prices to just a price mandate as detailed by CNBC’’s Steve Liesman early on in the clip is an interesting one indeed – it would be a lot harder to justify monetizing trillions more dollars in government debt without the cover of a nearly 10 percent unemployment rate.

“Crash JP Morgan Buy Silver!”

This is one of the tamer videos over at Max Kaiser’s blog where, by the looks of it, there is a concerted campaign to bring down TBTF bank JP Morgan by urging the masses to buy and take possession of silver bars and silver coins.

Recall that JP Morgan is believed to have massive silver short positions that, you’d think, after the recent price surge, would be causing  a good deal of grief for whoever is keeping the books over there. It looks to be another interesting week in metals markets with gold and silver rising along with the trade-weighted dollar so far today. It’s always kind of creepy when that happens because you know something really bad is happening in Europe.

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A Dismal Outlook in the U.K.

Between cleaning paint off of my fingernails, changing addresses, and holding the front door open while all sorts of installer types traipse through the new house, there hasn’t been time to write much here lately (we move on Thursday), but I couldn’t help but notice this dismal set of headlines at the Telegraph today in a brief scan of the latest news.

There appears to be some optimism there in the lower right. Hopefully, the 2010 green shoots in the U.K. lead to something more enduring than the 2009 green shoots in the U.S.

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