We The Sheeplez- The Coming Economic Collapse.."A Nation Of Sheep Ruled By Wolves" Thomas Jefferson

Monday, June 13, 2011

KABOOM | NY Appellate Division | Bank of NY v Silverberg - MERS Does NOT Have The Right to Foreclose on a Mortgage in Default or Assign That Right to Anyone Else

Posted by: 4closureFraud

Post date: 06/13/2011 - 13:04

"This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation... Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property."

Are HFT Algos Taking Aim At Dominating And Manipulating The Wonderful World Of ETFs Next?

Submitted by Tyler Durden on 06/13/2011 14:02 -0400

While many have speculated that the May 6 flash crash was a combination of High Frequency Trading (primarily), quote stuffing, ETF participation, and overall liquidity reduction, few, and certainly not the SEC, have been able to pinpoint the participation of HFT in disruptive ETF movements. Indeed, HFTs have been isolated in individuals stocks (best seen in the infamous "crop circles" images from last summer here and here) and specific futures contracts (most recently the NG NYMEX contract which experienced a truly bizarre algo driven sine wave pattern before flash crashing with no fundamental input) but rarely in actual ETFs. Perhaps this has been due to the relatively high volume of trades in some of the most popular ETFs such as the SPY, where the impact of one single algo would rapidly get lost in the noise. Well, a few days ago, Nanex once again was the first to catch the NatGas "sine wave" in action in what is possibly the most actively traded product in the stock market: the SPY or Spider ETF. Today, Nanex once again brings something very jarring to popular attention by focusing not on the most trafficked "synthetic CDOs" but on numerous ETFs that have not been front and center in the public's eye, yet which could serve as a great practice springboard to total market manipulation via HFT strategies - strategies that if taken beyond their reasonable limit, could crash the overall market very much how the NatGas algo crashed the price of gas by 8% in seconds. Presenting the RETF algo....whose purpose is currently unknown, but whose presence in the stock market should be known by everyone who trades stocks.

Jim Sinclair’s Commentary

This is the future of your 401Ks and Roths.

Social Security is dead. The retirement programs of government employees is going to rest in pieces.

Uncle gives, and Uncle will take away. There is no free lunch. Get ready to pay the Piper.

Ireland Seizes $7 Billion From Its Pension Fund To Boost Employment Hugh O’Connell, thejournal.ie | Jun. 12, 2011, 7:38 AM
THE GOVERNMENT WILL use the last €5 billion in the National Pensions Reserve Fund (NPRF) to help create employment although it will need approval from the International Monetary Fund (IMF) and Europe before doing so.
The Sunday Times reports today that the money will be used by the government to create as many as 80,000 jobs in Ireland. The paper cites government sources in reporting that the use of the money would be seen as more viable then the proposed sale of semi-state assets in the current weak market.
One source says that the view of the troika of IMF, the European Union and the European Central Bank is that if you have money it should be spent rather than drawing on outside funding or money from selling off assets at the wrong-time.
The NPRF was launched ten-years-ago by the then Minister for Finance Charlie McCreevy.
Its purpose was to build up assets which would part-finance the cost to the exchequer of social welfare and public service pensions from 2025 onward.
A total of €17.5 billion of it is being used as part of the €85 billion EU/IMF bailout that was agreed last November with €10 billion of that being used to recapitalise the banking sector in Ireland.
More…

Rosenberg On Why "Things Are Getting Interesting" And What Is Ailing The Market

Submitted by Tyler Durden on 06/13/2011 13:14 -0400

David Rosenberg provides the key bulletized market observations that have marked the broad capital markets over the past few months.

$950 billion of paper equity wealth has been wiped off the map in the past six weeks.
The Dow is below 12,000 for the first time since March 18th.
The Transports are down more than 8% from the nearby highs and are down for the year as well
The Transports/Utilities ratio has broken down to its lowest level since November 9th of last year.
The Nasdaq is now down for the year (-0.3%)
The Russell 2000 index is also down for the year (-0.5%).
The S&P 500 is just 1.1% away from seeing the same fate.
The S&P 500 has declined in each of the past six weeks, the longest losing streak since June-July 2008.

...And much more

Greece Gets Triple Hooked: S&P Downgrades Country To CCC, Outlook Negative

Submitted by Tyler Durden on 06/13/2011 12:24 -0400

And there goes the EUR again. Furthermore, "Outlook Negative" on CCC means CC is next, then C, and lastly, D. "The downgrade reflects our view that there is a significantly higher likelihood of one or more defaults, as defined by our criteria relating to full and timely payment, linked to efforts by official creditors to close an emerging financing gap in Greece. This financing gap has emerged in part because Greece's access to market financing in 2012 and possibly beyond, as envisaged in the current official EU/IMF program, is unlikely to materialize. This lack of access, in our view, creates a gap between committed official financing and Greece's projected financing requirements. Greece has heavy near-term financing requirements, with approximately €95 billion of Greek government debt maturing between now and the end of 2013 along with an additional €58 billion maturing in 2014... and this "based on recent statements made by the German government ahead of the June 20, 2011 Eurogroup meeting, we believe some official creditors will see restructuring of commercial debt as a necessary condition to such additional funding. We believe that private sector burden sharing could take the form of a debt exchange offer or an extension of debt maturities. In our view, any such transactions would likely be on terms less favorable than the debt being refinanced, which we, in turn, would view as a de facto default according to Standard & Poor's published criteria. In that event, under our criteria, this would result in the rating on the affected instruments being lowered to 'D,' while Greece's credit rating would be lowered to 'SD'(selective default)." Moreover, the downgrade reflects our view that implementation risks associated with the EU/IMF program are rising, given the increasingly complicated political environment in Greece coupled with its current difficult economic climate.

Graham Summers’ Weekly Market Forecast (Get Defensive Edition)

Posted by: Phoenix Capital Research

Post date: 06/13/2011 - 10:50

With public outrage soaring the Fed needs things to cool down before it can announce QE3 or anything like it. The one exception to this would be if the markets enter a full-scale Crisis and stocks close in on 1,000 on the S&P 500. The most likely candidate to trigger this would be the Euro-zone where the “bailout game” might in fact be about to end.