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Shit Just Got Real: Primary Dealers Called To New York Fed For Emergency Noon Meeting

From an email just sent out by Morgan Stanley's David Greenlaw:
The NY Fed just asked primary dealers to come downtown today at noon to meet with Fed and Treasury Dept officials. We expect to hear them outline a contingency plan for next week. Details to follow.   






Time to Think the Unthinkable on US Debt: Economist

Eventually, The Creditors Are Going To Say "No More, That Is The End Of The Line"

Admin at Jim Rogers Blog - 28 minutes ago

The US is the biggest debtor nation in the history of the world. This cannot go on forever. Eventually, the creditors are going to say "no more, that is the end of the line". If you think the problems are bad now, you wait till we do not have any more credit, you wait till the currency collapses, interest rates going through the roof, inflation going through the roof. It`s not going to be a pretty picture. There is going to be social unrest. It`s going to be a mess. The sooner we deal with it, the better. *Related: ProShares UltraShort 20+ Year Trea (ETF) (NYSE:TBT), iShares Barcl...

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And Wall Street Does Its Traditional "Nobody-Could-Have-Foreseen-This....Nobody" Dance

Here are some of the first sell-side and media perspectives on the abysmal Q2 GDP. And of course, nobody could have foreseen this huge collapse in the US economy. Nobody.

Both Chicago PMI And Consumer Confidence Disappoint

The adverse data onslaught continues with both the Chicago PMI and the UMichigan Consumer Confidence numbers coming in weaker than expected. Chicago printed at 58.8 on expectations of 60.0, down from 61.1, while consumer confidence was quantified with laser-like precision by UMichigan at 63.7, below expectations of 64.0, and the lowest since March 2009. The data between the headlines was even uglier, as the Employment index in the PMI printed far lower, from 58.7 to 51.5, even as priced paid increased (yes, inflation) from 70.5 to 71.7, while new orders declined from 61.2 to 59.4. At the same time long-term inflation expectations are getting anchored ever higher, as the 5 year inflation rose from 2.8% to 2.9%, while the condition index plunged to 75.8, the lowest since November 2009. At least people's outlook on the future was unchanged at 56.0. Then again, all economic data is now irrelevant as everyone is preparing to listen to the Republicans, the president and the democrats in that order imminently.

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