Obama Goes To Buffett For Economic Advice: More Taxpayer Bailouts Imminent

It may not be quite Obama telling us to buy stocks as he did on March 6 due to attractive "profits and earnings ratios", but it is about as close as him advising it is time for everyone to do their patriotic duty and buy shares of floundering Wells Fargo:

• OBAMA CALLED BUFFETT TO DISCUSS MEASURES FOR SPURRING ECONOMY

We can't wait to hear what 'altruistic', taxpayer bailout-funded ideas the Octogenarian of Omaha had. In the meantime we wonder: just why does Obama have an economic advisory team. Oh wait, after everyone bailed on him, Obama has no economic advisors left at all. Carry on then.

Bank Of America CDS Hits Escape Velocity

We take this moment from your busy schedules to update you that the CDS of Bank of America has reached escape velocity and has now entered suborbital traffic. At 370 bps, which is where the CDS is trading as of this moment, it is only 30 away from the 400 it hit in March of 2009 when the world had to be bailed out by the Fed: a ploy which this time will not work since every central bank has already doubled down to the hilt. In other news, expect bashing of evil bloggers who indicate BofA default risk spikes to commence momentarily as obviously it is only they who are to blame for BAC's upcoming bailout.

 

Wall Street aristocracy got $1.2 trillion in secret loans from Fed

 

 

Venezuela formally asks Bank of England to return its gold

Gold shines as Swiss franc's haven appeal dims

Economists Refuse to Recognize the New Great Depression 






Graham Summers’ Weekly Market Forecast (Next Leg Down Edition)

Posted by : Phoenix Capital...

Post date: 08/22/2011 - 10:16

I warned to get defensive several weeks ago. That warning is even more important now. I would avoid stocks and Treasuries as neither are particularly safe. I’d have increased exposure to cash and...

European Liquidity (Or The Complete Lack Thereof) Summarized In One Chart

Courtesy of Morgan Stanley's Huw van Steenis, we present the only chart one needs to see to understand what is going on in Europe.









GAO Fail: Phony Fed Audit Fails to Reveal BlackRock & Jamie Dimon's Dirty Secret

Posted by: EB

Post date: 08/22/2011 - 10:12

(But yes, @Nouriel, we need central banks, and moral hazard and FRB did not exist before 1913...Q.E.D., right?)

Gold to Crude Oil Ratio indicates profitability of Gold miners

Trader Dan at Trader Dan's Market Views - 1 hour ago

Following are two separate charts tracking the ratio of the price of gold to the price of crude oil. The first is Brent Crude, the global benchmark for crude prices and the second is WTI crude, which is the Nymex benchmark and the one most often quoted by American wire services and news organizations. The reason for the charts is that which Eric King and I discussed on this past Friday's KWN Weekly Metals Wrap where we talked about the severe undervaluation of the gold mining stocks. The point we were discussing was the direct impact that lower energy costs have on mining operatio... more » 

Important Charts (DAX;STX;SPX;NDX)  

Posted by: thetrader

Post date: 08/22/2011 - 09:33

The bounce has started (again), but don't get overly bullish.....

Ron Paul Raises $1.8 Million In 24 Hour "Birthday" Fund Raiser

Our congratulations and belated birthday wishes to Ron Paul, who yesterday raised a sizable $1.8 million in a "money bomb" fund raiser in under 24 hours. As a reminder this is merely an appetizer of what Paul's loyalists can do, considering back in 2007 Paul raised over $6 million in the same time frame. Nonetheless, we find it ironic that the very same fiat confetti that Bernanke prints with reckless abandon is the same that will be used to hopefully one day end the tyranny of central banking.

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Lawrence Williams: Will Venezuela's gold repatriation prove GATA's case?

 

 

Scrap gold sales peter out in India