Because the only thing more informative than watching a shut down New York get blown (away) by Sandy, is hearing it live. Watch, and listen, as downtown New York, very much unprepared for what may be a record flood surge, gets the Venice treatment.
Sandy's State-By-State Impact Forecast
• Storm tide and surge:
Long Island Sound -- 6-7 feet on top of tide with a 50% chance of exceeding 7 feet. Storm tide forecast for Port Jefferson is 13-14 feet.
Manhattan -- 4-5 feet on top of tide with a 40% chance of exceeding 7 feet.
Staten Island -- 4-5 feet on top of tide with a 60% chance of exceeding 7 feet.
• Wind: Long duration, damaging winds expected. 35 to 45 mph with gusts up to 80 mph. The strongest winds will occur Monday afternoon and night.
• Rain: Widespread totals from 2 to 4 inches, with isolated amounts up to 6 inches, especially in the higher elevations. 1 to 2 inches PER HOUR are expected where the heaviest rain bands set up.
• Inland Flooding: Widespread urban flooding is expected Monday and into Tuesday. Fast-responding streams are expected to flood, as well. The flooding will be exacerbated by blockages in storm drains as well as rising storm tide.
• Power outages: Power outages are possible, even likely, as wind takes down branches and trees.
obama stands ready to give away more money we don't have...
( to buy votes)... But don't worry...The Bernank will just create more money out of thin air...
Obama Address To The Nation Over Hurricane Sandy - Live Webcast
Will the president preannounce the epic surge that Sandy will bring to Q4 GDP as America fails upward to achieve the Keynesian utopia through an infinity of broken windows - a hurricane that CNBC's Jim Cramer called a "GDP event", or merely an opportunity to take more shots... Find out below.Thank You Shaun
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The Spanish Bad Bank Emerges, Confirms Spanish Real Estate Absolute Disaster
The details of the Spanish bad bank are being released and it is ugly - far uiglier than many had believed. And while the Spanish government expects priovate interest to take some of this massively discounted 'crap' off their hands, we have three words: 'deleveraging' and 'no bid!'.- *RESTOY SAYS BAD BANK AIMS TO BE PROFITABLE
- *SPAIN BAD BANK TO DISCOUNT LOANS AVG 46%; FORECLOSED ASSETS 63%
- *SPAIN AIMS FOR BAD BANK NOT TO COUNT TOWARDS PUBLIC ACCOUNTS
- *SPAIN TO DISCUSS BAD BANK WITH INVESTORS IN COMING DAYS
- *SPAIN BAD BANK TO INCLUDE FORECLOSED ASSETS, LOANS, STAKES
A Comedy Of Golden Bundesbank Errors
Follow this simple chronology of events...My Medicine For The U.S.: Reduce Government By Minimum 50%
Admin at Marc Faber Blog - 2 hours ago
My medicine for the U.S. is: Reduce government by minimum 50 percent. The
impact would be immediately an improvement in the economy. - *in CNBC*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Raising Taxes Has Never Made The Economy Grow
Admin at Jim Rogers Blog - 2 hours ago
In 2013 and 2014 we’re going to have economic problems. Either politicians
are going to raise taxes or they’re going to bungle something. Raising
taxes has never made the economy grow. - *in CNBC*
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*
Sobering Up The Western World Economy Demands Price Managment
Eric De Groot at Eric De Groot - 2 hours ago
Morning Observations of the AB (wave) Transition: A-wave rallies which
includes the AB transition (A-wave to B-wave transition) is characterized
by fear and doubt. The secular gold trend follows the following cycle:
A(up), B(consolidation), C(UP), and D (DOWN). Investors, however,
disappointed that D(DOWN) is not followed by C(UP) assumed A(up) will be
followed by...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
If You Have A Dream, You Have To Try It
Admin at Jim Rogers Blog - 2 hours ago
If there`s one thing I have learned in going around the world, it`s that
societies become rich, swagger around for a few years, decades, or
centuries, and then their hour is done. The other thing I have learned is
that even when all the wealth is gone, life goes on.
More important, I`ve also learned that if you have got a dream, you have to
try it; you must get it out of your system. You will never have another
chance.
If you want to change your life, do it. - *in Investment Biker*
*Jim Rogers is an author, financial commentator and successful
international investor. He has been fr... more »
Within 5 To 10 Years You Have A Colossal Mess Everywhere In The Western World
Admin at Marc Faber Blog - 3 hours ago
Eventually, you have either huge changes occurring in a peaceful fashion
through reforms, or, usually, through revolutions. I think the timeframe
would be within five to ten years you have a colossal mess everywhere in
the Western world. I think the deficit here in the U.S. — irrespective of
who is in the White House — will stay above a trillion dollars per annum
for at least as far as the eye can see. - *in CNBC*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*Europe Closes Red For 7th Day Of Last 8 (Shortly)
UPDATE: Apologies - Europe clocks went back so we have another hour of trading (and stocks are surging!)
European equity markets are all closing down today with Spain leading the laggards down over 1% on the day. This is the seventh down day of the last eight for Europe's equity markets. Spanish bond spreads are wider for the sixth day of the last seven and now almost 60bps off their post-Draghi tights as once again the fast-money front-runners step away leaving a truer picture of the state of Europe. Interestingly, Italy underperformed Spain (in bond-land) today - something we haven't seen in weeks - which appears to be Italian bonds reverting their exuberance back to Italian stock levels. Notably, just as in the US, broad European stocks pushed a little higher into the close (after US early close) while credit markets bled weaker - closing near their worst levels of the day. EURUSD was down 30 pips or so (with an 80 pip hi-lo swing) - hovering around 1.29 - until it decided to zoom into the last few minutes, which pinged stocks a little.
How Central Bank Policy Impacts Asset Prices Part 1: Equities
Fed
'credibility' has boosted stocks from the start of its actions; the
ECB, however, only since OMT. But as SocGen's cross-asset class research
group notes, poor performance of the S&P 500 since QE3
announcement (-1.6%) may well be an initial sign of a loss of impact from the Fed’s policy, and US equity volatility is rising - catching up to Europe's.Tomorrow's Episode Of "Debt Monetization With The New York Fed" Postponed Due To Inclement Weather
"The sale of Treasury securities that was tentatively scheduled for today, Monday, October 29, will take place as scheduled, with a 10:15 AM open and 11:00 AM close. However, settlement will take place on Wednesday, October 31, not Tuesday, October 30. The purchase of Treasury securities previously scheduled for tomorrow, Tuesday, October 30, has been postponed, and the schedule of Treasury security operations will be updated in the coming days with details of the rescheduled operation. After today's sale, Treasury purchase and sale operations are anticipated to resume on Wednesday, October 31. Similarly, there will be no agency mortgage-backed securities (MBS) trading on Tuesday, October 30. MBS trading operations are anticipated to resume on Wednesday, October 31."Escape From New York Becoming Problematic As Holland, Brooklyn Battery Tunnels Close
Remember the wetsuit purchased many years ago for that trip to Hawaii and never used once? It may be time to find where it is and clean it up, as "escaping from New York", in a worst case scenario is getting so problematic, swimming through the Hudson or East Rivers may soon be the only option. Moments ago, in a press conference, Andrew Cuomo reported that while the storm is behaving as predicted, as of 2pm today both the Holland and Brooklyn Battery tunnels will be closed. And if these are down, the Lincoln and Queens-Midtown can't be far behind, especially if the flood continues as expected.
Visualizing The Death Of The European Sovereign Credit Market
Since the rumors and news of the Sovereign CDS ban began in Europe (due to officially be in place next week), sovereign CDS spreads (and their gross and net exposure) have been crushed.
This would seem like a good thing for all the standard CDS-haters and
speculator-blamers who believe that Europe's problems were 'caused' by
these mean credit traders; but bonds haven't followed.
Bonds have rallied but this is more consequence of front-running
Draghi's OMT than CDS compression. The concern is, should we see a risk
flare, the CDS market (and its basis traders) will not be there this
time as a natural buffer (or protection provider) this time. Exactly as we noted here, the unintended consequence
of regulating away the CDS market will be higher costs of funds as
real-money will be considerably more risk averse in an unhedgeable event
risk market - and we are already seeing exactly this in Spain.Following Traditional Ramp Into The Close, Kevin Henry Can Go Home Now
On this lonely blustery day, with US equity markets closed, long-only managers around the US can go peacefully back to sleep as 'Kevin' has got our back. S&P futures (ES) managed a glorious ramp into the 915ET close to confirm a close above the vertically challenged 1400 level. Volume, as one would expect, is dismal but the 6500 contracts that ran thru in the last 2 minutes makes perfect sense (to someone we are sure). The equity futures market was on its own in this rampapalooza, as Treasuries slid to the lowest yields in two weeks, USD strengthened, and commodities dropped - all leaving ES significantly divergent from CONTEXT (broad risk-assets). Nothing but another episode of illegally Banging the Close (but don't hold your breath for the regulators to prosecute anyone, least of all the Liberty 33 residents) with your friendly New York Fed (and Citadel). Gold is higher - even with the USD up 0.25%.
Chart Of The Day: How To Grow Your Way To Prosperity Through Tax Hikes
...or not! As can be seen in the chart below showing the change in Spanish retail sales, there is nothing like a tax hike, in this case "Value Added", to completely obliterate any hope of increased economic transactions, monetary velocity or, well, general prosperity. In the least surprising data point of the day, Spanish retail sales plunged at their fastest rate on record (12.6% YoY) to complete the 27th month in a row of YoY drops. This nation whose economy is struggling through its second recession in three years and plagued by chronically high unemployment, has seen only three months of positive YoY comps for retail spending since November 2007. Whether this is a nation retrenching pure-and-simple on the back of anti-growth policies or an increasing amount of retail sales are completed in the gray market is unclear (as we discussed here); one thing is clear, Spain is bad and getting worse (bailout or no bailout), and as Reuters reports: "It's clear there are no signs the crisis is abating," economist at Nomura Silvio Peruzzo said. "The headline (retail) figures show a sharp drop and indicate that domestic demand is not going to be anywhere near what the government is anticipating."
Savings Rate Plunges To Lowest In One Year As US Consumer Once Again Tapped Out
Today's personal income and spending report
for the month of September was just the latest datapoint confirming
that the US consumer is once again massively cash-strapped and is
eating, literally, into their savings. While Personal Income rose at the
expected pace of 0.4%, Spending in the last month came well above
expectations of 0.6%, printing at 0.8%, which meant that on a net basis
Consumers, always hopeful, outspent themselves by a margin of 0.4%.
This meant that the savings rate declined from 3.7% in August to a tiny
3.3% in September. This was the lowest Savings print in 2012, and
higher only compared to last November's 3.2%, which in turn was the
lowest print since the start of the second great depression. In other
words, overeager consumers saw their nominal incomes increase... and
decided to outspend said rise at double the rate of increase! At this
pace, by the time Thanksgiving rolls out, US consumers will have no
savings at all left to tap and living will be strictly a month to month
activity. But wait, it gets worse. As the second chart below shows, the
real story was that of the Real, not Nominal, Disposable Income,
adjusted for the cost of living, which declined for
the second consecutive month, and shows that the peak this year took
place in July, having declined consistently ever since. In other words,
even real incomes are now consistently declining, spending aside.It Just Isn't His Day...
Everyone
is safely home, tucked in and patiently waiting for the perfect storm
to rage and ravage the Big Apple. Everyone - including the algos in
just over 1 hour. Everyone.... except for Friday's "ramp the market in the last hour or else" workhorse - NYFed analyst/trader Kevin Henry...Frontrunning: October 29
- Markets Go Dark Ahead of Storm (WSJ, RTRS, BBG, FT)
- MF Global Problems Started Years Ago (WSJ)
- Major Greek daily reprints Swiss accounts list, editor who published list to go on trial for violating data privacy laws (RTRS)
- Coming soon to a USA near you: Hong Kong government imposes a property tax on overseas buyers (Bloomberg)
- The pain in Spain is endless: Spain’s Pain Seen Intensifying as Slump Deepens Plight (BBG)
- Las Vegas Sands Discusses Possible Settlement With Justice Department (WSJ)
- Why Does the SEC Protect Banks’ Dirty Secrets? (BBG)
- Honda slashes forecast on China territorial spat (AFP)
- UBS shares jump on expected radical overhaul (Reuters) ...so if UBS cuts 150% of workforce, shares will hit +?
- CEOs Seeking Global Range Tilts Market to 8,000-Mile Jets (Bloomberg)
Overnight Sentiment: Cloudy, If Not Quite Frankenstormy
It is cloudy out there as Sandy enters the mid-Atlantic region, although for all the pre-apocalypse preparations in New York, the Frankenstorm may just be yet another dud now that its landfall is expected to come sufficiently south of NYC to make the latest round of Zone 1 evacuations about overblown as last year's Irene hysteria (of course it will be a gift from god for each and every S&P company as it will provide a perfect excuse for everyone to miss revenues and earnings in Q4). That said, Wall Street is effectively closed today for carbon-based lifeforms if not for electron ones, and a quick look at the futures bottom line, which will be open until 9:15 am Eastern, shows a lot of red, with ES down nearly 10 ticks (Shanghai down again as the same old realization seeps day after day - no major easing from the PBOC means Bernanke and company is on their own) as the Friday overnight summary is back on again: Johnny 5 must defend 1400 in ES and 1.2900 in EURUSD at all costs for just two more hours.
Today’s Items:
A collapse in demand for credit is
underway in Europe with bank lending down sharply. There are even
calls for the European Central Bank to stop obsessing about fiscal
issues and start up the printing presses. These calls come, despite
Japan having 20+ years of a various monetary and fiscal stimulus
programs with nothing, but debt, to show for it. In short, the banks
in the Euro-zone are getting more desperate.
After 14 consecutive quarters, American
households are now taking on more debt than they are shedding. The
proportion of household debt to personal income has fallen to its lowest
level since the mid-2000s. Americans have slashed their credit card
debt to $855 billion today from more than $1 trillion in 2008. It
could be a sign of recovery; however, it may be more of a sign of
desperation to pay for healthcare, transportation, food and housing as a result of inflation and governmental policies.
Here are a few…
1. Le Center, Minnesota
2. Strafford County, New Hampshire
3. Harrison and Salem, New Jersey
4. Central falls, Rhode Island
5. Jefferson County, Alabama
1. Le Center, Minnesota
2. Strafford County, New Hampshire
3. Harrison and Salem, New Jersey
4. Central falls, Rhode Island
5. Jefferson County, Alabama
If Romney were to win the election, some
have speculated that he might tackle unsustainable government
spending. Well folks, Romney and Obama may differ on some items;
however, the ones that they both agree on spell disaster for the US
Dollar. With that in mind, after preparing, keep stacking physical.
Like the $100 million plus in art stolen from a museum in the Netherlands,
historical artifacts, from the Wright Brothers airplane patent to the
the bombing maps for the nuclear attack on Japan, have been stolen from
the National Archives. As more historical treasures suddenly go
missing, one has to wonder if governments are saving national treasures,
like the fictional scene in the movie 2012, because of an untold
disaster on the horizon.
Janet Incompetano, in a Department of Homeland Insecurity blog, is working to develop the next generation of Hitler youth err.. leaders in cyber-security beginning in kindergarten. Hey Janet, go play with your girlfriends and leave the children alone you pervert!
The Saudi King, whose kingdom has most likely been helping in aiding the Syrian Rebels obtain advanced weaponry, is still following the Obama lie about the You Tube video that did NOT cause the attack in Libya.
At any rate, this Mideast puppet king is demanding that the UN condemn
any insults on monotheistic religions. No doubt, he will want Christianity, and Judaism, excluded from the list of monotheistic religions.
Thank You Shaun
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