Daily Archives: October 24, 2010

The Real Reason Behind Quantitative Easing Version 2.0

The volume of US debt that will roll over in the next two years is simply staggering (Never mind the new debt). Nomura’s Rates Radar Weekly shows the vertical ascent that is about to take place. Bernanke needs to depreciate the value of…

http://www.economicpolicyjournal.com/2010/10/real-reason-behind-qe2.html

Federal Reserve Member Views on Quantitative Easing Version 2.0

The overwhelming number of current FOMC members are likely to vote in favor of QE2. Any talk, that suggests that there are not enough votes for QE2, should be considered uninformed. 

http://www.economicpolicyjournal.com/2010/10/federal-reserve-member-views-on-qe2.html

7 banks closed in Fla., Ga., Ill., Kan., Ariz.

Regulators shut down 7 banks in Florida, Georgia, Illinois, Kansas and Arizona, lifting to 139 the number of US banks that have fallen this year as soured loans have mounted and the economy has sputtered.

http://abcnews.go.com/Business/wireStory?id=11950438

Scary: $DXZ Flash Crash Detonates Entire Currency Complex

And now, for that Friday night bomb, when nuking stocks has a tad too much of a Waddell and Reed ‘amateur hour’ aftertaste, the only alternative – destroy the entire currency market.

http://www.zerohedge.com/article/dxy-flash-crash-detonates-entire-currency-complex

William Black on Foreclosure-Gate: Put $BAC Bank Of America Into Receivership

The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents… Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would…

http://www.huffingtonpost.com/2010/10/22/fdic-called-on-to-put-ban_n_772535.html

($BAC and $C) B of A and Citigroup: The Mother of All Negative Credit Watches

The two companies mostly impacted by this announcement are Bank of America Corporation and Citigroup, Inc. This is due to the fact that both entities’, and their related subsidiaries’, Issuer Default Ratings (IDRs) and their respective senior debt…

http://www.economicpolicyjournal.com/2010/10/mother-of-all-negative-credit-watches.html

Puru Saxena: The US Dollar is doomed

At next month’s FOMC meeting, Mr. Bernanke will unleash yet another round of quantitative easing. In other words, in order to fund Mr. Obama’s out of control spending, Mr. Bernanke will create even more dollars out of thin air!

http://www.321gold.com/editorials/saxena/saxena102210.html

Gary Shilling: Underwater Homeowners Will Go From 23% to 40% Shortly

CEO of Gary Shilling & Co. sees home prices tumbling another 20% over the next few years, and the number of underwater mortgages nearly doubling from 23% to 40% (meaning nearly half of America will likely strategically default as nobody…

http://www.zerohedge.com/article/gary-shilling-why-underwater-homeowners-will-double-23-40-shortly