Showing posts with label failed. Show all posts
Showing posts with label failed. Show all posts

Wednesday, July 7, 2010

Failed financial reform--and presidency

http://www.marketwatch.com/story/conspiracy-of-weasels-is-killing-real-reform-2010-07-06?pagenumber=1

The Fed's "two decades of cheap money" turned "the Street over to the traders. That led to a very different way of doing business" which former UBS trader Philipp Meyer says is very simple: "With a trader, the goal of every minute of every day is to make money. If running the economy off the cliff makes you money, you will do it, and you will do it every day of every week." Morality, ethics and the public interest are irrelevant in the Weasel Conspiracy's business model. All that matters is making money, making it fast.

Back in 2002 former SEC Chairman Arthur Levitt told Fortune: "America's investors have been ripped off as massively as a bank being held up by a guy with a gun and a mask." Sadly, Levitt now consults for Goldman.

Friday, May 7, 2010

CME confirms no Fat Finger

At least they admit to no irregular trading snafus.

http://www.zerohedge.com/article/cme-issues-press-release-confirms-no-fat-finger-will-cnbc-issue-retraction-repeated-factless


According to Themis Trading:

Yesterday afternoon and evening all the business programming focused on how the markets were in turmoil, and Greece this, and overdue correction that, and fat finger the other thing. They couldn’t even recognize the story, as even the business media doesn’t understand that the markets are a changed structure and beast. The story is not a key-punch error. The story is a failed market structure. The market failed today.

Sunday, February 21, 2010

US Treasury bond auctions--a warning

http://seekingalpha.com/article/188380-the-u-s-land-of-the-free-and-home-of-a-nearly-failed-treasury-auction-of-its-own?source=feed
To see such a MASSIVE drop off in Indirect Buyers (40% down to 28%) is a MAJOR warning sign that Foreign Governments are no longer willing to buy long-term US debt.

This auction was a very small step away from a failed auction. To see Primary Dealers buying so much (remember they HAVE to buy it) and Indirect Buyers so little, only confirms what I’ve been saying for months: that the US is entering a Debt Spiral; a situation in which it must issue more and more debt (while rolling over trillions of old debt) at the very time that fewer and fewer investors are willing to lend to the US for any lengthy period of time (more than ten years).

Folks, forget Greece, the US has its own debt problems. And they’re MAJOR. The fact that stocks RALLIED on this news tells you how disconnected stocks are from reality. The Debt Spiral has started and is now accelerating. It’s only a matter of time before it becomes a full-fledged crisis. And this one will make 2008 look like a cakewalk.