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Why is this more than expected? Seems pretty clear we're headed for a positive print on the NFP number sometime in the 1st qtr of 2010. Edit: I see that the 'expected' number was 150K. I guess your headline is correct. Shockingly bad report.:D

You obviously have not read Niederhoffer's 'Principle of Ever-Changing Cycles'. What worked or what was the norm yesterday will not work and will not be the norm today. Even forgetting that, the speech yesterday was just typical boilerplate stuff from Plossner and completely expected. It...

Plosser is arguably the most hawkish memeber of the Fed. He had to be dragged kicking and screaming to cut rates even as markets and the economy imploded. His views do not reflect the rest of his associates.

I don't believe shorting the dollar is ever mentioned in the book, except possibly in the afterword. The book is about how Paulson and a few others figured out a way to short the housing market w/a massive amount of leverage and made billiions. Before we start trashing Paulson's latest...

Original post makes sense. The best way to get the economy moving forward on a sound footing is to dischage debts. Foreclosure is a way of doing this. Bankruptcy is the ultimate way.

American equities made new all-time highs several months after the subprime crash was evident for the entire planet to see. You may well be entirely correct that this is a non-event, but just because the market doesn't react today or tomorrow, or next month or the month after that, doesn't...

Once again, its not the size of the default that matters. The problem lies in the fact that essentially unlimited amounts of CDS contracts were written insuring that debt. Thus do not look to the banks that had loans outstanding to Dubai, but w/the entites that wrote these CDS contracts and...

I don't know if anybody follows golf too much, but the grand finale of the European tour was held in Dubai last week (The Race to Dubai). I couldn't help noticing that the hottest young player on the planet - Rory McIllroy had Jumeirah logos all over his shirts and hats. Several other players...

If the subprime event taught us anything, its that the actual amount of debt is somewhat irrelevant. So the nominal amount may be $80 billion ... so what. What's important is that there are CDS contracts written to insure that debt. The debt could also have been inside of CDOs, which in...

The spread is up a couple of tics. Is the sell-off here an opportunity to cover the GE calls or the start of something bigger ...

^^^:D

I wonder how that indoor ski resort in Dubai will fare ... http://www.skidubai.com/ I'm sure this place doesn't consume much energy!:D

Great story. For whatever reason, most financial institutions have no desire or need to negotiate in good faith w/ debtors who are in trouble. This will be reversed on appeal.

The loan mods were a joke - simply lowering interest rates or extending terms does nothing, absolutely nothing. If a home is underwater and funds are tight, folks are going to walk. Its that simple. Unless these loan mods include principal reduction, they will be unsuccessful. And since...

This just in ... In what they call a "necessary move" the US Treasury and Federal Reserve have announced a special credit line of $30 billion to Dubai World. Dubai World will be allowed to draw on this credit line as necessary in order to make its debt payments in a timely fashion. In a...

I'm less worried about a jump in that spread than I am that a 'fed tightening scare' will enter the markets.

The Eurodollar options have moved up impressively in price the past couple of weeks. Are you tempted to take any profits? I'm used to a sawtooth world, but E$'s only seem to move in one direction lately! There has to be a 75 point pullback out there soon, one would think.

I've said it here before, Eliot Spitzer needs to be Treasury Sec.

Economies around the planet are all doing better right now than anyone could have expected several months ago. Stocks are through the roof (US equities have done fantastic and they are among the poorest performers in the world). Grant's individual stock and bond picks have outperformed the...

I'm sure you've read VN's chapter on the Principle of Ever-Changing Cycles. I'll give some of these gurus a pass. Chances are that their system worked at some point, but widespread use and the Principal of Ever-Changing Cycles pretty much guarantees that it won't work by the time you get...