- Caterpillar misses revenue estimate by $700 million, and earnings are down 66%, yet stock up almost 10% (Bloomberg)... TD - A modest proposal: why doesn't every company in the S&P liquidate right now? Revenues will go to 0, but so will EPS (yes, unemployment will hit 100%) - as most earnings are estimated to be below 0, the wholesale liquidation of corporate america, yet each company beating their EPS estimates should send the S&P to 100,000. Red pills, get your red pills here.
- UTX chimes in on the industrial renaissance of America (Bloomberg)
- Must read: Some fear Wall Street too heavily influences the New York Fed (WaPo)
- Morgan Stanley's Albatross: Real Estate (WSJ, h/t Gilgamesh)
- Also, Commercial loans failing at rapid pace (Ibid, h/t Ibid)
- Thanks Greenspan V2 - subprime brokers back as dubious loan fixers (NYT)
- Won't hear about these on CNBC: Continental, Southwest post steep losses (WSJ)
- U.K. Insurers stress-tested under V-shaped recession parameters (Bloomberg)
- Deutsche Bank fires its head of investor relations for spying on a dissident shareholder (NYT)
- Denninger savages WaPo defense of Goldman (Naked Capitalism)
- Government dollar (FX Solutions)
- Hedge funds see surge in investment (FT)... TD - It is official, institutional memory caps at 3 months
- Why the banking system won't be emerging from intensive care anytime soon (Telegraph)
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