Thursday, July 9, 2009

Mid Day Musings

  • What is good for the US apparently doesn't work for the UK: PIMCO refuses to buy BOE's gilts (Bloomberg) [Can PIMCO please be chosen to run a few TALF programs in the UK? Otherwise good luck having them bail out the BOE]
  • And speaking of PIMCO, the "frequent flier miles accumulation facilitating" bond manager will not be in the PPIP: hopefully due to pressing conflicts of interest arising from participation in every other single alphabet soup ever created. (Bloomberg). All good though, Melissa Francis, whose only recent claim to fame has been to firmly prove that either she or Deutsche Bank's Chief Economist Joe Lavorgna has no clue what they talk about (If CNBC does not work out, Melissa can always teach Econ 101 at NYU), will be firmly represented in the PPIP camp, thanks to husband Wray Thorn who is a Managing Director at $6 billion Marathon Asset Management, which somehow managed to sneak in with such hundred billion + AUM behemoths as BlackRock. Does this mean Melissa will now need to provide a disclaimer every time she discusses the PPIP on CNBC; those Melissa-Wray dinner conversations must be scintillating - from the definition of inflation to taxpayer subsidized 14x leverage, the amount of data exchanged must need a SPARC computer to process (all you SPARC haters, this is tongue in cheek)
  • One man's personal account of the UBS tax follies (Bruce Krasting)
  • Chinese rioting subdued for now (Bloomberg)
  • Even as Alcoa plays the China "depression recovery" joker (Bloomberg) [speaking of AA, $0.47 unadjusted loss, $0.26 adjusted, and 2009 EPS projections of $(0.80) at Q1 down to (1.03) currently. Beating increasing worse expectations by a thread on a $200 million top line beat is somehow supposed to indicate that the recession is over? Does anyone actually buy this garbage aside from Morningstar "analysts"? h/t Josh]
  • And Chinese full scale intervention has resulted in a 48% jump in car sales. Oh yeah, and new loans have jumped five times since June. Can the world ever operate anymore witout a credit bubble somewhere? (Bloomberg)
  • Miracle Gro for green shoots (Barron's, h/t IMA5U)
  • And the one you've all been waiting for, he's baaaack (h/t Dave)

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