Many Important Stiries on The Big Picture, Thanks to Barry Ritholtz

kristy Reforming Global Finance

Robot Traders of the NYSE

Posted: 11 Oct 2010 02:59 PM PDT

Wall Street: The Speed Traders
October 10, 2010 5:45 PM

Video Extra

Media Appearance: CNBC’s Fast Money (10/11/10)

Posted: 11 Oct 2010 01:15 PM PDT

Tonite I will be on Fast Money on CNBC at 5:15pm discussing the AG stocks, inflation and QE2.

I’ll post the video when it goes live.


That was fun — Off to Kudlow & co. to talk mortgages at 7:15 pm

Currency Wars !

Posted: 11 Oct 2010 11:30 AM PDT

The Specter of Protectionism: World Faces New Wave of Currency Wars
Der Spiegel, 10/05/2010,1518,721044,00.html

Grant Says Quantitative Easing Is Just Money Printing

Posted: 11 Oct 2010 10:30 AM PDT – Grant Says Quantitative Easing Is Just Money Printing

James Grant, editor of Grant’s Interest Rate Observer, and Neal Soss, chief economist at Credit Suisse Holdings USA Inc., talk about the outlook for Federal Reserve monetary policy, the labor market and the dollar. They speak with Tom Keene on Bloomberg Television’s “Surveillance Midday.”

Foreclosure fraud parody

Posted: 11 Oct 2010 09:45 AM PDT

hat tip Karl Denninger

Foreclosure Error Flow Charts

Posted: 11 Oct 2010 08:30 AM PDT

Mike Konczal of RortyBomb puts together a spectacular series of flow charts that explain in the simplest of terms how the bank foreclosure process went off of the rails, in Foreclosure Fraud For Dummies.

How Courts Process Foreclosures

Errors Began in the Syndication Process

From A-Z, Fraud is Endemic in the Entire Process

Read his full piece.

Foreclosure Fraud For Dummies, 1: The Chains and the Stakes
Mike Konczal
RortyBomb, October 8, 2010

Are WSJ OpEd Writers Clueless or Liars?

Posted: 11 Oct 2010 08:00 AM PDT

“We’re not aware of a single case so far of a substantive error. Out of tens of thousands of potentially affected borrowers, we’re still waiting for the first victim claiming that he was current on his mortgage when the bank seized the home. Even if such victims exist, the proper policy is to make them whole, not to let 100,000 other people keep homes for which they haven’t paid.”

-The Politics of Foreclosure, WSJ OpEd

I used to think that the partisan, money-losing screeds that are WSJ OpEds were written by intelligent idealogues. Their errors were thought to be a function of a variety of cognitive mishaps and biases. These are typically associated with sports fans, but afflicts partisans as well.

I am no longer convinced of this.

I now believe they some combination of heavy metals or other pollutants has somehow rendered the judgment centers of their brain inoperative. They function in ways indistinguishable from other human beings, except when it comes to anything involving judgment. This includes complex mathematics, a new or unusual fact pattern, or simply something that conflicts with prior experience. It is beyond them.

If they are not clueless, then the alternative conclusion is that they are liars (a third possibility is they are developmentally disabled — i.e., high functioning morons – but I doubt that). That conclusion is based on an October 9th editorial, from whence the above quote was derived.

As has been widely circulated and discussed in the media, Man’s home sold out from under him in foreclosure mistake. The gentleman in question DID NOT HAVE A MORTGAGE.

If that is not substantive error, then WTF is?

Man without Mortgage Loses Home in Foreclosure (September 23rd, 2010)

The Politics of Foreclosure
WSJ, Functional Moron Division
OCTOBER 9, 2010

Jersey Circus

Posted: 11 Oct 2010 07:00 AM PDT

What so you get when you cross Jersey Shore with the Family Circus?

You get Jersey Circus!


“We strive to reconcile our guilty delight in Jersey Shore, a bastion of trash, with our eye-rolling fondness for the Family Circus. We do this by juxtaposing the two in a very literal sense . . .”

Martin Wolf Find (Gaping) Holes in New Financial ‘Reform’

Posted: 11 Oct 2010 06:47 AM PDT


“Don’t Bet Against America,” The FT’s Martin Wolf Says


China vs. the World: “Distress and Anger” Not Limited to U.S., FT’s Wolf Says

Yuan continues its baby step rally/Greek debt bounces again

Posted: 11 Oct 2010 05:21 AM PDT

While nothing of substance came out of the G7 and IMF meetings in terms of currency agreements, the Yuan overnight did rise to another record high vs the US$, up for a 5th straight day and up now 2.3% since the band was widened in mid June. No amount of US jawboning will get the Chinese to allow Yuan appreciation faster than baby steps. Greek debt is rallying again after IMF MD Strauss-Kaun said they would consider extending the payback period of Greece’s bailout plan past 3 yr’s to avoid any kind of debt restructuring. The Germans quickly said no way to that and an EU official said Greece won’t need that kind of help anyway. The Greek 10 yr spread to the 10 yr Bund is falling 43 bps to 708 bps, the tightest since late June and 5 yr CDS is falling 35 bps to 695, below 700 bps for the 1st time since early Aug.