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SYDNEY (MarketWatch) -- Bank of America Corp is planning to cut 3,500 jobs this quarter, the Wall Street Journal reported Friday citing people familiar with the situation. The bank will undertake an aggressive overhaul that could result in the elimination of at least 10,000 jobs, according to the report.
To all; I wrote last week that it was not necessarily the stock markets to watch as it smelled like “something” was going on behind the scene that we (the public) were not privy to. We still do not know exactly (we can make some good guesses though) “what” it is but we now have evidence that SOMETHING BIG is out there. As reported yesterday, M2 money supply grew more for the latest reported week than any week in history EXCEPT the weeks of 911 in 2001 and the “Lehman week” back in 2008. In other words The Fed is throwing money at “something”. Whatever this “something” is it must be bad and it must be very very big!
Originally posted by GoalPoster
OK . . . its an hour into the trading day in the US . . . all news is negative . . . and the market is in positive territory.
Can somebody try and 'splain to me this as it makes absolutely zero sense to me.
Yen surges, USDJPY plunges to a new record low of 75.97 (yes, YNoda is looking, looking, looking although better word is panicking, panicking, panicking), and the ES soared promptly. So... did someone finally leak it? Does the market still not get that it has to be lower the day of Jackson Hole for QE3 to work? Frontrunning any QE3 announcement merely makes it redundant. Bernanke needs stocks around 1000 on August 26, not higher. In the meantime, buy that Sony flat screen today. At this rate of Yen appreciation, the company may not exist in a few months.
US markets are down at the open but there is a bit of optimism working its way through traders on a release out of Europe from EU Economic and Monetary Affairs Commissioner Olli Rehn that the European Commission may present draft legislation on euro bonds once they have completed a feasibility study on common debt sales. Germany’s Merkel has continued to say that this solution is not something that Germany supports. And why would they? To “save the system” might be the answer that some would give. But this would mean that Germany would have to be willing to accept higher interest rates as it ties itself to the PIIGS and further put them on the hook fiscally should any of the PIIGS be unable to make their timely pro-rata share of the interest payment.
Today's hilarious commentary comes from the ECB's own Jurgen Stark, whose blood pressure has obviously peaked and at this point it is just a matter of the realization that ECB (and other Central bank lies) no longer work filtering through to reality.
ECB'S STARK SAY NOT CENTRAL BANK'S JOB TO FUND DEFICITS (but, but, MMT says debt, and hence central bank monetization thereof, does not fund deficits. Heck, MMT says monetization does not exist...hmm)
ECB'S STARK: UNRESPONSIBLE TO CALL ECB A `BAD BANK' (right: the correct word is "overdue")
ECB'S STARK: ECB HASN'T TAKE ON AS BIG RISKS AS OTHER CEN BANKS (right: the risk the ECB has taken does not even fit on the same axis compared to other banks)
ECB'S STARK SAYS NOT CENTRAL BANK JOB TO LOWER RATES FOR DEBT
ECB'S STARK SAYS ECB BOND BUYS DON'T CREATE INFLATION RISKS
ECB'S STARK: BANKS USING PSI HAVE FULL GUARANTEE OF NO LOSS
And the kicker
ECB'S STARK: ALL DEVELOPED ECONOMIES HAVE PUB FINANCE PROBLEMS- said otherwise, it's everyone else's fault
If we were betting men and women, we would say this is the ECB capitulating.