June 11, 2009
The internets are buzzing about the CDS trade that netted small brokerage firm Amherst a nice profit at the expense of Wall Street giant JPM. I may be missing something, but it seems to me that the risk hasn't disappeared (as is being implied), it has merely been transferred from the mortgage originators (or whomever [...]
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May 28, 2009
Durable goods +1.9% vs 0.5%! Durables ex-transportation +0.8% vs -0.3%! Initial jobless claims 5k under expectations! The headlines looked pretty good at 8:30 am, until you took a look at the revisions. Indeed, today's economic numbers serve as yet more examples of creating the false perception of growth by changing the past. Durable goods orders were [...]
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