Bond Vigilantes Ride Again – CNBC.com
The 30 yr mortgage rate is rising above 5% again..Rickster lays down the case that quantitative easing is only effective very short term…
How about we make some use of Fannie and Freddie now that we own them and all, and have 3% mortgages bought by FAN/FRED…..HOLC HOLC Baby….
Marc Faber predicts Zimbabwe-like hyperinflation for US economy…
Sadly I agree, I think Bernanke will be replaced by Larry Summers and if so, Summers will cave to political pressure unlike say Volker in the Bush I era, and he will fail to raise rates or sell MBS’ when necessary, thus we will hit it the hard way, roll a hard 6 as Adama would say….
Smoke ‘em if you got ‘em, it’s gonna be a looooooong rough patch..
At the very end here of Part 2 of the interview Faber is 100% sure of hyperinflation, continues into Part 3. ..
Ab Fab no more: Christian LaCroix goes bust….
Christian Lacroix, the French fashion house famous for its expensive haute couture, has declared insolvency after falling foul of the global recession.
The collapse of Lacroix, which is owned by the Falic Group, a duty free retailer, and employs 125 people, has been attributed to the effects of the global downturn and consumers’ reluctance to spend money on luxury goods.
The fashion house, which was a favourite of characters in the British television comedy Absolutely Fabulous because of its extravagant and expensive designs, said that it had “filed a voluntary petition with the Tribunal de Commerce de Paris to put itself under the protection of the courts” and that it intended to maintain its business operations throughout proceedings.
…With the onset of the recession, major retailers had begun to stop buying new Lacroix merchandise and in April, Neiman Marcus Group and Saks reduced their orders for Lacroix products.
The high-fashion brand was launched by Christian Lacroix 22 years ago and has become well-known for its colourful gypsy-themed clothes.
Clips courtesy of 22echomike
YARM: Alien being remade now?! Nooooooo!!!
Oh surely not!!! Apparently Ridley Scott has succumbed to that same disease that struck George Lucas, the one in which they frak with their early classics and pixx off fans..
Bloody-Disgusting, citing an anonymous source, reports the rumor that director Ridley Scott’s classic 1979 sci-fi horror movie Alien is being remade at 20th Century Fox.
The source, the same one that told the site correctly that Robert Rodriguez would reboot the Predator series, adds that Scott, his brother Tony and Michael Costigan will produce through their Scott Free Productions company, and that commercial/video director Carl Rinsch will direct the remake…
Why, why, why do they keep frakking with our films? Is there not a single spark of originality in these people or what? WTH are we paying them for? FIND SOMETHING NEW LEAVE OUR CLASSICS ALOOOOONE!!
/sigh
Your Geek News: Terminator Salvation review (spoilers)
From YourGeekNews:
We both loved parts and hated parts; we both thought parts were bad ass and other parts had no balls at all… only problem is, we’re not totally in agreement on which was which.
This isn’t exaclty a film series that prides itself on continuity, but still, as Terminator fans, but after 25 years of Terminators, we have a certain minimum expectation. What did you think? Give us your thoughts on McG’s attempt to bring the Terminator franchise a new direction!~Matt + Nat
Update 2: GM Bondholders accept counteroffer….Breaking: GM to close 14 plants Monday…
Update 2: CNBC has the details:
..The bondholders will start with 10 percent equity, 7.5 percent more at both $15 billion and $30 billion market cap. GM will emerge from this deal with $25 billion in secured debt. The offer came Thursday morning from GM and the Treasury Department. However, the move may not stop a possible bankruptcy for GM.
But in exchange for the improved payout, creditors would agree not to oppose a move to sell GM’s profitable assets to a new company funded by the U.S. government in a fast-track bankruptcy process.
The exchange offer will be open to bondholders until 5 p.m Saturday EDT, GM said…
Breaking now, GM Bondholders accept ‘sweetened’ offer, but bankruptcy still a go? developing on CNBC- GM shares resume trading
developing story on CNBC chyron…coming from AP, ugh…..
SOO glad we are spending that 60-70 Billion to save GM …so we can watch all these layoffs anyway….good Gawd almighty….and the pensions will be the next shoe to drop…you and I will carry that unfunded liability as well no doubt…i hearFed Reserve Fisher says its like 11 trillion theentire unfunded public pensions coast to coast…pfffft!!!
Update: New Home Sales rise 0.3% in April, March revised to show a SERIOUS SLIDE in March dropping 3.00%…Market Movers Thursday: Economic Data; Treasury Auctions, Fed Buying
Update 2: New Home Sales rose a mere 0.3% in April… Pffffft!!, and March revised lower, but of course!:
The Commerce Department said sales rose 0.3 percent to a 352,000 annual pace, from a downwardly revised 351,000 in March. March sales were revised to show a 3 percent decline, which had been reported as a 0.6 percent slide. Economists polled by Reuters had forecast sales at a 360,000 rate in April…
Update: Economic Data in- Jobless claims drop but continuing claims hit yet another record, Treasury action later today:
The Labor Department reports that the number of initial claims for unemployment insurance dropped to a seasonally adjusted 623,000, from a revised figure of 636,000 in the previous week. That was below analysts’ expectations of 635,000.
..The number of people continuing to receive unemployment benefits increased to 6.78 million, the largest total on records dating back to 1967 and the 17th straight record week…
Durable goods orders rise but past numbers revised lower, anyone see a pattern emerging?
April’s 1.9 percent increase in durable goods orders was the biggest percentage advance since December 2007, when orders rose 4.1 percent, the Commerce Department said.However, March orders were revised sharply lower, falling 2.1 percent from the previously reported 0.8 percent decline…
Durable good orders, new home sales and weekly jobless claims data Thursday morning.
..Weekly claims are expected to come in at 625,000, down from last week’s 637,000…
Art Cashin on Treasury auction Thursday:
…”The one I’m most worried about” is Thursday’s Treasury auctions, Cashin said. “It’s kind of a strange one,” as the Federal Reserve is expected to buy Treasurys that will mature in three to five years.
Wednesday’s spike in yields, especially on the 10 yr, concerns over dropping refis as mortgage rates climb with the long end of the curve and the apparent failure of the FED quantitative easing to control mortgage rates, they cant control the long end, inflation is coming ….
CNBC:
…A selling spree in Treasurys pushed rates higher, taking the yield curve to its steepest on record as spreads between the 2-year and 10-year widened by over a dozen basis points on Wednesday alone.The 10-year saw its yield move above 3.70 percent, after trading at 3.55 percent the previous day. The selling wave hit bonds shortly after 1 p.m., even after the auction of $35 billion in 5-year notes was well received…
..Traders are bracing for more of the same Thursday. The Treasury is auctioning another $26 billion in notes, this time 7-years. The heavy issuance – more than $100 billion this week alone – has been pressuring the market…
ginaswo
