Wach Writedowns & The Feds Prestidigitation
Wal Mart like... Macy's, the second biggest U.S. department store company, posted a Q3 profit that topped analysts' estimates...
after limiting costs (layoffs, reduced hours & benefits), but cut its Q4 forecast for same store sales and revenue.
Benny & the Ink Jets Prestidigitation Act:
Later this month, for the 1st time, the Fed will give forecasts for inflation both including and excluding food and energy costs, using the Commerce Department's PCE personal consumption expenditures price index.
The Fed will also bump up the number of economic forecasts it makes each year from two to four and will provide more information on the risks surrounding its forecast.
The hook in mouth media chimed that more information is better and this was an indication that the Fed will be more transparent with its communications.
Uncle Ben Speaks: "Good communications are a pre-requisite if central banks are to maintain the democratic legitimacy and independence that are essential to sound monetary policy making."
The Nattering One muses... Say What? The Fed never paid attention to these PCE & CPI numbers before?
More information is better? Since the numbers are bogus, whats the difference? More misinformed decisions?
This is classic Mushroom Management, keep em in the dark and feed em a bunch of shit.
Rather than stacking more manure on the pile, I think the Fed needs accurate, good or truthful information on which to base "their" decisions.
Legitimacy? Independence? Please Ben, surely you jest. As for transparency, how about the Fed pulls a disappearing act as in poof, your gone?
CDO writedowns continue... Good news? Bear Stearns, after posting its biggest earnings decline in more than a decade, a 61% decline...
posted Q4 write downs of ONLY $1.2 billion. Bear Stearns was the 10th largest underwriter of asset-backed CDOs last year, with $9.4 billion.
Last year, Merrill, underwrote $46 billion, followed by Citigroup with $21.3 billion.
Dead Pool Rising... Major banks and brokers have taken over $45 Billion in write downs so far in Q3.
A while back we reported that Wachovia had pulled their print advertising in some major US markets.
This year, on its own, Wachovia have taken more than $40 billion of writedowns on debt gone sour.
after limiting costs (layoffs, reduced hours & benefits), but cut its Q4 forecast for same store sales and revenue.
Benny & the Ink Jets Prestidigitation Act:
Later this month, for the 1st time, the Fed will give forecasts for inflation both including and excluding food and energy costs, using the Commerce Department's PCE personal consumption expenditures price index.
The Fed will also bump up the number of economic forecasts it makes each year from two to four and will provide more information on the risks surrounding its forecast.
The hook in mouth media chimed that more information is better and this was an indication that the Fed will be more transparent with its communications.
Uncle Ben Speaks: "Good communications are a pre-requisite if central banks are to maintain the democratic legitimacy and independence that are essential to sound monetary policy making."
The Nattering One muses... Say What? The Fed never paid attention to these PCE & CPI numbers before?
More information is better? Since the numbers are bogus, whats the difference? More misinformed decisions?
This is classic Mushroom Management, keep em in the dark and feed em a bunch of shit.
Rather than stacking more manure on the pile, I think the Fed needs accurate, good or truthful information on which to base "their" decisions.
Legitimacy? Independence? Please Ben, surely you jest. As for transparency, how about the Fed pulls a disappearing act as in poof, your gone?
CDO writedowns continue... Good news? Bear Stearns, after posting its biggest earnings decline in more than a decade, a 61% decline...
posted Q4 write downs of ONLY $1.2 billion. Bear Stearns was the 10th largest underwriter of asset-backed CDOs last year, with $9.4 billion.
Last year, Merrill, underwrote $46 billion, followed by Citigroup with $21.3 billion.
Dead Pool Rising... Major banks and brokers have taken over $45 Billion in write downs so far in Q3.
A while back we reported that Wachovia had pulled their print advertising in some major US markets.
This year, on its own, Wachovia have taken more than $40 billion of writedowns on debt gone sour.
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