Wednesday, Sep. 16 2009 @ 10:06AM
Bernanke: Recession 'Likely Over' (WSJ)
Says it's over "from a technical perspective," though unemployment, a predictor and result of recession, is still increasing and up to 10 percent. More than 5 million Americans lost their jobs from December 2007 through March 2009. Now it's up to Americans who still have jobs to spend more money to pull Wall Street completely free of the recession.
Is the Recession Really Over? (Seeking Alpha, Jeff Miller)
"The announcement marks the start of a new 'silly season' where people argue about recession dating, and misconstrue statements, taking them out of context."
Vance Is Winner in Primary Vote to Replace Morgenthau (NYT)
Son of a powerful international pol (Cyrus Vance) succeeds the son of a powerful international pol (Henry Morgenthau Jr.). None of the three candidates for Manhattan D.A. (Cy Jr., Leslie Crocker Snyder, Richard Aborn) seemed to give a damn about Wall Street shenanigans or other white-collar crime, so it'll be business as usual.
Return of Day Traders Drives Rise in Volume (WSJ)
They're trying to cash in on volatile financial stocks, while the big, long-term money stays on the sidelines.
Senate Health Bill Draws Fire on Both Sides (NYT)
Liberals and conservatives hate it, so it might be pretty good.
Allen Stanford claims he cannot afford a lawyer (Times U.K.)
Thin and unshaven like an anorectic supermodel guy, Sir Allen cuts quite a figure in his off-the-rack classic orange prison jumpsuit. Forget about the pro bono stuff: High-priced firm Patton Boggs will represent him only if an insurance policy covering Stanford is applicable. In the meantime, a Houston public defender is stuck with the deadbeat.
Diamonds Post-Lehman Have No Aura (Bloomberg)
Speaking of the collapsed diamond-market bubble, Boston investment banker Christopher Ellis says:
"It is possible to pull too many diamonds out of the ground and cut and polish too many of them and try to cram them down the gullets of the American customer. It's like making foie gras. You wind up with a very unhappy goose."
Tories accuse Gordon Brown of lying to Parliament on cuts (Times U.K.)
Historically rude pols in parliamentary democracies have no problem with accusations of lies and other telling-it-like-it-is. Apparently, neither does at least one American: Barack Obama called Kanye West a "jackass."
A Derivatives Myth Exposed (Seeking Alpha, Jeff Nielson)
Fascinating, fear-mongering assessment of the global derivatives market, the bankers' private "casino," which has an extremely shaky, "notional" value of $1.1 quadrillion, which Nielson notes is more than 20 times the size of the entire global economy.
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