Bullard tells us how he wants to do things

Now that we seem to be past the talk of IF we’ll get another round of QE2 from the Fed, what’s left is HOW it will be conducted and WHAT size. Voting member Bullard is specifying his choice of process in conducting Plan C of their policy in a chat with reporters. He said he is for buying $100b to start after the Nov 2-3 meeting and see how it goes thereafter. He doesn’t seem to want to put a cap on what will be ultimately spent and wants to play it meeting to meeting. He is for “small increments” in terms of the purchases and is not for a “big bang” of buying. Bullard thinks this process would give them the most amount of flexibility. On the discussion of targeting some level of inflation that others have mentioned, he believes it would “erode Fed credibility.” The curtain on the next set of their Grand Experiment is just 13 days from being lifted and the rest of us await with hope, optimism, fear, and dread.

Category: MacroNotes

Are the Markets Prepared for Potential November Surprise?

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Source:
Are the Markets Prepared for Potential November Surprise
Daniel Gross
Yahoo Tech Ticker Oct 20, 2010
http://finance.yahoo.com/tech-ticker/are-the-markets-prepared-for-potential-november-surprise-535523.html

Category: Politics, Video

Jim Flora Sax Calendar

I am digging this calendar from Jim Flora:

Category: Weekend

This is a series giving a basic explanation of the current foreclosure fraud crisis from Mike Konczal; This is Part Four; you should also see Part One, Part Two, and Part Three) Right now the foreclosure system has shut down as a result of banks’ own voluntary actions. There is currently a debate on whether…Read More

Category: Think Tank

Foreclosure Nation

Here is a fascinating graphic from the Washington Post about where in the US, by County, foreclosures have taken place, color coded by percentage. It is rather remarkable: > click for larger graphic Map courtesy of the Washington Post Foreclosure data from CoreLogic | Cristina Rivero and Mary Kate Cannistra/The Washington Post ~~~ And with…Read More

Category: Foreclosures

Battle over Britain’s Skies 1940

I wish I could recall where I found this — I love these sorts of graphics: > Thank you Nathan Gilliatt for the source ~!

Category: War/Defense, Weekend

Philly Fed lackluster but outlook improves

Following a much better than expected NY manufacturing survey (+15.7), the Oct Philly Fed figure was punk at +1, 1 pt below expectations but up from -.7 in Sept and -7.7 in Aug. New Orders rose 3 pts but was negative for a 3rd straight month at -5.0. Backlogs fell slightly to -8.9, the lowest…Read More

Category: MacroNotes

Stern Foreclosure Factory: $260 Million in 2009 Revenues

Here is today’s astonishing factoid: The Sun Sentinel paper in Florida publishes a series of  “At a glance” overviews of various Florida firms and people. Today’s subject: The various RE related holdings of one David Stern — his law firm, his Virgin Island based legal processing firm — publicly traded! — and his Title company….Read More

Category: Credit, Foreclosures, Legal, Real Estate

Stuff

Initial Jobless Claims totaled 452k, 3k less than expected BUT last week was revised up by 13k to 475k. The 4 week average fell to 458k from 463k but the level is still too high and reflects continued sluggishness in the labor market and hesitancy on the part of businesses to hire. Yesterday’s Beige Book…Read More

Category: MacroNotes

Dumb Article of the Day: “Niche Lawyers Spawned Housing Fracas”

Wow, the WSJ really seems to be on my Thursday S^%$ list: “It was a first step in the growth of a legal sub-specialty called foreclosure defense that has sown confusion and turmoil in the housing market. Lawyers in the field now commonly use a technique more identified with corporate litigation: probing depositions, designed to…Read More

Category: Financial Press, Foreclosures, Legal