Wednesday, August 12, 2009

Wednesday premarket

AlphaNinja - Wow, a slew of "economists" are declaring the recession is all but a memory, or will be in a quarter or so. When they're getting this loud after a 40% jump in the stock market, be wary...Applied Materials (AMAT) beat earnings last night, but with little other news out there the indexes are trading flat before the open.

WSJ's Jenkins on the US and China both engaging in economic warfare

Running out of landfill space, China's incinerators are bad news...

Recession's over, "Nick" swears by it!
“It’s clear the recession is over and some kind of recovery is underway,” said Nick Kounis, chief European economist at Fortis Bank Nederland Holding NV in Amsterdam, and a regular survey participant. “We have the biggest monetary and fiscal stimulus policy in history, globally, and we’re starting to see it work. Probably the next debate will be about how strong and sustainable the recovery is.”

Madoff's aide details aspects of the fraud:
"he detailed for the first time how he and unidentified others helped Mr. Madoff perpetuate the crime — using historical stock data from the Internet to create fake trade blotters, sending out fraudulent account statements to clients and arranging wire transfers between Mr. Madoff’s London and New York offices to create the impression that the firm was earning commissions from stock trades."

And US economists are declaring the stimulus has pulled us out of recession as well...
Aug. 12 (Bloomberg) -- Recovery from the worst recession since the 1930s has begun as President Barack Obama’s fiscal stimulus -- derided as insufficient and budget-busting months ago -- takes effect, a survey of economists indicated.
The economy will expand 2 percent or more in four straight quarters through June, the first such streak in more than four years, according to the median of 53 forecasts in the monthly Bloomberg News survey. Analysts lifted their estimate for the third quarter by 1.2 percentage points compared with July, the biggest such boost in surveys dating from May 2003.
“We’ve averted the worst, and there are clear signs the stimulus is working,” said Kenneth Goldstein, an economist at the Conference Board in New York.
The new projections, following better-than-anticipated reports on manufacturing, employment and home construction, echo gains in investor confidence that have propelled the Standard & Poor’s 500 Stock Index to its high for the year. A rebound may help cushion declines in Obama’s approval ratings, political analysts said.

Now he targets golf courses. Hugo Chavez, that is...

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