Investing Sense

Would Odysseus Work Just as Hard to Return Home, Now? - 5/14/2012

5/14/2012

Here's what we're following this morning:

JPMorgan estimates that immediate losses from a Greek exit could reach $400 billion - JPMorgan via Zero Hedge | But...we have to wait until the end of June (!) for the ECB's monthly MFI balance sheet data to get an accurate picture of the impact of Greek elections on bank deposits.

Did JPMorgan already unwind its $2 billion losing trade? - Peter Tchir | If so, they just added another $2-3 billion loss on top of that $2 billion loss from the beginning of April. | There's also the carry-on trades from all the hedge funds piggybacking on top of JPM's book.  Once the trade is completely gone, prepare for a fairly large back-fill wave.

The US Treasury probably should NOT issue floating-rate notes - VoxEU | The alternative would be some sort of long-dated issuance (50 years or longer).

When the unemployed can no longer claim unemployment insurance, they seem to claim disability - TrimTabs Money Blog | 99 weeks, 2.46 million, 2.20 million.  Tough, tough numbers.

How much money will banks have to pony-up if they are downgraded? - Dealbreaker | There's money, there's the business cost of getting that money, and then there's the risk of their derivatives model being 100% wrong.

US and Europe need to learn from the rest of the world - Financial Times | The world is a messy place when the head of the World Bank has to worry more about the policies of the developed countries rather than those of the developing ones.

Euro officials begin to weigh Greek exit - Reuters | Plus, buyers from Greece and Spain are flocking to London to buy property.

Does the West have a future? - Counterpunch | Cue Robert Heinlein's "The Puppet Masters."  Would you strip naked in order to fly the Friendly Skies?

Colonized by corporations - Truthdig | "A change of power does not require the election of a Mitt Romney or a Barack Obama or a Democratic majority in Congress, or an attempt to reform the system or electing progressive candidates, but rather a destruction of corporate domination of the political process...."

Bo Diddley + moped = Boped. - Dangerous Minds

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