Financial News Update – 11/24/10


I’m not exactly sure what this move means but I don’t think it’s the beginning of anything good for the U.S. — From China Daily:

Wen said at the press conference that the partnership between Beijing and Moscow has “reached an unprecedented level” and pledged the two countries will “never become each other’s enemy”.

Over the past year, “our strategic cooperative partnership endured strenuous tests and reached an unprecedented level,” Wen said, adding the two nations are now more confident and determined to defend their mutual interests.

“China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power,” he said.

El-Erian: “What You Advise Your Sister In Ireland Now Is That You’d Say Take Your Money Out Of An Irish Bank”

Here’s A Rundown Of Everything That Just Happened In The Huge Insider Trading Scandal

November FOMC Minutes Reveal Significant Concern About The Dollar Getting Crushed

SAC Capital Gets Subpoenaed In Insider Trading Investigation

The Fed Reveals Its Depressing New Economic Outlook


MARKETS CRUSHED: Here’s What You Need To Know

Meanwhile, The Greek Government Is Also Nearing A Schism Over Austerity

$500 Silver & Imminent Price Explosion! Max Keiser (500 dollar silver) (Hat Tip: Brian B.)

The Agenda Revealed: How Obama Will Rule by Executive Order in 2011 (Hat Tip: Jean Stoner)

Whitney sees 5,000 bank branches closing – Street Sweep: Fortune’s Wall Street Blog (Hat Tip: Brian B.)

Precious metals are going nuts (Hat Tip: Brian B.)

Fed lowers economic expectations for 2011

Medvedev warns of political ‘stagnation’ in Russia

What Happens When China Collapses?

The Convenient Excuse

SAC `Eat-What-You-Kill’ Culture Bred Funds Under Scrutiny

Bankers Rigging Municipal Contract Bids Admit to Cover-Up Lies

Ireland to Cut Spending 20%, Raise Taxes as Talks Climax

The Only Way to Fly — At $181G Per Hour

Black Farmer Payout Marred by Fraud?

U.K. Streets Flooded With Tuition Protesters

Lawmakers Mull a Ban on Earmarks

8 in 10 Say Keeping Bush Tax Cuts a Priority

Jobless Claims, Durable Goods Offer Mixed Economic Message

Food bank delivery van stolen on eve of Thanksgiving

Squatters overrunning foreclosed homes in LA

Ireland to Cut Minimum Wage

Portugal, Spain hit by investor fears over debt

Fears of Domino Effect

List of Problem Banks Grows

Jindal: Make Congress part-time!

Pelosi’s ‘Green the Capitol’ program on chopping block?

VOLT PUSH: Obama Bolsters Hybrid Auto Sales in Waning Consumer Market

Don’t Look at Pentagon Budget to Cut Back on Federal Spending

California Squirms with CIRM: The Embryonic Stem Cell Boondoggle

Spread the Word, Not the Wealth

The Complete Guide To The Oncoming Spanish Debt Crisis That Everyone Is Terrified Of

Soc Gen: Here’s Why The U.S. Can’t Make China Revalue Like They Did Japan

Is The European Crisis Now Systemic?

December 7 Is The Drop-Dead Date For The Irish Budget

If You Hate Government Bailouts Then You Should Be Loving The Ireland Crisis

The Weirdest Idea From The FOMC Minutes: Bernanke Might Start Giving Press Conferences

Jim Rogers: Whether Or Not There’s A War In Korea, You Should Buy Commodities

Lawmakers Warn $1.2 Billion Payout to Black Farmers Rife With Fraud (Hat Tip: Jean Stoner)

From Retirement Ethic To Work Ethic (Hat Tip: Jean Stoner)

Mexican senators object to strings attached to U.S. aid money – National Law Enforcement (Hat Tip: Brian B.)


John Conyers Didn’t Have Time to Read the Health Care Bill But He Had Time to Read This?

Non-shocker of the day: Green jobs boondoogle a bust

Unleashing the plague? (Hat Tip: Brian B.)

Spain and Portugal under fire as bond spreads hit record (Hat Tip: Jean Stoner)

Should You Be Scared That China And Russia Just Agreed To Drop The Dollar? (Hat Tip: Jean Stoner)

Here’s Why the Fed Plan Is Failing: We’re All Austrians Now (Hat Tip: Jean Stoner)

Weekly jobless claims fall 34,000 to 407,000 (Lowest level in 2 years. Are we turning the corner?) (Hat Tip: Jean Stoner) No we’re not – it’s getting worse…

It’s Official: The Economy Is Set To Starve [Peak Oil] (Hat Tip: Jean Stoner)

The SEC’s Absurd War Against Insider Trading (Time to DEFUND?) (Hat Tip: Jean Stoner)

The Fed Writes What May Be Obama’s Obituary (Hat Tip: Jean Stoner)

State’s stem cell agency seeks more time, money [after $3 billion and ZERO results] (Hat Tip: Nancy Jacques)

Climate Talks or Wealth Redistribution Talks? (Hat Tip: Nancy Jacques)

Global Warming Hysteria: IPCC Official Admits its Wealth Redistribution (Hat Tip: Nancy Jacques)


Roberta X provided a link to the USA National Gas Price Heat Map. You will note that some divisions in price ranges follow state lines. These are created by differences in state gas taxes, rather than production and transportation costs. California is mostly mapped in red and Wyoming is mostly green because of what goes on inside state capitols rather than what goes on in oil fields and refineries. And it is no coincidence that the states with the big, pretentious, and intrusive governments are in the midst of budget crises. (California, for example is nearing default.) These same states have high taxes, annual vehicle inspections, civilian disarmament (“gun control”) laws, restrictive zoning, expensive building permits, and on and on. Vote with your feet, folks. Move away from bureaucratic tyranny and toward freedom.

Economists worried about U.S. inflation: survey

FBI Raids Three Hedge Funds. From what I’ve heard, discussion of basic market research has been labeled “collusion” and “insider trading”. Unfortunately, public officials in the U.S. are presently out for blood, and logic is being ignored. This situation will likely get worse before its gets better. Some have argued that the insider trading laws are fundamentally flawed.

Stocks Mixed as Ireland Bailout, FBI Probe Weigh

Treasuries Rally After Government Raises $35Billion

Dying With Debt: A Dirty Little Retirement Secret

Silver Sales to Surge as Investors Seek Protection, Perth Mint Forecasts

Dollar to Become World’s Weakest Currency, JP Morgan Says

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