Carney — Bank of Canada governor, not our fearless leader — signals delay in rate hikes. (Bloomberg) Despite strong domestic growth, global rate environment may forestall rate increase
NetNet With John Carney
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Even inside JPMorgan Chase, it's a bit of a mystery. Was it the outreach? Or were investors just not that interested in taking power from Dimon?
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Nicole Lapin's Short & Long List
Posted By: Nicole Lapin
Nicole Lapin
Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.
The Fight at the Fed: Wizard of Oz Roars, Clicking Heels Won't Restore Growth
Posted By: Ash Bennington
Two Federal Reserve Bank presidents delivered policy speeches on Wednesday that expressed highly divergent views of monetary intervention. Eric Rosengren, president of the Federal Reserve Bank of Boston, and Charles Plosser, the president of the Federal Reserve Bank of Philadelphia delivered their remarks at separate events.
AP
Charles I. Plosser, President and CEO of the Federal Reserve Bank of Philadelphia
Their speeches seem to sum up two broad views of economics and governance: On the one hand, that government should take continued and innovative action to support the financial markets and the economy as a whole; and on the other, that government’s ability to improve the economy in a highly targeted and meaningful way through policy shifts is limited.
Rosengren is firmly in the first camp. He summed up his position in the intervention debate this way: “These days, as in past recoveries, it is not uncommon to hear some observers say that there is little that policymakers can or should do. This is not my perspective” Rosengren went on to further elaborate his position by saying that policy makers should respond to a slow recovery “vigorously, creatively, thoughtfully, and persistently, as long as we have options at our disposal.”
Comment of The Day: Gloom and Doom or Bubblevision?
Posted By: John Carney
Our favorite comment from yesterday's posts came from a reader reacting to our article about the potentially catastrophic effects of high frequency traders invading the swap market.
How The Other Half Lives: Dog Thief Hookers And Socialism
Posted By: John Carney
Just in case you are wondering what our local socialists have been doing lately, we've decided to bring you this update from the Park Slope Food Co-op in Brooklyn, New York.
Is Spain Far Worse Off Than It Looks?
Posted By: John Carney
That's the allegation in a widely circulated paper by an anonymous writer. The paper claims that Spain overstated its GDP from 2007-2009, understated the country’s decline in growth by as much as 14.2 per cent.
CNBC.com
FT Alphaville ran an excerpt . The full paper can be read over at ZeroHedge .
The central argument of the paper is that several indicators of Spain's economy cast doubt on the official statistics. Spain's unemployment rate, for instance, has risen much faster than you'd expect given the modesty of the officially reported decline in GDP.
Real Dog Versus Robot Dog: Name That Market Metaphor
Posted By: John Carney
We've been wracking our brains all morning over how to turn this video of a live dog attacking a robot dog into a market metaphor.
Fab Fab Won't Get Off That Easy
Posted By: John Carney
Fabrice Toure's lawyers engaged in some wishful thinking yesterday.
Jim Watson | AFP | Getty Images
Fabrice Tourre, who is accused of fraud in a Securities and Exchange Commission lawsuit over a mortgage-linked investment, prepares to testify before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee on Capitol Hill on April 27, 2010.
Lawyers for the Goldman Sachs employee ensnared in the SEC's lawsuit over a CDO deal called "Abacus" filed a motion to have the case dismissed because the SEC failed to allege that the transaction took place in the United States.
But it won't fly. Instead, the court will almost certainly give the SEC time to amend its complaint against Fab Fab so that includes the allegation that the Abacus deal took place in the US.
The SEC is likely to claim that the purchase of the security took place in the US, since that's where Fab Fab was working when he sold the Abacaus CDO to foreign buyers.
LaVorgna: Contraction for ISM...But No Double-Dip. Huh?
Posted By: Jeff Cox
One of the primary economic gauges is about to indicate contraction, but that doesn’t necessarily indicate a double-dip is on the horizon, says Deutsche Bank economist Joe LaVorgna.
The normally big-time bull LaVorgna offered an unusually bearish assessment of the state of manufacturing — but tinged it with a bullish flavor.
Welcome to the world of economic doublespeak.
In the latest iteration, LaVorgna predicts that the Institute for Supply Management’s headline number is likely to drop below 50 in “the next couple of months.” That number is the dividing line between expansion and contraction, and last month’s better-than-expected ISM reading helped set the stage for September’s otherwise-bizarre stocks rally.
Mike Mayo Preps For Citi Meeting
Posted By: Lori Spechler
Tomorrow Credit Agricole's Mike Mayo will finally meet with the management of Citigroup to focus on the question: what's Citigroup's plan for the future.
Getty Images
Vikram Pandit
Citigroup CEO Vikram Pandit is expected to attend the meeting along with, CFO John Gerspach.
In advance of the meeting, Mayo published a note titled, “Capex way down and aided expenses." The report outlines some of what he hopes to discuss in a meeting with Citigroup management.
Besides the usual concerns — financial targets, accounting and corporate governance — Mayo has honed in on capital expenditures.
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Senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.
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Wall Street
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CNBC's Maria Bartiromo discusses the day's top business and financial stories, and looks ahead to tomorrow's Closing Bell.
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Check out which companies are making headlines after the bell Thursday:
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In his daily CNBC.com-only video clip, recorded today after the close of NYSE trading, Art Cashin of UBS talks with Bob Pisani about the factors helping stocks recover from a negative opening. (3:05)