Poli-Blog Smackdown! Dems & GOP Duel in the Blogosphere
Stocks Down, Dollar up on Fed Speculation (Wall Street Journal) "The Dow Jones Industrial Average declined 112 points, or 1%, to 11058 in afternoon trading, while the Standard & Poor's 500-stock index lost 10 points to 1176 and the Nasdaq Composite was off eight points at 2489."
PIMCO Cofounder Gross: New Quantitative Easing Telegraphs End of the Bond Rally (The Street) Brutal assessment:"Check writing in the trillions is not a bondholder's friend; it is in fact inflationary, and, if truth be told, somewhat of a Ponzi scheme"
Millionaires Feeling Good (Alternate Title: I Would Too) (Wall Street Journal) Investor confidence among those with $1 million or more in investable assets rose six points, according to a survey by Chicago consulting firm Spectrem Group.
Poli-Blog Smackdown! Dems & GOP duel in the blogosphere. (Wall Street Journal) White House communications director Dan Pfeiffer mixed it up today in cyberspace with a blogger at House Republican leader John Boehner's press office.
On Death of Former Argentine President Néstor Kirchner, Stocks Soar Dramatically (Financial Times)It's macabre to report but true. The MSCI Argentina index rose 13% on the news of the Kirchner's death. One analyst, Alberto Bernal , said “Investors are expecting regime change.” The late president's wife, Cristina Kirchner, is the incumbent president of Argentina.
Increase in Withholding Tax Coming — Even Before Tax Cuts Expire? (BusinessWeek) Because it takes weeks to prepare tax withholding schedules at IRS, withholding may begin preemptively ahead of the debate.
Michael Lewis on the 'End' of Prop Trading at I-Banks (Bloomberg) "But the new game of cat and mouse raises a simple, even naive question: Why do these giant Wall Street firms want so badly to make huge bets with their shareholders’ capital?" (Carney's response: "I want to make huge bets with their shareholders' capital." Yeah, me too.)