Roubini: U.S. Heading for "Fiscal Train Wreck"
Roubini: U.S. Heading for "Fiscal Train Wreck" (Financial Times) In an Op/Ed for The Financial Times, Nouriel Roubini warns against the Scylla and Charybdis of the U.S. economy: deflation and ballooning deficits.
Futures Fall Ahead of GDP Data (Wall Street Journal) "U.S. stock futures fell on Friday ahead of third-quarter growth data, as investors remained preoccupied with the potential for quantitative easing next week. Less than two hours before the start of trading, Dow Jones Industrial Average futures were 30 points lower at 11019. The S&P 500 futures fell 5.7 to 1173.6, and Nasdaq 100 futures lost 4.75 points to 2121."
Elizabeth Warren Lashes out at the Financial Services Industry and the Rich (CNBC.com) Once again, more of the same: "Warren also noted that while median family incomes rose 37 percent during the 1960s, a period of prosperity, they had grown just 1.9 percent in the 2000s because the wealth had flowed so disproportionately to the already-rich. "
Some Complain of Bernanke's Reticence (New York Times)In some quarters, Federal Reserve Chairman Ben Bernanke's reluctance to advocate more vocally for fiscal policy changes is seen as a detriment to the administration, even though such pronouncements would be beyond the purview of his monetary responsibilities. Another problem: The broad range of opinions about just what those fiscal policy positions should be.
Bank United to IPO (Bloomberg)Blackstone, Carlyle, and WL Ross & Co. will IPO Bank United; Morgan Stanley, Bank of America, Goldman Sachs, and Deutsche Bank will arrange the offering. Is there anyone on Wall Street not in on this deal?
Halliburton & BP Knew of Cement Risk Ahead of Spill (Financial Times)Weeks before the catastrophic Gulf of Mexico spill, both Halliburton and British Petroleum had data indicating that the cement used to seal the Deepwater Horizon well was unstable.
5 Dumbest Things on Wall Street (TheStreet.com)TheStreet.com picks the five dumbest things to happen on Wall Street. (Why limit yourself to five?)
New York Times Op/Ed Page Rails Against Banker Pay (New York Times) What's new? This screed comes from a former banker.
The Dead Make a Killing (Politico)In the last decade the deceased have been paid more than $1 Billion by the federal government, according to a report issued by Oklahoma Senator Tom Coburn.