Wanna Have a Nice Weekend? Don't Read This Post!

What a morning!  The non-farm payroll numbers haven't even come out yet and I have the dry heaves already.  In about two hours of I have read;

• GE's accounting charade, the one that they got a monster $50 million slap on the wrist for essentially doing what Enron.....or at least what Freddie Mac did?  They manipulated their financials to give the illusion of steady, predictable earnings.  GE created sham transactions (Enron had their Nigerian barges, GE had locomotives), played their auditor's KPMG local office against the national office, and bullied mid-level employees to reverse journal entries, and spent approximately $200 million of shareholder money (or, with all the help we, the taxpayers have given GE, our money) to defend itself from this SEC investigation.  Pretty ironic that GE would first rip off shareholders by creating accounting fiction and then spend $200 million to defend that fiction.  Great piece by Floyd Norris on this Inside G.E., A Little Bit of Enron
• Worried that the Federal Reserve is monetizing our debt (buying new debt issued by Treasury from primary dealers) and creating money out of thin air while prettying up the Treasury auctions? Guess what?  They are!  I saw this on Zero Hedge The Fed Buys Last Weeks Treasury Notes Chris Martenson takes us through last week's 7-year note auction and the Fed's Permanent Open Market Operations (POMO) this week showing that the Fed bought 47% of the primary dealers position in the new 7-year (approximately $4.7 billion) just one week after the auction! This is one of the oldest scams in the book.  Entity A isn't allowed to buy from Entity B?  Bring in Entity C!  Entity A sells to Entity C.  Entity C holds the bonds for a few days (usually in this scam Entity C is insulated from market risk) and then sells them to Entity B.  Viola!  This means the Fed is monetizing our debt, pumping even more money into bank reserves than we even thought, creating a false sense of strength at the Treasury auctions and perhaps throwing a few million each time to primary dealer middlemen.  Splendid.
• Finally (not that this is all I have.  Rather it's all I can take), we have China and the great stimulus package that will lead the world out of the muck.  Bloomberg News reports China to Scrutinize Stock Gains Without Capping Loans  Apparently, a good amount of the $1.1 trillion of loans made in the first half of 2009 didn't go into the "real economy". China Construction Bank Corp. President Zhang Jianguo said yesterday that the nation’s second-largest bank will cut new lending by about 70 percent in the second half to avert a surge in bad debt. Construction Bank plans to extend about 200 billion yuan ($29 billion) of loans, down from 708.5 billion yuan in the preceding six months. The company’s new lending through June 30 was 42 percent more than for all of 2008.
  “We noticed that some loans didn’t go into the real economy,” Zhang, 54, said in an interview at the bank’s headquarters in Beijing. “I feel that some industries are expanding too rapidly. For example, housing prices are rising too fast, and housing sales are growing too fast."  What could go wrong?  As we talked about earlier in the week, a lot of stimulus loans also went right into the Chinese stock market.   

Ah, and the employment numbers are out!  And they look surprisingly bullish! Enjoy them, I'm sure they are balls on accurate!

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[RPB]

There is a lot of "fishiness" in the 7 yr cash and it seems that the entire program has been a handout to BDs as buyback announcements have seemed to be proceeded by 7 yr cash being driven way more expensive.

[RPB]

7 yr cash was an abomination to begin with.

At least China is learning how to create bubbles from the best.

[Bruce Weinstein]

Of course the numbers were accurate. Heard that GS revised their number yesterday to about 250K down...and behold...250K down today. Accurate indeed.