9th Aug EARLY pt.2 – Waiting for FOMC

From alphaville / FT

Jokes of the Day:

Brazil better prepared to face global economic crisis: President – Xinhuanet

World economic crisis enters a "chronic phase": Brazilian minister – Xinhuanet

EURO CRISIS

Strangely appropriate ECB correction du jour – alphaville / FT

http://ftalphaville.ft.com/blog/2011/08/09/647781/strangely-appropriate-ecb-correction-du-jour/

With comments from Lloyds, Nomura, Unicredit, DB

ECB Half-Hearted Bond-Buying Program May Backfire: Euro Credit – SF Gate

Today’s must-read by president of the Centre for Financial Studies and a former member of the European Central Bank’s executive board

Slithering to the wrong kind of union – Otmar Issing / FT opinion

While DB’s CEO called on lenders to help bail out Greece, they had already cut their losses.

Ackermann’s Hedge on Italy Shows Every Bank for Itself – BB

Austerity Plan Might Not Work for Spain and Italy – NYT

German 5yr CDS now above U.K. for the first time ever.

Großdeutschland, CDS edition – alphaville FT

FED WATCH: QE3 or something else?

FOMC Preview – Calculated Risk

Q2 REO Inventory Estimate – Calculated Risk

Rogoff Sees Fed Asset Purchases in Effort to Secure U.S. Economic Recovery – BB

Rogoff Says Fed Will Embark on QE3, Act ‘Decisively’ on Economy – BusinessWeek

Strong criticism of QE programs: “not effective”

QE2 and the ensuing disequilibrium – Pragmatic Capitalism

Very important and good review of Fed options, with Unicredit comments, S.F. Fed papers.

Let’s twist again…  – alphaville FT

http://ftalphaville.ft.com/blog/2011/08/09/647801/lets-twist-again/

Tuesday Look Ahead: Little Hope Fed Will Find Way to Soothe Markets – CNBC

GENERAL

U.S.: Review and Preview, Europe: Should We Worry About Weak US Growth and Latin America: The Risk to Abundance Returns – Morgan Stanley

Random portfolios of 20 or 200 stocks from the S&P 500 stocks with 20 or 200 names have done clearly worse than the index. Basically, if your portfolio is down more than the index, that is the norm and not your fault. Good one to show your boss or customers.

The indices understate the carnage – Portfolio Probe

Slouching Toward a Double Dip, For No Good Reason – Robert Reich

Why This Crisis Differs From the 2008 Version – WSJ

“Clear relationship between overvaluation and subsequent losses” – and this is news?

The Dao of Corporate Finance, Q Ratios, and Stock Market Crashes - Universa

OPERATORS

Sixth-largest bank under fire

PNC Subpoenaed by U.S. Attorneys Office in Probe of National City Lending – BB

Paulson?

Who has got the margin call? – Bronte Capital

DIVERSION (today, literally)

Anarchy in the UK – The Economist

Riots: the underclass lashes out – The Telegraph

'Mindless violence' spreads to Liverpool, Leeds and Birmingham – The Independent

Further riots in London as violence spreads across England – BBC