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Thursday, September 30, 2010

Miami builder to buy prime development site near Beverly Hills

One of the most desirable development sites in Southern California, a big vacant lot between Beverly Hills and Century City, is being purchased by residential developer Crescent Heights.


The Miami developer, which has built dozens of high-end commercial buildings in urban markets, has 10000 Santa Monica Blvd. in escrow, a spokesman said. He declined to reveal how much the company is paying for the 2.4-acre parcel but said that the sale is expected to close in October.


The previous owner, Irvine builder SunCal Cos., had planned to build a 45-story luxury condominium tower designed by prominent French architect Jean Nouvel. SunCal had paid $110.2 million for the property in 2006 after winning a bidding war with New York real estate mogul Donald Trump.The housing market cooled in the recession, however, and SunCal filed for Chapter 11 bankruptcy protection on the property and more than 20 others in late 2008.  


A previous owner of 10000 Santa Monica Blvd. demolished a five-story office building completed in the 1970s that housed several tenants, including Jimmy?s restaurant.


-- Roger Vincent




Full story at http://feeds.latimes.com/~r/MoneyCompany/~3/lCSSZ1L9-ds/one-of-the-most-desirable-development-sites-in-southern-california-a-big-vacant-lot-between-beverly-hills-and-century-city.html

President Obama Can Bounce Back

A

Full story at http://baselinescenario.com/2010/09/29/president-obama-can-bounce-back/

TARP Is Gone ? But May Soon Be Back

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Full story at http://baselinescenario.com/2010/09/30/tarp-is-gone-but-may-soon-be-back/

News Corp.'s "Wall Street" Sequel: Should It Have Done Better?

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Last weekend's box-office race went to News Corp. (NWS). The media conglomerate released the sequel to Wall Street. The project, entitled Wall Street: Money Never Sleeps, stars Michael Douglas and Shia LaBeouf. When you think of the iconic equity the original possesses, and combine it with the current financial zeitgeist (maybe I should have written current negative financial zeitgeist, considering the state we're in), you might have expected a huge hit.



I did. And I was wrong. Sure, according to Box Office Mojo, the second Wall Street captured the top spot. But take a look at the actual domestic gross for the three-day debut: $19 million. Does that sound like a blockbuster? Even in the more sedate September period, I had higher hopes for a more exciting debut.

Continue reading News Corp.'s "Wall Street" Sequel: Should It Have Done Better?

News Corp.'s "Wall Street" Sequel: Should It Have Done Better? originally appeared on BloggingStocks on Wed, 29 Sep 2010 17:00:00 EST. Please see our terms for use of feeds.

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Wall Street - Shia LaBeouf - Michael Douglas - wall street money never sleeps - Box Office Mojo

Full story at http://www.pheedcontent.com/click.phdo?i=9adbedcd0cc6554fcf7167b707b92d94

Gold: Has the Easy Money Already Been Made?

The market's investment-obsession-of-the-moment? Oh, one could pick several, but gold certainly has to be up there.



If you're a gold expert, by all means, invest or trade away. But the view from here argues: if you're not, stand aside.



There's a phrase in trading circles called 'dumb money, and dumber money.' It refers to novices who enter a given market (or trade) too late, often at the point of a bubble, and others who enter slightly after that. Typically, both trades end badly. On Wednesday gold closed up $2 to $1,310.30 per ounce. It hit a record $1,314.80 earlier in the day.

Continue reading Gold: Has the Easy Money Already Been Made?

Gold: Has the Easy Money Already Been Made? originally appeared on BloggingStocks on Wed, 29 Sep 2010 17:30:00 EST. Please see our terms for use of feeds.

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Gold - BloggingStocks - Investment - Business - Precious metal

Full story at http://www.pheedcontent.com/click.phdo?i=6405d0a35b6db4912eb5b836d75aa194

Accenture Fourth Quarter Earnings Preview

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Accenture Fourth Quarter Earnings PreviewConsulting firm Accenture (ACN) will be reporting its fiscal fourth quarter earnings after the market close tomorrow, with analysts expecting to see the company report earnings of $0.63 per share, in-line with the same period last year.



The company has issued its guidance, and expects to see revenues in a range of $5.15 to $5.35 billion. For full year earnings, the company now expects earnings somewhere between $2.61 to $2.69, on the lower end of previous guidance.

Continue reading Accenture Fourth Quarter Earnings Preview

Accenture Fourth Quarter Earnings Preview originally appeared on BloggingStocks on Wed, 29 Sep 2010 18:00:00 EST. Please see our terms for use of feeds.

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Accenture - BloggingStocks - Revenue - Business - ACN

Full story at http://www.pheedcontent.com/click.phdo?i=067d70bff5099f3c968cde08b0dd8338

The Fed Is Sucking Billions Out Of The Private Sector, And Some People Think It's A Good Thing

Bernanke

An article yesterday bragged about what an efficient profit engine the Fed is (and therefore implied how much money WE make – that’s just not how a modern monetary system works, however).  It went like this:



“The most profitable bank in the United States of America isn’t Jamie Dimon’s JP Morgan Chase or the rejuvenated Bank of America. In fact, it doesn’t have any ATMs, and it pays out almost all its earnings to you and your neighbors.


It’s the Federal Reserve, which is expected to post another year of record profits in 2010.”



They went on to blame the Fed for missing the crisis and reacting late (all correct) and then the article took a staggering turn for the worse:



Once the crisis hit, the Fed intervened in unprecedented and expensive ways that have weakened the dollar and punished savers with rock-bottom interest rates. Bernanke vastly increased the size of the Fed’s balance sheet, which now stands at $2.3 trillion vs. about $800 billion before the crisis began.


But as much as it may have contributed to our financial problems, the Fed may also be part of the solution — by helping to keep the deficit from growing even larger.



They go on to explain how the Fed is effectively an arm of the U.S. government in that all profits are turned over to the Treasury.  But then they start describing the Federal Reserve as though it is some great engine of profits and symbol of thriving capitalism.  The problem is, government exists to advance the prosperity of its citizenry – not to profit at its expense.


What occurred in 2009 when the Fed expanded their balance sheet was essentially one giant asset swap.  The Fed bought private sector assets in exchange for reserves, alleviated the pressures in the credit markets and essentially helped to shore up the banking sector.  This helped normalize the banking system of course, but did little to nothing for Main Street.  Hence, why we’ve seen an incredible rebound in bank profits and little to no rebound in Main Street’s profits.


This policy might have made some sense in 2009, however, it makes little sense now.  What the Fed is essentially doing is stealing income streams from the private sector.  By the estimates of the Fed this could total $75B this year.  So, the banks are getting what many call a “free lunch” via interest on reserves (which will amount of about $2.5B), but the truth is that the Fed is now debiting the private sector.  There are no credit markets to fix now.  There are no bank balance sheets to fix.  You could easily argue that the Fed is acting to the detriment with these purchases now as their operations have little impact on reducing rates and have a marginal impact (if any) on Main Street.


The article wraps up by saying that this reduction in the deficit is good:



The U.S. government’s 2010 fiscal year closes on Thursday (fiscal years run from October to September). The books will close with the federal deficit at about $1.3 trillion. But without the Fed’s earnings, which could approach $75 billion, the deficit picture would be noticeably worse.



Of course, regular readers know this is nonsense.  Public sector surplus is private sector deficit (net household financial income = current account surplus + government deficit + Δbusiness non-financial assets).  The truth of the matter here is that the deficit reduction caused by the Fed is not good.  Now don’t get me wrong.  I am not in favor of the banks getting this money and the interest back.  But if Treasury were wise (or understood how our monetary system worked) they’d do something more creative with these funds – call it the “Wall Street to Main Street Wealth Transfer Fund” or something like that.   We’re taking $75B a year from the banks and putting it to good use by investing in Main Street!


Instead, we have (mostly) men in control who continue to misdiagnose our problems and therefore continue to apply the wrong solutions.  At a time of low inflation an extra $75B isn’t exactly making or breaking the U.S. budget situation and with no solvency risk in the USA (we are a monopoly supplier of currency in a floating exchange rate system) the government doesn’t need that extra $75B.  You wonder why the economy is such a mess?  Look no further than the men in charge of Treasury and the Fed.


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This post previously appeared at The Pragmatic Capitalist >

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Full story at http://feedproxy.google.com/~r/businessinsider/~3/tovnrNVFJGQ/the-fed-is-sucking-billions-out-of-the-private-sector-and-some-people-think-its-a-good-thing-2010-9

Investors Are Scared Since Even Europe's Pushover Central Bankers Are Arguing For Less Stimulus

Man Hospital Recovery

Just because the U.S., Britain, and Japan have have committed to support their economies with more quantitative easing doesn't mean the European Central Bank (ECB) is necessarily going to follow along.


In fact, the ECB is set to start cutting life support, as Ambrose Evans-Pritchard has highlighted:


Telegraph:



A string of ECB governors have said this week that emergency support must be withdrawn soon, signaling a phasing out of the unlimited lending facilities that have acted as life-support for banks of high-debt states.




This puts the ECB on a very different tack from the central banks of the US, Britain, and Japan, which have abandoned "exit strategies" and begun to prepare for fresh quantitative easing as a precaution against a possible growth relapse. "The ECB seems set on a pre-ordained course, oblivious to other subtleties," said Julian Callow from Barclays Capital.


So far the ECB has maintained its position despite fresh trouble emerging in the European financial system:


An ECB report on Wednesday said several EU banks are having trouble raising money on the wholesale funding markets and that some "remain overly reliant on credit support from central banks and governments, which continues to be a cause for concern."


Moreover, both the ECB's hawks and doves (those relatively more against/for monetary stimulus) are singing the same tune -- Time to begin cutting support.


The ECB's response to this worry has baffled investors. Jürgen Stark, Germany's hardline member of the ECB, said the bank is "in the process of phasing out some of the non-standard measures".


The comments have since been echoed by more dovish members, suggesting that the ECB has now decided on its exit strategy regardless of the crisis in Ireland and Portugal, where bond spreads have hit fresh records. "The market has been a bit spooked by this," said Nick Matthews from RBS.


Maybe this is why the euro is soaring. As the U.S. revs up the printing press, Europe might actually begin turning theirs off.


Chart


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Full story at http://feedproxy.google.com/~r/businessinsider/~3/KQ2TO8d0WGM/the-euro-is-soaring-2010-9



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