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"Where Is The Money Going To Come From?!?"

That was the question posed by US Government at 1:45 PM EST. If you are not watching today's testimony by Hank Paulson, you should. Hank is being forced to face the accountability card, and he doesn't like it.
KM

CSX: The Other Side of the "Concentrated Activism" Trade

James Mackintosh in London broke a story this morning about TCI's latest returns.

Per his article, "TCI, which manages more than $10bn and made its name taking on Deutsche B

Did You Get BIll Ackman's Memo?

Pershing Square now issues slide presentations pushing their own book. Today's is sitting on my desk, titled "How To Save Fannie and Freddie." Evidently, today Ackman is playing Robin Hood for us hard working commoners. How nice of him.

Exhibit 1: there is a slide titled "How Might A Restructuring Work", and the first bullet point is "common and preferred equity extinguished".

Research Edge Question 1: Is this a more sophisticated way of suggesting Ackman getting paid on his short positions?

I won't go into other exhibits or questions, but we continue to have our "HedgEyes" on Bill Ackman.
KM

Daily Trading Ranges

20 Proprietary Risk Ranges

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We Got Our 31 Level In the VIX - Capitulation Is Finally Here...

In tandem, the S&P 500 was marked at an intraday low of 1201 alongside a VIX 31 reading, just after 10am EST. That was likely a short term trading bottom for US stocks.

Bernanke admitting we have US stagflation is an important start in getting proactive on raising rates and the value of the US Dollar.

KM

Fannie Mae Trading Down another -26% Today - Thanks Hank

Apparently the vote on Hank Paulson's solution to this US Banking system mess is on the tape.
KM

(Picture: http://bizdesigner.typepad.com/bizdesigner/images/paulson3_1.jpg)

US PPI Inflation Hits A 17 Year High...

This shouldn't be a shock to the sober and objective, but June's PPI reading came in at +9.1% year over year. This was higher than heightened expectations, and the highest monthly reading the US has printed since 1981.

Oil's spike contributed most to the month over month rise, climbing +6% sequentially. The aggregate month over month PPI increase was +1.8% versus May.

Stagflation is finally here for Bernanke to address. The facts will not cease to exist because he ignored them.
KM

(Picture: http://www.pointbite.com/images/bernanke-confused.jpg)

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