8/7/2019 Morning News Notes: 2011-03-10

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Thursday, March 10, 2011my comments are in italics

TARP a profit center? Treasury will announce that the TARP bank programs have generated

more than $36 billion in income for taxpayers to date. This number includes more than $14 billion in

interest and dividend payments from the bank programs. In total the bank programs disbursed $245.46

billion and total cash returned is now $243.16 billion PoliticoSpain Downgraded to Aa2 by Moodys on Bank Concern Bloomberg

The bipartisan group of senators who are trying to work on a plan that would entail serious

deficit reductions is picking up more supporters. The goal is to cut ~$4T in spending over the next 10

years through a combination of discretionary cuts, entitlement reforms, and tax changes. WSJ

Wisconsin the states senate Wed night passed a bill that would strip collective bargaining

rights from its public unions; the vote took place despite 14 Democratic Senators remaining absent

WSJ

Treasuries this headline was out @ ~11amET Wed morning on DJ - PIMCOs Total Return Fund

has cut its US government-related debt to zero for the first time since early 08. Gross warned in his

most recent shareholder letter that yields would have to move much higher to entice buyers back into

the TSY market. FT he later clarified that he sold long term US debt because yields were too low.

Pimco still holds $30-$40 billion of Treasury bills (Treasuries less than one year)

China trade data for Feb falls short of expectations imports very light while exports weaker

too; trade balance fell into a deficit totaling $7.3B (largest deficit since Feb 04). Jan + Feb together

signals growth tracking OK w/Feb softness due potentially to New Year, but slowing will spook markets

and raise worries of a faster-than-expected downtick in China.as inflation heats up and central banks

(CB) tighten monetary policy, concerns grow about whether the CB can engineer the elusive soft landing.

Blockbuster a federal judge today will decide whether the co is allowed to stay in business or

should be liquidated WSJ

Blockbuster (10 Years) Netflix (10 Years)

News out of Libya

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If I hear anything else Ill let you know

http://www.politico.com/morningmoney/http://www.politico.com/morningmoney/http://www.politico.com/morningmoney/http://www.bloomberg.com/http://www.bloomberg.com/http://www.bloomberg.com/http://on.wsj.com/i691jJhttp://on.wsj.com/i691jJhttp://on.wsj.com/i691jJhttp://on.wsj.com/ibMYJyhttp://on.wsj.com/ibMYJyhttp://on.ft.com/fR4Kehhttp://on.ft.com/fR4Kehhttp://on.ft.com/fR4Kehhttp://on.ft.com/fR4Kehhttp://on.wsj.com/ibMYJyhttp://on.wsj.com/i691jJhttp://www.bloomberg.com/http://www.politico.com/morningmoney/