Bush - in answer to how high unemployment will go - "too high; anybody unemployed is too much"
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NY FED Offers $50bln via TSLF Options Program
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Bush - ...And I can't guarantee that we'll get all our money back, but it's conceivable we could"
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Bush sat in room 4-5wks after AIG bailout Paulson, Bernanke urged action to avoid "depression greater than the Great Depression"
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LEH's Neuberger sale getting less likely as bond issuance dries up
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Citi will issue FDIC backed bonds; Proceeds for "corporate purposes"
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Dow Futures Testing 8200
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Equities Continue to Make New Lows, S&P Down 7.5% to 829
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Shoppertrak Sees Further Slowing of Sales Levels This Week
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Black Saturday Sales Fell 0.8% Compared to Black Saturday Last Year-- Shoppertrak
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Combined Black Friday/Saturday Sales Increased 1.9% vs. Last Year
::
Paulson - Only if we have freedom to fail can we have freedom to suceed; need full suite of authority; need updated infrastructure to deal with CDS
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Shoppertrak's Retail Traffic Index Fell 18% on Black Friday Compared to Black Friday Last Year
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Paulson - we need to get to the place where no institution is too big to fail
::
Paulson - some of the things I have been part of have been very, very objectionable but necessary
::
Paulson - We don't want to rush to quick conclusion on changes; need to get thru the problems first
::
Paulson - so much of the mortgage product was poorly underwritten was done at state level
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Paulson - globally architecture is woefully outdated; more needs to be done there; need to understand global imbalances, huge flows of capital
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Paulson - FED should have macro-stability role; ability to look at hedge funds; there would need to be some charter for hedge funds
::
Paulson - very clear U.S. regulatory system outmoded, outdated; lack of authorities to deal w/ non-banking institutions
::

As the momentum of change increases in European equity markets, some obvious similarities with US markets are emerging but so also are some striking differences. Joe Wald, Managing Director and Co-Founder of EdgeTrade, a Knight Capital Group subsidiary, ponders these similarities and differences, while outlining some of what he anticipates for buyside traders in Europe.

The fuse is burning

Joe Wald, Managing Director and Co-Founder of EdgeTrade

Although European markets have started to see substantive structural change, the party has barely started; with most new trading venues still on the horizon, many of the challenges relating to fragmentation and aggregation have yet to fully materialise. Nevertheless, it is possible to identify some of the opportunities and obstacles that European buyside traders are likely to face in the near future – some similar to those already apparent in US markets, some entirely different. ...

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