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
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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
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Paulson - some of the things I have been part of have been very, very objectionable but necessary
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Paulson - We don't want to rush to quick conclusion on changes; need to get thru the problems first
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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Paulson - globally architecture is woefully outdated; more needs to be done there; need to understand global imbalances, huge flows of capital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
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Paulson - very clear U.S. regulatory system outmoded, outdated; lack of authorities to deal w/ non-banking institutions
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Cover story Articles from Automated Trader

The Shock of the News
SUBSCRIBERS ONLYMachines can read the news now, but can they be trusted to act on it? There’s been a lot of talk about machine-readable news since our Q1 2008 feature*, but does that go any further than adding bells, whistles and meta-tags to the text streaming across the bottom of the screen? Spurred on by recent events, William Essex has returned to the search for a genuinely machine-usable news solution. full story
Machine versus Man versus Machine?
SUBSCRIBERS ONLYWhat’s the sense in trading the traders? William Essex closes our discussion of commodities with a look at the changing behaviour of the markets themselves. Might the “electronic effect”, and within that a distinct “algo effect”, itself become a factor in a commodity-trading strategy? full story
Volatile but fundamentally floored?
SUBSCRIBERS ONLYWe continue our coverage of commodities with one man’s analysis of the long-term case for investment. David Nahmanovici delivered his analysis at IDX in London, back in June. We were in the audience. full story
Commodities on the menu
SUBSCRIBERS ONLY Hard and soft, edible and not-so-edible commodities have been a hot topic recently. But what substance is there behind the sizzle? Automated Trader has been looking into the current commodity boom, and asking, are these markets ripe for automation, and if so, what are their trading characteristics and their long-term potential for automated alpha generation? In the first of our series of linked articles on this theme, Dr. Robert Brady, CTO of Brady PLC analyses the current use and likely future evolution of automated trading in commodities markets. This is, as Dr. Brady observes, a whole asset class in transition. Some of its trading practices are arcane, but some put it right up on the screen alongside already heavily auto-traded markets such as FX and stock indices. Shouldn’t you be getting a feed on commodities? full story