Morning Money- Follow The Cash

[Tony1941]

A synopsis of the Morning Money bulletin from Politico follows

Morning Money 28 Nov 2011
By Ben White (bwhite@politico.com; Twitter: @morningmoneyben)

PRESSURE RISING IN EUROPE - Reuters: "Moody's Investors Service said on Monday the rapid escalation of the euro zone sovereign and banking crisis is threatening the credit standing of all European sovereigns. http://reut.rs/tG6M0C

BREAKING OVERNIGHT: INSIDE THE FED BAILOUT - Bloomberg's Bob Ivry, Bradley Keoun and Phil Kuntz moved a huge piece based on 29,000 pages of Fed documents obtained under a FOIA request: "The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. http://bloom.bg/ueleIe

REUTERS' FELIX SALMON focused on one chart, showing Morgan Stanley's borrowing from the Fed, and related it to what is now happening (or more accurately not happening) in Europe: "On September 16, 2008, Morgan Stanley owed $21.5 billion to the Fed. The next day, that number doubled, to $40.5 billion. And eight working days later, on the 29th, the bank's total borrowings from the Fed reached $107 billion. The Fed didn't blink: it kept on lending, as much as it could, to any bank which needed the money, because, in a crisis, that's its job. http://reut.rs/rPGaYn

MUST WATCH: "60 MINUTES" ON CHILDREN IN POVERTY - Incredibly powerful Scott Pelley piece last night updating earlier reporting on the toll that persistently high unemployment has taken on families and children. It will change the way you think and leave you desperate to do something to help. At least it did me. Via B.I.: http://read.bi/tkbJuP

GINGRICH SNAGS UNION LEADER NOD - POLITICO's Alexander Burns: "In a 354-word, front-page editorial Sunday, the New Hampshire Union Leader finally did what no Republican presidential candidate has yet been able to accomplish: make the case against Mitt Romney. http://bit.ly/uZWg38

ECONOMIST ON EURO CRACK-UP ODDS: From the "Is this really the end?" cover story: "A euro break-up would cause a global bust worse even than the one in 2008-09. The world's most financially integrated region would be ripped apart by defaults, bank failures and the imposition of capital controls ... The euro zone could shatter into different pieces, or a large block in the north and a fragmented south. http://econ.st/rEtGMm

Morning Money 28 Nov 2011.pdf

ICYMI: HUNTSMAN ON TBTF - For some reason, Jon Huntsman picked the day before Thanksgiving to roll out his plan to end TBTF. http://bit.ly/uceyGd


Does anyone remember when a billion dollars was a lot of money?