• 29 Aug 2011 at 8:28 AM

Opening Bell: 08.29.11

Irene Leaves Trail Of Damage Far Inland (WSJ)
The huge size and slow journey of the storm along 1,100 miles of U.S. coastline left an extraordinarily broad impact. At least 24 deaths were attributed to Irene as devastation ranged from North Carolina to Vermont. Toppled trees, fallen debris and flooding caused hundreds of roads to be closed over the weekend. Up and down the coast, some 2.4 million people evacuated…Between 15 and 20 heating-oil trucks were pushed into the Ramapo River after a 9-inch torrent of rain fell near Tuxedo Park, N.Y., and the stream overflowed. “An environmental disaster is floating down the river,” said Mayor Tom Wilson in an interview. “There’s fuel spilling into the river. … It’s everywhere.”

Exchanges To Shed Sandbags As Irene Passes (Bloomberg)
Sandbags remained piled around the entrance to Goldman Sachs’s headquarters at 200 West St. yesterday, with security guards standing by. The firm’s buildings are “functioning normally” and will be open, Stephen Cohen, a Goldman Sachs spokesman, said in a phone interview.

Economist: Reconstruction Won’t Offset Irene Damage (CNBC)
“The first visible impact will be on jobless claims, which will likely rise next week, some effect is possible this week, but history suggests people fleeing major storms do not stop to file a claim for unemployment before they leave,” he wrote.

Central Bankers Worry Economy Still In Peril (WSJ)
The angst was underscored in a blunt speech by the International Monetary Fund’s new managing director, Christine Lagarde. “We risk seeing the fragile recovery derailed,” she said Saturday. Those risks have been aggravated, she said, by the public’s sense that policy makers’ response has been inadequate. “We are in a dangerous new phase,” the former French finance minister said.

German Finance Minister: World Facing ‘Lean’ 7 Years (Reuter)
“There might well be seven lean years ahead for the world economy,” German Finance Minister Wolfgang Schaeuble said, pointing to a “trade off between short term-pain and long-term gain”.

Shia LaBeouf melts down at Hollywood party, spits water on girlfriend, Marilyn Manson (NYDN)
“Shia picked up a water bottle and shot a mouthful of water all over his date’s legs,” says the eyewitness. “Then he put more water in his mouth and started spitting it all over his tablemates, including Marilyn Manson.” Although Manson tried to calm the actor down by offering him a fist bump, LaBeouf only grew more out of control. “All of a sudden, Shia started shouting at his date and getting visibly angry,” adds the eyewitness. He then decided it was time to leave and “lunged” through the very thick crowd. “They tried to hold him back, but he kept struggling through. “Shia had to climb over people and tear himself out of the grasp of various strangers who were trying to keep him from going crazy.” Once he broke free and bolted out the door, his panicked date chased after him. The two never returned.

S&P 500 Falls to Reagan Recession Values (Bloomberg)
The Standard & Poor’s 500 Index has lost 13 percent in the past five weeks, sending its price-earnings ratio down to 12.9. That’s 3.5 percent less than the average multiple during the 10 contractions since 1949 and a level last reached in 1982, according to data compiled by Bloomberg.

White House to Nominate Krueger as Top Economist (Reuters)
U.S. President Barack Obama Monday will announced he has chosen Princeton University labor economist Alan Krueger to become the top White House economist, a White House official said. Krueger would succeed Austan Goolsbee as chairman of the Council of Economic Advisers.

China Asks Banks To Widen Deposits In Reserves (WSJ)
With the official bank reserve requirement ratio now at 21.5%, the move could take 800 billion yuan ($125 billion) to 900 billion yuan out of the system by the time it is fully implemented in February, economists said.

Anglo Irish Says Its No Longer A Threat To Ireland (Reuters)
FYI: “It’s no longer systemically dangerous,” CEO Mike Aynsley told reporters Friday.

RBS agrees to end work for Belarus (BBC)
“Given sanctions, the deteriorating political situation in Belarus and the fact that it has reneged on key elements of the IMF programme, RBS has ceased any type of capital-raising for or on behalf of the Belarus Republic, and we have no plans to change that position until these issues have been resolved,” said RBS in a statement.

Irene Leaves Vermont With ‘Epic’ Flooding (CBS)
A dramatic video posted on Facebook showed an 1870 covered bridge over the Williams River in the Bartonsville section of Rockingham being swept away by rushing water, then disappearing seconds later. In another, an empty car somersaulted down a river in Bennington.

84 comments (hidden to protect delicate sensibilities)
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Comments (84)

  1. Posted by Backdoor_Bess | August 29, 2011 at 8:47 AM

    That's surprising, I always thought of Shia as a swallower.

    Learn something new everyday……….

  2. Posted by VonSloneker | August 29, 2011 at 8:55 AM

    Poor Shia, nobody told him about the "Bud Fox Effect" when he took the role. He'll be knee deep in coke, Ketamine and concubines inside of a year…just like Charlie.

    -Yellow Bridle

  3. Posted by Guest | August 29, 2011 at 9:01 AM

    But I thought he could turn $20,000 into $489,000 without breaking a sweat, why he mad? Still hurting after Megan's rejections I suppose.

  4. Posted by guest | August 29, 2011 at 9:14 AM

    You need more US Weekly. Megan didn't reject him.

  5. Posted by guest | August 29, 2011 at 9:34 AM

    Memo to Shea: Bath salts and trading and trading do not mix well.

    -J. Paulson

  6. Posted by Guest | August 29, 2011 at 10:01 AM

    I'm sure that was a technique he learned while hanging out with the guys at the Raccoon Lodge

  7. Posted by Dr_Rosenrose | August 29, 2011 at 10:01 AM

    When Marilyn Manson becomes your voice of reason, it might be time to sit out a couple plays.

  8. Posted by Guest | August 29, 2011 at 10:07 AM

    Manson must have called him a pouff.

  9. Posted by The Truth | August 29, 2011 at 10:08 AM

    Whoops. Shia must have picked up one of my loaded water bottles.

    – Michael Kevin Lallana

  10. Posted by Mexi_Cant | August 29, 2011 at 10:47 AM

    Maybe he realized Marilyn was the closest thing he'd ever had to a loving father.

  11. Posted by Mongo | August 29, 2011 at 11:34 AM

    Did he finally realize he's named after the main character of an annoying e-mail chain where a special needs kid gets up to bat during a pick-up baseball game, weakly grounds back to the pitcher but instead of throwing it to first, he hurls it to the outfield thus giving "Shaya" a homerun?

    – Guy who's received that e-mail about 25 times, understands the lesson and even got choked up the first 2 times but now wishes Shaya either got caught looking or was taken out by some high cheese in retaliation for a runner sliding into 2B spikes up trying to break up a double play

  12. Posted by Duh | August 29, 2011 at 11:43 AM

    Doctor, you always have the prescription for hilarity.

  13. Posted by howie long | August 29, 2011 at 11:57 AM

    drown yourself in Irene's flotsam

  14. Posted by dontshoot_itsme | August 29, 2011 at 12:06 PM

    Guess the position at UBS's trading desk didn't work out for him..

  15. Posted by 25th Hour Trader | August 29, 2011 at 12:49 PM

    “It’s no longer systemically dangerous,” CEO Mike Aynsley told reporters Friday.

    You will always be dangerous.

    -Iceman

  16. Posted by Guest | August 29, 2011 at 4:26 PM

    You both need to go fuck yourselves.

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