Opening Bell: 11.29.12

Blankfein: Seems Like “Fiscal Cliff” Deal Could Be “Reachable” (CNBC)
Goldman Sachs CEO Lloyd Blankfein described President Barack Obama’s plan for Washington to reach an agreement on the “fiscal cliff” as detailed and “very credible.” However, he cautioned that marginal income tax rates may have to rise to seal a deal. In an interview with CNBC after meetings between the president and several CEOs, Blankfein said, of course, it’s hard to tell if a deal will be reached but “if I were involved in a negotiation like this, and everybody was purporting to be where they are, I would say that an agreement was reachable.” Blankfein said he thought concessions on both the revenue and entitlement sides would be necessary to reach a final deal to avert the fiscal cliff, when large spending cuts and tax increases are slated to take effect on Jan.1. “Look, at the end of the day, the most important value is to get the economy moving forward,” Blankfein said. “That’s not going to happen if our budget deficit keeps widening.” He added that the marginal income tax rate may have to rise in order to reach a deal. “I would prefer as low of a marginal rate as possible because it’s the marginal rate that provides the incentive to do incremental work by people, but I’m not dogmatic — I wouldn’t go to the end for that,” he said.

Blankfein: “We Can All Be Winners Here” (CNBC)
“The most important thing is that we increase the wealth pie of the United States and that we don’t reduce it. If we don’t sort out our economy, people will be fighting over their slice of a shrinking pie. I think we can all be winners here, even those pay a marginally higher rate, or a bigger proportion of revenue, if they are winners, as we all will be, because the economy is improving.”

Krugman: Fiscal Cliff Is No Way To Run A Country (HP)
The Nobel Prize-winning economist expressed his frustration with the government’s endless budget wrangling, especially over the so-called fiscal cliff, during a Wednesday interview with WNYC. “It’s no way to run a country,” Krugman said, referring specifically to the prospect of going over the cliff, a decision that would trigger a series of tax hikes and spending cuts next year, which would probably slow the economy. Given the options though, Krugman admits going over the cliff might be preferable to the likely alternatives. “There is nothing in there [the fiscal cliff] that is going to cause the economy to implode,” Krugman said. “Better to go a few months into this thing if necessary than to have a panicked response or to give in to blackmail, which is certainly the question that’s facing President Obama.” In Krugman’s view, the fiscal cliff “has nothing to do with the budget deficit,” he added. “This is about a dysfunctional political process. It’s about kind of a self-inflicted wound here.” Krugman’s not alone in his view that jumping over the cliff may be preferable to giving in to Congressional Republicans’ demands. Peter Orszag, a former economic adviser to President Barack Obama, and Robert Greenstein, president of the Center on Budget and Policy Priorities, have both said recently that the jumping off the cliff may end up the country’s best option.

Foreign Banks Rebuffed By Fed (WSJ)
Daniel Tarullo, who is responsible for shaping banking policy at the Federal Reserve, said in a speech Wednesday that the central bank will require foreign banks with large U.S. operations to house their U.S. arms in corporate structures that comply with requirements under the Dodd-Frank Act. Mr. Tarullo didn’t specify which foreign banks would need to adhere to the new structure. But the change would bring Germany’s Deutsche Bank and the U.K.’s Barclays back under a regulatory regime they tried to escape through corporate restructurings.

EU Clears Spanish Bank Rescue (WSJ)
European Union regulators gave the green light to €37 billion ($47.9 billion) in euro-zone funding for Spain’s stricken banking sector on Wednesday, setting in motion a long-term cleanup. In exchange, four nationalized banks agreed to make sharp cuts in their balance sheets and payrolls—a retrenchment that carries the risk of intensifying Spain’s credit crunch in the midst of a deep recession.

Argentina wins debt reprieve, default averted for now (Reuters)
Argentina has won a reprieve against having to pay $1.33 billion next month to “holdout” investors who rejected a restructuring of its defaulted debt and have waged a long legal battle to be paid in full. A U.S. appeals court granted an emergency stay order on Wednesday that gives Argentina more time to fight a debt ruling favoring the holdout creditors and eases investor fears of a new default as early as next month. Last week, U.S. District Judge Thomas Griesa ordered Argentina to deposit the $1.33 billion payment by December 15 for investors who rejected two restructurings of bonds left over from its massive 2002 default.

Drunk ‘Bohemian Rhapsody’ singer wears Viking hat to court (Canada)
The man who became a YouTube viral sensation for singing “Bohemian Rhapsody” from the back seat of an police cruiser, has been convicted of impaired driving and for refusing to take a breathalyser test. He went to court wearing a Viking hat, sunglasses and NASA T-shirt proclaiming, “I need my space.” He is being forced to pay a $1,400 fine and will be barred from driving for one year. The video footage was originally capture on the cruiser’s built-in camera. His passionate performance was used as evidence during his trial. Because his friends told him to, Robert Wilkinson, posted the video to YouTube where it gained nine million people watched it.

Fed Likely To Keep Buying Bonds (WSJ)
Three months after launching an aggressive push to restart the lumbering U.S. economy, Federal Reserve officials are nearing a decision to continue those efforts into 2013 as the U.S. faces threats from the fiscal cliff at home and fragile economies elsewhere in the world.

Groupon CEO Says He Remains Right Person To Run Company (WSJ)
FYI.

World Economy in Best Shape for 18 Months, Poll Shows (Bloomberg)
So that’s nice.

Actor Tim Allen’s Car Stolen By Man Claiming To Be Son (Fox2)
To the untrained eye, actor Tim Allen’s 1996 Chevy Impala may not look like much, but with its custom engine and one of a kind interior, it’s worth a lot of money. America’s funnyman Tim Allen loved his car so much, he featured it in a YouTube commercial. The car was special, expensive, upgraded, and was also one of the superstar’s favorites. He even drove it to the People’s Choice Awards and mentioned it on stage when he won his award…So how did Allen’s prized possession make its way from his Los Angeles garage to a corner in Northeast Denver? Faustino Ibarra is facing charges for stealing it. “It’s a priceless vehicle.” Ibarra said to Fox 31 Denver’s Justin Joseph in an exclusive jailhouse interview. “I`m trying to make it simple for you to understand. I didn’t break into (Allen’s) garage. He left the door open and he left me the keys so I could get the car and take it to Denver.” Ibarra claims Allen adopted him years ago and that Allen had allowed him to take the car. “I emailed my dad the morning that I got the car in and everything is fine and I’ve got the car and it`s ready for you and we need to talk about me coming to live with you,” said the inmate. “What you say sounds a little crazy.” Joseph said. “I don`t care how it sounds, I know who I am. He knows who I am. He knows who he is,” Ibarra said. He denies that he has mental health issues and says no matter what anyone thinks, his alleged father, a superstar, will not pursue charges. “My dad loves the heck out of me. He’s ultra-proud of me and he wants to see the best for me in every way,” Ibarra told Joseph. FOX 31 Denver reached out to Allen’s publicist but did not hear back from Allen’s team. FOX 31 Denver also found no independent evidence that Ibarra was ever adopted by Allen.

Comments (89)

  1. Posted by Wilson | November 29, 2012 at 9:00 AM

    Tim, I think it's time I give you some advice about not having your garage code be 1-2-3-4

  2. Posted by russian roulette | November 29, 2012 at 9:10 AM

    Nothing like starting the day off reading advice from: Lloyd, Lloyd, Krugs, and Benny. To quote Tony the Tiger, today is going to be great

  3. Posted by VonSloneker | November 29, 2012 at 9:14 AM

    I see a little silhouetto of a tard…

    - The Ghost of Freddie Mercury

  4. Posted by Guest | November 29, 2012 at 9:17 AM

    Ogilvy & Wollensky

  5. Posted by Guest | November 29, 2012 at 9:18 AM

    I mean, who wouldn't want Tim the Toolman Taylor as their father?

  6. Posted by Wilson | November 29, 2012 at 9:24 AM

    Well, Tim, I'm reminded of what the Chinese philosopher Chuang Tse said.You cannot speak of the ocean to a well frog, you cannot speak of ice to a summer insect.

  7. Posted by Guest | November 29, 2012 at 9:28 AM

    Reasons given by Mason supporting his claim: 0
    Barriers to entry in "industry": 0
    Differentiation of product: 0
    Competitors to Groupon: > 500
    = chance of him remaining CEO: 0

  8. Posted by Guest | November 29, 2012 at 9:31 AM

    "My dad loves the heck out of me"

    Sure sounds like he was adopted

  9. Posted by Alt_EST | November 29, 2012 at 9:32 AM

    1-2-3-4-5?!? That's the kind of code an idiot uses on their luggage!

    -Dark Helmet, Spaceballs

  10. Posted by Guest | November 29, 2012 at 9:32 AM

    Lloyd forgot a comma after the word "economy".

  11. Posted by Guest | November 29, 2012 at 9:33 AM

    Fiscal Cliff Asness is always the way to run a country.

    -Biff

  12. Posted by Hung Lo | November 29, 2012 at 9:33 AM

    When businessman has no money, wife becomes secretary.

    When businessman has money, secretary becomes wife.

  13. Posted by Al Borland | November 29, 2012 at 9:33 AM

    "Bumps in the road" : Stock down 80% : : Bombing of Hiroshima/Nagasaki : Fireworks

  14. Posted by MD in Need | November 29, 2012 at 9:38 AM

    I’m an MD at a MM IB, I recently discovered that a female Associate I have engaged in an affair with made between 10 and 20 porn videos when she was huge campus slut at a Big 10 school. Simply put, I am devastated. When I confronted her about it, she cried and told me that with this hot body and a lot of attention from student-athletes, plus the financial gain, it was hard to turn down doing them. I don’t know if I can forgive her. She has been a great coworker and her sex makes my home life with my wife and kids a lot more bearable. Yet I simply cannot get over the pain I feel. I’m just not sure what to do.

  15. Posted by guest | November 29, 2012 at 9:38 AM

    Tell me about it. I have not had a career since he has not been my dad.

    -JTT

  16. Posted by guest | November 29, 2012 at 9:40 AM

    What you should do, N'08, is STFU and NCA (never comment again), jesus fucking christ. Thought we'd gotten rid of you for good. Like herpes you are.

  17. Posted by guesties | November 29, 2012 at 9:41 AM

    N'08:
    For the holidays, I'd like to give you the gift of honesty and say you are not, nor have you ever been funny, and these painful attempts at comedy that you no doubt spend hours crafting make people want to slit their wrists.

    Merry Xmas and Happy New Year.

  18. Posted by VonSloneker | November 29, 2012 at 9:48 AM

    …and the Webby for "Banner Ad Most Resembling a Shotgun Wedding Invite Printed On Your Dot Matrix Printer" goes to

    - Darrin Stephens, VP, McMann & Tate

  19. Posted by Guest | November 29, 2012 at 10:01 AM

    Have you idiots ever read one of N'08's posts or did you just see some vague reference to him one time and thought you could be funny by trying to mention him as well? Despite what some may call an "unpopular" portfolio of wedding stories, N'08 at least always identifies himself and this is clearly not his writing style.

    – Not N'08, indifferent to his work

  20. Posted by Shecky Sol Estes | November 29, 2012 at 10:04 AM

    An electricity trader for a major Wall Street firm decides to go out for a run one Saturday afternoon and tells his beautiful wife, "My buddy Bob from Goldman might come by while I'm out running. I thought he might get here around noon but I'm not going to wait for him. Would you tell him I've gone for a run?" Wife says "sure".

    Twenty minutes after hubby has left to go running, Bob knocks at the door. Wife tells Bob that hubby is out running. Because Bob is cute, wife invites him in for a beverage. After a couple of glasses of wine, Bob says, " You know….you have beautiful breasts! I'd pay $100 to see just one!" Wife is tipsy and says, What the heck…." and pulls up her Oklahoma sweatshirt and pull out her beautiful right breast. "Where's that hundred?" she giggles. Bob pays her with a crisp $100 bill. Then Bob says, "Might as well say it….I'd give another $100 to see the other one!" Wife wastes no time and heaves out the other breast. Bob slaps the second $100 bill on the table and says, "On that note I better be getting on about my other errands this afternoon..!" He leaves.

    The electricity trader soon returns from his run sweaty and out of breath. Wife says, "By the way, your friend Bob did come by…but he couldn't wait and had to leave " Trader replies, "I hope he brought that $200 he owes me!!

  21. Posted by Guest | November 29, 2012 at 8:58 AM

    Shirt would have been funnier if it read "I need Myspace"

  22. Posted by Guest | November 29, 2012 at 10:09 AM

    comment would have been funnier if it read "___________"

    try harder.

  23. Posted by Confucious | November 29, 2012 at 10:12 AM

    Man with hand in pocket
    Feels cocky all day.

  24. Posted by Skylar Douchene | November 29, 2012 at 10:16 AM

    Not his falt you didnt grow and Leo DiCaprio out hotted you

  25. Posted by Guest1239 | November 29, 2012 at 10:17 AM

    Guy is asking for help not critisism

  26. Posted by Tony | November 29, 2012 at 10:24 AM

    Grrrrrrrrrrrrreat!

    There fixed it for you

  27. Posted by NakedShort | November 29, 2012 at 10:25 AM

    Dont get me started asshole.

  28. Posted by Fucking No One | November 29, 2012 at 10:27 AM

    Thanks for taking the time to offer your analysis.

  29. Posted by Little Fritz | November 29, 2012 at 10:30 AM

    It's "hole in pocket".

  30. Posted by Gozer | November 29, 2012 at 10:34 AM

    why can't this actually happen to me in real life?

  31. Posted by Pointer Outer | November 29, 2012 at 10:36 AM

    I'd simply like to point out that you are a retard.

  32. Posted by Jelly MD | November 29, 2012 at 10:43 AM

    He gets slutty Associates from the Big 10 and I get some nasty lac carpet muncher?

  33. Posted by Stats Guy | November 29, 2012 at 10:45 AM

    Also, the combination on 4 out of 5 UBS MD's luggage.

  34. Posted by 1913 | November 29, 2012 at 10:46 AM

    When starting a Ford Model T the spark adjust must always be in the retard position.

  35. Posted by Puck It | November 29, 2012 at 10:48 AM

    N'08
    <snip>
    make people want to slit your wrists.

    —There, fixed it for you.

  36. Posted by Guest | November 29, 2012 at 10:49 AM

    Sounds like the post struck a little too close to home, Mr. Short.

  37. Posted by Freezer Door | November 29, 2012 at 10:59 AM

    Worst comment since the one above it.

  38. Posted by Hobbes | November 29, 2012 at 11:08 AM

    Scaramouch, indeed.

  39. Posted by Hobbes | November 29, 2012 at 11:11 AM

    Every guy knows that the father-son relationship is contentious at best.

  40. Posted by PermaGuestII | November 29, 2012 at 11:17 AM

    What are you talking about?

    -Oedipus Rex

  41. Posted by PermaGuestII | November 29, 2012 at 11:20 AM

    We're talking about a slutty girl from Wisconsin or Indiana or some such place who is 5-6 years out of undergrad. Think poundage– and not in the adverbial sense.

  42. Posted by N'08 | November 29, 2012 at 11:26 AM

    None of these amateur workplace stories are ever me. I was going to make a comment on Monday about Thanksgiving Eve and slaying a still hot but undeniably desperate 25 yo smoke show (think 27 dresses) from my hometown but I'm sure that sort of thing happened everywhere last week. And it was cold outside, making it nearly impossible to type en route to the office with my cashmere lined Burberry gloves. Long story short I got crushed at the bar everyone back home goes to, ran into the law grad chick, we made fun of how everyone our age back home is getting ugly, I led her on and said we'd make pretty babies and then took her home to my folk's place. She was pretty into it, I was trying to hold out staring at my Notre Dame memorabilia from high school still littering the room. Afterwards she said "That…may have been top 5 orgasms ever. Why haven't we done that sooner? (Prob because you were banging the lacrosse douchebags.) She left by 5:30 a.m. At 6:30 my Mom came in my room and asked who I had over. I said nobody. She said she heard heels on her marble floors. Weird. The chick hit me up a few times over the weekend and I didn't respond. If I don't bring a filly home for Christmas maybe I'll call her again for Round 2, but marry her I will not. I'm not going to marry some dull lawyer that's my age. I intend to marry a cute doctor, you know with a brain, who is 5-7 years younger than me.

  43. Posted by lacrosse douchebags | November 29, 2012 at 11:32 AM

    STFU before we give you another wedgie.

  44. Posted by Bored Guest | November 29, 2012 at 11:32 AM

    Tim Allen = "superstar"…discuss.

  45. Posted by Bored Guest | November 29, 2012 at 11:37 AM

    Ugh, wives.

  46. Posted by N'08 | November 29, 2012 at 11:41 AM

    You can always tell who played lacrosse back home: washed up 26 yo, yet still think they're big man on campus, but they're fat and balding and most likely working in pharm sales. Dream big, old sport.

  47. Posted by guest | November 29, 2012 at 11:50 AM

    Hey!

    ~90% of the girls at bars between North Avenue and Wrigley Field on any given night.

  48. Posted by Guest | November 29, 2012 at 12:01 PM

    The vixen in his fable sounds more Arizona State than Big Ten

  49. Posted by pmco | November 29, 2012 at 12:01 PM

    hey !

  50. Posted by Name fix | November 29, 2012 at 12:12 PM

    *Confuse Us

  51. Posted by home | November 29, 2012 at 12:16 PM

    In the ass ?

  52. Posted by Scarsdale | November 29, 2012 at 12:17 PM

    Lawyer chicks aren't necessarily dull, I'd say pragmatic, money hungry and obnoxious. I like going for a young MD; earning power, noble profession and looks good on paper. But there is no such thing as a cute 40-something doctor. Even a lollipop prescribing pediatrician, the profession beats you down. That cute 24-year-old M2 you wanna marry is soon to be a stressed out, weathered and bitchy MD. Further, doctors like to marry doctors, so before her looks go too south she may cheat on you with someone from work or school. Either route, lawyer or MD chick, both are likely to be functioning (and potentially pill popping) alcoholics. In other words, don't let them drive the Land Rover after a dinner party.

  53. Posted by cable fx | November 29, 2012 at 12:17 PM

    Hey!

  54. Posted by Bob from Goldman | November 29, 2012 at 12:20 PM

    Never happened

  55. Posted by Big 10 Dean | November 29, 2012 at 12:25 PM

    How does the 10 to 20 range come into play? Does this mean 10 are now on xhamster with another 10 to follow pending the types of comments the first 10 get?

  56. Posted by PermaGuestII | November 29, 2012 at 12:26 PM

    You do realize that such women only exist in made-for-tv movies and the sort of fiction that involves hobbits or elves or some other sort of fantasy-land shit?

    -disillusioned NYer in his mid-30s

  57. Posted by Darien | November 29, 2012 at 12:27 PM

    Working wives??

  58. Posted by Guest | November 29, 2012 at 12:27 PM

    1.25MM per episode

    /discussion

  59. Posted by guest | November 29, 2012 at 12:28 PM

    a basket of junks has higher risk-adjusted return than a portfolio of high grade

    - guy who hangs out between North and Wrigley every night

  60. Posted by Guest | November 29, 2012 at 12:28 PM

    Man standing on toilet
    Is high on pot

  61. Posted by Pablo Escobar | November 29, 2012 at 12:30 PM

    Whats wrong with pharmaceutical sales, Ese?

  62. Posted by Guest | November 29, 2012 at 12:31 PM

    joyous holiday?

  63. Posted by Guest | November 29, 2012 at 12:33 PM

    What such women are you referring to?

  64. Posted by Hakuna Matata Guy | November 29, 2012 at 12:35 PM

    I'm sorry that you are so lonely

  65. Posted by Guest | November 29, 2012 at 12:36 PM

    Everything. Traficante, ese.

  66. Posted by CME | November 29, 2012 at 12:38 PM

    Every night? Try mixing in a trip downtown once in a while pimp.

  67. Posted by Guest | November 29, 2012 at 12:40 PM

    I can confirm this.

    - Rick

  68. Posted by PermaGuestII | November 29, 2012 at 12:43 PM

    "I intend to marry a cute doctor, you know with a brain, who is 5-7 years younger than me."

  69. Posted by ivygate | November 29, 2012 at 12:45 PM

    I just want an IMG Model that schedules her photo shoots around her classes in New Haven. Is that too much to ask???

  70. Posted by Guest | November 29, 2012 at 12:55 PM

    I think you want to transpose either of those pairs.
    Other than that, nice effort.

  71. Posted by N'08 | November 29, 2012 at 12:58 PM

    FALSE. To be clear, "cute" doesn't mean IMG model, because everyone knows beauty x brains = k. Think b-grade Dawson's Creek extras, dece not hot, but cute enough to marry. They exist at every med school in the country. Yes, you'll have to get them over the fixation of marrying a fellow doctor, but dudes in medical school are dorks and anyone with an average rap looks like a stud compared to these betas. Access would be the only issue. But who doesn't have fraternity brothers either in medical school or dating a med student? Take it from there.

  72. Posted by guest | November 29, 2012 at 1:02 PM

    lesson: don't marry a Sooner??

  73. Posted by LPT | November 29, 2012 at 1:05 PM

    ixnay ixnay

    Are you nuts ? This is not what we want in riv north.

  74. Posted by Guesticle | November 29, 2012 at 1:05 PM

    Was the sweatshirt one of those hooded zippies? I'm wondering how she exposed just one breast at a time wearing a traditional crewneck.

    - guy who over-thinks things

  75. Posted by PermaGuestII | November 29, 2012 at 1:10 PM

    Now you tell me.

    -guy from 1913 with a broken arm

  76. Posted by Guest | November 29, 2012 at 1:12 PM

    Hey!

    - MD, Wellesley, Smith & Mawr Capital Management

  77. Posted by Unicameral | November 29, 2012 at 1:12 PM

    The way they do it here in Nebraska is to lean to one side and lift up the sweatshirt and the white turtleneck at the same time.

  78. Posted by Guest | November 29, 2012 at 1:23 PM

    Better Sooner than later.

  79. Posted by CME | November 29, 2012 at 1:32 PM

    Oh don't get all conceity on me. Riv north is the same dbags and golddiggers but they're wearing more expensive clothes, and buying bottles instead of ripping shots and taking $3 miller lt bottles to the face

  80. Posted by DEA quant | November 29, 2012 at 1:33 PM

    Comment of the day.

  81. Posted by Guest | November 29, 2012 at 2:00 PM

    pics or it didn't happen

  82. Posted by no ma'am | November 29, 2012 at 2:07 PM

    I think Perma was emphasizing the part about finding a girl "with a brain." Good luck on your search.

  83. Posted by Never | November 29, 2012 at 2:07 PM

    Why can't we all just get along

  84. Posted by Yung Ho | November 29, 2012 at 2:29 PM

    When businessman need release he come to me for massage.

  85. Posted by guest | November 29, 2012 at 2:44 PM

    Too soon.

    ~The Electricity Trader husband

  86. Posted by Ashton | November 29, 2012 at 2:52 PM

    That dude isn't even funny! Never laughed, not once.

  87. Posted by Landry Jones | November 29, 2012 at 2:57 PM

    Hey!

  88. Posted by Guest | November 29, 2012 at 3:41 PM

    Laxbro, thoughts on this?

  89. Posted by Flo | November 29, 2012 at 4:27 PM

    Too soon.

    - P. Morita