Jim Sinclair’s Commentary

Two comments:

Can’t someone buy this fellow a new attaché case?

This is the greatest example of closing the barn door after the horse is out, making the problems ever more serious.

Britain unveils ‘unavoidable’ austerity budget
By the CNN Wire Staff
June 22, 2010 9:11 a.m. EDT

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British Chancellor George Osborne displays the official budget box as he leaves Downing Street for Parliament on June 22, 2010.

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Jim Sinclair’s Commentary

Sales of previously owned homes bombed because the only real result of the bailouts are ONLY billionaires by the car load in finance.

Home construction up, building permits fall
CIGA Eric

The leverage setup in lumber and recent trend line break of the counter trend rally suggested the short-lived nature of the housing rebound long before the new homes sales or building permits data.

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Existing home sales fall unexpectedly in May
Tue Jun 22, 2010 10:19am EDT

(Reuters) – Sales of previously owned homes fell unexpectedly in May as delays in processing mortgage applications hampered the closing of contracts benefiting from a popular homebuyer tax credit, an industry group said on Tuesday.

The National Association of Realtors said sales fell 2.2 percent month over month to an annual rate of 5.66 million units from an upwardly revised 5.79 million-unit pace in April.

Analysts polled by Reuters expected May sales to rise 5.5 percent to a 6.12 million-unit pace from the previously reported 5.77 million units in April.

Sales were expected to rise as transactions for existing homes are measured at contract closing. Although the tax credit for home buyers expired in April, qualified home owners have until June 30 to close contracts.

Sales were up 19.2 percent compared to May last year.

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Jim Sinclair’s Commentary

If you wish to make one great step for mankind then apply this globally to OTC derivatives.

China executes securities trader over $9.52m fraud
By Joe Fay

Chinese authorities have executed a securities trader found guilty of embezzlement to the tune of $9.52m.

However, the whereabouts of the siphoned-off cash is still unknown, Reuters reports – and presumably it will never now be recovered.

Yang Yanming received the death sentence back in 2005 for embezzlement while he was general manager of trading at China Great Wall Trust and Investment Corp, which later became Galaxy Securities.

"Preserve your moral integrity and don’t set too much store by business results," Yang told a newspaper just before his execution.

China takes a very harsh line on criminality, although this is the first execution carried out on an erstwhile member of the financial classes.

China carries out more executions every year than any other country, with either the gun or lethal injection used.

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Jim Sinclair’s Commentary

The Aden sisters are quite correct.

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