Archive for the 'Economy' Category
$9 Trillion?
December 2nd, 2010Via: CNN: The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday. The loans were made through a special loan program set up by the Fed in the wake of the Bear Stearns collapse in March 2008 to […]
Will U.S. Bailout Europe (Again)?
December 2nd, 2010Why not? It already happened once: Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system. The revelation of the scale of overseas lenders’ borrowing underlines […]
EU: Contagion
December 1st, 2010Via: Bloomberg: Investors’ no-confidence vote in the aid package for Ireland may force European policy makers to expand their arsenal to fight the debt crisis threatening to tear the euro apart. Options outlined by economists at Societe Generale SA and Barclays Capital include: Boosting the 750 billion-euro ($975 billion) temporary rescue fund or turning it […]
Dollar: Best-Returning Asset in November
December 1st, 2010Via: Bloomberg: The dollar proved to be last month’s best investment, beating stocks, bonds and commodities, confounding officials around the world who said Federal Reserve policies would debase the U.S. currency. The U.S. Dollar Index, which tracks the currency against those of six major U.S. trading partners including the euro, yen and pound, rose 5.09 […]
Delta Air Lines Hiring 1,000 New Flight Attendants; More Than 100,000 Applied
December 1st, 2010It’s only two orders of magnitude out of whack. Meh! Another one for the Recovery file folder. Via: ABC News: Delta Air Lines is having what might possibly be the most-popular job search in a long time: More than 100,000 people have applied for just 1,000 openings as flight attendants. Part of the reason behind […]
Fed to Name Recipients of $3.3 Trillion in Aid During Crisis
December 1st, 2010Update: Usage of Federal Reserve Credit and Liquidity Facilities There is a lot of data here… Usage of Federal Reserve Credit and Liquidity Facilities —End Update— Via: Bloomberg: The Federal Reserve, under orders from Congress, plans today to identify recipients of $3.3 trillion in emergency aid the central bank provided as it fought the worst […]
China Approves Fund That Will Invest In Foreign Gold ETFs, Opening Avenue For Millions Of Mainland Investors
December 1st, 2010Too bad this fund isn’t about taking delivery of physical metal from COMEX… Via: ZeroHedge: China has approved a fund that will invest in gold exchange-traded funds outside the country, opening the door to mainland China investors who face negative real interest rates on their bank deposits and want to hedge against inflation.
GM Hiring 1,000 Engineers to Expand Electric-Vehicle Offerings
November 30th, 2010Via: Bloomberg: General Motors Co., the maker of the Chevrolet Volt gasoline-electric car, will hire 1,000 engineers in Michigan to help expand the automakers’ lineup of electric- drive vehicles. The hiring will increase GM’s workforce of electric-vehicle engineers by 50 percent to about 3,000, said Rob Peterson, a spokesman for the Detroit-based company. GM, which […]
More Than 8 Million Drop Out of Credit Card Use
November 30th, 2010Via: AP: More than 8 million consumers stopped using credit cards over the past year. The decline stems from a combination of consumer choices and bank actions. An analysis by credit reporting agency TransUnion found that use of general purpose credit cards bearing MasterCard or Visa logos, or issued by Discover or American Express, fell […]
NAB Computer Debacle Finally Fixed
November 30th, 2010*shaking head* Via: PerthNow: THE last of millions of National Australia Bank (NAB) customers left cashless and embarrassed by a massive computing failure have had their accounts restored. NAB said today that the remaining 19,155 affected customers could now access money in their accounts – six days after the debacle began. Accounts are all up […]
