Archive for the 'Economy' Category
U.S. Government Now 96.5% of the Mortgage Market Q1, 2010
May 7th, 2010Via: Smirking Chimp: “Let nobody try and fool nobody else anymore. Fannie and Freddie have nothing to do with the less privileged: they are the ultimate tools for Washington to keep Wall Street alive.” “Not only would significantly lower home values put severe strains on the major banks’ balance sheets, they would also implode and […]
Huge National Debts Could Push Euro Zone Into Bankruptcy
May 7th, 2010Via: Der Spiegel: Greece is only the beginning. The world’s leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it. … Robolis versus Thomsen. For the moment, this is the last […]
Whistleblower: BP Risks More Massive Catastrophes in Gulf
May 7th, 2010Via: Truthout: A former contractor who worked for BP claims the oil conglomerate broke federal laws and violated its own internal procedures by failing to maintain crucial safety and engineering documents related to one of the firms other deepwater production projects in the Gulf of Mexico, according to internal emails and other documents obtained by […]
Market Emergency
May 6th, 2010Update: NASDAQ to Cancel U.S. Trades That Moved More Than 60% Via: Bloomberg: Nasdaq OMX Group Inc. said it will cancel trades of 286 securities that fell or rose more than 60 percent from their prices at 2:40 p.m. New York time, just before U.S. equities plummeted. The Dow Jones Industrial Average plunged almost 1,000 […]
Dodd’s ‘Financial Reform’ Bill Is a Black Hole
May 6th, 2010Via: Josh Fulton: Chris Dodd, everybody’s favorite hairdo, has introduced a “tough” financial “reform” bill that he claims will “limit the risk [financial institutions] can assume.” Of course, most people with a pulse realize that a 1565 page bill introduced by one of the top recipients of financial industry lobbyist money in Congress probably will […]
Freddie Mac Seeks More Government Funds
May 6th, 2010It must be nice having “unlimited financial backing” from Uncle $ugar when you’re short a few billion here and there. Via: Reuters: Freddie Mac, the second-largest provider of U.S. residential mortgage funds, on Wednesday asked for an additional $10.6 billion in federal aid after it lost $8 billion in the first quarter. The company warned […]
Many Possible Triggers for Wider Euro Debt Crisis
May 5th, 2010Why can’t the ECB just eat the debt, like the Federal Reserve has been eating it? Does anyone know why not? It doesn’t seem fair that Uncle Sugar can rally its silly confetti by feeding it into a shredder. The ECB should be able to do the same with its confetti, right? Via: Reuters: Europe […]
Obama Biggest Recipient of BP Campaign Cash
May 5th, 2010Flashback: Drill Baby, Drill: Obama to Open Offshore Areas to Oil Drilling for First Time Via: Reuters: While the BP oil geyser pumps millions of gallons of petroleum into the Gulf of Mexico, President Barack Obama and members of Congress may have to answer for the millions in campaign contributions they’ve taken from the oil […]
Portugal May Be Cut by Moody’s as Contagion Spreads
May 5th, 2010Via: Bloomberg: Portugal may have its credit rating cut by Moody’s Investors Service as the country struggles to reduce its budget deficit and revive economic growth a sign that contagion from the Greek crisis is spreading. Moody’s today placed its Aa2 rating on review for a possible downgrade, a process that will conclude within three […]
Trading Alert/Speculators Only: Buy EUR/USD Stopped Out
May 5th, 2010
WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Update: Europe’s Big Fat Greek Blood Bath 1.2805 —End Update— Update: Hooo Weee It’s not called a falling knife fer nuthin! 1.2850 Ok, it’s through three weekly supports now. Look out below. —End Update— Falling knife into multiple support area, bullish […]
