Archive for the 'Economy' Category
U.S. May Face ‘Armageddon’ If China, Japan Don’t Buy Debt
September 25th, 2009Via: CNBC: The US is too dependent on Japan and China buying up the country’s debt and could face severe economic problems if that stops, Tiger Management founder and chairman Julian Robertson told CNBC. “It’s almost Armageddon if the Japanese and Chinese don’t buy our debt,” Robertson said in an interview. “I don’t know where […]
Luxury Hotels in U.S. Risk Default
September 24th, 2009Via: Bloomberg: Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing. Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in danger of default, according to Realpoint LLC, a credit rating company that tracks commercial mortgage-backed securities. […]
Federal Reserve Admits Hiding Gold Swap Arrangements, GATA Says
September 24th, 2009Via: GATA Press Release: The Federal Reserve System has disclosed to the Gold Anti-Trust Action Committee Inc. that it has gold swap arrangements with foreign banks that it does not want the public to know about. The disclosure, GATA says, contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed […]
U.S. Federal Reserve May Borrow from Money Market Funds to Help Avoid “A Burst of Inflation”
September 24th, 2009Via: Reuters: The U.S. Federal Reserve is studying the idea of borrowing from money market mutual funds as part of eventual steps to withdraw stimulus, the Financial Times reported on Thursday. The Fed would borrow from the funds via reverse repurchase agreements involving some of the huge portfolio of mortgage-backed securities and U.S. Treasuries that […]
Census Worker Found Hanged, “Fed” Scrawled Across His Chest
September 24th, 2009Via: Washington Post: A part-time Census Bureau field worker was found hanged in Kentucky Sept. 12 with the word “fed” scrawled across his chest, according to a law enforcement source. Bill Sparkman, 51 was found in a remote patch of the Daniel Boone National Forest in rural southeast Kentucky, the Associated Press first reported Wednesday […]
Eric Kolchinsky: Moody’s Whistle-Blower
September 23rd, 2009Via: Reuters: Senior managers at Moody’s Corp still favor revenue over ratings quality and are willing to dismiss or silence employees who disagree with them, according to a recently suspended Moody’s managing director. In written testimony obtained by Reuters for a U.S. congressional hearing on Thursday, Eric Kolchinsky said the firm’s credit policy group is […]
Mexico: Army Raid Finds Cash Addressed to Police
September 23rd, 2009Via: AP: Soldiers raiding a drug gang safehouse in northern Mexico found money-stuffed envelopes earmarked for various police forces and one marked for “press,” authorities said Tuesday. Four people were arrested and $5 million in U.S. and Mexican currency was seized during the raid Monday in the industrial city of Monterrey, according to an army […]
U.S. Taxpayers May Owe As Much As $23.7 Trillion for “Stimulus” and Bailouts
September 23rd, 2009Via: Bloomberg: U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program. The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial […]
AIG May Not Repay Its Taxpayer Tab
September 23rd, 2009Mmm hmm. Via: ABC News: One year after the biggest corporate bailout in the country’s history, a government watchdog office Monday warned that American taxpayers may not recoup the full $182 billion given to embattled insurance giant American International Group. “AIG’s ability to restructure its business and repay the government is unclear at this time,” […]
And Now… FDIC Could Seek Bailout from Banks
September 22nd, 2009Oh man, I’ve heard it all at this point. Here are the details of how this will work. Note: Get ready to close the tab that opens or your eyes may start to bleed after just a few seconds. Via: AP: Regulators may borrow billions from big banks to shore up the dwindling fund that […]
