Archive for the 'Economy' Category
Cost to Insure Against U.S. Default on Debt at Record High
January 20th, 2009Via: Reuters: The price investors pay to insure themselves against the U.S. government defaulting on its debt jumped to a record high on Monday, according to data provider CMA DataVision. Five-year credit default swaps on U.S. Treasuries widened to 69.5 basis points from 61.1 basis points at the New York close on Friday, CMA DataVision […]
The Goldman Sachs Long Call on Oil
January 20th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. People are hammering my inbox with this story. I try to ignore anything that oozes out of GS. The fact that their analysis is even in the same ballpark as mine makes me wonder if my original fundamental analysis was deeply […]
Spain Downgraded by S&P
January 19th, 2009Via: Bloomberg: Spain had its AAA sovereign credit rating removed by Standard & Poor’s in the second downgrade of a euro-region government in five days, as the country’s first recession in 15 years swelled the budget deficit. The risk of losses on Spanish government debt rose to a record today, credit-default swaps showed, after S&P […]
Juarez Vigilante Group Claims it Will Kill One Criminal Every 24 Hours
January 19th, 2009If the nightmare of Juarez is unfamiliar to you, check out, While You Were Sleeping by Charles Bowden. That’s from 1996. Via: El Paso Times: A group calling itself the Comando Ciudadano por Juárez, or the Juárez Citizens Command, is claiming it will kill a criminal every 24 hours to bring order to the violent […]
Circuit City to Close 567 Remaining U.S. Stores; Layoff 34,000 People
January 19th, 2009Via: Los Angeles Times: Bankrupt Circuit City Stores Inc. said Friday it was closing its 567 U.S. electronics stores and leaving its 34,000 employees jobless as the nation’s employment picture grew bleaker. It was the worst day this year for news of layoffs, bank losses and store closings, and employers signaled more bad news ahead.
RBS SLAUGHTERED: “FULL-SCALE NATIONALIZATION” NEXT
January 19th, 2009Via: Bloomberg: Royal Bank of Scotland Group Plc said it may post a loss of as much as 28 billion pounds ($41 billion), the biggest ever reported by a U.K. company, as the credit crisis worsens. The stock slumped as much as 46 percent. Britain’s biggest government-controlled bank may post a full-year loss before exceptional […]
Will United States Be Forced to Nationalize Banks?
January 19th, 2009Via: Reuters: The U.S. government’s latest bank rescue, this time a multi-billion dollar lifeline handed to Bank of America, has led to more talk of what once would have been unthinkable — European-style nationalization of major American banks. Few see the government nationalizing the entire banking system the way Sweden did in the 1990s, but […]
UK: Budget Food
January 19th, 2009In the “developed” world, poor people are victims of their own ignorance and bad habits as they are of the predatory nature of the confetti currency system. I’ve seen the way poor people eat in various parts of the “developed” world and that diet, in my opinion, represents a death sentence; a program of genocide […]
U.S. TREASURY BANK REGULATORS HELPED INDYMAC (AND PROBABLY OTHERS) COMMIT FRAUD
January 18th, 2009Via: ABC News: A brewing fraud scandal at the Treasury Department may be worse than officials originally thought. Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News. In at least one instance, investigators […]
California to Delay Tax Refunds; Cut Off Aid to Elderly, Blind and Disabled People
January 18th, 2009Via: Mercury News: California’s budget meltdown is about to hit home for millions of taxpayers awaiting their refunds and people who depend on the social safety net to survive, a top state finance official warned Friday. Controller John Chiang, who is responsible for managing the state’s cash flow, plans to delay $3.7 billion in payments […]
