Archive for the 'Economy' Category
Hedge Fund Manager: All Major U.S. Financial Companies Will Be Nationalized Within a Year
November 23rd, 2008Via: CNBC: It’s not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. “All financials will be owned by the U.S. government in a year,” Hendry said. “I bet you.” Nationalizations […]
IMF Chief Economist: “The Worst is Yet to Come”
November 23rd, 2008Via: AFP: The IMF’s chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday. Olivier Blanchard also warned that the institution does not have the funds to solve every economic problem. “The worst is yet to come,” Blanchard said […]
FDIC Friday: Three More Banks Fail
November 22nd, 2008I’ve been ignoring FDIC Fridays for the last several weeks because the failures have been noise level events. Downey Savings and Loan and PFF are worth mentioning. Via: AP: Federal regulators on Friday shut down two big thrifts based in Southern California, saying they fell victim to the acute distress in the housing market in […]
PERTH MINT SUSPENDS ORDERS OF GOLD COINS
November 21st, 2008Paying ridiculous premiums? Waiting weeks or months to get your gold? Been told, “Sorry, not taking any orders”? I buy and vault my gold through BullionVault. Cryptogon readers from around the world have about US$1.55 million worth of gold with BullionVault. You can buy as little as one gram at a time, but if you […]
U.S. Seeks $300 Billion from Gulf States
November 21st, 2008Hank and Ben need a little cash advance loan to buy some more toner cartridges for the printing press. Via: Yahoo – AFP: The United States has asked four oil-rich Gulf states for close to 300 billion dollars to help it curb the global financial meltdown, Kuwait’s daily Al-Seyassah reported Thursday. Quoting “highly informed” sources, […]
NorCal Median Home Price Plummets 41 Percent
November 21st, 2008I’d continue to hold off. Think of all the recent layoffs, and the ones yet to come. No way is this the bottom. Via: AP: Despite an increasingly uncertain economy, thousands of homebuyers around San Francisco Bay kept snatching up foreclosed homes last month, dragging down the median home price by 41 percent from a […]
Bottom Drops Out; Dow Plummets 5.6%
November 21st, 2008Via: The Street: Stocks on Wall Street had a volatile morning Thursday before selling off sharply late in the session as traders continued to grapple with signs of economic malaise and fret about the fate of the auto industry. The Dow Jones Industrial Average, which had traded in a range of more than 350 points, […]
Oil Dips Below $50 a Barrel
November 20th, 2008Via: CNN: Prices fall as worry about the economy continues to drag on demand. The plunge in oil prices continued Thursday with prices falling below $50 a barrel as growing concern about the economy weighed on demand. In the final day of trading for the December contract, U.S. crude futures fell $3.35 to $50.27 a […]
Billionaire Sheik Tries to Catch a Falling Knife
November 20th, 2008Via: Reuters: Citigroup Inc’s largest individual investor gave the troubled bank new support, saying he would boost his stake modestly, but failed to revive investor confidence as the bank’s shares tumbled another 10 percent. Saudi Prince Alwaleed bin Talal, who plans to increase his stake to 5 percent from less than 4 percent, said the […]
Citigroup Could Go Down
November 20th, 2008In other news, the Chinese might buy GM. HA. Via: Reuters: Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low. The second-largest U.S. bank by assets has been reeling on concerns that mounting losses […]
