Archive for the 'Economy' Category
Statement From G-20 Summit: In English
November 20th, 2008Via: Solari: The Editor of Expresso in Portugal wanted my take on the recent G-20 communique. Here is my “translation” of the official statement: 1. Now that the growth of debt and derivatives bubbles has stalled, we are committed to using governmental-central bank mechanisms to cover the positions of any of the large private financial […]
U.S. Dollar Index Shows Strong Divergence Pattern
November 19th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. There’s potential for a sharp move lower on the dollar in the near term. Indicator trends should be moving with the index trend, but the trends on the indicators have turned down. The shooting star-type candle is more evidence that we’re […]
Consumer Prices in U.S. Decline 1%, the Most Ever
November 19th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Is Helicopter Ben getting ready to make another drop? I think so. From Confusion reigns: A crisis-driven global rush to dollar liquidity is not deflation: In the crisis stage of a debt deflation, defined by Fisher and Minsky as a reduction […]
Texas: Vice President Dick Cheney and Former Attorney General Alberto Gonzales Indicted
November 19th, 2008Via: Houston Chronicle: A South Texas grand jury has indicted Vice President Dick Cheney and former Attorney General Alberto Gonzales on state charges related to the alleged abuse of prisoners in Willacy County’s federal detention centers. The indictment, which had not yet been signed by the presiding judge, was one of seven released Tuesday in […]
New York: “Doomsday Budget” Plans for Cuts to Subway Service
November 19th, 2008Via: New York Daily News: The MTA’s doomsday budget will wipe out the W line, zap the Z line and ax more than 1,500 NYC Transit jobs, the Daily News has learned. The list of bus and subway cuts the Metropolitan Transportation Authority will unveil at its monthly board meeting Thursday is extensive and potentially […]
China Passes Japan as Biggest U.S. Treasuries Holder
November 18th, 2008Via: Bloomberg: China surpassed Japan in September to become the biggest foreign holder of U.S. Treasuries, as foreign investors sought the relative safety of government debt as stocks plunged 9.1 percent that month. Total net purchases of long-term equities, notes and bonds increased a net $66.2 billion in September from $21 billion the previous month, […]
Financial Crisis Tab Already In The Trillions; More Than What Was Spent on World War 2, If Adjusted for Inflation
November 18th, 2008* muttering, sputtering sounds * Via: CNBC: Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track. CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well […]
Study: Unhappy People Watch More TV
November 18th, 2008I’ve noticed a profound link between poverty and TV. I don’t know if it’s a symptom of poverty or one of the possible causes of it, but poor people tend to watch a lot of TV. I don’t mean poor, in terms of intentionally choosing a low income lifestyle. I mean poor as in, broke, […]
Florida Pension Fund Loses a Quarter Its Value
November 18th, 2008This isn’t your usual Florida story. It also contains the phrase, “No need to panic.” Via: Forbes – AP: Florida’s public employee pension plan has lost more than a quarter of its peak value, but Gov. Charlie Crist and other officials Monday said the fund is built for the long haul and there’s no need […]
Crash of U.S. Carmakers Risks Three Million Jobs
November 17th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Options expiration this week. Anything can happen. Via: Guardian: Three million jobs could be lost in a year if America’s so called ‘Big Three’ carmakers – General Motors, Ford and Chrysler – are allowed to collapse, an expert predicts. David Cole, […]
