Archive for the 'Economy' Category
U.S. Government’s Borrowing Needs “Unprecedented”
October 31st, 2008At the last minute, Hank splits and throws this Anthony Ryan guy under the bus to deliver the news. Via: Blomberg: The U.S. Treasury faces historic financing demands from a weakening economy and the added costs of a $700 billion Wall Street rescue program, the department’s top domestic finance official said today. “This year’s financing […]
Don’t Look Now, There’s a Huge Wave of Inflation Coming Toward Us
October 30th, 2008Via: Alternet: …The policies that Paulson and Bernanke did implement at such staggering cost have only begun to do their full long-term damage, which will probably come in a round of even more serious inflation. Together, the Treasury and the Fed have spent or loaned over a trillion dollars in financial-sector aid. As set out […]
Exxon Mobil Posts Biggest U.S. Quarterly Profit Ever
October 30th, 2008Via: AP: Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.
Half of T. Boone Pickens’s Energy-Oriented Hedge Fund Investors Have Asked to Withdraw Their Money
October 30th, 2008Via: Wall Street Journal: About half of the investors in T. Boone Pickens’s energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60% this year, according to people close to the matter. Mr. Pickens and his investment firm have lost $2 billion since peaking in late June, […]
Australia’s Banking System Nearly Collapsed, Says Prime Minister
October 30th, 2008Via: Daily Telegraph: PRIME Minister Kevin Rudd, vowing to “level with the Australian people”, last night indicated the Australian banking system was on the brink of collapse two weeks ago. Mr Rudd said confidence in local banks was fading as institutions in other countries were given government guarantees. The Government decided to grant its own […]
They Made a Killing: The Use of Knowledge of Covert Operations in the Stock Market
October 30th, 2008Let’s first take a quick look at, Insider Crimes, Funny Money and Options Rackets: I had always assumed the entire business of the markets to be a massive criminal enterprise that allowed public participation simply because it made a few people extremely wealthy. But, I wondered, when do the fewest people make the most money […]
Wheat Soars Most in 20 Years on Federal Reserve’s Rate Decrease
October 30th, 2008Via: Bloomberg: Wheat rose the most in at least 20 years on speculation the Federal Reserve and European Central Bank would cut interest rates, increasing liquidity and freeing up capital that will allow buyers to purchase U.S. supplies. Investors bought baskets of commodities including energy, metal and grain futures on expectations the Fed would cut […]
Container Ships Sitting Empty as Global Trade Slows; Greece Faces Dire Economic Consequences
October 30th, 2008Via: Telegraph: Freight rates for shipping are crashing at the fastest pace ever recorded as banks shut off credit lines to the industry, precipitating a sudden crunch in world trade. The Baltic Dry Index measuring rates for coal, iron ore, and grains, and other dry goods plummeted below 1000 yesterday, down 92pc since peaking in […]
Argentina Seizes Private Pensions; Aftermath
October 30th, 2008Via: AP: The Argentine Central Bank spent nearly $1 billion Wednesday to support its precipitously falling currency as fears of a pension funds takeover drove the peso to its lowest level in nearly six years. The peso closed Wednesday at 3.39 to the dollar after plummeting to 3.44 in the early afternoon amid concern that […]
Japan Announces $275 Billion Stimulus Package
October 30th, 2008Via: AP: Japan’s Prime Minister Taro Aso announced a 27 trillion yen ($275 billion) stimulus package Thursday for the world’s second-largest economy, including credits and loans to help small businesses, a reduction in highway tolls and a cash payback to households. Aso said the move was intended to shore up Japan’s economy amid the worldwide […]
