Archive for the 'Economy' Category
A Sampling of What U.S. Inmates Make, and for Whom
September 5th, 2008Via: Mother Jones: Tens of thousands of US inmates are paid from pennies to minimum wage—minus fines and victim compensation—for everything from grunt work to firefighting to specialized labor. Here’s a sampling of what they make, and for whom. Eating in: Each month, California inmates process more than 680,000 pounds of beef, 400,000 pounds of […]
Option ARM Time Bomb About To Explode
September 4th, 2008Via: Mish: The result? Fitch said it expects 90-day plus delinquencies — already ranging from 10 percent to 24 percent, depending on vintage — to more than double after recast for 2004-2007 vintage loans. It gets worse: Fitch also estimated that the potential average payment increase on the re-casting loans to be 63 percent, representing […]
EUR/USD Daily Interval Hammer
September 4th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. UPDATE: DOLLAR CONTINUING TO RUN HIGHER I sold my UUP position into this, locking profit. I’ll look at buying it back when the oscillators unwind. I’m NOT reversing it short. —END UPDATE— Dollar longs should review this recent post: A brutal […]
Swindling at Oracle
September 3rd, 2008Via: Bloomberg: Larry Ellison, Oracle Corp.’s chief executive officer, deliberately destroyed or withheld e-mails and failed to preserve tape recordings that should have been turned over to lawyers for shareholders suing him, a judge ruled. U.S. District Judge Susan Illston in San Francisco said yesterday that the e-mails, as well as tapes and recordings of […]
Hedge Fund Wiped Out on Commodity Selloff
September 3rd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Pigs get slaughtered. Via: Bloomberg: Ospraie Management LLC, the investment firm run by Dwight Anderson, will close its biggest hedge fund after slumping 38.6 percent this year because of bad bets on commodity stocks. The New York-based Ospraie Fund fell 26.7 […]
UK: Government Plans Housing Market Rescue
September 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Sterling holders: The bad news could get much worse. Via: AP: The British government unveiled a package of tax cuts and spending Tuesday to try to reinvigorate a housing market suffering its worst crash since the early 1990s. Treasury head Alistair […]
GOLD VERY SHARP DECLINE
September 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. $800 breached to the downside. Support at $772.
Dollar Sharply Higher, Hits Ten Month High, Oil Sharply Lower, Takes Out Key Support
September 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. EUR/USD is getting down into some harder support. As we approach EUR/USD 1.43, consider paring down profitable long dollar positions. A brutal short squeeze on EUR/USD could be unleashed at any moment, assuming 1.43 remains intact. Congratulations long dollar crank players/euro […]
China Has Head Start Over West for Iraq Oil
August 31st, 2008China financed the war, so… Via: Reuters: China crossed the line first in the race for big oil contracts in post-Saddam Iraq and has gained a head start over Western oil majors in the competition for future energy deals. China’s biggest oil company, state-run CNPC, agreed a $3 billion service contract with Iraq on Wednesday. […]
The Numerati
August 30th, 2008After staring down the bottomless abyss of formal schooling, this is what the best and brightest can expect when working for IBM: Full time, automated surveillance by a Magic 8 Ball system that will match “commoditized” workers to tasks and monitor their progress on a minute by minute basis. Via: Business Week: By building mathematical […]
