Archive for the 'Economy' Category
FDIC MAY BORROW MONEY FROM TREASURY
August 27th, 2008Via: Reuters: Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported. The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said. […]
The T. Boone Pickens Water Swindle
August 27th, 2008I meant to post this a couple of months ago, but it got lost in the shuffle. Now that it’s on Reddit again, in a different story, here’s the original. Via: Business Week: Roberts County is a neat square in a remote corner of the Texas Panhandle, a land of rolling hills, tall grass, oak […]
Backlog of U.S. Homes For Sale Is Worst on Record
August 26th, 2008Via: Independent: The number of unsold homes on the market in the United States is at levels not seen for at least 40 years, and prices are continuing to slide, according to a disheartening new survey. With participants throughout the financial system saying that the credit crisis cannot end until the US housing market stabilises, […]
The Real Rate of U.S. Inflation Is Now 13%
August 26th, 2008In case you don’t understand why there are so many exclamation points in the piece below, they are an essential part of the The Mogambo Guru’s style manual. Via: Contrarian Profits: When you look at what John Williams at shadowstats.com calculates as inflation, according to the time-honored method of actually looking at real prices instead […]
“There is no such thing as Euroland.”
August 26th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. These data are pointing to a stronger dollar, as f*@#$%* nuts as that might sound. Why might it not be f*@#$%* nuts? Europe has problems. But leave it to a Brit to write, “There is no such thing as Euroland.” Via: […]
Beijing Swells Dollar Reserves Through Stealth
August 26th, 2008There’s a lot of head scratching on the dollar rally (which is continuing). Via: Telegraph: China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy. A study by […]
FDIC Gets Ready for Bank Failures
August 25th, 2008Via: Statesman: Hundreds could fail, some industry experts predict. That could force the agency to make good on its promise to insure most customers’ checking and savings deposits up to $100,000 and some retirement accounts up to $250,000, putting pressure on its insurance fund. Is the agency, whose combined insurance funds were technically pushed into […]
Danish Central Bank Nationalizes Roskilde Bank After Efforts to Find Buyer Failed
August 25th, 2008Via: Bloomberg: The Danish Central Bank will lead a buyout of Roskilde Bank A/S after a slumping property market drove the lender into insolvency and a private purchaser couldn’t be found. Roskilde will receive 4.5 billion kroner ($890 million) in cash from the central bank and Danish lenders. The purchasers will also assume 37.3 billion […]
“Big 3” Automakers Beg for $25 Billion Government Bailout
August 23rd, 2008UPDATE: Make that $50 Billion HAHA. The free market! The American Soviet Ministry of Automobiles is “free” to double its request for public handouts from $25 billion to $50 billion. Via: Reuters: The Big 3 Detroit-based automakers are seeking about $25 billion in federal loans as they struggle to ride out a steep downturn in […]
FDIC Friday: Columbian Bank and Trust of Kansas Shut by Regulators
August 23rd, 2008Via: Reuters: Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators today, the ninth U.S. bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices. The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas […]
