Archive for the 'Economy' Category
FEDERAL BUDGET DEFICIT FOR NEXT YEAR WILL APPROACH $490 BILLION
July 28th, 2008Via: AP: A Bush administration official said Monday the next administration will inherit a record federal budget deficit for next year that approaches $490 billion. The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep […]
Worried Banks Sharply Reduce Business Loans
July 28th, 2008Via: New York Times: Banks struggling to recover from multibillion-dollar losses on real estate are curtailing loans to American businesses, depriving even healthy companies of money for expansion and hiring. Two vital forms of credit used by companies — commercial and industrial loans from banks, and short-term “commercial paper” not backed by collateral — collectively […]
Dutch Firm Charged in Oil Price Manipulation Case
July 28th, 2008Mike writes: Kevin, I’m surprised that you haven’t done a post about this oil price manipulation case, since you were warning us about this long ago: U.S. regulators charge Dutch firm with oil-price manipulation What’s up? Mike, in a short, this is noise level, insignificant activity. All firms who trade their own accounts do this […]
Milk It: Fonterra Dairy Exports Rise to Quarter of New Zealand’s National Total
July 28th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instruments. If you’re holding NZD, know that the scheme relies heavily on two factors: 1) The price of milk. Milk solids, actually. That’s right. If milk solids tank, watch out. 2) Japanese carry trade investors. High dairy prices are part of the […]
U.S. Senate Nationalizes More Private Banking Losses
July 27th, 2008Did you take out a conservative loan that you could actually afford? You’re going to be paying for everyone who didn’t; which means that you’re also going to be paying for the crimes of the bankers who made the toxic waste loans available in the first place. Renters, the same goes for you, too. What […]
Ford’s Worst Quarter Ever
July 26th, 2008Via: Business Week: Ford Motor reported a second-quarter loss of $8.7 billion, its worst single quarter in history. Much of the loss was due to a writedown in the value of assets, and losses on falling values of SUVs coming off leases back to the automaker’s Ford Motor Credit arm. But, like a kid who […]
Rabobank: Nationwide Ag Production Costs On The Rise
July 26th, 2008Input prices are still soaring. Via: Grainnet: Much attention has focused lately on the run up in the production of agricultural commodities and its effect on food prices. Additionally, key crop input prices are also rising and show no sign of slowing, according to a new Rabobank report, “U.S. Crop Inputs.” “Farmers’ use of key […]
Homes in Some Stage of Foreclosure Increase 121%, 25 Million U.S. Homeowners About to Go Upside Down
July 26th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Dollar holders, look out. Via: Bloomberg: U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth. One in every 171 households was […]
Wachovia CFO Jumps Ship
July 26th, 2008All the bad news is out, eh? Via: MarketWatch: Wachovia Corp. said late Thursday Chief Financial Officer Thomas Wurtz will leave the company. Charlotte, North Carolina-based Wachovia said Wurtz will leave “after a successor is named to the role. The company will begin an immediate search for a replacement.”
FDIC SEIZES TWO MORE BANKS: 1ST NATIONAL BANK OF NEVADA AND FIRST HERITAGE BANK
July 26th, 2008It must be the weekend! Via: AP: The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators. The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, […]
