Archive for the 'Economy' Category
Number of U.S. Homes Facing Foreclosure Sees One Year Increase of 112%
April 29th, 2008Via: AP: The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday. Among the hardest hit states were Nevada, Florida […]
Oil Company Profits Up Sharply
April 29th, 2008Mmm hmm. Via: BBC: Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel. Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago. And rival BP saw its […]
Fed’s Rescue of Bear Stearns “Worst Policy Mistake in a Generation”
April 29th, 2008I’d love to know what would have unwound if Bear had been left to die… Maybe, a better question is: What wouldn’t have unwound? Via: Wall Street Journal: The Federal Reserve’s rescue of Bear Stearns Cos. will come to be seen as its “worst policy mistake in a generation,” a former top Fed staffer said. […]
Revolution MoneyExchange
April 29th, 2008UPDATE: I Have Earned the Maximum Commission from Signups Fifty Cryptogon readers signed up for accounts within about 12 hours of this post going live. I’ve earned the maximum allowable commission of $500! Thank you to each of you who signed up. They are still paying $25 just for signing up. — End Update — […]
‘Retired’ Goldman Sachs Executive to Head Trading for Merrill Lynch
April 28th, 2008What we have here isn’t some, “unseen hand of the market.” It’s more like a bunch of tentacles. Henry Paulson is the United States Treasury Secretary. He’s also a former CEO of Goldman Sachs. Joshua Bolten is the current White House Chief of Staff. He served as Goldman’s executive director for legal and government affairs […]
Dollar Slide Drives Budget as Japan Shuns Treasuries
April 28th, 2008Via: Bloomberg: Add another ailment to the U.S. misery index of soaring gasoline and wheat costs and falling home values: a federal deficit that is burgeoning as foreign investors led by the Japanese recoil from the slumping dollar. The Japanese, who own $586.6 billion, or 12 percent of U.S. government debt, had their worst quarter […]
Wachovia Facing Drug Money Laundering Investigation
April 28th, 2008Assisting upstarts with taking their ill gotten gains out? Oh no no no. That’s a no no. Via: TheStreet: Wachovia is being investigated by federal prosecutors as part of a larger probe of alleged laundering of drug money, according to a published media report. The report, in Saturday’s Wall Street Journal, cited people familiar with […]
UK: Bank Bail-Outs to be Kept Secret
April 28th, 2008Off the rails. Via: ThisIsMoney: The Bank of England has imposed a permanent news blackout on its £50bn-plus plan to ease the credit crunch. Ferocious and unprecedented secrecy means taxpayers will never know the names of the banks that have been supported through the special liquidity scheme, which was unveiled by Bank Governor Mervyn King […]
The Rise of the Sanford and Son Global Economy: Urban Miners Look for Precious Metals in Cell Phones
April 28th, 2008“A tonne of ore from a gold mine produces just 5 grams (0.18 ounce) of gold on average, whereas a tonne of discarded mobile phones can yield 150 grams (5.3 ounce) or more…” This is a remarkable story, on a number of levels. Anyone who thinks business as usual is going to continue needs to […]
Gold: Possible Buying Opportunity
April 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. For aggressive investors who know how to manage risk, consider buying some gold. Here are some technical factors that I find interesting across two different intervals: DAILY INTERVAL 1. The support at around $885.50 has held three times in recent weeks. […]
