Archive for the 'Economy' Category
Two Questions: “Who’s Next?” and “Will a ‘Banking Holiday’ be Declared?”
March 16th, 2008Via: Times Online: So who is next? As advisers to Bear Stearns struggle to find a buyer or funding in the next 28 days, Wall Street, the City and the financial district in Tokyo were scrabbling to find out who is the most exposed to Bear Stearns, either through loans or trading positions. Traders in […]
Bear Stearns and the Fed
March 16th, 2008Via: Bloomberg: Federal Reserve Chairman Ben S. Bernanke is being forced to throw out four decades of monetary history by a financial system choking on miscalculated risks and a deepening recession. Bernanke and the four Fed governors voted yesterday to become creditors to Bear Stearns Cos., a securities firm that isn’t a bank, by invoking […]
After Dollar Crash, U.S. No Longer the Largest Economy
March 15th, 2008I’d rather not mention a story that references Goldman Sachs as a source for anything, but I don’t have any reason to believe that this calculation is wrong. Via: Reuters: The U.S. economy lost the title of “world’s biggest” to the euro zone this week as the value of the dollar slumped in currency markets. […]
Right Now, Feds Might be Looking Into Your Finances
March 14th, 2008Yeah, they need to steal money from you to bail out the crooks on Wall Street. “Mr. Smith, we see here that you leaned left instead of right the last two out of five times you farted. We’ll need to seize your funds until you can provide us with an itemized, externally audited report of […]
BEAR STEARNS STOCK CUT IN HALF
March 14th, 2008Via: Reuters: Bear Stearns Inc shares fell 50 percent on Friday, on news the bank’s liquidity position had deteriorated significantly in the last 24 hours, prompting it to secure financing from JPMorgan Chase and the Federal Reserve Bank of New York. Shares fell to $28.59 on the New York Stock Exchange.
EMERGENCY: U.S. FEDERAL RESERVE, JPMORGAN TRYING TO PREVENT COLLAPSE OF BEAR STEARNS
March 14th, 2008Spot gold $1005. Dollar getting slammed again. Trading remains orderly. — That looked like it was going to get weird for a few minutes… Do the riot police show up when Wall Street goes looking for handouts? Via: AFP: JPMorgan Chase on Friday said it was acting with the Federal Reserve Bank of New York […]
IMF Tells States to Plan for the Worst; “Think the Unthinkable”
March 14th, 2008A handful of Wall Street firms created this mess, and guess who’s going to pay? Mmm hmm. Via: Financial Times: IMF tells states to plan for the worst By Krishna Guha in Washington Published: March 13 2008 02:00 | Last updated: March 13 2008 02:00 Governments might have to intervene with taxpayers’ money to shore […]
Hundreds Line Up for Government Handouts, Meet Riot Police Instead
March 13th, 2008Via: Palm Beach Post: A crowd of more than 500 people waiting for hours this morning for housing voucher applications were dispersed by police in riot gear at the Boca Raton Housing Authority when the applications ran out sooner than expected. The action prompted complaints that officers used excessive tactics and housing authority officials were […]
Retail Sales Plunge by 0.6 Percent
March 13th, 2008Via: AP: Consumers, battered by plunging home prices and a credit crunch, stayed away from the malls in February, pushing retail sales down by a larger-than-expected amount. It was another worrisome sign that the country could be falling into a recession. The Commerce Department reported Thursday that retail sales fell by 0.6 percent last month, […]
Gold for April Delivery: $1000
March 13th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Equities are going to get whacked. What usually happens in these situations is that money comes out of the gold. Don’t be surprised if it pulls back. Via: Reuters: U.S. gold futures rallied to a record high of $1,000 an ounce […]
