Archive for the 'Economy' Category
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 […]
Gold: Remember the Messy Symmetrical Triangle?
March 13th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I was just looking at the four and eight hour intervals on gold and my Magic 8 Ball, chicken entrails and tea leaves lead me to believe that we might have a bullish Symmetrical Triangle forming… Yeah, squint really hard, it […]
LENDERS TO LIQUIDATE CARLYLE CAPITAL
March 13th, 2008Via: BBC: Carlyle Capital Corporation (CCC), a unit of the private equity firm Carlyle Group, has said it will not be able to meet lenders’ demands for money. The US mortgage-backed bond fund will collapse if, as expected, its lenders liquidate the fund to take possession of its remaining assets. CCC is the latest casualty […]
EUR/USD 1.5600
March 13th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Dollar holders getting bent over a barrel. Gold is up, around $990. I hope Cryptogon crash traders are managing well out there. Via: Forbes: The dollar fell below 100 yen to reach a 12-year low this morning, as well as hitting […]
Fed Takes Boldest Action Since the Depression to Rescue U.S. Mortgage Industry
March 13th, 2008Via: Telegraph: The US Federal Reserve has taken the boldest action since the 1930s, accepting $200bn of housing debt as collateral to prevent an implosion of the mortgage finance industry and head off a full-blown economic crisis. The Bank of England, the key European central banks, and the Bank of Canada all joined in a […]
New Arrest in SocGen Trading Scandal
March 12th, 2008Kerviel, according to legend, entered fictitious hedge positions that tricked the bank’s risk exposure system into ignoring the real positions!? If the people behind this had bombed the bank’s headquarters into a pile of rubble and killed all the executives, they would have done far less damage than what was accomplished with this hack. Or, […]
Lehman Cutting 5% of Work Force
March 12th, 2008Via: Reuters: Lehman Brothers Holdings Inc, the Wall Street investment bank, is laying off 5 percent of its work force, or about 1,430 people, because of difficult market conditions, a person briefed on the matter said on Monday. The cuts are being made across all divisions and regions, and employees affected are being notified on […]
Gold: Intraday Intervals Forming Messy Symmetrical Triangle
March 12th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I was just looking at the four and eight hour intervals on gold and my Magic 8 Ball, chicken entrails and tea leaves lead me to believe that we might have a bullish Symmetrical Triangle forming… Yeah, squint really hard, it […]
