Archive for the 'Economy' Category
CHINA FUEL SHORTAGES
November 27th, 2007Via: The Australian: CHINA is running out of fuel. Police are guarding petrol stations in several inland provinces to prevent fights, as shortages of petrol and diesel are causing huge queues of trucks, buses and cars. In Kunming, capital of the southwestern province of Yunnan, 1000 trucks are stranded. A truck driver named Li told […]
HSBC Finds $35 Billion to Bail Out Investment Outfits Caught by U.S. Mortgage Fallout
November 27th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. “The other one I like short is HSBC. Just look how far above zero it is… Flying so high in the 80s.” —Cryptogon, November 14, 2007 Cryptogon November 14 vs. Goldman Sachs November 27. Hmm. I’m going to have to get […]
U.S. Mortgage Crisis Slams Property Values, State Tax Receipts
November 27th, 2007Via: Bloomberg: The worst U.S. housing recession in 16 years will drive down property values by $1.2 trillion next year and slash tax revenue by more than $6.6 billion, according to a report by the U.S. Conference of Mayors. California, the hardest-hit state, will suffer a $630.6 billion decrease in property values that will cut […]
Abu Dhabi Buys Citigroup Some Time
November 27th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. HAHAHA Priceless! Instead of Helicopter Ben on the banner, I need some guys on magic carpets, flinging cash over lower Manhattan. Anyone thinking about playing the put options lotto on some of the most screwed financials this morning? Deep out of […]
Hedge Fund that Shorted Subprime Assets Up Over 1000% this Year; Fund’s Manager Tells Clients, “Our Entire Banking System is a Complete Disaster” and Use Profits to Buy Gold
November 26th, 2007Lots of people have an opinion on gold. But how many of them are running funds that are up over 1000% for the year? Just one. Via: Financial Times: A Californian hedge fund has made more than 1,000 per cent return this year by betting against US subprime home loans, making it one of the […]
Mortgage Failures Could Create Nightmare
November 25th, 2007This is an Associated Press piece. It’s as mainstream as it gets. Via: Yahoo / AP: In the months ahead, millions of other adjustable-rate mortgages like Colombo’s will reset, giving them a higher interest rate as required by the loan agreements and leaving many homeowners unable to make their payments. Soaring mortgage default rates this […]
Soybeans: Highest in 34 Years
November 24th, 2007Via: Bloomberg: Soybeans surged above $11 a bushel to the highest in 34 years as China increased purchases of dwindling U.S. supplies. U.S. exporters reported sales of 1.81 million metric tons last week, up 39 percent from the previous week and the second straight high in the year that began Sept. 1, the Department of […]
Gold Gaps Up Into Weekend: Biggest Weekly Gain Since July 2006
November 24th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Woh. But… Hmm. Thin holiday volume… Decent chance for an ascending triangle long play setting up on the daily interval… or is it a short squeeze??? We’re range bound again, roughly between $772 and $845. The weekly stochastic oscillator is still […]
Is Your Bank at Risk of Failure?
November 23rd, 2007Via: Forbes/ABC News: If your bank is failing, you probably won’t know about it. Regulators deliberately keep a pending closure secret to avoid a mad rush to remove deposits–a run on the bank, if you will. For one thing, a sale of the institution is often possible at the last minute, eliminating the need for […]
Global Derivatives Market Expands to $516 Trillion
November 23rd, 2007I thought, “This must be an Onion story.” Nope. Via: Bloomberg: The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the Bank for International Settlements said. Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit […]
