Archive for the 'Economy' Category
Dollar Breakdown Continues, New Lows
November 23rd, 2007Via: Bloomberg: The dollar dropped below 108 yen for the first time since 2005 and fell to a record low against the euro on speculation deepening U.S. credit-market losses will prompt the Federal Reserve to cut interest rates. The currency headed for its biggest weekly decline against the euro in a year as traders raised […]
The Firm with a Shadow that Extends Far Past Wall Street
November 22nd, 2007Via: The Ledger: As John A. Thain prepares to take the reins of Merrill Lynch, he is only the latest example of a tradition borne out across Wall Street, in Washington and around the world. He is a Goldman Sachs alumnus who has reached the top elsewhere. For decades, one investment bank in Lower Manhattan […]
Freddie Mac Seeks Emergency Funding
November 22nd, 2007Via: Independent: Freddie Mac, the government-sponsored company tasked with propping up the US mortgage market, said it would be forced to seek emergency funding to shore up its balance sheet after plunging $2bn (£968m) into the red. The company yesterday said that it had hired Goldman Sachs and Lehman Brothers to tout for new funds […]
Facing Jail and Fines, Parents Summoned to Court to Have Children Vaccinated
November 22nd, 2007The part I like is that the parents of 900 students ignored this absurd fascist decree. Via: Baltimore Sun: Scores of grumbling parents facing a threat of jail lined up at a courthouse today to either prove that their school-age kids already had their required vaccinations or see that the youngsters submitted to the needle. […]
China Freezes Lending to Curb Investing Frenzy
November 21st, 2007Translation: China wants fewer U.S. Dollars. These lending restrictions will raise the value of the yuan, raising the prices of the crap at Walmart, lowering demand, stemming the flow of dollars to China. That’s my best guess, anyway, as to the implications of this. Via: Wall Street Journal: Chinese authorities are slamming the brakes on […]
Wal-Mart Seizes Accident Settlement from Former Employee
November 21st, 2007Always low prices. Via: Wall Street Journal: A collision with a semi-trailer truck seven years ago left 52-year-old Deborah Shank permanently brain-damaged and in a wheelchair. Her husband, Jim, and three sons found a small source of solace: a $700,000 accident settlement from the trucking company involved. After legal fees and other expenses, the remaining […]
Can Anyone Think of a Bigger Pig to Short than JP Morgan?
November 14th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Is it time to start playing the put options lotto on the big banks? The global financial situation is getting weird to the point that I’m thinking about using micro amounts on capital on very high (fixed) risk, very high reward […]
The Dollar in Danger
November 13th, 2007This is a Council on Foreign Relations oped in the Washington Post that reiterates the absurdity of the dollar and an end of national currency theme. Please see: Council on Foreign Relations on U.S. Dollar: “An Absurdity… Supported Only by Faith†Their plans obviously include gold, but I have no idea if that’s a good […]
E*Trade Down 59 Percent on Losses and Bankruptcy Fear, ‘Bank Run’ Possible
November 13th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. E*trade clients should consider this to be an emergency situation; especially E*trade clients with accounts over $100,000. I would strongly suggest getting your money out of there ASAP, regardless of your account size. Via: Bloomberg: E*Trade Financial Corp. lost more than […]
Currency Controls Return as Central Banks Fight Gains
November 13th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Hmm. With currency controls starting to figure into the action, I wonder where people will look to put their confetti investments… * wink * Via: Bloomberg: Central banks from Bogota to Mumbai are imposing foreign-exchange curbs to take control of their […]
