Archive for the 'Economy' Category
Washington Mutual to Close 190 Offices
December 12th, 2007Via: San Francisco Chronicle: Washington Mutual Inc., the nation’s largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth quarter. Additionally, the company slashed its quarterly […]
Morgan Stanley Issues Full U.S. Recession Alert
December 11th, 2007What’s next? A prediction about the sun rising in the East? Via: Telegraph: Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a “perfect storm” for consumers as the housing slump spreads. In a report “Recession Coming” released today, the bank’s US team […]
Cleveland: 6000 Applicants for 300 Jobs… At WalMart
December 11th, 2007Via: Plain Dealer: As the world’s largest private employer, Wal-Mart is used to being greeted by large numbers of applicants almost every time it opens a new store. But the 6,000-plus people who applied for jobs at the new Supercenter in Cleveland’s Steelyard Commons took everyone, even Wal-Mart, by surprise. “We had to recount [the […]
Iran Stops Selling Oil in U.S. Dollars
December 9th, 2007Via: Reuters: Iran has completely stopped selling any of its oil for U.S. dollars, an Iranian news agency reported on Saturday, citing the oil minister of the world’s fourth-largest crude producer. The ISNA news agency did not give a direct quote from Oil Minister Gholamhossein Nozari. A senior oil official last month said “nearly all” […]
Straight Talk on the Mortgage Mess from an Insider
December 8th, 2007This is a good one. Highly recommended. Via: Market Watch: The ‘Pay-Option ARM implosion’ will carry on for a couple of years. In my opinion, this implosion will dwarf the ’sub-prime implosion’ because it cuts across all borrower types and all home values. Some of the most affluent areas in California contain the most Option […]
The Merk Hard Currency Fund
December 7th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. If you’re looking for a comprehensive hedge for your U.S. Dollar exposure, the Merk Hard Currency Fund deserves serious consideration. The fund holds a basket of currencies, sovereign debt and gold. See: Fund Facts. Expenses: 1.3%. I don’t have any relationship […]
The Dollar’s Perfect Storm Worsens
December 7th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. If ECB raises and the Fed cuts… I’m not going to see more panicked emails, am I? Via: MSN: On Nov. 13, I wrote that the U.S. dollar was being pummeled by a perfect storm. Just three weeks later, the storm […]
Forcast: House Prices to Fall 30% in Some States
December 7th, 200730% sounds like an upbeat assessment to me. Via: Reuters: Housing markets from Punta Gorda, Florida, to Stockton, California, will crash and suffer price drops of more than 30 percent before the housing crisis is over, a report from Moody’s Economy.com said on Thursday. On a national level, the housing market recession will continue through […]
Top UK Analyst: Britain Could be Heading for a Another Housing Market Crash
December 7th, 2007Hint: Feel free to substitute “Britain” with any other English-speaking country. Saves time when reading through all the housing doom news from around the world. Via: Reuters: Britain could be heading for a another housing market crash if thousands of buy-to-let investors ditch their properties as prices tumble, according to top fund manager Nicola Horlick. […]
Alberta Government Admits NAFTA Superhighway
December 7th, 2007Via: Rogue Government: Alberta’s government web site admits to the existence of a NAFTA superhighway. While establishment media hacks continue to deny plans for a continental highway, it is curious that a government web site would openly admit to the existence of it. It is also curious how these liars can get away with calling […]
