Archive for the 'Economy' Category
OPEC to Study Currency Basket for Pricing
October 28th, 2007More good news for U.S. Dollar holders. —Sarcasm. Via: Yahoo / AP: OPEC is likely to discuss creating a basket of currencies for oil pricing at its next summit due to the steady decline in the dollar, Venezuela’s Energy Minister Rafael Ramirez said on Friday. “The need to establish a basket of currencies … will […]
Lengthy SWAT Standoff Over Foreclosure Ends in Suicide
October 27th, 2007Freedom, for an increasing number of Americans, means choosing how they’re going to go down. Falling Down, for real… Via: Houston Chronicle: A 12-hour standoff ended this morning with a north Houston man lobbing Molotov cocktails at Houston Police before taking his own life rather than vacate a home he’d lost to foreclosure. James Hahn, […]
California Home-Loan Default Numbers Set Record
October 27th, 2007Via: San Jose Mercury News: A record number of California homeowners entered the foreclosure process in the third quarter, a real estate information service reported today, showing the effects of loose mortgage lending standards, falling home values and slumping sales. Statewide, mortgage companies sent 72,571 notices of default to borrowers last quarter, according to DataQuick […]
NYSE ELIMINATES TRADING CURBS DATING BACK TO 1987
October 27th, 2007Via: Bloomberg: The New York Stock Exchange said it will no longer impose curbs on computer-program trading that were put in place after the crash of 1987, claiming they’re no longer as effective in damping swings in prices. The exchange will stop prohibiting brokerages from entering some program trades when the NYSE Composite Index rises […]
“We’re Inching Dangerously Close to the Point Where Consumers Run for the Hills”
October 27th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. The reason I’m posting this is because Jim Jubak provides confirmation that my strategy for dealing with this system is viable. Me: In America (and wealthier parts of the West in general), people don’t have to blow up a natural gas […]
SEC Sees “Rampant” Insider Trading on Wall Street
October 26th, 2007Imagine my shock. Via: Reuters: A senior Securities and Exchange Commission official said on Thursday insider trading appeared to be “rampant” among Wall Street professionals and the agency has formed a working group to focus on it. “I believe we’re going to see more insider trading cases,” Linda Chatman Thomsen, the SEC’s enforcement director, told […]
Dollar Falls as Orders for U.S. Manufactured Goods Decline
October 26th, 2007Via: AP/IHT: The dollar fell against a basket of six other major currencies Thursday following a report that showed orders for manufactured goods in the United States fell unexpectedly in September. Investors sold dollars in a climate of market nervousness ahead of a Federal Reserve meeting on interest rates next week. The dollar hit a […]
OIL $91, GOLD NEARLY $780
October 26th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Congratulations to all Cryptogon BullionVault clients who have stood so hard on the bid lately. I hope you are diversified and managing your risk well. Gentle reminder, after looking at the weekly gold chart, stochastics and RSI: Nobody ever went broke […]
Pandemic Test Undertaken by Financial Services Paints Dire Scenario
October 26th, 2007Mmmm Hmmm. Via: Computerworld: If a pandemic strikes the U.S., it will kill about 1.7 million people, hospitalize 9 million, exhaust antiviral medications and reduce basic food supplies, according to a planning scenario developed by financial service firms preparing for such a catastrophe. This particular disaster occurred only on paper. But those grim numbers are […]
U.S. Home Sales Hit Fresh Lows, Unsold Properties Flood Market
October 25th, 2007Nowhere near bottom. We’re getting into the momentum phase now. Via: AFP: Sales of US homes and apartments tumbled a hefty 8.0 percent in September extending one of the nation’s worst housing slumps in decades, an industry group said Wednesday. The National Association of Realtors (NAR) said in a monthly snapshot that sales of existing […]
