Archive for the 'Economy' Category
Lehman Brothers Forced to Juggle Some of Its Own Hand Grenades; Where Are the Rest and When Will They Blow?
September 26th, 2007When the Wall Street Wizard couldn’t unload his mortgage backed securities anymore, he started to scrap bits and pieces his weirder paper generating machinery: Finance America: Gone BNC: Gone Aurora Loan Services: Uh, what’s left of it will see a name change Lehman Brothers bought these firms because they generated paper, and lots of it. […]
U.S. Homes Post Steepest Price Drop in 16 Years
September 26th, 2007This is what traders call, “The Big Mo.” Momentum. See these old stories on Cryptogon where I described this in more detail: Home Sellers Learning Day Trading Skills Home Sellers Learning Day Trading Skills (Continued…) Via: AP: The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according […]
Quick Magic 8 Ball Update on U.S. Dollar Index
September 26th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. The USDX has breached 78.33 and made a feeble attempt at bouncing above that critical point. It has now slipped back under 78.33 again. I have no idea whether it’s going to bounce or collapse, but I have seen this happen […]
Finally: Amazon’s MP3 Store
September 26th, 2007I might have titled this story, “If You Can’t Beat ‘Em, Sell ‘Em DRM Free MP3s.” Years ago, when Apple released iTunes, I looked at the DRM involved and said, “Not only no, f*@% no.” I’m really glad to see an alternative to Apple’s Tamper Proof Vending Machine reality. Of course, I’d rather just pay […]
Step Right Up: Public Demonstrations of Raytheon’s Directed Energy Pain Gun
September 26th, 2007Will it re-heat your freedom fries? Via: Daily Mail: “Where do I put my finger? There … OK? Nothing’s happening … is it on?” “Yes, it’s on. Move your finger a bit closer.” “Er … ow! OW!” Not good. I try again. “OWWW!” I pull my hand away sharpish. My finger is throbbing, but seems […]
Deposit Worries Hit Sterling
September 25th, 2007Via: Financial Times: Sterling took a hit on Tuesday as worries over UK deposit protection raised fresh concerns over the health of the UK financial system in the wake of the recent run on Northern Rock, the troubled mortgage lender. Analysts said reports that the UK’s deposit protection scheme might not be enough to pay […]
IMF: Fallout from Global Financial Crisis Will be Long Lasting
September 25th, 2007Just as long as it’s economic fallout and not some other kind of fallout. Via: Independent: The global credit crisis is not over, and its effects will be long lasting, the International Monetary Fund has warned. The organisation’s twice-yearly Global Financial Stability report warned that many of the lax lending practices of the past few […]
Consumers Cutting Back on Restaurants
September 25th, 2007Via: AP: More than half of U.S. consumers plan to eat out less in the next three months due to jitters over declining home values, high gas prices and the overall economy, according to a survey by RBC Capital Markets. The survey of 1,000 people found that 54 percent of Americans said they would eat […]
Bank of England: We Don’t Understand the Markets
September 25th, 2007Via: Telegraph: The Bank of England is looking at improving the way it monitors UK credit conditions after admitting that the growing sophistication of the financial markets has made it more difficult to manage monetary policy. Bank of England governor Mervyn King speaking to the Commons Treasury Committee Mervyn King has come under increasing pressure […]
U.S. Financial Institutions Involved with Three Week Bird Flu Pandemic Simulation
September 25th, 2007Liquidity problems? What liquidity problems? Via: AP: WASHINGTON Don’t be alarmed if your local bank teller is looking a bit sickly over the next three weeks. It is only a cyber-illness. Hundreds of banks and other financial institutions are participating in the largest test of its kind ever conducted to ensure the nation’s financial system […]
