Archive for the 'Economy' Category
Magic 8 Ball Gambling Antics Going Off the Rails
August 13th, 2007Sound investments for the future = reckless gambling Pay close attention to the part in bold below. Via: Financial Times: The much-heralded financial rocket scientists responsible for the explosion in complex mathematical trading strategies are bracing themselves for fresh pain after what one team of analysts called “the perfect storm†last week. Quantitative strategists, or […]
Structured Investment Vehicles’ Role in Crisis
August 13th, 2007This is the most frightening financial story I’ve come across in a long time. Hundreds of billions of dollars worth of what, exactly? Nobody seems to know. Well, somebody probably knows, but investors, the financial press and government regulators have no idea WTF is going on. Yep. Situation normal. You know the rest. There is […]
The System, Like the Berlin Wall, Must Come Down
August 12th, 2007Nice essay on the Soviet style free market. Via: Unknown News: One hugely interesting aspect of this week’s mortgage and debt shenanigans is the role of the Federal Reserve as “Protector of the Realm” when “The System” freezes up and begins to implode upon itself. Normally the Fed diligently attends to its primary functions of […]
Central Banks Working Together to Avert Crash
August 11th, 2007Look at the back of a $1 bill. See the glimmering eye above the pyramid? It’s glimmering a bit brighter right now. Via: Bloomberg: Central banks in the U.S., Europe, Japan, Australia and Canada added about $136 billion to the banking system in an attempt to avert a crisis of confidence in global credit markets. […]
Plunge Protection Team Injects $38 Billion Into U.S. Markets
August 11th, 2007Music still playing, no fighting over chairs. Yet. Via: Yahoo / AP: Wall Street closed out a difficult week with a mixed finish Friday after the Federal Reserve injected billions of dollars into the banking system to calm markets torn by worries about evaporating credit. The Dow Jones industrials, down more than 200 points during […]
Massive Intervention by European Central Bank Today
August 10th, 2007The big guns came out today. Printing credit at will. Via: Financial Times: The European Central Bank scrambled to head off a potential financial crisis on Thursday by making an emergency injection of €94.8bn ($131bn) worth of funds into the region’s money markets, after signs that liquidity was drying up. The level of funds markedly […]
Bush: China Dollar Attack Would be ‘Foolhardy’
August 9th, 2007The guy is totally out of it. I don’t think he knows what planet he’s on. Via: Breitbart / AFP: President George W. Bush on Wednesday said China would be “foolhardy” to attempt to push down the dollar in retaliation for US pressure over Beijing’s alleged currency manipulation. Bush said he had not seen the […]
FRANCE: BNP PARIBAS SUSPENDS THREE FUNDS AMID LIQUIDITY CRISIS
August 9th, 2007It’s getting really weird out there now. Via: CNN: PARIS -(Dow Jones)- French bank BNP Paribas (13110.FR)sparked renewed credit market concerns Thursday after its asset management unit said it temporarily suspended three of its asset-backed securities funds because of a lack of liquidity in the market. BNP Paribas Investment Partners suspended the calculation of net […]
China Threatens ‘Nuclear Option’ of Dollar Sales
August 7th, 2007Via: Telegraph: The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation. Two officials at leading Communist Party bodies have given interviews in recent days warning – for the […]
Ml-Implode.com Lawsuit: A Threat to Freedom of Speech on the Internet
August 7th, 2007Via: eFinance Directory: Loan Center of California has filed a lawsuit against The Mortgage Lender Implode-O-Meter in a thinly veiled attempt to shut the website down. The lawsuit is not only frivolous, but a direct threat to everyone’s freedom of speech and the right to discuss matters of public concern on blogs, forums, and other […]
