Archive for the 'Economy' Category
Goldman, JPMorgan Saddled With Debt They Can’t Sell
July 18th, 2007Come on guys, there are lots of suckers out there. Via: Bloomberg: Goldman Sachs Group Inc., JPMorgan Chase & Co. and the rest of Wall Street are stuck with at least $11 billion of loans and bonds they can’t readily sell. The banks have had to dig into their own pockets to finance parts of […]
Bear Stearns Warns Hedge Fund Investors of Total Loss
July 18th, 2007Via: Bloomberg: Bear Stearns Cos. told investors in one of its hedge funds that they won’t get any money back after creditors forced it to sell assets at depressed prices, according to a letter sent by the firm. While a second fund still contains “sufficient assets” to cover the $1.4 billion it owes the New […]
Ron Paul: U.S. in “Great Danger” of Staged Terror
July 14th, 2007Via: Infowars: Presidential candidate Ron Paul says the U.S. is in “great danger” of a staged terror attack or a Gulf of Tonkin style provocation while also warning that a major collapse of the American economy is on the horizon and could be precipitated by the bombing of Iran and the closure of the Persian […]
Retail Sales Plunged in June
July 13th, 2007Via: msnbc: Consumers put away their wallets in June, sending retail sales crashing by the sharpest amount in nearly two years. The Commerce Department reported Friday that retail sales fell by 0.9 percent last month, the biggest drop since August 2005. Demand for autos, furniture and building supplies all plunged. The drop was much bigger […]
IRAN ASKS JAPAN TO PAY YEN FOR ALL OIL, STARTING IMMEDIATELY
July 13th, 2007Via: Bloomberg: Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, to counter the risk that U.S. dollar transfers may be frozen by increased sanctions. Iran wants yen-based transactions “for any/all of your forthcoming Iranian crude oil liftings,” according to a letter sent to Japanese refiners that was […]
Gold Rises Sharply, Boosted by Dollar Weakness
July 12th, 2007UPDATE: U.S. Dollar Index Crosses Below 80.50 I know most of you aren’t following the dollar crash closely, but another key support has been taken out here. — End Update — * yawn * Via: Market Watch: Gold futures rose sharply Thursday, as the dollar fell to new lows against the euro and the sterling, […]
Top Fund Manager on Subprime Mortgage CDOs: “The Pricing Is a Fraud; the Ratings Are Bullshit”
July 11th, 2007Via: The Street: Bond funds may have a reputation for being boring, but anybody who attended Morningstar’s annual mutual fund conference in Chicago last week might have the impression that the fixed-income market is the most dangerous part of the U.S. financial system right now. Both the opening and closing sessions featured tough-talking bond fund […]
Will Japan Destroy the Yen to Save the Dollar?
July 11th, 2007Via: Kitco: The only logical answer I can offer is that the Japanese realize that if they stop the flow of global liquidity they will destroy the dollar and the U.S. economy. To survive, the U.S. must be able to both limitlessly exchange the dollars it prints for the goods the rest of the world […]
Dollar Falls to Record Low Against Euro on Housing Slowdown Concern
July 10th, 2007Via: Bloomberg: The dollar fell to a record against the euro and dropped the most since March versus the yen on speculation a slumping housing market will slow the U.S. economy. The U.S. currency also sank against the Swiss franc, British pound and Danish krone after Standard & Poor’s warned it may cut ratings on […]
The Crashing U.S. Economy Held Hostage
July 10th, 2007Via: Global Research: Remember when the U.S. was the world’s greatest industrial democracy? Barely thirty years ago the output of our producing economy and the skills of our workforce led the world. What happened? It’s hard to believe that in the space of a generation our character and capabilities just collapsed as, for example, did […]
