Archive for the 'Economy' Category
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 […]
GERMAN FUND HALTS REDEMPTIONS
August 7th, 2007It’s just like musical chairs, boys and girls. Via: Bloomberg: Frankfurt Trust, the mutual fund manager of Germany’s BHF-Bank, stopped withdrawals from a fund after clients removed 20 percent of their money since the end of July amid concern about the U.S. subprime loan debacle. The FT ABS-Plus fund, which includes residential mortgage- backed securities […]
Abandoned Homes Taken Over by Weeds, Swimming Pools Breed Mosquitoes
August 6th, 2007Introductory rates starting at just 1.2%! Call now! Via: Arizona Republic: City code enforcers and county mosquito patrols across the Valley say they’re seeing a spate of weeds and green pools in places they never used to: newer neighborhoods with higher-priced homes. Increasing numbers of these properties are being abandoned by cash-strapped owners, leaving messes […]
Surge: Afghanistan Now Responsible for 95% of Global Opium Production
August 5th, 2007The people behind this represent the real Plunge Protection Team. Via: Yahoo / AP: Afghanistan will produce another record poppy harvest this year that cements its status as the world’s near-sole supplier of the heroin source, yet a furious debate over how to reverse the trend is stalling proposals to cut the crop, U.S. officials […]
The Chinese “Miracle” Will End Soon [sic]
August 4th, 2007Yesterday wouldn’t be soon enough. Via: Spiegel: The world has been dazzled in recent years by the economic strides being made by China. But it has come at a huge cost to the country’s environment. Pollution is a serious and costly problem. Pan Yue of the ministry of the environment says these problems will soon […]
