Archive for the 'Economy' Category
Yen Carry Trade Players Decapitated
March 3rd, 2007What is the real value of the yen carry trades? Nooooooooooooooobody knows… But if that thing continues to get squeezed, look out. Via: Times Online: Hedge funds gambling on highly leveraged bets in the markets driven by the gap between Japan’s low interest rates and higher ones elsewhere may have seen a year’s worth of […]
Husband and Wife Lawyers and 11 Top Wall Street Workers Charged in Federal Securities Fraud Scheme
March 1st, 2007Just another day at the office. Via: Yahoo / AP: Husband and wife lawyers and 11 top Wall Street workers were charged Thursday with making more than $15 million in illegal trading profit through an alleged federal securities fraud scheme, authorities said. Linda Chatman Thomsen, director of the Division of Enforcement for the Securities and […]
Dow Jones Industrial Average “Tabulation Trouble”
February 28th, 2007The New York Stock Exchange should be cordoned off and sealed with “CRIME SCENE” tape! As the black boxes were flushing the DOW30 issues yesterday, the system that calculates the Dow Jones Industrial Average experienced—wait for it—“tabulation trouble.” The futures were not reflecting the values of the underlying stocks because the average was not updating! […]
DOW ENDS DOWN 416 POINTS
February 27th, 2007The tapped-out U.S. consumer was like the iceberg that pierced the hull of the Titanic. We moved through a brief phase where the band kept playing and the tumblers were refilled with booze, again and again. (This was when the writing on the wall became crystal clear to people like you and me and we […]
U.S. DURABLE GOODS ORDERS PLUNGE BY RECORD 7.8%
February 27th, 2007Via: CNN: New orders for U.S.-made durable goods fell by a much worse-than-expected 7.8 percent in January, as a steep drop in civilian airliner orders helped push orders for nondefense goods to their biggest monthly decline on record, a government report showed Tuesday. The Commerce Department reported that excluding volatile transportation orders, which are heavily […]
CHINESE STOCKS SUFFER BIGGEST LOSS IN TEN YEARS; 249 of the 300 ISSUES HALTED AFTER LIMIT DOWN
February 27th, 2007It would have gone further; 249 of the 300 issues on the main Shanghai and Shenzhen index went limit down—they lost 10% in a single session—before being halted. My take, in ten words or less: China wants fewer U.S. dollar time-bombs in its house. With regard to U.S. markets: Watch for the Plunge Protection Team […]
U.S. Mortgage Crisis Goes Into Meltdown
February 27th, 2007I explained the racket in my Wall Street Chop Shop essay. Via: Telegraph: Panic has begun to sweep the sub-prime mortgage sector in the United States after the bankruptcy of 22 lenders over the past two months, setting off mass liquidation of housing loans packaged as securities. The rapid deterioration could not come at a […]
U.S. Economy Leaving Record Numbers in Severe Poverty
February 25th, 2007Via: Bradenton.com: The percentage of poor Americans who are living in severe poverty has reached a 32-year high, millions of working Americans are falling closer to the poverty line and the gulf between the nation’s “haves” and “have-nots” continues to widen. A McClatchy Newspapers analysis of 2005 census figures, the latest available, found that nearly […]
De Facto U.S. Flat Tax: 40%
February 25th, 2007You godda problem wid dat? Via: MSN: Politicians… generally talk about only one tax: the federal income tax, which offers graduated rates from 10% to 35%. Politicians rarely talk about what real people experience: the true maze of taxes and government benefits. If someone put them all together, we could see what our actual tax […]
