Archive for October, 2008
FDIC Friday: Two More Banks Fail
October 12th, 2008Via: MarketWatch: Northville, Mich.-based Main Street Bank and Eldred, Ill.-based Meridian Bank became the latest victims of the ongoing financial crisis on Friday, when they folded and their deposits were transferred by the Federal Deposit Insurance Corp. The closures are the 14th and 15th bank failures so far this year. The FDIC said in a […]
British Government to Nationalize Top Banks as Japanese Weigh Bid for Morgan Stanley; London Stock Market Might Be Closed on Monday
October 12th, 2008Via: Telegraph: THE government will launch the biggest rescue of Britain’s high-street banks tomorrow when the UK’s four biggest institutions ask for a £35 billion financial lifeline. The unprecedented move will make the government the biggest shareholder in at least two banks. Royal Bank of Scotland (RBS), which has seen its market value fall to […]
GRAIN SHIPMENTS STALLED IN CREDIT DROUGHT
October 12th, 2008Via: Financial Post: The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses. Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through […]
People Keep Buying Gold on BullionVault Over Weekend
October 12th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I logged into BullionVault to buy some gold after the close Friday. (The Zurich market on BullionVault usually has decent liquidity throughout the weekend, with prices near the spot market close. The London and New York vaults have much less liquidity […]
Wild Drop on Gold
October 11th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Selling gold to move into dollars? Goldman/Paulson/Fannie/Freddie Bucks? Tell me another one. Anyway, this is why we say: Many eggs, many baskets. Via: Reuters: Gold dropped as much as 9.6 percent on Friday, reversing sharp morning gains as a wave of […]
Fannie, Freddie to Buy $40 Billion a Month of Troubled Assets
October 11th, 2008Via: Bloomberg: Federal regulators directed Fannie Mae and Freddie Mac to start purchasing $40 billion a month of underperforming mortgage bonds as the Bush administration expands its options to buy troubled financial assets and resuscitate the U.S. economy, according to three people briefed about the plan. Fannie and Freddie began notifying bond traders last week […]
Oil Drops 10 Percent
October 11th, 2008Via: Reuters: Oil prices dropped more than 10 percent on Friday and touched 13-month lows in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand. The International Energy Agency slashed its estimate of worldwide 2008 oil demand growth to its lowest rate since 1993, and lowered […]
September Earnings
October 11th, 2008Cryptogon and Farmlet earnings in September came to a total of $1553.90. Thanks to all cash contributors. Thanks also to everyone who chose to help us out via affiliate relationships. Three quarters of total earnings in September were affiliate commissions. That’s the highest ratio ever. BullionVault. Woh. You guys bought (and possibly sold) a lot […]
American Taxpayers Buying Bank Stocks
October 11th, 2008The eye atop the pyramid seems to be glowing a bit brighter than usual. Via: Bloomberg: U.S. Treasury Secretary Henry Paulson said the U.S. will buy equity “as soon as we can” in banks and other financial institutions to restore market stability and revive economic growth. The Treasury is “working to develop a standardized program […]
BERLUSCONI: LEADERS MAY CLOSE WORLD’S MARKETS
October 10th, 2008Via: Bloomberg: Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.” “The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, […]
