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I swear Merrill just wrote down $9.4 billion and sold its stake in Bloomberg two weeks ago. So why are they in the news AGAIN writing down another $5.7 billion? It’s frightening to think this company is still a going concern. The company has written down more than the $42 billion it [...]
Archive for July, 2008
Didn’t Merrill just write down over $9 billion?
Jul
Business fliers must mix with the unwashed masses
Jul
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For someone like me who flew nearly 150 flights in 2007, airport lounges are great bonus. Kicking back at Toronto’s Pearson airport with all the free Molson you want makes airport delays doable. And the children’s room with near sound-proof walls? You have to love that.
But, now another perk of business flying [...]
The Obamessiah as seen on Fox News
Jul
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This may be the scurrilous and disreputable Fox News, but it is still funny.
News Round-Up: 28 Jul 2008
Jul
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IMF sees no end in sight to credit crisis – FT
BBVA boosted by expansion in U.S. and China – FT
Former Google engineers unveil new search engine – Financial PostCommodities such as oil could be the latest bubble about to burst – Roger Bootle, Telegraph
U.S. to post record-high budget deficit in 2009 – Market Watch
Hostile bids [...]
Canadian housing hits the wall
Jul
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Canada is one of the last bubble markets to hit the wall. Buoyed by the commodities boom in the west, Canada looked set to keep on an upward path even while its largest trading partner, the U.S. had already started to see a bust. But, evidence of the housing slowdown is everywhere in [...]
What if a large US regional bank goes to the wall?
Jul
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I fully anticipate this will happen, so the question becomes: what will the Fed do?
The FDIC stepped in at two banks over the weekend, 1st National Bank of Nevada and First Heritage Bank. These banks failed as a result of construction loans in real estate bust regions of the US. No, surprise there. [...]
The Big Mac Index
Jul
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“The Economist” has developed the Big Mac Index as a way to determine if currencies are overvalued or undervalued. The thought is that a McDonald’s Big Mac being pretty much the same everywhere around the world, one should expect the cost to be the same as well.
Of course, this is never true [...]
Recession while GDP is growing?
Jul
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Given my recent prediction for a positive GDP number in Q2 for the U.S. and after another positive number from Q1, how could I maintain that the U.S. is in recession?
It’s simple. The commonly-held version of recession is misguided. Most people use the rule of thumb of two quarters of negative GDP to [...]
Ten predictions for 2008
Jul
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With 2008 now half over, it’s obvious that the global economy has lurched to the downside. While many have remained unrealistically optimistic about the workout of the present credit crisis, downside risks have been the determining factors in keeping things soft.
Where are we headed?
I’d like to answer that question with my top ten predictions [...]
The divergence of US worker and corporate interests
Jul
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In reading about profit increases of some U.S. multinationals due to robust overseas business and the weak dollar, while the U.S. economy faces a protracted downturn, it has occurred to me that the divergence between U.S. worker and business interests has reached a critical juncture. Before globalization, most U.S. companies earned their business in [...]
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