Markets
Loonie suffers worst weekly slump since 1971 – Financial Post (The currency developments have been massive moves. What will they mean going forward)
Rand down 10% in five days – Fin24 (It’s not just major currencies)
Party crashers: China’s stock markets dive as Games begin – LA Times
Merrill Guru: Financials No Long-Term Bargain – Money News (Bernstein says stay away from financials)
Auction-Rate Buybacks: The Bottom Line – Deal Book
Politics
Georgia says Russia at war – FT (This is a very big deal. It’s hard to say what the economic implications will be )
Free trade is great – when it suits us – Money Week
Can weak Brown resist this empty challenge? – Money Week (Gordon Brown has been a weak Prime Minister from day one)
Credit
Wachovia To Exit Retail Mortgages in 19 States: Report – Housing Wire (Is Wachovia closing the barn door after the horse bolted or contractin credit to protect against future losses?)
Ford Credit to Cut Back On Leasing, Citing Risks – WSJ (Same question here as with Wachovia)
Earnings
Lenovo Strengthens its Status as a Global Brand with Strong Sales in China and Europe – Money Morning (IBM used to own this business)
MBIA Posts “Phantom Profit” as CDS Spreads Blow Up – Housing Wire
Buffett Builds Berkshire Holdings as Earnings Decline – Bloomberg
Economic opinion
Americans need radical surgery to revive country’s economy – Telegraph
Feldstein: A Tale of Two Monetary Policies – Economist’s View
Cutting Oil Exporters’ Taxes via Lower Oil – Infectious Greed (Interesting take on the fall in oil)
Please, Mr Greenspan, Shut Up – Market Movers
The End of Credit Card Consumerism – U.S. News
Odds and Ends
American Airlines penalises frequent fliers – Telegraph (Paying to use frequent flier miles? What a rip)
Soundgarden Inadvertently Reunites At Area Cinnabon – The Onion (Grunge is back, dude)
Wikipedians Leave Cyberspace, Meet in Egypt – WSJ
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