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News from around the web: 2009-11-04

I was interviewed on the BBC last night about the GM/Opel/Vauxhall deal. I am waiting for video before posting any more about it.  My general feeling, however is GM’s backing out is being driven by reflation as GM no longer needs to sell Opel/Vauxhall in this economic environment. Quite frankly, I think it is a bit premature to think reflation has been successful.  But, GM has Neelie Kroes breathing down its neck.  It had to act.

• GMAC’s Mortgage Unit Loses $747M in Q309 : HousingWire

  Remind me, why are taxpayers propping them up?

• Should Jon Corzine Take Over Bank Of America? – Dealbreaker

  He IS out of a job.

• EconomPic: ISM Services Slowly Expanding

  Dichotomy with manufacturing suggests that underlying demand is weak.

• Profit `Not Satanic,’ Barclays Says, After Goldman Invokes Jesus – Bloomberg.com

  Interesting.

• Barclays Chief: Jesus Loves Bonuses – Dealbreaker

  Sure he does. Keep telling yourself that. I am NOT for capping pay, but this is not a good quote.

• Bank of Ireland losses near €1bn – Independent.ie

  More bad news in Ireland

• Top finance blogs – Prieur du Plessis

  We are in the group. And I recommend Prieur’s site very highly.

• Top earning dead celebrities 2009

  Yves Saint Laurent gets top billing. MJ is only third.

• Michael J. Panzner: Treasury Officials Meet With Financial Bloggers

  More on econobloggers at Treasury

• Curious Meeting at Treasury Department – Yves Smith

  Must read account of Treasury’s cultivation of econobloggers

• FT.com | Money Supply | The Fed and its “extended period” language

  More on the FOMC

• The Fed Thoughtfully Strokes Its Beard, Flaps Its Gums – Annaly Salvos

  Hat tip Scott. Will the Fed get rid of ‘extended period’ in its statement?

• AT&T to Verizon: “There’s a Lawsuit for That”

  Verizon is saying AT&T has terrible 3G coverage. A&T is livid.

• VIDEO: What the Military Industrial Complex Does Not Want You to Know: The History of Iran « Patrick J. Buchanan

  A historically accurate depiction of the last 56 years in Iran.

• Profile: Neelie Kroes, EU competition commissioner

  "The EU competition commissioner forcing through the radical break-up of Britain’s banking system"

• Rising factory orders bolster recovery prospects | Reuters

  More evidence of a manufacturing recovery.

• FT.com – Sony Ericsson unveils Android-powered phone

  Google is getting serious play here. Android has arrived.

• House prices rise by 1.2%, says Halifax

  Better mth to mth than Nationwide but worse yr-on-yr.

• Rolfe Winkler – Burlington…not so Buffett-like

  This analysis says Burlington Northern is not a good deal.

• Norwegian Wood – Edward Hugh

  A comprehensive overview of the Norwegian economy after the rate rise

Distraction of the Day: Defining Adultery in the Age of Alzheimer’s

Of Love and Alzheimer’s – WSJ

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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