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Glencore: A Swiss giant on the edge

Glencore: A Swiss giant on the edge

I caught a post today on the Swiss Blog Zeitenwende about Glencore, the Swiss corporate giant, which should reinforce the fact that this credit crisis is far from over. As the original post was in German, I have translated it into English below: If Charts could speak, what would the following one tell us then? This concerns five-year Credit default […]

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Should foreign companies get TARP funds?

Why not? Everyone else is getting something. Aegon, a Dutch company, is trying the same maneuver that Genworth Financial and Hartford, two American companies, are trying — it’s buying a small depositary institution. This will give it access to the U.S. Troubled Asset Relief Program (TARP). Forget about foreclosures, the TARP is now about recapitalizing financial institutions. But, does that […]

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Is Ireland the next Iceland?

Just a few moments ago I caught a very interesting post on Alice Cook’s site UK Bubble. The gist of the post was that things are falling apart in Ireland very quickly. Given what we saw with Iceland, I have to ask: is Ireland next?

I wouldn’t suppose that things are this fragile but we cannot dismiss out of hand talk of Ireland going the way of Iceland. Here is what Alice posted:

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Lieberman retains his chairmanship

The video below comes via the Daily Kos and YouTube. Sen. Evan Bayh (D-IN) has said that Sen. Joe Lieberman (I-CT) needs to publicly apologize for his actions during the recent U.S. Presidential Campaign in order to retain his seat as Chairman of the Homeland Security Committee. Lieberman, now an independent, supported Republican John McCain despite having run as a […]

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Barney Frank rips Hank Paulson’s bait and switch

I am listening to the Congressional hearings with Sheila Bair, Hank Paulson and Ben Bernanke recounting what they have done to restore the economy with the $700 billion that Congress gave the Bush Administration. The hearing is pretty interesting because Chairman Barney Frank is absolutely hammering Paulson for sidestepping the specific language in the TARP inserted indicating that the TARP must be used to aid in reducing foreclosures.

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Producer price inflation down 2.8%, but core up 0.4%

Producer price inflation down 2.8%, but core up 0.4%

The headline story is that this is the largest month-to-month fall ever since monthly statistics began for this data series in 1947. But, as you can see from the chart below, all of this decline was due to food and energy. Therefore, the massive fall in oil prices was responsible for the drop and the PPI year-on-year is still over […]

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News round-up: 18 Nov 2008

News round-up: 18 Nov 2008

Greetings and happy Tuesday. While I hope it is a happy Tuesday, it doesn’t look as cheery in the markets today (see pre-market chart below). I am getting the sense that we are going to retest 2008 and 2002 lows. The 2008 low on the S&P was 839.80. In 2002, the low was 768.63. You would have to go back […]

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Volcker warns how serious things have become

In a very downbeat assessment of the ability of financial and monetary stewards to deal with the most protracted financial crisis is some 75 years, Paul Volcker, the esteemed former Fed Chariman warned that the economic slump has spread in a way that greatly challenges the Obama administration’s ability to restore order. The Telegraph’s Ambrose Evans-Pritchard has a very good […]

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The Top 25 Finance and Economics Blogs

The Top 25 Finance and Economics Blogs

Brian Gongol comes out with a list of the most-trafficked business and economic blogs every month. This month, we made it onto the list at number 25. I want to thank everyone for reading this blog and helping it get into the top 25 so quickly. I started this blog back in March as a project to help bring a […]

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GE Capital is a bank, but Genworth will be too

GE Capital is a bank, but Genworth will be too

A reader has recently corrected a claim I made on a recent blog entry regarding GE Capital. I would like to bring this error to your attention and make a few comments. The first statement is actually not correct. Looking at the FDIC Institution Directory yields two results:

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Bush Administration turns the TARP over to Obama

In a surprising move, the Bush Administration has decided not to seek the $350 billion still to be used under the TARP (Troubled Asset Relief Program). Instead, they will allow Barack Obama’s Administration to distribute the monies as they see fit. This is a good gesture on the part of the Bush Administration and should do some good in removing […]

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Retail Sales: a belated look at Friday’s ugly numbers

Retail Sales: a belated look at Friday’s ugly numbers

Because I was out of commission pretty much all day on Friday, I haven’t been able to crunch the U.S. retail sales numbers until now. But, let me do a recap today and breakdown what these numbers might mean for the U.S. economy. The headline analysis has been that these were the worst numbers since record-keeping began. But, this is […]

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