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News from around the web: 2009-07-21

No Longer Alone, Ron Paul Fights the Fed – Real Time Economics – WSJ Paul’s bill to audit Fed has 274 co-sponsors. Some bailout firms up lobbying spending in 2Q – Yahoo! Finance Increased lobbying plus climb in shares equals no reform. Notes on a real estate trip in China […]

CIT: $3 Billion Credit Facility and Recap Plan

This just hit the wires. NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it entered into a $3 billion loan facility provided by a group of the Company’s major bondholders. CIT further announced that it intends […]

How about Gold-backed IOUs for Ireland?

The bloggers at bloggers at UMKC’s economics blog have been making the case that California’s IOUs are a currency.  Randy Wray’s entry last Monday was particularly provocative because he suggests a movement to loosen national government power is supporting similar moves in other jurisdictions. Wray writes: Some commentators have argued […]

China: Growth on track but at what cost?

This comes via Brown Brothers Harriman. I have highlighted the parts of particular note. Macroeconomic Update: The economy has slowed along with the rest of the world, as China has become much more dependent on trade as it integrates with the global economy.  However, growth is showing signs of picking […]

Rosenberg: Still a bear market rally

This comes via David Rosenberg of Gluskin Sheff. The week that was After four weeks of decline with a total loss of 7.0%, the equity market turned in a like-sized gain this past week re-igniting the bulls. With tech leading the way, the Nasdaq has managed to rally to a […]

Large bank loses $7.9 billion: CDS involved

Back in April, I mentioned a story about BTA, a bank in Kazakhstan that had been nationalized by the state in February.  The interesting bit about the story was that interested parties from abroad (including Morgan Stanley) had significant Credit Default Swap contracts (CDS) written against losses in the banks […]

News from around the web: 2009-07-20

The Best Bank You’ve Never Heard Of – Barrons.com "If you aren’t familiar with Banco Santander yet, you soon will be. The Spanish giant is becoming one of the most profitable banks in the world." CIT near to sealing rescue package – FT I guess there are no CDS players […]