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eBay to cut 10% of its workforce

This is not a financial sector post but I find it shocking enough that eBay is cutting 10% of its workforce that I had to post this. Now, this could be as unrelated to the current economic malaise as Yahoo’s problems and rumored future job cuts are. But, if high growth technology companies are cutting workers, this can’t be good […]

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Dow 10,000

The Dow Jones Industrial Average has just fallen below 10,000 for the first time since 2004. Breaking through the 10,000 barrier was a huge deal on CNBC when we were partying like it was 1999, nine years ago. Essentially, we are back to stock market levels that prevailed a decade ago — proof that we are in a major secular […]

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Picture of the day: Depression 100M Ahead

Picture of the day: Depression 100M Ahead

Marshall Auerback sent me this picture from some treacherous highway. Kind of fitting.

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German deposit guarantee sets up a German-British row

The Guardian is reporting that Gordon Brown and his Labour Government are increasingly on the defensive as the number of governments in Europe guaranteeing deposits increases. The first problem for the Prime Minister was that Building societies started complaining that Irish banks were advertising their government guarantees to British savers in a way that engendered unfair competition as Britons poured […]

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Foreign Press Alert: 6 Oct 2008 – Germany

Germany has moved center stage in the credit crisis despite having not experienced a housing bubble in the run-up to the bust. Switzerland and Japan, along with Germany are three countries I find notable in not having participated in the upside. But with a full scale assault on the global financial system underway, no country is immune. As a result, […]

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Get ready for a rough day in the markets

On the heels of weekend trouble at European banks, markets in Asia and Europe are selling off this morning. At the weekend, we learned that Hypo Real Estate, a finance behemoth in Germany with $700 billion in assets was feared to collapse. Later the German government rescued the bank and guaranteed all German private savings deposits, a sum the German […]

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Denmark gets on the deposit guarantee train: all aboard!

EU governments have woken up to the need to defend the banking system by guaranteeing all or some of their citizens’ bank deposits. After Germany, Ireland and Greece, Denmark is the latest to do so. And Denmark may also be the one country that needs to do so the most of the remaining EU holdouts. UPDATE 6 OCT 2008 918 […]

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News Round-Up: 6 Oct 2008

If you were away on Holiday this past week or just away from the hustle and bustle of civilisation this past weekend, you may have missed the firework in Europe. Basically, over the past week, what started as a U.S. subprime crisis and then became a U.S. banking crisis metastasized into a European banking crisis too. The link: money markets. […]

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BNP takes over Dutch-Belgian bank Fortis

Fortis, the nationalised Belgo-Dutch bank and largest private employer in Belgium. This is a good thing as I have a distinct preference for mergers over bankruptcy or long-term nationalisation as a way to hep consolidate and rationalize the global financial services industry. Let’s hope that the new BNP Paribas, an amalgamation of Banque Nationale de Paris, Paribas and now Fortis, […]

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The Europeanisation of the Credit Crisis

I have been a bit on edge of late because of the credit crisis that is making headlines. Recently, a lot of people have been duped into believing that the economic crisis we are experiencing is not critical and have their eyes focused elsewhere. However, this event is potentially the most critical event in world history since World War II. […]

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The Germans guarantee all savings deposits

Facing a potential breakdown in its banking system, the German government has decided to offer a blanket guarantee to private savings deposits (see comments below from German blogger egghat about this distinction), much as Ireland and Greece have done. As much as I praise this move on the part of the Germans to restore confidence, it still leaves Hypo Real […]

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The SNL version of the Palin-Biden debate

Very funny!

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