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Switzerland: politicians need to act now

Hansruedi Ramsauer is one of the foremost German-language finance bloggers, writing over at the Swiss site Zeitenwende. In a recent post, he draws attention to the dire state of Swiss banking and calls on Swiss politicians to act now to secure the industry during this global credit crisis. With UBS due to report earnings and fears running high about writedowns […]

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Auto sales plunge in September

Auto sales plunge in September

The numbers on auto sales were unbelievably bad for September — Ford down 34%. Honda down 24%, Toyota down 32%, Nissan down 37%. Amazingly, G.M. was at the head of the pack with sales down only 16 percent. (I guess those Escalade Hybrids are selling like hot cakes). Blame this one on the credit crunch because CNBC is saying that […]

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Buffett to invest in General Electric

Buffett to invest in General Electric

Warren Buffett is all over the place these days. He was busy investing at Constellation Energy and Goldman Sachs. Now, he’s investing at GE — $3 billion at that. Judging by his market timing approach, it does seem assets are cheap enough that he’s willing to step in and take a risk.But one must note, as is his usual wont, […]

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US manufacturing suffers a steep decline

US manufacturing suffers a steep decline

The ISM Manufacturing survey, a widely-followed gauge of manufacturing activity in the United States, plunged in September from a near-recession reading of 49.9 in August to the deep recessionary level of 43.5. This shockingly steep fall is yet another sign that the U.S. is in recession.Last Thursday a foreshadowing of the ISM survey came in the form of the durable […]

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Hedge Funds

For a few months now, I have been wondering where all the hedge fund fallout from global market turmoil was hiding. Now it seems that the turmoil in the hedge fund world is becoming more apparent — hedge funds are imploding left and right according to the FT. This turn of events will mean one more headache for policy makers […]

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S&L crisis chronology and accounting rules

The FDIC has a chronology of the Savings and Loan crisis on its website. I think they do a pretty good job of highlighting all the key points without slanting things for political purposes. See the link at the end of the post for the chronology. The S&L crisis bears keeping in mind as many comparisons to that period regarding […]

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Nouriel Roubini: Bloomberg Interview on Banking Crisis Plan

Yesterday, Nouriel Roubini, Professor of Business at New York University and most prescient prognosticator of the bubble, gave an interview to Bloomberg Radio. This is one of the most comprehensive interviews I have heard him give. It is definitely worth listening to. Below is the Bloomberg summary of the interview highlights. Click here to play. Nouriel Roubini, chairman of Roubini […]

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Worse than the Great Depression

The next time you hear someone say that things are worse than the Great Depression now, do me a favor and smack them upside the head for me, please. This is the kind of nonsense you hear nowadays and we need to dispel these myths right here, right now before people start to believe it. My father was born in […]

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Katie Couric: What newspapers do YOU read?

In her interview with Sarah Palin, Katie Couric asked the vice-presidential candidate what newspapers she reads to get current on world affairs. Palin’s response was: “ALL of them.” Take a look at the video below. Before the last week or so, I was willing to give Sarah Palin the benefit of the doubt. Now, It’s dawning on me that she’s […]

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News Round-up: 1 Oct 2008

Times are tough! So, what should we do? Escape, of course… to house heaven. I have a few dream spots where one could move to forget about all the market turmoil to start things off right in our round-up. For those of you who want the hard hitting credit crisis stuff, there’s lots of it in the credit crisis section. […]

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News round-up: 30 Sep 2008

Today was an up day on Wall Street. After a day of untold carnage and pain in markets around the globe from Tokyo to London to New York and back again, we seem to have found a relief rally. There is still much work to be done, but enjoy the moment! Below are a few posts and articles you might […]

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485 points on the dow (to the upside)

485 points on the dow (to the upside)

It’s not 777 points, but 485 points up will have to do for anyone who is not excited about a market crash. Financials were way up today despite the fact that Paulson’s Economic Patriot Act was torpedoed by Congress. Let’s savour the moment. Below are a few financials I follow and how they did on the day. I actually have […]

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