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Links: 2009-05-14

Since I was off yesterday, I have a lot of links.  Here is the first batch.  I will try and post some more tonight.  Enjoy. Geithner enriches speculators in “sham” bank bail-outs – Telegraph The US Treasury’s effort to stabilise the banking system through the TARP programme is a hopelessly […]

U.S. Jobless claims rise 32,000 to 637,000

U.S. Jobless claims rise 32,000 to 637,000

Initial jobless claims rose 32,000 to 637,000 last week in the United States. This helped push continuing claims to another record of 6.56 million, suggesting the unemployment rate will continue to rise at a worrying pace going forward.  The best way to describe this report is weak. Nevertheless, initial claims […]

Foreclosures hit a record in April

This is a video from Bloomberg Television yesterday. It underscores the fragility of this incipient recovery. You will notice that California is leading the way in terms of foreclosures, one reason the state will 00 bankrupt or be bailed out. Here are some tidbits from the related Bloomberg News story: […]

California will go bankrupt

You can see this coming.  It is looming and has been for some  time.  Remember that California is the biggest loser in the housing crash and it has one of the highest unemployment rates in the United States.  I have been warning that this would be  a problem since last […]

Links: 2009-05-13

U.S. foreclosure filings sets record in April, seen jumping | Reuters “U.S. foreclosure activity in April jumped 32 percent from a year ago to a record high, and should mount because temporary freezes on foreclosures ended in March, RealtyTrac said on Wednesday. One in every 374 households with mortgages got […]

A bearish view on Eastern Europe

This morning you may have read Gideon Rachman’s positive view on Hungary.  He said the panic is all but over and it looks like Hungry is going to get through this debt crisis. The horror scenario envisaged a Hungarian banking collapse that would ripple back into the rest of Europe […]

Dow 4,000 still in the cards?

Dow 4,000 still in the cards?

As you all know, I think we are in a secular bear market rally/cyclical bull market right now. So, yes, this has been and may continue to be a powerful up-move in shares worldwide. However, I am certainly not convinced we are off to the races for the long-term here. […]