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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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Why the bailout’s failure was a good thing

Everyone’s dancing and cheering now that the bailout has been rejected. So, as Ice-T used to say, “Bust the cork on the Moët!” (image via Flickr). The market’s up 500 points and all is well and swell. The guys over at Lombard Street Research certainly are dancing in the aisles. Here’s what Charles Dumas of Lombard had to say about […]

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US Home prices down 16% over last year

US Home prices down 16% over last year

The headlines about home prices are pretty dire, showing a record plunge in home prices of 16.3% over last year. In reality, it’s not all doom and gloom. So, let’s dig behind the headlines about the S&P/Case-Shiller Index released today to get a sense of what is really happening with U.S. home prices.First, one must note the S&P/Case-Shiller index is […]

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Writedown news: 30 Sep 2008

For me, the most important events of late have been the European banking sector meltdown. Just last week, German officials were lecturing the UK and the U.S. about their banking systems and now we see a number of European institutions falling prey to the credit crisis. No one should feel their banking system is safe in this environment. After all […]

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Ireland guarantees bank deposits at six banks

Update: While the Irish were following the Swedish script, it became clear to me shortly after I wrote this that the bank debt guarantees were not a good idea. This post from Willem Buiter explains it best.  Along with American and British banks, Irish banks have been under heavy attack due to the turmoil in the financial services sector. The […]

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The global economy has crashed: we need a comprehensive credit crisis plan

Despite the fall in markets, Congress’s not having passed the Economic Patriot Act may be a blessing in disguise. The FTSE is trading up. Dow futures show a rise of 170 points. So, maybe the sell-off was a one-day event.

In any event, it does give the U.S. Congress more time to pass new legislation crafted from scratch. And the new proposal can have the things we need in it:

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S&P 500 off 8%, Dow off 667 points, and Nasdaq down 9%

S&P 500 off 8%, Dow off 667 points, and Nasdaq down 9%

UPDATE 6:15 PM ET: The Dow ended down 777 points for it’s largest one day loss ever. The S&P and Nasdaq were both off 9%. The futures market show even greater losses are expected tomorrow. A brutal day in the markets was made that much worse by the rejection by the U.S. House of Representatives of the Emergency Economic Stabilization […]

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