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From Landon Thomas at NYT: In Britain, visions of Japan’s decade of stagnation
Britain may finally be emerging from recession , but many analysts warn that it is a false dawn. In fact, they argue, the economy here is so ravaged by growing debts and ruined banks that it could well be ...
Stocks
It was a slow night. One small bank failed.
#124
Failed bank: Commerce Bank of SW FL, Fort Myers FL
Acquiring bank: Central Bank, Stillwater MN
Vitals: at 8/28, assets of $79.7m, deposits of $76.7m
DIF damage: $23.6m
Central has been busy. They also acquired the assets of ...
Stocks
Foot Locker
Anglo Irish Bank
From Shahien Nasiripour at HuffPo.
One wonders where news and approval ratings will be when Bernanke’s reconfirmation comes up for a vote….
I went on record with my Bernanke angst the day he was re-nominated. At that time I qualified my opinion by saying that if Larry ...
Government
Ben Bernanke
Chris Dodd
Lawrence Summers
Moody’s/REAL released September data for their commercial real estate price index. Month over month drops have been fast and furious this year. (Click chart to enlarge in new window)
-8.6% March to April
-7.6% April to May
-1.0% May to June
-5.1% June to July
-3.0% July ...
Stocks
Moody's
Bill Gross says chase risk! (PIMCO) In his December letter, Gross laments the ultra low yields available to investors. Holding cash is a terrible idea he argues. (Luckily he’s not saying to go far out on the risk curve.) Still, I disagree. While I believe there’s an outside chance ...
Stocks
Paul Krugman is complaining of deficit hysteria over on his blog again. Where are the bond vigilantes? he wonders. Since we’re still able to sell debt so cheaply, why is anyone worried about more deficit spending?
As always, there are numerous holes in his argument that he chooses to ...
Commodities
Paul R. Krugman
Gross Domestic Product
Rep. DeFazio calls for Geithner and Summers to be fired (YouTube) Geithner has done many other things wrong besides paying out 100% to AIG’s counterparties. Slamming banks together to avoid resolving their balance sheets was another big one. As for Summers, I still don’t understand ...
Stocks
CA Inc.
The New York Times Company
Timothy Geithner
From Mark Guarino at CS Monitor….. New tale of Detroit’s woe: Pontiac Silverdome sold for $583,000
Ever want to own a domed football stadium?
The question was a plausible one Monday when it was announced that the Pontiac Silverdome — once home to the NFL’s Detroit Lions — was sold for ...
Stocks
Credit Suisse
blogs.reuters.com - 3 days ago
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blogs.reuters.com —
Is gold going to $6,300? Dylan Grice, an
analyst with Societe Generale, says it’s possible, given the
decline in central bank credibility. But investors need to keep one thing in mind: Gold is merely a vehicle to protect the purchasing power of ...
(more)
The Fed is sending gold higher
Comments
vote down
FT Alphaville
found this 3 days agofound this
One of my favorite economists talking about one of my favorite economists (ht Yves). Liberal use of the “pause” button to read his slides is recommended.
The slide on Bernanke around the 12 minute mark is very interesting.
Other
Ben Bernanke
Steve Jobs
See Debt to the penny .
Also gold is near $1,150 at 11:20 according to MarketWatch . More later.
Other
National Debt
Al de Molina’s tenure as CEO of GMAC was short and rocky, punctuated by bailouts and controversy over the morally hazardous tactics of subsidiary Ally Bank.
His strategy hasn’t worked and Ally’s anti-competitive behavior is hurting other banks. The new chief executive, Michael Carpenter, ...
Government
FDIC
Bartiromo asks some good questions, including “are banks adequately capitalized today?”
“No way” says Whitney.
She adds: “I don’t know what’s going on in the market right now ‘cuz it makes no sense to me.” The fundamentals aren’t ...
Stocks
Housing Market
Meredith Whitney
This is the Times editorial page on the NY State deficit. Note how fiscally conservative they are when discussing this issue.
New York’s governor could not have spoken more plainly than he did last week before a joint session of the State Legislature. “Quite frankly, we are running out of ...
Government
Taxpayers on hook as some bailed out firms prove frail (Tse, WaPo) TARP investments in CIT and United Commercial bank were recently wiped out (= $2.6 billion). AIG and GM have received tens of billions they’ll never be able to pay back. Taxpayers may have purchased a bit of breathing room ...
Government
TARP
Lawyer crashes after life in fast lane (Koppel/Esterl, WSJ) Big Florida ponzi.
Buffett admits: Burlington not cheap (Frye, Bloomberg) Buffett was so eager to deploy his cash that he was willing to overpay for Burlington. What I think may be going on in his head: in a world likely to ...
Government
Steve Jobs
Treasury Bills
IBERIABANK is busy tonight, acquiring $3.1 billion of failed bank assets. The bank also bought nearly $600m of assets from the estate of CapitalSouth Bank of Alabama back in August.
After these transactions, IBERIABANK will have increased its balance sheet nearly 67% since June.
It’s ...
Stocks
Anglo Irish Bank
Foot Locker
TARP
3D recreation of Sully’s flight (exosphere3D) Everything you ever wanted to know about the crash in the Hudson. Multiple 3D recreations. Different audio streams.
Fed may cause next globabl crisis says Hong Kong leader (Anstey/Dwyer, Bloomberg) Interesting theory: Japan’s low ...
Stocks
Another tidbit from Rosenberg , who offers guidance on what the Fed means when it says it will keep rates low for an “extended period”…
FED CAN’T RAISE RATES UNTIL AFTER 2011
The reason — there is a wave of mortgage refinancings coming in the housing market for one, ...
Government
blogs.reuters.com - 9 days ago
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blogs.reuters.com —
Citigroup’s capital position appeared much improved when the
bank reported third-quarter earnings, but a look beneath the
surface shows that much of its capital is of questionable value. According to its recent 10-Q, Citi had $38 billion of ...
(more)
When banks use capital made of sand
