June 2009
Link-a-palooza
Deficit forces California to issue IOUs
FT
06/29/2009 03:43 PM
VIX Below Lehman Bankruptcy Level Leaves ‘Wall of Worry’ Intact
Bloomberg
06/30/2009 05:01 AM
Ruling Adds Teeth to State Oversight of Banks
Washington Post
06/30/2009 04:20 AM
Bernard Madoff Gets 150 Years in Jail for Epic Fraud
Bloomberg
06/29/2009 12:01 PM
U.K. First-Quarter GDP Drops 2.4%, Most Since...
HR 2454, the American Clean Energy and Security... →
A Recession in Dog Years? →
Why do we invest so many healthcare $$$s at the...
From The Economist:
The trouble with health care in America, says Muriel Gillick, a geriatrics expert at Harvard Medical School, is that people want to believe that “there is always a fix.” She argues that the way Medicare is organised encourages too many interventions towards the end of life that may extend the patient’s lifespan only slightly, if at all, and can cause unnecessary suffering. It...
“But that is not the question. Why are we here, that is the question. And we are...”
– Samuel Beckett, Waiting for Godot (or us waiting for Green Shoots)
Link-a-palooza
China Bank Lending Funneled Into Stocks, News Says
Bloomberg
06/29/2009 04:13 AM
British Financials Plan to Cut 13,000 Jobs, CBI Says
Bloomberg
06/29/2009 04:11 AM
A Plan to Stem Foreclosures, Buried in a Paper Avalanche
NY Times
06/29/2009 04:16 AM
Overview: Central banks point up risks ahead
FT
06/27/2009 03:49 PM
IEA Cuts Five-Year Global Oil Demand Outlook on...
Apocalypse Not: Behind the Swine Flu Hysteria →
Your arteries on Wonder bread... →
“If you think health care is expensive now, wait until you see what it costs when...”
– P.J. O’Rourke
Link-a-palooza
The Challenge of Regulating Derivatives
NY Times
Norris
06/26/2009 04:25 AM
CBO Paints Dire Portrait of Long-Term Revenue, Spending
Washington Post
06/26/2009 04:28 AM
Bernanke Grilling May Weaken Case for Fed as Risk Regulator
Bloomberg
06/26/2009 04:18 AM
California, Vegas Home Prices Drop on Foreclosures
Bloomberg
06/25/2009 03:29 PM
Obama and Congress Clash on...
“I have also learned something about my country. I run a global company, but I am...”
– Jeffrey Immelt, CEO of General Electric, in his annual report.
A mea culpa? Ummmm…doubt it.
‘Populist Overreaction’?! WTF? →
Link-a-palooza
Euro-zone industrial orders down 35.5 pct in April
AP
06/25/2009 06:42 AM
Ireland’s Banks Face EU35 Billion of Losses, IMF Says
Bloomberg
06/25/2009 05:22 AM
Russia Facing Long Recession, World Bank Says
NY Times
06/25/2009 04:14 AM
China’s Repo Rate Falls as Central Bank Injects Cash
Bloomberg
06/25/2009 05:20 AM
U.S. Jobless Claims Rise, Total Benefit Rolls Climb
...
Link-a-palooza
FDIC May Extend Guarantee for Deposits Over $250,000
Bloomberg
06/23/2009 02:19 PM
SEC Would Tighten Reins on Money Markets
NY Times
06/24/2009 04:32 AM
NYSE Loses Trades Fastest in a Year and Nasdaq Isn’t the Winner
Bloomberg
06/24/2009 04:21 AM
Japan’s Trade Slump Deepens as Exports Tumble 41%
Bloomberg
06/23/2009 07:36 PM
OECD Predicts Deeper German Recession,...
What Has the World Bank or IMF Ever Gotten Right? →
“For the US, it is absolutely no question that a sustained recovery has to come...”
– IMF’s chief economist Olivier Blanchard
God speed Ed McMahon →
Shocker: Researching corruption at the Treasury:... →
Link-a-palooza
Broad Agreement Reached on Derivative Oversight
Washington Post
06/23/2009 04:23 AM
VIX, VStoxx Surge as World Bank Report Sends Equities Tumbling
Bloomberg
06/22/2009 02:23 PM
2 Agencies Seek Joint Control Over Derivatives Markets
NY Times
06/23/2009 04:19 AM
European Manufacturing, Services Contraction Weakens
Bloomberg
06/23/2009 04:23 AM
Despite Law, Job...
“I would love to have a debate with someone who said that Job No. 1 isn’t...”
– Former U.S. intelligence official Rolf Mowatt-Larssen, arguing the International Atomic Energy Agency should increase focus on eliminating the nuclear black market.
Link-a-palooza
Insiders Exit Shares at the Fastest Pace in Two Years
Bloomberg
06/22/2009 04:18 AM
Financial collapse of luxury-resort owners
SF Gate
06/21/2009 03:05 PM
Investors head back to Bric country equities
FT
06/21/2009 03:03 PM
Recovery’s Missing Ingredient: New Jobs
Washington Post
06/22/2009 04:28 AM
Housing Eludes Recovery as Job Losses, Foreclosures Climb
...
“What makes you think that the Fed will do better this time around?”
– Sen. Jim Bunning
“I believe the bullish group-think on China is just as vulnerable to massive...”
– Albert Edwards, global strategist at Société Générale, said (via the Financial Times)
Link-a-palooza
Treasury’s Got Bill Gross on Speed Dial
NY Times
06/20/2009 08:13 PM
China Should Have ‘Moderately Loose’ Monetary Policy
Bloomberg
06/21/2009 04:43 AM
Soft Market for Cashmere Takes Toll in China
NY Times
06/20/2009 05:13 AM
In Recession, Strategy Shifts for Big Chains
NY Times
06/20/2009 05:12 AM
Too Big to Fail, or Too Big to Handle?
NY Times
Morgenson
...
This Week's Butcher's bill...
The first one:
Southern Community Bank, Fayetteville, Georgia was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Community Bank, Blairsville, Georgia, to assume all of the deposits of Southern Community Bank....
Déjà vu All Over Again. Once More.
Rarely has The Daily Reckoning been criticized for understating trouble. But trouble keeps getting ahead of us. We can barely keep up with it. So often have we anticipated ‘disaster’ or ‘catastrophe’ that the words now fall like empty shells. We light the fuses; they don’t go off. Alas, we have become alarmists with no bell or siren. We break the glass and pull the...
From the "Go big or go home" Dept:
$14 trillion scam leads to arrest
Reported by: WPTV staff
Marlon Moore MIAMI, FL — Marlon Moore is in federal custody and is scheduled to go before a federal judge on Thursday.
The US Attorney’s Office says that Moore sent fraudulent documents to the US Treasury Department and the IRS seeking payments for
over $14 trillion.
Federal investigators also say that Moore claimed he was...
This doesn't bode well for the future of our...
CIA seeks laid-off bankers in N.Y. recruitment drive
NEW YORK (Reuters) – Laid off from Wall Street? The CIA wants you — as long as you can pass a lie detector test and show that you are motivated by service to your country rather than your wallet.
More…
“The only true wisdom is in knowing you know nothing.”
– Socrates
