|
Thursday August 14, 2008 Sales of Existing U.S. Homes Decline to 10-Year Low; Median Price Tumbles BL NAR There’s a deafening quiet from the Federal Reserve Crudele U.S. Consumer Prices Rise Twice as Much as Estimated BL JClaims Big funds embrace dollar as crisis mutates into slump Ambrose Evans-Pritchard Around the world, pessimism about the economy IHT Business Conditions: Summer Slump Continues Morgan Stanley Signs of Weakness in Q3 Consumer Spending Already Visible NTrust If Banks Aren’t Lying, a Consumer Squeeze Is Likely Norris Greenspan Sees Bottom In Housing, Criticizes Bailout WSJ Greenspan’s Meaningless Statistics Click Broker Why the buck stops here Fortune (Barr) US foreclosure filings surge 55 percent AP Estimate: 1,300 foreclosures every business day in California LA Times S&P: Credit crisis halfway over "at best"; Alt-A next Reuters Institutions fear repeat of Bear Stearns collapse Financial News Agency Mortgage Bond Yield Spreads Widen as Loan Losses Expand BL Credit-Crunch Villains Should Own Up, Do Penance Gilbert Lessons from the Credit Crunch Lachman 25% of home sales soak the seller CNN Housing Rebound in Cleveland Signals More Bad News Nationwide Through 2009 BL Wal-Mart reports surge in earnings, sales CNN Oppenheimer sees uncertain future for industrial companies MW Fed, SEC vie for post-Bear investment bank oversight Reuters J.P. Morgan and the disappearing profit MW Merrill May Cut Dividend for First Time in 37 Years, Options Trading Shows BL Merrill Lynch warns over swing to bank stocks Times Online SEC short selling rule made little impact: studies Reuters Apollo's numbers reveal private equity's fall Fortune ExxonMobil CEO Defends High Profits ABC Moody's lowers General Motors credit rating DeyN Cameco faces more flooding at Cigar Lake CP The difference between good and bad debt Financial Post Adens still commodious toward commodities Brimelow Cheap, cheap, cheap Russell Aussie Dollar Tracking Commodity Markets, Interest Rates Dorsch Commodity Shipping Lines Reel as Baltic Index Tumbles BL The BDI, the benchmark for shipping costs, fell for 23 consecutive sessions through Aug. 12 German economy, Europe's largest, shrinks in 2nd quarter AP Bank of England Head: Recession Looms in Britain NYSun China's Industrial-Output Growth Slows After Factory Closures for Olympics BL Chinese retailer puts Hong Kong IPO on hold: newspaper AFP Clouds over the Spanish economy Reuters Hong Kong residential market weakens further Asian Investor Georgia: A Blow to U.S. Energy Business Week War Casts Cloud Over Pipeline Route Moscow Times
Wednesday August 13, 2008 Nickel, Wheat, Oil, Gold Spark Biggest CRB Commodity Index Gain Since June BL Foreclosure fallout: Houses go for a $1 DetNews CEOs Gloomier Than Public on U.S. Economy Reuters Credit Crisis `Far From Over,' Banks Must Merge, Merrill's Bernstein Says BL Retail Sales in U.S. Fall First Time in Five Months as Fuel Hurts Spending BL Census Economic Report: U.S. import prices climb 1.7% in July MW BLS Prices up 21.6% in past year, the most in history of index It's Too Soon to Toast the End of Credit Crisis Baum The Fed and Authoritarian Capitalism Reich A Value Investor Looks At China InvestorsInsight Looking behind myths and markets Harrison The Case For and Against the Dollar Merk Here comes the downsizing of finance Bear’s Lair Is the Buck Back? Alpha.Sources All Wet Panzner Mogambo - Baker - Smith Another Installment of Pushing on a String Kellner Merrill Lynch Fund Manager Survey Finds Inflation Fears Fall to Seven-Year Low MW The survey captures an extraordinary reversal in investors' attitude towards inflation. The Short View: Risks of deflation FT The Credit Vise Tightens, So Why Are Stocks Popping? Barron’s States, cities ready to move on housing aid CS Monitor Fed's Lacker: Inflation Bigger Risk than Recession Reuters Bernanke author defends the Fed chief MSNBC -- Ben Bernanke's Fed: The Federal Reserve After Greenspan Amazon Mechanism for Credit Is Still Stuck NYT “It appears that every time we peel away this onion, there is another layer” Credit Markets: Life After The Crunch EuroMoney Banks remain exposed to risk after debt sales FT Wachovia's commercial loans, not just mortgages, stir worries Dow Jones Bank Failures Rise but Critics Say Not Fast Enough WP Citi, UBS, Merrill Say `Oops' on Auction Freezeout Mysak Subprime and Alt-A: The End of One Crisis and the Beginning of Another Calculated Risk A bank built on a bubble Fortune Aussie Bank to Bring America’s Biggest Bankers to Their Knees? Trumpet Toll Bros. Predicts Another Big Drop in Revenue Reuters Bank Stocks Drop Anew Amid Worry Over Falling Home Prices WSJ NAR Housing Affordability Index is Worthless BIG Picture Credit Crunch Hits Credit Cards CNBC The outrage in your credit card's fine print CS Monitor Gold climbs 1 pct as dollar retreat cheers market Reuters Monsoon Weddings Soon. Will Gold be Invited? Nadler Gold demand outlook dims FT Gold now in bear market by definition as it tests $800 Mineweb Stage two of the gold bull market is just beginning Ambrose Evans-Pritchard Gold: Soon To Find A Floor BCA Research Commodity Correction - Coming Into an Important Bottom? Barbera Eyes Wide Shut - The Politics of Energy Puplava Biggest drop in U.S. oil demand in 26 years Reuters 'We Live in an Era of High Energy Prices' Spiegel Commodities Hit With a 'Reality Check' NY Sun UBS chiefs knew of rule breaches FT Trader who lost $9bn bounces back FT Michael Price Shorts Wachovia, Citigroup, Says Few Banks Are Worth Buying BL Hold off on jumping back into the financials game Globe & Mail Analysts take swipe at Goldman Sachs CNN Did It Help to Curb Short Sales? NYT (Norris) Google sorry after crash hits millions Independent For GM, what might have been Fortune Response to WSJ Opinion Piece 'Why Carl Icahn Is Bad for Investors' Icahn Report Pickens' hedge fund loses value Reuters NYP Hedge Fund Comic Gets One-Liner From Crowd: Don't Quit Day Job BL Sports can lead investors into acting irrationally BL Japan's Economy Shrank 2.4% in Second Quarter BL Japan beer shipments up 9.6% Reaganomics Comes to Japan After Dying in U.S. Pesek CPI drops to 6.3%, lowest since September China Daily China's slowdown to continue Asia Times Bank of England Cuts Growth Forecasts; Unemployment Rises Most in 16 Years BL Inflation is highest for 16 years Times Online Dashing hope that the Bank of England might soon cut interest rates Darling scrambles to end mortgage drought Times Online How Did Canada Get Into This Mess? Global Insight Dubai Stocks Enter Bear Market; Emaar, Dubai Islamic Decline BL JPMorgan enters Korean OTC derivatives market Finance Asia Hong Kong Exchanges Posts 1st Profit Drop in 3 Years BL
Tuesday August 12, 2008 Russia orders end to fighting in Georgia Reuters Ruble Soars Most in Seven Years; Russian Index Climbs as Offensive Halted BL Banks' Subprime Losses Exceed $500 Billion as UBS Writes Down $6 Billion BL Stimulus Checks, Bank Failures Drive Up Federal Deficit AP June Trade Deficit Unexpectedly Shrinks to $56.8 Billion AP PDF File U.S. Initial Claims for Unemployment Insurance by State, 2008 vs. 2001 Global Insight 'Good' depression may avert 'Great' one Farrell FX Strategy - IMM positioning: Speculative net long USD positions increased Danske PDF USD index up for 7 days in a row - this has now happened 24 times since 1970 Bespoke “Painful Ups And Downs” Saut “Is this the start of a new secular bull market? We doubt it because by our notes there have been 24 daily Dow Wows of 300+ points and NONE of them have been within the confines of a secular bull market.” Be Warned: It's Still Just A Bear Rally CNBC It's hard to lose betting on stocks as oil prices fall USAT In oil bear markets since 1987 stocks have gone up 81% of the time Fed rate moves most benefit ... government? Kellner Wall Street Mortgage Losses Cut Tax Bills to Zero, Reduce New York Revenue BL JPMorgan struck by $1.5bn writedown FT The warning will reinforce investors’ worries over the length and breadth of the financial crisis. S&P Cuts Some Ratings On Fannie and Freddie WSJ Bill Miller boosts Freddie stake Moody's downgrades Morgan Stanley to 'A1'; outlook stable MW UBS Reports $329 Million Loss, Wider Than Estimates, on Writedowns, Probe BL Moody's downgrades UK RMBS as delinquencies rise Reuters Wachovia boosts loss to $9.11 bln, cuts more jobs Reuters MBIA DESERVES to Go Belly Up BIG Picture Global Financial Woes Pose Risk to Spain's Banks WSJ (Complete via Google jump) Spanish July house prices fall 3.9 pct Reuters One-Third of U.S. Homeowners Owe More Than Houses Are Worth, Zillow Says BL Housing's Worst May Lie Ahead Fool Clearly, housing will recover. But if large numbers of prime mortgages begin to rot, the process could take eons... Prime mortgages get hit, dashing recovery prospects CNN In California, foreclosure's next wave? CS Monitor Thought Process of Many in Foreclosure MyBudget360 The Housing Crash Payoff: More Affordable Housing, More Disposable Income Smith Blog Billions lost, house by house Sun-Times SEC short-sale rule ending - Short interest in major financial shares Reuters Analyzing Wall Street’s Research NYTD Chrysler pushes four-day workweek AP Physics boffin who worked for LTCM sets up London hedge fund Independent Value Losers Buffett, Miller Poised as Winners From Worst Slump Since 1980 BL Seasoned Value Seeker - Talking With John Keeley Jr. Barron’s Most companies in US avoid federal income taxes AP Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005... SEC Shown Up Again–This Time by Cuomo WSJ Blog St. Paul sues to recover investment money Star Tribune President pardons Hyundai's boss BBC Global Trail of an Online Crime Ring NYT Gold, Platinum, Silver Plunge to Lowest Since December on Dollar Rebound BL Some gold timers still haven't thrown in the towel, a bad sign Hulbert The US$ and the Gold Sector Saville Many people will be asking the question: why is the US$ rallying when its fundamentals are so terrible? IEA: Oil prices may not fall for long Guardian Oil traders and short sellers reach crossroads MW Sovereign Funds Become Big Speculators WP Pools of Foreign Wealth Move Into Commodities Rumors to reality: Commodities traders await key report Star Tribune USDA China Inflation Cools for Third Month, Allowing Measures to Boost Economy BL Japan’s wholesale inflation hits 27-year high MW Japan machine tool orders slump at fastest pace in 6 years MW Empty office space spurs industry alarm Asahi Australian business conditions sharply lower: survey AFP Evidence of Slow Down in Emerging Markets Coming to the Fore HAVER Emerging Markets Watch - Back to Berra PIMCO Mortgage drought brings house market to a halt Times Online Economic Malaise Threatens To Undermine European Unity Washington Post Australian, New Zealand Dollar Extend Slump on Lower Yield Premium to U.S. BL The Land Down Under Is Going Under The Trumpet Lackluster Stock Market Pinches Bottom Line at Brokerages Chosun Credit Cards Account for 57% of Spending Korea Times Prime Numbers: Rings of Gold Foreign Policy
Russian military pushes into Georgia CNN 'Russia risk' increases as tanks enter Georgia Ambrose Evans-Pritchard Roots of Georgia-Russia clash run deep CS Monitor Bush: “Such an action is unacceptable in the 21st century.” White House US has few options in Russia-Georgia conflict Reuters Russia's Power Play WP Remember the Russian bear? Well, it's back NYT Capital Flight Fears Lead Georgia to Halt Lending Moscow Times
Monday August 11, 2008 Federal Reserve finds deepening credit crisis AP Cuomo Demands JPMorgan, Morgan Stanley Start Auction-Rate Settlement Talks  BL Gold futures fall sharply as oil retreats and greenback booms MW Oil Extends Slide on Signs of Demand Slowdown AP GSCI Commodity Index Sinks Into a Bear Market as Crude Oil, Metals Slump BL China Shares Hit 19-month Low on Economic Fears AP Nervous Bunny Hussman Very Modest Good News Faber Slept Through Rice Age, Awoke to Commodity Bear Baum Crybaby capitalists whine for more  Fleck Economic Slump in U.S. to Worsen as Consumers Get `Squeezed' After Rebates BL Consumer spending heading for a fall MW Relief for consumers: prices falling CSM With the stimulus checks just a memory, U.S. consumer spending is set to decline in the third quarter for the first time in 17 years, economists say. Will consumer spending drive the US economy into recession? Jackson Lousy economy threatens states' sales tax holidays AP Social Security: a controversial call to raise age of eligibility CS Monitor Morici wins contest for third time in a year MW "Things will happen in the next two years that will shock people” The riddle of the impossible surpluses MW Is the time right for snapping up bargains on Wall Street? JS Online Stocks: A Wild Ride to Nowhere Business Week Paulson: We have serious economic issues Meet The Press Video “I'm going to do everything I can to step up to any problems...But again, I look forward to doing other things, you know, next year.” Transcript Paulson Says No Plans to Add Cash to Fannie, Freddie BL Greenspan's `Age of Froth' Is Over for Decade Wasik Bond Vigilantes May Ambush Obama or McCain After Giving Bush a Free Ride BL “This week will be crucial in determining whether the dollar has broken free from its six-year downward trend...” FT Despite Rally, Dollar 'Is Not Out of the Woods' NYS Dollar Rally Overdone? CNBC Video FDIC Fund Strained by Bank Failures May Have to Raise Premiums BL “It's going to be a bloody, expensive mess for the banking industry” Credit unions hit by mortgage-market problems: report Reuters Banks braced for more bond mis-selling action Times Online Asset-Backed Bond Sales May Drop to Lowest in Decade, Deutsche Bank Says BL A Darker Outlook at Fannie and Freddie NYT Greenberg: Still 'A Way to Go' Until Housing Rebounds  CNBC Poor Economy Contributing to Upper-Class Homelessness ABC This credit crisis is like the plague and nobody is safe yet Bootle Credit crunch has wiped £1m a minute from wealth  Independent It took LTCM five weeks to go from hero to near zero Financial News Undaunted gold bug Murphy looks east Brimelow Crude Oil Rises on Concern Russia-Georgia Conflict May Threaten Supplies BL Gas prices drop: 24 days and counting CNN BP on alert after oil pipeline under fire Telegraph Dollar surge may end commods supercycle Reuters Researchers work to turn car's exhaust into power AP Pickens' plan to break the stranglehold of foreign oil SF Chronicle Flush With Energy NYT (Friedman) Frankly, when you compare how America has responded to the 1973 oil shock and how Denmark has responded, we look pathetic. Tech IPOs out of favor, may stay so for some time Reuters “It's never been this rough to get tech companies to IPO” Bringing Down Bear Began as $1.7 Million Options Pointing to Rigged Market BL UBS's Wealthy Clients Withdraw Funds as Investment Bank's Losses Increase  BL Bankrupt Retailers: Pushed to the Brink Business Week Giant Retailers Look to Sun for Energy Savings NYT SEC short-sale rule ending; market move debated  Reuters Auction-Rate Bond Probe Costs May Rival Spitzer, Mutual Fund Settlements BL Why are economic forecasters so wrong, so often? Slate Long-awaited Buffett book due out in September AP Russia Steps Up Georgia Bombing, Rejects Cease-Fire; EU Seeks Peace Talks  BL Bonds Show Inflation Peaks as Commodity Rally Stalls BL The mortgage famine 'may go on for years' ThisisMoney More firms planning redundancies Guardian Bank of England to lower UK growth forecasts  Independent RBA to prune growth outlook Australian Australia's CB signals rate cut on horizon China's July Trade Surplus Unexpectedly Widens From June to $25.3 Billion  BL China Producer-Price Inflation Accelerates to Fastest Since 1996 on Energy BL Dollar Bottom Against Yuan Gets Louder in China Bet BL China to overtake US as largest manufacturer FT According to the estimates, next year China will account for 17 per cent of manufacturing value-added output of $11,783bn and the US will make 16 per cent. Olympic Games Are Slowing China's Economy, Goldman Says BL Russian oligarch 'invader' pays record £392m for Riviera villa Times Online Iraq Private Sector Falters; Rolls of Government Soar NYT Iraq, China ready to revive major oil deal AFP Spanish shopkeeper finds Homer Simpson euro Reuters
Weekend Edition (August 9-10, 2008) Key Data Releases and Events GInsight Looking Ahead Wachovia Week Ahead Merk A Threat of Recession for Economies of Europe NYT (Norris) A New Asset Class, Part Two  Mauldin Faber Says Global Economy in Recession; `Long' on Dollar Bloomberg Video Crisis Averted. What of the Next One? NYT (Shiller) Burst Bubble: Energy or Speculator? Noland The Summer Rally Continues! Harding Premature Celebration: The Market and the Fed Merk Fractional-reserve banking at its finest Mogambo End of an Era? Saxena The American Dream is Just That Schiff Outside U.S., Credit Cards Tighten Grip NYT As the American blessing of credit cards became widespread, so did the American curse of debt. US Credit Card Industry Faces Reforms WP Auction-Rate Debt Buyback, Now What? Lamont Naked Came the Speculators NYT (Morgenson) The valuations of C.D.S.â€s remain absurdly optimistic on both the books of the bond insurers who wrote them and the companies who bought them Mortgages get more expensive - again  CNN Mortgage Rates, Down for So Long, Are Creeping Back Up and Crimping Affordability NYT Mortgage Giants to Buy Fewer Risky Home Loans NYT “Theyâ€re the only real buyers in this market, and theyâ€re going to buy less. Thatâ€s really bad news.” Wachovia cuts back mortgage lending-report Reuters The Next Mortgage Crisis? Alt-A Borrowers See Red ABC Ed McMahon Decides to Lower Price on Beverly Hills Home by $1,900,000 This Week Dr. HB Credit crunch and US banks: a long year on Wall Street Times Online How ordinary investors got sold on ABCP Globe & Mail Gold Bull Seasonals 3 Zeal Have we reached the end of the road for oil? Telegraph Matthew R. Simmons Interview Financial Sense Online Iraq resumes oil exploration after 20-year break AFP Where to invest as oil and commodity sectors tumble MW Buffett's Berkshire Posts 7.6% Profit Drop on Insurance, Beats Estimates  BL Advertising: Mars Takes M&Mâ€s Out of Their Shell NYT Former National Century CEO sentenced to prison Reuters Get Ready to Reveal Credit Swap Risks CFO OECD sees slower economic growth BBC Global commercial property sales halved: study Reuters BoE: Delaying The Inevitable BCAR Weak German Numbers Worry Economists Spiegel Japan bankruptcies hit 5-year high as realtors go bust BL Singapore cuts growth forecast for 2008 to 4-5 percent AFP Credit Card Spending Hits Record High Korea Times The greatest Olympics ever Smaller Olympic sports feeling the economic pinch MW Georgia: Russia enters into 'war' in South Ossetia Telegraph
US dollar rallies as extent of worldwide recession becomes clearer Ambrose Evans-Pritchard The US dollar has launched its best rally in half a decade, reflecting a recognition that half the world is in even worse shape than the US... TIPS Show Inflation Expectations at Lowest Level in Five Years BL Weekly Trends Scotia Weekly Focus Danske Week in Review NT U.S. Financial Data FRBSL
Friday August 8, 2008 U.S. Stocks Rise as Oil Tumbles; S&P Posts Biggest Weekly Gain Since April BL MBIA Says It May Sue Short-Seller Bill Ackman's Pershing Square Hedge Fund  BL Three Keys to Ending the Credit Crisis: Raymond James' Saut Tech Ticker $1 trillion in losses? Bank on more  CNN Euro Falls Most in Eight Years on Reduced Bets for Higher Interest Rates  BL U.S. Second-Quarter Productivity Rises 2.2%, Labor Costs Cool  BL BLS Governments cause the credit crisis, capitalism gets the blame Ambrose Evans-Pritchard Hedge Fund Outlook `Much Worse' Than LTCM's 1998 Collapse, Hufschmid Says  BL The crisis: a tale of two monetary policies FT (Feldstein) Greenspan calls for a new way to deal with a crisis Economist Mr Greenspan says a high-level panel of American financial officials should be given broad power to seize any financial institution whose failure threatens the entire economy... Democracy – a flickering star? Buchanan The Knifeâ€s-Edge Economy DeLong The Great Panic Portfolio How the world changed one day last summer. Meet the most bearish man in America Commodity Online Oil's Skid Makes Bulls of Bears Dorfman How the U.S. Government Has Mismanaged the Country Wharton Dollar gains broadly as growth worries spread Reuters FX Strategy: EUR/USD plunges! Justified? Too fast? Danske PDF Friedman: Float or Fix? CATO Journal ~ Spring/Summer 2008 U.S. Financial Data, August 7 Issue FRBSL Credit crunch in a centuryâ€s context FT Mission creep at the Fed Economist The Fed's creative response to the crisis may have staved off catastrophe, but may also have put its independence at risk Money Markets `Plagued' by Libor, TED Spread That Fed, ECB Fail to Reduce BL RBS Reports First Loss in 40 Years on Credit Markdowns, Securities Slump BL ThisisMoney: “The head of Britain's second biggest bank issued a humiliating apology today after it made a record ÂŁ691m loss.” Fannie Mae Slashes Dividend to 5 Cents a Share After Fourth Straight Loss  BL Beazer Loss Wider Than Expected, Downturn On-Going  CNBC Tempest for a Bank That Bet on Risky Loans NYT Huge risks remain in derivatives Economist Foreclosure crisis: The $4 billion fix  CNN Credit crackdown G&M Bargain hunting in the U.S.? Better bring cash. Lax lending standards no longer apply Home truths Economist A housing slump helped cause the credit crisis. But its effect on spending may have been exaggerated Watchdog bares teeth in crackdown Australian In the wake of the credit crisis, ASIC has targeted a wide range of activities. Here comes the credit crackdown Independent The Three Signs That the Credit Crisis Has Yet to Hit Bottom MoneyMorning 'Accounting Games' Mask True Financial Pain, Says Housing Seer Rosner Tech Ticker MBIA Posts $1.7 Billion in Second-Quarter Net Income; New Business Drops  BL UBS Costs May Be Higher Than Citigroup, Merrill to End Auction-Rate Probes BL Analysts: Citi can shake $7B settlement CNN Will the Big Threeâ€s cash last long enough for them to fix themselves? Economist GM says to spend $900 million on capacity adjustments  Reuters Google admits its AOL investment may be impaired  Reuters Buffett Builds Berkshire Hathaway's Holdings as Earnings, Shares Decline  BL Pop Goes Mr. Bubble NYTD As consumers and lenders become more tight-fisted, expect more of these deal-driven companies to burst. Hall of shame Economist Refco Executive Gets 10 Years for Fraud Reuters Lawsuit Filed Against NovaGold and Certain of Its Officers MarketWire Microcaps Charged in Stock Scam CFO Where the big jobs are  Fortune Business-school applications up as the economy slows Reasons Some Firms Left the U.S. NYT (Norris) Oppenheimer strategist Michael Metz dies at 79 Reuters Oil Falls as Stronger U.S. Dollar Cuts Demand for Commodities BL Copper hits 6-month low, nickel down after rally Reuters Global gold hedgebook cut by 16 pct in Q2-Fortis Reuters Supply crunch may bring $200 oil in 5-10 yrs: study  Reuters PDF File Barrick Gold Becomes An Oil Producer? HardAssetsInvestor House prices back to 2006 and still falling Times Online India: Housing boom declines, hinting at slower economy CS Monitor International banks expect real estate prices to fall 25 percent Mumbai properties go under hammer as defaults rise Business Standard Housing slump stalks Western Canada G&M Indian inflation crosses 12 percent AFP Japanese service-sector sentiment plumbs a seven-year low MW Italy's Economy Unexpectedly Shrank in Second Quarter, Nearing Recession BL Ferragamo May Delay Italian IPO Until 2009 as Consumer Spending Declines BL Canada posts biggest job loss in 17 years Globe & Mail Egypt Central Bank Raises Benchmark Interest Rate for Fifth Time This Year  BL Shanghai drops to 52-week low before Olympics MW Memo to dictators: stay in the shade Bedlam PDF Games stocks may have already done their dash Standard Raining on Beijing's parade carries risks Reuters As Olympics Open, China's Economy Slows Business Week Is China set for a post-Olympic pause? EDC China Goes for (All of) the Gold Slate (Gross) China's Olympic dazzle has its dark side Telegraph China raises foreign banks' lending quotas: state media AFP High seas, high prices Economist How much will rising shipping costs hurt Chinese manufacturing? Consumer Confidence Falls to Lowest in 7 Years  Korea Times German carmakers face lease losses FT Georgia conflict may add to negative mood on Russia mkts Reuters Mediterranean Flyover: Telegraphing an Israeli Punch? Stratfor (via InvestorsInsight)
U.S. Consumer Credit Increases $14.3 Billion in June BL FED Consumers are using credit cards and loans to cover expenses as falling home values cause banks to restrict access to home- equity lines.
Thursday August 7, 2008 Citigroup, NY settle for $7-billion Reuters AIG Tumbles the Most in 28 Years After Third Straight Loss on Writedowns BL Pending home sales index rises 5.3% in June MW NAR U.S. weekly initial jobless claims rise 7,000 to 455,000 DOL Highest Unsold Home Supply Since '82 Needs 50% Reduction to Signal Rebound  BL July sales reflect end of stimulus checks MW Global Support for US Growth Is Ending Morgan Stanley Now Wall Street Wants Your Pension, Too  Business Week JPMorganChase, Citi, Cerberus, and Morgan Stanley are among the firms lobbying Washington to let them take over and run corporate pension funds CDO Market Is Dead, Not Just Pining for Fjords Gilbert Big Freeze part 4: A US recovery FT The Fed's Next Move is Down Browne Not Even 2% Fed Funds Help Municipal Borrowers as Bond Rates Reach Record BL Hank the Great? Paulson Takes a Page From Frederick With Covered-Bond Plan BL David Rosenberg: The Frugal Future BIG Picture Long-time Bear Granville turns bullish  Brimelow Divorcing Money from Monetary Policy FRBNY Budget Showdown In California Mish GMO's Grantham sees prolonged credit crisis Reuters SIV fire sales in the spotlight FT Bill Gross: Fannie, Freddie Will Likely Need Bailout CNBC Video Freddie's risks all too plain to see Fortune Freddie Mac's negative net worth raises questions Reuters To some investors, this means its shares should be trading closer to zero. One L of a global banking crisis MSN El-Erian believes that the solvency issues now challenging big U.S. banks are destined to spread out into a full-blown economic dislocation that engulfs and endangers innocent bystanders the world over. Wall Street Report Tries to Dissect Financial Meltdown NYT “Virtually everybody was frankly slow in recognizing that we were on the cusp of a really draconian crisis” Panel Calls for New Risk Standards At Wall St. Firms The butterfly effect: How a blip became a credit crunch Independent Writedowns dent more bank profits, markets tough Reuters Credit crisis taking toll on European insurers Reuters Credit crisis: After the binge, the UK suffers an almighty mortgage hangover Telegraph Bond Default Rate May Rise to 10% Worldwide as Growth Slows, Moody's Says BL Mortgages Made in 2007 Go Bad at Rapid Clip WSJ Home values propped up by wishful thinking MW Homeowners delusional on value of property SF Chronicle 40% of U.S. homeowners say their houses have risen in value DallasMN 10 Reasons Why California is Years Away from a Housing Bottom Dr. HB Realtors live close to the edge USAT Parking Ticket Leads to Home Foreclosure US News Wal-Mart sales raise stimulus questions CNN No. 1 retailer's July is weaker than analysts expect, reflecting the end of the government program. AIG Reports Loss, Badly Missing Estimates  CNBC Toyota's profit hit by weak U.S. sales  AP Big Three face bankruptcy fears CNN Can America's Auto Makers Survive? WSJ Merrill's picked pockets Fortune Tabcorp Posts Its First-Ever Loss on Slot-Machine, Betting-Shop Writedowns BL Dubai buys fifth of circus troupe Cirque du Soleil AP Citi Talks With Regulators May Bring Billions in Buybacks WSJ (Complete via Google) The â€Phantom Shares†Menace CATO PDF Naked short selling distorts shareholder control. Conn. sues Countrywide over lending practices AP Bank of New York Battles Dershowitz-Backed Russians in Racketeering Trial BL Wall Street: Goodbye to fat bonuses CNN Pallotta, Paul Tudor Jones Equities Head, to Start His Own Investment Firm BL Confessions of a risk manager Economist An insider explains why it is so hard to stop traders behaving recklessly How The US Economy Resembles a (very) Big business FRBC PDF Gold Rises as Banks Report Credit Losses, Spurring Haven Demand BL Gold Forecasts Cut UBS New Buzzword for Commodities - “Demand Destruction” Dorsch Supply and demand turned upside down as commodities plunge  MW Commodities plunge shows it was hot money all along Commodities rush could be over USAT Oil Prices Could Skid Below $80 a Barrel, Gartman Says CNBC Congress's unsound fury over Big Oil CS Monitor Falling oil prices: The downside Fortune Tokyo slides on soft outlook; Seoul hit by rate hike  MW Credit crisis continues to weigh on Asia FT ECB Leaves Benchmark Rate at Seven-Year High of 4.25% to Fight Inflation BL Japan machinery orders suffer first fall in three months AFP Japan's economic expansion officially peters out Times Japan Cabinet Lowers Overall Economic Assessment AP Food price spike adds to BoE rates dilemma  Telegraph IMF dashes Darling's hope for quick recovery Times Online Bank of Korea Unexpectedly Raises Interest Rate to 5.25% to Curb Inflation BL China Tightens Currency Controls to Curb Inflows AP The Great Bubble of China: Next to Pop? Seeking Alpha Games to turn investors on or off China?  Reuters Liberty squeezed in retail and property pinch Times
The dollar on the comeback trail CNN Fears of global slowdown buck up the dollar  AP
Wednesday August 6, 2008 Fed won't get us out of this mess MW Many prominent economists are looking elsewhere for solutions Oil Prices Close Below $119 After Inventory Report  AP Mooooooo! PIMCO (Gross) Catching the recovery before reality sets in Harrison Welcome to a world of diminished expectations FT Fed-Hike Risks Fade Amid Recession Signs Barronâ€s First, Let's Ban All the FOMC Statements Kadrosky A Word Here, A Word There Barbera Wage/Price Fixation Is Spiraling Out of Control Baum Retailers May Flunk Back-to-School as Costs Soar, Consumers Slow Spending BL Mass. consumer, business confidence drops  Boston Globe Connecticut Businesses Falling Victim To Recession TheDay Morgan Stanley Freezes Home-Equity Credit Lines for Thousands of Customers BL Freddie Reports Fourth Straight Loss, Plans to Cut Dividend BL Treasury hires Morgan Stanley on Fannie, Freddie Reuters While Morgan Stanley's business trading in securities of Fannie Mae and Freddie Mac could give the appearance of a conflict of interest in its advisory role to the government, analysts said Treasury likely had little choice Freddie CEO Feels Strain Of Firm's Twin Missions WP Commercial Rental Rates Plummet in Manhattan  NY Sun Complex Mortgages May Hit FirstFed WSJ Shifting down the gears: Big Freeze Part 3 - The economy FT All Over For Commodities? UBS Super-cycle gets a flat as commodities fall Australian Recent weakness in the price of gold may have a message for the currency markets BofNY Presidential energy pledges: We've heard them before CS Monitor Ambac swings to loss MW Hedge funds expand role as small business lender Reuters Whole Foods profit drops 30%, drastically lowers outlook AP Sprint Reports Loss as Mobile Customers Depart, Forecasts More Defections  maw Global Standards: Jilted at the Altar? CFO The Permission Problem New Yorker (Surowiecki) The principles of sound regulation FT (Kaufman) You Can't Control Animal Spirits WSJ (Levitt) US cracks 'biggest ID fraud case' BBC Recession signalled by key indicators of British economy  Independent U.K. Consumer Confidence Drops Most in Four Years  BL Irish sentiment at new all-time low Repossessions rise 40% as arrears worsen Times Online Property brokers fear bank-style jobs cull Reuters Yuan set lower 5 days in a row China Daily China loosens lending controls, fearing slowdown AP Asian mutual funds gain $35 billion of inflows Asian Investor Japan Says Economy Deteriorating, Signals a Recession BL Nazis, Debt Cloud Japanese Stagflation Debate Pesek Mexico's Poor Cut Back on Medicine, Food as Money From U.S. Jobs Dries Up BL Sarkozy Forces the French to Join the 1980s BL (Lewis) Europe Tries to Handle Political Fallout of Pension Cuts NYT Italy: All Fear, No Hope WSJ Australian Home loan slump: rate cut more likely Dow Jones Real Interest Rate Falls to Zero Korea Times Iraq's oil profits huge while U.S. shoulders reconstruction, GAO says McClatchy PDF File
Tuesday August 5, 2008 Dow has best day in 4 months as oil slumps, Fed stands pat on rates MW Gold futures drop over $36 in three sessions MW Fed Keeps Benchmark Rate at 2% as Inflation Accelerates, Growth StagnatesStatement Service Industries Contracts Less Than Economists Had Estimated BL ISM Only Ben Bernanke Knows When General Mills Sells Credit Like Its Cheerios BL Bernanke May Sound Tougher on Prices to Avert Fed Bank Presidents' Revolt  BL Mark Mobius Says Fed Should Cut Overnight Bank Rate to 1% to Boost Economy  BL Lower rate of interest Hulbert Repel the calls to contain competitive markets FT (Alan Greenspan) U.S. spending obligations surge CS Monitor Should We Feel This Bad? Wachovia PDF A Recession on the Horizon? Stelzer Outlook for Consumer Spending Remains Gloomy Northern Trust PDF Survival of the Unfittest Outside The Box Schwarzenegger proposes temporary sales-tax hike to close budget deficit  LA Times Washington's Intervention Addiction Ron Paul The Worldâ€s Grandest Ponzi Scheme Unravels Mike Morgan Did payrolls decline 51,000 or 580,000? Rosenberg PDF FX Crossroads, IMM positions: Speculative investors turn dollar positive Danske PDF Buffett on the Big Screen to Talk About Debt Crisis CNBC Roubini: Hundreds of banks will fail Reuters Credit crunch one year on: 10 leading figures comment Independent Cost of a wrong turn: The Big Freeze part 2 – the future of banking FT Merrill's Thain Won't Rule Out Further Writedowns CNBC `Leveraged Bailout' Won't End Mortgage Madness Wasik Uninsured Depositors May Be 'Iceberg' for US Economy CNBC Citigroup Reports Loss on Credit-Card Securitization as Customers Pay Late BL WCI files for bankruptcy protection AP Icahn said the filing was necessary because the Bonita Springs, Fla.-based developer's entire $1.8-billion (U.S.) debt may soon be in default. HSBC warns Asia not immune from crisis Telegraph The bank that took the first hit says the credit crunch is far from finished Warner Morgan Stanley issues gloomy warning on Spanish banks Ambrose Evans-Pritchard “We believe the deterioration in Spain is just in the beginning stages. The bulk of the pain will be suffered in 2009” Never trust the banks when they say: 'Don't worry, we'll be careful' Telegraph “It is baffling why regulators continue to place their faith in risk-management systems that fail with such alarming frequency.” At Freddie Mac, Chief Discarded Warning Signs NYT On Wall St., Reputation Is Fragile NYTD Lehman Weighs Sale of Investment Management Unit CNBC Merrill Severs Ties With Former Executive Kim's Fund BL Contingent Liabilities Draft Stirs it Up CFO 'Rogue trader' assistant probed BBC Wachovia, affiliates sued over bond fund losses Reuters Ex-NBC Exec Guilty in Embezzlement Case CFO Big Yahoo shareholder demands review of board vote AP Newspapers Could Be Bargains, but Few Are Buying NYT Platinum, Oil, Corn Drop as Commodities Retreat on Slowing Global Economy BL Paper Selling, Physical Buying Butler The law catches up to oil  MW The long shadow of oil's rise ~ Is it back to the 70s? Globe & Mail U.S. Farmland Values Reach Record on High Crop Prices BL Booming China Suddenly Worries That a Slowdown Is Taking Hold NYT Downshifting China's Economy WSJ Mainland stocks hit by economy fears - Official: No need for more tightening China Daily Shanghai turnover hits 18-month low Standard China Development Bank to bid for Germany's Dresdner Bank MW Gloom over UK service sector fuels fears Times Online German economy gets a rude awakening DB Research Rate cuts are on the way Australian UK tops the ranks of global pessimists Independent Putin says Russia needs to go back to Cuba: media Reuters Iran Threatens Strait of Hormuz NY Sun
Monday August 4, 2008 Oil Plunges Over $4 After Storm Threat Eases AP Wall Street Reels, NYC Braces for Tough Economy AP U.S. Consumer Inflation Rises Most Since '81, Undermining Impact of Rebate BL Corporate job cuts up 33% MW The Risk of Conceding Recession Hussman The fiction of corporate transparency MSN (Fleck) Rolling Recessions Bring Bernanke, King, Trichet Monetary Policy Paralysis BL A miserable time looms for America as the boomers become pensioners King Only luck can save America’s economy FT A Slow-Mo Meltdown NYT (Krugman) Time for a Second Stimulus Package? Lachman Recessions associated with housing or credit busts are almost always longer and deeper than the average recession. When the Stimulus Runs Dry CIBC PDF Rolling Recessions Bring Paralysis to Bernanke, King, Trichet BL Three Strikes Against Consumers NYT Rich begin feeling the pain in down economy AP Slow economy forecast for fall election AFP Tough times, take a toll Reuters Cash-strapped US state and city governments are likely to sell or lease more highways, bridges, airports and other assets to investors... Fewest Treasury Traders Since 1960 Hit Taxpayers BL Stocks could bottom out soon USAT In the 10 bear markets since the 1940s, the "repo bear" has taken back, on average, $62 of every $100 in profit made in the prior bull market The Stars Have Yet to Align for Stocks NYT (Hulbert) Elias puts his faith in price patterns Brimelow Up, Up and Away ... Newsweek Half the world is living with double-digit inflation, as boom gives way to bust. Whitney: Credit crunch far from over Fortune Whitney on CNBC The big freeze: A year that shook faith in finance FT Citigroup Said to Shut Convertible Hedge Fund After Investor Redemptions BL High-flying Falcone Has His Wings Clipped NYP Housing Lenders Fear Bigger Wave of Loan Defaults NYT Homeowners with good credit are falling behind on their payments in growing numbers, just as the problems with subprime mortgages have begun to level off. After the Bubble, Ghost Towns Across America WSJ Half-Built Subdivisions Are Lonesome Places; 'There's Just No Noise' The Impact of the Housing Crash on Family Wealth CEPR PDF A Lost Decade of Housing Equity... Dr. HB The Housing Market Won't Recover Until 2010 CNBC Video U.S. retailer Boscov's files bankruptcy, may be sold Reuters What to Do When Your Fancy ETF Goes R.I.P. WSJ Chrysler renews credit facilities but cuts amount Reuters An S.B.A. Lender, Uncensored NYT (Morgenson) Airlines Add Fees Despite Lower Oil Cost CFO Companies tap pension plans to fund executive benefits WSJ The rise and fall of Jimmy Cayne Fortune Last summer he was worth $1.6 billion. Then he nearly died and Bear Stearns collapsed. Riches to Rags NYT CNBC and the tempo of doom Chicago Tribune Platinum Drops to Six-Month Low on Demand Outlook; Gold Falls BL Oil steady near $125 on Gulf of Mexico storm AP Aluminum's 12% Summer Swoon Masks Looming Shortage BL Deutsche calls the top of the commodity cycle Ambrose Evans-Pritchard Wall Street's Energy Romance Fading Dorfman SemGroup woes have ripple effect Wichita Eagle Shipping Costs Start to Crimp Globalization NYT DuPont boost prices of polymers Purchasing UK construction activity plunges to new low Times Online Manufacturers' gloom stretches across UK Times Online One in Five German Firms Leaving China Spiegel China lost its status as the world's cheapest country for manufacturing some time ago. China: Slower Growth Ahead HKTDC China's Inflation Is Harder to Control Than Web Pesek Futures trading volume up 76% in July Xinhua HSBC's bad debt charges soar MW Fortis warns of more credit market turmoil Times Online More banks to reveal damage done by crunch Inhdependent Ice bound: Iceland's banks ThisisMoney Iceland's major banks are facing growing concerns over the risk that they might run into difficulties. Finance Minister Ibuki Sees Danger of Stagflation in Japan CEP Brokerages May Suffer Big Loss in ELS Sales Korea Times Taipei Area Housing Market Feels Pinch of Economic Downturn Asia Pulse Brazil Broken Markets Pit BlackRock Bulls Against Mobius, Bears BL Loonie Losing Wings in Currency Markets as Canada Can't Escape U.S. Slump BL Iran's Military Tests Anti-Ship Weapon With Range of More Than 185 Miles BL
Weekend Edition (August 2-3, 2008) Florida bank closed by FDIC CNN FDIC Key U.S. Data Releases and Events Global Insight Volatility looms as eyes on profits, Fed, oil Reuters Doscientos Mes Contrary Investor Tipping Point AEI (Makin) The Rise of A New Asset Class Mauldin If It Walks Like A Recession And Talks Like A Recession, It Must Be A Recession. Kasriel P U.S. Recession Is on Verge of Making History Baum Economic Free Fall? TheNation Why Is the World Slowing in Super Slow-Motion? Morgan Stanley (Jen) Lies My Data Told Me BMO Focus PDF Rally Lacks Conviction Swenlin Could Bear Talk Be a Contrary Signal? NYT (Norris) US Budget Deficit to Grow Much Worse Merk Market Outlook The Maestro Won't Face the Music Schiff The fact that the media still holds this joker in such high esteem is a testament to just how clueless they are. At last Alan Greenspan is saying what he means Times The Uppers Noland Mogambo - Dr. HB - Harding - Ash - Casey Files - North FHA Loan Elgibility Tool: Fantastic Gimmicks to get you to Purchase a Home MyBudget 360 Credit Crisis One Year Later: No Signs of Turning Corner CNBC On anniversary of credit crisis, more pain expected MW Economic models predict clear Obama win in November Reuters U.S. Financial Data, August 1 Issue FRBSL Base Metals Stockpiles and Prices 4 Zeal Dip or decline for oil prices? FT Big Oil's biggest quarter ever: $51.5B in all AP Automakers Race Time as Their Cash Runs Low NYT GM's downward spiral: A timeline Fortune Wal-Mart warns managers about labor bill Reuters Wall Street bankers brace for bonus cuts Reuters Thain’s Change: From Assurance to Desperation NYT Yahoo faces down shareholders at annual meeting MW Cuomo Threatens to Sue Citigroup Over `Fraudulent' Auction-Rate Debt Sales BL DBRS named in suit over ABCP Reuters FSA opens investigation into HBOS slide Times The S.E.C. Is Investigating Fee Practices at Value Line NYT Shoppers buying more store brands AP Casino Blames Income Drop On Gamblers' Luck NBC Tarnished 'truth' Asia Times The New Paradigm for Financial Markets by George Soros Soros Successors Thiel, Howard Prove Global Bears Rule Markets BL What Hollywood can teach us about investing AllAboutAlpha Japan's new economy min warns of economic downturn Reuters China Farms Abroad Asia Sentinel China’s Ambition Soars to High-Tech Industry NYT Beijing shopping mall industry faces oversupply concerns China Daily Thai inflation surges to new 10-year high: official AFP Slowdown claims leisure and property Times Berth of a nation Globe & Mail Beijing's Olympic Smog: How Bad Will It Be? Business Week US firm offers 3-cent songs in China AP Iran Heads Toward Nuclear `Breakthrough,' Israel Says BL
Weekly Trends Scotia Weekly Focus Danske Week In Review NTrust PDFs
Friday August 1, 2008 South African Stocks Tumble Into Bear Market BL Ford, Toyota sales plunge again CNN Survey: Manufacturing Was Flat in July AP ISM - Construction spending falls in June U.S. Employers Cut 51,000 Jobs, Fewer Than Forecast; Jobless Rate at 5.7% BL BLS Sprott warns of "systemic financial meltdown” G&M Of Maes and Macs: From Ridiculous to Sublime Sprott PDF Fisher's Debt-Deflation Theory of Great Depressions and a possible revision RGE Wanted: A Panic To Slay the Bear Dorfman Russell turns bearish again Hulbert The Fed's rate dilemma CNN Bernanke and the Fed Won't Raise Rates Any Time Soon Business Week Fed Fears Wage Spiral That Is Little in Evidence NYT Stressed banks borrow record amount from Fed Reuters Bernanke's Personal Portfolio Needs an Overhaul ABC U.S. officials say dollar has fallen far enough Reuters The Arcane World of Commodities & Currencies Dorsch Profit Data May Explain U.S. Gloom NYT (Norris) Corporate profits earned in the United States rose much more rapidly from 2005 through 2007 than had been earlier reported, making the subsequent fall seem even more precipitous. Unconvinced by economic growth? Blame the deflator Reuters Are you now, or have you ever been...in a recession? Nadler Wall St. Legend Joe Grano: Fed’s Actions Are A “Band aid” CNBC Video Housing, Economy Still Far From Recovery: Greenspan CNBC “I think the ultimate solution is a nationalization of both Fannie and Freddie and I hope a restructuring in that nationalization...And then split them up into five or ten separate entities and sell them back into the market." The Arrogance of Greenspan Shaffer Finance Has Become the Business of America Barron’s Has Housing Bottomed, and Is Recovery Ahead? Berner Investment Bulletin Bedlam PDF Time to pay the piper Satyajit Das States face tough choices as budget crisis deepens AP State cutbacks add to Sacramento area's jobless woes SacBee Both candidates give special attention to Florida and its troubles Sun-Sentinel U.S. Housing's Inventory Problem Global Insight America's $53 trillion jumbo loan CS Monitor The next president and Congress must not let the national debt surprise the country the way the subprime crisis did. Credit Crunch Hits MasterCard Forbes Families scouring for loans Boston Globe Insolvency figures soar as credit crunch burns debt-ridden homeowners Telegraph Merrill Analysts Pitched Auction-Rate Securities Four Days Before Collapse BL IndyMac Bancorp, Second-Largest U.S. Mortgage Lender, Files for Bankruptcy BL GM posts $15.5 billion loss CNN Even excluding charges, automaker loses far more than expected as vehicle sales tumble. NEC Shares Plunge Most Since 1987 Crash on Earnings BL S&P cuts Big Three carmaker ratings lower into junk Reuters Philip Morris nabs Rothmans G&M BMW Scraps Earnings Forecast as Declining U.S. Sales, Dollar Hurt Revenue BL Lehman Brothers Should Come Clean on R3 Capital BL Icahn expected to play hardball with Bristol Reuters Gates investment arm trashes Waste Management bid Reuters What’s Next for Bear’s Former Chief? NYTD Carlyle winds down $600m Blue Wave hedge fund Wealth-bulletin Comments on Amendment to Emergency Order... SEC Your secret may no longer be safe with the gnomes of Zurich G&M There's no honour among thieves or Swiss banks any more, I guess. Mass. regulators accuse Merrill Lynch of fraud AP Suing The Bear Forbes Markets plunge, divorces soar Montreal Gazette MIT develops way to bank solar energy at home Reuters Can This Planet Be Saved? NYT (Krugman) Australia faces worse crisis than America Ambrose Evans-Pritchard Euro zone factory sector weakest in 5 years in July Reuters Energy slams brakes on growth G&M New estimates of gross domestic product in Canada and the U.S. led analysts to warn on Thursday that the worst may still be ahead. Rising oil and food prices push inflation in eurozone to record high Independent Indian inflation rises to nudge closer to 12 percent AFP Japan's economy in 'severe situation,' says business chief Straits Times Morgan Stanley Cuts Japan Growth Forecast on U.S. Spillover BL Chavez nationalizes Spanish-owned bank G&M Moscow to seize grain export controls FT Korea's Biggest Money Manager Says Genghis Khan Makes Best Model for Funds BL China Tightens Share Sale Approvals to Revive Market BL Big Mac Index Shows Asian Economies Out of Whack Pesek HBOS profits dive on grim housing outlook Times Online Tunnel float under water in dire times Australian British Airways boss warns of 'worst trading environment ever' Guardian Why India and China Said No to US Business Week Doha Round failure: This is the way the round ends… VOX China crimps commerce for Beijing Games CS Monitor
|
|