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Thursday July 31, 2008 Wall Street slides on GDP, jobless data AP S&P cuts ratings of Big 3 automakers MW White House says U.S. avoided recession MW Chicago-region businesses expand in July MW GDP up 1.9% in 2Q08, Less Than Estimated BL BEA - JClaims Jump - ECI U.S. economy contracted in 4Q08 MW Recession May Have Started at the End of 2007 Just how stabilizing? Setser The Con In Central Bankers' Confidence Schoon PDF The time to be afraid is now Louisiana Weekly Paulson still doesn't get it Morici A Hidden Toll on Employment: Cut to Part Time NYT Administration:US bond rating safe despite deficit AP International Economic Trends, August Issue FRBSL Credit market far from tossing away its crutches Reuters One year on, money markets still in critical care Reuters Merrill Zigzag Makes Investors Uncomfortably Numb Gilbert Merrill sparks fears of soaring costs Reuters “The question is, is that now the clearing price for anyone who has CDOs?" Fed Loans to Failed Banks Made Easier by Fannie-Freddie Rescue BL Financial Title Shuts Down Mish Bair Says IndyMac `Unattractive' to a Potential Buyer BL Deutsche Bank Writedowns Exceed Estimates; Ackermann Says He's `Cautious' BL Covered Bonds, Exposed Taxpayers Business Week Subprime lending and the housing bubble: Tail wags dog? LA Times Don't steal Florida yet Financial Post Average home price 'to fall Ł50,000' Times Online Housing crisis to continue until 2011, Crosby warns Independent UK faces negative equity crisis Guardian One-in-seven UK homeowners faces prospect of having property worth less than their mortgage Housing Slump Hits Northern Ireland Economy With Force Stronger Than Bombs BL RMBS market on brink of collapse Financial Standard Only $2 billion in RMBS bonds were bought in the first six months of this year compared with $47 billion during the same period last year. Lending Agency Plan Could Raise Rates Moscow Times The Home Mortgage Lending Agency,which operates much as Fannie Mae does, was created to regulate the mortgage industry and provide affordable loans to homebuyers. A zero-down mortgage by another name? G&M GE exits Canadian mortgage business G&M Oil will push U.S. inflation to 6%, CIBC's Rubin forecasts FP --- StrategEcon: The Return of Six Percent Inflation CIBC PDF CRB Index Drops Most in 28 Years as Gas, Nickel Fall on Dollar BL Plat Demand Back UBS Rice races to record high Independent Pitifully low food stocks, dark warnings of severe penalties for hoarders, export bans and even the spectre of riots. It sounds like a dystopian nightmare. But it is happening today... Food And Energy Prices: A Prolonged Correction Underway? BCAR Lumber, the next oil FP Alaska gas pipeline bill nears state Senate vote AP Oil man Pickens seeks "army" to back energy plan Reuters FASB votes to delay off-balance sheet rule change Reuters WP: Herz: "It does pain me to allow something that has been . . . abused by certain folks, to let that go on another year" Financial Stocks Face Long Recovery: Whitney CNBC AIG Earnings Deteriorate as Private Equity, Hedge Funds' Returns Diminish BL GMAC Reports $2.5 Billion Loss as Auto Sales Drop, Home Foreclosures Rise BL GM to cut 15 pct of US, Canadian salaried workers AP Global Auto Report Scotia PDF U.S. beer industry charts stormy economic seas Reuters Starbucks posts first quarterly loss ever G&M Bear Stearns Demise Proves Premature as `Ace' Continues to Sell New Shares BL Record wave of international takeovers of U.S. companies Reuters Legg's Miller: No clear case for buying financials Reuters PDF File Securities Class Action Lawsuits Soar NY Sun "I Said What?!" Portfolio A look back at nine unforgettable statements by bank chief executives who would strike them from the record if they could. Here's a trading rule guaranteed to work MW Japan Asked BOJ to Avoid Pessimism in 1998, Transcript Shows BL “To be frank, we would like reports that may drag us down to be avoided” Kremlin's heavy hand triggers foreign investment exodus Ambrose Evans-Pritchard Peasants make the BRICs crumble Australian Trading powers reel from collapse of WTO trade talks AFP China wants stable stock market ahead of Games: state media AFP Chinese education play prices 22% below initial range Finance Asia Only the third Chinese company to complete a US IPO this year. Ode to the Downfall of a Finance Emperor Caijing Foreigners' Stake in Bourse Falls Below 30% Korea Times Sovereign Wealth Funds Gain Ground NY Sun FSA steps up action on insider trading with arrests Reuters Obama to House Dems: If Sanctions Fail, Israel Will Likely Strike Iran ABC
Wednesday July 30, 2008 U.S. Stocks Climb After Report Shows Job Growth, Commodities Shares Rally BL Oil Jumps $5 After Report Says Gas Supplies Fell AP Moody's, S&P, Fitch Are Sued by Connecticut Over Municipal Bond Ratings BL President signs far-reaching housing bill MW ADP shows 9,000 private-sector jobs added in July MW Fed introduces longer-term credit to help unfreeze markets MW Fed Statement: In association with this change, the European Central Bank and the Swiss National Bank are adapting the maturity of their operations. A Fed Lifeline: $75B Auctioned to Banks CFO PR Research US: Taking stock of the bear market Danske PDF Volcker's best apprentice Bear’s Lair The world cannot grow its way out of this slowdown FT( Rogoff) We Prefer A More Secure Financial Institution Lamont How Safe is Your Bank? Cumberland Are we trading against Hank Paulson? Harrison Paterson Warns of Economic Crisis NYT Fannie Mae, Freddie Mac Live to Die Another Day Baum Mr. Boskin, the Facts Don't Support Your Hypothesis Kasriel PDF Economics of catastrophe Krugman Mortgage applications slowest since 2000: MBA Reuters Thain credibility survives despite Merrill capital U-turn Reuters Merrill Write-Downs to Date... Econompicdata For Merrill, the Investments Are Gone, but the Risk Remains NYTD Merrill: No longer in denial Fortune The Latest Fixes Don't Fix the Big Problem Barron’s Neither Merrill's moves nor Washington's measures can erase $1 trillion in balance-sheet losses. Beyond the credit crisis: the impact and lessons learnt for investment managers KMPG P America's house price time bomb BBC An Investment Firm That Prospered From Past Crises Turns to Mortgages NYT How the Median House Price Will Fall from $215K to $70K Smith Blog Real Homes of Genius: Today we Salute you Long Beach... Dr. HB U.S. Profits May Drop the Most in a Decade, Led by Lehman, Merrill Lynch BL Analysts Overstate Earnings Once Again BIG Picture SEC extends short selling curb through August 12 Reuters U.S. Marshals Sell Off Hedge-Fund Portfolios as Corporate Crime Escalates BL Bankers Party, Plot Deals in Los Angeles Complaint Mysak Billion-dollar bankruptcies highest since 2003 Reuters Restaurant Chains Close as Diners Reduce Spending NYT Why Starbucks lost its mojo CS Monitor Arbitration Tilting More Against Investors BL Enron De-energized: Exec Comes to Terms CFO Timers' optimism may bode ill for gold Hulbert Oil slides below $122 a barrel G&M Copper, aluminum soften on stronger dollar OPEC chief says current oil prices 'abnormal' AFP OPEC 2.0 NYT New ceramic glitters but is not gold Asahi European Economic Confidence Slumps Most Since Sept. 11 Terrorist Attacks BL Backlash fears after collapse of WTO talks Times Online U.S.-China trade gap: Massive job losses for U.S. workers EPI PDF Japan faces mild slowdown, rates can pause - IMF Reuters Mortgage paralysis until 2011, warns report Times Online Bleak times ahead for housing market Telegraph BoE: Loans for home purchases down 70% ThisisMoney Pakistan raises discount rate to fight inflation: official AFP Iraqis more secure, but few are finding jobs CS Monitor Zimbabwe Devalues Currency; 10B Becomes 1 Dollar AP Just last week Gono introduced a new 100 billion-dollar note that is not enough to buy a loaf of bread. Inflation bites harder in remote Kenyan region Reuters
Tuesday July 29, 2008 Crude nears three-month low MW Pickens rips Yahoo management, says he dumped shares at a loss SF Chronicle Starbucks Cuts Almost 1,000 Jobs, Says International Head Alling to Leave BL The Consumer Confidence Index Holds Steady Conference Board Obama to Meet With Bernanke WSJ Home Prices in 20 U.S. Metropolitan Areas Decline 15.8%, Case-Shiller Says BL Sony Profit Plunges 50 Percent, Lowers Forecast AP S&P 500 Corporate Profits Leave Little Recession Doubt Kasriel PDF When Dr. Doom speaks, we should listen G&M The Grand Summary: Our Empire of Debt Is Collapsing Smith Blog A New Way to Generate Mortgages NYT (Norris) The Homeownership Obsession Samuelson Cure Wall Street's hangover with this 12-step intervention Farrell The problems-solving Paulson package Mogambo Kass - Hook Winners and Losers from Terms-of-Trade Shocks Morgan Stanley NY Gov Warns of Worst Economy In Decades NYP Depression-Era Chic NYP Candidates blast White House's economic oversight USAT FX Strategy - IMM positioning: Net positions neutral for most G10 currencies Danske PDF Merrill to Sell $8.5 Billion of Shares as Thain Unloads Money-Losing CDOs BL PR Merrill may sell as much as 356.5 million shares in the latest offering...That represents a 36 percent increase over the number outstanding at the end of June. First Merrill, now Citi - analyst Fortune WaMu and the $239 Billion in Outstanding Loans. $52.9 Billion in Option ARMs MyBudget MGM, Dubai Fall Behind on $3.5 Billion Loan Target for Las Vegas Project BL US credit crisis is hitting the wealthy FT Crunch boosts demand for staple financing FT National Australia Bank Slashes Bond Sale by 69% After Investors Pull Out BL U.S. Housing: From Bad To Worse? BCA Research Amid Housing Slump, Glut Eases Slightly WSJ IMF Says End of U.S. Housing Slump `Not Visible' BL Housing Market Won't Bottom For 18 Months: Tilson CNBC The Downfall of a California Dreamer NYT Coincidence or Confirmation? Butler how did the NYMEX and the CFTC allow SemGroup, or anyone, to amass such a large position that it, obviously, couldn’t stand behind? What do these regulators do all day? Record Ags Outflow UBS U.S. Motorists May Drive Less for 1st Time Since 1980 BL Transparency Sought as Speculators' Activity in Oil Market Grows WP Looking behind the global food crisis China Daily World Chemicals Market: Asia Gaining Ground DB Research PDF Fuel prices squeeze farmers at local produce markets AP GM slashes another 117,000 vehicles AP KKR says market slump good time for going public Reuters 'Tis the season Kellner Commentary: Retailers hunt for shoppers as consumers hunt for bargains Tourism rises globally, but not to U.S. CS Monitor With a weak dollar, America is a great buy for foreigners, yet visits are falling. BCE cuts 2,500 management jobs G&M Russian row overshadows BP's profits Times Online PCAOB's Effectiveness as U.S. Audit Watchdog Faulted as Court Ruling Looms BL Car stereo sales hit a distressing low note USAT Is Berkshire Hathaway stock a value? CNBC Video Japan's Jobless Rate Rises to Two-Year High 4.1%, Household Spending Falls BL Indian interest rates rise to 9% BBC Largest one-day drop for yuan on slow rise rumor Standard Rising Chinese salaries pushes Adidas to look elsewhere: report AFP Crosby to advise Darling to reject US idea Times Online Bank set for fresh battle with Treasury over mortgage bail-out plan Times Online House prices 'to rise 25% in five years' ThisisMoney NZ building consents at lowest level since 2001 NZ Herald Former Manager Convicted of Corruption Spiegel WTO talks sour as 'blame game' begins AFP U.S. Policy in Asia: Meeting Opportunities and Challenges Deputy Secretary of State Singapore’s “Australand shocker” Down Under FTA The Nano: Tata's Costly Promise Business Week Energy boosting eel drink goes on sale Japan Today
Monday July 28, 2008 U.S. stocks close sharply lower; financials pave way MW Administration Official Projects Record Deficit AP Monday Morning Outlook: Investor Sentiment Reaches New Bearish Extremes Schaeffers Bagehot's Rule and the Cost of Being "Technically Insolvent" Hussman Is latest stocks bounce a suckers' rally? USAT Bear Market Rally May End as Kimberly, Novellus Forecasts Dim BL Doomsday Warning From the Heavens Dorfman Thinking About the Dollar Feldstein Time for a spoonful of Reaganomics to help the inflation medicine go down King A tipping point in America's mood CS Monitor Blind to the obvious Mogambo Pessimists are basing their gloom on old news Times Online The repugnant bailout nation MSN (Fleck) We are at another moment when those of a bullish persuasion are determined to put lipstick on the pig at every opportunity. The Fannie-Freddie Fraud Paul The way forward for Fannie and Freddie FT (Summers) Freddie, Fannie `Fair Values' Hardly Look Fair Weil Housing Bill Relies on Banks To Take Loan Losses WSJ US lenders fear worst after two more fail Independent Worried Banks Sharply Reduce Business Loans NYT US credit crunch set to last for months FT Moody’s warns on European credit quality FT Lehman Hardest Hit by Wall Street's Biggest Borrowing Cost Rise Since 2000 BL ANZ Bank Says Full-Year Profit to Fall on Bad Debts BL NAB's $4.5bn of risky conduit assets Australian Analysts suggest the bank would be wise to make another $450m provision U.S. Housing Slump Losses May Triple, Stewart Says BL Economic woes hit U.S. credit card business G&M Commodities could be the latest bubble about to burst Bootle OPEC president sees oil at US$70 Standard Some relief as gas prices fall CS Monitor Congress deadlocked over offshore drilling CS Monitor In rocky times, KKR to go public G&M Ex-Google engineers debut 'Cuill' way to search AP Inflation's next front is retailers as costs rise AP Agency Subpoenas Focus on 4 Rumors That Hit Lehman WSJ Former hedge fund head files against Citigroup: report Reuters Lessons from Drucker Times-Standard Euro hit by slump in German consumer confidence; yen under pressure Thomson U.K. House Prices Decline 4.4%, Most Since at Least 2001, Hometrack Says BL House prices to 'plunge a third by 2010' ThisisMoney India May Increase Interest Rates for Third Time Since June on Inflation BL Investors Despair as India's Budget Hemorrhages Mukherjee Asia Nixonomics Means No Exit From Subsidies-Driven `Noxious' Stagflation BL Zimbabwe plans cash reforms as crisis deepens G&M
Weekend Edition (July 26-27) Key U.S. Data Releases and Events Global Insight Jobs, oil, earnings to call tune Reuters Senate passes landmark housing bill CNN No angry lines of customers after bank takeover AP FDIC takes over 1st National Bank of Nevada AP FDIC U.S. Regulators Seize Two More Banks, Engineer Sale NYT Can You Trust the FDIC? North The $4 billion that the FDIC will pay to a handful of depositors at IndyMac is hush money. It is paid to them to silence every other depositor in the country... Treasuries seen favored if deflation prevails - Merrill Reuters The Real Meaning of Inflation Paul The GSEs in Perspective Noland The Past Happens Over and Over! Harding No Free Bubble Lowenstein Why the government should not be in the bailout business. WSJ: The embrace of Fannie Mae and Freddie Mac by the federal government makes it official: Uncle Sam is the world's foremost subprime borrower. With Fannie and Freddie bailout, we all lose to win MW Congress Taps Paulson's Helmet Schiff Can Hank Paulson Defuse This Crisis? NYT A conversation with Mohamed El-Erian Charlie Rose Global Forecast Risks: From Inflation Upside to Growth Downside Berner Unanchored Expectations? Interpreting the Evidence from Inflation Surveys FRBSF America for Sale Business Week In the past 5-years, 2,331 U.S. firms with a value of $772B were purchased by foreign buyers Slumping economy brings boom in garage sales Chicago Tribune It’s Bad, but Remember We’re Dodging the Worst NYT (Stein) S&P reviews Fannie-Freddie ratings Fortune U.S. Housing: Are We There Yet? BMO Focus PDF 81% afflicted with housing depression Chicago Tribune The U.S. Housing Bill: Helpful, But... BCA Research Many brokers risk loss of license AP How One Borrower Beat the Foreclosure Machine NYT (Morgenson) Credit Crunch Watch Oxford Economics PDF The Goldman Sachs Forensic Analysis Middleton Chrysler to get out of leasing business AP GM says US-made Buicks ready to roll to China AFP Will effects of downturn hit Disney? MW China Makes Wal-Mart Toe the Labor Line Business Week Change in Arbitration Panels Will Allow Investors Only NYT (Morgenson) Electronic traders shake up old school FP "Market Monitor" -James Stack, President of Stack Financial Management NBR Transcript Investing in America’s Infrastructure: From Bridges to Broadband Brookings PM Summer Doldrums Zeal Gasoline drops below $4 a gallon on average, AAA says Reuters This Time, It's Different WP Global Pressures Have Converged to Forge a New Oil Reality How Commodities Impact Earnings TheStreet Rising Feed Costs Sock Poultry Giants WP Where have all the Chinese IPOs gone? Reuters Recessions are hard to forcast but one is coming to the UK Telegraph As the economy wilts, prudence on public borrowing is exposed as a sham Warner Eurozone mortgage lending at record low FT Further Evidence of Serious Housing Market Weakness Likely in U.K. Global Insight Canadian Central bank to take riskier assets as collateral G&M Indonesia: Progressing, But not Fast Enough Asia Sentinel
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Friday July 25, 2008 Fannie, Freddie Subordinated Debt Totaling $19.2 Billion May Be Cut by S&P BL Russian Stock Markets Plunge Reuters “The last train carrying the optimists out of Russian equities has just left the station.” RTS Enters Bear Market After Putin Rebukes Mechel BL Putin Attack Sends Mechel Plummeting Moscow Times Banks brace for more pain CNN Consumer Confidence Rebounds From 28-Year Low Reuters U.S. Durable-Goods Orders Unexpectedly Rise as Exports Help Manufacturers BL Census U.S. banks primary borrowings from Fed biggest ever Reuters “Who else is going to lend to them?” Mooooooo! PIMCO (Gross) Nearly 1 trillion dollars of losses will finally mark the gravestone of this housing bubble The Paradox of Deleveraging PIMCO (McCulley) Rally between the "Concern Stage" and "Fear & Capitulation Stage" Comstock This Bear Market May Have More Bite Dorfman Stocks face longer bear market as more tap nest eggs Reuters Banking on Foolishness - Financial Spinsters At It Again Puplava Systemic Risk and Financial Markets Fed Geithner "The Mother of All Bailouts" Ron Paul Video It's Always Darkest Before the Dawn...of a Depression Green Faucet After the final crisis plays itself out will the mantra "We are all Keynesians now" be replaced by "We are all Austrians now”? The Debt Trap NYT A series about the surge in consumer debt and the lenders who made it possible. By Land and Sea: Autos, Boats, and RV Chartbook Wachovia PDF Schwarzenegger threatens minimum wage for workers AP California Solution for Budget Crisis: Minimum Wage and Laying off People Dr. HB But Who Will Buy the $500,000 Foreclosures? Back to school -- economics school MW Strain on household budgets will cut into apparel, dorm spending this year Short interest jumps on Nasdaq, hits NYSE record Reuters NYSE - NAS Cox: Intend To Extend Short-Sale Rules Marketwide Dow Jones The SEC also is revisiting price tests for short sales other than the so- called "tick test" which it abolished last year Obama, McCain Back Bernanke, Likely to Avoid Intruding on Fed BL The Big Mac Index - Sandwiched Economist Graphic U.S. Financial Data, July 24 Issue FRBSL Foreclosure filings up 120% CNN Analyst: WaMu's unsecured creditors pulling out AP WaMu Offering Great CD Rates and Encouraging People to Come in Person? MyBudget360 Spreads imply a roughly 50% chance of default in five years or a 24% chance in one year... Debt crisis spreads to credit cards Reuters Even as Washington Mutual Inc lost billions of dollars from risky mortgages, the largest US savings and loan could rely on its credit card business to turn a profit. No longer. Lehman Mulls Sale of Neuberger: Sources CNBC Insurer Collapse Means Buying Muni Bonds in the Raw Mysak Muni bond sector forced into rethink FT “The two triple As left standing are now in question” S&P warns on traditional loan book losses FT 5 big losers in the banking crisis Jubak Balance sheet sleight of hand means U.S. banking crisis far from over G&M Fannie Mae and Freddie Mac: A Fall from Grace Mesirow Financial PDF Why we tolerate bailouts Fortune The Fannie-Freddie rescue draws only muted criticism, as Americans long for a return to the boom years. Bust Up These Beasts Steve Forbes Fannie’s and Freddie’s free lunch Stiglitz Amid Turmoil, U.S. Turns Away From Decades of Deregulation WSJ National Australia Plunges Most Since 1987 Crash as Credit Losses Widen BL Handling a credit crunch challenge Finance Asia Emerging debt-Asian bonds weaken Reuters “Everybody here knows things won't be getting any better any time soon...” Housing crisis hits exurbs hard CS Monitor Sales of Foreclosed Homes Are Up Nationwide Business Week Downtown condo sales slide 15% Boston Globe Mortgages and retirees don't mix Burns San Diego sues Bank of America to halt foreclosures Reuters JP Morgan in talks over HBOS break-up Telegraph Microsoft says 'weird' Yahoo response killed deal MW Humane society, pawnshop among creditors of failed oil firm G&M SemGroup Some of those on the list could not explain why they were included. Wachovia CFO to leave, days after record loss G&M Reeling from losses, Downey Financial shakes up leadership LA Times Another Retailer's Close To Collapse NYP Samsung Elec second-quarter net disappoints, outlook grim Reuters Hynix to Shut Down U.S. Plant Chosun Nobody Loves a Three-Year-Old SUV Business Week New York's Cuomo files lawsuit against UBS LA Times Quattrone Takes Aim at Hurdles to Going Public NYTD Bear Market Opportunities Dreman Is Bill Miller’s Star Waning? NYTD The 10 most overpaid jobs in the U.S. MW What’s behind the Slide in Oil and Commodities? Dorsch World Energy Presents Energy Crisis, A Discussion with Matt Simmons World Energy Longtime oil bull isn't turning tail yet Brimelow The Real Question: Should Oil Be Cheap? Business Week The Energy Challenge: Gassing Up With Garbage NYT About 28 small plants are in advanced planning, under construction or, in a handful of cases, already up and running in test mode. Ethanol production soars, but its allure plummets USAT Is Water the Oil of the 21st Century? CNBC The oil speculator sideshow Fortune Schools eye four-day week to cut fuel costs Reuters About 100 schools in as many as 16 states have already moved to a four-day school week, many to save money on transportation, heating and cooling. Traders accused of manipulating oil prices G&M Asian stocks drop sharply MW Japan's Consumer Prices Rise at Fastest Pace in 10 Years on Food, Gasoline BL Liebscher Says ECB Has Room to Raise Interest Rates BL FSA says slowdown is entering third stage Times Online Fears of recession grow as Britain stops spending Times Online Credit crunch: a third would run out of money in fortnight if unable to work Telegraph House seller's weekly Ł1,000 cut BBC Mortgage stress to mar yuletide Australian Down under Economist The air goes out of one of the last remaining booms Brazil Stocks Slip Into Bear Market for Second Time in 2 Years BL Chinese world's top netizen group China Daily China’s Rumble With Globalization - Part II YALE Global Japan’s pension pot - A call to set up a sovereign-wealth fund Economist Hayward must urgently address the Russian farce, even if it means selling Independent Ex Cazenove trader faces insider dealing charge Times Online The Geopolitics of Iran: Holding the Center of a Mountain Fortress Investor Insight
Thursday July 24, 2008 U.S. stocks sink as home sales fall to 10-year low MW Blue-chip index socked with largest point loss in a month Sales of U.S. Existing Homes Drop to the Lowest Level in More Than Decade BL NAR CFTC Accuses Optiver Holding of Trying to Manipulate U.S. Energy Markets BL Gross Predicts Mortgage Writedowns Will Total $1 Trillion, Reduce Lending BL U.S. Initial Jobless Claims Rose More Than Estimated to 406,000 Last Week BL It's a Rally -- But in a Bear Market Barron’s Don't bet against the central banks Reuters “If the currency market is a casino, the central banks are the house” G7 outlook takes another punch from credit crunch Reuters Consumers fall further behind financially, study reports USAT Middle class: 'On the edge' CNN How Much More Can Consumers Be Squeezed by Stagnant Income, Skyrocketing Household Costs, and Falling Home Prices? EPI PDF Budget gaps triple for '09 Stateline The drumbeat of bad fiscal news from statehouses is intensifying. States collectively faced deficits of $40.3 billion in writing their current budgets... Philadelphia Streets Unsafe for Manhole Covers NYT Federal Minimum Wage Rises to $6.55 Today AP Feeling the Pressure? Economist PDF The challenge of enhancing return on equity The Global Bear Market in Equities Cumberland "We interrupt regular programming to announce that the United States of America has defaulted …" Part 2 Eurointelligence (Satyajit Das) We’re economic agents and we’re here to help Price Blog Optimists Buy IPhones While Pessimists Hoard Gold Gilbert Sad Refrain: Credit Ratings Still Weak CFO You Know The Banking System Is Unsound When... Mish Desperate American banks are selling everything that isn't nailed down Slate (Gross) Larry Flink On The Credit Crunch FT Video Blackrock CEO says we haven’t seen bottom of market yet Fraud and the subprime bubble Asia Times CIBC sued over subprime investments Financial Post Utah: Home-sales numbers show bubble bursting Desert News Woman kills herself before foreclosure AP Ford Posts $8.7 Billion Loss on Asset Write-downs AP Daimler's 2Q Profit Slips to Nearly $2.2 Billion AP Chrysler to Eliminate 1,000 More Jobs by Sept. 30 BL Wal-Mart Sells Japan's First Retailer Samurai Bonds Since 1979 BL Wall Street Shrinks From Competition With Fannie, Freddie in Bear Market BL What the SEC Really Did on Short Selling Christopher Cox Even now, retailers see a blue Christmas Chicago Tribune Crocs Inc. to alert customers to escalator safety AP Ousted CFO Whistleblower Sues Bank CFO MBIA, Ambac Sued by Los Angeles on `Unnecessary' Bond Insurance BL Senate Panel Will Probe a Tax Haven NY Sun One Grand Cayman House Is Home to 18,500 Firms Winners and Losers in the Rising Tide of Proxy Wars Wharton Analyst Dick Bove is the target of a bully MW Compensation That's Dangerously High Forbes (Morici) Gold up on bargain hunting, traders eye US data Reuters Huge demand for India gold as prices stay soft Reuters CRB - Commodities Ring Bearish Kitco Arctic May Hold 90 Billion Barrels of Oil, U.S. Says BL Hard-hit mining shares offer value Reuters Hot-rolled steel sheet price rises just 1% Purchasing Some market insiders think the surge may be peaking New Zealand Cuts Key Interest Rate BL Brazil raises key interest rate to 13% MW German Confidence Dives, European Services Shrink as Recession Risk Grows BL Three-way division on interest rate Times Online Euroland: Mortgage rate convergence reflects changes in pricing of risk DB Research Oil Below $120 Will Reverse `BR-IC' Fortunes BL Shanghai Electric gets nod for IPO Xinhua Inflation is Asia's problem, not the world's Finance Asia China’s Rumble With Globalization - Part I YALE Global Japan's Exports Fall for First Time in Four Years BL This is Japan Economist What a 50-year-old periodical tells about how the country has changed—and how it has not Rock deal looks good for Gary Hoffman but expensive for us Telegraph State funds could own five percent of firms Reuters
Wednesday July 23, 2008 Fannie, Freddie Rescue Measure Is Approved by U.S. House in 272-152 Vote BL Gold ends sharply lower as oil falls, dollar gains MW U.S. economy has slowed since June - Beige Book FED Fannie, Freddie Rescue Plan May Cost Taxpayers $1 Trillion, Bunning Says BL John Paulson Will Start Hedge Fund to Profit From Wall Street Capital Woes BL False Notes from the Fed, the Treasury, and the SEC AEI GM Falls Further Behind Toyota in Global Sales as U.S. Auto Demand Slumps BL White House: Bush will sign housing rescue bill AP House Lawmakers to Vote on Fannie-Freddie Rescue Plan Today BL Bernanke towers as biggest Fed market mover: study Reuters U.S. FOMC: Bernanke Against The Hawks BCA Research Two Fed myths that need debunking Sloan Bernanke & Co. do not set interest rates, and they're not about to run out of money for bailouts. Act II of the year of living dangerously: US 2H08 outlook JP Morgan PDF No end in sight for economic imbalance, IMF official says USAT Is U.S. Household Savings Rate Dangerously Low? Encima Global PDF It ain't over 'til it's over Harrison Lessons from the Great Depression StarNews Debt capitalism self-destructs Asia Times It won't be over till housing hits bottom Reuters (Saft) Roubini: Bear Market Only Half Over, But It's Not Armageddon Yahoo Tech Ticker Video 2 Downunder Daily - Rhythm of Cruelty Miack PDF DJIA Historic Bear Markets Ticker Sense Bush on Economy: 'Wall Street Got Drunk' The Hill Will the dollar lose its throne? Economic fundamentals vs network effects VOX Mortgage Applications Slide as Loan Rates Jump Reuters The Fannie Mae Gang WSJ Fannie Mae Unsold $5 Billion Homes Shows Why Shares Bring Investing Peril BL Cost of Loan Bailout, if Needed, Could Be $25 Billion NYT CBO Letter Rescuing Fannie Mae or Freddie is nonsense Arizona Republic Why Is the Government Guaranteeing Fannie and Freddie's Stock Price? Baker Woes Afflicting Mortgage Giants Raise Loan Rates NYT Loan rates are rising because of concern in the financial markets about the future of Fannie and Freddie, which own or guarantee nearly half of the nation’s $12 trillion mortgage market. Mortgage-Lobby Chief Resigns WSJ Assured Review by Moody's Isn't Justified, Ross Says BL Wilbur Ross takes a beating on Assured Guaranty Fortune Moody's: More firms found with weakest liquidity AP Mortgage crisis may be looming for Canada Financial Post Big banks' dividend gamble Fortune Regions and Wachovia slash their dividends, but other banks, led by Bank of America, insist they have enough capital. Death Spiral Financing at WaMu, Merrill Lynch, Citigroup Mish Financial Stocks Rise Wondrously on Woeful Results BL Costco Expects Earnings `Well Below' Estimates; $1 Billion Buyback Planned BL MCD Sharp fall in profits increases pressure on Yahoo! Times Online Investors fear that rain in Spain will spread to rest of the Vodafone empire Independent E*Trade Losses Mount on Credit Woes TheStreet GE, Abu Dhabi firm in $8 bln joint venture Reuters Lehman Fault-Finding Points to Last Man Standing as Fuld Stock Languishes BL SunTrust sells stake in Coke FT SunTrust, which holds the Coke secret formula in one of its safe deposit boxes, has held Coke shares since 1919... Schwab's founder stepping down as CEO USAT The only thing that can really stop the shorts is a full-fledged market recovery Cramer Critics Question Grounds For SEC Emergency Order DJones A Modest Proposal Butler Short sales saw big drop in wake of SEC order MW Hedge fund sues RBS for €250m withdrawal FT Majority of economists see McCain better for stocks Reuters Oil, Gold, Crops Drop as Stronger Dollar Cuts Investors' Commodity Demand BL Gold’s strength is the U.S. dollar’s weakness Embry PDF Congress Pursues $80 Oil With Trading Limits, Disclosure Rules BL Speculators Aren’t Driving Up Oil Prices, Report Says NYT CFTC Huge oil trading loss sinks energy trader SemGroup Reuters $3.2 billion in oil trading losses torpedoed the formerly 12th-largest private U.S. company. Vespa Anyone? Gas Prices Fuel Surge in Scooters Reuters Wind Power Heads Out to Sea Credit-Suisse Global credit crisis takes hold in Japan Telegraph Chrysler Building May Be Wealth Fund Aberration Pesek Australia's Quarterly Inflation Accelerates to Fastest Pace in Two Years BL The bad news bears SMH Govt unmoved by slow exports China Daily China gets seat at top WTO table G&M Brazil boom breeds new generation of millionaires Reuters Morgan exec faces insider charges Australian Differences between Attitudes to Shareholders in America and Japan Smithers
Tuesday July 22, 2008 Stocks Surge as Oil Plunges AP Pickens Sees $300 Oil Unless U.S. Cuts Imports Reuters California Foreclosures Soar to 20-year High AP GM, Ford Motor Are on `the Verge of Bankruptcy,' NYU's Edward Altman Says BL Fannie, Freddie Rescue May Cost Taxpayers $25 Billion, Budget Office Says BL The death-knell of Bernankeism Bear’s Lair Philly Fed's Plosser beats rate-hike drum MW An obscure market-timing indicator has turned positive Hulbert A Review of this Bear Market in Context of the Prior Six Wachovia PDF Money, Credit, Inflation and Deflation Saville What we learned last week, according to Merrill's David Rosenberg FP Widespread earnings woes reflect consumer fears Reuters The breadth of the warnings, which also came from makers of chips and carpets, may signal that the credit crisis is quickly moving beyond housing and banks and into mainstream Corporate America. Town's bankruptcy filing may be a bad sign for other cities USAT Women Are Now Equal as Victims of Poor Economy NYT 11 reasons America is the new top socialist economy Farrell The Sad Road To Socialism Americans Save $392/year. Consumer Debt is over $2.5T. The Dark Knight of Debt Dr. HB IMM Positioning: Large increase in net short dollar positions Danske PDF Speculative investors are now net long in all currencies against USD The Euro: A Tense Anniversary BCA Research Getting and Spending Stelzer -- Whatever Happened to Thrift?: Why Americans Don't Save and What to Do about It Amazon Pimco's Gross Says Fannie, Freddie Need Treasury BL “Let's be blunt: to the extent the Treasury suggests they'll never have to use their authority, that's a sham” Fannie, Freddie May Record More Losses on Subprime, Alt-A Debt, Ofheo Says BL Fortress Looks for the Bottom, Again WSJ Firm Bet Mortgage Bonds 3 Months Ago; Wrong Then, but Might It Be Right Now? WaMu Shows Paulson Plan for Mortgage Market Rescue Provides Investor Peril BL U.S. on 'right path' to end of turmoil: Paulson MW Hedge funds shop around for financing WSK (Complete via Google jump) Credit crisis prompts a reluctance to rely on prime brokers Banks Worried About EU Plans for Tighter Credit Rules Spiegel Credit crunch: still a way to go on home loans Times Online Darling Says Global Credit Crunch `More Profound' Than Expected BL Japan real estate stocks fall after Zephyr collapse Reuters Ill wind for developers as Zephyr folds FT Icelandic CDS costs surge again FT Caterpillar's 2Q Profit Jumps 34 Percent AP Vodafone Scales Back Annual Sales Forecast, Citing Economy; Shares Plummet BL Ericsson Profit Declines 70%, Missing Estimates, on Job Cuts, Phone Demand BL Hedge funds may have made more than Ł1bn from shorting shares in HBOS Independent Underwriters stuck with Ł2.6bn of stock after rights issue Independent Wall Street unnerved by Apple results Times Online AmEX feels consumers' pain Fortune AmEx: "Super Prime" Problems Calculated Risk Past-due loans spike at the financial services giant as even more affluent U.S. consumers start to show signs of economic distress. Wachovia to exit wholesale mortgage business CNN Ford Expands Buyout Offers to Most of Its U.S. Plants BL Bank of America: Doubts Remain Business Week Gloomy Days Ahead for Retailers Business Week If sales weaken further after the stimulus checks are spent, a wave of bankruptcies may be forthcoming Mervyns may file for bankruptcy, sources say LA Times Yahoo's Yang Saddled With Declining Profit, Divided Board After Icahn Row BL IBM offloads $77 million of Lenovo shares Finance Asia Sony Ericsson to Lay Off 2,000 BW NY governor sees Wall Street bonus cuts Reuters Gold Longs Match Record UBS Ranking the Top Commodity Exporters Morgan Stanley Will capacity problems push commodity prices higher? Oxford Economics PDF Oil Falls as Tropical Storm Dolly Forecast to Miss Crude Production Areas BL Why the oil crunch may grow worse LA Times These may be 'the good old days,' one expert says There May Be Oil Offshore, But... Business Week Offshore oil: What's really out there? Fortune Feds to propose rules for squeezing oil from rock AP Rising oil, food prices pose serious challenge: ASEAN AFP Vietnam hikes petrol prices by over 30 pct AFP Discount plan to boost gold futures trade Standard Global Outlook Scotia PDF UK heading for 'economic horror movie' ThisisMoney UK heading into recession, Bank of England's Blanchflower warns Telegraph UK bear market FT Strike risk as 'golden rule' gets a rethink Telegraph Spanish builder folds Mcall The bubble that was once Spain's red-hot property market has emitted its loudest pop yet Italian Consumer Confidence Drops to Lowest in 15 Years as Food Costs Rise BL Templeton's Mobius Sees `Good Bargains' After China, India Stocks Decline BL Donald Trump Jr. Plans $1 Billion Fund for Indian Real Estate Acquisitions BL Inflation 'to hit Asian growth' BBC ADB Is the Party Over in China? Asia Sentinel Unsold inventories are climbing, the consumers aren’t biting China's pension fund faces 'grave challenges': state media AFP China to tighten supervision of share sales Standard Tens of billions of dollars worth of shares will become freely tradable this year... Public pension fund takes $920M hit from credit crunch Financial Post 'Mortgages Are Time Bombs for Economy' Korea Times General Trading Company goes bust Independent TSE suspends futures trading in Topix, bonds due to system glitch AP
Monday July 21, 2008 Gold futures rise as crude oil climbs MW BofA 2Q Profit Beats Wall Street AP Monday Morning Outlook: Has the Market Reached a Major-Event Bottom? Schaeffers Treasury Investors Turn More Bearish as Inflation Risks Rise, Survey Shows BL How the War, Tax Cuts and the Swaps Market Debased the US Financial System Hussman The global economy is now at the point of maximum danger Ambrose Evans-Pritchard Feds can't fix Fannie and Freddie MSN (Fleck) Industrials Pegged as Next To Falter Dorfman Short-sellers bet on stock market crash Guardian Investors across the world are betting more than 1 trillion dollars on a collapse in stock prices Don't use VIX as a crystal ball Hulbert Debt capitalism self-destructs Asia Times Economists: 2nd half growth likely to be anemic AP NABE Companies in U.S. Plan to Increase Prices, Limit Hiring to Boost Profits BL Is America too big to fail? IHT (NYT) Consumers change buying habits, but will it last? AP Rising Food, Gas Prices Send More To Food Banks Courant Throwing Honesty Out the Window WP We're Asking Too Much of the Fed WSJ Don’t panic: the economy is still growing Stelzer Fannie, Freddie, Hank, Ben and the Dollar BBH PDF Paulson Braces Public For Tough Times CBS Video “Of course the list [of bank failures] is going to grow longer given the stresses we have in the marketplace, given the housing correction. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it...” Freddie Mac May Cut Mortgage Purchases to Preserve Capital as Losses Rise BL “They were teed up to be saviors of the mortgage crisis, but now they've got their own capital issues.” Trouble at Fannie Mae and Freddie Mac Stirs Concern Abroad NYT “No less than the international perception of the credit quality of the U.S. government is at stake” Failure could place U.S. economy in peril Tennessean FDIC faces mortgage mess after running failed bank WSJ Subprime lender made problem loans on regulators' watch They gave ordinary Americans a home. And then the roof fell in Independent An ideal born in the depression could cause another one Housing prices still out of reach for many AP Southern California Half Off Sale: 11 Zip Codes with 50% Price Drops MyBudget 360 House prices could fall for two years: Citigroup Reuters Public funds needed to resolve financial crisis - and taxpayer will pick up the bill King U.K. Takeovers to Drop for Another 15 Months on Credit Crunch, Survey Says BL Regional US banks in fears of cash calls FT Bank of America Earnings Drop Less Than Analysts' Estimates on Loan Losses BL Citigroup Unravels as Reed Regrets Broken Weill Bank Model Pandit Defends BL Regulators thwart 'bear raids' on stocks USAT Bank earnings - The `V`, `U` or `L` Recovery Business Standard (Das) Have banks bottomed out? Chicago Tribune Banker leaves Goldman Sachs to aid Paulson WSJ Wall Street Can't Say Thain's $89 Million Montag Helps Merrill Investors BL Oil Rebounds From Six-Week Low as Storm Nears Mexico, Iran Tensions Simmer BL Gold futures gain on lower dollar, rising oil prices MW Gold Shines Again Amid Banks' Ruins TheStreet Video Gas stays away from record CNN Jamaica eyes penalties for scrap metal thieves AP UK property downslide is picking up speed Telegraph Recession next year: forecaster says things can only get worse Independent The nature of bank lending lies at the heart of the UK's recession risk Bootle Big companies delay suppliers' cash Times Online Australian Dollar May `Free Fall,' Koukoulas Says BL Global slowdown to linger AAP Failure to agree trade deal could trigger '1930s-style' disaster Irish Times Iran must meet deadline or face sanctions: Rice MW
Weekend Edition (July 19-20, 2008) Key U.S. Data Releases and Events GInsight Merk Week Ahead - FX Preview Stocks face heavy earnings week with new hope - Stocks in focus for Monday MW The Week Ahead: One Mo' Time CIBC PDF The Crisis Is Upon Us Paul There are reasons to believe this coming crisis is different and bigger than any the world has ever experienced... The World Will Not End Mauldin PDF Why No Outrage? James Grant Given a Shovel, Digging Deeper Into Debt Morgenson Borrowers and Bankers: A Great Divide Uncomfortable Answers to Questions on the Economy NYT Fed's Stern Says Interest-Rate Rise `Can't Wait' Until Markets Stabilize BL Commentary: Why the Fed Should Be Buying Dollars CNBC Armed and Dangerous Schiff Noland Riding it out to rock bottom Mogambo Market Sentiment Hits Extreme Low Schwab Market Perspective Equity Prices of Major World Markets in Pictures Northern Trust PDF Chart Spotlight - Disaster Averted, So Far Swenlin Bear market bites CalPERS and CalSTRS pension funds LA Times Dissolve Fannie And Freddie Merk The house that IndyMac built G&M IndyMac Bank: Bank Failure, Long Lines, and a Real Home of Genius Dr. HB Concern Mounts About FDIC Deposit Fund RTT Can the FDIC prevent the meltdown of America's banking industry? Slate (Gross) Credit Crunch Watch Oxford Economics PDF U.S. Financial Data, July 18 Issue FRBSL EU files fresh anti-trust charges against Intel AFP Freddie chief's salary jackpot Fortune A stone for Chris Cox Asia Times Businesses brace for minimum wage hike CNN John Templeton Economist silberinfo Interview with United States Mint SilverSeek Oil markets search for signs of a bubble bursting AP Karachi stock market makes gains after 15 bearish sessions Daily Times -- Pakistan's Stock-Market Meltdown TIME Days of Rage International News Asia Flirts With the Inflation Devil Asia Sentinel The region’s governments prefer handouts and cheap money to sound policies to contain inflation UK House prices tipped to fall 20% in two years Times Online Real Estate Crisis Threatens Spanish Economy Spiegel Nowhere else in Europe in the last decade did the construction sector boom as it did in Spain: Real estate prices shot up by as much as 500 percent. UK may face budget deficit of Ł100bn Telegraph Public borrowing hits record high Independent Confirmed: the lunatics are running the asylum Telegraph No major letup expected in tightening policy: economists China Daily Regulators' measures destabilising, says Chinese exchange AFP The report, which analysed irregularities in China's stock market last year, was briefly published Wednesday on the Shenzhen exchange's website, but was then removed. China loses WTO car parts case against US AFP Costs Rise for Tata's Cheap Car Business Week Canadian Household Finances: Fine for Now BMO Weekly Focus PDF How to spend it - Commodity and non-commodity SWFs DB Research PDF Qatar now Barclays’ biggest shareholder FT Iraq Leader Maliki Supports Obama's Withdrawal Plans Spiegel
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Friday July 18, 2008 Oil prices tumble in biggest weekly drop ever AP U.S. Stocks Snap Six-Week Losing Streak on Bank Earnings, Led by Citigroup BL Glum Consumers Focus on Cutting Debt, Savings Reuters Blackstone Risks Return From Hedge Funds as Bank Lending for LBOs Dries Up BL All We Are Sayin' Is Give Free Markets a Chance Kasriel PDF It's All About Housing Comstock Rally between Concern Phase and Fear & Capitulation Stage The Dow at 7,200? Superbear's Scary Roar Dorfman Given his grim outlook, the obvious question is, what should investors do? The Current Bear Market: It Really Is Different This Time Morningstar Global Inflection Point? Schwabinsights Inflation dynamics could tip the balance toward U.S. equities. L-ish Economic Prospects NYT (Krugman) Got a Fix? Please, Call the Fed NYT (Norris) Jim Bunning's Capitalism Pitch Is in Strike Zone Baum Auction Implosion Reaps Fees, Not Scorn, for Dealers Mysak Crisis and Coherence: Finance Remains Vulnerable PIMCO FDIC Sets New Rules for U.S. Bank Deposits to Avoid a Systemwide Failure BL End of illusions Economist The crisis gripping the world economy and global markets began with America’s deeply flawed system of housing finance Who's behind the Fannie, Freddie mess Fortune Spotlight — GSEs: Calmer Heads Should Eventually Prevail Citi (Free Reg Required) PDF The GSEs, Financial Conditions and the Fed Morgan Stanley Fannie says won't tap new credit line Reuters Freddie mulls sale of up to $10B in stock: WSJ Fannie and Freddie, damned by a Faustian bargain FT Fannie Mae, Freddie Debt a Buy Poole Says `Insolvent' BL IndyMac bank run: A sign of things to come? G&M Is Your Bank at Risk? Newsweek A Q&A With FDIC Chairwoman Sheila Bair. Fear of failure - How to bet on the next bank collapse Economist Auction Prices Cheyne at 44% Of Face Value WSJ (Complete via Google) Credit crunch to sting well into next year Reuters Ackermann says credit crisis end in sight FT Securitization and the Mortgage Mess WSJ Housing Starts Jump But Don't Be Fooled Wachovia PDF Are Hedge Funds Root of All Evil Or Convenient Scapegoats? WSJ (Complete via Google) Citigroup Reports Smaller-Than-Estimated Loss of $2.5 Billion; Shares Gain BL Google 2Q letdown raises economic worries AP Microsoft profit outlook misses view, shares fall Reuters Once-immune tech sector catches an economic chill G&M SEC Poised to Exempt Market-Makers From Emergency Ban on Naked Short Sales BL Short Cox Naked Shorts Yahoo Figures Out that Carl Icahn is a ‘Corporate Agitator’ WSJB Wall Street meltdown: Media's third-toughest beat MW Nintendo Wii Reaches Almost 11 Million in U.S. Sales, Surpassing Xbox 360 BL Will Bill Miller Rise from the Ashes? Morningstar “Dear Bill….”: A Letter to Bill Miller, Manager, Legg Mason Value Trust Cheap Stocks The $300 Million Mystery Yacht Revealed WSJB Gold Heads for First Weekly Loss in Five on Crude Oil, Equities BL Oil markets: Bottoming out or taking a breather? AP Speculators and the oil market MiningMx Oil Down $16 to $130, Everything Wonderful Again: Not Smith Blog As Price of Corn Rises, Catfish Farms Dry Up NYT Pakistani Bear Market Has Investors Raging in the Streets NYT Reuters Video U.K. Budget Deficit Expands to Widest Since 1946, Pushing Borrowing Higher BL Brown and Darling throw prudence to the wind Times Online Drastic revision of key fiscal rules planned to allow the Government to borrow its way out of Britain’s economic problems Land of the rising price Economist Japan has long hoped for a bit of inflation—but not this sort Boom Times Take Root in Dubai NYT Carney heralds the end of easy money G&M ANZ faces biggest credit dangers Australian Australia's Qantas to cut 1,500 jobs: CEO AFP Ryanair grounds aircraft with winter cuts Times Chinese Online Education Provider Seeks U.S. IPO Finance Asia Pope says world's resources being squandered AP
Thursday July 17, 2008 Merrill Has Larger-Than-Estimated $4.65 Billion Loss; FDS Unit to Be Sold BL Wachovia Securities Raided in Auction Rate Probe AP IMF Gloomy on Growth, Sees Rising Inflation Threat IMF Manufacturing falls in Philly region for 8th month PFed U.S. Housing Starts Unexpectedly Jump on New York Construction Code Change BL PDF Sovereign funds cut exposure to weak dollar FT There's Nothing Sacrosanct About U.S. AAA Rating Gilbert The next big wave is breaking Asia Times (Engdahl) Revisiting Ground Zero & the Spreading Tentacles of a Recession Puplava Boxed-in Ben Economist For Ben Bernanke, the Federal Reserve chief, even good news turns out to be bad Feds fight the fear factor Fortune But it's hard to see how attempts to shore up investor confidence can work for long while home prices keep falling. Worst Case Scenario Cornerstone Tice: S&P 500 to Dive Below 800 Newsmax Stamps issuers join inflation farce Mogambo The Sacking of America Schoon America is the lone bright spot as fund managers flee stocks Ambrose Evans-Pritchard An unprecedented 41pc now think that a world recession is either likely or very likely. The majority dismiss hopes of double-digit earnings growth next year as "fantasy". Wall Street's Great Deflation The Nation It costs what?! Calculating the CPI requires a lot of shopping around LA Times Ron Paul on Kudlow CNBC Video Paul vs. Bernanke How Bad Is It? Some Say Crisis Worst Since Great Depression Yahoo Video California burns through its firefighting funds. Homeowner fees ahead? CS Monitor Not Even Corzine's Goldman Resume Could Help Him Erase Deficit BL Run on Washington WSJ Monetary Trends, August Issue FRBSL Pakistani Investors Stone Karachi Exchange as Stocks Plunge BL “I have lost my life savings in the last 15 days and no one in the government or regulators came to help us” Banks expected to feel pain until 2010 FT How Bad Will It Get on Wall Street? Business Week As the credit crisis grinds on, the prospects for a quick recovery darken The real reason why bankers feel so gloomy Times Online We could be on the verge on the greatest slump of all time... Fannie andFreddie won't fail, but will they lend? Reuters (Saft) Fannie, Freddie Plan Is Under Siege WSJ Fannie, Freddie: Taxpayers on the hook CNN Contact Your Senator: Say No To Fannie Bailout Mish Second Liens Still Lurking at Wells Fargo Housing Wire Need a mortgage now? Bring lots of cash CNN Bargain hunting picks up as Southern California home values fall further LA Times Trump Finalizes $100 Million Mansion Sale AP JPMorgan Net Falls on Writedowns; Shares Rise as Profit Exceeds Estimates BL Coca-Cola Profit Falls After Writedown at Bottler BL Harley Davidson profit tumbles as economy hits sales AP CIT's Loss Is Bigger Than Analysts Estimated on Sale of Mortgage Business BL Companies to Face Pricier Credit CFO Bank portfolio managers predict investors will demand higher premiums to buy corporate debt in the third quarter. Goldman accused of spreading rumours about rivals Independent FBI Investigating IndyMac for Fraudulent Subprime Loans AP 5 Signs Your Bank Is the Next IndyMac Fool US claims UBS 'colluded' behind secrecy laws Times Bloomberg Expected to Buy Merrill’s Stake in His Firm NYT Pity the Poor People Who Have to Fly Coach Class Lewis Oil extends slide into 3rd day AP The End of Oil's Boom? Business Week A 10% correction over the past week could signal the end of a long bull run for crude oil Peak Oil Is A Done Deal ASPO The Message and The Meaning Russell Gold? Sold! IndyStar Chinese stocks become worst performers, supplanting Vietnam MW China's Economic Growth Cools to 10.1%, Adding Pressure to Slow Yuan Gains BL CPI rises 7.9% in first half of 2008 Xinhua Japan comes face to face with good and bad inflation FT Unemployment rising at fastest rate since 1992 Times HBOS and Wolseley signal further cuts Independent Housing sales in major cities fall ~ Rate cuts may fail to ease home loan pain Australian Financial Woes Wallop Korean Households Chosun Canada Slipped Into Recession Without Anyone Noticing? CP Iran Pours Cash Into Afghanistan, Seeking Leverage for Conflict With U.S. BL
Wednesday July 16, 2008 `Misery Index' in U.S. Advances to 15-Year High as Inflation Accelerates BL Some at Fed June meeting saw rate hikes coming 'very soon' MW Minutes Crude loses nearly $7 more MW Fannie, Freddie Nationalization May Be a Long-Term Option, Bernanke Says BL Homebuilder Confidence in U.S. Reaches Record Low as House Values Decline BL NAHB U.S. Consumer Prices Climb the Most in 26 Years as Fuel, Food Costs Jump BL CPI Stock Bear Markets Seen Deepening on Inflation, Credit Concern BL “What we get on an almost daily basis is a reminder that the credit-market crisis is far from over, and if anything it's taking on new casualties” US Treasury may have just days to act before foreign patience snaps Pritchard Crisis Widens BMO PDF Wealth destruction is now massive and far from over. Are big-picture blues priced into the financials? Harrison Markets threaten meltdown, but this is primarily an issue of confidence Inde (Warner) Fed Steps Back From Imaginary Tightening Ledge Baum Prospects for Fed rate hikes melting away Reuters Economic pain: 'Payback' for debt-fueled growth? USAT So this is what a day of reckoning feels like. Confidence drops in U.S. economic policy: Reuters poll Reuters Woes deepen for U.S. economy CS Monitor Bush says banking system 'basically sound,' but his team urges federal intervention. -- The glum mood pervading Wall Street evoked gallows humor among some. "Get away from that window," James Paulsen, chief investment strategist of Wells Capital Management, wrote in a note to clients. "Don't jump just yet!!!" LA Times Credibility Gap Returns to Financial Markets Barron’s Doubt, rational or otherwise, threatens to cripple functioning markets. LA Times: Experts said the chaotic scenes risked touching off runs on other banks Cops to IndyMac customers: Remain calm or face arrest Daily News Slideshow Fannie Mae, Freddie Mac May Eliminate Dividend Payments on Mounting Losses BL Fannie, Freddie Troubles Are Ominous for Asia Pesek Fannie Mae, Freddie Mac: Investors Flee Business Week On the Outside Now, Watching Fannie Falter WP Terminate Fannie Mae and Freddie Mac Rozeff Fannie Mae and Freddie Mac: GSEs Finding Their way Back Home with a Bailout Dr. HB IMF sticks by $1 trillion U.S. subprime fallout Reuters An Economy Thrown Into Turmoil WP U.S. Financial Crisis Increasingly Infecting The Rest of the World Derivatives Signal Bank Funding Difficulties Will Persist BL Interest-rate derivatives traders are increasingly betting that banks' difficulties shoring up balance sheets won't abate this year. Buddy, can you spare a billion? Fortune As housing prices and share prices keep falling, mortgage-heavy banks that need new capital may find few willing investors. Is Your Cash Safe at the Bank? BofNY On list of risky banks, Georgia companies dominate AJC A Mad-As-Hell Trade Barron’s Consider buying puts on a popular financial-stock ETF? Convertible bonds tumble amid forced selling FT Many likely to remain priced out of housing market AP SEC Subpoenas Wall Street in Widening Hunt for Lehman, Bear `Manipulators' BL The SEC Panics Portfolio 'Naked Shorting': Far More Dangerous Than Sexy WP Brokers Have Shorts Covered, Too NYP Limits On Short Selling May Have Unintended Consequences Dow Jones Wells Fargo Profit Beats Estimates on Insurance Revenue, Credit-Card Fees BL INTC Miner Cleveland-Cliffs buys Alpha Natural Reuters Toyota to cut 2008 global sales goal 3.6 pct Reuters Delta Reports $1.04 Billion Loss on Costs for Goodwill Writedown, Job Cuts BL Ex-Samsung boss gets suspended sentence AFP IRS to Close Loopholes in U.S. Tax Accords After UBS Banker's Guilty Plea BL Homeowners Twice Burned as Insurers Cut Back U.S. Policies After Disasters BL Gold Falls for First Day in More Than a Week as Crude Oil Drops BL The Fear Trade UBS Oilwatch monthly ASPO PDF OPEC's empty toolkit Fortune Higher Gas Prices Siphon Away The Stimulus Wachovia PDF Corn, wheat extend losses on oil, weather Reuters Food prices are now stable, FAO says G&M U.K. Unemployment Claims Climb Most Since 1992 as Economic Growth Falters BL Sliding Into Recession - Economic Tempest Overtakes Europe NYT Gordon Brown is too busy blaming others instead of taking action Telegraph Spanish Housing Market Slows Again in Q2, Adding to Economic Gloom Global Insight Wolseley warns markets to get tougher Telegraph OFT threatens banks over account charges Times Online Cortefiel Plummeting LBO Loans Signal Defaults Across Europe in Retailing BL Australian Market tumbles to 2-year low Australian Thailand Raises Rate to Cool Prices; May Act Again BL Mark Mobius: Beware of Emerging Markets Asian Investor
Tuesday July 15, 2008 Oil Declines More Than $6 on Concern Slower Economy in U.S. to Cut Demand BL SEC Will Order Curbs on Short Sales of Fannie, Freddie, Brokers, Cox Says BL The emergency order, to be in effect for 30 days, will bar naked short selling... Eight 'Lazy Portfolios' to wrestle the now official bear market Farrell Let's cut the euphemisms, rhetoric and sweet talk: The stock market's been a loser's game. Bernanke Signals Growth Risks for Economy, `Intensified' Inflation Danger BL Testimony Analyst warns on Wachovia amid more bank worries AP Whitney on Bloomberg Retail Sales in U.S. Increased Less Than Forecast in June as Rebates Faded BL Inflation at fastest pace in over 25 years AP PPI Congress to hear Bernanke, Paulson on market strain Reuters Wall Street's bears are back in charge MSNBC MSCI World Index May Drop 14% Before Bear Market Ends BL Dollar Drops to Record Low Against Euro as Credit Losses Erode U.S. Growth BL Financial collapse edges closer Bear’s Lair Bernanke Forecasts Foiled by Fannie-Freddie Rescue BL Jaws close in on Bernanke Asia Times The Perils of Paulson WP (Reinhart) American economic discontent is well-founded Stelzer Global Money Supply (2008 Update) Hewitt Here's Why Jefferson County, Alabama, Has to Go Bust Mysak In Bad Economy, Life is Good for the Repo Man AP Recession-Plagued Nation Demands New Bubble To Invest In Onion (Satire?) Scramble Led to Rescue Plan on Mortgages NYT The rescue of Fannie Mae and Freddie Mac was hastily arranged after bankers said further erosion of confidence could have a cascading effect. End the Mortgage Duopoly WSJ (O'Driscoll) The Saga of Fannie and Freddie Kudlow Freddie and Fannie not yet out of the woods Independent (Warner) A Sad Day for U.S. Taxpayers and Investors Ciovacco Paulson drove plan to shore up Fannie, Freddie WSJ Paulson's Fannie Test WSJ Fannie and Freddie: wards of the state G&M Snow says White House had to bail out mortgage giants or face 'a catastrophe' If they go belly up, we all will have to pony up AP Analysts say the economic risks of doing nothing are just too great. China Will Get Paid for Loving Freddie, Fannie Mukherjee Japan's Freddie, Fannie exposure totals $56 billion MW Ackman Shorts Fannie Mae, Freddie Mac, Says He Presented Plan for Overhaul BL Why Fannie and Freddie Have Doomed Housing Prices, Regardless of Bailouts Smith Blog Freddie, Fannie, and Curses on FDR Mises In banking crisis, U.S. steps up CS Monitor IndyMac reopens, halts foreclosures on its loans WSJ After IndyMac's failure, which bank could be next? AP Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV Dr. HB Lehman CEO mulls ways to take bank private: report Reuters Lehman bidders are thin on the ground, analysts say MW Lehman's Got a Reluctant Safety Net in Uncle Sam TheStreet U.S. overseer says IndyMac "safe and sound" Reuters Bovenzi: “There will be more bank failures” Anxiety sends regional banks' shares plunging USAT DON'T PANIC (Again !) Big Picture Lessons from Bailout History II RGE A trillion dollar mean reversion FTA Hunt for liquidity intensifies as credit dries up Deloitte CFO Survey How Far Will Housing Prices Fall? Wachovia PDF GM to cut jobs, raise liquidity by $15 billion Reuters Midwest Airlines to ax 1,200 jobs Star Tribune Citigroup CFO says 2-3 years before better returns: report Dow Jones Is SABMiller Next in the Great Beer Rollup? Business Week Hynix May Pay 11 Cents a Share on Rambus Patents; Samsung Likely to Follow BL Shipping containers become distinctive housing on land USAT SEC subpoenas over 50 hedge-fund advisers: report Reuters Ex-banker faces Hong Kong insider charge AP Gold soars as fears mount over US mortgages MiningMx Precious Metal’s Relativity To Shine Hook Oil Rises Above $146 as Falling Dollar Boosts Crude's Appeal BL Venezuela's Chavez says oil could reach $300 Reuters Indonesia's answer to rising food prices CS Monitor BOJ Cuts Growth Forecast, Keeps Interest Rate at 0.5% BL Inflation rockets to new ten-year high of 3.8% Times Online Housing market sales lowest in 30 years Times Online German Investor Confidence Fell More Than Forecast in July to a Record Low BL New Zealand shares hit three-year-low AFP China official media signals yuan gains could slow MW Hong Kong frenzy for Olympics banknotes China Daily Brazil bucks global economic downturn CS Monitor
Monday July 14, 2008 Stocks decline as worries about financials persist AP IndyMac borrowers line up in California to withdraw their cash Reuters Freddie Mac Short-Term Notes Demand Increases; Shares Fall on Paulson Plan BL Fannie Mae, Freddie Mac Rescue an `Unmitigated Disaster,' Jim Rogers Says BL This recession could easily tip into a depression Times Online Gold ETF Holdings Soar UBS Monday Morning Outlook: Searching for a Peak in the VIX Schaeffers Bernanke faces grilling in Congress this week G&M The 2% Solution Hussman Credit fallout is just beginning MSN (Fleck) Stop worrying, and learn to love the Bear WSJ Take it from Graham and Buffett, these miserable markets are a gift from the financial gods. Paulson Puts Treasury Behind Fannie, Freddie in Bid to Calm Market BL Plan to save Fannie and Freddie ~ Paulson Statement - FED Statement Freddie, Fannie CDS spreads tighten after rescue plan Reuters Welcomes but warnings for Fannie, Freddie rescue plan Reuters A new American reality: The government as provider Reuters Government Not Expected to Help More Companies AP Fannie, Freddie and You NYT (Krugman) Fannie, Freddie Deflected Risk Warnings WP Long Protected, Fannie and Freddie Ballooned NYT Reality Bites 'Economic Fairy Tales' Dorfman What would the fashionable investor do now when desperate for returns? King Bernanke's Keynesianitis could sink the US economy Jackson Forget those retirement plans Mogambo Analysts Say More Banks Will Fail NYT Schumer Denies Remarks Caused IndyMac's Failure AP Discounted Mortgage Notes Can Stop Foreclosures Wasik ARM resets to hit peak this summer WP InBev agrees to buy Anheuser for $50 billion Reuters S.E.C. Warns Wall Street: Stop Spreading the False Rumors NYT Citigroup's $1.1 Trillion of Mystery Assets Shadows Accounting of Earnings BL Tensions Escalating in Battle for Yahoo's Board AP Barrick enters the fray with bid for Cadence Energy G&M SEC, others, to probe short seller manipulation MW Gold slips as dollar, markets recover Reuters What if gold gave a party and everyone came? Brimelow Weekend at Bernie's - Part II Kitco Gas and Diesel Hit New Record CNN Oil Brings Americans Closer to OPEC Debtor Dependence Supplanting Japanese BL Lead, Zinc Rise in London as China Output Cuts May Erode Supply BL Commodities are strong, but which ones are strongest? Mineweb Asian markets unconvinced by rescue plan FT China's forex reserves hit 1.8088 trillion dollars: central bank AFP Japan's 10-Year Bonds Decline as Fannie, Freddie Concern Eases BL BOJ starts policy meeting, likely to cut Japan's growth estimate AP After the highs, house prices could fall back a long way Bootle Crashes aren't good for us but at least we'll find the floor Independent Factory gate inflation hits 10 per cent Times Online Doubts build on China property stocks surge Standard Bourse braces for US loan fallout Australian Interest on Home Loans Soars Chosun
Weekened Edition (July 12-13, 2008) Key U.S. Data Releases and Events Global Insight Investors set for another tough earnings season AP Freddie/Fannie Watch: Paulson Statement ~ Fannie PR ~ Freddie PR Crisis Deepens as Big Bank Fails WSJ ‘Second-largest bank failure in U.S. history’ LA Times http://www.indymacbank.com/ ~ FDIC $1.6 Trillion in Losses and Counting Mauldin Monetarists warn of crunch across Atlantic economies Ambrose Evans-Pritchard The lifeblood of countries' economies is draining away - with grim consequences for us all Recession: With War or Without It? North Demand Destruction Stops at the Border Schiff Decade of No Returns, Part II Ash Trading Stock Bears Zeal Effects of the Economic Slowdown on U.S. Personal Income Global Insight Investment Bulletin Bedlam PDF The curse of Bedlam strikes again. An awesome power we cannot control. Senate passes mortgage rescue plan AP The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners. It still faces challenges, however... The $5 trillion mess Fortune Fannie Mae and Freddie Mac were created by Congress to help more Americans buy homes. Now their shaky condition threatens the entire housing market. President Bush moves in as Fannie Mae and Freddie Mac lose value Times Time to Let Fannie and Freddie Wither? Business Week How Fallout Could Affect Main Street NYT The swooning stocks of two giant mortgage companies have consumers wondering about the effect on those buying or selling homes. Calamity as distressed US mortgage companies head for the buffers Independent How Fannie met Freddie: The True Hollywood Story of Fannie Mae and Freddie Mac Dr. HB The Unraveling of the Suburban Fringe Business Week Most of the overbuilding during the housing bubble took place in outer-ring suburbs. They are also likely the places to be hit worst by the downturn Housing not just a US problem EDC Credit Crunch Watch Oxford PDF In Silicon Valley, a mild-mannered specter haunts Facebook MW The Golden State's Not-So-Golden Goose Business Week Perelman Sues Late Wife Claudia Cohen's Family, Claiming They Cheated Her BL Why Buffett Is Buying BL Tilson Funds Semi Annual Report – 04/30/08 Tilson NAB warns of US sub-prime bad debts Australian China says foreign direct investment up 45.6 percent AFP Fortis Chief Votron Ousted After ABN Takeover Costs, Dividend Cancellation BL Olympic Shutdowns: German Companies Weigh Legal Action against China Spiegel Where Is the World Headed? YALE Global A multipolar world must prepare for a relative decline in US power and the turbulence that may follow
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Friday July 11, 2008 Banking regulators close IndyMac AP U.S. stock indexes tank as crude touches new high MW Fed can lend to just about anyone MW Bernanke Speech Fannie, Freddie and even your Aunt Mabel could go to the discount window Fannie, Freddie Say Capital Levels Are Sufficient to Weather Housing Slump BL Paulson says he sees no government bailout on the horizon MW Snow Says Fannie, Freddie Acted Like Hedge Funds, U.S. Should Shun Rescue BL Fannie, Freddie May Need $77 Billion of Losses Before Any Federal Bailout BL Economic Report: Consumers still extremely gloomy: Univ. of Mich. survey MW U.S. Weighs Takeover of Two Mortgage Giants NYT Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers. Anxiety mounts over fate of Fannie, Freddie CNN Fannie, Freddie Are Too Big to Fail, Lawmakers Say BL “In today's world, I don't think it is helpful to discuss any financial institutions and whether they pose systemic risk” Henry Paulson U.S. Trade Deficit Unexpectedly Narrows 1.2% to $59.8 Billion on Exports BL BEA Housing Bubble Correction Update: Fasten your seat belts, here comes the jobs crash iTulip "Stagflation" Haunts Global Stock Markets, Buoys Gold Dorsch Stagflation Sightings Multiply Asia Sentinel Inflation Protection Overdone? BCA Research Want rate action from Bernanke? Forget it. G&M Bernanke: He's Reviewing the Situation North Will Bernanke Doom the SEC? NY Sun Fed doesn't want you to get a raise, Crandall says MW Fed's Yellen: Consumer confidence has "cratered" Reuters Survival Ideas for a Bear Market Dorfman Capitalism's Reality Check WP U.S. Financial Data, July 10 Issue FRBSL FedViews – June 12, 2008 FRBSF Loan-Agency Woes Swell From a Trickle to a Torrent NYT Banking-industry woes once again disrupt the credit markets Economist Fannie and Freddie Waterfalls Are Too Big to Bail Mish Might Fannie & Freddie implode? Denning And now, for Fannie and Freddie Asia Times U.S. Adopts Capitalism Lite for Housing Bailout Baum The Flaws in the FHA Housing Bill WSJ Only 21% Support Federal Help for Those Facing Foreclosure Rasmussen The wrecking-ball response Economist How to deal with a glut of empty homes Gold futures surge on rising oil, Iran tensions MW Central Bank Gold Sales At 297 Tons So Far This Year - WGC Dow Jones Oil Rises More Than $4 to a Record on Speculation Israel May Attack Iran BL Sizing up Iran's oil threat ~ OPEC warns against military conflict with Iran IHT 'Israeli warplanes practice in Iraq' JPost Barak hints at Israel's readiness to strike Iran AP Singapore commodities exchange in the works Finance Asia General Electric earnings drop 6%, holds guidance MW Citigroup Will Sell German Consumer Unit to Credit Mutuel for $7.7 Billion BL Anheuser-Busch Advances on Report InBev Has Increased Offer to $70 a Share BL A wave of M&A deals is expected to hit the banking industry—eventually Economist Buffett's got the fortitude and the funds to get deals done USAT "Perhaps Berkshire now is the new de facto credit market." BAE Bribery Probe Proving Saudi Oil Rescues Shareholders From Lost Revenue BL Bankers Use Secret Hospitals, Disguised Nurses to Beat Breakdown Stigma BL “This has been the busiest early summer I've known in 10 years.” Tesla's wild ride Fortune House price slide is worst in decades Telegraph Economists claim UK conditions now compare with the Great Depression. Rising tide of bad debts will flood over banks Telegraph Housebuilders forced into desperate measures Times Threats to sue buyers and offers of free cars are among tactics being adopted by developers Tiger Trap TIME Economic Confidence Hangs By a String Chosun India's Inflation Accelerates to Fastest in More Than 13 Years BL Japan's Lost Decade Threatens to Be Global Norm Pesek Finns Ring Up Debts as Gamblers, Party-Goers Send Text Messages for Loans BL Canadian Economy sheds 5,000 jobs in June G&M Short-selling costs double as investors are drawn to new strategy Independent Prosecutors seek seven-year term for former Samsung boss AFP Livedoor allegedly fails to declare 2.3 bil. yen income AP Thai Government in Crisis as Key Ministers Ousted Global Insight Supersize China: Obesity on the Rise Business Week The Vatican has blamed the weak dollar for pushing it into its first loss in four years Guardian
Thursday July 10, 2008 Bernanke and Paulson: Empower Financial Regulators AP Paulson Says Fannie, Freddie Regulator Affirms Capital Levels Are Adequate BL Fannie, Freddie Stocks and Bonds Plummet Reuters General Electric Pursues Spinoff, Sale of Consumer & Industrial Division BL Dollar maintains strength after big drop in jobless claims MW JClaims Economic Views With Nouriel Roubini CNBC Video Pace of Hiring and Recovery of Jobs in Prior Business Cycles NTrust PDF S&P 500 May Lose Another 12% Before Bear Market Ends BL Adens see the bear necessities Brimelow The Decade of No Returns, Part I Ash The Psychology of Bernanke: The Great Depression was caused by the Fed... Dr. HB Granddad, Tell How Capitalism Committed Suicide Gilbert Credits in a swirl of insanity Mogambo Kass Foreign Investors Pile Up More Pieces of Americana NYT New foundation tackles U.S. federal debt CS Monitor Minneapolis Fed chief sees inflation as economic obstacle USAT U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple BL Fannie, Freddie `Insolvent' After Losses, Poole Says BL White House mulls Fannie and Freddie failure Fortune The Fannie and Freddie doomsday scenario Fortune It's time to wonder what would happen if Fannie Mae and Freddie Mac failed. Devaney's Funds Wiped Out After United Capital Gets Margin Call BL “We are expecting that there will be no equity remaining” NYT: Devaney said he had personally lost more than $150 million.... Flashback (Feb 2): Manager Devaney Returns to Subprime After Yacht Sale BL “Prices have collapsed and this is the best opportunity I've seen in my career” Wachovia Gets Worse Forbes Extending the mortgage-crash pain Fortune Worst of Housing Crisis Is Behind Us -- Really Berry Housing pain to linger longer AP Gold extends gains on Middle East tensions G&M Saudi Oil: A Crude Awakening on Supply? Business Week The Saudis say they can ramp up production to 12.5 million barrels a day. But a field-by-field breakdown shows that's not likely Is food the new oil? Finance Asia Graphic: Where people spend most on food and fuel Economist Crude Prices: Correction Underway? BCA Research Output plummets at huge Mexican oilfield FT China's Aluminum Producers to Cut Output by 10% BL Record High Chinese Back In Platinum UBS Dow Agrees to Buy Rohm & Haas for $18.8 Billion With Berkshire Investment BL Siphoning G.M.’s Future (Lowenstein) The man who lost $6 billion Fortune EDF Battles Hedge Funds, Power Traders to Keep Nuclear Power Data Secret BL A Little Fair Value Never Killed Anyone CFO Should Monolines Blame Mark-to-market? CFO Feds knock; a business is lost USAT Ten Busted Investing Myths WSJ Bank of England holds the line on rates Reuters Economic fears lead to slump in confidence Independent Consumer confidence has slumped to a record low following chaos in the financial markets, months of misery in the property sector and spiralling household bills. China Won't Stamp Out Inflation, Revalue Yuan Mukherjee Japan's Wholesale Prices Climb 5.6% in June, the Fastest Pace in 27 Years BL Japan's Bonds Gain on Concern Credit-Market Losses Will Deepen BL Singapore Economy Grows 1.9%, Slowest Pace in Five Years, on Output Slump BL Bovespa Falls 20% From May 20 High, in Bear Market BL Rx for Canada? Oil off the Boil BMO Focus PDF Spain Postpones 15-Year Bond Sale as Inflation Accelerates, Economy Slows BL Canada tightens mortgage rules to avoid 'bubble' Reuters
Wednesday July 9, 2008 S&P 500 closes in bear market turf MW Home builders Bovis, Redrow to cut 40% of jobs as sales slump MW Merrill asset sale size depends on Q2 loss: source AP Iran Test-Fires Long-Range Missile Able to Reach Israel, State TV Reports BL The unpublished doubts of mortgage-bond graders LA Times Complete SEC Report An analyst wrote that her firm’s evaluation methodology did not capture even half of the risk of a certain deal, but added that “it could be structured by cows and we would rate it” Steinhardt Says Stocks Will Extend Drop on Banks, Oil BL Phase two of the de-leveraging cycle JP Morgan PDF Risk of systemic failure grows as confidence in banks sinks to new low Independent IMF gloomy on growth, warns on inflation Reuters The Perfect Storm Returns Morgan Stanley The “borrowed time” is now running out, and we think a renewed slowdown is coming for the American consumer. A tale of two downturns Bear’s Lair It's All Over But the Dating for U.S. Recession Baum Bernanke's Power Grab NYSun Government Spending and Inflation Saville Bearish Economic News from Housing and Small Business Sectors NT PDF Consumer Spending Slide Killing Madison Avenue NYP Consumer spending cutbacks nail retail bonds MW U.S. Dollar: Next Carry Trade Financing Vehicle? BCA Research Real Change Paul Mortgage applications up 7.5% last week: MBA MW Fannie, Freddie Downgraded by Derivatives Traders on Concerns Over Capital BL Fannie Mae and Freddie Mac, ranked Aaa by the world's largest credit-rating companies, are being treated by derivatives traders as if they are rated five levels lower. Freddie, Fannie: A minefield for recovery CNN GSE's Falling Into the Abyss Barbera We're All Homeowners Now, Nationalization of Fannie, Freddie Unavoidable Mish Mortgage Lender Faces Rush to Withdraw NYTD IndyMac Wreck Could Lead to S&L Pile-Up TheStreet IndyMac: Analyst sets $0 target Ambac’s CDO Woes Seeking Alpha Fed focus on tri-party repo risk FT How the credit crisis is affecting banks and other consumer finance businesses TheStreet Financial Collapse CNBC Video Cramer: “I think the real bank failures are around the corner...” A conversation with Jamie Dimon Charlie Rose Warburg takes bath on MBIA stake NYP New York's Chrysler Building Is Sold to Abu Dhabi's Sovereign Wealth Fund BL Paulson: Many foreclosures can’t be prevented AP Foreclosures' financial strains take toll on kids USAT Programs to prevent foreclosure don't guarantee success Orlando Sentinel And Then the Roof Fell In WSJ - Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis Amazon - Financial Shock: A 360ş Look at the Subprime Mortgage Implosion Amazon Hedge Funds Have Worst First-Half Performance in 18 Years, Dropping 0.75% BL Alcoa's 2Q profit sinks 24 percent on higher costs AP SEC Ratings Probe Reveals Conflicts in Grading Debt BL Speculative debt defaults rise in 2nd qtr -Moody's Reuters Would-be investment bankers get set for bruising ride G&M U.S. regulators probe 2 ex-Credit Suisse brokers: report Reuters Nelson Peltz, activist marketer Fortune Gold rebounds on Iran missile test, off two-week low Reuters Oil Rebounds on Iranian Missile Launches AP Have commodities peaked? Two-day sell-off spurs talk of a top MW Commodity Monthly: Where are the physical stocks? Danske PDF Pelosi to Bush: Release reserve oil CNN Oil: The New Reality Wyss Welcome to a world with $500 oil FT The Sole Silver Price Depressant Butler Commodity Snapshot Bespoke Oil sands costs soaring? Add a 'superdome' G&M Shanghai, Hong Kong soar, as Tokyo comes off highs MW U.K. Mortgage Rates Surge, Consumer Confidence Declines as Economy Weakens BL Thousands of jobs go as the gloom deepens Times Online Trichet says inflation hits labour markets FT Japan's Machinery Orders Rose 10.4% in May, 10 Times Faster Than Estimated BL Japan's bankruptcies rise in first half of 2008: study AFP Beijing Cooldown? WSJ Beijing may see higher vacancy rates and lower rents and sale prices in the months immediately after the Olympics China Overheating Indicator DB Research Is the Canadian Dollar Undervalued? Global Insight PDF Lula May Increase Brazil's Take From Oil Fields as Tupi Spurs Rules Review MW Bring On Mad Max to Make More of Asia's Energy Pesek Sovereign funds keep mum at meeting on transparency G&M UAE & Other Gulf Countries Urged to Switch Currency Peg... Frankel Russia threatens military response to US missile defence deal Times Online
Tuesday July 8, 2008 U.S. stock indexes solidly ahead on oil's big drop MW John Templeton, pioneer investor, dies at 95 MW Commodities Decline on Speculation Weaker Global Economy Will Erode Demand BL Pending U.S. Home Resales Fell 4.7% in May, More Than Economists Estimated B NAR Ecuador's Dollar Bonds Plunge on Default Concern as Finance Minister Quits BL The Worst Earnings Season In More Than Twenty-Five Years? 24/7 Mortgage Fears Depress Global Shares NYT Bernanke says Fed may extend Wall Street lending Reuters Speech “We are currently monitoring developments in financial markets closely and considering several options...” World stocks at 21-month low as banks plunge Reuters Scary chart of the day (S&P 500) FTA Quarterly Review and Outlook - Second Quarter 2008 Hoisington Economic Monitor - July August NB Financial PDF Stag + Flation = Lots of Trouble BMO NA Outlook PDF It's a recession: 75% of Americans say CNN Pawnbroker’s Boom Is Sign of the Times WSJ “Why It’s a Great Time to Be an Investor” Saut Fed's Wall Street Lending May Keep It From Raising Interest Rate This Year BL Dollar is driving Fed's decisions, not the state of the economy Kellner Summer of Uncertainty Kass From the bad to the really sinister Mogambo The City bulls say 'Don't worry'. But you should. MoneyWeek They Still Don’t Get It Cornerstone Think the unthinkable. Might bankers have to seek even more rescue capital? Independent The American Economy is Grim, but At Least We're Not British Stelzer Time to put the brakes on this runaway train Rogoff 'WALL-E' and Shiller's new 'irrational pessimism' Farrell G-8 Says Oil, Food Prices Pose Risk to World Economy BL Statement Fannie, Freddie Capital Concerns Send Bond Risk to 14-Week High BL NYT: “If Fannie and Freddie are vulnerable, it means no one is absolutely safe.” Crisis wipes $1 trillion from financial stocks AP Bank losses from credit crisis may run to $1,600bn, warns Bridgewater Telegraph Credit crisis: How safe is your bank? Telegraph Toxic CDOs Given Up for Dead Coming to Life With Pension Funds BL Re-Remic stands for “resecuritizations of real estate mortgage investment conduits” IndyMac stops new loans, to cut work force by half AP The Continuous Housing Free Fall Washington Independent Second quarter the worst for strip mall owners in 30 years Reuters How the Public Will be the Proud Owner of Toxic Mortgages and Unwanted Housing Dr. HB Gold futures fall as oil declines, dollar gains MW Gold Longs Leap UBS Gold timers apparently aren't worried about gold, a bad sign Hulbert Oil swings down $6 over 2 days AP The Oil Problem Wachovia PDF Oil speculation: Why we don't have answers Fortune The usual suspects: Are financial investors driving up the cost of commodities? FT Speculation, Swaps and the Price of Crude Oil Infectious Greed Texas oilman T. Boone Pickens wants to supplant oil with wind USAT Pickens Sticks with $150 Oil; Could Fall to $100 CNBC China Shuts More Coal Power Plants; Warns on Shortage bl CFTC Amends No-Action Letter Issued to the Dubai Mercantile Exchange CFTC The Onion Ringer WSJ What happened the last time Congress blamed 'speculators.' Cost of oil, gas is totally bogus for surfers AP Microsoft backs Icahn's bid to oust Yahoo board AP Siemens cutting 16,750 jobs worldwide to cut costs AP Pension plans suffer huge losses CNN GM brands, overlapping models are under review Det News More salaried job cuts possible; company explores ways to raise cash. Some coffee fans get grim delight in Starbucks woes Reuters Psst! Hear the Rumor of the Day? NYTD Debt collectors on the rampage CNN Needed: Independent Panel To Evaluate SEC Enforcement Program Forbes (Atkins) Credit-rating agencies to face regulation Times Wall Street's colorful ways disappearing MW SEC should investigate Bear collapse: JP Morgan CEO Reuters Hong Kong plunges, financials front region's retreat MW Recession fears send London into bear market Times Disastrous reports pour in from every sector Times Online British CofC The bulk of the economy is sliding into a severe downturn Savills hit as London house prices fall 7.5% Times Persimmon axes 4,500 RBS calls up 'Captain Mainwaring' managers to guard younger business customers Tele Bank of Ireland warns on economy and markets MW Hot money inflow concerns China Daily The China Hot Money Scam Winter Blog Korean Won Advances to Two-Week High on Speculation Government Intervened BL Pakistani rupee sheds 2.6 pct, hits record closing low Reuters US exports to Iran increase in Bush years AP Brown: 'Stop wasting so much food' ~ Brown has eight-course dinner before food crisis talks
Monday July 7, 2008 Freddie, Fannie Plunge on Speculation Firms May Need to Raise $75 Billion BL Home Prices Decline in 23 of 25 U.S. Metropolitan Areas, Radar Logic Says BL Risks and Prospects for the U.S. Economy Yellen “Things could get worse before they get better” Next Shock: Currency Crisis? BMO PDF Microsoft Open to Yahoo Talks If New Board Is Elected Reuters Dollar Climbs on Speculation G-8 Leaders Will Support Currency at Meeting BL Monday Morning Outlook: Is the VIX Near a Peak? Schaeffers The Outlook For Inflation and the Likelihood of $60 Oil Hussman Global economy won't bail out the US MSN (Fleck) It's time for the central banks to take a lesson in emerging market economics King A pack of upset bears greet the second half Business Week Cover: The Bear's Back Barron’s Could cub grow into a grizzly bear market? USAT Bear Trap Opens For Resource Stocks WSJ (Complete via Google) Before stocks hit bottom and turn higher, he expects to get what he calls "GMO" calls from clients -- "Get me out!" He hasn't gotten any yet... Starbucks, the "Core," and Conventional Mortgages Noland Is this economy worse than past recessions? MSNBC Investors' anxiety builds as retirement nest eggs show cracks Boston Globe In the coming week, millions of ordinary investors will rip open envelopes holding their retirement account statements for the second quarter and cringe. Bernanke's Emerging-Market Disciples May Heed Volcker BL TIPS Flunk Inflation Test as Gasoline, Groceries Overtake Government's CPI BL Commodity prices and inflation - is there a connection? Shostak The buck doesn't stop here AP Things in the U.S. sure are tough. Brother, can you spare a euro? Yes, Stocks Will Rally, but Beware Dorfman Shadow boxing the apocalypse Brimelow Veteran Harry Schultz says we're in a "major global upheaval." Investing, Post-Bush Forbes Obama, McCain set to duel over economy Reuters McCain promises to balance budget Politico Next U.S. president will have hands full with economic woes ARepublic Ex-Fed president Poole: U.S. must fight inflation SF Chronicle The Credit Crisis Is Going to Get Worse WSJ Long a Reliable Profit Source, Dividends Start to Crumble WP The credit crisis and economic slowdown have become so grave that many companies are chopping dividend payments to their shareholders. Speculation of Merrill asset sales continues to build MW The Home-Equity Door Slams Shut Kiplinger Las Vegas property market hits a losing streak Reuters Foreclosed homes that just go to pot Chicago Tribune How foreclosures hit apartment renters MW Blackrock, Nuveen Sell New Preferred Haunted by Failed Auctions BL Banking Crisis Will Be Much More Severe Than Expected Reaching $1.6T in Losses Jesse’s Gold futures fall over 1% as dollar surges vs. rivals MW Gold charts point to $1,000 Reuters Oil Falls Below $144 With Dollar Strengthening AP The oil shock is a mortal threat to Asia's trade model Ambrose Evans-Pritchard BP 's Statistical Review says China's use of energy per unit of gross domestic product is three times that of the US, five times Japan's, and eight times Britain's. American Energy Policy, Asleep at the Spigot NYT Diesel Demand May Be Driving Oil Price Berry Congress tries to tighten commodities loopholes MW No Sign Of Deleveraging UBS We have seen no sign of the deleveraging in commodities that would usually be associated with this increase in risk aversion. Commodity prices spark new crimewave ThisisMoney A Fund manager's worst nightmare WSJ Stuck with financial stocks, handlers can only wince; 'I have no choice' InBev moves to sack Anheuser-Busch board Times JPMorgan's Marathon Embrace Begins Dimon's Lure of Bear's Lost Hedge Funds BL Frontline Takes Down Tanker Earnings as Record Oil Reduces Shipping Fees BL MBIA is paying for its errors Chicago Tribune GM may cut more jobs MW The Coming of the Car-Bot Business Week G-8 Visits Japan as Nikkei Relives Elvis's Debut Pesek A G8 removed from the real world U.K. Manufacturing Unexpectedly Contracted 0.5% in May to Eight-Month Low BL It could be five years before things return to normal Telegraph (Bootle) New Zealand Consumer Confidence Falls to Record Low on Jobs, Survey Shows BL Housing braces for further pain Australian Persimmon cuts jobs as home orders fall Telegraph B&B shares plunge to new low as investors flee Times Bank's stock is trading 11p below its rights issue price... Singapore's property boom cooling: analysts AFP Gulf states urged to rethink dollar pegs FT
Weekend Edition (July 5-6, 2008) Key U.S. Data Release and Events Global Insight Stock market braces for oil's ever-higher climb MW Dow, Nasdaq already reach bear territory as crude marches higher Dow Jones in Euros Alea U.S. Presidential Election: Mandate for Change BMO Focus PDF Losses in financials, autos paint bleak profit picture MW "Market Monitor"-James Grant, Editor of "Grant's Interest Rate Observer." NBR Transcript Treasury's Steel Urges Caution on Extending Safety Net to Investment Banks BL How bean counters have hurt your nest egg G&M Real Estate: Vultures swoop in CNN Gold: the precious laggard that will hit $2,000 Telegraph The Good Oil Commonwealth Research PDF Why oil prices will rise even higher G&M An oil addiction, a chronic enabler IHT Gas prices hold in record territory CNN Don’t keep on truckin’ Krugman Companies begin quest for oil, gas off Fla. coast AP Soft Commodities: Meats Zeal Most PVC producers boost prices 8˘/lb Purchasing Rogue trader costs TD G&M Accounting Plan Would Allow Use of Foreign Rules NYT A Window in a Smoky Market NYT (Morgenson) It's Been a Bear of a Year for Berkshire, but Managers Cite the Long View WP An ill wind is blowing for world's biggest salmon-farm company G&M BCE, Ontario Teachers' Reach Final Agreement on Sale BL Market turmoil? It doesn't rattle Warren G&M Coming week to make for grim reading in the UK Thomson Spain, Ireland `Thrown to the Wolves' as ECB Lifts Rate to Fight Inflation BL Are we headed for a drastic global shipping slowdown? Ambrose Evans-Pritchard Loan amounts cut over rising prices Times Online We're riddled with debt... but the cure is a killer Independent The danger zones of 2008 G&M The crash of 1974 is a nightmare vision of what could happen to today's Canadian stock market as a result of its domination by commodity stocks Maple Bond Market Plunges as Investors Avoid Foreign Debt BL Emerging Markets Briefer: The credibility game intensifies Danske PDF UK Housing Bust Spells Trouble for Pound Money & Markets Indian inflation up 11.63 pct, rate hike seen AFP Treasurer slams gate on Chinese raids Australian Iran inflation tops 26 percent AFP Flights begin from China to Taiwan IHT
Weekly Trends Scotia Weekly Focus Danske Week in Review NTrust PDFs Review and Preview Morgan Stanley (Wieseman) Euro Posts Weekly Decline as Economy May Rule Out Interest-Rate Increase BL
Friday July 4, 2008 High costs hit fireworks producers CNN Taking a vacation from our financial woes Stelzer Happy Holiday Weekend Comstock The Absolute Return Letter ARP PDF Shadow Banking, Private Credit or…? If the BIS is right, inflation is a more immediate threat than deflation Economist The Fed Fiddles... Forbes The price of the Fed’s lifeline is yet to be determined Economist The Economy? Words Fail Me. WP Think you're worried about the economy? Phillip Swagel is a wreck. Outlook Darker as Jobs Are Lost NYT Bearish battalions Economist Almost everything that could is going wrong for world stockmarkets What now, Dow Theorists? Hulbert Stocks: More Doldrums Ahead Business Week Market Perspective: Oil Foils Stocks Schwab Inexperience May Feed the Bubbles NYT (Norris) The domino effect Economist Many currencies that are backed by a current-account deficit are now falling just as the dollar has FX forecast update: To catch a rising tide Danske PDF U.S. Financial Data, July 3 Issue FRBSL LBO Defaults May Climb `Significantly' as Borrowing Costs Rise, BIS Says BL -- CGFS issues reports pertinent to the financial turmoil BIS Banks in Europe Might Need to Raise as Much as $141 Billion, Goldman Says BL UBS Banks: Everything must go! CNN B&B shares dive despite shareholder rescue Times Credit crunch: short and sharp is better than long and drawn-out Times Housing market seen getting worse Reuters Oil Falls as Iran Makes `Constructive' Response to Offer on Nuclear Work BL Gas scales record $4.10 a gallon CNN Emerging Asia 'highly vulnerable' to oil surge: ADB AFP $250 forecast as oil hits a new peak RTE Era Of Gold Dehedging Ends UBS Gold Could Hit $1,300 TheStreetvideo Citigroup says long-term gold price could double or even triple IBT Old King Coal Forbes Chinese agree to iron ore price hikes up to 96.5% AP Lax Real Estate Decisions Hurt Starbucks NYT Judge Orders Google to Turn Over YouTube Records NYT Chrysler looks at auto alliance with Chinese AP 9 convicted in Austria fraud case AP Refco was one of the world's largest commodities brokerages, and prosecutors said BAWAG played a pivotal role in its collapse. Russia Presses U.S. Bank Over Money Laundering NYT G-8 leaders face ominous economic woes this year AP FTSE 100 has worse to come, experts warn Telegraph British economy falling into American-style slump IHT Families turn to credit to cover mortgage bills Times Online The stock market: how bad can it get? Independent Cave-in sends Australian market below 5000 Australian New rules set to stop influx of 'hot money' China Daily Reassessing China's state-owned enterprises Mckinsey Pension investments see 5 tril. yen loss in FY07 Yomiuri Barratt to cut 1,000 jobs in building crisis Times Online Wolseley struggles M&S house broker cuts profit forecast by 20% Times Online
Thursday July 3, 2008 Stocks Mixed in Abbreviated Holiday Session AP RBC Strategist: Market 'Eerily' Similar to Early 2001 AP Concern Grows About Impact of Bank Failures Investors London pulls back from bear market levels MW US ISM services index shows contraction in June ~ Prices spike to record high ISM Euro Declines Against Dollar as Trichet Indicates One Rate Boost Is Enough BL ECB Gold futures fall, as U.S. dollar rises after jobs data MW Grant Says 'This Time Is Different' for U.S. Consumers BL Video U.S. Economy Loses 62,000 Jobs, 6th Straight Drop; Unemployment 5.5% B BLS JClaims U.S. Credit Perspectives - It's Been a Long Time PIMCO (Kiesel) In 2008, Shades Of October 1987 Forbes No Bright Light Marking the End of Sub-Par Growth in the U.S. Wachovia PDF Global Scenarios - July 2008 Danske PDF Global Equities: Oversold Is Not Enough BCAR Pick of The Week Bedlam PDF Global Inflation: The Next Major Obstacle Aden More bats and a bigger budget Mogambo To show you what an unimaginative dork Mr Paulson is... Paulson: inflation becoming top global focus Reuters Bush's Dollar Maps Loss of Clout to Russia, China at His Final G-8 Summit BL Soros: "We are in the midst of the worst financial crisis in 30 years" Stern “We need to start regulating capitalism better. Otherwise, it is going to destroy itself - and we are going to destroy ourselves.” Lessons to be learnt from the financial crisis FT (Wolf) UBS's Woes, Lehman's Throes, Dead Derivatives, EU Fix Gilbert Global Financial Turmoil and the World Economy Mishkin Deutsche Bank's Anshu Jain Says Global Credit Crisis Is `By No Means Over' BL Municipal Market's `Fire in the Disco' Burns Hospitals, Schools, Cities BL Hospitals, airports, school districts and local governments around the country have been socked with spiraling interest bills on many of the $80 billion of insured variable-rate bonds. No Loans at Mountain 1st Means Credit Drying Up at Community Banks in U.S. BL UBS May Write Down Another $6.9 Billion, Seek More Capital, Citigroup Says BL U.K. Banks Plan to Curb All Lending Further BL Credit Conditions Survey Los Angeles, Miami Foreclosures Double; $5 Billion L.A. Mortgages Go Bad BL City Housing Slump May Hit In 2009 NY Sun Vulture real estate investors swoop in CNN Mortgage ruling could shock U.S. banking industry Reuters Arson Rate Surges Across U.S. for Foreclosed Homes Lost to Subprime Crisis BL The biggest surge of mortgage defaults in seven decades coincides with an increase in blazes in foreclosed properties led by states with the most repossessed homes Once Super-Wealthy Athletes Losing Their Homes CNBC Video Gold's rally probably won't get a summer break MW Oil Advances to Record as Investors Seek Refuge From Stock-Market Declines BL OPEC: Iranian Output Would Be Hard To Replace Dow Jones The great debate on speculation and oil Reuters Forecast Alert: No Relief from High - and Rising - Oil Prices for Another Year Global Insight End of the petroleum age Asia Times City Faces More Anguish at the Pump NY Sun (Dorfman) The high cost of filling up G&M India Bans Corn Export to Curb Prices, Boost Supply, Trade Ministry Says BL Farmland and water-related assets lure funds Reuters Lehman's Hedge-Fund Deals Leave Public in Dark Weil Lehman to Issue Stock to Employees to Retain Talent CNBC How Lehman lost its way Fortune (Sloan) The Wall St. firm once looked like it would escape the worst of the credit crisis. Now there's talk of a Bear Stearns-like collapse... LA Times to cut 250 jobs AP Lockheed to cut jobs - UnitedHealth to cut jobs SEC Plan for Swaps `Securities' Gets Alabama Rebuff Mysak Ex-UBS broker sues, alleging firm retaliated Boston Globe Beware the curse of Dick Grasso MW Art market may be less rosy than top sales suggest Reuters ECB hikes rate to 4.25% MW ECB Sweden raises rates by 1/4 point, sees two more Reuters Indonesia Raises Key Rate a Third Time to Cool Prices BL Will Jean-Claude Trichet drive the world off a cliff? Ambrose Evans-Pritchard Sadly, we are witnessing the sort of strategic errors that turned the recession of 1930 into a global catastrophe. U.K. Services Contracted Most Since 2001, Banks to Curb Loans BL High street hit by full force of credit crunch Times Online Standard of living to fall for at least a year Telegraph Investors warned off shares for three years ThisisMoney Nikkei 225 Beats China, India Even After Longest Rout Since '54 BL The Right Way to Beat Chinese Inflation Brookings S.Korea says economy may be headed for stagflation Reuters The party's over for Canadian spendthrifts Globe & Mail Consumers won't be spending like ‘drunken sailors' any more Why the Gulf Is Switching to Coal Spiegel FSA moves to make hedge funds disclose CfDs Independent Samsung faces crisis after chairman quits: executive AFP Add locusts to China's list of calamities LA Times Zimbabwe can't paper over its million-percent inflation anymore WSJ Under pressure, German company cuts off shipments of blank bank notes to Mugabe.
Dow's bear market run spells trouble for Wall St. Reuters Based on historical patterns of bear markets, Wall Street's current slide has some ways to go before it plays out. Take a deep breath, investors: Drama's in store for rest of '08 USAT
Wednesday July 2, 2008 Dow Industrial Average 20% Below October Peak BL Oil futures mark a record close, then top $144 in Globex trading MW Fugitive hedge-fund swindler Sam Israel in custody AP Merrill, Citigroup Estimates Cut by Oppenheimer's Whitney on Writedowns BL Factory Orders Post Modest 0.6 Percent Gain in May AP Census Hong Kong exchange will reintroduce gold futures trading MW Overdue U.S. Home-Equity Credit Lines Climb the Most Since 1987, ABA Says BL Buffett's Berkshire Suffers Worst First Half Since 1990 on Insurance Slump BL ADP shows biggest job loss in nearly 6 years MW First-half layoff plans up 21% vs. 2007, Challenger Gray says MW Paulson Calls for Process to Liquidate Failing Firms BL Elephant Talk Contrary Investor Deepening Cycle of Job Loss Seen Lasting Into ’09 NYT Markets calling Bernanke's bluff Reuters (Saft) Danger: Open Trench Barbera Global Inflation, Economic Slack and Monetary Policy Berner Why deflation is really possible MoneyWeek Confused Seas Cornerstone Obama May Produce $1 Trillion Deficit, Gross Says BL Rules to Keep Your Skin in Wall Street Massacre BL (Lewis) The Fed Family Feud Stelzer Dollar Bursts In Air NYP Central banks still buy dollars when no one else wants to... Setser Ten market themes and how they're likely to play out in the second half Harrison From tulips to $4 gas, 'speculators' are always to blame Barrett Dispelling the Myths of Summer NYT (Leonhardt) Fed must prevent wage-price spiral: Lockhart Reuters Speech Credit faces further weakness on oil, banks Reuters Credit crisis seen extending into 2009 Write-Downs, Right Down to the Ground WSJ Blog Resets Peaking on Subprime Loans WP As Foreclosures Escalate NYT Commercial Loans: Behind the Next Hit WSJ Vacant homes spread blight in suburb and city alike CS Monitor Amid housing bust, foreclosures vex communities trying to hold dereliction and crime in check. Manhattan real estate starts to soften CNN Manhattan Apartment Sales Record Biggest Second-Quarter Decline Since 1997 BL REITs Bruised by Credit Crisis WSJ “People are not expecting the credit market to open anytime soon” Don't be fooled by lack of bankruptcies Miami Herald Taylor Wimpey shares crash over funding crisis Times Online UK's largest housebuilder drops 49% as it admits it may breach its covenants CDO Creators Seek Redemption, and Profits, From Mortgage Market BL Starbucks Will Close 600 Stores, Cut 12,000 Jobs; Sees $348 Million Charge BL Big trouble for Big Three automakers CS Monitor GM Cut by Merrill Auto sector bleeds from bite of high fuel G&M Blockbuster pulls Circuit City bid MW Grasso Wins Appeal in Suit, Can Keep $190 Million Pay BL The Wizards of Short-Selling Business Week Buffett blown away by lunch bid - but it'll still last only three hours G&M Paulson repeats call for banking overhaul AP US demands names of UBS customers Times Online PCAOB Cites "Deficiencies" at PwC CFO Crude-oil futures edge lower ahead of supply data MW Middle East war threat rattles oil markets Telegraph Hunting for oil villains Fortune The story of the Hunt brothers, who cornered the market on silver in the 1970s, shows why speculators aren't driving up oil prices. At $9 per gallon, British driving habits change CS Monitor Surge in the price of oil sparks fears of a food crisis Ambrose Evans-Pritchard Nikkei 225 revisits decades-old stretch of woes MW “It's the longest losing streak (the Nikkei has) had since 1965, when the Vietnam War was on” Falling house prices raise spectre of a crash Times Online Housing equity withdrawal dives by 64% Times Online Housing slowdown starts to bite economy hard Reuters “Things are likely to be even worse than we had previously thought...” Recession fears as business activity slows Telegraph Stock market braces for more gloom China Daily When Chinese investors pumped their savings to fuel a feverish stock market last year few would have thought that their market assets would plummet by nearly 50 percent in half a year China Equities Start To Bite UBS China stocks starved for state aid Standard Shrinking profits force hundreds of Chinese shoe makers to quit AFP India's Economy Hits the Wall Business Week Growth is slipping, stocks are down 40%, and foreign stock market investors are fleeing. The Irish slowdown VOX M&S stuns as profit warning sparks share plunge Times Online When Markets Collide: Investment Strategies for the Age of Global Economic Change El-Erian
Tuesday July 1, 2008 Stocks End Choppy Session Higher TheStreet Gold futures close at two-and-a-half-month high MW Rubin Says Global Economy Facing 'Extended Difficulties' BL Video GM June U.S. sales fall 18.2% to 262,329 vehicles MW Ford, Toyota, Nissan U.S. Sales Slump as Trucks Shunned; Honda, VW Rise 1% BL S&P Cuts Outlook on Some Banks, Other Financials AP Analysts: Banks Might Need Extra $30B in Capital AP Fed auctions $75 billion to ease credit stresses AP FED Oil, Commodity Demand Will Drop as Economic Slowdown Persists, Faber Says BL Video Worker confidence falls in June, survey says MW For the first time in five years, more workers are at companies that are laying people off than are at companies that are hiring CIT Group Exits Home Lending Businesses AP Gold rises over 1% as dollar falls, oil gains MW ECB unveils new gold sales totalling 30 tonnes AFP U.S. June ISM manufacturing index surprises to upside ISM Economic Report: U.S. construction spending down 0.4% in May MW Census Moody's Says Some Employees Breached Code of Conduct on Evaluating CPDOs BL Stocks: New quarter, old fears CNN Stocks Won't Stay Down—and Investors Don't Like It CNBC Cashin: No Capitulation Global profit warnings could be next shoe to drop Reuters International Economic Trends - Annual Edition, July Issue FRBSL A Bleak Outlook For June's Jobs Morici Inflation fears spark global market rout FT The End of the Inflation Scare? Outside The Box Inflation rears its head Deutsche A global war on inflation CS Monitor Consumer expectations can be more dangerous than inflation G&M Paul Volcker: central banks should not loose focus on inflation FEM Inflation squeezes retirees as more seniors downsize dreams USAT Deflationary Hurricanes to Hit U.S. and U.K. Mish Gloom and Doom? Nah; Just for the U.S. An interview with Peter Schiff: The U.S. wouldn't be afloat without help. Investment Flash: Bear Market Insanity Lamont FX Strategy: IMM positions - Speculative investors now net short JPY Danske PDF Wen urges US to stabilize dollar China Daily Mega-Meltdown poll: 25 major threats to mull ahead of '08 vote Farrell Debt-Laden Casinos Squeezed by Slowdown WSJ Nevada's brothels hit hard times Newsweek Local and national outbreak of grave robbing St. Louis Post-Dispatch The Picture of a Credit Crunch Kasriel PDF In the Credit Markets, Relief Rally Gives Way To Renewed Fear WSJ Investors Sell Risky Assets Amid Worries About Banks, Bond Insurers, Inflation Global markets are taking a gloomy view of many struggling financial firms WSJ U.S. ABS issuance tumbles 81 pct to $123.6 bln in H1 Reuters Junk Borrowers Squeezed in Europe After Bond Market's Year-Long Shutdown BL Subprime hurts Sumitomo's asset management Reuters IndyMac denies that it's close to collapse LA Times Depositors have been pulling money from the Pasadena-based thrift, whose share price is down 90% this year. What the Case-Shiller and OFHEO House Price Indices Are - and Are Not - Telling Us GIn The Next Victim of the Real Estate Crisis Business Week As the economy stalls, state and local governments will see less tax revenue roll in. Get ready for cuts in services Wachovia quits offering risky mortgage loan AP Mortgage ruling could shock U.S. banking industry Reuters Florida sues Countrywide over mortgages Reuters The Moulin Rouge Housing Bubble: 3 Fascinating Stories Dr. HB The Short View: The Greenspan test FT Gold Advances in London, Buoyed by Tensions in the Middle East BL Precious Metals Upgraded UBS Oil climbs to $142 a barrel in Asia AP Speculation not to blame for oil - report CNN IEA PDF File Let’s Shoot the Speculators! Newsweek (Samuelson) More oil will not bring price down: Saudi king Reuters Iran says OPEC powerless to reduce oil price-report Reuters Oil Is Making Millionaires in North Dakota ABC School's Out: Let The Summer Begin Simmons PDF Asian customers agree huge iron ore price rise: Rio Tinto AFP The biggest Olympic coin ever is 22 pounds of solid gold PP IPO issuance sinks in first half MW Cringing Quarter for Venture Capitalists NYT Lenders create a bankruptcy monster MSN Second Helping For Bank Shorts Lenzner Unfortunately, the masters of the universe were wrong Chrysler to close 1 plant, cut production at 2nd AP Dollar Thrifty cuts its outlook Reuters Brunswick Has Rating Cut to BBB- by Standard & Poor's BL Records of UBS's U.S. Clients Sought Under Justice Department Tax Inquiry BL Are Bean Counters to Blame? NYT A new accounting rule — “an accounting rule!” — partly explains why the American financial system looks so wobbly these days No New Accounting Rules for Three Years? CFO Confessions of a Money Manager With Nowhere to Go Pauly Seth Klarman Q&A Institutional Investor Bill Miller finds opportunities in battered financials Asian Investor Return of the ’70s Weirdos (MSFT) Newsweek House Prices in U.K. Have Biggest Annual Drop Since 1992, Nationwide Says BL BoE: Mortgages for homebuyers dive 64% Thisismoney U.K. June Manufacturing Contracts Most Since 2001 BL UK manufacturing may be heading for recession Telegraph Consumers fail to save despite the gloom FT Europe Poorer in the Face of Rising Prices DW Inflation expectations hit record high in June Reuters This is the fourth month in a row that the index has hit a record high Denmark Enters Recession, GDP Shrinks Quarterly 0.6% BL Japan's Tankan Business Confidence Falls Less Than Economists Estimated BL Developed Nation Equities Wachovia PDF China's exports threatened by rising costs WSJ “This is the year when things finally changed” China to slow yuan's rise, wind down tightening Reuters Asia factories push costs on to world's consumers Reuters Olympic Pollution, Oil Bubblemania, Give Japan Credit Pesek Lift faces fall into liquidation Australian Zimbabwe - From Hyperinflation to Growth CATO PDF North Korea: U.S. Enemy No More Business Week
Stocks End Quarter Just Above 'Bear' Wsj U.S. Stocks off $2.1 trillion this year USAT AP: “This was the worst first half for the Dow Jones industrials since 1970” Global stocks close dismal 1st half, outlook grim R
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