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Weekend Edition (May 17-18, 2008)
Key U.S. Data Releases and Events Global Insight
What a Deal: Trash for Treasuries NYT (Morgenson)
The Old Titans All Collapsed. Is the U.S. Next? Washington Post
This may well be the Big One: the multi-decade endgame of U.S. ascendancy. The chronology makes historical sense -- four decades of premature jitters segueing into unhappy reality.
Remembering the Victorian Depression EDC
What Does It Mean When Monetary Policy Conducts a Fiscal Policy Operation? McCulley
Material witness State Street PDF
In the Eye of the Economic Hurricane Northern Trust PDF
A Red Herring Noland
When government plays games with numbers, we all lose CMonitor
The Scars of Losing a Home NYT (Shiller)
It’s Not Just Petroleum, All Imports Cost More NYT (Norris)
On Inflation and The Fed Merk
The Fed at the Crossroads Mauldin PDF
The economic sky has fallen Mogambo Ash - Swenlin on earnings - Harding
Bernanke Wants Pelosi's Consent to Start Paying Interest on Bank Reserves BL
Asset Prices Matter, On the Way Up and Down Barron’s
Warning to equity investors: 'Watch your tail' G&M
“We've had the initial shock to animal spirits and the initial shock to the housing market. But most of these things take a long time to work through the system...”
An Alarm Is Blaring: Time to Buy Hulbert
An age of uncertainty Chicago Tribune
Seniors living on a fixed income face hard choices as costs soar for groceries, gas and medicine. No relief is in sight.
FSN Broadcast for Saturday, May 17 Financial Sense
U.S. Financial Data, May 16 Issue FRBSL
Scandinavians unite to end Iceland's chaos Telegraph
The solidarity gesture is a powerful signal to hedge funds betting on Iceland's downfall that they are up against the international system.
Banks may be better off selling assets Independent
Judge puts off ABCP ruling G&M
Fannie, Freddie Called Weak in Capital Base WSJ
The Senate Banking Committee is prepared to vote as early as Tuesday on legislation aimed at improving regulation of Fannie and Freddie
End of crisis metrics FT Alphaville
Credit Crunch Watch Oxford Economics PDF
The financial stress indicator has dropped for the ninth successive week, and has now returned to the levels prevailing before the Bear Stearns collapse in March.
The Great Credit Squeeze: How it Happened, How to Prevent Another FDIC
The Failure of Arbitrage Legg Mason PDF
Boom and Gloom in the Housing Markets: The Sequel FRBSL PDF
Builders get hammered again CNN
Nonresidential construction held up as housing slumped. But a slowdown for offices, hotels and malls is looming, which could be another jolt to the economy.
A Buyer’s Market, a Seller’s Pain NYT
The man who told you so Baltimore Sun
Using Countrywide as an Example of Housing Excellence Dr.HB
Sacramento-area renters suffer from foreclosures SacBee
5 Key Housing Stats: Examining the U.S. Housing Market in May 2008 MyBudget
Cities sue home lenders USAT
Don't get excited over 'housing rebound' story Baltimore Sun
Saudis and US act to bring down oil price Times Bush fails to win Saudi help on gas prices
Crude Oil Prices 1861 - 2008 Forbes
Oil prices: Wall Street's game CNN
Japan's silos key to relieving rice shortage Times Online
With commodities traders sniffing that a US-Japan deal was imminent, rice futures ended the Asian trading week in a dramatic nosedive
The Food Chain: World’s Poor Pay Price as Crop Research Is Cut NYT
China sought cheaper iron in share deal Australian
Eric Sprott: Short sellers tarnished my IPO G&M
Morgan Stanley cut 1,500 jobs this week: source Reuters
Ford Sells $5.3 Billion of Auto-Loan Bonds, Biggest Offering in Six Years BL
Berkshire's No. 2 man helps from the background AP
Carl Icahn will destroy Yahoo MW Battle for Yahoo MW Coverage
Not-So-Safe-Deposit Boxes ABC
States Seize Citizens' Property to Balance Their Budgets
What's next for the Ron Paul revolution? WSJ
China's Simple Solution Schiff
As China grapples with the consequences of its devastating earthquake, it has also begun to finally confront the destabilizing forces bubbling up beneath its economic landscape.
Construction industry feels squeeze Times Online
Still Springtime in Canada BMO Focus PDF
In Siberia, Shopping Malls Are Sprouting All Over NYT
High-Tech Japanese, Running Out of Engineers NYT
Hong Kong Loses an Independent Watchdog Asia Sentinel
Webb resigns because the exchange’s business is too murky
Reserve ratio hike postponed in quake-hit areas China Daily
Weekly Trends Scotia Weekly Focus - May 16-23, 2008 Danske PDFs
Friday May 16, 2008
Most U.S. Stocks Drop, Led by Retailers, Banks; J.C. Penney, Keycorp Fall BL
30-year mortgage rates fall to 6.01%, lowest in a month AP
U.S. to suspend oil reserve shipments CNN
Cheap oil may be history as $100 becomes the new norm MW
Gold futures climb past $900 as oil prices surge MW
Saudi Arabia Plans to Boost June Oil Production by 300,000 Barrels a Day BL
Paulson upbeat about economy, markets MW
Consumer Confidence Plunges to 28-Year Low Reuters
Housing Starts in U.S. Unexpectedly Increase on Condominium Construction BL PDF File
Headwinds vs. Tailwinds Comstock
Blackstone Says Markets May Be in `Eye of Hurricane' BL
Nobel Laureate Scholes Says Financial-Market `Storm' May Not Have Passed BL
Californians leading the way to consumer bust Reuters (Saft)
Slowdown fears easing? Then where's the growth Globe & Mail
Okay, it's definitely a deep, deep recession TIME Blog
Dollar rally, leaks put fresh focus on G7 meetings MW
Traders speculate U.S. officials pushed other nations for greenback support
The dollar's short-lived comeback CNN
We've Seen This Movie Before Steve Forbes
The dollar debasement that the Federal Reserve began in 2004 and exacerbated in the aftermath of last summer's credit crisis is wreaking the havoc history told us it would.
Government Inflation Data at Odds with Reality Dorsch
The incredible shrinking nest egg USAT
Private investors shun US assets, data show outflow Reuters TIC
World could face severe economic downturn, new UN report suggests UN
Bernanke's bubble laboratory WSJ
Princeton protégés of Fed chief study the economics of manias.
A deficit of intelligence, insanity in surplus Mogambo Winter - Bonner - Mish - Price - Dr. HB
Kudlow on Ritholtz Big Picture
Fed, BOE Signal End of Rate Cuts as Price Pressures Increase, Crisis Eases BL
Bond Sales, Muni Bankers Are Set to Dive Off Cliff Mysak
Muni-bond meltdown: Could California be setting a trend? Globe & Mail
Is AIG the Citigroup of insurance? Economist
Cheap loan hopes hit as Libor soars Times Online
International Banking - Paradise lost Economist
Color-Blind Merrill in a Sea of Red Flags NYT (Norris)
Would you invest money — at a very low interest rate — to finance mortgage loans made to risky borrowers who put no money down?
Fannie to Scrap Policy Over Down Payments WSJ
Housing woes lure back bold buyers CS Monitor
From California to Florida, investors snap up distressed properties, hoping to profit.
Growing Number of Affluent Homeowners Can No Longer Afford Their Mortgages WP
How Icahn Influences Yahoo Without Buying the Stock WSJ Blog
Buffett's Berkshire Boosts Kraft, Wells Fargo Stakes BL
“If a stock goes down 50 percent it doesn't bother me in the least”
Buffett pulls out of RBS insurance sale: report Reuters
For Wall Street Workers, Ax Falls Quietly NYT
Macy's Has Debt Rating Cut by Moody's, Loses Icahn as Investor BL
Miller sees drinkers buying less-expensive beers AP
Critics: SEC no match for investment banks Financial Week
A solid fund for a shaky market CNN
Stellar art-auction results in New York do not tell the full story Economist
Princeton's Burton Malkiel says U.S. investors are underweight China MW
-- From Wall Street to the Great Wall Amazon
Justifying poor investments by insisting, 'This time it's different' IHT
Bush May Have Lost Wealth During Presidency WP
Vice President Cheney and his wife, Lynne, have fared better
Beware Risk Fear Return UBS
Global gold hedging falls 18 pct in Q1 - Fortis Reuters
Oil Surges to Record Above $127 on Speculation China Will Boost Purchases BL
Goldman raises second-half average oil price forecast to $141 MW
US-Saudi axis faces day of truth over oil prices Ambrose Evans-Pritchard
If the Saudis deny help once again, they risk incalculable damage to their strategic alliance with Washington.
Who Really Controls the Oil Market? Arab News
Energy Whiz on a Selling Spree Dorfman
Gaines remains a die-hard energy bull and sees oil climbing to $200 a barrel
The key to commodity profits Jubak
Soaring freight costs add to price of basics FT
Rice Slumps, Set for Biggest Weekly Drop Since 2004, as Supplies Increase BL
As food prices shoot up, so do backyard gardens CS Monitor
Mexican tortilla prices 'up 18%' BBC
Steel prices set to top ¥100,000 a ton Asahi
Venezuela stops open-pits and gold mines Reuters
Oil May Reach $500 a Barrel, Chavez Warns BL
New Study Finds Silver Futures Market is Functioning Properly CFTC
Study Finds No Evidence of Manipulation
ECB liquidity scheme fears FT
The ECB is voiced "high concern" at growing evidence that banks are exploiting its efforts to unblock the frozen funding markets by using its liquidity scheme to offload more risky assets than it envisaged.
Iceland to Receive $2.3 Billion From Nordic Central Banks to Prop Up Krona BL
Japan's Economy Grows 3.3%, Faster Than Estimated, Led by Exports to Asia BL
India's Inflation Unexpectedly Accelerates on Food BL
Food prices stop rising, consumers happy Financial Express
China's Stocks Bow to Whims of Control Freaks Sesit
The euro-area economy - Too good to last Economist
A global slowdown, dearer oil, a strong euro and the credit crunch all start to bite
'I will rescue economy' - Gordon Brown ThisisMoney
“I have done it before and I can do it again”
Bank 'must switch or crucify consumer' Telegraph
India's Global M&A Boom Business Week
Pots and kettles Economist
The credit crisis has cooled Asia's ardour towards Western banks. But the region stands to gain even more from opening up than Wall Street does
2008 Country Returns BeSpoke
Chinese Quake Shows Change in Winds Across Asia Pesek
An Unnatural Disaster Newsweek
America bears much of the blame for its waning global clout.
The Geopolitics Of Israel Investor Insight
Fed's Direct Loans to Banks Climb to Record Level BL
Fed auctions $7bn in securities BBC
The amount auctioned was far less than the $25bn available
Not your father's Fed MW
Thursday May 15, 2008
US declines to cite China as a currency manipulator AP
OPEC trims 2008 global oil demand forecast Reuters
Home builders grow more pessimistic in May Reuters
Bernanke `Strongly Urges' U.S. Banks to Raise More Capital as Crisis Wanes BL Speech
Icahn says he will fight Yahoo on Microsoft Reuters
U.S. Industrial Production Drops More Than Forecast as Consumers Cut Back BL FED
Manufacturing in New York Unexpectedly Contracts BL NYFed - JClaims Up
Fed chief Volcker sees 70's-style inflation risks Reuters Volcker Testimony
“If there is a real loss of confidence in the dollar, then I think we are in trouble.”
Fed Adds Liquidity and Economy Avoids Recession Berry
Paulson Should Act to Stop Dollar Slump, Americans Say in Poll BL
FX Crossroads - EUR/USD: Will history repeat itself? Danske PDF
OECD warning as stagflation goes global Ambrose Evans-Pritchard
OECD PR: “The latest data for major OECD non-member economies point to a potential downturn in Brazil, China and India...”
How much longer will the U.S. remain the leader in the world competitiveness? IMD
Towards a re-make of the Japanese tragedy?
U.S. Consumer Outlook: Slowdown Continues BCA Research
Poll: Americans' money worries are growing LA Times
The great asset price controversy FT
On Bookies and Economic Gurus North
Recession? Not so fast, say some economists WSJ
Schwarzenegger to propose borrowing against lottery AP
Faber & Gartman on commodities Bloomberg Video Buffett Talks Food Prices CNNVideo
Barclays Writes Down $3.3 Billion, Says Investment Banking Is Profitable BL
Blackstone Has $66.5 Million Loss as Buyouts Dry Up, Portfolio Value Drops BL
Wishful thinking about Freddie Mac Fortune
Shares rally as investors make a risky bet that the housing meltdown will be contained.
Automotive Armageddon Fortune
The next U.S. president could obliterate the auto industry as we know it.
Bank fair value debt gains may yet be reversed Reuters
GE May Sell or Spin Off Appliance Unit, People Say BL
Citi's Bad Bet Forbes
Wal-Mart's "Faded Glory" Leonard
Microsoft's Vista: New Horizon or the End of the Road for PC Operating Systems? Wharton
Merrill Tries to Temper the Pollyannas in Its Ranks NYT
Wall Street finally may be mustering up its courage to say ”sell” more often.
Inside the Earnings Engine Schwab
Beware of financial engineering. Look for organic growth at reasonable prices.
SEC Charges ex-Broadcom CFO, Others CFO
Broward broker barred from industry Miami Herald
Senator wants FTC to join Countrywide investigation USAT
Bacon's $86 Million Headless Corpse Tops Sotheby's Biggest Sale BL
When the Bank Freezes Your Line of Credit WSJ
Across the U.S., sellers with good credit who have never been late on a mortgage payment are getting their home equity lines of credit (HELOCs) frozen or downgraded.
Flood of Foreclosures Prove Loan Modification Isn't Working Mish
Real Homes of Genius: Today we Salute you Compton Dr. HB
Collateral Foreclosure Damage for Condo Owners NYT
George F. Will: The other side of housing crisis Sac Bee
Foreclosures take toll on mental health USAT
Recovery From Worst Housing Slump Since 1930s Comes With Angel BL
“You buy the mortgage for pennies on the dollar, carry the big stick, tell the homeowner how it's going to be, then double your money very easily”
As Dues Dry Up, The Neighbors Pay WSJ
The incredible shrinking house CNN
Detroit condo project puts discarded containers to use DetFP
Rotations continue: gold vs. potash Mineweb
The resource bubble Financial Post
Food prices poised to drop sharply: Yardeni G&M
What does $120 oil mean for the global economy? Fabius Maximus
How credit cards boost gas prices CNN
Gas prices up? All in your head, data says Reuters
“The drop makes absolutely no sense. Where does the BLS buy their gas?"
Oil Traders Draw Congress' Ire Business Week
Is Wall Street To Blame For Runaway Energy Prices? Dow Jones
ExxonMobil's Donald Humphreys Defends Big Oil and Its Role in a Global Economy Wharton
Baltic capesize sea index hits record on China ore Reuters Chart
Japanese Machinery Orders Decline for Second Month as Global Growth Slows BL
China Factory, Property Spending Rises 25.7%, Adds to Overheating Concern BL
Globalization's Victors Hunt for the Next Low-Wage Country Spiegel
Chinese airlines face downturn China Daily
In April, Air China reported little change in traffic volume from a year ago, and its passenger load factor fell for the second consecutive month.
China doesn’t show the way Indian Express
Bank chief: Economy is facing recession ThisisMoney
Housing downturn hits CSR Australian
Red-hot Canadian housing market loses its heat G&M
China slow in meeting WTO commitments: US study AFP GOA
Superclass and the Inequity of Globalization YALE Global
The New Cold War NYT (Friedman)
Wednesday May 14, 2008
Gold futures drop over $19 in three sessions MW
Rate hikes by November? Futures traders bet on it MW
Why the U.S. dollar's decline finally may have ended Kellner
Merrill Tells Analysts to Rate 20% of Stocks as Sell, Limits Buys to 70% BL
Consumer Prices in U.S. Rose 0.2% in April, Less Than Economists Forecast BL BLS
Foreclosure filings soar 65% to record CNN
Dollar Bears Turn Bullish as End of Rate Cuts May Boost U.S. Asset Appeal BL
The crisis rotates from America to Europe, and Asia Ambrose Evans-Pritchard
Productivity's poisoned legacy Bear’s Lair
Economic 'misery' more widespread CNN
Recoupling: More Likely Malign Than Benign Berner
Massive risk looms, but bulls have reason to hope Harrison
Fund Manager Survey Finds Inflation Overtakes Growth as Number One Stagflation Fear BW
Recession Fears Spreading NFIB
Growing Deficits Threaten Pensions WP
Accounting Tactics Conceal a Crisis For Public Workers
Credit, Housing, Commodities, and the Economy Yellen
MBIA, Ambac Losses Raise Concern Top Aaa Ratings May Again Be in Jeopardy BL
CDOs Flicker to Life as Babson, Deutsche Take Over Hartford, Brevan Funds BL
Is It Over? Stelzer
Freddie Mac posts loss, sees more housing weakness MW
Fannie Mae adds capital with $2 bln preferred stock Reuters
Barclays Sums Don't Add Up for Doubtful Analysts Gilbert
Crédit Agricole forced into €5.9bn rights issue FT
A&L writedowns bigger than expected FT
Battered B&B in emergency rights issue Times Online
It would also represent a U-turn for the bank, which only three weeks ago emphatically denied a report that it was looking at a rights issue.
Consumer Credit Crisi$ Showing Up In The Cards NYP
Get ready for more bank failures CNN
Mortgage applications rose 2.9% last week: MBA MW
Greenspan doesn't expect U.S. housing bottom until 2009 MW
The subprime house of cards Cleveland
A Plain Dealer analysis shows that nearly half of the subprime loans written in Cleveland in 2005 by five of the country's biggest subprime lenders resulted in a foreclosure filing.
FBI warns of escalating mortgage fraud AP
Ownership, Rental Costs and the Prospects of Building Home Equity CEPR PDF
An Analysis of 100 Metropolitan Areas
The Housing Bust and Lending: The Worst Is Yet to Come Smith Blog
Icahn buys Yahoo shares; mulls board proxy contest WSJ
Deere Profit Misses Estimates as Construction Sales Fall; Shares Retreat BL
JPMorgan may cut 4,000 jobs on Bear deal and markets Reuters
Sears: From majesty to hedge-fund dust Asia Times
Ex-Banker From UBS Is Indicted in Tax Case NYT
Bankruptcies now come pre-packaged Reuters
Which Rules Rule? Now Ask FASB CFO
Physical buyers emerge as gold prices slip G&M
Pension Funds `Diversify' Into Commodity Bubble Baum
Commodity prices too pumped, TD warns G&M
The market sets high oil prices to tell us what to do FT (Wolf)
Oil's Murky Math Business Week
OECD leading indicator points to economic slowdown Reuters
Food investment, not imperialism FT
Indians bristle at U.S. criticism on food prices IHT
Thai Rice Price Breaches $1,000 a Ton for First Time BL
Iron prices still red-hot, says Rio Australian
Natural Gas: Stay Bullish BCA Research
BHP hits record on talk of Chinese buyer Reuters
Bank of England Says Inflation Will Accelerate, Overshoot Government Limit BL
Mervyn King warns the 'nice decade is behind us' Times Online
EU Officials Welcome Euro Decline, France Says May Still Be 20% Overvalued BL
China's Industrial Production Growth Cools; Yuan Falls on Export Concerns BL
Mainland money supply and loan growth add pace Standard
The BRICs (and Mortar) of the New Global Economy Asia Sentinel
Japan Inc. profit to fall for first time in 7 years: poll AFP
Housing minister Caroline Flint’s blunder reveals 10% slump but it’s not official – yet Times
Mortgages slump below 1990s crash level ThisisMoney
Redrow axes jobs as homes crisis deepens Telegraph
Fears that Britain could once again be haunted by the spectre of 'stagflation' Independent
Fidelity veteran warns of bear rally FT
Trading suspension in effect for 29 Chinese firms MW
Fed looks at ways to fight asset bubbles FT
Bank considers change to Greenspan doctrine
Ben "Iron Man" Bernanke Loenard
Tuesday May 13, 2008
Fed Officials Warn on Inflation, Say Markets Still Unsettled BL
Risk of economic contraction rises Reuters Philly Fed
Home prices continue sharp descent CNN NAR
Bank of America Increases Home-Equity Loss Estimate on Consumer `Stress' BL
U.S. April Retail Sales Fall 0.2%, Increase 0.5% Excluding Auto Purchases BL Census
Wrong then, wrong again Baker
The same economists who failed to spot this year's financial meltdown are now predicting that everything will soon be fine
Debunking five myths Merrill (Rosenberg) PDF
Bernanke Says Fed `Stands Ready' to Increase Cash Loans to Banks BL Speech
Bernanke's comments contrast with those by Paulson and Wall Street leaders who say the worst of the credit crisis is over.
Bernanke Lunched With Dimon, Rubin Before Fed's $13 Billion Rescue of Bear BL
The Fed Scorecard: 9 Months of Cutting and Red Queen’s Race Dr. HB
The Human Foundations of Financial Risk Pollock
The Declining Importance of the United States Caijing
Stranger than fictional balance sheets Mogambo
The Prelude to Double-Digit Inflation Weiss
US has April surplus but budget strained Reuters
Equity Prices of Major World Markets - Recovery Is Here? Northern Trust PDF
U.S. 2-year notes: Are they good value? NB Financial PDF
Survey: 1 in 10 boomers borrowing for everyday expenses AP
Rubenstein Says `Enormous' Bank Losses Unrecognized BL
CDO debt could pose renewed danger for banks NYP
Guy Hands Rejects Banks' Offers for LBO Debt, Sees Parallels With Subprime BL
Bankers Scurrying for Cover Will Sock Muni Issuers Mysak
Who wants credit? No one FT Alphaville
US recession `likely,' says HSBC after crunch losses ~ HSBC predicts more US woes
Vinke: HSBC bank 'undervalued loss by $30 billion' Times Online
Failure of ABCP deal would 'doom' everyone Financial Post
Regulators under fire for ignoring red flags Washington Times
Mortgage cos. reveal damage from housing crisis AP
Big Government Responsible for Housing Bubble Paul
No money, no savings, no equity: Why bailouts won't work LA Times Blog
Toll Brothers Posts 30% Decline in Revenue as U.S. Housing Slump Persists BL
Wal-Mart Net Rises on Discounts; Second-Quarter Profit May Trail Estimates BL
Toyota executive says new Mississippi auto plant delayed by worries over US market AP
Wachovia Subpoenaed Over Securities Auctions NYT (AP)
GM deals Windsor new blow G&M
Pull the plug on raters' special status G&M
A Wish List for Fixing Wall Street NYT
Can Money Buy Happiness? TheAmerican
Soros sees 'reflexivity' theory of economics as life's work USAT
The Financial Crisis: An Interview with George Soros NY Books
Sell Silver Strength Vs Gold UBS
Gold versus Industrial Commodities Saville Gold: Finding Support? BCA Research
Why Wall Street Hates Gold and Silver Ruff
The Secular Bull Case For Commodities Wachovia PDF
The last bite New Yorker
Is the world’s food system collapsing?
More signs of trouble for corn CS Monitor
A sluggish spring could mean a disappointing harvest on top of already-high corn prices
Corn Prices Rise, Pitting Chickens Against Ethanol WP
IEA cuts world oil demand forecast G&M
The so-called oil bubble Krugman
Is the High Price of Oil Being Driven by Too Much Speculation? Schaeffers
High fuel prices curtail RV trips – just a little CS Monitor
The Silver Lining in High Commodity Prices Rogoff
Old gas pumps can't handle ever-rising prices AP
China's April Retail Sales Climb 22%, Fastest Pace in at Least Nine Years BL
FDI surges in the first four months Xinhua
China's weakness the greater danger Asia Times
Bank of Japan 'extremely watchful' of risk AP
U.K. Real-Estate Slump Deepens After Credit Squeeze Prompts `Sea Change' BL
Surveyors' mood gloomiest in 30 years Times Online
King prepares to eat humble pie Independent
Leading Bank Dies Out in Banking Industry Korea Times
Shot across the bows on bankers' bonuses Telegraph
Westpac deal rocks Four Pillars Australian
Be wary of TSX rally, investors warned FP
Can China Take on Boeing and Airbus? Business Week
U.S. victims of attacks in Israel sue Swiss bank Reuters
Earthquake rocks China WSJ
Shanghai stocks drop sharply after earthquake MW
Trading suspended in 66 Chinese firms after deadly quake AFP
China quake disaster set off by colliding land masses IHT
Monday May 12, 2008
Stocks up as oil price drop eases inflation fears AP
Round Two - Home Price Erosion Hussman
The global slump of 2008-09 has begun as poison spreads Ambrose Evans-Pritchard
Dollar Rises on Speculation Decline Was Excessive, Federal Reserve on Hold BL
Tide may be turning for dollar Reuters
The global euro needs a stronger apparatus FT (Münchau)
Beijing and Riyadh will call the shots on ailing dollar's future Telegraph
Washington counts on slide in eurozone to resuscitate the greenback Times Online
The 2000 recession can tell us a lot about today's US economy Jackson
Treasury Cash Avalanche Offers Respite for Bond Bears BL
Here's Your Chance to Bet Against Treasurys WSJ
Saut: "Unless we are going into a depression, the 10-year Treasury bond is a stone-cold sell. It's one of the most overpriced assets in the world."
Credit-Default Swaps: Weapons of Mass Speculation Barron’s (Via MW)
Mother's Day spending may be down in slower economy AP
Value to unlock: Banks are starting to find buyers for mortgage securities FT
California man losing nine homes in mortgage mess Reuters
“I didn't anticipate a downturn of epic proportions such that home values are 40 percent less than they were”
A California Couple's Descent Into Foreclosure, Bankruptcy WSJ
Find out if you are financially fit to buy a home CS Monitor
Fannie to Aid Underwater Loans WSJ
The Next Chapter in the Foreclosure Crisis Dr. HB
Housing slump hits builders DetNews
Suppliers, jobs vanish as piles of unsold homes in Metro Detroit make new construction rare.
A Credit Crisis Scorecard Forbes
Tourists desert London as credit crunch bites Telegraph
Student loan providers back out KC Star
Rebounds by Hedge-Fund Stars Prove 'It's a Mulligan Industry' WSJ (Complete via Google)
Delphi to Shift Some Pension Liabilities to GM WSJ (Via Google jump)
Cablevision Offer Baffles Wall Street (Again) NYT
Death plays on pension funds’ minds Financial News
Bear Bankers Hibernate With Pay New Yorker
Warren Buffett’s three Golden Rules of Investing MoneyWeb
Activists push to repeal state income tax Boston Globe
Commodities check doesn't slow Adens Brimelow
First exchange-traded notes for platinum fuel latest rally MW
'Ban on more commodity futures unlikely' Reuters
Four ways to ease a global food crisis over the next year WSJ
Gas prices hit another record CNN Gas prices rattle Americans USA
Oil Shock 2? CS Monitor
With prices at $120 a barrel, Americans are facing an oil adjustment.
Saudi smile likely for Bush on oil plea, not more Reuters
Bush is scheduled to meet Saudi King Abdullah at his private farm on Friday to mark the 75th anniversary of the formal establishment of U.S.-Saudi relations.
'Shockwave' scenario: How the US might deal with a terrorist strike CS
America's value can be figured in barrels of oil Burns
Nation worth less in commodity today than at any time since 1970
Phosphate latest craze for investors Australian
Thieves have died stealing scrap Dayton Daily
Stealing copper, scrap and precious metals is a growing crime not only domestically, but globally as well.
China's Inflation Accelerates to 8.5%, Close to Fastest Pace Since 1996 BL
Japan Merchant Sentiment Falls as Inflation Quickens BL
As safe as houses? How harsh realities are dispelling the home market myths King
People are led to believe that homes are automatic generators of additional wealth. This argument is mostly spurious
Firms 'up prices as costs soar' - UK economic outlook 'worsening' BBC
Mother of all hangovers looming: Rudd Australian
Big Banks want Carney to have more power Globe & Mail
Executives want finance minister to push through legislation that will let central bank accept riskier assets as collateral
Venezuela's Chavez slams Germany's Merkel comments Reuters
Aid trickles into Burma, but toll 'could reach 1 million if disease set in' Times Online
A Crack Technician's Indicators Yell Sell Dorfman
Weekend Edition (May 10-11, 2008)
Key US Data Releases and Events GInsigh BOE Inflation Report Star Economic Attraction
When Should the Fed Crash the Party? NYT
Why Investors Fail Mauldin PDF
Stagnation to Trump Inflation BMO Focus PDF
So long as growth remains tepid, the inflation threat should fade just like bad memories of Watergate and disco music.
Forward thinking State Street PDF
A Pause That Refreshes or Something More? Harding
A New Inflationary Epoch Noland
Swenlin Earnings Summary Decision Point
The Ticking Credit Card Time Bomb Schiff
Owners’ Equivalent of Rent: The Fed and BLS Gaming the System MyBudget 360
Watching the watchdogs MW
Commentary: Public trust eroding, bit by bit
U.S. Financial Data, May 9 Issue FRBSL
Analysis: Good economic news something of a mirage AP
Schwab Market Perspective ~ Chart: Spending on essentials at record
Barely surviving on credit cards CNN
Federal regulators close Arkansas bank ANB Financial AP
-- FDIC Press Release: “ANB Financial is the third FDIC-insured institution to fail this year”
Markets Brief: Wall Street's Still Crunchy Forbes
Market for offloading bad debt balloons Times Online
“Capital adequacy rules under Basel II have made some banks think harder and longer about holding this debt on their balance sheets”
Private equity steps in as credit crisis nails the banks Telegraph
Ex-Treasury Chief Urges Pause for Rate Cuts Caijing
John Snow said central banks are running out of options for responding to the credit squeeze.
Credit Crunch Watch Oxford Economics
Big Rescues Can Work. Just Ask New York NYT (Morgsenson)
Property Mogul Poised to Take a Second Fall WSJ
What Could I Get for my House? Please, Don’t Ask NYT
Losing a Home, Then Losing All Out of Storage NYT
The Journey of One Home in an Epic Housing Bubble Dr. HB
Mortgage Holders Find It Hard to Walk Away From Their Homes NYT
The incredible shrinking house CNN
FedEx Lowers Fourth-Quarter Profit Forecast Because of Surging Fuel Costs BL
Could shareholders boot out Yahoo's board? MW
For 9 months' work, Pep Boys ex-CEO gets $17.2 million AP
Coming Soon, the Samsung Washington Monument! Slate
Emperor Soros’s new clothes Spectator
Soros is still a brilliant player of markets - but as a philosopher, frankly, he’s incomprehensible
Jim Rogers says he'll buy gold at US$750 China Post (BL)
Gas Prices Send Surge of Riders to Mass Transit NYT
Parking lots at many bus and light rail stations are suddenly overflowing
Oil’s surge: what’s behind it and what it means for Saudi Arabia Jadwa PDF
Gasoline, Diesel, and Oil Zeal
A Peek Behind the Price at the Pump NYT
Brazil Opec plan lifts oil to $126 per barrel Times Online
Hints of a rift at OPEC about production IHT
OPEC: The $1-trillion club G&M
House price crash is here, say City banks ThisisMoney
Japan's collision course G&M
“Japan is on a massive collision course between two fundamental realities”
Wholesale Prices Make Biggest Jump in 9 Years Korea Times
“The nation has technically entered stagflation”
IMF cuts Chinese economic growth forecasts to about 9% Xinhua
Russia's Medvedev Gets Down to Business Spiegel
Russia foreign investors unfazed by rows with West Reuters
'It's not over' warnings prompt FTSE fall Telegraph
Cap and trade in America DB Research PDF
US climate policy at a crossroads
China to Develop Currency Derivatives This Year, Official Says BL
Asia Stocks Post Weekly Drop on Concern Oil, U.S. Slowdown to Erode Profit BL
Paulson, Trichet Signal Satisfaction at Dollar's Recovery BL Goodbye to the Dollar? Rogoff
Weekly Trends Scotia Weekly Focus - May 9-16, 2007 Danske PDF
Friday May 9, 2008
U.S. stocks slide as credit crisis rears its head MW
Crude rallies on to record high above $126 a barrel MW
AIG Declines as Insurer Gives `No Assurance' Credit Writeoffs Have Ended BL
U.S. Trade Deficit Smaller Than Forecast as Imports Drop Most in Six Years BL Census
The dollar danger is not over yet FT
Are Earnings Estimates Realistic? Comstock
That Market Rebound? Sucker's Rally, Says Morgan Stanley Blodget
Canned Food, Guns and a Ham Radio WSJ Blog
Soc Gen: “We are on the cusp of an equity meltdown that will slash and shred portfolios like Freddie Krueger.”
Rebates Will Fail to Spark U.S. Economy as Fuel Prices Soar, Survey Says BL
A Return to the 1970s? Washington Independent
How the Fed's High-Wire Bank Rescues Increase Inflation Risks
G-7 Central Bankers Stymied by "Crude Oil Vigilantes" Dorsch
G7 loses grip on global policy Asia Times
Economists: Weak Growth Ahead WSJ Video
Bankruptcies and defaults gather pace FT
The US is leading the global default rate for companies
UBS's Exit Strikes at Heart of Municipal-Bond Market Mysak
U.S. Financial Data, May 8 Issue FRBSL
Jim Rogers Says Financial Crisis Hasn't Hit Its Worst BL Rogers Wants You To Buy USD
“I doubt that we're half way through the financial crisis''
Worst of credit crunch over: Greenspan Reuters
When Small Biz Can't Get a Loan Business Week Slide Show: Trouble is Brewing
With lending tight, more entrepreneurs are turning to controversial "merchant cash advances"
A Little Pity, Please, for Lenders NYT (Norris)
Mortgage crisis seeps to prime loans USAT
About 2.3% of prime loans were 60 days' past due in February, the highest level in at least a decade. That's up from 1.4% a year ago.
Three Things that Won't Help the Foreclosure Crisis CEPR
Homeowner Rescue Bill Passed Despite Veto Threat NYT
Questions of Rent Tactics by Private Equity NYT (Morgenson)
AIG's Need to Raise $12.5 Billion After Loss Renews Doubts About Sullivan BL
Citigroup considers $400bn asset sale FT Coming soon: Citigroup's grand plan Fortune
Euthanizing Bear NYTD
They finally took Bear Stearns out behind the woodshed and ended its lingering misery
Lampert, Wood Reveal Failings of `Concentrated' Hedge-Fund Bets BL
Kerkorian Signals More Ford Stock Purchases Beyond 20-Million-Share Offer BL
Bank lay-offs - First ink, now blood Economist
Banks fear demand for corporate loans IHT
Banks have pledged to lend companies more than $1 trillion. And because most of those loans have not been made yet...the banks have not accounted for them on their balance sheets.
The death of ExxonMobil? Jubak
Fundamentals Remain Negative For Small Cap Stocks BCA Research
Postcard: Omaha TIME
The Inside Scoop! How Warren Buffett Became a Soap Star CNBC
The $35 Million ‘Shadow Yacht’ WSJ Blog
Crude Oil Rises to Record Above $125 as Nigeria Violence Draws Speculators BL
Oil bears hard to find after market's record run Reuters
“Those signed up to bubble theories, or currency effects or speculative effect theories would no doubt speak in grim tones of a likely crash. Mind you, they did that at $30, $40, $50, $60, $70, $80, $90, $100 and $110 and so I suppose it is too late at $120 for them to now change tack”
Oil executives expect lower prices AP
Record oil prices bring fresh interest in L.A.'s wells USAT
Rice Gains for Sixth Day on Increased Demand, Damage From Myanmar Cyclone BL
Jim Rogers Still Bullish On Commodities DJ
China Money: Trends shift against bond market Reuters
Ministry sees rising risk of currency reversing Standard
Beijing residential land prices up 22% in Q1 China Daily
China's Export Growth Slows, Easing Pressure on Yuan BL
Government responds to the mortgage gloom Times Online
Repossession orders climb by 17% BBC
Australia's Central Bank Raises Inflation Forecasts, Cuts Growth Estimate BL
Templeton's Mobius Says Korean Stocks to Outperform, Won Is Undervalued BL
Ten years on the EMU is more unworkable than ever Ambrose Evans-Pritchard
Canadian Job machine cranks on G&M
Argentine lending - Who needs credit? Economist
Ex-Qantas executive to plead guilty to price-fixing plot: US AFP
Thursday May 8, 2008
AIG to Raise $12.5 Billion of Capital After Reporting Second Straight Loss BL
Euro Rebounds Against U.S. Dollar After Trichet Highlights Inflation Risks BL
Europe and US unite on stronger dollar FT JClaims Decline
Disconnect Morgan Stanley
We think the economic fallout and resulting downturn is only beginning.
The risk of redefining recession CNN
Recessions Often Begin With Positive GDP Data Big Picture
The Dreaded R-Word The American
The costs of inflation Reuters (Saft) Lipsky of IMF Says Inflation Is Back BL
Soros: Market Will Retest Its Lows WSJ Blog
Big Money Bearish But Insiders Bullish Forbes (Trimtabs)
Happy Days Aren't Quite Here Again Barron’s
New Headwinds Surfacing Kass
Blame the models VOX
Bernanke's Nightmare Chart North
The Fed's deformed maturity Asia Times
Fed Chooses Wall Street Over Main Street Minyanville
Implications if the Fed were to Pay Interest on Reserves BBH
Rainy Day Savings Darken US Outlook EDC
U.S. Infrastructure: On the pot-holed highway to hell FT
Lazear sees no recession for US economy WSJ
By Year's End, Junk Will Be Sunk CFO
Drooling Vultures Circle Leveraged Loan Market Gilbert
Vallejo Residents See Service Cuts as Bankruptcy Looms for California Town BL
Singapore banks cite global turmoil as profit falls AFP
State Street faces subprime legal bill blowout BL
Banks raise fees for 7m current account holders Times Online
Is Fannie Mae Putting Taxpayers (and Homeowners) at Risk to Aid Banks? Baker
Fannie is now allowing homeowners to refinance amounts equal to 120% of appraised value.
Will taxpayers be on the hook for subprime crisis? CS Monitor
Federally linked entities like Fannie Mae now back 98 percent of home loans sold by banks.
Regulator: Fannie, Freddie bailout not likely CNN
Wave of lawsuits over credit crisis could hit a wall IHT (NYT)
Map of misery Economist
America may well be only halfway through the house-price bust
Congress debates aid package for troubled homeowners USAT
More Homes Hit Market in April WSJ
3 Major Psychological Reasons Why Housing is Still Declining Dr. HB
What's Up (Down) with Rents? Smith Blog
The Housing Crisis Is Over WSJ
Wal-Mart, Costco Sales Gain as Shoppers Seek Bargains BL
Microsoft sets sights on Facebook takeover Times Online
Toyota issues a bleak profit forecast AP
Automaker’s first annual profit decline in seven years
Boom in 'Dark Pool' Trading Networks Causing Headaches on Wall St. WSJ (Complete via G)
IPOs: Back from the Dead? Business Week
News Corp sees economy hurting advertising Reuters
Fair Value Rule Triggers $800 Million Loss CFO
Berkshire's Charlie Munger says investors should lower expectations CP
"There will be a hell of a mess in these derivative books eventually"
Is your money fund safe? Fortune
Estimates that SIV-related paper now makes up less than 2% of money market fund holdings
May Disciplinary Actions Against Six Firms and One Individual NYSE
Insider trading probe focuses on U.S. law firm G&M
The Economics of Naked Short Selling CATO PDF
Are regulators only now realizing how unfair certain credit card practices are? WP
Feud: Oil in the Family Vanity Fair
Gold Gains in London Trading as Investors Add to Fund Holdings BL
Low Gold Vol Is Seasonal UBS
India gold demand modest; festival near end Reuters
Oil And Gas “Rust”: An Evil Worse Than Depletion Simmons PDF
Peak Oil Doomsters debunked, end of civilization called off Fabius Maximus
Diesel prices at full throttle push refiners to churn out more MW
Gas hits new high - up 20% in last year CNN
Rice Jumps on Myanmar Crop Damage; Malaysia Begins Importing From Thailand BL
Warning sign behind the rice price rally MW
Ethanol Fantasy Fuels a Food-Price Nightmare Berry
The Threat of Global Food Shortages - Part I - Part II YALE Global
Potash CEO rides boom in food prices G&M
William Doyle's stock options now worth almost $600-million -- a value never seen before for an executive at a public company in Canada
China `highly concerned' about rising international grain prices AP
China caps prices for fertiliser, ingredients-NDRC Reuters
India Bans Rubber, Soybean Oil Futures to Cool Prices BL
Yuan plunges on rein speculation Standard
“The government might consider to depreciate the yuan in a one-off act so as to offset appreciation expectations”
ECB Keeps Benchmark Interest Rate at Six-Year High of 4% to Curb Inflation BL
Bank of England holds base rate at 5% Times Online
ECB, Battling Inflation, May Keep Rate at 4% as Growth Slows BL
Retail Sales in Europe Drop by Record as Faster Inflation Curbs Spending BL
Pound drops as bets go on a new rate cut ThisisMoney
Asia's `Euro' Is Short on Trust, Political Will Pesek
Japan should sell 80 percent of FX reverses to cut risk Reuters
Loonie headed for a steep fall, poll forecasts Reuters
Consumer Watch Canada: Holding Onto Cash CIBC PDF
Mind the gap Deloitte
How will the UK’s current account deficit be resolved?
Rolls-Royce Targets China's Really-Rich Business Week
Wednesday May 7, 2008
U.S. Consumer Debt Surges $15.3 Billion as Economy Spurs Credit-Card Use BL FED
U.S. Stocks Decline, Led by Financials on New Securities Rules BL
SEC Will Require Wall Street Banks to Disclose Capital, Liquidity Levels BL
MBIA Hasn't Sent $1.1 Billion to Insurance Unit to Preserve Its AAA Rating BL
Pending U.S. Sales of Existing Homes Fall 1%, Second Straight Monthly Drop BL NAR
Fannie Mae may lose $2 bln-$2.5 bln more this year: FBR Reuters
Legg posts loss, first in 25 years Baltimore Sun
Productivity in U.S. Rises 2.2%, More Than Forecast, as Companies Cut Jobs BL
Feldstein Says Economy Is `Sliding' Into Recession, Housing Biggest Risk BL
Food For Thought Absolute Return Letter - May 2008 PDF
Whatever happened to the Great Depression? Times Online (Baker)
Dollar Smirks in Asia Morgan Stanley
Bear market reality check revisits Wall Street Reuters
Still good idea to sell in May, go away Harrison
NYSE April Month End Short Interest BeSpoke
A Rally With Serious Muscle Russell Russell now says he was bullish in 2002. Oh yeah?
Draining national prosperity Bear’s Lair Mogambo - Schoon - Joe Average
Paulson sees markets unfreezing WSJ Merrill's Thain: Credit crisis easing Reuters
Credit crisis over? Not likely MSN
Vallejo, California City Officials Vote to File for Bankruptcy BL
Corporate defaults on upswing as debt comes due USAT
U.S. real estate: When will sector bottom out? NB Financial PDF
Countrywide Pulls Home-Equity Lines as Property Values Fall in Las Vegas BL
Treasury Pressures Mortgage Firms WSJ
How fat CEO pay fed the mortgage mess MSN
D.R. Horton posts $1.3 bln loss; cuts dividend Reuters
Hell Hath Frozen Over. David Lereah Proclaims Housing not Hitting Bottom Dr. HB
Cisco beats but gives lukewarm sales outlook Fortune
UBS Faces U.S. Tax Evasion Probe; Senior Employee Is Detained as Witness BL
Tight Credit Worries for a Hotel and Mall Operator NYT
Bear’s Family Feud: Quarrel Erupts Between the Bank’s Elder Statesmen NYT
Bear Analysts Irked By Severance Memo TheStreet
Icahn, Peltz Used Morgan Stanley Options in Gaining Motorola, Heinz Stakes BL
The strategy avoids FTC-mandated filings that would tip off the targets and reduces the amount of cash needed.
SEC's New Bond Case Says Swaps Aren't Outside Law Mysak
Are private equity deals falling apart? CNBC
Buffett and Gates on the Economy FOX Video
We're now paying for Greenspan's lunch East Valley Tribune
Gold near one-week high on oil, ETF holdings up Reuters
An increase in gold holdings in the world's largest ETF for bullion, StreetTRACKS Gold Shares, suggested investors were putting their money back into gold...
IMF moves toward gold sales AFP
Gold Longs Fall Further UBS
India Gold Demand May Revive on Festival, Price Drop BL
Some see oil at $150 a barrel this year WSJ
Iran issues add to fears of $200 a barrel Times Online
Gas Price to Peak in June ~ Gas or gamble? Economy forces some to choose
Predictions for gas, oil prices keep going up AP
Peak oil explains lack of UFOs Leonard
Saudi Fears Of High Oil Prices Fade With Demand Dow Jones
Expect a Jolt When Opening the Electric Bill WSJ
Fed rate cuts helped boost food prices, spark shortages MW
Rice Isn't Oil, Even If Some Asians Think It Is Pesek
ADB to provide 500 million dollars to combat food crisis AFP
Ethanol benefits questioned as food costs rise AP
Commodity Monthly: Fundamentals at play Danske PDF
Congress eyes steel pennies, nickels as cost-saving move USAT
Asia Faces an Inflation Quandary Asia Sentinel
Losing the plot on inflation Rediff (Business Standard)
Now the chickens have come home to roost, and we are down to the depressing litany of government actions attacking speculators, hoarders and exporters as the way to stop inflation
China Plans Wage Hikes; Could Threaten Inflation AFP
Inflation expected to go down in Q2 China Daily
Thousand estate agents closed this year ThisisMoney
Estate agencies are closing at a rate of up to 150 a week as house sales plunge.
Lloyds warns house prices may fall 10pc Telegraph
The Australian debt hangover TheAge
Reserve Bank acts on market turbulence NZ Herald
Gulf currency bets resurrect Islamic bonds Gulf-Times
Japan and China seek to build trust despite feuds Reuters
Fed Seeks Authority to Pay Interest on Reserves, Pumping Cash Into Markets BL
Open Markets and the Fed Funds Rate FRBSL PDF
Tuesday May 6, 2008
Dollar Gains as Fed's Hoenig Says Inflation Pressure May Spur Rate Rise BL
-- Perspectives on the Recent Financial Turmoil Fed Hoenig PDF
Housing picture worsens as Fannie sees price drop AP
Oil Passes $122 on $200 Oil Prediction, Supply Concerns AP
Canadian building permits fall unexpectedly G&M
It’s Going to Get Worse Newsweek
Economist David Lereah was once the housing market's biggest cheerleader. Now he says the bust isn't near over, and home prices still have a long way to fall.
A Needle in the Groove??? Bondsonline
Like GDP, devil is in the details Merrill PDF
Fannie Mae Has $2.19 Billion Loss; Shares Rise on Regulator's Capital Plan BL
Favorable Impact of Fed's Attempt to Ease Credit Market Conditions Not Visible, As Yet NT P
-- The April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices FED
“The net fractions of domestic banks reporting tighter lending standards were close to, or above, historical highs for nearly all loan categories in the survey...”
Has the Dollar Hit Rock Bottom? Spiegel
FX update - Struggling between greed and fear (chartpack) Danske IMM Positions PDFs
Las Vegas used to be a recession-proof oasis. Not anymore Newsweek
Tahoe casinos' owner in trouble SacBee
Reuters: “The Chapter 11 filing marks one of the largest bankruptcies so far this year and underscores a decline in the fortunes of casinos...”
Wave of Rate Cuts Complicates Where To Stash Cash Now WSJ
Bankers’ survey highlights liquidity shortage FT
UBS to cut 8,000 jobs after $12 billion loss Times Online
Swiss Re Profit Drops 53%, More Than Estimates, on CDO-Linked Writedowns BL
BlackRock to buy $15B subprime debt from UBS MW
GMAC Buys Time for ResCap Home Mortgage Unit as Threat of Bankruptcy Looms BL
GE to stop financing boat, motor home purchases Reuters
First Marblehead cuts 500 jobs Boston Globe
U.S. Home Values Drop 8%, Leaving More Borrowers `Underwater' on Mortgages BL
Hidden Mortgage Risks Abound in U.S. Home Market Wasik
Repossessions set to soar to highest level for 17 years Independent
Gold price suppression scheme Mogambo Butler
Goldman's Murti Says $150 to $200 Oil Is `Likely' in Next Six to 24 Months BL
Clinton: OPEC 'can no longer be a cartel' Politico
Speculators knock OPEC off oil-price perch Asia Times
An effective rebuttal to warnings about Peak Oil? Fabius Maximus
Big Government Responsible for High Gas Prices Paul
Looking the Chinese dragon in the mouth Telegraph
Australia is growing rich from China's insatiable appetite for coal and other minerals.
UN chief says he is moving `at full speed' on food crisis AP
Pork and Chicken Prices May Rise in Next Wave of Food Inflation ABC
Yahoo CEO open to more Microsoft talks Reuters Yahoo may see hedge fund heat
Yahoo faces shareholder wrath Fortune
Why Microsoft caved (for now) Fortune
China may agree 85% iron ore price rise China Daily
Grease bandits strike as biofuel demand rises CS Monitor
China's markets braces for massive share inflow: report AFP
Chinese stocks still aren't attractive Hulbert
George Clooney Is Trumping Asia's Poverty Fight Pesek
Give globalisation a human face King
A strategy to promote healthy globalisation FT (Summers)
Banks’ Earnings Plunge 49% in 1st Quarter Korea Times
Etrade fined over Allco dealings Australian
Alstom investigated for bribes: report Reuters
Embattled Shermag seeks creditor protection G&M
Monday May 5, 2008
Oil futures climb past $120 to a fresh record MW
Bernanke Urges Action to Avert Further Foreclosures BL Speech
Stocks in U.S. Drop; Countrywide Falls on Concern Sale May Not Go Through BL
Service Industries in U.S. Unexpectedly Grow, Helping Offset Factory Slump BL ISM
Yahoo CEO facing possible rebellion after spurning Microsoft AP
Monday Morning Outlook: 3 Reasons to Be Bullish Schaeffers
Deja Vu Hussman
Where Are The Investors? Cross Currents
Bernanke gets it wrong Jackson Debt and monetary policy — is there a link?
Economy May Face Prolonged Pain, History Suggests WSJ (Ip)
The Rise of the Rest -- ‘The Post-American World’ Newsweek
Consumers' exhaustion leaves Fed in a quandary JSOnline
‘Suckers' Rally' Signaled After S&P 500 April Surge BL
The biggest rally in the Standard & Poor's 500 Index in more than four years is luring investors to equities from cash, just as options traders are betting the advance will evaporate.
Beware the double AP
Success Breeds Failure NYT (Krugman)
Gallup Daily: Economic Pessimism Continues Gallup
Debt on Arrival NYP
Greenspan Sees U.S. in `Pale Recession,' May Last Through Year Reuters
Robert Shiller Q&A Portfolio
Downgrades show storm isn't over WSJ
Former IMF Chief De Rato Says Global Credit Crisis Nearing End BL
Credit crunch fails to produce the feared economic catastrophe Times Online
Risks mount for stressed traders as markets gyrate Reuters
How to Clear a Road to Redemption NYT (Morgenson)
Credit Crunch Sends More Consumers To the Sidelines WSJ (Complete via Google jump)
Credit crisis shows that banks need wise men not wide boys Telegraph
More big losses expected from Fannie, Freddie G&M
UBS May Eliminate 8,000 Jobs as First-Quarter Net Loss Exceeds $11 Billion BL
Credit crunch expands to cash-out refinancing, investment properties and vacation homes LAT
Government Intensifies Mortgage Investigation NYT
Another Full Year Of Housing Pain? WSJ
Stop Saving Now and Spend Those Rebates! The Home Refinancing Well Has Run Dry Dr. HB
Yahoo set to plunge after Microsoft's $46bn bid is withdrawn Independent
AOL contacts Microsoft as Steve Ballmer walks away from Yahoo! bid Times
A Yahoo Shareholder on What Might Have Been NYT
Miller: “Press reports that major shareholders would have been willing to take $35 are probably not far off the mark.”
Yahoo may face lawsuit flood after talks collapse Reuters
The man they call the Oracle holds them spellbound again Independent
Buffett will look at RBS insurance unit MW
Lenders deserve to suffer, Buffett says AP
Buffett to fans: opportunity exists but Berkshire may not be best bet WSJ
Local stores outlast Home Depot in Vt. town AP
Nearly half of this year’s IPOs pulled Dow Jones
US art market beginning to feel strain FT
Oh say, is that banner made in the U.S.A.? Stateline
Metals Surge as Power Rationing Turns Out Lights in World's Biggest Mines BL
Bugged gold bugs show their grit Brimelow
Oil rises on Nigeria, Iran supply concerns Reuters
Survey: gas prices up about 15 cents over past 2 weeks AP
Asia fears rising poverty, social unrest from soaring food prices AFP
Central bankers doubt they can act on food prices Reuters
Sprott Hedge Fund IPO May Signal Top of Canada Commodity Rally BL
IRS wants piece of action if you sell old coins Orlando Sentinel
Japan, S. Korea, China Mull $80 Billion Reserve Pool BL
Kyodo: “The so-called ASEAN-plus-three finance ministers are expected to adopt a statement on the agreement...”
Europe's Price Surge Persuades Politicians to Back ECB on Interest Rates BL
India May Suspend Food-Futures Trading to Tackle Inflation, Appease Allies BL
Chidambaram: “If rightly or wrongly people perceive that commodities- futures trading is contributing to a speculation-driven rise in prices, then in a democracy you will have to heed that voice”
End of boom will be painful Financial Post
Goodness help Canada when the commodity boom eventually ends.
PM adviser fears 'mortgage rationing' Telegraph
Investors spurn equities for cash Australian
Weekend Edition (May 3-4, 2008)
Microsoft Withdraws Proposal to Acquire Yahoo! Microsoft
Ballmer: “...your final position insisted on Microsoft paying yet another $5 billion or more, or at least another $4 per share above our $33.00 offer.”
Yang: “With the distraction of Microsoft's unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history”
Key U.S. Data Releases and Events Global Insight
Lies and Other Statistics Mauldin
The Inflation Conundrum Morgan Stanley
Siegfried & Roy & Bernanke North
Ben Bernanke is No Paul Volcker Schiff
Which Will It Be? Steve Forbes
Revisting Financial Arbitrage Capitalism Noland
Buffett cautions on long-term returns MW
Buffett Says Worst of Crisis Over for Wall Street, Individuals May Suffer BL
Buffett says he bought $4-billion of auction-rate debt G&M
Berkshire net income falls 64 percent because of derivatives AP PDF
“Berkshire does not actively trade or exchange these contracts, but rather intends to hold such contracts until expiration.”
Berkshire's Stake in Moody's Doesn't Conflict With Bond Unit, Buffett Says
Warren Buffett--In 1974 Forbes Buffett’s in the cards Reuters
Fed moves on credit card crackdown CNN
Legislators could have quite a fight on their hands. Previous efforts trying to reform the industry have largely failed...
Abandoning the USS Titanic Asia Times Mogambo - Harding
It’s Newer Homes That Stand Empty as Vacancies Rise NYT (Norris)
Housing Prices Near or at Bottom? Luskin
Credit Crunch Watch Oxford
Microsoft ups Yahoo offer above $31 in bid for friendly deal AP
NAB eyes $1.1bn Citigroup, ABN buys Australian
Ford to offer buyouts to 1,300 workers in Ill., Ky. AP
Bear Stearns second brush with bankruptcy Fortune
The firm wasn't out of the woods even after its initial agreement to merge with JPMorgan, a filing shows.
Pandit's hedge fund to be restructured -Citigroup Reuters
Procter & Gamble Sues to Block J&J's Sales of Strips Used to Whiten Teeth BL
Retailers bait shoppers with rebate specials AP
Report Earnings, and Watch the Stock Fall NYT (Hulbert)
Life in Mars: reclusive dynasty behind one of world's most famous brands Guardian
Rich/Poor Income Gap Widening To Chasm CBS
For Democrats, Instincts Differ on Economics NYT
Commodity Prices in Historical Perspective Wachovia PDF
Forget gas: Get ready for $4 a gallon milk CNN
Surplus U.S. food supplies dry up USAT
All salmon fishing banned on West Coast SF Chronicle
It is the first total closure since commercial fishing started in the Bay Area in 1848.
RICEPEC: Thailand’s Dangerous Idea Asia Sentinel
Perhaps 60% of today’s oil price is pure speculation Financial Sense
FTC to investigate allegations of oil market manipulation BL
Commodities enter bubble territory Independent
Who needs a fancy hybrid? Get a camel! Leonard
India inflation hits 42-month-high of 7.57 pct AFP
Inflation Nears 7% on Price-Controlled Necessities Chosun
Fear of Stagflation Looms Korea Times
Large SOEs told to be ready for tough times China Daily
Hong Kong’s Bureaucrats and the Stock Exchange Asia Sentinel
China GDP could be 2.5 times that of the US by 2030 China Daily
Doubting Soros on China Dorfman
Sharp rise in number of companies seeking protection Times Online
United States is drawing up plans to strike on Iranian insurgency camp Times Online
Weekly Trends - FX Outlook Scotia PDFs
April 2008 Employment Situation: Details More Pessimistic Than Headlines NT PDF
Futures Traders Bet on Dollar Gain For First Time Since 2005 BL
Friday May 2, 2008
Gold futures end higher for the day, lower for the week MW
Bush says economy is going to `come on.' AP
Apollo's Linens 'n Things Files for Bankruptcy After Two Years of Losses BL
Ts Decline as Jobs Data Reinforce Speculation Fed Cuts Are on Hold B Gold Trades Lower
Fed Expands Cash-Loan Auctions to $75 Billion to Ease Liquidity Pressures BL FED
Bernanke, Geithner Facing More Bailout Demands After 'Rogue' Bear Rescue BL
U.S. Loses 20,000 Jobs in April; Unemployment at 5% BL BLS
Slowly I Turned Contrary Investor
Its All About Housing Comstock
The summer of content State Street PDF
When a wise old bird like the Bank of England declares the worst of the credit crunch is past it behoves the young and shrill to take note.
A double-dip downturn? Wait and see Jubak
U.S. Offers 0% for First Time on Inflation-Linked Savings Bonds BL
Ben's bind Economist
Disentangling the links between the Fed, the falling dollar and the soaring price of the world's commodities
Pimco's Gross: Fed Could Learn from European Banks CNBC
The Shrinking Discretionary Dollar Wachovia PDF
Consumers are now putting close to 57 cents of every dollar they spend into “core” needs such as housing, medical care, food and transportation, leaving a record low 43 cents out of each dollar to spending on other items.
Dollar Reserve Status Is Tale of Fading Glory BL
Euro shows signs of end to bull run FT
The twilight of irredeemable debt Fekete
Consumers ease up on spending habits Orlando Sentinel
U.S. Financial Data, May 1 Issue FRBSL
Sentiment has improved, but lots of financial problems remain Economist
Determining Who Rides the Lifeboat NYT (Norris)
Kuwait Sovereign Fund May Boost Citi, Merrill Stakes BL
Credit crunch handcuffs banks, Carney says G&M
Worst of global credit crisis over: Westpac chief Australian
The Fed and Your Home Schwab
Don’t bet on cheaper mortgages. The good news: low-rate home equity credit lines.
Another Full Year Of Housing Pain? WSJ
Home Run: Canseco Lets House Go Into Foreclosure WSJ
Inventory and Foreclosures: Is The Bottom Really In? Smith Blog
Condo sales in Boston drop off Boston Globe
Microsoft May Run Out of Time as Yahoo Considers Tighter Ties With Google BL
Warren Buffett to draw biggest crowd ever G&M
Berkshire estimates that 30,000 to 32,000 people, up from 27,000 last year, will fill the Qwest Center in Omaha for what has become known as “Woodstock for Capitalists.”
Buffett Plots $40 Billion Spree as Credit Crunch Hinders Competing Bidders BL
Buffett goes to Wharton Fortune
Probe into Buffett agency holding Times Online
Bank of America May Balk at Guarantee on $38 Million of Countrywide Debt BL
Forty percent of stocks underpriced according to research firm Hulbert
Algo gone wild adds up to trouble for hedge funds G&M
How old U.S. Steel leapt off history's scrap pile BL
Siteman Center looks to revolutionize proton therapy St. Louis Dispatch
Investors sue Citi over muni bond hedge funds Reuters
Bear Market in Greenspan? WSJ B
What’s behind the Slide in Gold and Silver? Dorsch
What has driven up oil prices CS Monitor
As Pump Prices Soar, Buyers Flock to Small Cars NYT AutoFlash Scotia
In what analysts are calling a first, about one in five vehicles sold in the U.S. was a compact or subcompact car during April
Iran Doubles Oil Stored in Tankers, Pushing Up Rates bl
ADB to meet amid food crisis, growing poverty AFP
Food Crisis Erases Ethiopians' Gains, Diverting Funds From Health, Schools BL
Japan running short of butter Japan Today
House prices fall on UK income squeeze Telegraph
Housing slump: The week it all went from bad to worse Building
Asia Getting Fed Up With Bernanke's Rate Cuts Pesek
HK lenders wary of matching Fed Standard
Hong Kong’s Bureaucrats and the Stock Exchange Asia Sentinel
In a pickle Economist
A monetary-policy conundrum familiar elsewhere, new to Japan
Angry China Economist Cover
The recent glimpses of a snarling China should scare the country's government as much as the world
Risky Real Estate in China China Economic Review
Regulator says to curb over-speculation in IPO sales Xinhua
Capitalism in China Called a 'Work in Progress' Law.com
China opens one of world's largest bridges China Daily
Property sector hit by fear of falling rents Telegraph
Bank of Ireland lifts mortgage rates RTE
Dundee Bank 'a mistake,' Goodman concedes G&M
Thursday May 1, 2008
U.S. stocks rally in delayed applause for Fed MW
Commodities Tumble Most in 6 Weeks as Dollar Gain Curbs Demand BL
Investment firms pull back on emergency Fed borrowing AP
Ford, GM, Chrysler U.S. Sales Slump, Led by Trucks, SUVs; Toyota Has Gain BL
Dollar extends gains after ISM data not as bad as expected MW ISM
Home Depot Pares Growth Plans, Will Close 15 Stores, Fire 1,300 Employees BL
Gulf States May Drop Currency Pegs to Dollar, Kuwait Finance Minister Says BL
U.S. Consumer Spending Advanced 0.4% in March; Core Prices Increased 0.2% BL BEA
The savings rate worsened to 0.2 percent
U.S. Unemployment Benefit Rolls Exceed 3 Million, a 4-Year High BL JClaims
Layoffs jump to 19-month high in April MW
Committee to Save the World Plans 10th Reunion Baum
Wealth Enhancement and Storage AEI (Makin)
Dollar Rises to Five-Week High Against Euro as Fed Signals Rate-Cut Pause BL
ECB Sketches a Line in Currency Sands at $1.60 Gilbert
Recession's here, economist Kasriel says Pioneer Local
Fed is runnning out of room to help the economy Crudele
Bernanke takes one more gamble Asia Times
Mark Mobius Says Fed May Cut Interest Rates to 1%, Dollar Is `Bombed Out' BL
Soon Fed up? Breaking Views
Fed tone may send food, gasoline prices higher Reuters
Poole, Bies Say More Fed Rate Cuts Wouldn't Stem Slowdown Much BL
Fed Has Bought Enough Anti-Recession Insurance Berry
Fed leaves newsletters unperturbed Brimelow
Blame Congress for Inflation WSJ
Four mega-dangers international financial markets face VOX
Investment Flash: Taxes - A Good Reason To Sell Lamont
Unstoppable Credit Contraction Mish Puplava - Ash
`Dumbest Idea Ever' Embraced by State Pensions to Plug Nationwide Deficit BL
“t's like taking a second mortgage on a house you haven't paid for yet.”
Paulson Says U.S. Credit-Market Crisis Is `Closer to the End' BL
Sam Zell Sees Commercial Real Estate Investment Accelerating BL
Bargain hunters return to mortgage-backed securities, so is the credit crisis now over? Inde
Credit crunch losses may be half market estimates: BoE G&M
The return of high-risk optimism FT
Bank predicts credit crunch will hit UK hard Times Online
BoE sounds alarm on commericial property Telegraph
Vacancy Rate Hits New Record, Price Plunge Continues CEPR
"The rate of price decline will destroy almost $6 trillion in housing wealth this year."
Recasting a housing rescue MW
High cost of ownership argues for plan to boost rentals: report
Mortgage Applications Decrease In Latest MBA Weekly Survey MBA
High Design, Downscaled WP
Gold Declines in London as Dollar Rises; Platinum Also Slides BL
The Ongoing Bull Market Aden Sisters
Oil to hit $200 a barrel despite rising supply Times Online
Qatar's energy minister is the latest expert to predict fuel prices will hit new records
Non-OPEC oil producers hampered in efforts to boost output AFP
K+S Shows How Widening Food Shortage Means Potash Shares Can't Find Peak BL
Tension in Egypt shows potency of food crisis USAT
U.S. eyes shift away from corn ethanol CS Monitor
Blood Barrels Foreign Affairs (Preview)
Why Oil Wealth Fuels Conflict
Rising costs reshaping air travel across the USA USAT
Chemical suppliers will keep pushing for higher prices Purchasing.com Chart
The Fertilizer Commodity Bubble: Potash (POT) Trader’s Narrative
Is a bubble developing in commodities? Lloyds
Gold May Glitter, but It Doesn't Stack up as a Long-term Investment Wharton
Fewer latte runs sends Starbucks 2Q profit down 28 percent AP
Exxon Mobil Shares Fall as Profit Falls Short CNBC
Drake to Liquidate Largest Hedge Fund After Losing 25%, May Start New Fund BL
Two Fatal Flaws in Fair Value CFO
Ratings agencies critical of guarantees FT
Lawsuit reveals eBay, Craigslist battle WSJ
Paying For Failure Forbes
Steve Jobs haunted by backdating scandal - again MW
The long wait for Icahn’s blog is nearly over Reuters
A Great Investor Gets a Close Look WSJ Book: Even Buffett Isn't Perfect Amazon
Brazil's Stocks Soar as S& P Upgrades Its Debt Rating AP
How to stop worrying and love emerging markets Reuters (Saft)
Emerging markets are very likely the next bubble, but don't let that stop you...
There's trouble in Tokyo Globe & Mail
A massive national debt. Withered stock prices. A shrinking work force. Japan's problems have pushed it to the brink, its stock market chief says
Three Chinese banks in world's top four: study AFP
Growth of exports in steady decline China Daily
Alberta home prices sliding Toronto Star
Sand into gold: The Gulf booms but not everyone benefits FT
Global Auto Report Scotia PDF
Chavez calls for steel takeover BBC Raises Venezuelan minimum wage 30 percent
Iran stops conducting oil transactions in U.S. dollars AP
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