Friday May 30, 2008
Libor Rate-Setting Process to Stay in Place, BBA Says, Confounding Critics BL
Consumers' mood at 28-year low in May: U.Mich Reuters
Most Britons now expect a recession as consumer confidence plunges Telegraph
Hello, it's Gordon here ... Gordon Brown Reuters
ordon Brown has taken to "cold calling" members of general public, newspapers reported on Friday, in the latest charm offensive aimed at restoring his battered popularity.
Iceland Approves Sale of Bond Equal to One-Third of Gross Domestic Product BL
The move would allow the central bank to more than triple foreign reserves.
Pimco Auction-Rate Shareholders Fail to Get Satisfaction Offered by Rivals BL
“Pimco knows and understands that this is a difficult issue for some preferred shareholders”
Misery loves company in the world of currencies MW
U.S. Chicago PMI contracts for fourth straight month in May BL NY-NAPM Expands
U.S. Consumer Spending Rose 0.2% in April; Core Prices Up 0.1% BL BEA
Inflation erased all the gains in disposable personal income in April
Bear Market Continues to be Sparked by Housing Comstock
Pimco's Gross Says Rampant Inflation Here to Stay CNBC
The Oil Shock Debate: Recession, Inflation or Both? Berner
Unilateral Disarmament Steve Forbes
The danger is that the Fed will put off a strong-dollar program
Congress and the Dollar NY Sun
This would be a good time for the Congress to dig down deep and think about what it wants to do in respect of its powers under Article One, Section Eight of the Constitution.
Dollar needs more than faith Bangkok Post
Monthly FX Outlook CIBC PDF
Treasuries Cracking! Rates Rising! Money & Markets
Bonds' 4% solution CNN
How Long Can Stocks Ignore Treasuries? Barron’s
A fall in the value of long-term Treasury bonds is casting a shadow over the stock market.
Pawning for the payroll Mogambo Mish - Kass
The tide has turned on the bubble-blowers MoneyWeek
Gloom is Growing, and Going Global EDC
Consumers pick home over flying; avoided trips cost economy billions USAT
Capital and its Complements DeLong PDF
The Rising Instability of American Family Incomes EPI
Moody's Downgrades Detroit Debt Bond Buyer
U.S. Financial Data, May 29 Issue FRBSL
Moody's Implied Ratings Lab Reveals Transformation of Ambac, MBIA to Junk BL
Subprime Finds New Victim as Muni Defaults Triple Mysak
"They’re Getting Worse" Sprott PDF
More Gains Ahead For U.S. Mortgage-Backed Securities BCA Research
April insured mortgage defaults rise Reuters
America's house prices are falling even faster than during the Great Depression Economist
As Home Prices Drop Low Enough, a Committed Renter Decides to Buy NYT
The Truth Behind Florida's Housing Numbers WSJ
Condo market on the edge Baltimore Sun
Gold newsletters remain too bullish Hulbert
Undermining Gold UBS
Energy speculators in crude oil prices probe Telegraph
In a detailed statement (link), the CFTC admitted for the first time that it began its investigation in December
Crude Awakening: Behind the Surge in Oil Prices FRBD
Double, double, oil and trouble Economist
Is it “peak oil” or a speculative bubble? Neither, really
Europe balks at $8 a gallon gas CS Monitor
Protests have rocked London, Paris, and other cities across the continent this week.
Skyrocketing Oil Prices Threaten Prosperity Spiegel
Drilling our way out of rising oil prices CNN
Global Demand Squeezing Natural Gas Supply NYT
An Earful on Ethanol: Rising Food Prices, Inefficient Production and Other Problems Wharton
A lobby machine that runs on ethanol G&M
Commodities, Oil Bubbles Are Reason to Celebrate BL
Is water becoming ‘the new oil'? CS Monitor
Will Corporate Profits Deliver in 2008? Northern Trust PDF
Cost-cutting pays off for Dell Fortune
Ford readies white-collar layoffs as sales tumble Reuters Kerkorian stands by Ford offer
InBev Takeover Might Mean Bitter End for Budweiser BL
Former EADS CEO charged with insider trading: reports MW
Maximum Risk: Why did Jerome Kerviel gamble billions? Globe & Mail
The next Buffetts Canadian Business
The Oracle of Manitoba Forbes
The $41 Billion Energy Storage Market: The Next Big Energy Investment LUX PDF
Roadmap to Gridlock CATO PDF
Canada's economy contracts G&M
First-quarter showing marks first time in five years that country's output shrinks
Euro is suffering from 'reserve currency curse' Ambrose Evans-Pritchard
Negative equity fears after house prices slump Times Online
China's Inflation Policy Spells Trouble Oxford Analytica
China's Stock Market: A Life and Death Ride Dorfman
“Investors with a little old ladies' mentality should stick to utilities.”
Japan Production Falls for a Second Month, Signaling Slowdown BL
India Economic Growth Holds at 8.8% as Higher Interest Rates Curb Spending BL
Baltic states on course for hard landing FT
Asian economies: swapping one dependency for another? Reuters
Vietnam Stocks Turn Into World's Worst Market on Inflation, Ratings, Dong BL
Worries about transparency undermine markets in China and Hong Kong Economist
Retail sales show Germany feeling pinch MW
Arab states still wary of investing in Iraq CS Monitor
Globalization and its discontents Kissinger
Kohn Indicates Wall Street May Get Permanent Access to Central Bank Funds BL Speech
Thursday May 29, 2008
Real estate sinks bank earnings in first quarter: FDIC MW FDIC
Bear Stearns Shareholders OK Buyout by JPMorgan AP
CIBC loses more than $1-billion G&M
Results include $2.48-billion loss on structured credit
U.S. Economy Grows More Than Previously Estimated BL BEA JClaims Up
Investors increase bets on US rate rise FT
A sell-off in the US bond market pushed the yield on 10-year Treasuries above 4 per cent on Wednesday for the first time since January
Fed in Tug-of-War Between Pessimists, Optimists Berry
The cost of soaring private and public debt Brimelow
Choosing Bankruptcy to Stay Afloat WP
Despite Tighter Rules, More Strapped Americans Seek Debt Relief
Inflation concerns rise as Dow Chemical signals 20% boost USAT
Dollar Rises to Two-Week High as Fed's Fisher Signals Rates May Increase BL
FX Crossroads - G10: FX implications of rising food and energy prices Danske PDF
Four lessons learned from the biggest mania of all MW
KeyCorp Slide Foretells Losses at `Delusional' Banks BL
KeyCorp fell the most since the crash of 1987 after doubling its forecast for loans that won't be repaid, prompting concern that banks have underestimated the cost of bad mortgages.
Bad Omens for Banks? Business Week
Is the credit crisis hitting a second, even scarier phase?
Royal Bank falls shy of estimates as U.S. credit-related writedowns bite G&M
National Bank profit drops on ABCP FP
Five Ways to Monkey Around With Libor's Defects Gilbert
Study Casts Doubt on Key Rate WSJ (Complete via Google jump)
Faced with suspicions by some bankers that their rivals have been low-balling their borrowing rates to avoid looking desperate for cash, the British Bankers' Association, which oversees Libor, is expected to report Friday on possible adjustments to the system.
Libor Proxies Gain as Traders Seek Truth With Swaps BL
Slow road to recovery for credit markets CNN
Credit crisis will carry on crunching Guardian
Sub-prime was merely a catalyst to the bursting of the credit bubble.
FDIC's Bair Seeks Greater Investment-Bank Scrutiny in Return for Fed Loans BL
Bear Stearns Neared Collapse Twice in Frenzied Last Days WSJ
Credit crunch sends property prices falling worldwide Independent
Where the Financial Crisis Is Headed Next Barron’s
Interview With Sy Jacobs, Founder, JAM Asset Management
The Housing Capital Trap Snaps Shut Smith Blog
Lessons From the Housing Bubble WSJ
Comments from John Talbott Patrick.net
Gold eases on firm dollar, platinum plunges Reuters
Energy and Resource: In High Demand Aden
Is A Commodity Correction Approaching? BCA Research
Gordon Brown: We must all act together Guardian
Is Crude Oil a "Bubble" Ready to Burst? Dorsch
The Oily Mess and Financial Markets Cumberland
Emerging world policies begin to burst the oil bubble Ambrose Evans-Pritchard
Congress Seeks to Curb Oil Speculation Dow Jones
Fuel protests herald grim times for European green policy G&M
A new kind of 'energy crisis' G&M
For pure shock value, the recent runup still pales compared to 1973.
You Think Flying Is Bad Now... Business Week
Asia Has Blown Its Chance to Destroy Oil Demand BL
Indonesia to pull out from OPEC: minister AFP
Record gas prices: 21 straight days CNN
$4 gas – it's our fault CS Monitor
Eight reasons you'll rejoice when we hit $8-a-gallon gasoline MW
GM May Cut Truck, SUV Production as Gas Prices Surge BL
Senators begin to ponder an ethanol exit plan MW
As food-versus-fuel debate gets louder, politicians start to squirm
Families struggling as bills begin to bite Guardian
The Rich Get Hungrier NYT
Wheat, Corn Prices May Be 25% Higher Than Predicted Last Year, OECD Says BL
Is solar cost-competitive? - Interview With Nasdeo HardAssetsInvestor
China may let foreigners buy commodity futures Standard
Gold: Get some sun, stop worrying Russell
Sales of Spam rise as consumers trim food costs AP
Wild Spikes Forecast For Meat NYP
Where's the beef? Try the lab. CS Monitor
So-called “in vitro” meat may yet be coming to a hamburger or chicken nugget near you
Sears Has Surprise First-Quarter Loss as Household Spending Drops BL Costco Profit Up
Wall Street worries come home to roost in Greenwich LA Times
Deutsche Bank, Morgan Stanley Bankers Leave as LBO Market Slows BL
Buffett: ‘Germans Know Something About Business' Spiegel Q&A
Bill Gates piles into Carpetright with 3% stake Times Online
A king of the Citi disowns his Prince MW
Fed Governor Mishkin will step down WSJ
Ford plans involuntary layoffs to cut salaried workers AP
Police Detain Ex-EADS Chief Spiegel
Another Firm Gets Tangled in ARS Web CFO
Getting to the Bottom of a Russian's 26 Toilets Lewis
A Tiny Fruit That Tricks the Tongue NYT
The fruit is highly perishable and expensive — a single berry goes for $2 or more.
LVMH Calls on Actress Sharon Stone to Clarify Remarks on Tibet BL
Shift in Asian currency strategy to fight inflation: report AFP
Central banks in Indonesia, the Philippines, Taiwan and South Korea on Tuesday reportedly began selling dollars to shore up their currencies to fight inflationary concerns...
Intervention May Signal End of Gov't 'Weak Won' Policy Chosun
House prices fall at fastest rate for 17 years Times Online
What is happening to Spanish property? ThisisMoney
Why the Global Housing Market Boom Bypassed Germany Spiegel
German Unemployment Unexpectedly Rose in May for First Time in 28 Months BL
Failed Opes was $721m short Australian
South Korea Says Reports of North Korean Leader Kim's Death Are `False' BL
North Korean Women Fight Back as Kim Orders Them Out of Markets BL
Israeli Prime Minister Olmert faces increasingly precarious tenure CS Monitor
The World is Watching: Beijing 2008 MW Page
Wednesday May 28, 2008
Gold prices mark a second day of losses as the dollar firms MW
Oil at $130, Gas at New High AP
S&P, Moody's Face Tougher Rules on Structured Debt Ratings, Regulators Say BL
Durable-goods orders off a mild 0.5% MW Census
Making a good living, but still feeling strapped CNN
Consumers are feeling worse about their personal finances and prospects - far worse than government statistics about the economy would indicate.
Downunder Daily - The Slow Slowdown Morgan Stanley (Minack) PDF
StrategEcon: The New Inflation CIBC PDF
The chances of a global divide on inflation are creeping up Ambrose Evans-Pritchard
The Fading of the Mirage Economy WP (Pearlstein)
Bernanke Met With BlackRock's Fink Five Weeks After Bear Stearns Bailout BL
With Bold Steps, Fed Chief Quiets Some Criticism NYT
Financial Bubbles, Recessions and Economic Reporting Baker
Market slide could last until 2010, investment pro says Journal News
Moody's tone about probe into ratings takes a turn WSJ
Moody's may fire employees if a probe finds that credit-ratings methodology errors were covered up.
Will This Be the First Domino in the CDS Collapse? Middleton
US thrifts set aside record amount for troubled loans AP
Canadian banks to face new challenges after credit turmoil FP
Foreclosures in Military Towns Surge Four Times U.S. Rate During Iraq War BL
In Housing, the Strong Turn Weak NYT
Contractors Are Kept Busy Maintaining Abandoned Homes NYT
Homebuilders Trim Inventory but Need Axe BMO PDF
Banks miss an easy housing fix CNN
Oil Falls to Lowest in a Week on Concern Prices Hurting Demand BL
Economic Presentation: The Age of Scarcity CIBC PDF
Time to do something about oil Bear’s Lair
Landowners getting trampled in gas rights rush AP
Oil's cargo cushion Globe & Mail
How soaring cost of fuel is whittling away at the cheap-labour advantage enjoyed by Asia
Rice Futures Drop to Two-Month Low as Export Curbs Ease, Supplies Increase BL
Nickel Prices to Face Downside Pressure Due to Weakening Demand Resource Investor
The Next Attack on Gold Has Begun North Silver Thoughts Butler
Bank of America to increase stake in Chinese bank AFP
JetBlue delays order of 21 planes for 4 to 5 years AP
St. Louis worries it may lose Anheuser-Busch AP
EU to take action against Intel: report MW
Fireworks expected at Exxon Mobil meeting AP
The Slow Economy Has Employers Putting The Brakes On Perks NBR Transcript
Gun-with-car offer garners ton of free publicity KC Star
When it costs almost $100 to fill up, “a $250 gas card is just insulting — a gun’s a lot more practical and useful.”
Hedge Funds Fomenting Russian Credit Crunch With 16% Puts From '98 Default BL
Even the country's biggest financial institutions have not been immune from put pressure.
Emu’s second 10 years may be tougher FT (Wolf)
French May Consumer Confidence Falls to Record Low BL
Hong Kong giant Sun Hung Kai ousts chairman after feud AFP
Heavy pollution warning issued in Beijing Reuters
Blackouts sweep the country in electricity shutdown Independent
Bush 'plans Iran air strike by August' Asia Times
Yellen vows Fed will prevent inflation spiral Reuters Speech
On the Effectiveness of the Federal Reserve's New Liquidity Facilities FRBD PDF
Tuesday May 27, 2008
Gold plunges as dollar strengthens; oil off record high Thomson
Lehman, Goldman Sachs, Morgan Estimates Cut by Bank of America, Bernstein BL
U.S. Consumer Confidence Falls as Home-Price Drop Shows No Sign of Abating BL CB
Midwest Manufacturing Output is Down in April CFed PDF
Home price declines accelerate in March MW
Case Shiller index down 14.4% in March from year earlier
Whitney On The Credit Crisis Bloomberg Video
Monthly economic monitor, June 2008 NB Financial PDF
A Clue from Contango Hussman
Joining The Dark Side: Pirates, Spies and Short Sellers Investor Insight
Will our central banks make a Freudian slip over their illusory control of price stability? King
Fed Keeps Watch on Wall St. -- From the Inside WP (Irwin)
New York Fed employees are working inside major investment banks every day, alongside the Securities and Exchange Commission staff members...
Gulf between US and European policy widens Times Online
Dollar May Break Range as Double-No-Touch Options Expire BL
Investors bet against dollar pegs WSJ
Hedge funds and other investors made bundles of money in the 1990s betting currency pegs around the world would break. They are at it again, only this time they are gambling currencies will soar, not plummet.
FX Strategy - Speculators are once again net long in EUR Danske PDF
Commentary: Why inflation psychology has become unmoored Kellner
HSBC CEO calls for higher rates to fight inflation Reuters
“Inflation is a long-term problem because there is no long-term will to solve it”
Soros' 'New Paradigm,' the next 'Superbubble' Farrell
Commentary: Can the 'philosopher-king' dodge a new 'supermeltdown?'
Recession still likely in US, says Greenspan FT
Greenspan urges focus on banks’ capitalisation FT
Is the United States facing a prolonged recession? Weisbrot
U.S. Treasurys: Testing The Upper Limit? BCA Research
A Brilliant Global Investor Bottom Line Publications PDF
Hypocrisy in Financial Crisis Response: East Asia 1998 versus the USA 2008 Brookings
The Credit Crisis: What is to be done Satyajit Das
Japan Bankers Head: Credit Crunch Problem Not Over Yet Dow Jones
Libor Cracks Widen as British Bankers Struggle to Create Credible Reforms BL
Auto Industry Feels the Pain of Tight Credit NYT
UBS seeks £7.8bn amid fears of further losses Times Online
The group gave warning that it holds positions related to property markets in countries other than the United States on “which it could suffer losses”.
Mortgages and Madness Newsweek
Questionable lending practices turned a peaceful Cleveland neighborhood into a blighted slum
Home sales rise in hard-hit areas WSJ
Big Bounce In Gold Longs UBS
Secular Changes in the Metals Markets ING Investment Weekly
Coin investors irked as U.S. curbs sales of 'silver eagles' Baltimore Sun
“It's akin to what happened when the Hunt Brothers tried to corner the silver market...”
Technical Outlook: Don’t Slip on Oil TheStreet
Oil Bubble? The Debate Rages WSJ
Fuel prices' toll on U.S. economy CS Monitor
A $10 increase in the price of a barrel of oil can lower GDP by about 0.2 percent.
Asking Opec to solve the oil crisis misses the burning point Telegraph
Gasoline at nearly $4 a gallon has already cut driving the most since 1942 CS Monitor
How Does the Weak Dollar Affect Oil Prices? Project Syndicate
Rice Slumps by Limit for Second Day as Cambodia Ends Ban on Overseas Sales BL
Wall Street Dismissals, Not as Bad as '01, Signal Worst to Come BL
America's hottest investor Fortune
Double betting via ETFs Financial Post
Ottawa warns on gold-backed Web trades G&M
‘Underwriter's Lament' Blames Issuers for Hard Times Mysak
Pork Projects Thrive in Democrats' Spending Scam Hassett
'Indiana Jones' makes $311 million AP
Happy days are over for UK households Times Online
Mortgage approvals down 40 per cent Times
Trichet's Inflation Target Proves `Fiction,' Raising Pressure for New Goal BL
Inflation accelerates while the Reserve plays guessing games Jackson
The Reserve Bank of Australia really does not know what it is doing
Japan's Bonds Fall, Pushing Yields to 9-Month High as Oil Rises BL
Japan property firms eye big rent hikes in Tokyo Reuters
Vietnam inflation hits 25 percent in May AFP
Weekly Market Monitor Raymond James PDF
Long-Weekend Edition (May 24-26, 2008)
Investors will return from holiday with same fears AP
Prices soar for Memorial Day fixins' for barbecues CNN
Teeth Gritted, Drivers Adjust to $4 Gasoline NYT
Memorial Day travelers face headwinds CNN
Beach Cottages Sit Empty in North Carolina as Fuel Keeps New Yorkers Home BL
Beaches from Oak Island to Cape Hatteras are bracing for the first drop in visitors in six years as Memorial Day weekend kicks off the summer vacation season
Key U.S. Data Releases and Events Global Insight
Companies may cry "uncle" on oil Reuters
Inflation and the lessons of the 1970s FT
It’s Not an Oil Crisis, It’s a Dollar Crisis. Schiff The Dollar's Dead Cat Bounce
Migratory signals State Street PDF
Market Outlook: Condition of the Consumer Merk
A run on central banks? Waldman
Cool, Clear Water Pretti
Swenlin on Earnings Decision Point
Phillips blasts financial elite Brimelow Bad Money Amazon
George Soros: The economy’s doomed Times
Buffett sees "long, deep" U.S. recession Reuters
Toughest Summer Job Is Finding One NYT
U.S. Financial Data, May 23 Issue FRBSL
Losing a Mint: Curb on Coin Sales Angers Collectors WSJ
U.S. Begins Rationing Popular 'Silver Eagles'
Silver Technicals 2 Zeal
The Case for USD 1,300/oz Gold Lee
Commodity prices soar, but are they in a bubble? WSJ
Crude Oil Rises a Second Day on Supply Concerns, Dollar Outlook BL
Hedge-fund managers and other large speculators last week reduced their bets on rising oil prices for the first time this month.
George Soros: rocketing oil price is a bubble Telegraph
Some wonder if speculators are fueling oil run-up HChron
Investors using fear of low supply to drive up prices? DMN
Peak oil hits new heights and the view is not pretty SMH
Five years in the making but it may only just be beginning.
Oil price mocks fuel realities Asia Times
The oil price today is determined behind closed doors...
Oil's tense trading scene may sway a move to Dubai MW
“If Congress makes some laws that reign in speculation, it's possible that speculators will move out of the U.S. markets and into Dubai”
SUVs plunge toward 'endangered' list CNN
Miles driven in March drops, first time since '79 AP
It's not too early for oil to spoil holiday retail Reuters
Indonesia hikes fuel prices despite protests AFP
What makes up the price of a gallon of gas? USAT
Energy fears looming, new survivalists prepare AP
Treasury's Lowery Says Markets Gaining Confidence BL
Exclusive: Moody’s error gave top ratings to debt products FTA
Moody's CEO sees seriousness of error reports Reuters
Credit crunch spurs new 'muddle-through economy' Globe & Mail
Bank failures to surge in coming years MW
Few bankers ready to face risks: report Financial Post
More bad news expected for Canadian economy and big banks Financial Post
Mortgages Without U.S. Backing Start to Rise NYT
Vallejo, Calif. files for bankruptcy AP
Going Broke on $200,000 a Year Dr. HB
Owners highly motivated as they find different methods to attract buyers Hchron
Wall Street Exodus: Fear, Panic and Anger NYT
Gauging the Big Bets of a Hot Hand NYT (Morgenson)
Anheuser-Busch Bowed to Shareholders, Weakened Defense Against InBev Bid BL
Apple takes delivery of 188 mysterious ocean containers Fortune
Boston Properties Plans to Buy GM Building, Three Others for $3.95 Billion BL
Food for Thought: Kraft Proves Tasty for Buffett WSJ
Top Ten CBS Excuses for Avoiding Big Writedowns BL
Societe Generale expects further heat with release of internal Jerome Kerviel report Times
Siemens probe could widen as trial begins WSJ
Google, Chevron Build Mirrors in Desert to Beat Coal With Solar BL
Costs for the technology will fall below coal as soon as 2020, the US government estimates
Man convicted of hedge fund fraud commits suicide in jail AP
Behavioral Economics Shows That When It Comes to Investing, People Aren't That SmartWP
Dreams of a worldwide wireless Web IHT
Yuan Rises for an Eighth Day to Highest Since Peg as China Damps Inflation BL
Asian Stocks Fall the Most in Six Weeks BL China Mobile Lose $25 Billion in Value BL
Inflation's back Economist
Double-digit price rises are about to afflict two-thirds of the world's population
China's newest export: Inflation Jubak
House prices fall 1.9 percent in May Reuters
Canadian Inflation: Food For Thought BMO PDF
The Week Ahead: Bubble Trouble? CIBC PDF
Argus: Asia boom good for 30 years Australian
Market recovery running out of steam Australian
On the poverty line Economist
Has “a dollar a day” had its day?
Inflation rate reaches 9.5 pct, will keep rising Arab Times
Silverjet seeks emergency funds after rescue loan fails to appear Independent
Pressure builds at China banks after earthquake Standard
Strong aftershock destroys 71,000 homes, 6 killed China Daily
U.S. Stocks Decline the Most in Four Months, Led by Lehman, Morgan Stanley BL
Fedspeak a thing of the past AP
Weekly Trends Scotia Weekly Focus - May 23-30, 2008 Dankse PDFs
Friday May 23, 2008
U.S. stocks end week sharply lower as oil surges MW
Unsold houses rise to 23-year high in April MW NAR
Sales decline 1% even as prices plunge 8% year-on-year
Yahoo Postpones Annual Meeting, Battle With Icahn AP
Investment Outlook By Bill Gross, June 2008 PIMCO
”Being fooled some of the time is no sin, but being fooled all of the time is intolerable”
Lagarde Calls for Higher Dollar and Yuan Versus Euro BL
“I would arm twist whoever is holding these strings to pull the dollar up”
Bear Market Rally Fizzles Without Further Fed Boosts Barron’s
NYSE Trading Falls to Lowest Level Since 2001 as U.S. Stock Volume Rises BL
Citigroup's `Last Roman' CDO Shows Enron Accounting BL
“They never got the real problem fixed after Enron. When people find out how little FASB did, they're going to be shocked. FASB needs to be taken out behind the woodshed and given a good whoopin.'
'The Far Out Financial Chemistry Kit Ash
Derivatives Market Grows to $596 Trillion on Hedging BL BIS Release
Citigroup Says Swaps Mania in Muniland Is Finished Mysak
The most important story in this week’s newspapers Fabius Maximus
Gold price may double in long-term: Citigroup Financial Post
Opec will regret pushing oil through the pain barrier Telegraph
Once crude oil hits the pain threshold, human beings consume less of it. That moment may have arrived at long last with this week's "super spike" to $135 a barrel.
The oil price will eventually return to earth, but... Inde
Oil hikes 'will put airlines out of business' Telegraph
Detroit automakers at the brink as oil surges Reuters
Asia to cut subsidies as oil hits $135 FT
Testimony of Michael W. Masters PDF
You have asked the question “Are Institutional Investors contributing to food and energy price inflation?” And my unequivocal answer is “YES.”
Fears of future energy crunch tilt oil curve Reuters
Some analysts say the shift of the oil futures curve into contango this week may have been heavily influenced by an influx of speculator cash more than a longer-term concern about access to reserves.
Commodities Bubble: 'Mirror Image' of Tech, Housing Booms, Says Schwab's Sonders Yahoo
How Japan Helped Ease the Rice Crisis Business Week
Rubber Futures Surge to 27-Year High on Oil Rally, China's Demand Outlook BL
The Surest Way to Double Your Money This Year MMorning Gas guzzler graveyard CNN
Builders Tout No-Money Down, Adjustable Mortgages Dow Jones
But this time, they say, history won't repeat itself.
Downward Descent of Home Prices Likely to Persist Through 2008 NT PDF
Real Homes of Genius: $1 Million Discount for a 948 Square Foot Long Beach Condo! Dr. HB
US slowdown takes toll on James Hardie Australian
Moody's Cuts AIG's Debt Outlook Reuters
Carney warns Wall St. not to party quite yet G&M
An Inquiry Into Interbank Loan Rate NYT
Moody's shifts debt analysts as banks complain: WSJ Reuters
Corporate Defaults Reach 28, Exceeding Total for All of 2007 BL
Merrill Lynch sets up group to shed bad assets Reuters
JP Morgan Launches Major Round of Layoffs CNBC
More indictments in stock-loan case Reuters
Setting the Record Straight on Buffett and Derivatives College Analysts
Maria Bartiromo who? Susie Gharib is the real 'Money Honey' MW
Today's Tip: Stay Away from the SEC CFO
Tainted pet food suit settled for $24 million USAT
An old enemy rears its head Economist
Emerging economies risk repeating the same mistakes that the developed world made in the inflationary 1970s
Why there's a 95% chance of a recession Money Week
Structural cracks Economist
The pain in Spain falls mainly on Mr Drains
Nationwide will scale back mortgage lending Telegraph
Sharp fall in new home sales puts thousands of jobs at risk Inde
China's `Tofu Buildings' Raise Inflation Risks Pesek
Iceland's central bank freezes rates (for now) FP
SWFs - Part 2: Can Boeing Benefit from High Oil Prices? Asia Times
Call for sovereign wealth funds to go private Times Online
Central SOEs hit by $4.3b in losses China Daily
Thursday May 22, 2008
Oil futures end lower to mark first loss in a week MW
OPEC unhappy with oil price surge: El-Badri AFP
Gov't home price index posts largest drop in 17-year history AP
BCE Slumps Most in 25 Years as Court Ruling Threatens $52.9 Billion Buyout BL
Ford Says It Will Break Even in 2009, Withdraws Profit Target, Cuts Output BL
U.S. Initial Jobless Claims Unexpectedly Fell 9,000 Last Week to 365,000 BL
Top banks call for relaxed writedown rules FT
The proposals...would enable financial companies to cushion the blow of financial crises by valuing illiquid assets using historical, rather than market, prices.
The Bears Are Circling the Market Barron’s
...it now looks as if the bears are getting ready to take over the stock market
US stock volume fall stirs doubts on rally strength Reuters
Watch Out Below Forbes (Lenzner)
Warranted Stock Market Valuations and the Price-Earnings Equation Once Again DeLong
Fed's mixed blessing
Has Bernanke's success in calming markets clouded investors' view of the long road ahead?
How the Bear Stearns Intervention Will Haunt the Fed WP
Funds Rate Set to Battle Crisis, Not Inflation Baum
New Paradigm Ahead? Schwab
Lower inflation + a stronger dollar could boost U.S. stocks.
Dealers see Fed on hold for several months Reuters
Consumers can't save the economy CNN
Americans are too deep in debt to lead the economy into a recovery
Buffett sees long-term effect of crisis on U.S. Reuters
The Shape of US Populism, Part 6 - The birth of the New Deal Asia Times
Chart: Three Month Inflows Cross Currents
Monetary Trends, June Issue FRBSL
Commodities bubble brews? USAT
Every bubble starts with a rational investment thesis...
Oil Rises Above $135 After Drop in U.S. Inventories BL Tempers boil
World in the grip of oil 'mania' Financial Post
“In commodities, fear is the stock market equivalent of euphoria and we certainly have that in oil with fears of peak oil”
Oil's perfect storm set to blow over as bubble bursts Ambrose E-Pritchard
They're wrong about oil, by George Times Online
“The people who tell you that commodity prices today are driven by “economic fundamentals” are the same ones who said that house prices were rising because of land shortages.”
Record oil prices signal 'new world' Globe & Mail
“There are people making the argument that we are going to see higher prices until the end of time...”
Energy Watchdog Warns Of Oil-Production Crunch WSJ
IEA Official Says Supplies May Plateau Below Expected Demand
Oil Diesels To Record Forbes
"The market is concerned about the big picture 6 to 8 years down the line."
China's April oil demand slows despite import boom Reuters
China used 7.2 million barrels a day last month, Reuters' calculations based on official data showed, or 60,000 bpd less than March.
It's not our fault, oil execs tell Senate CNN
Blame Wall Street for Oil as Traders Cover Wrong-Way Bets BL
$12 Gas and Rationing? Possible, Says Expert CNBC
High gas prices drive farmer to switch to mules AP
Grease sizzles as fuel source Chicago Tribune
Soaring fuel costs put haulage firms on brink Yorkshire Post
As Oil Prices Rise, Nations Revive Coal Mining NYT
As oil soars, Japan's plan makes sense Globe & Mail
Flammable Fund Follies Nadler Embry Monthly PDF
Rising price of rice keeps U.N. scrambling to feed world's hungry CS Monitor
Rice Price Surge Is Defying Asia's Ingenuity BL
Japanese eat more rice as other food prices climb Reuters
The Trouble with Sugar Asia Sentinel
Secret JPMorgan Swaps Spur Criminal Probe as Default Stalks Alabama County BL
Credit Shocks: Follow-up to the NABE Conference Call Wachovia PDF
Structured credit to make a return Finance Asia
Bank groups' subprime loss hits 980 billion yen in FY 2007 Asahi
UBS Sells Stock at 31% Discount, Raising $15.6 Billion to Increase Capital BL
Lending's Impact on Impac Could Be Fatal CFO
Student Loans Get Tighter in Credit Crunch BL
Florida Pension Fund Is Suing A.I.G. NYT
Fund accused A.I.G. of understating the company’s exposure to the subprime mortgage crisis in order to inflate its stock price artificially.
Why a Housing Bailout Won't Help WSJ
The Fed and the Mortgage 'Crisis' WSJ
I can count on my fingers and toes every sizable bank about which I have had any concern during the past year. In the early 1980s it was far easier to count the major banks that were not in trouble.
The Next Credit Crisis Forbes
How Low Interest Rates Fueled the Housing Bubble But Can't Stop the Bust Smith Blog
Airlines awash in red ink CS Monitor
American Air to Cut `Thousands' of Jobs BL American, Cutting Back, Plans $15 Bag Fee
Microsoft turns to cash to beat back Google Fortune
Liquidators duel over Linens 'n Things Dow Jones
Court ruling imperils plan to sell BCE G&M
Can't Pay SEC Penalty? Don't Bother CFO
Hedge fund founder guilty in $150 mln fraud scheme Reuters
Working Families and Economic Insecurity in the States CEPR PDF
The Role of Job Quality and Work Supports
Farm-bill mistake creates mess in Washington MW
'Indiana Jones' to open strong, but will it stay hot? MW
Japan's trade surplus contracts 46% in April to $4.7 billion MW
Japan Export Growth Quickens to 4% as Asian Demand Overcomes U.S. Slowdown BL
China promises more flexibility on currency, trade AFP
Protracted slowdown looming, says Bank FT
Lenders slash house price forecast ThisisMoney
UK debt 'to break' official rule BBC
The decision to nationalise Northern Rock has pushed UK debt levels above the government's official ceiling of 40%
Canadians not prepared for economic downturn: RBC FP
SWFs, Part 1 - The forgotten issues Asia Times
The Rise of Sovereign Wealth Funds: IIE PDF
Impacts on US Foreign Policy and Economic Interests
Wednesday May 21, 2008
Stocks in U.S. Extend Declines as Fed Minutes Signal Rate Cuts Are on Hold BL
Fed Says `Most' Officials Viewed April Cut a `Close Call,' Lowers Outlook B Minutes
Oil breaks $133 as U.S. supply unexpectedly drops MW Gold ends near $929
Shares of Lehman Fall Amid Hedging Concerns AP
Moody's Falls Most in Nine Years as Computer Bug Raises Doubt on Ratings BL
Has the Fed really flooded the world with dollars? Ambrose Evans-Pritchard
Rogers on the dollar Telegraph TV
Preserving the open economy at times of stress FT (Wolf)
U.S. Economy: What's Surprised Us Merrill (Rosenberg) PDF
Pushback Morgan Stanley (Berner)
The Day Free Markets Died Best Minds PDF
Tice Proves Every Bear Has a 9.5% Return as He Invokes `D' Word BL
How have corporate insiders reacted to recent rally? Hulbert
Incredible Shrinking Buybacks Forbes
US and Canada Demographic Time Bomb Mish
Gross Says Greenspan's Advice Helped Pimco Make, Save Billions of Dollars BL
Moody’s error gave top ratings to debt products FT
Moody's Probes Ratings After Report Computer Bug Gave Aaa Grades to CPDOs BL
Soros: Credit crisis is the worst since the Great Depression Telegraph
El-Erian Says Crisis Would Be `Messier' Without Wealth Funds' Investments BL
Government Extends Its Power in Student Lending WP
The Education Department, using new authority granted by Congress this spring, is also preparing to wade for the first time into the complex world of finance in an urgent bid to keep some private lenders afloat
HBOS bucks credit crunch with £500m sale Times Online
Citi offers $250m to hedge fund investors Independent
Hedge fund triggered Wachovia losses Charlotte Observer
Mortgage Guru Bitten By Loans NYP
Bolstering Fannie and Freddie Fortune
As the mortgage giants grow, so do the risks to taxpayers.
Freddie Mac avoids ‘death blow’ Fortune
Freddie Mac Suffers Bout of Temporary Insanity BL
How long does the word ``temporary'' mean?
Home prices not finished falling, Fannie CEO says USAT
U.S. Home Builders: No Light At The End Of The Tunnel BCA Research
Prince William County Fights The Foreclosure Flood NBR Transcript
To help address rising foreclosures, the county is considering a plan to offer its 14,000 employees low interest mortgages.
Wolseley plans more U.S. job cuts as markets weaken MW
The Risks of Rescuing Borrowers NYT
Oil for 2016 Surges More Than 14% Over Three Days to Almost $140 a Barrel BL
FT: “Peak oil views – regardless of whether right or wrong – are seeping into the market and supporting high prices.”
Three raging bulls as oil barrels higher Globe & Mail
Eric Sprott so believes in 'peak oil' theory that he's sinking some IPO proceeds into his energy fund
The Cassandra of Oil Prices NYT
An analyst who heard scoffing when he predicted $100-a-barrel oil now expects the price to reach $200.
Are Pension Funds Fueling High Oil? Business Week
Playing the short side in crude Harrison
Cheap oil? Dream on, brothers Mogambo
House passes bill to sue OPEC over oil prices Reuters
But the White House threatened to veto the measure
Iron ore drives shipping index to new high Australian Charts
“Owners can virtually name their price and it gets done, and then the next owner names their price, but only higher. These are massive numbers beyond anybody's imagination...”
Philippine rice crisis due to bad policies, not shortage: economist AFP
China's power plants running out of coal AP
Banks' 31% Drop Since 2006 Leaves Technology With Biggest Slice of S&P 500 BL
Avoiding a Tech Train Wreck The American
Layoffs Feared as Lehman Brothers Cuts Back NY Sun S&P Cutting 246
Top bankers 'leaving US for Asia' BBC
Leap of Illogic on Wall Street Leaves GE Flat-Footed WP
Big U.S. retailers feel the effects of 'cash-strapped' consumers AP
Biovail hubris exposed Fortune
Debt details snag BCE buyout G&M
Lessons from the world's richest man WRS Buffett says still plans to buy U.S. businesses
A value investor switches to a new strategy: "values investing” WSJ
Bear market no time to retire Baltimore Sun
Court says U.S. paper currency discriminates against the blind USAT
German May Ifo index sees surprise rise MW
Yen Gains as Stock Decline Spurs Investors to Cut Carry Trades BL Bonds Gain
Central Banks Are in Line of Fire as Prices Rise Pesek
Asia funds brace for 'sucker's rally' Reuters
Northern Rock billions 'at risk in a downturn' Telegraph
Taxpayers' money tied up in Northern Rock is more at risk than first thought.
60,000 second homes could be sold off in slump Guardian
Asia Cement's strong debut could boost IPO interest Finance Asia
Deeper rates cuts expected as Cdn. economy slumps Canwest TSX 15,000
Canada: regional economic disparities to persist NB Financial PDF
Spiraling Foreign Debt Raising Alarms Chosun
Korea is on the road to becoming a net debtor for the first time in eight years
Redundancies at 'seven-year high' BBC
Australian PM hits out at corporate fat cats' pay packets AFP
Europe, US Battle Swiss Bank Secrecy Spiegel
Former Nixonite Kevin Phillips: We're Like London 100 Years Ago NY Observer
-- Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism Amazon
If China Scares You, Stop Staring at Your Navel BL
-- Rivals: How the Power Struggle Between China, India & Japan Will Shape Our Next Decade Amazon
Tuesday May 20, 2008
Stocks: A Barrage of Bad News Business Week
Yahoo Investors Back Icahn as Company Weighs New Proposals From Microsoft BL
Gold climbs to a close of $920.20, up 6% in four sessions ~ Ted Butler Interview
Pickens: Oil Going to $150, So Move to Gas CNBC Oil Rises to a Record On Pickens
The end of cheap gas: Who's to blame ~ Record gas: 13 straight days CNN
TED Spread Falls to Nine-Month Low, Signaling Global Credit Crisis Easing bl
Hedge Funds in Swaps Facing Peril With Fourfold Rise in Junk Bond Defaults BL
Speech by Vice Chairman Kohn on the economic outlook FED
The Chicago Fed National Activity Index Northern Trust PDF
Signals More Than Mere Fragile Economic Conditions
Producer Prices in U.S. Excluding Food, Energy Increase More Than Forecast BL BLS
The 0.4 percent gain in so-called core prices was twice as big as anticipated
Dollar Declines Against Yen as IMF Says Risks to Financial System Remain bl
Global Imbalances and Global Financial Strains: Implications for Asia Lipsky
Government failed, not the market Bear’s Lair
Beware The Calm Forbes
The worst scenario was low volume during bear markets. That's what we're seeing now...
Inflation is a subtler threat than it appears FT
Bubble Trouble Slate (Gross)
The Fed hopes to stop investment bubbles before they pop. Good luck!
FDIC: The Fed's Deadly Inflation Corp.? Ash
Fed should not be super-regulator -U.S. senator Reuters
Money Inflation Zeal
Can Central Banks Go Broke? CEPR PDF
Soros Says Recessions Loom in U.K., U.S. as `Acute Phase' of Crisis Passes BL
Economic Tide Is Rising for Repo Man NYT
Taxpayers' bill leaps by trillions USAT
New breed of American emerges in need of food USAT
Why So Long to Call a Recession? Business Week
Megabubble waiting for new president in 2009 Farrell
A Rout, not a Crisis Winter Hook - Saville - Mogambo - Bonner
Rubin's poisoned chalice Asia Times
AAA Express Leaves Municipal-Bond Investors in Dark Mysak
Investment Bulletin Bedlam PDF
Senate deal struck on mortgage aid CNN
Mary Had a Little Lamb and a Jumbo Mortgage Baum
SoCal home sales jump in April but still lag year-ago period AP
The region's median home price fell 24 percent from a year earlier to $385,000.
Southland Homes Sales Perk up: Market Being Carried by Distressed Sales Dr
Home Prices to Fall Another 10-15 Percent, Says NYU Pr Yahoo
As homes foreclose in U.S., squatters move in Reuters
Home Depot results hit hard by U.S. housing meltdown G&M Lowe's Home Woes
Credit Crisis May Extend Beyond 2009 as Writedowns Grow, Oppenheimer Says BL
Whitney: “The real harrowing days of the credit crisis are still in front of us and will prove more widespread in effect than anything yet seen”
AIG Capital-Raising Will Total $20 Billion, Chief Executive Sullivan Says BL
Minus oil, S&P 500 profits are headed downhill fast BL
Take away Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and profits at U.S. companies are the worst in at least a decade.
Citigroup retreats from UK sub-prime Times Online
Supreme court maintains municipal bond tax breaks Reuters
SEC Sues Ex-AOL Executives Over Inflated Revenue BL
Age is 'key to hedge funds' FT
Davis and Feinberg Hunt for Bargains Amid the Sell-Off MorningStar
The Long-Term Economic Effects of Some Alternative Budget Policies CBO PDF
Lehrer Says ‘News Hour’ Money Woes Are Worst Ever NYT
Inflation And Gold UBS
Gold ETF demand doubles in the first quarter MW
Tonnage demand falls to lowest level in five years
Platinum prices “could surge by 15%” FT
What the Export Land Model Means for Energy Prices Outside The Box (Casey)
Oil - Is There a Bubble? RGE
US begins to break foreign oil “addiction” FT
High prices, more efficient cars and the use of ethanol significantly cut the share of oil imported into the US for the first time since 1977
$4 a gallon 'looks likely' for summer USAT
Crude record? One oil bull expects more Brimelow
Not Enough Oil Is Lament of BP, Exxon on Spending BL
The Great Container Crunch Globe & Mail
Fewer DVDs, barbecues and running shoes are being shipped to NA as spending slows, and so fewer empty containers are available for growers to get their crops to would-be buyers.
WEF: 'Biofuel production is driving up food prices' Times Online
Regulators look into milk-price manipulation, WSJ says AP
Iraq 'has world's largest oil reserves' Times Online
Bank of Japan Keeps Benchmark Rate at 0.5% on Slowing Outlook for Growth BL
Japan business mood hits 5-yr low Reuters
The credit crisis is not dominating life in Japan Telegraph
Australian Dollar Gains to 24-Year High as RBA Says Considered Rate Rise BL
Currency heads for parity Australian
German Investor Confidence Unexpectedly Falls on Economic Growth Concerns BL
UK stock market stages a remarkable rally so are the bulls back in charge? Hardly Inde
Thousands given mortgage warning BBC
Homeowners in Scotland could be living one pay packet away from a housing crisis
Investor Lee Shau-kee to turn aggressive in August Standard
Sheikh Bader al-Saad, head of the Kuwait Investment Authority: 'We Are Being Punished' S
Shanghai stock index drops 4.5 percent AP
China Quake Batters Energy Industry Business Week
Mounting Economic Losses Reported in China's Quake Zones Global Insight
