feedsept08b






		September 2 - September 19, 2008 Tuesday September 30, 2008 Stocks in U.S. Rebound on Speculation Bank-Rescue Package Will Be Approved BL Euro Declines Most Against Dollar Since Inception as Bank Bailouts Spread B Gold falls Mortgage Insurance Applications Down In August Dow Jones Consumer Confidence Edges Up Slightly, Reports The Conference Board CB Home Prices in 20 U.S. Cities Fall 16.3% in Sign Market Hasn't Hit Bottom BL PDF Bush: “If our nation continues on this course the economic damage will be painful and lasting” MW Fed May Need to Dip Into Toolbox Further as Congress Scrambles BL Dexia Will Receive $9.2 Billion Bailout From Belgium, France, Shareholders BL Money market freeze stirs rate cut speculation Reuters “The case for large synchronized global rate cuts is stronger than ever before” U.S. Heading for Deeper Economic Slump, With or Without Bailout BL Congress Vows New Effort To Approve Bailout Plan CNBC Congressional staffers said that there wouldn't be any votes on a new bailout proposal until Thursday at the earliest Senate Will Try to Revive Bank-Rescue Plan With a Vote as Soon as Tomorrow BL Trying to Avoid Economic Calamity, Lawmakers Grope for Resolution NYT Why the bailout bombed Fortune Rosner, Poole Say Bailout Plan Had `Fundamental Flaws' Bloomberg Video They Just Don't Get It Pearlstein Banking crisis: the bailout will still go ahead one way or another Kaletsky Those whom the gods would destroy, they first make mad FT Haste Makes Waste InvestorsInsight Rogers Says U.S. Should Let Banks Fail, Clean Out System BL Video Sarah Palin Talks Bailout Proposal YouTube Hunker down: It's going to get uglier FP “You couldn't make this stuff up if you tried. They forgot the first rule of policy making in a crisis: above all do no harm." Crash Opportunities, Part 2 Lamont Bailout Vote Leaves Big Wall Street Names Hanging BL Loose Money And the Roots Of the Crisis WSJ Housing Bailout Bill Failure: Examining the Boondoggle Legislation and Populist Uprising against Wall Street Dr. HB The Depression of 2008? Don't count on It WSJ How much worse might things get? Is there any way to prevent Wall Street's death from taking you out too? Fed's Hoenig: keeping dollar value key despite crisis Reuters All is well, remain calm MW Things have stabilized save for banks, stocks and the economy Black Monday? Whitney Mish - Roubini Too much complacency MW Commentary: Contrarians still can't declare a bottom to be at hand Libor Surges Most on Record After U.S. Congress Rejects Bailout BL FTAlphaville Canadians brace for 'bloodbath' as credit tightens, money dries up G&M Credit cards to ‘implode': analyst G&M If history is any indicator, there should be an equivalent surge in credit-card charge-offs very soon” Wall Street Braces For Hedge Fund Deadline Forbes Market Drop Pressures Hedge Fund Managers WSJ “There's going to be a death spiral for a number of these funds, and I don't think we've even begun to see the unwinding” Will hedge fund investors use a chance to cash in today? Advocate Billion-dollar clients fleeing to peripheral institutions Canwest Mark Standish, co-chief executive of RBC Capital Markets, confirms the bank has benefited from a sudden in flow of hedge fund clients in the last two weeks. Absolute Capital sees redemptions, swings to loss II U.S. hedge fund Paulson bets big against UK banks Reuters The Reserve liquidates Primary Fund MW A fund that just over two weeks ago had more than $60 billion in assets. Citigroup Gains Scale, Confidence After Getting Wachovia's 3,300 Outlets BL What Goes Before a Fall? On Wall Street, Reassurance NYTD What was Mr. Steel thinking? Did he think he could “spin” his way to survival? Main Street Pans Bailout, Says Wall Streeters Will `Get What They Deserve' BL Lehman's `100% Principal Protection' Means Pennies for Notes BL Microsoft, Schering-Plough See `Entire Economy' at Risk as Bailout Fails BL MidAmerican says Constellation buy on track Reuters Sources close to Constellation also said a report claiming the company was considering filing for bankruptcy is "absolutely false." Perverse' reporting rules hobbling financial industry G&M Fannie, Freddie disclose subpoenas, investigations AP Suspend Mark-To-Market Now! Gingrich Wal-Mart's Japan unit to cut workers, stores AP Gold set to cement safe haven status FT Private banks rethinking gold, seen next big buyers Reuters Gold appeals after bailout blow but for how long? Reuters Scotiabank forecasts irregular, but limited, base metals price decline Mineweb Banking crash hits Europe as ECB loses traction Ambrose Evans-Pritchard The global credit crisis has slammed into Europe with stunning violence over the last two days, triggering five major bank rescues and a near total shut-down of the region's credit markets. Russian Stocks Halted After Falling for Second Day BL Reuters: “In a few seconds of trade, shares in the world's largest gas producer Gazprom plunged 7.8 percent.” Asia urges action on US bailout as shares plunge AP Bank of Japan doubles dollar swap in latest deal AFP Asian Money Market Rates Rise Even as Japan, Australia Inject $21 Billion BL Ireland plays it safe MW Financial Crisis Undermines Derivatives Market Korea Times What the U.S. Bailout Deal Had in Common with Korea’s Chosun Australia PM calls for U.S. lawmakers to pass bailout plan MW 'We Were All Staring into the Abyss' Spiegel Risks of a Sharp Reduction in Capital Flows to EM Morgan Stanley Corporate America has just lost a chunk of its value the size of the Indian economy Tele Stocks crushed CNN Approximately $1.2 trillion in market value is gone... Failed bailout vote hits Wall Street like a hurricane USAT Putting Monday's plunge into historical context MW Treasurys soar, credit pipes frozen CNN Consumer spending loses steam CNN Paulson vows continued efforts on rescue plan AP “Our toolkit is substantial but insufficient" Monday September 29, 2008 S&P 500 Falls Most Since 1987, Dow Has Worst Point Drop as Rescue Defeated BL Gold rises on safe-haven buying after House rejects plan MW Central Banks Try to Keep Crisis From Spreading CNBC VIX Surges Germany's Bundesbank to keep its gold reserves Reuters Stocks Worldwide Tumble Most Since 1997, Bonds Rise on Bailouts BL “People are wondering if $700 billion will be enough” Ireland’s stock market crash FTA Fed Injects Additional $630 Billion Into Financial System to Stoke Lending BL FED Taxpayers Will Be Losers in Rescue Plan: Whitney CNBC National City Drops 52% as Market Wonders Who's Next CNBC Federal Reserve Ready to Provide Liquidity in Wachovia Transition FED Citigroup to Take Over Wachovia Bank Business, Absorb Losses With FDIC Aid BL Morgan Stanley Agrees to Sell 21% Stake to Mitsubishi UFJ for $9 Billion BL ------------------------------------------------------------------------------ Rescue bill unveiled CNN Full 110-Page Draft Treasury Would Emerge With Vast New Power NYT (Norris) Fortis Pulled Back From The Brink Forbes Belgian-Dutch financial services firm Fortis has been partly nationalized--or multinationalized--by a trio of European governments. B&B nationalised with £50 billion toxic debt Times Online Hypo Real Estate Gets Credit Facility BL The $700 billion figure Treasury spokeswoman: “It's not based on any particular data point. We just wanted to choose a really large number.” ------------------------------------------------------------------------------- You Can't Rescue the Financial System If You Can't Read a Balance Sheet Hussman Even Hank Paulson's bail-out plan cannot detox global banking Ambrose Evans-Pritchard Rescue Plan May Not Rescue Wall Street Dorfman In Mexico, they've seen it all before. And there are lessons for all of us King The United States goes crony capitalist Baker The people of Korea must be laughing at the US, right? If not they certainly should be. Roubini Negative on Bailout Bloomberg Audio Treasury Secretary Talks To Scott Pelley About The Controversial Bailout 60 Minutes Paulson Plan Is Still a Pig, Even With Lipstick Baum Bailout blues: A third in poll say D-word describes the economy USAT After the Bubble, How Capitalism Will Survive Barron’s An interview with Richard Bernstein: Taking cover in defensive stocks. Investment banking model is dead, says Roche Finance Asia Another case of collusion? Brimelow Commentary: It's time to take a hard look Washington as well as Wall Street Will Paulson’s plan save the US economy? Shostak Why America is not facing another Great Depression Jackson Barone: At an inflection point? Washington Times A New Golden Age? (Part I) FNArena Don't Call It a Bailout. Or a Depression Kellner Dollar Intervention Risk `Meaningful' on Volatility BL A growing number of currency traders and strategists are starting to speculate that finance ministers from the world's biggest economies will join to support the dollar. Treasury Rally Makes Bonds Dead Money as Yield Curve Falls Below Inflation BL Investors were so risk-averse in the past two weeks that they were willing to accept almost nothing in exchange for the assurance they'd get their principal back. Taxpayers can still benefit from a bail-out FT (Summers) Leaders Without Followers Lawrence B. Lindsey What Congress has to do now Kristol Regulators seek sale of Wachovia Chron (NYT) Although the Federal Reserve and Treasury Department were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer. Lehman's Demise Triggered Cash Crunch Around Globe WSJ Decision to Let Firm Fail Marked a Turning Point in Crisis The historical thinking behind America's credit crunch Jackson The U.S. mortgage game: How should it change? CS Monitor Foreclosures on million-dollar homes surge WSJ Formula One not immune to credit crunch AFP Credit crunch banker leaps to his death in front of express train Daily Mail Dubai's $1.5B Palm Island opens, but global money crisis may hurt its success AP Hedge Funds Are Bracing for Investors to Cash Out NYT Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans BL “Fed spokesman Calvin Mitchell: What AIG did with its money, you should call AIG. I doubt that we will be talking about AIG's CDO portfolio.'' Buffett Wagers $5 Billion Goldman Will Avoid Salomon's Missteps BL What's next, a ban on stock sales? MSN (Fleck) Main Street turns against Wall Street Fortune A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come. Money Talks New Yorker Buffett stake powers 70% rise in battery maker BYD Book review: 'Chain of Blame' brings subprime mess to life USAT Chain of Blame Sour economy tied to psychology that fed gas panic AP The runs on gasoline and money-market funds aren't the only recent examples of fear-induced economic behavior. Copper Goes From First to Worst as Economies Slow BL Asian markets fall on doubts about US bailout AP Taxpayers must risk tens of billions for B&B Times Risk of a £1 trillion burden Inde An unprecedented Sunday of frantic negotiations in Britain, Europe and America resulted in two bank bailouts and a tentative agreement to prop up the world’s financial institutions. Impact of US financial crisis will be felt around world: Chinese PM AFP Thousands of City jobs yet to go, CBI says Times Maybank’s $2.7 billion BII deal stumbles again Finance Asia Ex-James Hardie bosses face court Australian Weekend Edition (September 27-28, 2008) Buffett warns Congress CNN Lawmakers face "biggest financial meltdown in American history" if they don't act. Congress reaches outline of bailout bill deal Reuters Breakthrough Reached NYT Key U.S. Data Releases and Events Global Insight Week Ahead Merk Congress presses ahead on rescue CNN Bailout failure `will cause US crash` Telegraph Who’s Afraid of a Big, Bad Bailout? Mauldin PDF The Week Ahead: Deal or No Deal? CIBC PDF Bailout bill, once 3 pages, swells in length AP Markets face major crash if US plan collapses Telegraph Beltway medicine men Fortune (Sloan) Don't be surprised if the cure conjured up by Washington fails to solve the market's woes. Kudlow: “Actually, for taxpayers, it’s a win-win-win-win.” CNBC Bernanke Tries to Extricate Himself From Fight Over Rescue Plan He Backed BL Budgetary Consequences Of The Financial Crisis Merk Greenspan Calls for Action on Financial Crisis WSJB Federal Reserve as Lender of Last Resort - In Pictures NTrust PDF The bear case: Dow 6000 (Tice) CNN Video Um... Are We Forgetting Something Here? Pretti China Expects U.S. Financial Crisis to Spill Over, Its GDP Growth to Slow BL Making a Deal with the Devil Schiff Cower before the great Mr P Mogambo Ash Keep a Journal of These Times! Harding Financial meltdown: How it all happened Arizona Republic A nation of debtors Globe & Mail We need a new Global Monetary Authority FT (Garten) Regulator in Chief? NYT (Lowenstein) Global Economic Prospects: Surviving a Mild Case of Stagflation Peterson Institute PDF Inflation: One Less Headache BMO Focus PDF Junk Bond Spreads Are Distressed for First Time in Six Years Amid Turmoil BL Municipalities Also Find Credit Is Scarce NYT Wall Street had a short response to anyone who wanted to borrow money this week: Come back later. Wachovia Suitors May Delay Bids After Dimon's Deal for Washington Mutual BL California Housing Prices Down 41% MyBudget360 Behind Insurer’s Crisis, Blind Eye to a Web of Risk NYT (Morgenson) Out of the Shadows and Into the Harsh Light NYT (Norris) Recent developments have spurred some in Washington to urge controls for the multitrillion-dollar credit-default swaps market. J.C. Flowers Said to Raise $2.5 Billion for Fund Targeting Financial Firms BL Goodyear, GM, AIG Unit Strain Bank Balance Sheets by Tapping Credit Lines BL Wall Street, R.I.P.: The End of an Era, Even at Goldman NYT S.E.C. Concedes Oversight Flaws Fueled Collapse NYT Cuomo Widens Short-Selling Probe to Include Credit-Default Swaps Market BL WaMu CEO: 3 weeks work, $18M CNN I was lucky to get out - Lehman CFO Fortune Margaret Atwood's old-fashioned approach to debt G&M Commodities Cycles Zeal Gas shortages: get ready for more Fortune Senate-passed spending bill lifts drilling ban CNN Nationalisation looms for Bradford & Bingley Times Online Economic Fallout in Britain: Financial Elite Feel the Pinch Business Week BEA could be a victim of fear Finance Asia Analysts and market observers think the run on Bank of East Asia may be due to the current trouble on Wall Street and fear psychosis. Blue October Looms for Stock Investors Korea Times Hong Kong man arrested over bank run rumors AP 'It's not a Japanese machine' Yomiuri Week in Review NTrust Weekly Focus Dankse Weekly Trends Scotia PDFs Hopes grow for emergency rate cut CNN Some economists think the Federal Reserve will try to boost battered confidence in banks and the economy by cutting rates again in the next few days. Friday September 26, 2008 Bush: Deal will pass MW House GOP: We'll Oppose Any Bailout of Wall Street CNBC Fortis names new CEO after shares plunge AP J.P. Morgan's WaMu deal sparks concern on home prices, mortgages MW J.P. Morgan assumptions spark concern on value of banks' mortgage assets Wachovia, National City Tumble, Leading Banks Lower, After WaMu Is Seized BL WaMu Bondholders are `Stranded' After Seizure of Thrift, CreditSights Says BL Central banks attempt money-market rescue MW "The financial industry is now on life support, kept alive by massive emergency injections of liquidity from the Federal Reserve” U.S. Economy Expanded 2.8% in Second Quarter, Less Than Previous Estimate BL BEA “Looks like we’re in a financial crisis,” says Marc Faber Finance Asia Morning FX Briefing BofNY WaMu biggest bank failure in U.S. history MW JPMorgan Buys WaMu's Deposits, Branches BL FDIC Central banks step in as bail-out fears mount FT Real Economy May Be In Real Trouble,Too CNBC Market Problems Far From Over Comstock Hold-to-Maturity is the new Mark-to-Myth Reuters (Saft) "Of course, everyone knew what he meant: 'held-to-maturity' means 'above market.'" A Few Quotes from Henry Paulson Feind’s Talks Implode During Day of Chaos; Fate of Bailout Unresolved NYT Bailout Negotiations in Disarray WSJ Wild day, no deal Politico Paulson even went down on one knee as if genuflecting... Angry W. House meeting roils Wall St bailout talks Reuters The Plan to Fix the Financial System: Will it Work, and How Will Markets React? MStanley A Pledge to Help That Hurts NYT (Norris) Financial companies have been saying for months now that market prices for mortgage securities were unreasonably low, although none of them seemed eager to buy at those prices. Mark-to-Market Mayhem First Trust PDF The mother of all rip-offs SMH Bailout foes hold day of protests CNN Hey, Washington: Call Warren! Fortune Buffett is no Clark Kent Telegraph McCain Says There 'Never Was A Deal' On Wall Street Bailout Dow Jones NYT: “The situation is like that movie trailer where a guy with a deep, scary voice says, ‘In a world where credit markets are frozen, where banks refuse to lend to each other at any price, only one man, with one plan can save us” Bailout May Be Granddaddy of All Carry Trades Berry The Elephant(s) in the Room First Pacific Advisors, LCC Two Biggest Things Still To Do Steve Forbes The Austrian School and the Meltdown Paul European Central Banks Offer More Dollars to Ease Seizure in Money Markets BL The credit crunch: Loans out of reach CNN Companies Under Pressure NYT Even companies far from Wall Street find themselves in a tightening bind as loans grow scarce and the economy struggles. Equipment Financing Hits a Skid CFO Companies are cutting back on new equipment orders as the effects of tight credit spread. Money Fund Problems Deflate Goodyear CFO The economy's sinking feeling Fortune (Barr) Banks hoard money as Washington debates the terms of a financial life buoy. Where is the Credit Crunch? Marginal Revolution The Credit 'Crisis' NY Sun The first question I have is this. Investment banks were selling these securities and using the money to lend to whom? I do not know the answer... Fannie, Freddie shares jump as shorts book profits Reuters JPMorgan Has $23 Billion Secured Claim in Lehman Bankruptcy, Filing Shows BL The End of the BSD Slate Wall Street Top Executives Scored $3 Billion in Pay as Banks Rose and Fell BL Frank Mersch 'weeks away' from calling market bottom G&M Legg's Miller takes new tack on weak performance Baltimore Sun Ex-Chief of A.I.G. May Sell Some Shares, Filing Says NYT Mr. Greenberg plans to sell shares “for liquidity,” according to the filing SEC plans action against Royal Bank FP Wall Street's game over; economics hits home CS Monitor "Bill of Health"-Proton Therapy NBR Transcript Bailout Could Spur a New Gold Rush Dorfman U.S. Mint (Via Reuters): “Demand has exceeded supply for American Buffalo 24-karat gold one-ounce bullion coins, and our inventories have been depleted...” Gold coin sales halted after retail rush FT Mitsui O.S.K., Nippon Yusen Fall as Shipping Rates Drop Most in 23 Years BL Pickens' natural gas nation G&M Global Steel Market - the present and the future DB Research PDF China Approves Short Selling, Margin Lending Regulations to Bolster Market BL Chinese Banks Limit Currency Trading With U.S., European Lenders on Risk BL New Zealand falls into recession in second quarter MW Canada 'not immune' from U.S. fallout: Carney FP Russian Banks' Outlook Rated as `Negative' by Moody's BL Russian Bank Bonds Tumble Quick Action Stops Run on Hong Kong Bank NYT Fed keeps banks afloat as money market crisis deepens R NYFed U.S. banks and money managers borrowed a record amount from the Federal Reserve in the latest week, *nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression. Written Agreement by and between Vineyard National Bancorp and the Fed FED Thursday September 25, 2008* Bailout talks in disarray CNN Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening. Fortis Shares Drop Most Since 1990 on Concern Belgian Bank Needs Capital BL Jim Rogers: Paulson's Plan `Welfare for the Rich' BL Video U.S. Aug. new-home sales down 11.5% to 460,000 pace Census PDF File FDIC May Need $150 Billion Bailout as Local Bank Failures Mount BL It won't take many more failures before the FDIC itself runs out of money. Orders For Durable Goods Drop 4.5%, More Than Forecast BL Census - JClaims Up Will the US Dollar Drown in an Ocean of Debt? Dorsch US financial crisis impact could worsen: Chinese PM AFP Jack Welch says U.S. faces "deep downturn" Reuters Michael Milken's take on credit risk Finance Asia ISDA: “...notional amount outstanding of credit derivatives decreased by 12 percent in the first six months of the year to $54.6 trillion from $62.2 trillion” Thanks for the Duration, But is it Time to Say Goodbye? PIMCO When inflation is reading around 4%, a 4% yield on a long bond only makes sense if a depression-like abyss is looming for the U.S. economy. Economic Forecast: The Big Easy CIBC (Rubin) PDF The earlier plunge in energy prices now only sets the stage for even higher inflation rates next year as oil prices rebound to set new highs. Hedge funds move $100bn into safe havens FT Superpower no more? MW German finance minister says American dominance likely to erode over time ~~China asks local lenders not to lend to U.S. banks: report~~ MW China denies shunning foreign banks Reuters Wang: “If they are not willing to lend, this is the normal practice of risk control” China's Banks Limit Interest-Rate Swaps With Overseas BL President's Address to the Nation White House AP Recap "Our entire economy is in danger" Democrats claim Wall St. bailout breakthrough Reuters Managing the Bailout: He’d Do It for Nothing NYT Save the world? Hank just didn't have a clue Kaletsky The staggering incompetence of the US Treasury Secretary is now acknowledged Insight: Banking after the bail-out FT(Mohamed El-Erian) Paulson cannot be allowed a blank cheque Soros Faber Says U.S. $700 Billion Rescue Plan Isn't Enough BL Paulson Plan Will Make Money Kessler Ron Paul on Fox Business News Via YouTube Time is Running Out Could Warren Buffett Negotiate a Better Deal for Taxpayers? NYT Plan’s Basic Mystery: What’s All This Stuff Worth? NYT Dear America, If This Bailout Fails, you will Fail Dr. HB GMAC Future May Hinge on ResCap's Inclusion in U.S. Government Rescue Plan BL Paulson gives ground, says bailout must address CEO pay Reuters Chairman Bernanke, It is Time to Grab the Reins and Lead NTrust PDF Never Trust Someone Who Says “Trust Me.” Cumberland Online market sees 80 percent chance bailout will pass Reuters Libor Soars on Concern Bank Bailout Will Be Diluted BL Bank lending rates surge in scramble for funds Times Online S&P's Vazza sees "avalanche" of default Reuters Bond Risk Rises on U.S. Bailout Delay Concern, Asia Bank Run BL Traders Sowing Seeds of Destruction Prompt Crackdown BL HK central bank injects funds amid tight credit Reuters On Thursday customers were still queuing up at Bank of East Asia’s branches demanding their deposits. Hong Kong Savers Fret as BEA Fights Rumors BL Chairman, tycoon invest in Bank of E.Asia Reuters S&P downgrades WaMu rating further AP GE drops 5 percent after it cuts forecast Reuters S&P affirms AAA rating Microsoft's Ballmer Says Slowdown Will Undermine Corporate Software Demand BL Warren Buffett, Goldman's White Knight BW Transcript: Buffett Explains His Investment Whitney: "For GS, the blue chip of financials, the terms of this deal seem exorbitantly expensive and provide insight into how truly challenging current market conditions are." Goldman Sachs to spend Warren Buffett billions on distressed assets Telegraph Legg Mason's Miller Urges Government to Scale Back AIG Takeover BL I Won't Give Goldman My $200 Million Lottery Win Gilbert Bringing Down Wall Street as Ratings Let Loose Subprime Scourge BL The rating companies earned as much as three times more for grading complex structured finance products, such as CDOs, as they did from corporate bonds. Rating Itself: S&P Defends Lehman's "A" CFO Pickens Funds Down About $1 Billion WSJ Did B of A Attack Big Mac after All? CFO ABA Levels New Blast at Fair Value CFO Derivatives Pose New Wrinkle in Lehman Case NY Sun Financial Crisis Upends Campaign WSJ SEC orders hedge funds to turn over data FTA SEC Can't Blame Short-Sellers for 50% Decline in Ambac, Farmer Mac Shares BL Short sellers have been the villain for 400 years Reuters Gold Still A Safe Haven UBS Barrick Sees `Large-Scale' Gold Buying on Bailout BL Gold bugs see vindication in Wall Street mess Reuters Russia seeks to influence global oil price G&M Ireland first in euro zone to hit recession Reuters Japan's Wall Street Run: Culture Clash? Business Week China most 'attractive' destination for FDI China Daily FDI Into Korea Falls 46% to $2.6 Billion Korea Times India's Central Bank May Cap Rupee Losses at 47, Former Panel Member Says BL Canada's housing bubble could soon burst: Merrill Lynch Canwest Brazil's confidence stores up problems for future FT U.S. woes hand China excuse to slow reform G&M London Turns Against Hedge Funds in Hunt for Culprit After Slump in Banks BL North Korea takes steps to restart nuke plant CS Monitor Father of the internet: 'web is running out of addresses' Times Online Wednesday September 24, 2008 U.S. stocks drift lower, tech-sector rally fizzles MW Record withdrawals for money-market funds MW Even after Treasury pledges to insure these assets, investors pull a record $120.5 billion Market Shakeout Will Claim More Financial Institutions, Lazard's Parr Says BL Lehman's Sale of Neuberger, Private Funds Hits Snag Over Management, Pay BL Bernanke: Grave threat demands plan's passage MW Fed and other CBs announce additional measures to address elevated pressures in funding markets FED Fed plows $30 billion in money markets overseas AP Paulson Plan Seeks Value for Mortgages That Eluded Bear, Lehman BL “This plan clearly helps bank balance sheets, but to what end?” The Buck Stopped Then NYT (Grant) Dollar Falls Against Euro on Concern Congress May Delay U.S. Bank Bailout BL China Shuns Paulson's Free Market Push as Meltdown Burns U.S. BL “The U.S. financial system was regarded as a model, and we tried our best to copy whatever we could. Suddenly we find our teacher is not that excellent, so the next time when we're designing our financial system we will use our own mind more.” Business Conditions: Record Low Berner Shock and awe: Five things you need to know Harrison Unexpectedly, Las Vegas hit by U.S. downturn Reuters Global Scenarios - September 2008 Danske The End of an Era North Schoon - Spengler This investment era began on Monday, August 16, 1982. Goldman's shares get suspicious boost pre-Buffett - Buffett to Buy $5B Stake in Goldman BL - Berkshire to GS: "I Got $5 Billion, but Its Gonna Cost Ya" BIG Picture - $5B Bet Congress Will Do "Right Thing" By Approving Bailout CNBC Goldman PR “The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent premium...Berkshire will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for a five year term.” Paulson’s plan was not a true solution to the crisis FT (Wolf) How Main Street Will Profit WP (Gross) I estimate the average price of distressed mortgages that pass from "troubled financial institutions" to the Treasury at auction will be 65 cents on the dollar Paulson's Panic Samuelson Wall Street on trial Leonard The Mother Of All Interventions WP In Long History of U.S. Actions, None Posed Such Costs, Risks Congress wrangles over how best to avoid financial Armageddon Economist Conservatives: 'Take a breath' before passing bailout CNN Hedge funds shy from Bush's Wall St. bailout Reuters How should we respond to the crisis? Fabius Maximus Economists: “We ask Congress not to rush” Petition Senator Sanders' Petition Against Paulson Mish Paulson and Bernanke savaged over bailout plan Independent What if Paulson Is Wrong? WSJ The bailout runs into a populist backlash LA Times Americans Oppose Bailouts, Favor Obama to Handle Market Crisis BL Gingrich urges vote against 'stupid' Paulson plan The Hill No bailout without conditions, Nader says Oakland Tribune That's What Friends Are For Asia Sentinel The US Treasury Secretary's grand rescue package has an unsavoury hidden sting Paulson’s folly Macleans The Issue Is Payback, Not Bailout NYT (Leonhardt) Sen. Jim Bunning: “This massive bailout is not a solution. It is a financial socialism, and it's un-American." Sen. Jon Tester: "I fully feel the urgency. I know you guys are frustrated. I'm frustrated. Everybody up here is frustrated, but the truth is we have to be given the time to do this right or it's not going to work and we'll be up here in another two years asking for another $700 billion." Sen. Bob Corker: “After today’s hearing it is more apparent than ever that what Secretary Paulson and Chairman Bernanke have presented is a concept, not a plan and not a bill.” Rep. John J. Duncan Jr.: "From what they tell us, if we don't pass this, we run the risk of creating panic or almost instantaneous depression, I guess, or close to it. And yet if we do it, then we run an even greater risk of just destroying any future our children or grandchildren have” Sen. Richard Shelby: “I think we're going down the road of France now...in all due respect for my French friends." Senate Banking Committee Chairman Christopher Dodd: “What they have sent to us this is not acceptable. This is not going to work." Sen. Robert Bennett: “I predict it will pass, though you’d never know by what happened in there” U.S. Credit Markets and Federal Rescue Plan C-SPAN Video Blame Fannie Mae and Congress For the Credit Mess WSJ The squeeze on getting a car loan CNN U.S. FDIC plans significant bank premium increase Reuters JP Morgan sees increased markdowns for Deutsche Bank Reuters Vulture Investors Making Plans to Snag Weak Banks on the Cheap NYT Jackals circle Washington Mutual AP American Sterling working on getting capital, could consider sale or merger KC Star Hong Kong’s BEA Denies Rumors as Depositors Flee AP PDF Mass. home prices, sales fall further Boston Globe Manhattan Won't Avoid Property Crunch WSJ O.C.’s foreclosure threat grows OC Register Home buyers get cold feet CNN Mortgage Applications Fall 10.6% Reuters AIG says signs deal for $85 billion from Fed AP Japan's Sumitomo Mitsui to buy stake in Goldman Sachs: report AFP CEOs 'Unpatriotic' If They Refuse Pay Cut: Rep. Frank CNBC FBI Is Investigating Companies at Heart of Meltdown AP Lowe's cuts store growth plan for 2009 Reuters Chrysler '08 loss $400 million through Aug: report Reuters Bank of New York's $22.5 billion headache Fortune Can a U.S. bank get a fair trial in Moscow? Tomato processing, egg products industries face price-fixing probes AP Short Term Gold Upgraded UBS German Business Confidence Declines More Than Forecast to Three-Year Low BL Fears over house prices as lending slumps again Times Shinsei Bank Falls in Tokyo; Profit May Drop 80% on Losses on Lehman Debt BL Bank of Japan pumps 1.5 trln yen into financial system AFP Emerging markets hit hard by Wall Street crisis CS Monitor Japanese Manufacturing Confidence Holds Near Four-Year Low on U.S. Outlook BL Wall Street's Bust Tests `Recession-Proof' Macau Pesek ASIC backtracks on short sales Australian Can Latin American Economies Deflect the Financial Crisis? Brookings Qantas Delays Frequent Flyer IPO Until 2009 as `Volatility' Curbs Interest BL CEO murdered by mob of sacked Indian workers Times Online Iran's Ahmadinejad: US 'empire' nears collapse AP Tuesday September 23, 2008 Administration's rescue plan hits speed bump in Congress MW Top Economist Mishkin: Worse Than the Depression CNBC ‘Little Hope’ - Whitney Home prices fell 5.3 pct in July, gov't says AP OFHEO Credit Default Swap Market Must Be Regulated `Immediately,' SEC's Cox Says BL Bernanke Urges Against U.S. Buying Assets at `Fire-Sale' Prices BL C-SPAN Analysts said Bernanke is essentially advocating that government use a pricing model that assumes that the debt will be paid in full over a long period of time. Bernanke Says Failure to Pass Plan Threatens Economy Bl Testimony Paulson: “I am convinced that this bold approach will cost American families far less than the alternative...” Paulson and Bernanke should be ``learning Swedish.'' BL Graphic: A Year Ago & Now Paulson's bazooka may miss Fortune (Barr) 'Unprecedented wave' of gold and silver mergers forecasted FP Retail Group Sees Weakest Holiday Sales in 6 Years CNBC NRF Paulson May Push Debt to Highest Level Since 1954, Deficit to $1 Trillion BL Rescue Plan Will Be a Drag on Fragile US Economy CNBC State Employment: Even Worse Than It Looks? Global Insight Consumers Cut Health Spending, As Economic Downturn Takes Toll WSJ Ross says Fed actions don't address root Reuters Echoes of Iraq in Bush handling of mortgage crisis MW News analysis: Another 'trust me' remedy is getting rushed before lawmakers A Bailout Above the Law NYT It is the financial equivalent of the Patriot Act. A Hedge Fund Like No Other WP The Wrong Emergency Roger Lowenstein What Washington doesn't understand about the financial crisis. Rescue Plan Sows Seeds of New Kind of Capitalism Baum Avoiding National Suicide out of Schadenfreude DeLong The Bailout: What's the Real Price? CFO Congress to Consider Auto Loans in Spending Bill Reuters A nation of morons, led by idiots Naked Shorts How Congress Intends To Waste $1.8T Mish Ritholtz - Swanson - Mogambo - Smith - Setser Spam Du Jour: “I am Ministry of the Treasury…” WSJB “If you would assist me in this transfer, it would be most profitable to you.” Implications of the Treasury's Plan for the Dollar Wachovia PDF US dollar set to be major casualty of Hank Paulson's bailout Telegraph “This may prove to be the dollar’s epochal moment – the moment historians look back at as its major turning point.” A negative technical picture for the USD index BofNY Positioning - Speculative investors turn net short in AUD Danske PDF “Horseshoes and hand grenades!?” Saut Era of leverage is over but recapitalising will take time FT (Tett) Fed Acted Like a Liquidity Drug Dealer: Faber CNBC “About 15 percent of U.S. households have negative equity. Who supplied the leverage into the system? It's called the Federal Reserve Board” Economic Crisis and Greenspan's Legacy: Part I Spero U.S. dollar interbank lending rates push higher G&M Scramble to handle structured credit FT Freddie and Fannie bank losses grow FT ABA US regulators have underestimated potential bank losses on preferred stock issued by Fannie Mae and Freddie Mac, the American Bankers Association said on Monday. Morgan Stanley, Goldman Search for Deposits; Regional Banks May Be `Lunch' BL BESPOKE: With the "No Short" rule in place, the 68 stocks in the S&P 1500 Bank group went down an average of 11.56% yesterday. When banks are downgraded to “E” and still survive, WaMu edition FT Alphaville KKR says credit crunch impacting its business MW Lehman bondholders could lose $110bn FTA Hedge funds suffer mass redemptions Independent ETF providers fear contagion risk FT PDF US home prices: How low can they go? Finance Asia (Wyss) `Paranoid' Mall Tycoon Anticipated Real Estate Slump Bloomberg California Housing Report: Still Going Down in Flames Dr. HB Housing Prices: How Far to Go until Bottom? EconBrowser Housing: Still ARMed, Less Dangerous Schwab Insights Hope hangs on cutting a massive oversupply of homes for sale Suze Orman in FDIC Campaign WSJ Blog Toronto-Dominion weighs WaMu bid: report Reuters Back from the dead, Tokyo banks buy into Wall Street Reuters 'Short' Attack May Spur Hedge Funds To Sue NYP Hong Kong investors may sue sellers of Lehman-backed bonds AFP Greed goes underground on Wall Street MW U.S. auto loan delinquency jumps G&M Why are foreign firms leaving US equity markets? VOX Retirees Filing The Front Line In Market Fears NYT Now and Zen, we need to chill out Farrell Gold may regain luster for World's Central Banks WSJ Turmoil, weak dollar raise metal's profile; Chinese 'nibbling'? Eveillard Says Gold May Surge as Investors Seek `Insurance' BL Consumer Prices of Gold Soar to Record High Korea Times Oil Short Squeeze Prompts Calls to Curtail Speculators After Record Gain BL Russia, China, India Lead Retreat in Emerging Markets, Ending Record Rally BL London shares dive on fears of US bailout Times European Services, Manufacturing Shrink at Fastest Pace in Almost 7 Years BL U.K. Mortgage Approvals Decline to 11 Year-Low, Says Bankers' Association BL Emerging Markets not Immune to Financial Turmoil in Industrial Countries HAVER Government urged to brace for impact China Daily 'The World Shouldn't Have to Bear the Burden for America's Lapses' Spiegel No bailout plan for Canadian banks: Flaherty G&M How Asia's Bankers Avoided Crisis TIME Canadian Inflation rate soars 3.5% in August G&M Monday September 22, 2008 Stocks Swoon in Another Volatile Session S&P Oil spikes $25 a barrel on anxiety over US bailout AP Here comes $500 oil? Fortune Gold rallies as massive rescue plan pressures dollar MW Dollar Slides Most Since Euro's 1999 Debut on U.S. Budget Deficit Concern BL Dodd Proposes Alternative Rescue BL Congress pushes back on bailout CNN Bush: “Failure to act would have broad consequences far beyond Wall Street” Reuters Morning Outlook: Can the Market Overcome Post-Expiration Week Headwinds? Schaeffers Economic Activity Weakened in Aug. : Chicago Fed Reuters Dollar May Get `Crushed' as Traders Weigh $1 Trillion Cost of Bailout Plan BL Treasuries Prove Irresistible as Deflation Bet Outweighs Paulson's Bailout BL “It's what they call a debt deflation cycle, and there's definitely one underway.” No more investment banks on Wall Street! “The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies.” FED - Bloomberg U.S. Treasury Widens Scope of $700 Billion Bailout to Non-Mortgage Assets BL Foreign Banks Hope Bailout Will Be Global NYT Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks. US calls on world to save banking system Telegraph G7 nations welcome U.S. bank bailout Congress may seek to add stimulus plan to market bailout MW Final cost could be $1 trillion, higher taxes may be coming Tensions mount over bail-out FT An Open Letter to Congress Regarding The Current Financial Crisis Hussman Whatever we do, it will be wrong Fleck For, Against Uncle Sam's Bailout Dorfman Now Uncle Sam Is Hedge-Fund Guy, AAA Needs Review Gilbert Why Paulson is Wrong iTulip Bank Rescue a Political, Bureaucratic Nightmare Berry Bailout Plan Boosts Stagflation Risk: El-Erian CNBC Warning: Nasty Surprises Coming Weiss To Congress: Please Do Not Spread the Panic Thinking the bailout through Krugman Cash for Trash 'Capitalism can be incredibly unstable and state intervention is back, big time' King The shadow banking system is unravelling FT (Roubini) The surrender of free-market capitalism Stelzer Why America's economic crisis was unavoidable Jackson Fannie, Freddie Subprime Buying Spree May Add $100 Billion to Bailout Tab BL Mad as hell - taxpayers lash out CNN Rep. Marcy Kaptur - ‘They Want Mamma To Make it All Better’ Video (Via Goldseek) Speaker says lawmakers will demand taxpayer protection - Paulson calls for action CNN Pimco's Gross-govt may make money from bailout Reuters America rises to the occasion as storm heads towards Europe Ambrose Evans-Pritchard High Anxiety Lawrence B. Lindsey We went from playing inflation-era Monopoly to playing depression-era Monopoly in mid-game End of capitalism as we know it Kellner Going for Broke Barron’s U.S. Failing to Defend Dollar’s Fall Washington Independent Bailing Out New Yorker No matter who wins the election, the economy has undeniably entered a new phase… Shaken Consumers, Wary Companies, Banks Stifle Growth, May Extend Slowdown BL Can we dodge a recession? Many consumers feel poor USAT Default Swaps May Be Next In Credit Crisis NYS “The credit default swap market is the ultimate bubble, and it is about to collapse. It is a Ponzi scheme, and is basically the same method as a bookie uses." Leveraged loan values drop to record low FT Credit markets calm for now, but remain jittery AP Bailout or Not, Credit Will Be Crunched Barron’s The Pain of Deleveraging Will Be Deep and Wide Barron’s The financial crisis: From the U.S. to the world G&M A Mortgage Fable WSJ Washington is as deeply implicated in this meltdown as anyone on Wall Street or at Countrywide Financial. Vacancy Rates Rise On Hedge Fund Closures NYP MUFG says to buy 10-20 pct stake in Morgan Stanley Reuters Nomura gets Lehman's Asia business for $225 mln MW ‘Too Big' Metric Makes Bank of America, JPMorgan Safe BL Bank of America Corp.'s Sept. 15 deal to buy Merrill will boost its liabilities by 60 percent to $2.5 trillion, more than twice the $971 billion at insurer American International Group Inc. Banks must raise capital now on recent rally: Friedman Reuters Top Hedge fund returns money FT “While we concede there are additional op-portunities in this episode of crisis and uncertainty, we have concluded that those op-portunities are far outweighed by the risks attendant in the use of the over-the-counter derivatives market." 'Vulture' investors come home to roost in a troubled market MW Manulife in talks for AIG assets G&M Microsoft sets big buyback, dividend hike MW The Road Ahead Barron’s SEC's Cox `Asleep at the Switch' as Paulson, Bernanke Encroach on His Turf BL Scrap yards, dollar stores and debt collectors see good times in a bad economy Newsday Commodities Bottom as Speculators Disappear, Paulson's Plan Spurs Demand BL Radical gold bugs gloating, but guarded Brimelow India's love affair with gold keeps going despite volatile prices AFP Gas prices extend decline: 5 days and counting CNN Japan, Australia Add $15.7 Billion to Aid Confidence BL U.K. Home Prices Drop as Bank Crisis Forces Property Market `on Its Knees' BL Plunge in house prices outstrips the crisis of the 1990s Inde China's Wen warns of further world economic turmoil: report AFP Brokerages Downsize Retail Centers Korea Times Asia Ponders United Socialist States of America Pesek Finance min: Singapore may fall into recession AP Blanket ban to hit liquidity Australian Fearful savers rush to Northern Rock ThisisMoney Although all of the big banks have reported strong deposit inflows, it seems Rock has benefited most of all. More shorting, please! Finance Asia Liberals vow to scrap tax on trusts G&M Bailout Backlash Against Fed, Treasury Mounting in Congress, Wall Street BL Yesterday a group of 100 lawmakers released a letter asking Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson to ``refrain from conducting any additional government-financed bailouts for large financial firms.'' Greenspan’s sins return to haunt us FT Weekend Edition (September 20-21, 2008) Ameribank folds, the 12th bank closure this year MW FDIC Proposed Treasury Authority to Purchase Troubled Assets Treasury NYT Recap “Treasury will have authority to issue up to $700 billion of Treasury securities to finance the purchase of troubled assets. The purchases are intended to be residential and commercial mortgage-related assets, which may include mortgage-backed securities and whole loans. The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets....” Fears of dollar being hit by Washington’s $700bn bailout plan Times Behind Closed Doors, Warnings of Calamity NYT Bernanke: “If we don’t get this, it will be nothing short of a disaster for our markets” 'Sobering moment’ CNN Warnings of an economic calamity led lawmakers to tackle a giant bailout. Frank on Financial-Rescue Plan Bloomberg TV Key U.S. Data Releases and Events GInsight The Week Ahead Merk After the Fall -- What Happened, What's Next WSJ You and I Are Buying the Toxic Waste? Harding Hoping a Hail Mary Pass Connects NYT (Nocera) Your Money at Work, Fixing Others’ Mistakes NYT (Morgenson) Bailout: Who gets the shaft Fortune (Barr) Paulson Goes All In Schiff Noland - Baker U.S. Debt May Grow $1 Trillion on Rescue, Barclays' Pond Says BL Proposals for US Bad-Debt Fund Begin to Emerge CNBC The wrong rescues Bear’s Lair Economists see financial bailout as necessary AP Looking for Lessons From Agency That Mopped Up 1980s Thrift Mess NYT US struggles to prop up house of cards Business Day US crisis harder to fix than Asia in 90s-Thai c.bank Reuters Betting on Financial Armageddon Mauldin Wild ride, wild week. Now what? G&M For now, the U.S. enjoys a gold-plated Triple-A bond rating. Financial crisis: Default by the US government is no longer unthinkable Telegraph The Great Depression of 2008? Not quite Reuters Expert warns market storm is still blowing Star-Ledger “One marvels at the extremity of these actions. This is unquestionably the most comprehensive response to a bank panic seen in financial history, ever.” Calling Out the Culprits Who Caused the Crisis Washington Post Why is Washington so complicit in this intricate and lucrative affair? Masters of the Universe get lesson in humility Reuters “The culture itself? The pain? This is Wall Street, pal. When the dust settles, it will be the same old game" U.S. Stock Markets Have Lost Less Than Most Other Nations’ NYT (Norris) The Slowdown Goes Global Berner Wall Street: The dark theory Fortune `Pollyanna Creep' theorists blame Washington's economic statistics. Learning to reach lower for happiness IHT The Mortgages of the Future NYT (Shiller) The U.S. Economic Situation and the Challenges for Monetary Policy Yellen Sayonara Samurai: Lehman Collapse Hits Japan Bond Market Business Week FactBox: Insurers' exposure to Lehman, AIG Reuters China Construction Bank puts Lehman exposure at 191 million dollars AFP German Banks TransCanada PipeLines Ltd. has more than $250-million (U.S.) in exposure to Lehman G&M Banks battered but unbowed SMH Australia's Macquarie rebounds 37.8 percent Australia’s banks have exposures of about $800 million to AIG...This is on top of their exposures to the collapsed nvestment bank Lehman Brothers of another $500 million. ABCP legal challenge denied G&M Canadian investors saddled with $32-billion of troubled asset backed commercial paper for more than a year should start receiving cash and securities as soon as next month SEC Plans to Probe Credit-Default Swaps WSJ GE, Morgan Stanley Bonds Gain as Credit Markets Thawed by Plan BL GM Taps Remaining $3.5 Billion From Credit Line Amid Market `Instability' BL SEC Widens Manipulation Probe; Hedge Funds to Reveal Bank Bets Under Oath BL Toshiba says to go in red for first half AFP 'Companies Are Worse Than You Think': Icahn CNBC Fury at $2.5bn Lehman bonus Times Online Lehman’s Chance to Raise Funds: EBay NYT Buffett book reveals flaws, recounts triumphs in 1st authorized bio AP The Snowball: Warren Buffett and the Business of Life Amazon Fury at $2.5bn Lehman bonus Times Online Lehman’s Chance to Raise Funds: EBay NYT COT Gold, Silver and US Dollar Index Report GoldSeek COT Oil Thirsty Emerging Economies la Caixa Junior Mining Stock Crisis ZEAL Welcome to the World's Largest Gold Vault ABC Just a Few Blocks From the Bustle of Wall Street Sits $200 Billion in Gold UBS says new oil sands projects need pricey crude Reuters Pumps empty in Nashville CNN Some drivers were following gas trucks to see where they were headed, and lines at some stations were a mile long. The panic is over... possibly Independent China, Thai Central Bankers Signal Asia Is Coping With U.S. Credit Crisis BL From boom to bust, China's stocks casino loses luster Reuters “Middle-class dreams have been buried. Life savings have vanished just like smoke. Looking ahead, more family investors will stay far away from the stock market." Short sellers are just the start of regulatory purge Warner Shorting gets short shrift Australian OSC imposes temporary short-selling ban G&M BOJ right to meet Fed request Yomiuri But can global credit crunch be alleviated by world's 6 key central banks? Week in Review NT Weekly Trends Scotia Weekly Focus Danske Historic Week... BMO 10 astounding market facts from Wall Street's wildest week MW Wall Street's old hands not rattled by financial crisis CP