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Economy - Economics USA

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Mish Shedlock

ARM rates disconnect from treasuries. There is panic at the short end of the yield curve and a consortium of notables is clamoring for rates cuts. Barack Obama has his own plan, best described as being from outer space. But nonsense will not end unti

News Link • Global Reported By Mike Shedlock
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Wall St. Transcript

(What a shocker) The Wall Street Transcript has just published its Homeland Security Report offering a timely review of the sector to serious investors and industry executives. This 12 page feature contains an expert roundtable forum of leading indu

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MISH: Global Economic Analysis

Margin calls are mounting at Carlyle. A letter from the CEO says conditions are worse than what caused the demise of Long Term Capital Management. The apology misses the mark. The real problem is Carlyle borrowed money and bet it all. Basis Yield Alp

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Bloomberg

Stocks posted their biggest drop in 3 weeks on weaker consumer confidence and speculation tighter credit will hurt banks. The declines erased all of last week's gains. The S&P 500 decreased 2.4%, the Dow Jones lost 2.1%, and Nasdaq slipped 2.4%

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MISH: Global Economic Analysis

With much fanfare Bush signed the "Secure Fence Act" but only 15 of 700 miles have been completed. One look at the pathetic fence is enough to prove the fence isn't secure and a total waste of $billions. Protectionist sentiment is risin

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Reuters

Former Treasury Secretary Lawrence Summers said the risks of a recession are greater now than at anytime since the September 11 attacks due to real estate and mortgage market troubles. "But I would say that the risks of recession are now greater

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CNN

If the Federal Reserve is waiving a fundamental principle in banking regulation, the credit crunch must still be sapping the strength of America's biggest banks. Fortune's Peter Eavis documents an unusual Fed move.

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AP

John Francis, who owns the McDonald's in Sidney, Mont., said he tried advertising in the local newspaper and even offered up to $10 an hour to compete with higher-paying oil field jobs. Yet the only calls were from other business owners upset the

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AP

Bad credit has supplanted terrorism as the gravest immediate risk threatening the economy. Borrowers' withering ability to pay their bills and the subsequent fallout in the credit markets topped the list of short-term risks on peoples' minds,

Bill Gross pleaded with "W" to "Write some checks, bail ‘em out, prevent a destructive housing deflation that Ben Bernanke is unable to do." A quick look at PIMCO's Total Return Fund shows the top 5 positions are all Fannie Mae and 40% of the fund is

News Link • Global Reported By Mike Shedlock
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Christian Science Monitor

Now, the soaring market and the fast car are gone. Last week he lost his job, along with 6,000 other employees of First Magnus Financial Corp., a mortgage lender. With a 1999 Dodge Grand Caravan, he plans to move back in temporarily with his ex so th

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Reuters

A prolonged US housing slump is causing a surge in the number of job losses announced by US financial services companies, consulting firm Challenger Gray & Christmas Inc. said on Tuesday. The financial industry has announced 87,962 job cuts

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Mish Shedlock

A disbeliever in both the Fed and fiat currencies 10 reasons to own gold as rebuts 3 arguments for not owning gold are presented. There is also a discussion about plays on gold and silver with no downside risk. Individuals have to decide if and how t

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LewRockwell

Weaker minds in the U.S. Senate are determined that China revalue its currency. Up it must go. Leaving aside abysmal logic, the historical precedent of America’s revaluation of the Chinese currency is a sorry episode of U.S. foreign policy. The earli

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Daily Telegraph

The witch hunt has begun. French president Nicolas Sarkozy has vowed to hunt down the "speculators". Germany's Angela Merkel is eyeing laws to curtail hedge funds. The US Congress is orchestrating a show trial of "predatory lenders

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LA Times

The credit crisis that has hit home mortgages and shaken worldwide financial markets is turning into a political albatross for President Bush and Republican presidential contenders, piling atop an unpopular war in Iraq and eroding traditional GOP cla

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Reuters

Experts are reassuring investors that U.S. money market mutual funds, which have gathered about $165 billion in new assets over an eight-week period, are safe from the subprime mortgage problems that have caused steep losses at several hedge funds.

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60 Minutes

Short term results aren't that important to the man you're about to meet. David Walker thinks the biggest economic peril facing the nation is being ignored. He has been traveling the country urging people to wake up before its too late.

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MISH: Global Economic Analysis

The flight to safety continued today with no bids coming in for corporate bonds & the 1 month treasury yield sinking to an amazing 1.4%. Cash is king. Layoffs were announced at both Countrywide and Capital One. The latter shut down its wholesale mort

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Currency Trading

A staunch supporter of lower taxes, a dramatically smaller government, and long-term conservative monetary policy, a Ron Paul presidency could mean big changes for the US Dollar and its relationship to other currencies. We investigate the specific af

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