Jobs Report From Alternate Universe
• MISH: Global Economic AnalysisHoney, I have good news and bad news. The bad news is the value of our house fell $200,000. The good news is my hourly wages went up by 3 cents.
Contents Pages by Subject
Economy - Economics USA
Gold Tops $800 on Investor Demand for Haven From U.S. Assets
•Gold is up 27 percent this year as the Federal Reserve cut interest rates to ease strains in financial markets, sending the dollar to a record low against the euro.
They Have Got to be Kidding
• KitcoYesterday, as the dollar fell to new record lows and oil and gold prices surged to new highs, Wall Street remained fixated on wholly meaningless government data that managed to report the lowest inflation in the last half century.
Foreclosure filings soar in 3rd quarter
• APA soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said.
Fed Pumps $41B Into US Financial System
• APThe Federal Reserve pumped $41 billion into the U.S. financial system, the largest cash infusion since September 2001, to help companies get through a credit crunch. The action came one day after the central bank voted to cut the interest rate.
Western banks suffer big losses
• Financial TimesGlobal investors succumbed to a new bout of jitters amid concerns that a host of important financial institutions are nursing additional problems related to the troubled US mortgage market. Equity markets tumbled and bond prices rose in the US and Eu
Job Cuts at Chrysler Go Even Deeper Than Expected
• New York TimesChrysler announced it would eliminate 11,000 hourly and salaried jobs in the United States and Canada, and cut shifts of workers at five plants. The decision comes on top of a plan, announced in February, to eliminate 13,000 jobs and close a factory
Question of Solvency at Citigroup
• MISH: Global Economic AnalysisFinancials took a big hit one day after a 1/4 point cut by the Fed. Analysts blamed the collapse on a possible dividend cut at Citigroup. Analyst Richard Bove looked at Citi's assets and said solvency is not the issue. However, Bove ignored the l
Oil leaps to $96 high on U.S. inventory drop
• ReutersOil leaped nearly 2 percent to top $96 for the first time on Thursday, extending the previous day's 5 percent surge after an unexpected sharp fall in U.S. crude stocks and data showing strong economic growth.
Fed cuts US interest rates amid fears of slowing growth
• AFPThe Federal Reserve cut US short-term interest rates Wednesday in a widely anticipated move, saying it had acted amid concerns economic growth will likely cool in coming months. The central bank said it had cut its federal funds interest rate by a
Government: US economy surges 3.9%
• AFPThe US economy grew by a robust 3.9 percent in the third quarter despite tight credit that is deepening a housing slump, as consumers regained their appetite for spending, the government said.
Gold passes US$800 an ounce
• AFPTHE price of gold passed US$800 (S$1,160) an ounce here on Wednesday for the first time since 1980 after the US Federal Reserve lowered its key short-term interest rate, the New York Mercantile Exchange said. Gold futures for December touched US$8
Home Prices Tumble, Consumers Shaken
• BusinessWeekThe latest data on home prices show that the downturn in the housing market is getting worse, rather than better, raising questions about consumers' ability to keep propping up the economy. American consumers have taken a hit not just from fallin
America's Big, Fat Housing Inventory
• BusinessWeekAt the current existing-home sales rate of 5.04 million units a year, it would take a full 10.5 months to sell the 4.4 million existing homes now on the market. The supply of existing single-family homes was at 10.2 months in September—the highest si
Oil price at record $94 a barrel
• BBC NewsOil prices have hit a new record of $94 a barrel, as US government data showed a surprise fall in crude stockpiles for a second week in a row.
Oil price at record $94 a barrel Oil price at record $94 a barrel
•Oil prices have hit a new record of $94 a barrel, as US government data showed a surprise fall in crude stockpiles for a second week in a row.
Which Comes First: The Cart or the Horse?
• MISH: Global Economic AnalysisTo answer the question, the horse is money supply and credit, the cart is prices of goods, services, and assets. Is expansion of credit infinite? Is anything stopping the Fed from sending every household $100k? What is money? Is a bet on rising equit
No end to US's war budget woes
• Asia TimesThe costs of the overall US global "war on terror", including, but not limited to the Iraq war, just keep rolling along and piling up. The title "The Growing Budgetary Costs of the Iraq War" of an October 24 House Budget Committee
The Litigation Scorecard
• MISH: Global Economic AnalysisA huge number of lawsuits have been initiated in October, most of them in the past couple weeks. Merrill Lynch and Countrywide Financial both had shareholder lawsuits filed against them on October 30. Get your "Litigation Scorecard" ready.
'Institute For Justice' victory for Minneapolis taxi entrepreneurs
• IJIn just two years, IJ-MN already has four economic liberty victories. Chip Mellor, president and general counsel of the Institute for Justice, concluded, “We will not rest until the fundamental right of economic liberty is vindicated for all American
Stock Buybacks: A Good Thing Or Slipped DISCs?
• Mish ShedlockIn Feb Ambac borrowed $400 million to buy back shares. Shortly thereafter the former CEO and the current CEO each dumped over $10 million worth of shares. Soon after that dumping, Ambac plunged over 50%. The result is Ambac lost $200 million not coun
Option ARM Performance
• calculatedrisk.blogspot.comThe subject of this report is Option ARM performance, and the results are rather grim. The 3 charts will get you in the mood for a very scary Halloween.
Dollar's Demise Can Be Seen Even in the Maldives
• Bloomberg.comFor years now, Joseph Quinlan, chief market strategist at Bank of America Corp. in New York, has been warning that the U.S.'s image as a ``rogue nation'' is a key force behind the dollar's decline.
ABX: More Cliff Diving
• Calculated RiskFrom MarkitIt; the ABX indices are moving down again.
Pent Up Housing Supply
• By Mike ShedlockLet's do the math. A record 17.9 million U.S. homes stood empty in the third quarter. mere 2.07 million empty homes were for sale. How long can that last?
The American Real Estate Nightmare
• BBC NewsThe result is a city blighted by house repossessions - with one in six households in Cleveland have faced eviction proceedings since 2000. Due to a glut of houses on the property market, house prices have crashed.
Firearms manufacturers looking to 'gun-friendly' states for business
• Times NewsWhen it comes to guns, Idaho economic development officials are starting to see green. The Gem State, eager to attract new jobs and industry, is positioning itself as the best possible home for the nation's 200 small arms manufacturers - compa
Oil leaps to record over $93 on Mexico, dollar
• ReutersOil prices have soared by more than a third since mid-August as a stand-off between Turkey and Kurdish rebels, dollar weakness, easing interest rates and winter supply fears attracted a fresh wave of investment capital.
The Bank of the South: An Alternative to IMF and World Bank Dominance
Stephen LendmanLatin America's alternative to the IMF and World Bank
The Ripple Effect of Collateralized Debt Downgrades
• MinyanvilleIn addition, given the ratings interdependence of billions of dollars of structured debt, the downgrading of one structured debt security could result in immediate ripples across a far larger universe of financial institutions.
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