Daily Archives: November 3, 2008

The Brilliance Of The JP Morgan (JPM) Mortgage Salvation Plan

Cammonopoly_wideweb__430x3250Congress does not like the way that most bailout money is going to banks. It wants to see the little guy with the underwater mortgage and stagnant income get some direct help. Federal agencies say that working with millions of homeowners is too complex, at least for now, and that the current legislation does not go far enough to aid the system mortgage-by-mortgage.

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Posted on: November 3, 2008 – 5:54 am in Housing, , ,

The Bailout Gets Too Big

R218533_855025The Treasury may have to hire circus clowns and insurance salesmen to keep track of all the US banks it is bailing out. Now that the really large money center and regional banks have the cash, new applications for a piece of the pie are flooding through the door.

Each bank that gets capital is probably going to have to give up some ownership as part of the Paulson plan. It will require a lot of people to track the loans and equity stakes that go with them, probably many more than Treasury has on hand.

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Posted on: November 3, 2008 – 5:28 am in Banking

Media Digest 11/3/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

NewspaperAccording to Reuters, South Korea launched a major economic stimulus package.

Reuters reports that nearly 1,800 publicly held institutions could apply for U.S. government investments.

Reuters reports that HBOS took an $8.5 billion hit on the value of its portfolio and assets.

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Posted on: November 3, 2008 – 3:53 am in Press Digest, , , , , , , , , ,

Asia Markets And Europe Open 11/3/2008

ChinaJapan was closed for a holiday. Most other Asia markets were higher.

The Hang Seng was up 2.7% to 14,344.

The Shanghai Composite was off .5% to 1,718.

The FTSE rose 1.1% to 4,421 at the open. The Dax was up 1.8% to 5,078. The CAC 40 moved up 1% to 3,523.

Douglas A. McIntyre.

Posted on: November 3, 2008 – 3:17 am in International Markets