Fed’s Comments Don’t Signal Negative GDP
The FOMC decision on interest rates was due at 2:15 PM EST, and we got a rate cut decision a tad late today A cut was already expected and the only real variable was…
Economy
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Newest first · Page 401Durable Goods Somehow Show Upside Surpise
The Commerce Department has reported that Durable Goods for September have somehow managed to beat expectations this morning. While the durable goods report for big ticket items is the most volatile of all numbers…
Faced With Spectre Of 1974, Fed May Make Radical Cut
The Fed may cut more than expected. Wall St. is hoping for half a point, but three-quarters may be more likely Some economists would make the argument that the recession the world economy is…
Consumers, Hell, and No Handbasket
The Conference Board has released a dismal reading of Consumer Confidence. In fact, this looks like a record low. Consumer confidence in October was given an index reading of 38.0. Economists were looking for…
Financial Crisis Cost Moves Toward $25 Trillion
No one with an abacus, a calculator, or a mainframe will ever know what the global credit crisis has cost in real money. Lost jobs means lost tax revenue. Lost bank capital means a…
Companies Beyond Financial Sector Want Bailout Cash, A Bad Idea (C)(WFC)(NCC)(WB)
Too many mouths to feed. Someone will have to starve. Now that Henry Paulson has $700 billion and some discretion about how to spend it companies from car manufacturers to airlines want a piece.…
Does The Dow Drop 1,000 Points?
The DJIA could drop 1,000 points today. Japan was down 10%. The sell-off rolled across Asia and then hit Europe. Dow futures got down almost 600 points. There is some confusion about why this…
Recession Deepens: Another Five Million Unemployed And Bottom Fishing Becomes An Art
No matter where economists look there is no evidence that a recession in the US, EU, and Asia is doing anything but deepening. The stock markets are the least of it. Some of the…
Alan Greenspan: The Federal Reserve In Exile
Liars and thieves have always been popular figures in America. Is there another country where Billy the Kid and John Dillinger would be more well-known and highly regarded by the average citizen than Woodrow…
Greenspan: Predictions from the Crypt
If you have had a hard time swallowing the direct plain English of the modern Federal Reserve heads, help is on the way. Former Federal Reserve Chairman Alan Greenspan is speaking to the House…
Bank Bailout: Is The Market Better Off Than It Used To Be? (C)(JPM)
Perhaps it is because this is an election year, but everyone is going around asking "Are we better off than we used to be?" It is not just the baby-kissing politicians. People are being…
The Paulson And Bernanke Follies
A cabinet secretary is a person who has taken a job which they believe is the crowning honor of their career until they realize that they cannot do it and will never be what…
American Express (AXP): The Faithful Are Rewarded
Expectations for American Express’s (AXP) earnings were less than modest. Analysts polled by Thomson Reuters, on average, forecast earnings of $.59 for the quarter. Friedman, Billings, Ramsey reported that American Express reported default rates…
Credit Crisis Yield: 20 Million Lost Jobs
The UN may not be particularly good at mediating international disputes but it is one hell of a statistics bureau. International Labour Organisation, part of the worldwide fellowship body, said that the global recession…
Bernanke Calls A Recession, Without The Words
Ben Bernanke is set to testify on in Washington D.C. before the U.S. House Budget Committee on the economic recovery. If you look at the prepared comments, it certainly doesn’t sound like the ecoonomy…